BTC Private For Investors #3 – What Is Bitcoin Private?

Leon: What motivated like  I know that ZClassic died for a little bit because you went off, you stopped working on it because there’s no reason for you to work on it.

What brought you back like? Why did you come back then do with this whole Bitcoin private project? What motivated you to come back to ZClassic?

Rhett: So I guess to me, I feel like we’re all in this a big experiment and we’re all kind of learning what works and I’ve gotten some things right and something’s wrong a lot.

But one of the early experiments in sort of airdropping coins was this point called raw reclaim and what was it was Iceland. So for people who don’t know Auroracoin just there some electronic database and they were able to give everyone who was Iceland to stand some Crypto.

It was years ago, a great experiment and it went up to like a very high $100 to in dollars at going along the steel, and then everybody and then it collapsed because everyone’s like to get free money and it went down like 10 cents or something.

And I thought maybe that’s what happens when you’re airdropping a coin maybe then you’re eight and then.

Leon: That people immediately bump in it closes yours.

Rhett: It’s free money just dump it and then buy and that’s what a lot of people thought you should do with Bitcoin Cash dump it and buy the real Bitcoin before saying that. And in the case of Bitcoin Cash came out and we saw that didn’t happen but also they had they were different.

They had a lot of support from some really big influencers and I thought okay well maybe Bitcoin Cash is a little special, yeah but then the shocking thing was Bitcoin Gold.

Tai: Yeah and which is really nothing.

Rhett: And is like really bad and the Bitcoin Gold had a dreamlife I had. And I looked at it and I almost tried to do the same thing with Bitcoin Gold and either way we go through my Twitter actually is so funny because they did this 8,000 block premise.

And I all you had to do is one it’s the variables BTC pre my window very variable and I just I was like wait if you change at 8,000 to 0. There’s no premise anymore so it took the I all just like was ZCash I took the premise out of Bitcoin Gold and announced it and then I was good.

I know everybody was tweeting at me they’re like oh you’re gonna do this are you gonna make and but the project was just so bad I was like it’s not even worth it. I don’t even want to like this like I didn’t want to attach your name to it, I don’t even wanna make the like free.

Tai: And you did that you would be known as the guy that keeps removing the funding from all the project is farming for funding and you come along after your merit.

Rhett: So but actually it was interesting, I mean I went to their Slack Channel and I just saw observed what was going on and it was funny because I was giving I was just it was just amazing to see, as they say, I mean I just keep it PG-13.

Let’s just put it this way it was just like regular people. They decided what they wanted what the what was important to them as they wanted GPU friendly, coin mining and they wanted their premise and they were pretty open about it they’re like this is what it is.

And then you look at it today and it’s worth 2% of a Bitcoin and it’s about $250 to $300.

Leon: That change your view that you could airdrop and it would not go to zero.

Rhett: Okay right and and it also I don’t know what the exact mechanism is I think that what the market is trying to tell people is maybe there’s some advantage where if Bitcoin mining is driven maybe that hurts the community and a GPU driven version might have some advantage to start taking market share at some point maybe.

Tai: That I think that there’s this thing in the blockchain space where people need to feel that there’s this range there’s this mentality that things have to be fair and if it’s not fair. And anything that you come out with that’s fairer than them what’s before it like you did with the ZClassic.

I’m taking away that’s a really percent founders allocation there and make it fair for anyone then the community likes that so I don’t know why but for some reason we’ve noticed that in the blockchain space that people like this concept of being fair.

Rhett: Well that’s human psychology, so here so people don’t actually have like there’s this big problem of wealth inequality, but most people that are actually not what they are would upset them what would upset people is if there’s if it’s unfair if the system’s rigged.

All right then you feel like it’s not there but if there’s some way, that it’s fair and everyone has an opportunity to become wealthy people aren’t as upset about that. And so I think it’s just like human psychology like we know we understand what fairness is.

Leon: I’m bringing up to this point that motivated the event to come to back to busy classic to somehow drive it.

Rhett: So what I realized with what so I actually really liked Bitcoin Cash, I one of the things that I really liked about Bitcoin Cash is I feel like it’s used to innovate with Bitcoin like I said I worked for a company that was trying to embed health records in the blockchain.

Well, that’s just not feasible at like $30 fees, we were thinking maybe this is like $0.10 B’s or whatever now.

Tai: This might be biased but we’re in the factum headquarters when you talk about putting data onto the blotching you might consider the factor. that’s what they specialize in.

Rhett: I mean there I need to do that, well I would we’re in their headquarters off-camera and I want to talk to them about not plugging in.

Tai: We are in their headquarters and so I’m scared of they will hear we’re talking about that’s what they do.

Rhett: And it’s a huge market, that’s there’s huge demand for that and Bitcoins just not a practical blockchain to do that in anymore and so what I see now is there are all these projects that we’re trying to support Bitcoin and they can’t anymore.

And so they’re starting to add up Bitcoin Cash and if it’s for me I like innovation I like building new things on top of watching a lot of people who like Bitcoin now they just want to see it as like their store of gold.

Or something they’re never gonna touch it move right and that’s not exciting to me but going back to ZClassic what I just realized that the transparent addresses that ZCash and ZClassic use are the same types of addresses that Bitcoin uses.

And ZCash and ZClassic have the CK snark privacy technology and we also have a lot of other great things like we have 2-megabyte blocks that happen every 2.5 minutes.

So people are telling me when they take ZClassic and they send it to an exchange, they get it in their wallet in like 5 or 6 minutes because they get a few confirmations so from a user experience perspective. It has a lot of advantages over Bitcoin but it also from a technical integration perspective. It’s very similar because ZCash is based on the Bitcoin code.

So basically what I realized was that there are a lot of advantages to Bitcoin quarks Now I was convinced okay there are these are at page and one of the ways I started thinking about it was like oh a few years ago when I was in Crypto there were all coins came out so there’s like Bitcoin Litecoin Dogecoin.

Well now I actually when I talk to people know about Bitcoin and they know about Bitcoin Cash, and it’s almost like the new altcoins there are these studies Bitcoin pork so when I’ve told people who are really new to Bitcoin.

I said oh I’m working on Bitcoin Private, oh I like that.

Tai: Because I think it’s Bitcoin.

Rhett: It’s a picture.

Tai: You’re borrowing the name recognition branding from Bitcoin.

Rhett: Right and they and they get that and it also right, so you have like the name recognition the branding because something like Monero or ZCash like you don’t know what that is.

I mean you have to go buy it but then you don’t know like is that gonna be kind of like Bitcoin is it gonna be and so there’s kind of a promise I think if you put the nickel in front of something. That it should behave similarly to Bitcoin.




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