BTC Sessions - Paypal To Add Bitcoin, Citadel21 Vol 3, Bitcoin vs Quantum EP073

Starting point is 00:00:14 Wasabi wallet and fairly private. What's up everyone? I'm Ben with the BTC sessions and this is your daily session. Before we dive in, I just want to give a shout out to sponsors of the show, leaden.io. This is where you can use your Bitcoin for a variety of different services. And I've been working with these guys for over a year now. I've used a bunch of their different services. I'll just kind of run through what they've got going on. They've, of course, got their Bitcoin-backed loans.

Starting point is 00:00:57 This is where you can use your Bitcoin as collateral to obtain a Canadian or U.S. dollar loan. So this is the first thing I ever used. In my case, I was in a pinch. I needed to get my hands on dollars, but I didn't want to sell because I thought it was going to be a bad time. I'd have to buy back at a higher price. And also, I would have incurred a taxable event.

Starting point is 00:01:16 So I was able to deposit my Bitcoin. I got a loan to my bank account within 24 hours. when I paid that back, got back the exact same Bitcoin. They also have some other services. They've got Bitcoin and USDC savings accounts. And the interest rate on this just went up, 8.8% annual if you're saving in USDC. And then they've also got their B2X offering. This uses the same loan mechanism to instantly buy more Bitcoin effectively doubling your Bitcoin on the spot. So if you want to check out any of this, there is a link down below in the show notes. And if you use the link to get a loan, they'll actually give you 50 bucks worth of Bitcoin for free. And secondly,

Starting point is 00:01:59 we have coin cards. I've been using these guys for quite some time. The first time I ever used coin cards was six years ago, if you can believe it, and they're going strong ever since. Mike is awesome. I love him. I met him in Vancouver way back in my early Bitcoin days. And yeah, it's been wonderful to see him grow this company over the past six years. Anyways, I first used them when I was making, kind of dabbling in living on Bitcoin, and this is one way that can help you do so. So if you're looking at kind of making that shift being less dependent on banks

Starting point is 00:02:32 and being a little bit more self-sovereign, this can be an easy way to kind of help bridge those gaps. And very simple, you're buying gift cards with Bitcoin. They accept it on main chain, they accept lightning, and hey, if you've got some bags of shit coins that you've been meaning to get rid of, well, you can actually pick up something of value right here. They've got pretty much everything you would

Starting point is 00:02:51 need, Amazon, they've got US and Canada. There's a whole bunch of different stuff here. So be sure to check them out. There's a link in the show notes for that as well. With that, let's dive into the news. Looks like PayPal and Venmo may be rolling out cryptocurrency buying and selling. Of course, that would obviously include Bitcoin as it should and probably be front of the pack there. So I'll read a little bit from this Coin desk article here. It says, FinTech, giant PayPal. PayPal plans to roll out direct sales of cryptocurrency to its 325 million users, according to three people familiar with the matter. Currently, PayPal can be used as an alternative means for withdrawing funds from exchanges such as Coinbase, but this would be at first in terms of offering direct sales of cryptocurrency.

Starting point is 00:03:40 Quote here, my understanding is that they are going to allow buys and sales of crypto directly from PayPal and Venmo, a well-placed industry source told CoinDisk. They are going to have some sort of built-in wallet functionality so you can store it there. I prefer storing it myself, but hopefully they'll off ramps for that as well. It is unclear which or how many cryptocurrencies would be available. The industry source said the expected PayPal would be working with multiple exchanges to source liquidity. A second source confirmed that PayPal is looking to offer buying and selling of crypto and said the service could be expected in the next three months, maybe soon.

Starting point is 00:04:19 sooner. PayPal, however, declined to comment on the plans. Yeah, I mean, we've seen a lot of services like this rolling out. There's more on-ramps than ever, which is a great thing. More on-ramps is better. We've seen things like there's the Bitcoin fund on the stock market here in Canada, so you can basically get access to an ETF-based, Bitcoin-based ETF, rather. you've seen other other places start to offer these types of things so it does seem like it's getting easier and easier for people to gain access to bitcoin through various means and there's also still the peer-to-peer options as well i do tend to lean towards it's funny just because PayPal has not been particularly friendly towards bitcoin in the past so it's just funny to see these these

Starting point is 00:05:14 payments companies that previously were, no, we're not going to deal with that because they saw this competition, now needing to add it as a source of revenue. So I think we're kind of seeing that inversion happening now. Let's move on here. Bitcoin creator Satoshi Nakamoto tortured in upcoming spy film. So yeah, there's a movie coming out that's supposed to be about Satoshi Nakamoto in kind of like a thriller type thing. So it's called Decrypted, and the film is billed as an outrageous and provocative dark comedy in which a mismatched NSA team kidnapsed Satoshi

Starting point is 00:05:57 and attempts to torture him for the information they need to destroy cryptocurrencies. So Decrypted is slated for release on December 1st, 2020 of this year, according to IMDB, although Substantial Films website mentions that COVID, they have COVID related delays. The production company reports that it has 70% of the film in the can and will resume shooting as soon as practical. Now, they have this guy, I'm not sure how to say his name, Akai Kotabi, Akhi Katabi, I don't know.

Starting point is 00:06:33 Anyways, I looked him up on IMDB. He's been in a bunch of stuff, but mostly as like random, like, characters that weren't particularly featuring him. He was opposite of, what's her face, Selma Hayak in something called Everly, which I did not see. That was in 2014. He was also in Man in the High Castle. He was in Jason Bourne and he was in the November Man. Some of these are, again, a few years back. But he does, he's going to be in Wonder Woman 1984, although as air traffic controller. So I don't know. I guess we'll see how this guy. does in a leading role. Hopefully not that. Hopefully the movie itself is halfway decent, but

Starting point is 00:07:18 given the run of stuff we've seen thus far, I don't know. I'm kind of apprehensive about this. Now, it should be noted that there's been a bunch of stuff in media with Bitcoin lately. They quote a few here. Of course, they've got the missing crypto queen coming out soon. This is based on the BBC podcast series where they talk about one coin founder, Ruzha Ignatova, and that whole big scam there. Bitcoin's been on the, what is it? What network is this on? Anyways, billions. It's been featured heavily there, which makes sense because the writer for that show is

Starting point is 00:08:01 pretty much a big Bitcoin advocate, and we'll get to that in a moment. It was also featured randomly on altered carbon, although very much in the background. recently. But the big one coming out soon is Bitcoin billionaires, or rather starting production relatively soon. That's about the Winklevoss twins and there dabble into the Bitcoin space in 2013 and kind of all the crazy stuff that happened around that. I read that book. I found it quite good and I'm very excited for that movie to come out because I think it'll be good. Keep in mind also the author Ben Messerich was also the guy that created. the, what was it, accidental, accidental billionaires, something like that.

Starting point is 00:08:46 I can't recall. Anyways, it was the basis for the social network, which went on to be a very highly praised and blockbuster movie, all around Facebook. And this is basically the Winklewals Twins follow-up and his follow-up book to that. So I am excited to see this, and it's cool to see, again, Bitcoin getting some more kind of mainstream normy coverage. Article here from Decrypt talking about Honeywell's new quantum computer

Starting point is 00:09:16 edges closer to threatening Bitcoin. Now, I have my thoughts on this, but let's dive into the article first. It says, North Carolina-based conglomerate Honeywell has raised the stakes in the quantum computing race announcing its newest machine has reached a quantum volume of 64,

Starting point is 00:09:35 making it twice as powerful as quantum computers operating. operated by rivals IBM and Google. First teased in March this year, Honeywell's new quantum computer is twice as powerful as the next alternative in the industry the company claims. That means we are closer to industries leveraging our solutions to solve computational problems that are impractical to solve with traditional computers. Now, quantum volume is a metric created by IBM that measures quantum computers capabilities and error rates. In comparison, IBM itself announced that its latest quantum computer rally achieved a score of 32 in January. Now, in regards to quantum computing versus Bitcoin breaking that encryption.

Starting point is 00:10:19 So let's jump down here. According to a June 2017 paper, a quantum computer would need to have around 2,500 cubits of processing power in order to break the 256-bit encryption used by Bitcoin. So, man, I'm not going to read on because some of the stuff said there afterwards is not quite, not quite factual, or at least it kind of misses the point. So what would happen if that was achieved? What would be at risk? And it would be the digital signature, the public and private key cryptography involved with sending and approving transactions.

Starting point is 00:10:59 And so what would happen in an instance of quantum getting to that? threshold would be when you have Bitcoin in a wallet, you can receive through multiple different addresses. And receiving gives you basically you could receive and that Bitcoin would still be secure. But if you've received Bitcoin to a particular address that is backed up by a single private key and you were to send out of that wallet leaving some of the Bitcoin remaining still in that wallet, regardless of what address it was received to, that transaction would reveal your public key. And if that encryption was broken, you could use the public key to then derive the private key, giving the attacker access to all remaining Bitcoin in that wallet after a single transaction had been sent out.

Starting point is 00:11:57 So feasibly, you would need to create a new private key for every incoming transaction. transaction. So basically, in a way, you would still be safe, but the way that wallets work and function would have to change around that. You could change the encryption of Bitcoin. That would require a hard fork. There are probably other solutions. Of course, that would be, it would fix it. It would just be, could you get consensus around that. I think you could if you didn't implement any other changes at the time. But again, Bitcoin is very adverse to hard forks. I think it would be difficult, but I think possible. So we'll see.

Starting point is 00:12:38 Will it get there? Eventually, I wouldn't be surprised. Some people are questioning whether we'll get to that level of quantum computing. I think that eventually we will. I think we may even see it sooner than we think. But also, if we get to that level of quantum computing, Bitcoin is the least of anybody's worries because basically every, everything functioning on the regular legacy financial system would be broken as shit.

Starting point is 00:13:09 That goes with the nuclear codes as well. Just everything would be broken. Nothing would be secure. And the world would have to upgrade rather quickly to prevent massive, massive data hacks and compromises from happening. So the long and the short of it is, would it be a threat? Yes. But also the world would be on fire. So, you know, first things first.

Starting point is 00:13:31 Let's move on. I talked about a website just recently, I think last Thursday, called Bitcoin Q&A, and they had a comparison of various different coin joint implementations, different wallets and everything. Anyways, this is another mobile wallet comparison here that got a bunch of different ones listed. They've got Samurai Blue, Blockstream, Phoenix, Breeze, Eclare, and Bitcoin, Light. wallet and they go through the different features and what they have and what they don't. So they talk about where you can download it from. If you can do a passphrase, is it custodial, is it lightning?

Starting point is 00:14:12 Does it connect to your own node? Is it built in tour? Can you backup? Or how do you back up? Is it open source? Do you have coin control, coin join fee selection, unique features, watch only, pros and cons, and what is it the best at? So it's a very nice, great little breakdown here.

Starting point is 00:14:30 personally, when I look at this, I knew it was a good list because out of the main wallets that I use on my phone, the three that are Bitcoin specific and not Lightning specific here are my main wallets. Those are the ones that I have migrated to gradually over time and Samurai Blue and Blockstream Green are pretty much the only Bitcoin wallets I will use on my phone right now. Now, I should specify Bitcoin like main chain because Phoenix is my go-to lightning wallet. It's just so easy. And getting into and out of lightning settling channels doing atomic swaps between Bitcoin main chain and lightning on Phoenix is just so much easier than anywhere else. I've seen it really. It's excellent. So I would check out this list. Go there. If you're not using some of these

Starting point is 00:15:26 wallets, particularly like the top three main Bitcoin wallets, check them out because I do love them. I've done videos for almost all of these other than I did a Claire way back when Lightning started, so probably not good to check out that one, same with the Bitcoin Lightning Wallet. But I did videos for Samurai, Blue, Blockstream Green, all of which are still relevant and work right now. Also Phoenix. And I did do one for Breeze as well. So anyways, great list.

Starting point is 00:15:57 Highly recommend if you're not using these to check them out already. Now, I wanted to touch on this. Citadel 21, this publication by Hoblinot and Bitcoin Katia, they just dropped their volume three. I'm working my way through the articles, but I'm really, really loving what they're doing here. It is so quirky. The articles are just all over the map.

Starting point is 00:16:17 It's whatever fun things Bitcoiners have put forward and said, hey, I want to write something, and they'll stick it in. And it's, yeah, it's excellent. It's very, very excellent. So I recommend you check it out. So they just drop volume three. One that I wanted to touch on one article out of here was the one on Citadels. Will Citadels have to be C-Steads? So what am I talking about here? Bitcoiners often sometimes joke, sometimes not joke about what are we going to do in the impending collapse of society when Bitcoin is the ones that have the wealth and protector.

Starting point is 00:16:53 themselves from no corners that are bitter. And people have said citadels. And citadels would be like, you know, walled cities or some sort of like cities in the sky. Well, this article is talking about c-steads. And c-steading is a real thing that people are pushing for to separate themselves from the state and kind of create different ways of governing society. And so this goes through some of the ideas of what c-steading is, some of the supporters. And actually, it links to a story of a sea stead that happened just last year in early 2019 off the coast of Pouquet, Thailand, and the government's response to it, which was not good. I had actually kind of dove down the whole rabbit hole here and watched this series about

Starting point is 00:17:43 their C-stead and what happened to them as they built it. And it's multi-part, but holy hell, like basically the government just goes in and even though they were outside of Thailand's territory. They basically accused them of being terrorists and encroaching on Thai territory and painted them as just awful, awful people all over the state-controlled media. It was insane.

Starting point is 00:18:08 So anyways, cool article. Dive into Citadel 21. And if you go through this article, check out the series on the couple from just outside of Thailand. Very interesting. Last thing I wanted to touch on, I got a few new books today that I'm, or the last little bit that I'm very excited to take a look at. So I picked up, this book will save you time by Maseer Mamadov.

Starting point is 00:18:35 And this one is all about how Bitcoin is, or money rather, in and of itself, is a representation of your time and labor. and as your time and labor, or rather as your money is debased by constant printing, you're actually losing time. So if you can funnel your time and labor into a money that will maintain, if not appreciate overtime, you're saving time. Now, I'm not dove into the book yet, but again, I've kind of heard a lot about it. I'm very interested to dive into it. Price of Tomorrow is an interesting one about how deflation is necessary for an abundance.

Starting point is 00:19:15 and future. Bitcoin clarity, from what I understand, is, again, just like a guide to understanding Bitcoin itself. And then the fourth turning, this is an older book. I think it's from 1997, but it's dug two authors to it. And it talks about kind of the phases of society and how every 80 years or so, there's something called the fourth turning. And so it's basically how good times breed weak people, how weak people breed bad times, and then bad times breed strong people that build something that is excellent. And so how you go through these cycles over the generations and how we may be seeing that forth turning, that bad time that will breed strong individuals that are able to build something of value. But we may see shit hitting the fan kind of in our

Starting point is 00:20:12 generation or my generation, I suppose. So it'll be interesting to see. I'm very excited to dive into this one because I've heard a lot of Bitcoiners referencing the fourth turning, especially in light of all the crazy events that are going on this year. All the politics and the riots and the fallout from people pushing back against quarantine. All the crazy stuff that's happening. So anyways, very interested to dive into it. But I'm going to wrap up to. But I'm going to wrap up today with that. Thank you guys so much for watching and or listening. As always, if you're here on YouTube, do hit like, subscribe, and share. But check me out on my other platforms. I'm on Facebook live. I do Twitch. I do D-Live. I stream live to Twitter via Periscope. I'm also audio only on

Starting point is 00:20:59 pretty much any podcast platform you could want, Apple Podcasts, Spotify, Google Podcasts. All that. Go out and find me there. Now, if you want to help with the show in another way, you can hit up the sponsors I mentioned before, that was leaden and coin cards, links down below. Also, you can, if you want to use my affiliate link to pick up a hardware wallet, if you're not securing your Bitcoin already on a hardware wallet, good idea to future proof yourself a little bit here. Whether or not you use the ledger, I use the ledger, I've got the Ledger NanoX and the S, but I also do use Trezor and Cold Card, so I would just, at the very least,

Starting point is 00:21:34 check out whatever appeals to you. But if you would like to check out a ledger, there's a link down below, and by using that link, you can get some deals and you will also help out the show in the process. Finally, if you really liked what you saw, you can always drop me a Bitcoin Lightning Network tip at my tippin.me page. That is tippin.me slash at BTC Sessions.

Starting point is 00:21:55 With that, I'm out. Have a wonderful evening, a wonderful rest of your day, and I'll see you guys next time for your daily session.

BTC Sessions - Paypal To Add Bitcoin, Citadel21 Vol 3, Bitcoin vs Quantum EP073

There aren't comments yet for this episode. Click on any sentence in the transcript to leave a comment.