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Topic: Let’s Talk Bitcoin! Episode 19 - "Making It Up As You Go" June 29, 2013 (Read 4783 times)

sr. member
Activity: 434
Merit: 254
Editor-in-Chief of Let's Talk Bitcoin!
legendary
Activity: 1400
Merit: 1013
Episode 19 is OUT!

Have a question you’d like answered On-Air?  Call us at 1-855-WE-TALK-BITCOIN

Join Adam & Stephanie at the Inside Bitcoins Conference on July 30th in New York City!  This all day event at the New Yorker building is the place to be for the latest commentary and networking opportunities in the Bitcoin space.   For a 20% discount on registration, please fill out this one page listener feedback form - The code is presented at the conclusion.

Adam will speaking, Stephanie will be grabbing interviews and covering the event.  

While you’re in town, stop by one of our conference meetups!  At Bitcoin2013 in San Jose we had a FANTASTIC time and can’t wait to meet you in New York!  

For previous episodes & our Listener Support widget, visit us at www.letstalkbitcoin.com

Send Listener Questions, Feedback, plus offers to help the cause and join
our team to [email protected]

Also, we're looking for members to join our Bitcoin Community Roundtable -
If you're doing something in the Bitcoin community and want to be made
available of interview opportunities as they arise, Check out the specific
thread for more details https://bitcointalksearch.org/topic/lets-talk-bitcoin-is-looking-for-community-reps-for-the-bitcoin-roundtable-186752

Each episode takes about 10 hours to produce, please support the show if
you like what we're doing.

Visit sponsor www.EasyCoin.com for a 13% discount on all bitcoin purchases!

We appreciate our sponsors testing the deflationary business model and encourage you to reward their early adoption with your business, should you have need for this type of service. Thanks!


Want to support the Show rather than this particular episode? 1LTBShowv5nZ2fgZ4hWU7ieeDRNKSAxtov


Listener Support Addresses for episode 19
Bitcoin: 1DaHiEUqtfx4icqZwWMPYnfu3rVeK5QTfy
Litecoin:LUxaof4avTxEGfmajZnSLVMDdYLVJYsFNT

Bitmessage: BM-BcWgZS3dqdrCz9x7cDi9QnMUc51xZbNv


Hosts:
Adam B. Levine
Stephanie Murphy,PhD
Andreas M.Antonopoulos


RSS Feed Here

For June 29, 2013


Show Notes for Episode 19 Making It Up As You Go

  • Stephanie’s Back from Porcfest!  She tells us all about it, ever heard of Woven Bacon Sandwich?  You will today
  • Listener Mail: Open Garden availability, and the various options on the market for cold storage.
  • Interview with Jeff Coleman from the Bitcoin Alliance of Canada for an interesting if tinny discussion of the Mbit, what it is, why it’s important, and why you might want to change your wallet right now to use it.
  • Then we’ve got a tri-fecta of stories about various governmental organizations declaring things about technology they don’t seem to understand
  • First Bitcoins Seized by DEA - Further Details





It's cool that you update this thread every time a new episode comes out. Do you know what would be even better? If somewhere in that these posts there was an obvious link that one could click on and listen to the episode.
member
Activity: 78
Merit: 10
Community Manager at Letstalkbitcoin.com
Episode 19 is OUT!

Have a question you’d like answered On-Air?  Call us at 1-855-WE-TALK-BITCOIN

Join Adam & Stephanie at the Inside Bitcoins Conference on July 30th in New York City!  This all day event at the New Yorker building is the place to be for the latest commentary and networking opportunities in the Bitcoin space.   For a 20% discount on registration, please fill out this one page listener feedback form - The code is presented at the conclusion.

Adam will speaking, Stephanie will be grabbing interviews and covering the event.  

While you’re in town, stop by one of our conference meetups!  At Bitcoin2013 in San Jose we had a FANTASTIC time and can’t wait to meet you in New York!  

For previous episodes & our Listener Support widget, visit us at www.letstalkbitcoin.com

Send Listener Questions, Feedback, plus offers to help the cause and join
our team to [email protected]

Also, we're looking for members to join our Bitcoin Community Roundtable -
If you're doing something in the Bitcoin community and want to be made
available of interview opportunities as they arise, Check out the specific
thread for more details https://bitcointalksearch.org/topic/lets-talk-bitcoin-is-looking-for-community-reps-for-the-bitcoin-roundtable-186752

Each episode takes about 10 hours to produce, please support the show if
you like what we're doing.

Visit sponsor www.EasyCoin.com for a 13% discount on all bitcoin purchases!

We appreciate our sponsors testing the deflationary business model and encourage you to reward their early adoption with your business, should you have need for this type of service. Thanks!


Want to support the Show rather than this particular episode? 1LTBShowv5nZ2fgZ4hWU7ieeDRNKSAxtov


Listener Support Addresses for episode 19
Bitcoin: 1DaHiEUqtfx4icqZwWMPYnfu3rVeK5QTfy
Litecoin:LUxaof4avTxEGfmajZnSLVMDdYLVJYsFNT

Bitmessage: BM-BcWgZS3dqdrCz9x7cDi9QnMUc51xZbNv


Hosts:
Adam B. Levine
Stephanie Murphy,PhD
Andreas M.Antonopoulos


RSS Feed Here

For June 29, 2013


Show Notes for Episode 19 Making It Up As You Go

  • Stephanie’s Back from Porcfest!  She tells us all about it, ever heard of Woven Bacon Sandwich?  You will today
  • Listener Mail: Open Garden availability, and the various options on the market for cold storage.
  • Interview with Jeff Coleman from the Bitcoin Alliance of Canada for an interesting if tinny discussion of the Mbit, what it is, why it’s important, and why you might want to change your wallet right now to use it.
  • Then we’ve got a tri-fecta of stories about various governmental organizations declaring things about technology they don’t seem to understand
  • First Bitcoins Seized by DEA - Further Details





member
Activity: 78
Merit: 10
Community Manager at Letstalkbitcoin.com
NEW EPISODE OUT!

Have a question you’d like answered On-Air?  Call us at 1-855-WE-TALK-BITCOIN

Join Adam & Stephanie at the Inside Bitcoins Conference on July 30th in New York City!  This all day event at the New Yorker building is the place to be for the latest commentary and networking opportunities in the Bitcoin space.   For a 20% discount on registration, please fill out this one page listener feedback form - The code is presented at the conclusion.

Adam will speaking, Stephanie will be grabbing interviews and covering the event.  

While you’re in town, stop by one of our conference meetups!  At Bitcoin2013 in San Jose we had a FANTASTIC time and can’t wait to meet you in New York!  

For previous episodes & our Listener Support widget, visit us at www.letstalkbitcoin.com

Send Listener Questions, Feedback, plus offers to help the cause and join
our team to [email protected]

Also, we're looking for members to join our Bitcoin Community Roundtable -
If you're doing something in the Bitcoin community and want to be made
available of interview opportunities as they arise, Check out the specific
thread for more details https://bitcointalksearch.org/topic/lets-talk-bitcoin-is-looking-for-community-reps-for-the-bitcoin-roundtable-186752

Each episode takes about 10 hours to produce, please support the show if
you like what we're doing.

Visit sponsor www.EasyCoin.com for a 13% discount on all bitcoin purchases!

We appreciate our sponsors testing the deflationary business model and encourage you to reward their early adoption with your business, should you have need for this type of service. Thanks!


Want to support the Show rather than this particular episode? 1LTBShowv5nZ2fgZ4hWU7ieeDRNKSAxtov


Listener Support Addresses for Episode 17
Bitcoin: 1Di1wbF8Pvo85ngXirvxdgznKAwbSGoFhR
Litecoin: LazJNuG7JSeeo3RwPZjVFewnFu1UrsAJCk

Bitmessage: BM-BcWgZS3dqdrCz9x7cDi9QnMUc51xZbNv


Hosts:
Adam B. Levine
Stephanie Murphy,PhD
Andreas M.Antonopoulos


RSS Feed Here

For June 18, 2013 “Context and Community”


Show Notes for Episode 17 Context and Community

  • Stephanie’s Conference Interview with David Pulis, Sr. Manager of Bitcoin Fund /li]
    • Bitcoin Wallets & Human Error!
    • Hypocracy in an Evolving Conversation
    • Stephanie’s Conference Interview with Adam King of Coinflash
    • Finding Value in Community with Jonathan Mohan, founder of BitcoinNYC



[/list]
member
Activity: 78
Merit: 10
Community Manager at Letstalkbitcoin.com
EPISODE 16 is out NOW! Featuring an Interview with Coinbase Founder Brian Armstrong

Have a question you’d like answered On-Air?  Call us at 1-855-WE-TALK-BITCOIN

Join Adam & Stephanie at the Inside Bitcoins Conference on July 30th in New York City!  This all day event at the New Yorker building is the place to be for the latest commentary and networking opportunities in the Bitcoin space.   For a 20% discount on registration, please fill out this one page listener feedback form - The code is presented at the conclusion.

Adam will speaking, Stephanie will be grabbing interviews and covering the event.  

While you’re in town, stop by one of our conference meetups!  At Bitcoin2013 in San Jose we had a FANTASTIC time and can’t wait to meet you in New York!  

For previous episodes & our Listener Support widget, visit us at www.letstalkbitcoin.com

Send Listener Questions, Feedback, plus offers to help the cause and join
our team to [email protected]

Also, we're looking for members to join our Bitcoin Community Roundtable -
If you're doing something in the Bitcoin community and want to be made
available of interview opportunities as they arise, Check out the specific
thread for more details https://bitcointalksearch.org/topic/lets-talk-bitcoin-is-looking-for-community-reps-for-the-bitcoin-roundtable-186752

Each episode takes about 10 hours to produce, please support the show if
you like what we're doing.

Visit sponsor www.EasyCoin.com for a 13% discount on all bitcoin purchases!

We appreciate our sponsors testing the deflationary business model and encourage you to reward their early adoption with your business, should you have need for this type of service. Thanks!


Bitcoin: 1JjPb7hS7mvBrMm9CxtHbz6PcL3JyHmAKF
Litecoin: LT6Mz2jxtK8avRTnSzPFU4C2ygWDcBTakx

Bitmessage: BM-BcWgZS3dqdrCz9x7cDi9QnMUc51xZbNv


Hosts:
Adam B. Levine
Stephanie Murphy,PhD
Andreas M.Antonopoulos


RSS Feed Here

For June 14, 2013 “Making History”


Show Notes for Episode 16 Making History

  • Listener Mail - “East Coast Bitcoin Events?”
  • Let’s Talk Bitcoin at Inside Bitcoins Conference, in NYC on July 30th
  • A Piece of History with Ryan Gold at the first ever Satoshi Square Los Angeles
  • The Missing Piece - Software Solutions for Live & In-Person Trade events
  • Stephanies’ Conference Interview with Cedric Dahl, Co-Founder of Open-Source Buttercoin Exchange Platform
  • Bail-Out Vs. Bail-In Vs. Jail-In, How to deal with failing banks?
  • Stephanies’ Conference Interview with Jason King, Bitcoin Advocate for the Homeless
  • Has Butterfly Labs gone from Horrible Warning to Shining Example?
  • Bitcoin Development Fund & First ASIC Single ships!
  • Stephanies’ Conference Interview with Brian Armstrong, Co-Founder of Coinbase!



sr. member
Activity: 434
Merit: 254
Editor-in-Chief of Let's Talk Bitcoin!
sr. member
Activity: 294
Merit: 250
Got to love the value put in this episode..

As always, Lets Talk Bitcoin delivers another quality podcast.

Have a question you’d like answered On-Air?  Call us at 1-855-WE-TALK-BITCOIN

Join Adam & Stephanie at the Inside Bitcoins Conference on July 30th in New York City!  This all day event at the New Yorker building is the place to be for the latest commentary and networking opportunities in the Bitcoin space.   For a 20% discount on registration, please fill out this one page listener feedback form - The code is presented at the conclusion.

Adam will speaking, Stephanie will be grabbing interviews and covering the event.   

While you’re in town, stop by one of our conference meetups!  At Bitcoin2013 in San Jose we had a FANTASTIC time and can’t wait to meet you in New York! 

For previous episodes & our Listener Support widget, visit us at www.letstalkbitcoin.com

Send Listener Questions, Feedback, plus offers to help the cause and join
our team to [email protected]

Also, we're looking for members to join our Bitcoin Community Roundtable -
If you're doing something in the Bitcoin community and want to be made
available of interview opportunities as they arise, Check out the specific
thread for more details https://bitcointalksearch.org/topic/lets-talk-bitcoin-is-looking-for-community-reps-for-the-bitcoin-roundtable-186752

Each episode takes about 10 hours to produce, please support the show if
you like what we're doing.

Visit sponsor www.EasyCoin.com for a 13% discount on all bitcoin purchases!

We appreciate our sponsors testing the deflationary business model and encourage you to reward their early adoption with your business, should you have need for this type of service. Thanks!


Bitcoin: 16zmWcS2jdpNrDZSiqGuia3ecAZQPgYEvL
Litecoin: LdBbT2UvewKu7hnLCf1Q516eC5paY1j5PV

Bitmessage: BM-BcWgZS3dqdrCz9x7cDi9QnMUc51xZbNv


Hosts:
Adam B. Levine
Stephanie Murphy,PhD
Andreas M.Antonopoulos


RSS Feed Here

For June 11, 2013 “Trust But Verify”


Show Notes for Episode 15

  • Bitcoin Lead Developer Gavin Andresen on Origins, Expectations, Projects & Pitfalls
  • Feathercoin Lead Developer Peter Bushnell on how they’re putting the Fun back in Mining
  • Bitcoin Powered Tor & Wi-FI Nodes[/url]
  • Alan Reiner, Lead Developer of Armory Wallet on Microbilling




member
Activity: 78
Merit: 10
Community Manager at Letstalkbitcoin.com
NEW EPISODE IS OUT!

Have a question you’d like answered On-Air?  Call us at 1-855-WE-TALK-BITCOIN

Join Adam & Stephanie at the Inside Bitcoins Conference on July 30th in New York City!  This all day event at the New Yorker building is the place to be for the latest commentary and networking opportunities in the Bitcoin space.   For a 20% discount on registration, please fill out this one page listener feedback form - The code is presented at the conclusion.

Adam will speaking, Stephanie will be grabbing interviews and covering the event.   

While you’re in town, stop by one of our conference meetups!  At Bitcoin2013 in San Jose we had a FANTASTIC time and can’t wait to meet you in New York! 

For previous episodes & our Listener Support widget, visit us at www.letstalkbitcoin.com

Send Listener Questions, Feedback, plus offers to help the cause and join
our team to [email protected]

Also, we're looking for members to join our Bitcoin Community Roundtable -
If you're doing something in the Bitcoin community and want to be made
available of interview opportunities as they arise, Check out the specific
thread for more details https://bitcointalksearch.org/topic/lets-talk-bitcoin-is-looking-for-community-reps-for-the-bitcoin-roundtable-186752

Each episode takes about 10 hours to produce, please support the show if
you like what we're doing.

Visit sponsor www.EasyCoin.com for a 13% discount on all bitcoin purchases!

We appreciate our sponsors testing the deflationary business model and encourage you to reward their early adoption with your business, should you have need for this type of service. Thanks!


Bitcoin: 16zmWcS2jdpNrDZSiqGuia3ecAZQPgYEvL
Litecoin: LdBbT2UvewKu7hnLCf1Q516eC5paY1j5PV

Bitmessage: BM-BcWgZS3dqdrCz9x7cDi9QnMUc51xZbNv


Hosts:
Adam B. Levine
Stephanie Murphy,PhD
Andreas M.Antonopoulos


RSS Feed Here

For June 11, 2013 “Trust But Verify”


Show Notes for Episode 15

  • Bitcoin Lead Developer Gavin Andresen on Origins, Expectations, Projects & Pitfalls
  • Feathercoin Lead Developer Peter Bushnell on how they’re putting the Fun back in Mining
  • Bitcoin Powered Tor & Wi-FI Nodes[/url]
  • Alan Reiner, Lead Developer of Armory Wallet on Microbilling




member
Activity: 78
Merit: 10
Community Manager at Letstalkbitcoin.com
EPISODE 014 "In Search of Goldilocks" is out now! From June 7, 2013

Let's Talk Bitcoin! is a show for users new and old of Cryptocurrencies and
the current king of them all, Bitcoin! Episodes range from 55 minutes to
a little over an hour, and include news, analysis and original interviews
in a clean, audio-magazine format..

For previous episodes & our Listener Support widget, visit us at www.letstalkbitcoin.com

Send Listener Questions, Feedback, plus offers to help the cause and join
our team to [email protected]

Also, we're looking for members to join our Bitcoin Community Roundtable -
If you're doing something in the Bitcoin community and want to be made
available of interview opportunities as they arise, Check out the specific
thread for more details https://bitcointalksearch.org/topic/lets-talk-bitcoin-is-looking-for-community-reps-for-the-bitcoin-roundtable-186752

Each episode takes about 10 hours to produce, please support the show if
you like what we're doing.

Visit sponsor www.EasyCoin.com for a 13% discount on all bitcoin purchases!

We appreciate our sponsors testing the deflationary business model and encourage you to reward their early adoption with your business, should you have need for this type of service. Thanks!


Bitcoin: 1L5AgNwpmLZQjG4StigzM17U18MX6YXfkN
Litecoin: LMmPb2rEwCDRz1bR72SiSaJuACV4UwQs6r

Bitmessage: BM-BcWgZS3dqdrCz9x7cDi9QnMUc51xZbNv


Hosts:
Adam B. Levine
Stephanie Murphy,PhD
Andreas M.Antonopoulos


RSS Feed Here

For June 7, 2013 “In Search of Goldilocks”


Show Notes for Episode 14

  • Listener Mail: “Microtransaction Powered Social Networks”
  • Constance Choi, Legal Council at Payward brings us up to speed on DC, Fincen & Treasury
  • The Retroactive Bitcoin Paywall
  • Counterintuitive - Smaller amounts equal larger transactions?[/url]
  • 1 Megabyte blocks, Good or Bad?
  • Who needs Banks? Zach Harvey of the Lamassu Bitcoin Vending Machine
  • Full Node Clients vs. Lite Clients - Are Federated Servers the future?




legendary
Activity: 1400
Merit: 1013
Marc Hochstein's closing comments could almost be interpreted as a shot across the bow:

"We (American Banker) have been around longer than the Dollar, maybe we and the rest of the banking system would do just fine in a post-Dollar world."
member
Activity: 78
Merit: 10
Community Manager at Letstalkbitcoin.com
legendary
Activity: 1330
Merit: 1000
Bitcoin
member
Activity: 78
Merit: 10
Community Manager at Letstalkbitcoin.com
EPISODE 013 (June 3, 2013) is out now!

Let's Talk Bitcoin! is a show for users new and old of Cryptocurrencies and
the current king of them all, Bitcoin! Episodes range from 55 minutes to
a little over an hour, and include news, analysis and original interviews
in a clean, audio-magazine format..

For previous episodes & our Listener Support widget, visit us at www.letstalkbitcoin.com

Send Listener Questions, Feedback, plus offers to help the cause and join
our team to [email protected]

Also, we're looking for members to join our Bitcoin Community Roundtable -
If you're doing something in the Bitcoin community and want to be made
available of interview opportunities as they arise, Check out the specific
thread for more details https://bitcointalksearch.org/topic/lets-talk-bitcoin-is-looking-for-community-reps-for-the-bitcoin-roundtable-186752

Each episode takes about 10 hours to produce, please support the show if
you like what we're doing.

Bitcoin: 1GyqzKX86nVNQRkcmHUKP966AMUmzDsSBW

Litecoin: Lba2Pfx8vb8wtMYDG7Gq3ftuB2hGL37j7H

Bitmessage: BM-BcWgZS3dqdrCz9x7cDi9QnMUc51xZbNv


Hosts:
Adam B. Levine
Stephanie Murphy,PhD
Andreas M.Antonopoulos


RSS Feed Here

For May 28, 2013 “Shakers & Movers”

Featuring an interview with Charles Hoskinson

Show Notes for Episode 13




member
Activity: 78
Merit: 10
Community Manager at Letstalkbitcoin.com
Let's Talk Bitcoin! is a show for users new and old of Cryptocurrencies and
the current king of them all, Bitcoin! Episodes range from 55 minutes to
a little over an hour, and include news, analysis and original interviews
in a clean, audio-magazine format..

For previous episodes & our Listener Support widget, visit us at www.letstalkbitcoin.com

Send Listener Questions, Feedback, plus offers to help the cause and join
our team to [email protected]

Also, we're looking for members to join our Bitcoin Community Roundtable -
If you're doing something in the Bitcoin community and want to be made
available of interview opportunities as they arise, Check out the specific
thread for more details https://bitcointalksearch.org/topic/lets-talk-bitcoin-is-looking-for-community-reps-for-the-bitcoin-roundtable-186752

Each episode takes about 10 hours to produce, please support the show if
you like what we're doing.

Bitcoin: 1NM8ENV1sGAbMiuuUhhpjnCPdyAqxmXaoQ



Litecoin: LQ8vRaAsq1Y65MCid8YG6iMdXFa5gN6729

Bitmessage: BM-BcWgZS3dqdrCz9x7cDi9QnMUc51xZbNv

Hosts:
Adam B. Levine
Stephanie Murphy,PhD
Andreas M.Antonopoulos


RSS Feed Here

For May 28, 2013 “You get my Bitmessage”

Featuring an interview with Charlie Lee, creator of Litecoin!

Show Notes for Episode 12

  • Listener Email - “Outrageous Legal Looting System”
  • Bitmessage
  • Bitcoin Notary
  • Stephanie Murphy interviews Charlie Lee, creator of Litecoin
  • OKPay, Mt. Gox & The Liberty Laundry Network?




New Episode is OUT!

This is a great episode, we hope you all enjoy!
sr. member
Activity: 434
Merit: 254
Editor-in-Chief of Let's Talk Bitcoin!
Yeah but it's the best solution anyone can come up with for web wallets - They are unavoidably insecure so manage your exposure to minimize your risk.

I agree personally, it's BS.  I have I think .1 in a coinbase wallet and that's it in online wallets
sr. member
Activity: 277
Merit: 250
"just keep enough money in your wallets that you are willing to lose" is the worst excuse anyone can come up with. If it cant be secured then its bullshit and shouldnt be considered useful in the least
member
Activity: 78
Merit: 10
Community Manager at Letstalkbitcoin.com
Let's Talk Bitcoin! is a show for users new and old of Cryptocurrencies and
the current king of them all, Bitcoin! Episodes range from 55 minutes to
a little over an hour, and include news, analysis and original interviews
in a clean, audio-magazine format..

For previous episodes & our Listener Support widget, visit us at www.letstalkbitcoin.com

Send Listener Questions, Feedback, plus offers to help the cause and join
our team to [email protected]

Also, we're looking for members to join our Bitcoin Community Roundtable -
If you're doing something in the Bitcoin community and want to be made
available of interview opportunities as they arise, Check out the specific
thread for more details https://bitcointalksearch.org/topic/lets-talk-bitcoin-is-looking-for-community-reps-for-the-bitcoin-roundtable-186752

Each episode takes about 10 hours to produce, please support the show if
you like what we're doing.

1BefjsirD4Sqi46xYvo2djyiXgTHkXyppo


LITECOIN Donations

LSLNZ9Ykra1NWN3HXhjGXeCRoAbAUwKPYx

Hosts:
Adam B. Levine
Stephanie Murphy,PhD
Andreas M.Antonopoulos


RSS Feed Here

For May 28, 2013 “A Brave, New World”

Show Notes for Episode 11

  • Granular Identity Control & Cloaked Email Addresses
  • Bitcoin Integration, Playing the VC Game, Lockdown Security, and Online Wallets
  • Password Recovery vs. True Security
  • Multi-Part Backups & Multi-Signor Wallets
  • The Teeter-Totter of Security vs. Ease of Use
  • Moving Enormous Armory to Android & Open-Source to Full-Time
  • Pioneering in a New Space & Armory for Altcoins




BUMP: EPISODE 11 IS OUT NOW!
member
Activity: 78
Merit: 10
Community Manager at Letstalkbitcoin.com
Let's Talk Bitcoin! is a show for users new and old of Cryptocurrencies and
the current king of them all, Bitcoin! Episodes range from 55 minutes to
a little over an hour, and include news, analysis and original interviews
in a clean, audio-magazine format..

For previous episodes & our Listener Support widget, visit us at www.letstalkbitcoin.com

Send Listener Questions, Feedback, plus offers to help the cause and join
our team to [email protected]

Also, we're looking for members to join our Bitcoin Community Roundtable -
If you're doing something in the Bitcoin community and want to be made
available of interview opportunities as they arise, Check out the specific
thread for more details https://bitcointalksearch.org/topic/lets-talk-bitcoin-is-looking-for-community-reps-for-the-bitcoin-roundtable-186752

Each episode takes about 10 hours to produce, please support the show if
you like what we're doing.

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Now Accepting LITECOIN Donations

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Hosts:
Adam B. Levine
Stephanie Murphy,PhD
Andreas M.Antonopoulos


RSS Feed Here

For May 25, 2013 “A Brave, New World”

Show Notes for Episode 10

  • Cloud Identity, HD Wallets, and Quick Interview Hits from the Conference
  • Regulating Bitcoin, where do you stand?
  • Keeping Bitcoin in Perspective and Knowing the Risks
  • Rethinking Tip Widgets



sr. member
Activity: 434
Merit: 254
Editor-in-Chief of Let's Talk Bitcoin!
Adam's plan to create a store that offers a discount for paying with BTC is a result of the deflationary nature of BTC.  But ware he's sees this as a good thing it is in fact a very bad development (not his fault of course, he is just doing the logical and inevitable thing under deflation).  As a merchant he is essentially trying to race ahead of the deflation rate, this will inevitably result in an acceleration of deflation, just as in a inflationary environment the merchant is trying to raise prices and race ahead of inflation and this creates even more inflation.

When the bulk of merchants adopt this kind of pricing strategy (as they inevitably must in a deflationary environment), the result is to drive more deflation as the 'discounts' now effectively become the true value of BTC, exchange for USD will try too catch up but because these discounts will most likely be by a percentage they will remain forever above the BTC/USD exchange rate and act to pull it upwards perpetually.

Now how do merchants ever actually make money if they are offering huge discounts?  The only way for the merchant to close that gap is to hold BTC for a long enough period for the coins appreciation to put them back in the black (or just accumulate private hoards).  Now ignoring all the risks they now have of a crash in exchange rates the merchant now has very low turn over of money, this is effectively removing large portions of BTC from circulation which leads to yet more deflation.  And no the higher rates of deflation won't decrease the time the merchant holds coins because the customers will demand an even deeper discounts, as the size of the discount needed to stimulate the consumer is proportional to the rate of deflation.

The logical end result is hyper deflation and the collapse of all commerce and investment.

You're assuming that things stay the same - The deflationary business model works during an actively deflationary environment, the discounts will vary based on the expectations of future value.  Right now we're in a period of revaluation when things will happen fast,  in a few years we'll have a much more stable pricing structure which will reduce the discount since there is less expectation of appreciation.   

For example, right now if the price of BTC goes from 100 to 200, that is a 100% appreciation.  If 1BTC is 10,000 and goes to 10,100 that is less than 1% appreciation.  In the first situation, it makes sense to sell for a 40% discount, because the % growth makes that a good deal.  In the second situation, you'd be an idiot to do that.

Get it?   People change their behavior based on incentives

So that means that right now when the expectation is for incredible upside (tens of thousands) with very little downside (can only go to zero).  That isn't true forever.
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