Four major net reds in the currency circle, positively responding to the community's top ten "century problems"

On April 25th, Lite Capital founder Li Qiwei, Blockstream's chief strategy officer Yu Yongquan, Monroe core development member Riccardo and cryptocurrency analyst Whale Panda, guest in the ChainNode live room (formerly Babbitt live room). They had a big discussion with the host of the live broadcast, Xiao Yan. Xiaoyan threw out the top ten hot topics in the forum, all of which are sharp .

Bitcoin of $4,000 can't be bought anymore? If the Litecoin is halved in August, can it stand out alone? The lightning network has a bug that can cause users to lose money? The community is bitter and abundance, and BSV has a living path…

With regard to these, how do the four big sisters answer? The following content is recorded in live broadcast, sorted by Babbitt, dry words, classic sentences, it is recommended to collect and read again.

 

Self-directed and self-directed, blockchain big video show

Xiao Yan: How do you know and decide to do the Magic Crypto Friends program together?

Whale Panda : I met Riccardo and Samson at the 2017 Consensus Conference. After we “hooked” on Twitter for a few months, Samson or Riccardo suggested that we should do a show together.

Riccardo: It was n't one of our proposals. In fact, someone else suggested that we make a video show. Then I sent a message to the other three people saying, "Hey! This may be a good proposal." So this show It started.

Samson : In fact, Riccardo is too lonely to pay for the show that we accompany him (haha).

Xiao Yan: I found that you all have your own cartoon characters. Is there any interesting story behind this?

Whale Panda: My nickname is WhalePanda (on Twitter), so my cartoon image is a panda. Riccardo's nickname is Fluffy Pony (twitter number). When we decided to do the video section, Samson began looking for some cartoon characters that could represent us, including his own little lion (because Samson's twitter is excllion, the last few words are lions), and the chicken is obviously Wright. The mascot of the coin. (In the early days of the Litecoin community, there was a buzzword called "Arise, chikun, chikun arise". After the attack, the chicken became a representative animal in the Litecoin community.)

Halving will definitely bring rise? Sorry, they may not matter

Xiao Yan: The market value of cryptocurrency has risen by 40% this month (April ) , and investors are obviously very excited about it. But in the beginning of April we did a survey and found that 57% of people felt FOMO because they didn't buy enough cryptocurrencies, so do you think Bitcoin still has a chance to go to $4,000-4,500 ?

Whale Panda : There is no doubt that the price of the currency is always fluctuating. The price of the currency may fall by 4,000, but it will not create a new low unless there are other large negative events.

Samson: I think we have already crossed the bottom at least this year. It may fall 2W from 10W, but at the moment I think it will only go all the way up, especially if Bitcoin is halved.

Xiao Yan: Regarding halving, many investors think that this is the biggest benefit from 2019 to 2020. Is this a fixed pattern? As long as the price of half a currency will rise? Is there any other reason?

Riccardo: From the perspective of game theory, when you cut production, you assume that the demand is still the same, and the price of the currency will naturally rise. But the biggest problem is that we don't know much about the market right now. We often think that some fluctuations in the market have no logic to look for.

But in fact, it is not the market that is not regular, but we still do not understand this market.

Charlie : People often think that when the output of coins is reduced, the number of coins sold by miners will also decrease, and the price will rise. However, this kind of sale is almost negligible compared with the total transaction volume in the market, so it should not have such a big impact on the price of the currency. The reason why it affects prices, I think is the driving force of self-profit, everyone is concerned about halving, they think that prices will rise, everyone wants to take advantage of this good opportunity, so buy in advance, buy pressure This prompted the price of the currency to rise.

Samson : The last price increase was earlier than half, but the price of the currency did not increase much when it was halved. After a while, it only soared again. I don't think there is a strong connection between the halving and the rise in the price of the currency. There may be some micro-contact between them.

Whale Panda: This is also because we don't really understand this market. We have never had deflationary currency before, which is mixed with some human psychological activities. As Charlie said, people expect the price of coins to rise because the amount of coins entering the market will decrease. I think this is a comprehensive phenomenon.

Against the trend, the price falls, you should buy more.

Otaru: On Tuesday (April 23 ), the Wall Street Journal reported that Sunbank Justice , the founder of Softbank , lost $1.03 billion in investment in Bitcoin . So even a good investor like this can make incorrect actions for a variety of reasons. Can you recommend some strategies or provide some reference data that you will use?

Whale Panda : For traders, the trend is your friend. If the price goes up, you can start selling slowly. For example, Riccardo, he always sells at twice the price, which is a good strategy. You always need to sell some, because you can't know when it's top, and you can't know when it's the bottom. At the very obvious time, for example, when Bitcoin went to 2W, it fell by 80%, so if you buy at 4000, you have already made money, so basically I still pay attention to the big trend. In the case of Sun Zhengyi, I think he basically listened to bad advice, which often happens, which is why we generally don't give investment advice. Most of the time you can't make accurate predictions about prices. Wrong) You will be hated by many people, even though your original intention is just to help others.

Samson: I think this basic principle applies to all kinds of investments: you should be prepared before entering the market. If you just want to buy if you see the price rise, then it is easy to lose, at least in the short term. If you think Bitcoin is valuable, then you bought it at a high price, but you plan to HODL it for a year, and that's fine.

Charlie : The price is falling, you should buy more. Of course, you shouldn't invest all of the money in one go. Sometimes the price drop is even a better investment opportunity. If you still have faith in Bitcoin, there is no problem in the long run.

Xiao Yan: So Charlie made a very correct prediction of the market before you sold your Litecoin. How did this happen?

Charlie : Good luck (haha). In fact, this is not a prediction. It is an experience warning that I got from the market down 90%. So if you can't afford a 90% drop in a single day, then don't play coins. Otherwise you will be painfully sold when you plunged and then lose a lot of money. So my point is that if you can't afford a 90% drop, don't buy coins.

IEO is like a topping game, you are the "singer"

Xiao Yan: Since the launch of the IEO project in January , the concept has been on fire. Many exchanges also frequently joined in March and April . It seems that all IEO projects will skyrocket. I am worried about how long this phenomenon will last. When will it end? Do you think this is beneficial or harmful to the encryption community?

Whale Panda : This is definitely not healthy. This is the return of ICO. Only a limited amount of coins are publicly offered, and they are sold out in a few seconds, because they saw that the last public offering was robbed in a few seconds, so next time there will be more people to join the rush. This is basically FOMO, basically there will be no good end.

Samson : I will tell everyone who wants to participate in IEO, you will study how ICO will end after 1-2 years, and then consider whether you want to participate in IEO.

Riccardo : I think the other thing to consider is that you are playing a 10x game, and the fool who picks up for you is actually losing money. Then you need to consider that even if you buy in the IEO public offering, you may be the fool of the pick, because other people may buy before the public offering.

Charlie : But this is a bit like an IPO. In general, most projects will be pulled on the first day of the IPO, and those investment institutions generally get much lower prices than you, if you are involved in the early stage of IEO. Basically, it is making money for the latecomers.

Xiao Yan: Since IEO is so easy to define pseudo ICO , why is supervision still not keeping up?

Whale Panda : Because they are slow. They will definitely keep up with the ICO. The first ICO was about 14-15 years old. At that time, there were already a lot of ICOs. In 17 years, it was really a blast, and in 18 years, supervision came up.

Samson : My answer may be different, because IEO fundraising happened on the exchange, so they isolated their responsibilities and were not so close to regulation. They can choose not to raise funds from people in certain areas (areas that are not allowed). From a regulatory point of view, they are isolated and more difficult to manage. In China, for example, most exchanges are no longer in China, so they can carry out IEO without considering China's regulatory policies.

Whale Panda : Another benefit of IEO's supervision is that IEO's KYC has already been completed on the exchange, but ICO needs to do KYC one by one.

The Internet army has set off a new upsurge in the blockchain? Maybe we think more

Xiao Yan: We know that Facebook is not entering the encryption market for a day or two. Xiaozha, Jake Dorsey (Twitter CEO) and Elon Musk are all interested in the encryption market. What do you think will affect this? Will the entry of Internet giants pose a threat to blockchain startups?

Samson : They are not all interested in the blockchain. Xiaozha is interested in blockchain, Jake is interested in bitcoin, and Elon is interested in cryptocandy and dogcoin. Let me talk about facebook, I don't think it will have much impact. Because even if they issue digital currency, it is also the central body, users must carry out KYL and AML, which will be a centralized currency, which may be similar to Paypal, which cannot be compared with real digital currency.

Charlie : I think Square supports bitcoin and lightning network payments, which is a very positive signal. Once implemented, this will be very influential.

Riccardo : To be honest, who cares. People who have succeeded on the Internet will not actually change into the blockchain. It's good if they do something interesting, but in fact they basically do something irrelevant.

Lightning Network: We are very optimistic

Xiao Yan: So regarding Bitcoin, we mentioned the lightning network. Just today, experts with lightning network are here. Let's talk about the lightning network. Recently, Peter Rizun talked about some possible loopholes in the lightning network on Twitter . Do you agree with him? Or is there some point to rebut?

Samson : Peter Rizun is not a reliable person. He is not respected in this field. He basically makes mistakes in judging everything. He is not worth explaining. He is a man who always writes a lot of things.

Riccardo : It's like Craig Wright said that people who operate lightning network nodes will be prosecuted and jailed for failing to comply with bank secrecy laws. It takes more time to lie than to lie. Craig must have spent more time on his "nonsense" than anything else I could think of.

All Bitcoin copy coins will be hanged, and BSV is already "ill"?

Xiao Yan: It’s very bad about Craig recently. Some time ago, Qian’an said that he would get off the BSV . This triggered the BSV off the shelf. How do you think about this?

Charlie : They shouldn't be on the BSV at the beginning, it's a very central currency. The person behind (Craig) is a bad actor. He continues to sue the company and prosecute people. This is not what our industry wants, so I think they show that they are very good.

Whale Panda : A lot of exchanges have been taken down together. Obviously this is actually a blind man. An exchange was removed, and other exchanges followed the shelves. They also received corresponding media exposure.

Xiao Yan: If this situation continues , will it be a big blow to the BSV ? Will it hang up?

Samson : All Bitcoin copy coins will hang, because their route and story will basically end in failure after a while. I think this is the end for BSV. If I am a supporter of BSV, I will take advantage of him and still sell it on some exchanges.

Charlie : If you are a supporter of BSV, you will still hold BSV because you are stupid.

PoS ca n't, it needs at least time to test

Xiao Yan: In addition to IEO and BSV , another hot spot in the community is the Staking economy, because the Cosmos main online line Polkadot is also coming online this year, so which one do you think PoS and PoW will go further?

Riccardo : From a research perspective, I am very interested in alternative consensus mechanisms. But PoW is the only mechanism that has been around for 10 years and has proven to be useful. If you believe that other mechanisms are feasible, it will take another 10 years to prove.

 

Xiao Yan: Although PoS has not yet proved its effectiveness, but from a theoretical point of view, is PoS likely to succeed?

Whale Panda : This is a good question, but in fact PoS is earlier than PoW, and they have not been fully completed yet, so…

Riccardo: I think it is very important to survive the attack in 10 years, but survive in good condition. There is a theory called Lindy Effect, which basically means that the longer you live, the more likely you are to survive in the future. This is very important. For me, from the rules of the game to the incentives, economic models (very important) to witness that they can survive for so long are crucial. When Ethereum releases the PoS version and can successfully run for 10 years, I will pay more attention to it.

Charlie : PoW was born because no other solution was feasible before. PoS (previously) can't. I don't understand why we are going backwards.

Samson : PoS is proven to be infeasible, it is once and for all. The only way to make it work is to pretend it works or make it so complicated that you can't read it.

Charlie : We need to see how to use it. They spent a lot of time figuring out the song and seeing how they would become interesting in the end. But I think I don't believe in PoS for money. If only for smart contracts, etc.

That can be fun to play.

Samson : It's hard to say. I think the security of PoS is too low. You are free to decide to issue the currency. Everyone holds these currencies, so the currency is safe?

Grin , Beam , Monroe? Anonymous coins need to be drowned in the crowd to survive

Xiao Yan: Next, let's talk about anonymous coins. Now there are many exchanges, especially Japanese transactions, which are not very friendly to anonymous coins, so what is your response mechanism? And how is the policy risk of it controlled?

Samson : Solve with alcohol (haha).

Riccardo : I have a strong belief in privacy protection, not just limited to Monroe. I think this is a natural resistance to the privacy search field, just like the previous resistance to cryptography. For a long time, certain levels of cryptography were banned from spreading outside the United States, and it is clear that this is no longer the case. For a long time, TLS (Secure Transport Protocol) is not very popular, and the Secure Transport Protocol service is still very expensive, but now basically all websites are using it, and it is getting better and better. We are now at the beginning of the privacy campaign, and the regulators will gradually fall because the public will want more and more privacy, just as they want more security. Volkswagen has been struggling for a long time on the edge of security issues: You see, my Twitter account has been attacked 17 times, then I should use a higher-intensity password to see the friends around me and find that their account has been attacked several times.

Then we really realized that we should use a stronger password. We must strengthen the secondary verification. Therefore, the public is aware of it step by step. Once they realize that the pressure is transferred to the regulatory department, the government department will respond to what is What the public wants, not other factors. I really think that in terms of privacy, the government will defeat you. Of course, it takes a long time, a lot of work and a lot of voices. Just like cryptography, the future popularity of privacy is unstoppable.

Charlie : When it comes to communication cryptography, it was illegal. It was probably in 2000 that PlayStation2 (a Sony game) was banned from exporting outside Japan because of advanced cryptography. There are quite a few things.

Xiao Yan: Actually, there are a lot of anonymous coins including Grin Beam and so on this year . Does the Monroe currency feel threatened?

Riccardo : This is a good question. My position is that this currency must first be verified, not too new cryptography, and secondly decentralized. There are already a lot of currencies in the market that are integrated into the above two scenarios. The real premise of privacy protection is that you have to disappear into the crowd, if it is only in the scene of 20 people or even 100 people, for the anonymous currency. In the case, the samples are too small. You need to disappear into the sea of ​​people, disappear into thousands of people, and among thousands of people, only to do so, anonymous coins are enough to be called anonymous coins. At present, Monroe is still in the dominant position of anonymous coins. I don't know if his status will continue, but as long as there is a kind of currency that is both a market and can maintain privacy and decentralization, I think it is enough, regardless of whether the final currency is still Monroe. The most important thing is that the above features are met. In fact, it is not so important that Bitcoin is dominant in the encryption market. As long as there is an alternative currency that meets everyone's needs, This is the most important.

What are the blockchain pseudo-demands? Scenes other than cryptocurrencies are counted!

Xiao Yan: What is the practical application scenario of the blockchain? Are there any common pseudo-demands?

Whale Panda : For the blockchain, I think the most important scenario is money, at least I think so. Many people are talking about identity authentication, etc. I have not seen much prospects at present.

Samson : For BlockStream, our focus on blockchain technology is primarily in financial applications, including asset-passing, trading and other financial transaction-related applications.

Riccardo : I totally agree. I don't think the scenes other than cryptocurrencies are suitable. Medical health is on the chain? Isn't this a joke? I don't think this is a pseudo-demand, but there is no need at all. Everyone is saying, what if we put the medical health on the chain? Very good, what kind of form do they have? If you are in an emergency ward, the doctor wants to know your medical record, what should I do? Everyone is very afraid of private key keeping. Now we have all the data on the chain, encrypted by private key, which is safe? Will there be any problems? This seems to be the result everyone wants, but I think it's ridiculous.

Charlie : The main use case of the blockchain is to be combined with his characteristics. His characteristics are mainly anti-central and non-replicable. The combination of these two characteristics and decentralization is inevitably inefficient. Therefore, many existing projects do not need or use the above characteristics to make a decentralized network. I think this does not make sense.

Quick question and answer:

Xiao Yan: Say five cryptocurrencies that immediately jump into your head.

Whale Panda : Bitcoin Litecoin Monroe Zcash Dog Coin

Charlie : Bitcoin Litecoin Monroe Coin Lightning Network Liquid

Riccardo : Bitcoin Litecoin namecoin and my favorite paycoin, I don't understand why no one is using it now.

Samson : I said, bitcoin, Litecoin, Monroe, Coin, ETC

Xiao Yan: Who is the most disgusting among the four of you? what's up?

Everyone: Samson is too annoying, he is always late for OMG.

Riccardo : Samson is never on time, he should only be on time, it is because we just called him a few hours ago.

Charlie : Riccardo always shows off his watch.

Samson : Charlie's lamp is always not strong.

Charlie : WhalePanda, we can't understand what he said, he doesn't speak English (haha).

Samson : He always uses his cat as a cover, because every time I am on a conference call or a show, it is always curious: Are you doing it? Who are you chatting with? I also want to be on the mirror! Usually, it is sleeping in my office, but every time I call a conference or do a show, he always sticks, you see it coming over.  

Xiao Yan: Are you going to refute it?

Charlie : No, I think we are great.

Xiao Yan: What is your last regret?

Samson : There used to be a girl…

Riccardo: To be honest, one thing I regret is that we have given the rumors too many opportunities, such people should be eliminated at the beginning. But in the culture we or others create, revealing a liar feels that it actually conveys FUD emotions (panic) or passes negatives, but if you don't expose a liar, let the liar succeed. Take one of the two, brothers.

Whale Panda : I regretted the "exaggerated" propaganda of Monroe. Riccardo and I just made some jokes in private, took a video, and then I said that this would be a big business. Obviously this is an exaggeration. Well, it 's a bit more cautious to send something similar on social media .

Riccardo : It was 2017. We really don't know if anyone would care about what we said. This is indeed a lesson.  

Xiao Yan: Samson, what about you? What about the girl?

Samson : I regret buying all MCCs (MCC will hold a meeting in early May) General and VIP tickets (haha)

Xiao Yan: So what is the most ridiculous thing you encounter in the blockchain field?

All: Craig Wright

Riccardo : I have never seen a person who can be so vocal, falsify evidence, and sue those who tell the truth.  

Xiao Yan: I am very curious why some people believe Craig 's words?

Samson : A lot of people he deceived are people who are easily deceived. They are not in the mainstream community. At this time, Craig appears. They think that ok I believe in you, we are a faction and prove that we are not incompetent.

Xiao Yan: If you go back to 18 , what would you say to yourself?

Samson/Whale Panda : Buy Bitcoin.

Riccardo : I think I will tell the 18-year-old to learn cryptography and game theory. I don't think I was interested in it at the time.

Charlie : Maybe, create bitcoin.

Copywriting: Xiao Wei Wang Jiajian