Comments by "SAL" (@SAL-fs1mr) on "Lex Fridman" channel.

  1. Lightning network.
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  2. When it comes to cryptocurrency, bitcoin is the king, it is the standard. Bitcoin alone accounts for the lion's share of the entire crypto ecosystem. Avoid altcoins as the vast majority are scams or failures, and the ones that aren't are probably not going to keep up with Bitcoin's value appreciation in the long run.
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  3. Presales of token = security.
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  4. Don't worry Lex, I just subscribed precisely because you interviewed Saylor.
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  5. Just completely ignore lightning network and taproot.
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  6. Cardano is not special, it is just another altcoin.
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  7. All POS systems enable the whale stakers with more money and/or control over the system, and new entrants cannot displace the whales. Bitcoin's POW solves this.
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  8. Most everything else has an even smaller percentage of people owning the majority of it. In the end, you should want to hold the best asset that can't be debased or made easily.
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  9. Just another centralized altcoin.
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  10. Cash is what you want to use for all those things. The Bitcoin blockchain is highly trackable.
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  11. Bitcoin is the one. Cardano is just another altcoin, not special at all.
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  12. He already said he will, he and his company will continue to acquire Bitcoin forever.
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  13. I think the goal is to have a system that doesn't have this 4th function. It is precisely why bitcoin was invented.
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  14. Satoshi mined his coins, he didn't give it to himself or raise funds. Not a security.
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  15. Falling for altcoins is the litmus test of those being easily suckered.
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  16. In the US, many libertarians who believe in the first and second amendment very strongly are also huge bitcoin advocates. As prices stand now, bitcoin has fared better in the last week than any other asset.
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  17.  @Airic  yes, it did ICO. Doesn't mean it is a security for sure, but I would say it is security like, and thus you have to consider future risks of an SEC crackdown.
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  18. No decentralization.
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  19.  @DrDime_  if you can afford the debt, it isn't irresponsible. You are conveniently forgetting he runs a successful enterprise software corporation.
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  20. You have to spend to live. So the result will be less frivolous spending.
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  21. Don't waste time with those. Bitcoin is the standard.
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  22.  @brushstroke3733  energy production is decentralized all over the world. For example, solar energy is available across the earth. If someone has a geographic monopoly, it doesn't stop others from pursuing their own energy production. Small energy producers have the nimble advantage of going to isolated pockets of cheap energy, meaning they can't be stopped from taking the fees offered by the users.
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  23. Still not a security.
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  24. If the supply of above ground gold increases by 2% every year, then the total supply will double in 35 years.
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  25. XRP is definitely way more centralized compared to Ethereum. XRP simply can't work without the ripple company. Super centralized.
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  26. No, it can have features added in second layer protocols. No need for many changes to the base protocol.
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  27. Bingo.
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  28. He mentioned altcoins being like securities, which obviously includes Ripple's XRP.
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  29.  @christopherround5831  actually, the cryptocurrencies that require less energy to main means it takes less energy to attack them.
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  30. All we can say for sure is that Craig Wright is NOT Satoshi. Suck it bsvers.
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  31. Gotta be oPeN MiNdEd. I guess that means talking to scammers.
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  32.  @PureWaterSolutions  there was a concerted effort of developers, miners, and bitcoin companies to change the blocksize variable in Bitcoin in 2017. But users determine the rules and the users blocked them. If it didn't work for the blocksize variable, it won't work the for the supply variable.
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  33.  @PureWaterSolutions  no, that's wrong. Any changes by the developers is meaningless when the users are the ones who choose the version of the code to run. You should study bitcoin more carefully, it isn't similar to other systems you are familiar with.
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  34. Coinjoins, payjoins, and lightning network add back fungibility. I wouldn't trust my Bitcoin wealth in a less proven altcoin.
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  35. Yes
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  36. Lol, only a newb would believe that
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  37.  @carolynklestinec8589  nah, it's all a clown show. He doesn't have access and he keeps trying to get judges to order miners to move coins for him since he knows doesn't have and will never have the private keys.
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  38. If you are not verifying proof of work, it turns into trusting others.
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  39. Maybe, but that new coin would still just be an altcoin.
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  40. He would defer to his other main point of having low time preference, as waiting enough time will prove which is the smarter to hold long term.
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  41. The code for Bitcoin is completely open source, so can you please point out the part of the code that gives satoshi the ability to debase the supply???
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  42.  @I_Lemaire  he probably does have a fair amount from mining Bitcoin early on when no one else was helping with mining Bitcoin. But that doesn't mean he is able to debase the Bitcoin supply. The max supply is fixed at 21 million.
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  43.  @I_Lemaire  I would welcome the opportunity to buy cheap Bitcoin. It would be a major price drop, but it would be temporary. Already happened plenty of times in Bitcoin's history. The Bitcoin network would keep working without any interruptions.
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  44.  @I_Lemaire  reckless people and companies deserve to go bankrupt. I don't see the problem.
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  45.  @I_Lemaire  "crypto" is the problem. I've studied altcoins for almost 10 years now, and they are definitely not resilient or decentralized. Putting any wealth there is definitely reckless.
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  46.  @I_Lemaire  no, by definition anarchic would mean no rulers. Satoshi's holdings does not give him control over the Bitcoin protocol, Bitcoin isn't a proof of stake network. A temporary price drop in Bitcoin is always survivable as evidenced by Bitcoin's history, the alternative is an altcoin system like UST/Luna where the collapse is complete, or a system where you have complete protocol control by others (proof of stake systems).
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  47.  @I_Lemaire  it would be temporary because many would be smart enough to recognize it as the best buying opportunity they'll get. I know I would be buying in such a scenario. We talking only about 5% of the supply. That's equivalent to the MtGox hack, and bitcoin survived that, so why not the hypothetical satoshi scenario? I've mentioned already that I've studied altcoins extensively. Yes, each is a little different, so choose which one you think has merit and I'll explain why it doesn't.
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  48. You can put cash in and get bitcoin on your phone. You can keep the bitcoin or send it to anyone else in the world.
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  49. No, eth is more like a security because if you hold any, you own voting shares of the eth protocol.
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  50. Yes, that's why Bitcoin is the standard.
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  51. Good. That garbage is a distraction.
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  52. Lol
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  53.  @AllyWhiteArtist  if you believe that, then you fell for the marketing.
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  54.  @AllyWhiteArtist  at a most basic level, how many times has the founder gave presentations? How many tokens does the algorand foundation have? It's all marketing. The key part of the trilemma is decentralization, and any proof of stake system is equivalent to oligarchy, which is not truly decentralized.
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  55. Having inflationary currency is the underlying problem, it prevents technology from being able to lower costs to zero or close to zero. The solution is to have a scarce money system to help drive abundance in everything else.
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  56. Nope. 2017 showed how when the majority of miners and exchanges wanted to push through an upgrade, they failed. Nodes control Bitcoin, not Bitcoin holders, not miners.
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  57.  @TheMrInnovative  China banning mining was awesome! It again proved that if the majority of mining was shutdown the Bitcoin protocol would keep working as intended!
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  58.  @TheMrInnovative  it's unfortunate that your are too focused short term price movements. Just keep in mind that price isn't the same as value, and that other projects always make severe trade-offs in terms of security and decentralization.
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  59. Any possible margin call is a non issue for microstrategy, that's because they have so much extra uncollateralized Bitcoin.
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  60. If that was true, the dollar supply wouldn't have increased by over 20% in the last 12 months.
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  61. So you're going to try to save your wealth in dollars or bonds? Lol, good luck.
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  62. Doesn't really matter, all those altcoins go in the same bucket. Bitcoin stands alone.
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  63.  @anu1776  lightning network protocol on Bitcoin. Don't need a new alt token.
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  64. How do you define money though?
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  65.  @CalCaliente  medium of exchange doesn't count as a use?
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  66.  @CalCaliente  the person with more Bitcoin can exchange more goods and/or more frequently than the person with fewer.
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  67.  @CalCaliente  well with that logic, you would have to admit that your comments here aren't real, maybe even meaningless.
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  68. Cardano is decentralization theater. Any type of proof of stake will always have the weak subjectivity problem, Bitcoin's proof of work doesn't have this. Also, new participants can always come in and dilute previous miners, but new stakers do not dilute previous stakers. This causes unavoidable centralization in pos.
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  69. McLovin
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  70. Because of Bitcoin halvings happening every 4 years, that should be the minimum window of evaluating Bitcoin's performance.
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  71. Proof of stake is what the World Economic Forum supports, so that is the current thing to support.
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  72. No need to mention all the centralized altcoin scams out there.
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  73. Lightning network already enables instant Bitcoin transactions with negligible fees.
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  74. What makes tether more fake than regular dollars?
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  75. Saying I'm not open minded because I don't want to buy any of your altcoins is a pretty toxic mentality.
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  76. Nope, you've bought into the misinformation. Be realistic and state the tradeoffs of those alternatives to pow.
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  77.  @mattismase  if you don't believe there are significant tradeoffs when it comes to pow alternatives, you're the one living in an echo chamber.
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  78.  @mattismase  the codebase is 100x more lengthy to maintain POS than it is for POW. Inflation bugs are easily fixable in a simpler codebase, if (when) something goes wrong on a POS system, it might not be able to recover. Go study the tradeoffs before you spew misinformation.
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  79.  @mattismase  you're probably not interested in learning about the tradeoffs, but if you or someone else reading this is: https://youtu.be/aJSv6B1R0d4
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  80. Over 100 million people own Bitcoin. I avoid the altcoins.
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  81. No, Craig is a clear fraud.
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  82.  @Ireland1  I'm just stating facts. To post a fraudulent digital signature in 2016 means nothing other than a fraud. Simple. No elaborate words can change the facts.
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  83. PoS means total control by whales. This is because there no competition in PoS. PoS is what we already have with the legacy system. Also, 2nd layers are real with lightning network and liquid sidechain.
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  84. You can't prove a negative.
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  85. Therefore, xrp ledger is completely centralized around the Ripple company.
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  86.  @joshuavanderplaats  in other words, xrp has had nearly 10 years to figure out decentralization, but haven't yet. Just be honest about it.
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  87. Multisig Bitcoin wallets is what you want to look into
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  88. Saif doesn't waste time talking to altcoin scammers.
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  89.  @michaelfrieze  he only enters into "debates" to promote his altcoin. He fools noobs by sounding confident.
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  90. All we can say for sure is that Craig Wright is not satoshi. Craig Wright is a complete fraud.
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  91. Bitcoin gets an upgrade to a quantum resistant algorithm.
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  92. No, because the cold storage will have a paper backup.
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  93. High frequency trading comes to mind.
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  94. Wrong. Everyone should ignore Craig. He's an absolute fraud.
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  95. If you plan on living more than a decade or if you want to pass something to your children, then bitcoin needs to be seriously considered.
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  96. It's not ethical or neutral because of the Ripple company.
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  97. Assuming the seller accepts bitcoin, you pay them using an app on your phone.
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  98. Why does it have to be that way? Why can't the money just stay static in supply and thus resources get cheaper over time?
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  99. Which is a cursory understanding of what bitcoin really is.
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  100. Each bitcoin is divisible into 100,000,000 satoshi's. It's like a pizza, dividing a pizza into more pieces doesn't actually give you more pizza.
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  101. He's not.
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  102. Figure that out and you'll be a billionaire.
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  103. How can you be sure that fees will be low in 20 years?
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  104. Securing the bitcoin network.
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  105. I've studied lightning network for over 5 years. There is nothing scammy about it once you understand it. It is just a network of payment channels. Even if you are skeptical about it, no one is putting all their Bitcoin wealth onto lightning.
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  106.  @everydaymacrocooking  what's the issue? You're already "prefunded" whenever you first set up a lightning wallet.
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  107. So if a miner had the correct amount of zeros in the header, but they gave themselves a 1 million Bitcoin, is it a valid block? Would your node accept it?
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  108. Hex is just another one of the endless altcoin scams out there.
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  109. Well... Many of the scams were built on the ethereum blockchain.
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  110. Inflation is happening right now. Copper, steel, lumber prices are clear evidence of this.
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  111.  @spianny  because production isn't down. And inflation is the only reasonable explanation for assets like stocks and real estate going up, exacerbating wealth inequality.
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  112. Satoshi was Len Sassaman
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  113. Cardano is not decentralized at all. If you think otherwise, then you fell victim to the marketing.
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  114.  @flamesatdei  if by others you mean altcoins, it's just as centralized. Whales own the majority of the stake, new entrants do not dilute their stake. Simple.
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  115.  @flamesatdei  my comment is about the fundamental problems with any pos system. I wasted my time looking through that marketing report, and it didn't address the fundamental problems of who ultimately has control in such systems. So many altcoins can look decentralized on a superficial level, cardano is a prime example.
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  116.  @flamesatdei  Bitcoin, obviously. Unfortunately, altcoin propaganda has many newbs believing otherwise, making them think that Bitcoin is somehow controlled by miners or pools, which is absolutely not the case, as was clearly demonstrated in the 2017 Blocksize wars.
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  117. I hope so, I really want to stack some coins at a discount.
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  118. There is no single entity that controls Bitcoin.
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  119. No, Blocks in Bitcoin are kept small to specifically avoid that problem.
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  120. Nope. Bitcoin is the king. Proof of stake chains are weak, controlled by whales.
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  121.  @bgsnyder  I know enough. Doesn't change the fact of the pareto distribution of wealth, meaning that the majority of the stake will be held by whales and exchanges, meaning those are who controls your favorite pos altcoin.
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  122. Solution: have the money be scarce to help drive abundance in everything else.
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  123. Portugal has achieved about 30% of it's energy consumption from renewable clean energy. Bitcoin mining is actually closer to 60%.
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  124. It's not a matter of being being close minded. Studying POS and all the variants of it lead to one conclusion: it's inferior to PoW unless you are trying to use it as equity.
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  125. 1 Bitcoin = 1 Bitcoin
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  126. Coinbase
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  127. I have a good grasp of it. It's fascinating.
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  128. How do you know?
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  129. Because Bitcoin is meant to be decentralized.
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  130. There will be other competing needs for that energy.
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  131. As we have seen recently, those alternative systems make trade-offs that make them less robust.
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  132. That's a complete non event, he just posts more Bitcoin collateral.
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  133. I can imagine people willing to take tainted coins for a little bit of a fee.
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  134. Wrong because bitcoin is not a democratic system. As a user, I don't have any authority to "vote" to make incompatible changes to the bitcoin unless I want to go make an altcoin. For example, many people wanted to increase the blocksize of the bitcoin blockchain, but because it was an incompatible change, they went to go make an altcoin called bitcoin cash.
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  135.  @garrettmckeown1863  no, the miners do not have voting rights. In 2017, we saw how the majority of miners wanted to implement larger blocks in Bitcoin, but they were unable to make it happen. They ended up having to go make an altcoin called Bitcoin Cash. They can only vote themselves off the island so to speak.
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  136. Richard Heart is a clown.
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  137. Wow, you got fooled by the scammers? You do know that isn't Saylor doing that, right?
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  138.  @TMANandMAISON991  yes, that's what the scammers do, they take footage from elsewhere and pretend they are Saylor doing the scam.
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  139. BTC is the answer.
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  140. He's planning on doing just that with his wealth after his death.
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  141. Lol! Now Luna is 0.0001. Bitcoin is the standard.
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  142. Can you provide examples?
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  143. He has 6 years to pay it back, you don't think Bitcoin will be up by at least an order of magnitude by then?
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  144. He already talked about altcoins being like securities, and xrp is definitely included in that.
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  145. Bitcoin is extremely scalable. Go learn about the Bitcoin lightning network.
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  146. Nah, that's just a centralized altcoin. The answer is Bitcoin and lightning network.
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  147.  @johngalt6417  I'm sure you'll get a few newbs falling for that pitch. You sound no different than anyone else promoting their favorite centralized altcoin. No different than XRP, cardano, or algorand fanboys. You are all the same.
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  148.  @johngalt6417  if the technology is impressive, it should be able to be able to be used with Bitcoin as the base token instead of needing a new altcoin. Many buzzwords obfuscate the real intention, a central cabal getting wealthy from an altcoin premine they just gave themselves at no cost.
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  149. Yes, Nic Carter gave in some
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  150. Both of those projects are centralized shitcoins.
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  151.  @tristinorgano2759  take a few years even, it's not going to change the facts.
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  152.  @tristinorgano2759  🤦🏼‍♂️ literally doesn't matter. They are both centralized systems regardless of what some bureaucrats declare.
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  153.  @tristinorgano2759  if a bank printed billions of dollars and bought Bitcoin, you could claim it was artificially pumped that way too. Tether doesn't change the dynamics of all fiat being Ponzi's. The Ripple company controls over half the xrp supply and they also control the UNL of the XRP network. Super centralized. The RP in XRP stands for Ripple, the company.
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  154. It's not. It's just another centralized company altcoin, not special at all.
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  155. Does your question here even exist? Don't confuse digital with nonexistent.
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  156. You are describing the problem of central banks and their fiat currency systems. This is why we need a Bitcoin standard.
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  157. Correct when it comes to crypto. Bitcoin is different from crypto though.
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  158. Total gold supply is debased every year as the supply keeps growing.
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  159. Probably both of those at the same time.
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  160. We don't hate xrp, but we are definitely laughing!
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  161. Look up kardashev scale
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  162. Just because things are priced in fiat doesn't mean it needs fiat to have value.
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  163. His company was worth less than $1billion, and after buying Bitcoin, it is now worth several billion $.
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  164. Art isn't divisible and fungible, and portability is not good. There are key characteristics we have always looked for when it comes to money.
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  165. Nah, it's centralized via the UNL managed by the Ripple company. It's a banker's project. Bitcoin is for the people.
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  166. Xrp is a joke.
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  167.  @flicndills123  it's completely centralized. The Ripple company controls over half the xrp supply and they also control the trusted node list called the UNL. The point of Bitcoin is to not have any trusted entities, so xrp completely fails on this.
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  168.  @flicndills123  doesn't matter if the funds are in escrow, ripple still own them, and they will dump them in the coming years. They chose the other validator nodes, ripple can choose replace them just as easily. Miners don't control Bitcoin, this was proven in the 2017 blocksize war.
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  169.  @flicndills123  doesn't matter, the UNL of trusted validator nodes is controlled by ripple, and you just admitted to trusting them as a central entity. Eth isn't much better. Bitcoin stands alone. Bitcoin is the standard, get used to it.
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  170.  @flicndills123  Bitcoin is the only truly decentralized protocol for value storage and transmission. Everything else you listed off has a clear central points of failure as I've highlighted already with xrp. So if you think trusting central entities is somehow innovative, you've lost the plot. I've already been around in crypto ten years to witness xrp fail to deliver on utility, ten more won't change anything. I have no problem with allowing more time to prove the point further.
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  171.  @flicndills123  central banks are going to hold Bitcoin, not xrp. We already know billionaires are holding Bitcoin. You can't even list 5 billionaires holding xrp.
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  172.  @flicndills123  lol! You talk about price doubling but in the previous comment you said "price is a distraction". You confused soul, I hope you didn't lose your life savings to ripple. One last fact to leave you with:  Central bankers from 44 countries are now in El Salvador, and believe me, they are not there talking about your favorite centralized company altcoin.
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  173.  @MrKennyBones  nah, cardano is a dud, and you're just a person who falls for the buzzword marketing. The objective reality is that cardano keeps falling in price against king Bitcoin. Another objective fact is that there is no shortage when it comes to proof of stake altcoins. Again, cardano is absolutely not special at all.
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  174.  @MrKennyBones  the other altcoins also have senior software engineers, I'm sure they have fancy buzzwords to say about their projects too. At the end of the day, there is no limit to replicating any altcoin functionality, therefore, there is no true scarcity in altcoins. There is only Bitcoin when it comes to scarcity because there is only one possible winner when it comes to proof of work.
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  175. No, those are all altcoins, not Bitcoin.
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  176.  @JJs_playground  Bitcoin still remains immutable, reliable, and with the fixed supply cap - the fork coin is what's new. So I agree in the categorization of asking what do altcoins provide, which I believe saif succinctly describes.
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  177. Just means that you haven't studied it enough yet
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  178. Lol! Mmt is a joke!
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  179. Austrian economics
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  180. Proof of Stake has severe trade-offs that make it not suitable for a base layer money protocol for the internet. The more energy Bitcoin uses proves its case.
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  181. They have the traditional banks that do that already.
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  182. Nice, let's make a monero sidechain that has btc instead of xmr.
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  183. Nah, it's another random altcoin with buzzwords.
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  184.  @glenallan6279  correct. Just a money grab, wanting to benefit from being able to print his own money.
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  185.  @glenallan6279  just give a timeline you expect to see it "at the top with Bitcoin" and time will determine who's correct.
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  186.  @pb25193  I see how you are thinking about it, but my supposition is that bitcoin can serve as a global unit of account once it is adopted on a mass scale for medium of exchange and store of value - but we are still in the speculation phase for another decade or so.
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  187. Lol, you are right that it is a free market, but that doesn't mean most ideas are good to invest in. Terra Luna is a prime example of why DeFi is terrible.
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  188.  @4DTravelr  yea, and I think we'll see that continue to play out with altcoins, leading people to accept Bitcoin as the king digital asset.
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  189.  @4DTravelr  what you're describing is no different than people trying to game the stock market to get rich. the more people that try to gamble in that manner, the less productive society is. People should aim to lower their time preference and think more long term, which is more in line with focusing on having a real career, and saving in Bitcoin.
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  190. Satoshi Nakamoto will be.
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  191. Your comment might have a little merit if we didn't see every other eth fan parroting the phrase "ultrasound money", a term coined by vitalik himself.
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  192. Monero is a fraction of the size of dogecoin, so don't delude yourself.
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  193. That alone won't increase the coin supply, you would also need all the users of the network to agree to run the new software. But that won't happen because users don't want to dilute their holdings.
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  194.  @PureWaterSolutions  yes, but the gatekeepers are the users because they ultimately decide which code is run. Not the developers.
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  195. You grow up when you realize second layer protocols scale bitcoin.
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  196.  @MN-wg8qd  because the issues with those altcoins are actually 100 times worse.
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  197.  @MN-wg8qd  centralization risks which amount to trusting central entities. Each has a company central to code maintenance and upgrades. Unfair initial coin distributions. Ripple holds over half the total supply and they get to centrally approve validator nodes to the UNL, thus forever controlling the network topology. Proof of Stake leads to oligarchy control as those richest with most coins have the most voting power over the protocol and their share can never be diluted. There is also the inherent risk of long-range attacks with proof of stake, meaning centrally approved check points need to be made periodically. Just trying to keep it concise but I could elaborate further an any of those if you need.
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  198.  @MN-wg8qd  I didn't say XRP is proof of stake. It was a separate sentence.
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  199.  @MN-wg8qd  there has to be wide adoption of a centrally curated UNL, otherwise the network will not remain in consensus. This means there always has to be a single widely used UNL the majority of the nodes follow. Only slight variations to the UNL can be tolerated. As for Chinese miners, China shutdown them down last year, but the Bitcoin network continued to operate flawlessly. And we already saw in the 2017 Blocksize war that miners have no power over the protocol.
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  200.  @MN-wg8qd  on the surface it appears to be opt in, but it really isn't. Take a step back, what does xrp rely on if not proof of work or stake? The answer is it doesn't have proof of anything, each node has to trust other nodes. And since that is an onerous task, it has to get outsourced to a central coordinator. Imagine a network with two primary UNLs that have lists of completely different nodes, each UNL has roughly half of the network following it. How would conflicting network splits resolve other than having to rely on a trusted entity to sort out which is the "correct" network? There always is a trusted entity needed, meaning it isn't decentralized or trustless to opt in.
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  201. stock means shares of a company. Bitcoin isn't a company.
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  202. saif is correct. Go look at the compound annual growth rate for the last 10 years.
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  203. Hardforks are only acceptable if Bitcoin would be somehow destroyed otherwise. Softforks are the smarter way for general upgrades.
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  204.  @PaulWyb  each time a hardfork is done, it demonstrates how you can't rely on the protocol parameters, as it breaks the compatibility for older software. It also highlights how those other projects have a much heavier reliance on the developers to know what the protocol parameters are and what they will be with each hardfork upgrade. Don't be naive, hardfork upgrades are not all roses and sunshine. It needs to be actively avoided in Bitcoin unless it is a true emergency.
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  205. Take a 10 year time horizon, minimum. One year is just noise.
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  206. The total supply keeps increasing at 2% per year.
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  207. Centralized company altcoin.
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  208. I call those people fiat heads.
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  209. Store your Bitcoin keys offline, they can't control that.
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  210. No lex, don't interview scammers like Richard Heart.
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  211.  @kenny3657  plenty of early bitcoiners went on to be scammers so you aren't proving anything.
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  212.  @kenny3657  no, scammers want that kind of attention to scam more people. Lex isn't informed enough.
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  213. Having high divisibility does not increase the total supply, just to be clear.
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  214. Michael is the one who convinced Elon to buy Bitcoin for Tesla's balance sheet.
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  215. They don't have the ability to stop any specific information flowing on the internet. The alternative is to shut down the internet completely, but that would be like choosing to burn down your house because there is a mouse in it.
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  216. Only Bitcoin is scarce. Altcoins are not.
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  217. He already stated altcoins are like securities.
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