DeFi By Design EP#11: DeFi As An Evolution of Bitcoin with Antonio Gomes

Transcript

welcome to d5 by design where we talk all things blockchain and cryptocurrency while striving to educate empower and enrich what's up guys real quick break here to tell you about the d5 by design podcast sponsor ave ave is a non-custodial trustless decentralized money market protocol which is leading the d5 charge we know of it as the workhorse of d5 with their a tokens allowing you to earn interest on about 10 or 20 d5 tokens by using app.auve.com again that's app.aubie.com or just avid.com and then you can get redirected to the protocol basically what you can do on ave is you can earn interest

by putting your assets into the protocol as a supplier right as a lender and then you can also borrow against your assets using them as collateral to long or short tokens earning interest when you do the borrowing as well so you can actually earn interest by supplying and borrowing assets on ave so check out ave.com give it a try and see what it's all about we use it all the time then yeah that is our d5 by design podcast sponsor ave thank you very much guys and let's get right back to it [Music] welcome back everyone this is another episode of the d5 by design podcast today very excited we have a long time friend of mine

antonio gomes um he is one of the first uh entrances into bitcoin and cryptocurrencies that um i was familiar with back in my freshman year of college um i'll let him introduce my introduce himself and kind of what he's uh up to now in uh the software space the bitcoin space the cryptocurrency space take it away antonio yeah thanks for the introduction robbie so a little brief intro about me i started and co-founded the gator bitcoin club betting back in 2016 and super cool at the time was just a group of like nerds eating some pizza like all the way like down on the

alleyway and we're just like talking about this new digital currency that nobody really understood anything about it and they were just using it the silk road and just back in 2016 things were still very early stage there was like all the infrastructure like this the digital infrastructure that was created was not as accessible as today and we also didn't have the bull run that happened later that year so we were we had no idea of what we're getting ourselves into when we started in those early days i believe was october 2016 or september so it was pretty cool but we had this vision that we were doing something that could change the world because at the time when i started a club i had a problem that bitcoin was a

solution i was a student at university of florida and i was trying to receive some money from abroad from my family for like expenses you know when you're in college just a broke student and i was trying to transfer money but paypal would take 15 days throughout a european bank account and if you just use your visa card throughout the visa network and just withdraw money on an atm out out in gainesville you'll charge you like i think 15 in fees so that was a huge problem and i was just trying to find another solution and there's western union which is very popular too but they charge a lot of fees and it's super slow so at the time we had bitcoin ripple and a couple other currencies and bitcoin sort of became a way to go

like it was interesting because i could do those transactions and it was just it was simple easy and i actually ended up finding that ripple was the fat the fastest one to do those like across the ocean transactions was super fast and got set on their blockchain which makes complete sense because their centralized database in a sense that just calls them a cryptocurrency but it was it was a great experience because it was at the beginning of everything and bitcoin solved the real world problem for me and after what happened in 2017 was the space and a lot of things changed people just started investing but in those early days was just not about investing to me was was like a sort of necessity and you solve a real life problem and

that led me to to become founder with a couple friends in later 2017 of a consulting firm for cryptocurrencies called btips we have a website btips.net a youtube channel i suggest you guys to subscribe we just posted some cool videos from lebanon an interview that we got with 11 lebanese national we also give out shirts we're in a partnership with bitcoin.com but we founded this this company and our main purpose was to educate the masses educated people because at the university of florida and robbie can kind of test this we did a conference and we wanted to educate students we wanted people to learn about this this technology that was so disruptive and could can change the world

so that's what happened and how everything just got into where we are today today i'm i still have my consulting firm big tips and still do those youtube videos and i also work in in software sales at oracle in texas so it's been quite a ride but it's just amazing to see how technology is so transformative and can disrupt the entire world and yeah i passed the word to you yeah yeah man um i mean it's it's really interesting just to see how far it's come um not only as a technology because you know as a technology when you're looking at the code and and the functionality of what bitcoin can do in that sense

it really hasn't changed too much in the last few years you know scalability it gets a little bit more scalable uh maybe fees you know come down a little bit as more more nodes are on the network but in the grand scheme of things i i think it's more the idea of what bitcoin represents um that that's really evolved and it's it's almost like people are finding new problems that are that are popping up and they they're they're using bitcoin as the solution when that that might have not even you know been apparent or been the case before so i think that's that's really cool as um you know not not even that the technology is moving at such a fast pace

but people are applying the technology in so many different areas now and it's solving so many more problems um one of the things you know that antonio mentioned is reparations and and sending money across borders um but now people are using it as an investment and uh we've seen micro strategy which is um you know a publicly traded company with i believe a few billion dollars in assets under management they've they made an investment of 500 million into bitcoin um and now just today i believe square cash yeah yeah they invested 50 million dollars

in their own bankroll so i think that's really cool is now it is becoming not only a form of uh money transfer that that you know that's more of a retail need but it's becoming a greater form of investment to these major um people that that trade money yeah no absolutely and it's just so interesting to see how things sort of shifted but also that bitcoin is just this yes so many purposes and there is this quazillion of of applications coming out of it like what i really love to see was when i met people from venezuela down in south florida at the blockchain center and even in meetings and they'll be like oh this is

the only way i can send money abroad to my family because there is there is censorship there like people can't survive in this in these places there's capital controls there's massive inflations but what is interesting to see is so bitcoin and crypto is applied applicable in these places where there is hyperinflation and capital controls but is also applicable in country in the first world like the us where people don't do not have that problem but they also are interested in investing or using the phi as a form of collateral to like to for example fight the current issue that we have that the federal reserve stipulated at like like savings accounts across the united states

are at a rate of 0.3 percent interest and it's cool how the fight comes up and completely changes this i mean if you're familiar with the app abra which is an amazing app they offer you four percent interest in in bitcoin if you hold it there or ethereum or even usdt so that's that's super cool to see these things coming out yeah yeah and i think we're going to continue to see applications and you know i'd like to know your thoughts on kind of where you see bitcoin going what more problems you think it might solve um we talked a little bit uh before we started recording when we first hopped on about uh kind of the hostility that bitcoin and cryptocurrencies have towards um federal governments and i i think that's a

almost because the federal government and and the federal reserve particularly is almost like a direct competitor of bitcoin so um in the way that you know the federal reserve has uh some monetary policy bitcoin has an open source monetary policy um and you know it'll be interesting to see how that evolves whether it's through state stable coins or an adoption of bitcoin um as some sort of reserve currency where do you kind of see that headed as far as um you know maybe governments are going to start to warm up to the idea especially if they're

kind of forced into it by need but do you see it more as like a um a bridge between the two i know a lot of crypto people tend to think of um overthrowing the banks and and almost like a more uh revolutionary type of aspect but do you see it being more of like a revolution or um like something where where those two types of philosophies are able to work together yes so a lot of people see it as a revolution and the government imposed certain laws and restrictions that a lot of early adopters even back in 2013 thought that was just going to enter the space

and stop innovation but what happens that both have to coexist there is no there there is no possibility because you have bitcoin coming out with as open source technology that anyone can just look up the codes and fork it and just create their own currency and we are living in an age in a digital age where everyone has a computer at home and we sort of code became a sort of law so what happened was bitcoin just became this disruptor that made a lot of government officials look at it and see whoa there is a problem people have adopted this and this asset has became 10 000 times more valuable than a dollar which is trading right now

at almost eleven thousand dollars and there's a problem here of course i understand the point of the the perspective from the government and society and we have a society bound by legal and social contracts and having something and like having values just going through no middleman and having no supervision can be an issue because tax evasion money laundering and so on and i definitely understand that needs to be rules in place and i understand that the government should take action on that and i i think and we've seen this happening across the world is a lot of governments are saying okay bitcoin exists and actually north korea has used it to

to like fund some of their accounts due to sanctions but they have seen that this exists and this can be successful and if in chinese where i experienced this was in china use wechat alipay so so on and the cash is all digital like you have a wechat account and you hold your funds there and the chinese government looks at the bitcoin and ethereum codes and they think we can create our digital currency that we control the supply and amount and we can we can control how much is in each wallet and and so on and this kind of looks scary in a sense because the technology behind bitcoin in the 80s and 90s was considered illegal to export out of the united states and they're talking about

encryption the sha-256 method was considering ammunition if you were to export it out of the u.s so what is happening now is you have nation states taking these codes and thinking about applying on real world applications and and just going out to society and that's sort of what we've seen with kobe 2 is in a lot of countries people stop using cash because they're just afraid of transmitting through the money and everything is electronically transmitted so the federal reserve i mean we had this news a couple months ago they're thinking about creating their own digital currency which is fine u.s dollar being a digital currency will be very useful but it raises a lot of privacy concerns and for our listeners a lot of people

don't understand this bitcoin is not private at all we can see where you made the transaction what was the ip address every time you buy bitcoin on coinbase we know that was associated with your name and so on like you need and you should comply with the regulation in your jurisdiction and it is important to know this so in the future bitcoin and what block stream has done which is this main company where all the devs are mainly from that work on on bitcoin they have and they and they have backed bitcoin as a form of value this this asset that replaces gold but it's digital gold and where i see things going is just bitcoin becomes this digital online gold that holds value

and that the entire world can access to it and when i mean the entire world is literally the entire world we right now have satellites that block stream launched and you can literally get those connections with just an antenna you can buy out there and connect to a full node and that full node lets you transact within the chain and that's pretty important because anywhere you are you can store your funds and have them safe if you want to run from government inflation and a good example of something that's happening now is in turkmenistan the swift network was shut down by the by the government so it means that anyone in the country cannot transfer any funds to the outside like you can't use this main network the swift is a network operated by the us but the government over there has the power to shut it down

so all the funds remain there so bitcoin becomes this global store of value and i see just governments using this technology behind it since it's open source to create probably their own national currencies i mean think about 2050 or 2070. you would probably not no longer be using cash cash will be just to end and tweak or outdated so it's interesting to see where where things are shifting where you have bitcoin being the backbone of this disruption this technological finance disruption in the last thousand like i think five thousand years since banks were sort of created and you have the ethereums and chain link and other ones that bring different

purposes and a different value to society like the phi coming out of all these erc 20 tokens which surprises me how the ethereum chain can handle all this and fees were going up yeah yeah i mean fees were definitely going up and and that was a real problem for some people that were trying to get into the d5 game you know they were just simply priced out because um the gas fees were so high if you wanted to make a transaction and earn some sort of um yield right that it costs a large portion of your whole stack to just make that transaction if you were um only trading with you

know a small amount of money so i think a lot of people were priced out of this defy run and it'll be interesting you know if these types of apys come back anytime soon if that happens at the same time that fees are kind of trending down you know that that could be a really uh powerful merge between those two those two um pieces of of d5 so i think there is um certainly a a new wave of people that are open to adopting decentralized finance and it was just a matter of being priced out of the market

um which we kind of saw um back i believe it was in 2017 it wasn't exactly the same people weren't priced out of the market but what happened was um in 2017 bitcoin was running up so so quickly that um coinbase bittrex pollen poloniex they were all cutting off these accounts and they weren't letting newcomers create accounts and yeah yeah and and when that happened people you know they got fomo they got fear of missing out um and they just wanted to get some you know they just needed their their hands on bitcoin so i think that same sentiment is almost paralleled um in the type of cycles or market cycles that

we're seeing now where you know people were priced out because of fees this time not so much because of the uh the kyc requirements that a lot of these other exchanges had yeah absolutely go ahead yeah i i was just going to mention more um on the on the stable coin side and and possible implications we have for the future you know we we are kind of speculating on the on uh what we're kind of expecting to see from the cryptocurrency world but staying away from prices i think cryptocurrencies do solve all of these issues and um with decentralized finance and and uh some more applications that are are getting built you know as we speak

it really is about bringing the world economy online um and i think that's an important point because when things are online they normally can move much faster much more efficiently that that's always going to come with um some privacy and structural uh components that need to be worked through but as the economy kind of comes online and becomes faster i think that opens up a lot more value propositions um you know going into the industries like insurance and and into credit and how those types of industries can get represented on the blockchain um so that more people can access them um you know

the the worldwide economy would certainly be stronger if everyone had the ability to interact with each other and i think that that's what's really important or at least what i really like about bitcoin and uh the concept of cryptocurrencies is the peer-to-peer and the open source nature of it um yeah absolutely and that's also something bitcoin core has been focusing on is bitcoin is decentralized yes but a great stake is in china because a lot of miners are there and they've been focusing and becoming this store of value and also becoming a more decentralized network the pure peer-to-peer network that everyone owns a piece of it and

that's so fundamental to create that that strong backbone and and what you mentioned about bringing having everyone in is super important and we saw a little of that in 2017 with the ico menu the ico was the fact that me and you we cannot invest in companies right now that are on pre-ipos unless we are accredited investor and we have like 200 000 a year and we have a certain amount certain amount of dollars in assets like i believe it's a million dollars on assets and a lot of people felt left out and icos are like hey anyone can join this but the problem we saw was just a lot of scams and a lot of people get got burned down like we saw

bit connect one of the biggest scams ever and we also saw i think was okay coin which the founder was arrested in that la airport and they had like these huge massive events and it is interesting and the moral of the stories with great powers comes with great responsibilities and the situation we have is we have this completely disruptive technology that sees no boundaries and we're trying to have worldwide adoption which is great but people definitely need to be educated that's why i created big tips to educate the masses let them know we did a video about cryptocurrency in africa and in africa's

situation it's very tough like where in kenya you have amped zoo where you can transact with an sms connected to your bank account because people have no internet there and for example if you go down south to tanzania you can only open a bank account if your cousin or uncle works at the bank and he lets you do that and we face a lot of people telling real-world situations where they would oh they would get paid and then they'll be robbed on the way back home so that's out there but that's a problem that the crypto and the defy the fi is more in the side of okay you have this capital you can allocate it here and you gain interest so that's the

fight stepping into that and what i feel that we're doing now is in the first world countries we're establishing and creating the highways and the backbone and infrastructure and once those countries come online things will be revolutionary and what is interesting is you see alan musk with space link is launching satellites and these satellites are going to provide internet to all over the planet and we're talking about gigabit speeds a thousand megabytes per second which you can have that on rural africa or in a boating pacifico with a 200 satellite dish so we'll this will dramatically impact the world i mean right now we have cryptos there's about what's uh 7 000 cryptocurrencies a lot of them do

not have a purpose at all and i advocate listeners in this podcast before they invest do your due diligence research and know what you're buying on and also you have the five storage token derivatives and it's an entire world being built upon our age and it's super exciting yeah yeah and and there's so many exciting possibilities that can come out of um some of these um you know more remote countries especially in africa i know uh square cash is working on some um opportunities in bitcoin and blockchain as well in um in africa and i i'm excited you know it might be um

the internet or you know satellites that that broadcast much faster speed or or maybe it's the bitcoin network but the fact that the world is becoming much more interconnected i i think is a net positive for the entire world you know whether it's social value or economic value the fact that people in america can now communicate and transact with people in africa or in asia you know that that's something that's completely new and it's leading to all these new types of solutions for problems that have existed for a long time um sending money overseas you know as

people become more connected it's going to allow us to branch out even farther and um and kind of take on some problems that you know people might not have even considered were possible before so absolutely yeah go ahead yeah i see it this is a sort of freedom of speech because when you when you transact value and we're able to send value throughout the internet it's it's freedom of speech because when you pay for something you're telling another individual that you want this and there's no better way to express yourself than with value with a numerical value that that person believes that has a value to so it's truly becoming a global economy

and we'll let people from other countries transact with people from a completely different country and we sort of that we sort of have that right now with paypal and websites like upwork and fiverr but there is so many middlemen on the equation and the problem with the middleman is they take ifes and they in their development and and the music industry is extremely affected by that big labels take all the big commissions and it's really hard to have artists listen to a good example of this is audios it's an interesting token if you guys have time just check it out that tries to solve this problem the middleman issue where artists get paid three cents per play on spotify or apple music and trying to

just bring the entire world online but also out of poverty i mean the world bank just just sent a report that more i think i think a billion people are in poverty this year to took over it so it's really a concerning issue and this space has the potential to disrupt that yeah yeah and i mean there there's so many projects i i mentioned insurance and um kind of like credit scores and decentralized credit scores that that's really what i'm most excited about because i think if if people have the ability um overseas you know in africa maybe in tanzania you mentioned there there's not an opportunity to even open

a bank account um the the bitcoin and d5 network isn't there yet where um you know they can they can offer like decentralized loans that that's certainly possible but i i don't think the infrastructure is there quite yet and i'm talking under collateralized loans where you know maybe someone wants to start a business or buy a house um in tanzania but you know you need a loan or you need some source of capital that you're you're able to pay back over time um that's what i think bitcoin is enabling and uh not only well excuse me maybe d5 is enabling that to even a greater extent and um

you what you mentioned about micro payments uh for the audio industry i think is just as important so as people are um making money but also borrowing money at the same time there's going to be a much more fluid exchange between people and i i think that's really important just because um people are going to continuously have new ideas and have new problems that they need to be solving and it's a matter of getting in contact with the right people to solve those issues um you know no one wants to reinvent the wheel or spend time doing something that um you know has already happened and already invented but if we can kind of

branch those technologies into some of the lesser developed areas not only is that going to help those lesser developed areas but it's also going to just help the world overall and everyone's going to become more connected so i think that's really important for developers and engineers you know in lesser developed countries and then maybe in in more first world countries where you know everything is pretty much developed and and uh things are built up there's other problems to solve and blockchain solves those as well so um i that's one of my favorite parts as well is the composability is not you know bitcoin is open source it's

peer-to-peer and it doesn't care who you are or where you come from you you can use it to solve problems all around the world and um as we have more problems that you know there's more people on the earth now than there probably was at any other time so so that that's going to come with a whole new set of issues that we've never we've never really faced before um climate change certainly the pandemic with uh corona is another important one and you know we've seen you know mass pandemics before but um i i think this is just gonna continuously happen where

there's new problems that need to get solved and we need the brain power from all across the world to in order to solve them so i'm really excited that bitcoin is able to solve some of those issues and just bring people together uh when it comes to economic freedom and freedom of speech like you mentioned yeah absolutely and just not to be like broadly talking and you mentioned like um climate change and a good example we had in our conference at the university of florida was with a couple insurance companies and someone that work at a financial company saying hey with ethereum we can program smart contracts to there is a hurricane in florida all the crops are flooded

so the smart contract will know when the hurricane will happen we'll know how the coordinates for the cops got flooded and that smart contract be programmed in a manner that automatically disburses the funds to that farmer so here is a real world application to how this technology can can really change and and it removes the middleman completely and it's fast right there when you need it so yeah i'm uh i'm participating in a hackathon right now so i kind of get to see this like firsthand it's the f online hackathon um and i have i have a couple teammates from from different countries and uh there was a session today actually where there were it was almost like an

idea validation or an ideal brainstorm and that that was one of the ideas that was brought up is using smart contracts to have a better sense of um crops and how how they can be produced and how they can be grown with a better success rate and part of part of this is bringing technology to places where the process hasn't changed in decades if not centuries um i mean farmers in in remote areas in america but also china india um africa you know they've been doing the same process over and over

again it works but it certainly can be improved um it's just a matter of educating empowering informing you know just like the missions of our club yeah educate to masses and it's just amazing to see how transformative transformative it is this technology and and seeing the potential that holds the future and when i look back and i read a lot of books about history of finance all banks were created and so so and i look back and most banks in europe were created around the 1800s we had the first banking industry being established and the reason why the bank was created was because people had the need to take out loans for for investing or for like let's say

you're an entrepreneur you want to you want to buy a farm so you can raise your crops and sell them on the local market so that's how banks started at the time and there was an extremely high demand for those services and the first bank that made a great profit was by loaning out money and charging interest even back in the roman time with the medeshi family so that's what we're going to start seeing is we have this entire continent africa that's on the dark south america central america and even in the united states most people have access to a 12 megabyte connection or regions in the united states have no internet at all is the world is waking up and is getting on board

and something that's very important to mention is after covides not only corporate america has changed forever because people are working for mom and the entire corporate workforce proves that it's possible we can do this we can work for mom and then everything is going to change and shift to the online world and and i can see the next 20 years being fiber optic connections all over and the access to the internet being something taken much more seriously by governments all across the world than it was until today because now we saw the the the potential and where the internet can take us so yeah it's definitely we're in the the very beginning and a lot of people think oh it's too late to jump into bitcoin or

crypto it's already 10k no it's not really about the price in first place but second there is so much opportunity and so much that can change you just gotta understand and learn about this technology not just invest just to get crazy rich because it is true it happened to some people that invested just for fun and they got a lot of funds out of it but that's just one in a million sort of case there is way more that you can learn from this industry and we teach this to students there we had students from venezuela and a lot of countries that they're like well i can actually help my family with this or this can actually change my life so there's a lot of interesting cases yeah yeah everyone's gonna fit in in a

little bit of a different way but um if you're too distracted by the price and like you said it's ten thousand dollars i already missed out it's not going to go up from here you're actually missing out on all these other opportunities that you could use the technology to solve other problems and maybe help someone else um i'm just gonna say i think it's amazing this technology we can literally and i urge your listeners to like download the bitcoin wallet like for example bitcoin.com while it's super easy to use just get like two cents or three cents of order of bitcoin and try to send it to another person actually bitcoin cash works better for that because it doesn't have no fees at all and just send it to another person across the

world just see how easy it is and revolutionaries is technology like if you want to send money to a person across the globe or to a business to buy some shoes or whatever it's extremely hard it takes 15 days to get there so it is it is very interesting or you can do it oh yeah yeah absolutely um well we're we're almost out of time but i have one one more question um a couple more out of kind of the entire uh crypto sphere that you see right now what is your favorite one or two projects um maybe not you know your favorite coins not so much that they're gonna go up in price but is there anything that sticks out to you

like oh that is that is really solving an important problem um and i'm excited to kind of see how that uh can evolve yeah absolutely so starting on the cryptocurrencies section obviously bitcoin the store of value where you should all your savings and even like hold it on abra and just save that money so you can get four percent return which is huge and then you have ethereum has so much potential from owning digital fungible tokens on the centerlands to programmable smart contracts very interesting project another interesting one i would say uscd because this allows to send out money and transact

with money that's back to dollar one by one by one it's funny because i look at it and usd is still number three on the list from coin market cap and if you remember in 2017 uscd was always saying oh they're based in puerto rico they are just scammed they're gonna collapse but he actually not and it was just the noise at the time all the news and they've been doing well and they've been doing what it was they're designed for and another one i'll say is bitcoin cash it's the the fundamental purpose is the peer-to-peer money to send out money and if you want to send out cash or use it for micro payments to to purchase a coffee or whatever you whatever you think but you

also have litecoin for that that works and solves that uh another one that i really like is monero monero is digital cash and what do you say digital cash is you go to an atm you withdraw your us dollars or erase whatever and you have it in cash for that's anonymous you pay anyone or you deposit it into another account they're not gonna know where that money come from or whatever you want to use that money from it's your privacy it's it's a fundamental right that you have to spend your money in whatever you want and it's interesting in the united states a lot of you have a lot of dispensaries in colorado and california opening up and they're left out because they can't use money they can't use any it's tough to

get a banking license right if you're a dispensary if you're in the marijuana industry yeah so it's interesting how you have this entire industry being left out from the banking sector like with strip clubs and what dispensaries and so so on but at the end of the day this is all people that work there and they create jobs and they should also pay taxes because they're in the united states and we all they tax it enough today so but these are industries that just use cash every day and that's pretty odd in a sense and i don't know that probably going to be fixed but monero is interesting because it's a cash it's literally cash because the transactions are completely anonymous you cannot look up on the blockchain and see what is going on on the transactions

and and what do you what do you think about uh the us or the irs offering the bounty to to kind of solve monero's uh anonymity well it makes a total sense because whenever has been used by north korea and others competitors and and state actors that are threat a threat to the government of the united states and their threat to domestic peace so i totally understand what the government is doing and they also promote tax evasion so i i really i really think they're they're doing what is the right thing on their side and they're doing their job and i was actually pretty surprised that they're offering 600k because that means that the protocol is pretty secure that works

really well and i was like whoa this is like direct war and it will be interesting to see if they actually can crack it because it's encryption like for more guns that government or individual can point at a protocol you cannot crack a mathematical encryption algorithm and it's interesting how the government is doing that because apparently is that possible and that's something you actually addressed on our channel with a minor developer not the tax issue but we we address it with quantum computing if a quantum computer could crack shout to 56 encryption or the algorithm behind monero or bitcoin and that because that's been something of concern in this space

because if you crack this algorithm you have access to the private keys for for for our listeners if you guys don't know this this all cryptocurrency thing works by public and private keys the public key is a string of i think 32 characters that you send your funds to and then the private key is what computers use to access those funds like like to unlock is like the keys they'll unlock access those funds so right now we can go on a block explorer and see that there is a billion dollars in bitcoin in a specific public key if you can crack that private key you have access to the funds you can move them to another wallet so that's pretty interesting it's i i say that

bitcoin is the biggest bounty in the globe to ever exist it's out there it's public if you crack it it's your money yeah you'll have you'll have access to all the bitcoin that's out there if you break that algorithm and what did what did the developer say about quantum computing the developer said there is key points in place that will not allow that to happen and that it depends on certain parts of the algorithm and that will be updated over time like there is quantum resistance algorithms and quantum resistant implementations that you can do and even like fork it in a sense like they create they can create a soft fork for the chain but i'll suggest you to watch our video it's uh

it's with developer aaron he's a he's a mad phd that's just completely focused on this and works for the monero foundation and yeah i keep going at least there's 7 000 tokens but some more interested ones are ontologies doing some interesting stuff and there's a couple other ones but as more you go down the list is preview pure speculation and you really should do your due diligence work to see if these tokens will actually bring something to the table to bring something to the humidity and solve a problem and when you go here to the derivatives section i'm looking at coin market cap for your listeners and you have the fi obviously became very popular but we need to wait until

the dust settles because it's our hype in a sense and we have to see the true ones that bring a purpose and that have something to the table i mean you mentioned uni swap i'm not even familiar with what they do so you see this space is going super fast i'm familiar with compound compound is an interesting one and a lot an auger or it's a decentralized oracle i suggest checking out and maybe at the end when i'm done you can talk about uniswap which they do something they do some cool stuff and then you have maker and i and here on the storage tokens you have something cool which is and they're still not released it's file coin

futures falcon became very popular and the file economy is cool because right now you have this problem that we all store our stuff on one drive icloud and apple says that is a super private company and they respect your privacy which it's just it's so ironic because you store your pictures on icloud stores in their servers and when you're sending those pictures to their servers the connection is not even encrypted you're not communicating with the servers on a 128-bit encrypted connection is the connection is completely public and if someone is even dropping that connection they can get access to your pictures some icloud accounts called act that's why you have now the two-factor authentication so that was something

pretty interesting to notice is they are raising privacy concerns but they don't want to jeopardize like they are not jeopardized on speeds and the quality when you click on to see your icloud pictures and file coin brings and is going to try to disrupt the storage industry where you no longer need one drive or google drive you have this the centralized store where me and you have a terabyte hard drive in our houses and we just put it online and someone stores files there and they just pay you in filecoin so i've heard a lot of great things about that project and another one just to finish up is handshake n-shake protocol is trying to remove the current problem we have with

domains across the world all domains when you open a domain in china or in turkmenistan which talked about medicine earlier you have to ask permission to icann is a us-based organization based out in california and that same organization can censor your domain so we're trying to create they're trying to create a censorship resistance domain protocol and that that's a very interesting project because we'll be in a world where we have unlimited domains and you no longer need to pay all those sort of domain fees and that's permission to that regulator that's based in the us and that's something i'm also keeping an eye on

innocence yep oh yeah man that was a lot of great projects that you mentioned most of them i was familiar with but that that last one handshake i hadn't heard of that i'm gonna check it out um and they're all solving such different problems which i think is so cool because it's the same technology it's something that just got started a few years ago but it's solving storage and digital cash and all of these other things that people might not even had known were issues but you know they're getting solved and they're getting improved on with the same technology that applies to all these different types of uh types of issues so the composability the the

just general nature of bitcoin blockchain it's changing the world um and i i just i hope everyone is uh telling everyone that they know to to keep an eye out and just continue learning and hopefully we can help people around the world um you know with this technology one way or another solving problems all along the way i mean i'm all about let's the market decide you have 7 000 cryptocurrencies right now competing with each other and people are going to go and buy the ones that in the long term there is demand for obviously the price goes up in the long term let's see what happens next 10 20 years if bitcoin was useless or had nothing to

do you wouldn't exist anymore but it is useful to a lot of people and apparently a lot of people are willing to pay ten thousand dollars for one yeah and it's been trading 24 7 and it's on the open market so it's very interesting to see this has been so far probably the the largest and biggest socio-economic and socio-political experience in the history of humanity that we have seen and it's all enabled due to technology to the current technology systems we have in the world from cell phones to computers that have completely revolutionized the way we live in positive ways and negative voice so i'll leave that there oh yeah man

it was it was a pleasure having you on um i appreciate you taking some time out of your day um everyone check out bittips.net on youtube that website some really great information um antonio leads the way and he's educating and informing everyone around the world antonio thank you any last words um no just thank you check out btips.net as robbie said anything you guys are curious about or want to learn more just send me out an email or if you want to be on one of our video interviews just shoot out an email for antonio at btips.net and look forward to talk and meet new people interested in crypto awesome man there's a pleasure see everyone later bye-bye

thanks for listening to the d5i design podcast until next time defy slate team [Music]