Crypto a clean market? hahaha

Ash - great job trying to explain pos v pow and other crypto issues. (coming from a crypto geek).

Stop talking like a 4 year old who thinks the boogieman is under the bed. There is no COVID emergency. Who cares if someone gets the COVID, COVID is now just another common cold. The common cold and flu kill lots of people, almost all old people because that is how most old people die. In the US and Europe death rates are normal, no COVID emergency. https://euromomo.eu/ Look at Sweden, no shut down, and has the same infection and death rates as countries that did shut down.

Sorry guys, but you're not getting the POW/POS stuff right here. The use of electricity and power to create blocks is what gives Bitcoin its security, that security has a legacy that is built upon daily. Bitcoin has 10 years worth of linked cryptographic proofs burned into its blockchain, to kill that ledger you would have to recreate more than that 10 years worth of power in one effort - that's where the value and incentives are locked in and why forked coins don't matter. The ESG narrative is also incorrect here. Bitcoin miners are incentivised to find the cheapest electricity possible in order to be profitable, this is why now you'll find lots of mining rigs located in regions with v cheap surplus electricity which would not actually be used otherwise. A lot of this power is now also generated without the use of fossil fuels. Fun fact - Gold currently uses 20 times the power in its mining than Bitcoin In a proof of stake world with Ethereum 2, we'll see more centralisation of the ETH network as the exchanges will have the most ETH to stake, they'll start offering to stake on behalf of holders and will end up taking their votes in protocol decisions by default. The network will essentially be controlled by the exchanges and they'll be incentivised to alter monetary policy and also pressured by regulators to sanction certain applications on the network. We'll end up with a slower and more bug ridden version of the system we already have. The whole point of Bitcoin and crypto was to eliminate interference by intermediaries and create a money that is censorship resistant from states and entities. The future of DeFi should all be focussed on Bitcoin as the collateral, with products and applications built on top of its base layer IMO as Ethereum is nothing more than a flight simulator that looks great inside and you feel like it can do all these funky things. Than you take a step outside, there is no engine and there are no wings. I'll admit though that ETH has a good narrative right now and is probably a good trade until people actually realise the truth about it

Ash, I have to say, that was some of the clearest explanation about BTC, blockchain, and crypto I've heard in awhile and I TOTALLY agree - Real vision should cover the subject ahead of the mass adoption with you at the helm steering the ship. There are many like Raoul that are excited about the space like a fancy car but there are others like me, and yourself, that like to know what's under the hood to make an informed decision on what car(s) fit our personality and purchase goals. Your comment about ETH 2.0 being a difficult project to accomplish was correct given that they are remodeling the entire base software to accommodate a whole new consensus algorithm model. You may already be aware that Cardano (ADA) has made this leap already and is pushing the boundaries of what ETH is only speculating they can accomplish by the end of the year. I am an investor of both projects but the fastest horse may just be ADA going forward with pure clean code. ETH has the marketing post of familiarity yet there are other horses in the race. Charles Hoskinson, mathematician, founder of Cardano and co-founder of the Ethereum project saw Proof of Stake to be the solution for scaling the ETH project years ago but faced resistance. He chose to head out on his own and create a peer-reviewed proof-of-stake project called Cardano. It took 5 years but the main net was just launched last month without a hitch and Proof of Stake, smart contracts, DiFi and the whole basket of future ETH-type projects is all part of the deal. His TED talk in 2015 is what convinced me his project was viable and possible to lead the pack. I would encourage you to interview him on RV. Regardless, Crypto should definitely be an integrated focus of RV moving forward.

What was the name of James' fund that invests in middle-tier precious metals miners?

I appreciate you mentioning bitcoin. Can you do a video for beginners on the recommended way to educate yourself and properly store bitcoin? That's my biggest barrier - ie not losing it once you buy it.. Planning on self-education, but would value the RV perspective on this. Thanks.

The lack of mainstream understanding of what bitcoin is and how it's different from other cryptocurrencies gives everyone who chooses to participate in it now the first mover advantage usually limited to financial insiders through things like stock IPOs. My career is in technology and I understand bitcoin technically - I feel bad for people that are not in tech and are trying to understand what bitcoin is and why it's different from X crypto. It is not going to be easy for people without a Computer Science degree to really understand how bitcoin works and understanding how it works is necessary to understand how its different, how its secure, how it can't be hacked, etc. My only advice for those folks, is listen to the tech people that do understand this and follow them / their money. Chamath Palihapitiya, Jack Dorsey, David Marcus, Jeff Booth, and on and on. People in the tech industry that deep-dive bitcoin understand what makes it unique technically and then they invest in bitcoin. A lot. I hope old school investors don't miss this opportunity - bitcoin is a better gold and its market cap will soon reflect that as it gains mainstream adoption.

transcript?

Superb laughs had watching Raoul & Ash chat on crypto in the field of msm . - Great stuff!

Hang on... How can Raoul be so bullish on crypto after studying it, yet have no clue the difference between proof of work vs proof of stake? Just curious...

Be careful with Ethereum its still in the research phase. The blockchain complexity has increased dramatically with PoS no one really knows if it will scale with the same security as PoW. They have a entire team dedicated to security research on the testnet that just launched.

My attempt to explain the difference between proof of work and proof of stake: POW secures the network by miners burning electricity as collateral for the validity of their transaction confirmations, POS secures the network by transaction validators (no miners any more) locking up coins as collateral for the validity of their transaction confirmations. No more electricity required.

ETH is changing and following its former founders framework and project cardano. Charles Hoskinson saw all these problems up front and parted from the network creating his own and a treasury feature. Cardano is now more decentralised than bitcoin and will host staking and smart contracts. Timestamped you will own ADA in the next few years

Cannot be convinced of cryptocurrency being anything other than Tulips. If it comes ANYTHING close to what you are saying Raoul, ie. a “competing reserve currency”, one of two things will happen; 1. Immediate outlaw, in which not only transactions (I’ve never heard of anyone or anything actually buying and selling in cryptocurrency), but also all speculation, in which the traded volume and price will arrive at precisely the intrinsic value of it: 0.00, or, there will be regulatory capture by central banks in which transactions will be held to have been in $/£/€ at the time of, and appropriate taxation liabilities set against it. I would expect better of someone with your CV to apply critical thinking on this

What did I learn today? 1.) Raoul is "irresponsibly" invested in things he doesn't understand 2.) Ash thinks he is an expert on something he doesn't understand 3.) They are both promoting something to paying subscribers that they don't understand 4.) To get meaningful information on Defi/Crypto I have to search outside the RV crypto cheer leading platform. The Crypto Gathering was heavily marketed as THE event to learn about defi and digital currencies and yet it didn't explore nor explain the difference between Proof of Work and Proof of Stake. Don't you think this is fundamental?

I would love to see Brad Garlinghouse, Ripple CEO, on Real Vision to talk about the crypto answer to money transfer. This is exactly what Raoul was talking about regarding the 3-5 days for money to clear on the Little Cayman Island. Check out their video on https://ripple.com/ripplenet

Well said by Raul. Why should anyone invest in this crypto space that even the ones who understand it do not know how to explain it.

One Antminer 40TH/s - over two kilowatts of power running 24/7/365. Plus hardware production cost. With hashrate parabolic hardware absolete in one year. To all mining s not a waste Just saying..

I love the concept of cryptos, but I have 2 huge issues with them. 1. They're supposed to be currencies, but they're not used as currencies. They're still just speculations on one day people using them as currencies over current currencies. 2. If one or multiple cryptos ever become real currencies they will be competing with governments around the world. Who the hell wants to be in a trade competing with a government?

You would do your viewers a great favour by interviewing a guy like Ivan Liljeqvist, who runs the Ivan on Tech Academy and the Good Morning Crypto channel. He has his fingers on the pulse and is great at explaining DeFi, Protocols, Oracles and the blazingly fast developments taking place in the crypto space.

Proof of Work: A bunch of miners crunch numbers to verify the validity of a transaction (eg: no double spend), and record the result in a block. The number crunching is a cryptographic algo that cannot be undone (although Quantum Computing could be a threat). It serves as a voting mechanism: "This is a valid transaction, let's move on". If 51% of calculations are consistently performed by one miner or a colluding group of miners, they can vote double spend. Particularly if they don't care about BTC debasement, perhaps because they hold none of it. They could just mine and convert profits to USD. With Proof of Stake, it isn't "one-calc-one-vote" but "one-coin-one-vote", which aligns interests of voters with coin owners. It is also way cheaper in calculation power. --------- Re FT For some reason the older articles on bitcoin can't be found in the FT search engine. I would gladly have added some of Iza Kaminska's prose from around 2013+. That prose lacked sufficient logic to make sense to me, but that didn't prevent the FT unleashing her unmitigated coin-bashing prowess in its columns. Part of the objective is to inform the populus, part is to diffuse opinions. FT aren't too keen on gold either. You see the general direction.

I think the energy consumption argument for POW is a red herring. The data centers in New Jersey (and across the globe) that support HFT on the equity markets produce just as much energy consumption, if not more. That’s not to say that POS isn’t an experiment worth pursuing. Raoul, for any family offices that are skeptical of Bitcoin, direct them to read The Bitcoin Standard. Probably the best way to provide the context and explanation.

you said it you are so bullish you cant see straight! LOL

PoW is not a waste, it provides a immutability factor that is unmatched. Meaning that the ledger (a.k.a. the balance of who owns what) is secured by large amounts of real world resources in form of electricity. PoS is just based on game theory, and has in the past had tendencies to lead to increased levels of centralization and creation of super nodes. Ethereum is doing this change simply because they are making a technological trade off between scale, speed and immutability factor. For what the Ethereum project wishes to achieve this seems like a reasonable thing to do. Bitcoin is trying to be perfect money in Austrian terms and has to have the highest levels of immutability factor, eth is more trying to be a financial platform for stocks, commodities, derivatives etc, and can hence make these trade offs.

Can y’all dig into Ripple and XRP and produce a video on that? Seems to be a lot going on there right now with large institutions and banks. Thank you for all that you do, very helpful.

Just to be clear. Proof of Work is absolutely vital for Bitcoin to be a store of value. The fact that you need to burn real world energy to produce a new bitcoin block makes it tremendously difficult to tamper. If you ever wanted to tamper the bitcoin blockchain to benefit yourself you would need to spend all the energy that has been used so far since the inception of the first block, which make it almost certainly uneconomical. Moreover, in a highly detailed report, CoinShares research reveals that 74% of mining activity runs on renewable energy ! Proof of Stake has other advantage but is making a huge trade off security wise.

OMG...I've only two other posts and I'm already feeling insignificant. DLS

Love seeing my comments on line. I'm such a hero. DLS

Awesome.

At the JOB, I receive dollars in exchange for useful work, that unit can be converted into another form of work/symbol, we call it BTC. We convert hydroelectric power to a unique synthetic artifact. It cost thousands or more in amperage (heat) to create one, that is proof-of-work, the conversion of power to a unique string. Ether has technical problems at scale that most cannot contextualize.

Bankless (by Ryan Sean Adams) had a great analogy: BTC is digital gold, unstaked ETH is digital oil, and staked ETH is a digital bond. In Bitcoin, you get BTC by mining. In ETH 2.0, you get ETH by staking ETH.

Last year I attended a conference where Jim Rickards was up against a panel of crypto enthusiasts/promoters and took no prisoners. I see on his Twitter feed' most recent tweet that he is still somewhat intemperate on the subject. "@JamesGRickards 6h When Bitcoin groupies try to advance the case, they reveal profound ignorance of monetary economics. Scarcity is not a benefit, it's a detriment. With scarcity comes deflationary bias, which precludes a bond market, which destroys reserve currency status. It's the bonds, stupid." I'd love to see Raoul interview Rickards and Roubini who is similarly outspoken on the topic.

What is the difference with a PoS crypto instrument with a premine (e.g. Cardano, EOS, Ethererum 2) and a ponzi scheme? Early entrants acquire more tokens for free (sacrificing only opportunity cost through lock-up), and the value of the token is supported by the new entrants. PoW, on the other hand, has a balanced incentive structure. Marty Bent's characterization of ethereum as "the next Theranos", might be prophetic.

Raoul and Ash knocked it out of the park again....I swear your chats are usually among my highlights of the week.

Be careful with Ethereum its still in the research phase. The blockchain complexity has increased dramatically with PoS no one really knows if it will scale with the same security as PoW. They have a entire team dedicated to security research on the testnet that just launched.

Cardano best and most decentralized proof of stake system.

Great chat as always guys but the discussion of proof of work was a disaster. i) Proof of work is not a waste of energy. It's an incredible innovation in securing a neutral monetary policy that prevents the abundant waste of excessive-debt-fuelled-consumption. ii) It's driving innovation in renewable energy and general energy efficiency - and that drive is just starting. iii) It's helping to monetize stranded energy assets that would otherwise be wasted energy. For illustrative purposes, let's pretend that 3% of the world's energy is wasted and that the bitcoin mining network uses that 3%. You can't then say bitcoin is bad for the environment just because it uses that 3% (more than most countries) if it would have otherwise been wasted. I strongly recommend reading Nic Carter's piece on this topic (it's probably way past time to have him on as well - although don't have him waste too much time on this non-issue): https://www.coindesk.com/the-last-word-on-bitcoins-energy-consumption

Some other areas to consider on why Proof of Work like systems are really interesting: - Proof of work basically picks a distribution mechanism for the security of the network based on energy distribution. Energy is the most distributed resource we have on the planet (the sun always shines somewhere...). I cant think of many other naturally occurring phenomena that have a distribution pattern that is as wide as energy. - Proof of work can potentially be really interesting from the perspective of energy markets. Most energy markets require extraction of a raw commodity, which then must be "pipelined"/"shipped"/"driven"/"moved by rail" to its end destination for processing and usage. Proof of Work based systems allow you to DIGITALLY transport stored resource in the ground into a fungible digital value (e.g. Bitcoin, other crypto) which has global 24/7 liquid markets that allow you to sell it. This creates an alternate source of monetization method for E&P producers that is entirely market driven. - Building on the point above, if you're a renewables producer, large baseload producer (nuclear, geothermal etc) dealing with issues of either intermittency / lack of viable energy storage/ a inelastic supply, plugging in a modular mining rig to run Proof of Work type computations can allow you to offset your spare energy usage into something else that is productive. New startups working on this that are completely under the radar, and only a subset of crypto VCs really looking seriously at this.

Really looking forward the precious metals week. Dan Oliver and Simon Mikhailovich are really strong.

The consensus algorithm changes from expensive computational puzzle soliving to stacking coins. This is what secures the network from double spending. Both algorithms require resources to validate a block (mechanism of security) but PoS replaces the electric consumption to staking your coins meaning the coins can be removed from the miners wallet if he tries to validate a fraudulent block. Therefore eliminating the scaling problem with PoW which can't scale because of the computational work required.

The notion that Proof of Work (PoW) is an outdated/wasteful/inefficient network-validation/security method is a fallacy that reveals the claimant's lack of understanding of the value proposition. Yes, PoW requires electricity to validate the network. But, in order to validate the network, miners compete to mine the next block (which is how they win the bitcoin block reward and make money in doing so). As such, PoW naturally incentives miners to find the most efficient means of mining. This leads to miners pursuing the cheapest forms of energy possible. Energy markets are progressing toward sustainable, renewable and cost effective solutions - which miners are trending toward (we already see this happening around the globe). We're talking about a new financial system here. One that will potentially compete with the traditional financial system - which runs a much more inefficient methods of energy consumption. If the BTC network ever reaches the point where it's a true alternative to the legacy financial system, it will actually provide a significant value proposition with respect to minimized consumption of energy and a trend toward sustainable, renewable types of energy consumption. PoW, therefore, is not a waste of energy. It also allows for the most efficient market competition possible, whereas Proof of Stake essentially acts as a rich-get-richer scheme (the more you have, the more you make). You can see how this will eventually lead to massive concentrations of wealth or, said differently, wealth inequality/poor wealth distribution. PoW combats these incentive structures. Cheers Guys!

#tether????

In the discussion of the promise around Ethereum 2.0’s scalability and untethering from expensive PoW, you come so tantalizingly close to describing just why XRP has so much potential, that I’d only add the fact that it doesn’t tangle its core blockchain with arbitrary code execution from smart contracts, a vulnerability of ETH, but will be addressed by other layers/ forks (see Codius/Flare). A deep dive on Ripple / XRP is so desperately needed, just make sure you interview someone who didn’t learn everything they know about XRP from people who only understand Bitcoin.

Bookmarks would be nice, to be able to look at some topics or skip them.

It surprised me hugely that Ash was trying to explain the fundamentals about Ethereum to Raoul. If you don't understand basics, you can't assess the risk and reward, you can still trade it, but it's dangerous to hype Ether in a public interview. Many newcomers will be sucked in who does not have the fundamental believe to survive the volatile time. I have high respect for Raoul, however people who enjoys the accepted thought leadership should be cautious in communication. After the March crash, RV had been positioned very bearish, it has been getting more neutral in the past weeks (probably with equity markets hitting ATH). That's why I terminated the RV subscription with pending reassessment. BTW, I am long/long-bullish on BTC/ETH, ETH is ripping hard, but it is still an asset with high risk. Peter Brandt has more reasonable approach.

Normally I have nothing but kudos for RV content. But I must say that I the characterization of BTC vs. ETH is way way off. Simply put: Bitcoin is THE hardest money with a 21 million supply cap. 100% certainty. Ethereum is not a hard currency at all. It is not a store of value. THERE IS NO CAP ON SUPPLY. In fact, the Ethereum developer community can't confirm the current supply outstanding. Yes, you read that correctly. How is Ethereum any different than fiat?

here is a staking calculator for Etherium you can play with to see how much yield you earn with 2.0. https://www.stakingrewards.com/earn/ethereum-2-0/calculate

Seems like there is an opportunity here to make a video explaining the difference between the different fundamentals of crypto - made for traditional investors, not tech guys. I don't think being invested in BTC, ETH etc. is good if you don't understand how they work. You will make way too many assumptions about what is possible and what is not.

(31:03) Raoul: "It's not even in the FT ... they don't even talk about it". Is this a different FT than the one in which Izabella Kaminska has covered crypto almost since the start? Here is the pointer to their regular section: https://www.ft.com/cryptocurrencies Here is a starting point for Kaminska's many articles https://www.ft.com/izabella-kaminska In mid-2019 she wrote "" Roubini’s anti-shitcoin arguments during the debate will be familiar to readers of FT Alphaville. His key points focused on the crypto industry’s predatory nature, its exploitation and manipulation of “retail suckers” and its ironic lack of privacy, security, efficiency, decentralisation and usability. He also busted the myth that it can help the unbanked." On a rough count of https://www.ft.com/bitcoin?page=46 there have been 1132 articles with the first appearing on 6 June 2011.

Ash, Raoul, the value of bitcoin is in part because of the PoW. The bitcoin wastes energy narrative that Ash suggested in this briefing outlines the lack of understanding. You boys need to do much deeper research on this. Vital for your /your viewers long term decision making in the space.

Yesterday, we probably had the biggest sell signal for BTC - LOL. https://twitter.com/stoolpresidente/status/1294051648533401600. How desperate are these Winklevoss guys if they have to talk down Gold by claiming Elon Musk is going to mine Gold on asteroids and therefore Gold is a problem because the supply isn't fixed like BTC. Seriously, is this the pep talk they come up with after many, many years in the business? This was hilarious.

Why does Bitcoin not get financial media coverage? Legacy finance does not want to cut the branch upon which they sit. Bitcoin is the most asymmetrical trade in history. The smart money is buying Bitcoin.

I love Jack's remark at 14m22 in light of ETH's supplygate :).

Disappointed to hear you don't understand the PoS is not cryptocurrency, by definition. PoS is a security. So many call blockchain, cryptocurrency. It shows a lack of understanding. The new 'crypto' 'investors' aren't buying cryptocurrency, most actually dislike cryptocurrency, as they ignorant to what cryptocurrency is. I've put the definition below as well as the paper its derived from. This paper made cryptocurrency a commodity, regulated by the CFTC in '15. cryptocurrency - a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. https://digitalcommons.law.msu.edu/cgi/viewcontent.cgi?article=1003&context=jbsl

Learning the technicals behind cryptocurrency is a lot of work, even for one with a computer science background. One often feels unable to keep up, even more so recently with the explosive rise & constant innovations in the DeFi space the past few weeks. However if one is willing to do the work & not shy away from grokking the technicalities, then that would be an information assymmetry in your favor, not to mention that there is already an inefficiency in the market based on the fact that many people from the financial industry are constitutionally unable to accept it.

Maybe someone here can help educate me by answering this multi-part question. When Etherium 2.0 is live is that effectively changing the engine of Etherium? By this I mean that those holding stake in Etherium (version 1) are unaffected and new transactions will occur under proof of stake?

Raoul, surprised you are so long an asset you do not understand. Proof of Work and Proof of Stake are the fundamental ABCs of first gen crypto. And ETH moving to POS (ETH 2.0) is not the forgone conclusion that Ash makes it out to be. I cannot begin to articulate the issues, but they seem to be fundamental. Suggestion: Tuur Demeester knows the issues well, and is good at communicating them respectfully. He's no fan of ETH, but he offers reasoned arguments (he even bought some ETH the other day, which probably angered the "Bitcoin maximalists".) I would love to see more thoughtful (than today's RVDB) consideration of the subject. Ash's claim that Bitcoin is wasteful and inefficient was even more surprising. Betrays a lack of deep understanding of the value proposition of Bitcoin. As Connor articulated well (below): "We're talking about a new financial system here. One that will potentially compete with the traditional financial system - which runs much more inefficient methods of energy consumption." Any objective evaluation of Bitcoin's resourcefulness and efficiency should be made RELATIVE to the alternative system. Again, Tuur (and no doubt a number of others) could make this case better than us in the peanut gallery. At any rate, today's RVDB makes it clear to me that more attention needs to be given to some fundamentals, preferably without the tribal evangelism that sometimes comes with the territory. (On that note I tip my hat to Dan Tapiero, who I've heard push back hard more than once in podcasts when well-known and followed personalities dis on $#!%Coins. He brings some needed objectivity and dignity to the space.) Some of us in the peanut gallery (and evidently Raoul and Ash) have a lot to learn on the subject and welcome some ABCs.

I think generally people misunderstand the concept of POW. The fact it costs an inordinate amount of energy consumption is alone a reason why there is value in any token that utilise POW. Just like there is an extraction cost to mine precious metals. The investment by the miners ensure that they keep honest otherwise they would risk losing the capital they have allocated. POS is trying to achieve this by removing the physical infrastructure cost and replacing with an investment stake. This is the same reason people by shares in precious metal miners rather than going out and buying heavy equipment and mining themselves. (They don't get their hands dirty in the mine)

One of my most used comments about work and investments is "if it was easy then everybody would be doing it and then it wouldn't be with doing"

I wish you would spend more time discussing topics other than crypto.

Ethereum went up because of the LINK and what is link 90% people wouldn't even understand. Raul is taking blind risk.

Precious metals had a nice run but I feel the less crowded trade is EM. Particularly China, Taiwan,South Korea, Norway, Sweden and Russia. Countries that had strong COVID containment seem be the big winners with USD debasement and election noise.

Hello everyone, I like to have comments on Crypto. However, I think we should limit a little bit this crypto conversation and focus on Stock market, precious metals, commodities etc. Surely, Crypto could be the future of everything, but that we do not know and none knows. What we would like to have is Raoul analysis and Macro insights one time weekly. If this is something that only RV Pro users can have, I understand, but from time to time comments like the Unfolding and his ideas of "Liquidity phase, hope phase, insolvency phase". It is nice to talk about Crypto and I like how enthusiastic everyone is about it. However, I do not know, whether other users agree, but we could limit to 5 minutes talking about Crypto maybe?

If crypto is a liquidity play, then it does depend on CBs printing. Very surprised to hear Raoul say crypto is completely separate from the rest of the world.

Raoul, isn't Grayscale is a crypto index fund? I am not sure how big it is but passive is in the crypto as well. Ash, you are the pro!

Hey RV team. I would live to see an interview a week that looks at one of the future uses of blockchain, crypto or DeFi. I myself have started dabbling with Peer to Peer lending in Eastern Europe. And as an Australian that is a stretch! Would love to see some features and alternative perspectives

I don't think there are any "clean" markets.

Raoul can start to add value by going into details the technical indicators he is looking at, rather than talking in terms of what he feels or thinks.

No one trading Rhodium?

I have an investment rule ... If you can't explain it to me or I can't explain it to you....it's not an investment. And better yet if I can't click a mouse and make a buy... it also means that I can't click a mouse and secure my profit. As Kuppy says this is "my favorite ponzi scheme."

These casual conversations with Raoul and Ash are always my favorite. Well, actually, there is so much great content on Real Vision.

This investor market meets "crypto" market is interesting. Both have a lot to learn from each other. However, I see much more expertise on the reading and investment side which I appreciate. Just some things to keep note of... the fact that unlike Bitcoin, ethereum has no hard supply cap so scarcity is not one of its attributes. It could be argued it just isn't a currency at all, or is just like fiat in that regard. Actually so far nobody can count exactly how much were created. And lack of independent nodes arguably make it essentially centralized.

If you want to dig deeper, here is a really good primer on Ethereum and the tokens that can be built on top of it: https://blog.ycombinator.com/the-token-effect/

Thanks Raoul, Ash, and Jack! Appreciate the Daily Briefing. Raoul often talks about the bond yields. I have a basic understanding of the bond market, but am not very sophisticated. Why have the 10 year bond yields been rising in the last couple of weeks? Appreciate any insight from other viewers. thank you!

Raoul your pain that you felt transferring money between your local banks is half of the pain that people feel trying to transfer money across the world. That is exactly the target of ripple. Ripple aim is to have xrp be the Bridge currency between ledgers. Just like how china has their own DLT, every country will soon and they will need a way to bridge them. You should look into the space more. I typed out a longer comment but the app glitched and deleted it so here is a short version.

Interesting that Raoul is bullish in Ethereum without really understanding it. However, it does seem like Ash knows quite a bit. I would like to hear more from Ash breaking down bitcoin and especially Ethereum and provide an explanation as to why RV is bullish.

Love Raoul and Ash but can't believe Raoul does not understand proof of stake, tho is invested in the asset and talking about it frequently. Ash I think said proof of work is energy inefficient and implicated that is a bad thing. But that is what makes bitcoin unique compared to all the others. No agency and super secure precisely because you are blowing all this effort in it, auditing it non-stop.

You guys are awesome! May I assist with the proof of work proof of stake comparison. Proof of work: people allocate computational resources (essentially electricity) to solving cryptographic equations and if they are the first to solve the equation they then broadcast that to the network and the network seeks “proof they have solved the equation correctly” if they have then they receive a reward and the next block is transmitted for competition to solve. Proof of stake: Holders put lock their coins into staking wallets or stake pools (nodes) typically there is a minimum to stake. The more people who stake the more distributed the network is and the more secure. The nodes then solve the equations not very dissimilar to proof of work. If some acts maliciously they lose their stake and get kicked off the network. Think of it like a poker game we’re the players have to pay a significant blind to play before they see the cards. The winner gets rewarded for wining the hand and the next hand plays. If you cheat you lose your blind.

For those that are new to DA (Digital Assets), it's well worth going on an online course......if you are going to put any significant capital in. You will then know how to store, and understand, the asset that you have. As a wise man said, 'if you invest £100, spend no more than £100 learning about it. If you invest £1m, spend some time educating yourself". I'd suggest that you understand in your mind the difference between a Digital Currency and a Digital Equity. At the end of the day, it may come down to zero; Until then, let's have some fun....

Cardano is the apple to ethereum’s Microsoft.

I'm pumped for metals weeks!

or buy GBTC, a grayscale Trust fund that owns Bitcoin

Buy MSTR, as an alternative to buying BTC, if you find it so difficult to transfer to Coinbase.

Thank you for this Friday update. Great minds. As this was so DA heavy, my input. I've been investing in Digital Assets (DA) for several years. I think it helps if you decide if this is a Digital Currency (BTC, DASH), or a Digital Equity (ETH, EOS). I agree with Raoul that in terms of Digital Currency, this will be a great 2 year play. The free market won't allow significant market cap beyond that in my opinion. In terms of Digital Equity, ETH being the obvious one, it seems to be a case of which will be adopted first. Whilst ETH has the head start, EOS should outperform. And it isn't led my our Russian friend. But it's a case of platform adoption. Thank you RV. I encourage Digital Asset Pros into the space. I think this should be, at least, a small percentage of people portfolios. Please feedback.

Raoul, Exchanges like Binance offers purchase of BTC by credit card. ;)

Fridays are my fav with Raoul! Please increase your coverage of the blockchain space- it is the opportunity to rebuild old infrastructure not only in financial markets but supply chain, management of assets, etc. The opportunity of a lifetime!

ESG meets crypto sounds like I’m about to get a reverse mortgage, on top of a time share on top of an Amway distributorship.

This is my opinion and not here to be toxic. But this ga ga over coins other than bitcoin is funny. It used to make me mad and make me feel like I need to tell people something. I don’t. I just hold bitcoin.

On point finish to the daily briefing today.."more coverage on cryptos" is in order boys.

The folks at Polychain are probably some of the leading investors and thinkers in this space. Especially the use of Proof of Stake and the emergent space.

One correction. YES we do have intervention in the crypto market. The liquidity we r drowning on has to go somewhere. It is either TDA / Robin Hood, or somewhere else... where else?? Crypto..!!!. Not sure how to explain Link going 3X in just 4 wks. However, at some point peeps might have to cash out, and then a correction will come about.

excellent show very exiting for the next week

I understand on etherium 2.0 is changing Prof of work POW for Proof of stake POS

Now that's a RVDB!....Raoul and Ash twice a week...Tues and Fri....amirite?...who's with me?

Great interview Ash and Raoul. Enjoyed the crypto chat - proof of stake has never been fully explained to me. I get it in that people put up like a margin to be allowed to be a validator (or forger - bad term in my opinion) - but then NO ONE explains how they validate if a block is authentic. They just go on to list the benefits, and then describe in detail POW which is easily understood. That aside - I appreciate the insight of this space being very poorly priced at the moment, allowing for great opportunities. Risks are there but still. Bond yields on the 10yr an interesting one too this week - isn't there a red line soon where there might be more forced selling? Looking forward to the next three weeks. Enjoy your naps/weekend. Cheers.

Use me as a like button if you’ve watched/listened to at least 90% of RVDB’s. Where my lifers at!

Amazing content! More from Ash breaking down Ethereum and Raoul Pal asking tough questions moving forward.

I hope Real Vision is not top ticking the gold market with the special next week.

The best person I have ever heard talk about Crypto and explain it beautifully in simple language is Bill Tai. Invite him back please.

Great to hear you guys talking about ethereum :) Ash did an super job explaining proof of stake. So you need 32eth to stake one node. From this you can earn interest on top by validating transactions on the ethereum network.

Nice to see a DB that discusses the actual daily/weekly occurrences. Some of the recent DBs have deviated from the typical format - a review and discussion of what occurred. Guests are fine but maybe would be better as their own video interviews.

Either Raoul's chair keeps making strange noises or he ate a very bad curry and has an upset stomach. Immodium is good I hear.