Bitcoin’s Early Builder Culture and the Crypto Divide

Published on
October 12th, 2020
Duration
54 minutes


Bitcoin’s Early Builder Culture and the Crypto Divide

The Interview - Crypto ·
Featuring Dan Held

Published on: October 12th, 2020 • Duration: 54 minutes

Dan Held, Growth Lead at Kraken, joins Ash Bennington, Real Vision Senior Editor, to discuss Bitcoin in the early years and the rapid pace of change since. Held describes his own background in traditional finance, the early builder culture, and his own Bitcoin project. Held talks a bit about his position as "Growth Lead" and what this new kind of position actually entails. He explains the divide between "Crypto" and "Bitcoin" and why this divide exists. He concludes the interview by explaining where he thinks Bitcoin is on the adoption timeline. Filmed on October 6, 2020.

Comments

  • CB
    Carl B.
    2 November 2020 @ 19:21
    Pretty vapid and rather negative interviewee here. Fits with his general reputation on crypto twitter.
  • Ev
    Emiel v.
    23 October 2020 @ 07:58
    Wow, never let engineerings invent shiny things? Nice paradox, this is exactly how bitcoin was created!
  • BS
    Ben S.
    18 October 2020 @ 11:03
    Really good interview from Dan! Bullish on Bitcoin
  • MD
    Matt D.
    13 October 2020 @ 03:42
    A genuine question - btw great discussion, thanks. I won't debate the content, but an idea I had (which I might patent....?) Could BTC be brought down by making it ultra-transparent? A little bit like the on-chain analysis. Could I publicly post ownership details from the decentralised blockchain? Would that turn everyone off using it. I might post this on the exchange if no one reads these comments...
    • GH
      Garrett H.
      13 October 2020 @ 16:21
      It's similar to gold, by default it is private although some bars can be tracked, origins can be obfuscated through admixture.
    • MD
      Matt D.
      13 October 2020 @ 22:42
      @Garrett - interesting point, thanks. The thing is I could give you 1kg of gold and that would be off record, BTC has to be on the Blockchain. What started as a bit of an anarchist idea to me seems to be a bit of a conspiracy-like theory - meaning the intent of BTC could be (could be!!) not the hyped secrecy/anonymity, but getting people to willingly! allow their financial lives to be public. Govts would love that for a start...?!
    • JL
      Jeffery L.
      16 October 2020 @ 10:16
      Having been through two intellectual property lawsuits, a Patent is only worth the $$$ that you have (liquid) to defend said Patent. No money...No honey, it's literally worthless. So yes, go get your Patent, but bankroll it in such a fashion that one day you may have to defend it.
    • MR
      Michael R.
      17 October 2020 @ 19:49
      Unlikely. Addresses are pseudonymous and can be rotated. Bitcoin can move easily between accounts.
  • Sv
    Sid v.
    14 October 2020 @ 18:17
    I just can not shake the view that this is "the Big Con"! Everyone is told to "believein it" or to "have faith" in the value of Bit coin and that it can not be crashed or hacked. Yet, it has no value, and any modern government can take it down at any point in time. No modern nation is going to give up control of its currency. With currency we have faith in our government system, in bit coin we have faith in the perfection of an unknown computer programer. I am amazed that these guys all say the same thing, " I don't know how this works, you just have to have faith." I think i'll stick with gold for now.
    • MR
      Michael R.
      17 October 2020 @ 18:56
      That's fine. Stick with gold. Remember that it was confiscated in the 1930's? Bitcoin is the only logical solution to growing distrust worldwide of governments and Central Bankers. They may yet come for your gold. They can't come for your Bitcoin in cold storage.
  • MR
    Michael R.
    17 October 2020 @ 18:53
    Terrific Interview! Crisp points, and the Bitcoin thesis was well articulated by Dan. Bullish.
  • JT
    John T.
    15 October 2020 @ 00:24
    Dan Held was an undergrad studying finance during the GFC, same time I was an MBA studying finance. Interesting how we both became gold bugs initially, both distrusted the system. I really thought of Bitcoin as a scam for the first bunch of years though. My views only changed this year and now align with his 100% in that Bitcoin really holds the unique value proposition, and that the returns over the next 2 years will be fantastic. I'm still accumulating, at 6% of portfolio but aiming for at least 10%.
    • EB
      Emmanuel B.
      17 October 2020 @ 15:34
      John, are you still in gold or you came out of it completely? if so, what % of your portfolio is it now if I may ask?
  • MB
    Mickel B.
    16 October 2020 @ 15:24
    The "engineering shiny thing" was a great analogy to the crypto space outside Bitcoin proper. A great interview.
  • CS
    Christopher S.
    14 October 2020 @ 23:21
    As a software developer, I appreciated the time spent on product development. Thanks!
  • sc
    sung c.
    13 October 2020 @ 02:09
    I think it's too early, way too early, for anyone to make definitive statements about when BTC will fulfill its use as currency. Look to the numerous countries where the people are turning to BTC because they have lost faith in their own currency, ie. Venezuela, Turkey, Iran, China (and Hong Kong), African nations, Colombia, Argentina, etc. To think this evolution has taken place in such a short time, without a single government backing; indeed, rather a lot of government animosity, it is near miraculous what BTC has achieved so far. A final word for the naysayers: A) If you don't believe in BTC, simply don't invest in it. B) If you are worried it might work out, put a small percentage to work in it. C) If having researched it fully as best as possible, you believe in it's long term viability, invest more than just a little in it. As for me, my stock positions are up over 55% this year, my gold, silver, and miners have yielded 69%, and my BTC has increased 157%, YTD. Just my two cents. :)
    • sc
      sung c.
      13 October 2020 @ 02:13
      Addendum to my comment above since there is no edit button: I first thought emails and texting would not catch on, but this didn't prevent me from investing in those companies just in case. I'm sure glad I didn't short them is all I'm saying.
    • AA
      Andrew A.
      13 October 2020 @ 12:28
      Great comment. It's not binary. You can have stocks, gold AND Bitcoin in a portfolio, alongside property, bonds, cash, etc. Size according to conviction and risk profile.
    • sc
      sung c.
      14 October 2020 @ 06:00
      To Andrew A. That's right Andrew, it doesn't have to be binary. I remember hearing about Bitcoin in 2013 and thinking "what a crock of shit". When it hit $100 I remember thinking, "Man, this is a Tulip Bubble waiting to pop.". When it surpassed $1,000, I started wondering, "Perhaps I should look into what all the hype is about.". Too bad I didn't read up on it and start investing in it till BTC price was at $6,000. I've been trading BTC since 2016. I bought some at lows of 2019 ($3200 level), more in 2020 March low ($3800 level), added more in March dip ($5800 level), and continue to buy at opportune pullbacks. To the unbelievers and those on the fence out there, I can only say I am so glad I ultimately told myself, "Oh well, better late than never." HODL on!!!
  • RP
    Ralph P.
    14 October 2020 @ 03:14
    I found the extended history fascinating and it was very useful when sharing it with some younger members of my family to better understand the culture of the crypto space. It’s clear that the millennials have an emotional attachment to what crypto is all about- something that the older crowd here may not understand.
  • TT
    Timothy T.
    12 October 2020 @ 21:25
    I understand the concept of the 21,000,000 BTC limit and scarcity. The issue with Bitcoin (and crypto) for me is disruption. What if another cryptocurrency emerges with superior transactional speeds and/or other edges that disrupts bitcoin? For me, that is the ultimate problem for Bitcoin....disruption destroying value via the willingness of the current holders to sell and move on to the next disruptive crypto asset. I just don't get why crazed bitcoin bulls which saw bitcoin disrupt other 'currency' types fail to conceive of the fact that bitcoin itself can have it's value destroyed through disruption. I think that's part of the reason we haven't seen bitcoin move even higher. During it's parabolic run we saw so many additional crypto currencies come to market with 'supply' and many of these had superior technology.
    • CW
      Collin W.
      12 October 2020 @ 23:40
      Valid point Tim but I think you need to dig deeper. Network Effects are powerful. The amount of money and brain power supporting this platform is powerful. Keep learning and you will answer your own concerns. But shoot, even if you feel that way, a small % bet on the upside is still worth it.
    • CH
      Crag H.
      13 October 2020 @ 17:48
      Literally no new crypto projects claim to compete with Bitcoin. Everyone's given up on that race. It's over. Bitcoin won the digital money race.
  • AM
    Alexander M.
    13 October 2020 @ 04:49
    Ash, Great interview but what a superb question to ask at 45 minutes into the conversation. I literally said "WOW. " Loved this episode. Thank you for sharing the immense knowledge you and your guests have in this space.
  • MS
    Mark S.
    13 October 2020 @ 03:28
    I am interested in all things crypto but this is the first time writing something like this. I am not interested in watching a vid talking about the history of bitcoin culture thats 54 min long. A topic like that should be 10 min max. If there were other topics in this video outside of this, the title should have captured that because I ended up deciding not to watch this.
  • DX
    Dominus X.
    13 October 2020 @ 01:35
    typical bitcoin maximalist with extreme reality distortion ignores early evolution of BTC from "peer to peer digital cash" to today sound money disrupting central banks sound money was clearly built in to the design of bitcoin but so was an intentional to be usable cash, which bitcoin today is not meanwhile numerous other blockchains or crypto projects are explicitly building with a product first mindset, ETH being the most obvious and successful example, which added programmability onto a blockchain but that is lost here the intellectual myopia of bitcoin maximalists is depressing
    • DX
      Dominus X.
      13 October 2020 @ 01:53
      reality distortion worsens later in the interview... ETH DAO hack? how about the early bitcoin hack where bitcoin was hard forked by Satoshi? ETH inflation research is in the interest of supporting long-term network security. Bitcoin security is not based on time or trust or community or monetary policy... it's based the network of miners who are choosing to burn electricity to run the protocol What happens when block rewards reduce to zero? What if network fees are not enough to incentive miners? What if miners become malicious and try to re-org the chain to capture mine higher fee transactions? What happens if then the miners decide to run a fork which supports additional inflation? If miners stop running the protocol, bitcoin is done bitcoin inflation schedule is just a social contract, and like other social contracts it can be changed These are real problems, often reality distorted away by bitcoin maximalists Sure these problems are somewhat theoretical and in the distant future, but they are legitimate problems that other honest builders and researchers are trying to solve
    • sc
      sung c.
      13 October 2020 @ 02:08
      I think it's too early, way too early, for anyone to make definitive statements about when BTC will fulfill its use as currency. Look to the numerous countries where the people are turning to BTC because they have lost faith in their own currency, ie. Venezuela, Turkey, Iran, China (and Hong Kong), African nations, Colombia, Argentina, etc. To think this evolution has taken place in such a short time, without a single government backing; indeed, rather a lot of government animosity, it is near miraculous what BTC has achieved so far. A final word for the naysayers: A) If you don't believe in BTC, simply don't invest in it. B) If you are worried it might work out, put a small percentage to work in it. C) If having researched it fully as best as possible, you believe in it's long term viability, invest more than just a little in it. As for me, my stock positions are up over 55% this year, my gold, silver, and miners have yielded 69%, and my BTC has increased 157%, YTD. Just my two cents. :)
  • RP
    Ralph P.
    12 October 2020 @ 18:48
    Please post the transcript