Hashing It Out
Hashing It Out

Episode 132 · 2 weeks ago

Flash Hash: 01/09/2023


Executive Producer, Christian, attempts to keep Corey, Dee, and Jessie on topic and within two a minutes a piece on three timely topics.   

This episode includes SBF pleading not guilty on FTX charges, a crypto themed pub, and the 14th anniversary of Bitcoin.

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Look, ma, I'm on TV twenty three. Flash Ash is back. We are just you know, I can't remember the last time we're here. Um, let's do a little run robin introduce ourselves. We have. I do believe it's doctor Corey Petty. Is it? That is correct, Doctor Cory Petty, Come and at you live. Nope, I have hard doctor experience behind the mm hmmm mm hmm. Yeah you need you and very specific technical emergencies like hit people with a PHDPS don't be bleeding, but you know you can talk to physics alright, d yourself, sir. Hey everybody, humpty also known as black sword on I'll know it as a black sauce, also known as numbers, and I'm here to win flash Ash. Uh well sorry, specific numbers double seven point five, um, and I'm here to win another flash Ash. That's right. Okay, A lot of that was just not accurate. But glad you're heredeed, Jesse, tell us about yourself? Is hi, I'm Jesse. I have an education. It's not a doctor yet. I don't consider myself any any character within Power Rangers. Um, but yeah, I'm here to talk about things that are crypto related. Excellent, excellent. Well, you just gotta take a dump on us. Okay, I'm Jesse, I'm not them alright, unique I mean he didn't lie. He is not any of those things because they're all my gamer tags. Okay, I am master of Call of Duty. I poop on all of them like the well flavor there. All right, we have topics to talk about. Three topics today. Everybody gets two minutes to talk about them. Um, first stuff on the list. We have that Sam Bateman Freed, good old f t x bro has pled not guilty to all of the stuff that, Um, I think everyone knows he is very guilty of, but he says, hey, not guilty. So we're going to start with the dr Corey Petty. You have two minutes. Once I bring up this timer, I might need that. Okay, timer timers here, there we go. You have two minutes to talk about out this starting now. Yeah, so I'll start off with a funk that guy. Um. The out the backlash of all this is going to be negative towards crypto, and like we've said in the past, all of what's going on is not crypto, just using crypto words. Um. In fact, I'm talking about making a documentary about this whole fiasco, and what's interesting about it is that so he played guilty not guilty, and I guess the trial is later this year, so he has like nine months of of time to figure out what he's gonna do, and there seems to be enough money behind him to potentially skirt the legal system and get away stot free. I would say the only like, ironically, the only saving grace that we have to put in behind bars is the transparency provided by crypto UM. If this was the traditional financial system without...

...any crypto involved in terms of funds moving in and out UM the black box that was f t X, that I think he just walked away free without any questions asked, where this won't even be an issue. But because there was crypto involved and it's a relatively large amount within the crypto ecosystem, there may be enough transparency of funds moving around that he can't get away scott free. I hope you wrot in jail forever, but that doesn't seem to be the case for most of these types of actors. So I think it's an indication that we need a lot more checks and balances on the institutions we use and put our money into because he was able to get away with all this stuff because the users didn't demand those things from f t X. They just assumed it was okay because you know, they had super high marketing budget and got a much celebrities to say it was okay. So I don't know, fuck him. Yeah, a lot of people saw Tom Brady and said, oh A trusted this? Why not? Okay? Alright, moving down to do you have two minutes to talk about? Uh? This funk that guy? Uh Sam Bagman freed f t X. Not guilty plea. What do you think time starts now? Mm hmm okay, Uh, I'm not. I'm I mean, I'm kind of been different towards the whole SPF saga. I don't know what a siaga is. It's a bad car. I'm kind of indifferent to it. Um. I mean, I've seen we've seen this before Mount Cox, we saw it in the last bear market, the most recent one where these centralized exchanges cripsie went down that last time all those old exchanges went down. And it's always the same thing. It's like, oh, I don't know what happened. And then there's some insider trading and insider shenanigans, and then the people who are dealing with the exchanges have their money locked up for more than half a decade. Um, it's gonna be no different here. I think it just kind of it highlights that crypto still hasn't solved some of the behavior change issues with getting people to understand that they need to have their own private keys and they need to take too. I love football. I'm gonna using fras from football. Take what the defense gives you, and crypto central decentralized exchanges just aren't as fast as centralized exchange is too bad. You get what you get, you don't make a fit, You take what you give, You take what you get, right. Um. Yeah, you're gonna be able to trade at the speed of light and make all this fun money. But I've never met a trader that was rich anyways. They're always just like fake rich, driving like midash. I trade so hard, bro, and I'm like, you don't do shit. You play call of duty and you make money every now and again. You probably make the same salary as everybody else walking around, right. So um, I think if anything, the lessons all of crypto is use the centralized exchanges and take what you get right, participate in what crypto is. Don't participate in some dude who's like, oh this is gonna be so easy to make money if you work with me. People that say stuff like that, you're gonna have a bad time. So SPF fleeting not guilty, he's a but um it's ft X you are sps like sun block can suck a dick, is what SPFF not too though, he doesn't need I don't need those some block out of here. I got melanine. Fine, Okay, Well, Jesse, that's gonna be a tough one to follow. But you do have two minutes talking about Sam bankman Fried pleading not guilty, Starry Now he's guilty.

Are you are? You're not going to drop your mic after you say that. I'm just like, I can't. It's on a like stand. But yeah, there you go. I'll put in a sound effect. He is guilty, So I mean he should go to jail, like Cory was saying, Um, gives crypto a bad rap. So so did Mark A. Pelas and so sorry your time. I'm sorry, I mean he did he's not using it. We gotta like minute and a half, go for it, scoop it up for you officially forfeiture time. So did Mark Fellas right, Mark Capella's he's well known public figure. That is Mountain Cox right, Um, what's readers? It seems like the people who aren't public figures get in more trouble. Like they found those cripty dudes and there in jail, they found those neo b guys. Have enough money and they're in jail. Somehow. SPF is like a whole network of money and people behind him. So I like what you said, that are rich and well connected and you'll never go to jail. But the problems not going to go to jail, that's a story as old as time itself, all right, That's why it's like, I don't think we need to stop trying to use traditional systems to get this stuff done and have some type of behavior change so that they don't happen in the first place, like implementing the things crypto allows with institutions so that people can see the funnory that was happening and get their money out before it gets stolen, or have some level of guarantees that their funds aren't being transferred into a different trading account right, those things exist, they didn't implement them. They just use crypto words. And that's not going to change. So the implement institutions have to get better and the people who use them have to demand more from them because the financial system and the judicial system that puts people away. I think I'm really going to change in the course of the time we wanted to. And Jesse's time is up. Thanks Jesse, good time. That's okay, thank you spreading the wealth that Jesse so giving. Uh next up on our topics list. This one's just kind of silly. I just found it. It's uh this bar. It's in New York and it is called Where the Key. So they have like everything's decorated crypto. Funnily enough, they're not accepting um bitcoin just yet. They're trying, but they're trying to get everybody together in a bar to drink away their crypto and bitcoin sorrows. Maybe they'll bring some new people in um So. Yeah, Corey, we'll start with you. Your two minutes starts now. Would you would you go? Is it a good idea of thoughts? Yeah? First off, great name, Like I would go regardless of how good of a bar it was if it was local to me just because of the name. Um, because I'm a nerd, and I assume it would tract other nerds and I could take my other, my somewhat non nerd friends there, uh and inundate them with a bunch of crypto ship because Red a crypto place. The fact that they don't take crypto is just ridiculous. Like I've seen so many Reddit videos of people in the middle of nowhere excepting crypto as a as a convenient store or gas station or restaurant or whatever. Like there's a thousand different ways to accept crypto. What the fuck? I guess it is New York, which adds a lot a lot of like layers of complexity because of the bit license and things like that. Come on, like why would you even do it? Like, yeah, I think you have enough of an audience in New York to this. I guess you have all of consensus.

They're assuming that people still go to work the Consensus buildings and in Brooklyn, But I don't know. That's that's a fucking absurd I would go, though, just as a novelty. I'd still go. I just I would. I would bitch at them about not taking crypto and then probably help implement something uh that skirts it, like you can maybe do like tutorials on how to do uh like a bunch of tab sharing that then goes to FIAT so they don't have to do bit licensing. I was like, all the crypto stuff is with the people there, and then they pay with Fiat as a as a proxy until they get I'm assuming it's a bit licensed to read the article, it's gotta pay wall. I don't do pay walls. So but yeah, cool, cool, great name. What the fun come on? Yeah, that's a big way they're working on it. Corey um alright, d same same thing, pub key h what what are your thoughts? Uh? I mean, I mean that's a part. I mean I don't know much about the place. I haven't seen pictures of it. But wait, did you put the visas in the link? It's fine, I would say, cool, like where's that cool name? Cool premise. I feel like it's going to be a place that there's gonna be a lot of fights. There's gonna be I'm just thinking of the audience that goes to club like that is going to be like Wall Street Bros. Making fun of crypto. The other fifty percent is gonna be crypto of both sides are gonna be way into Peggy so weird Nights after the bar Um. Yeah, I don't really have much of this. I mean, if I'm in New York, which I'm in New York at least once or twice a year, I'll go check it out. I'll take some pictures, take some selfies in there. Maybe you know, I have a drink, see insist that they take my crypto or I'm not paying for the drink, and no kidding, I probably won't go well at all, but uh yeah, I mean it's a nice, nice thing. I'm I'm also echoing what Corey said is that I mean every time I get on Reddit, it's like, here's me paying with for my pizza with lightning, and here's me at a grocery store paying with lightning bitcoin in Ecuador. It's like, if Ecuador can figure it out, you should be able to figure it out. But you know, I guess they don't want to. So anyways, Jessica, canna have the rest of my time because he's gonna go off on this. Yeah, there's like twenty seconds left of your time. I think that's probably it's all. Yeah, I mean I would go. It sounds cool. Um there's a there's a place in downtown Atlanta. Uh um god, what is it called Second Luker's House. No, no, it's it's called uh Bruined Battle and it's a it's a place where like you can bring like consoles and they have I think they have like xboxes, PlayStations, a bunch of pieces set up so you could just bring your board games, bring your friends, drink sack and have fun, just like do nerds shop. Um, but yeah, I don't know, pup ky seems interesting. They should have some Like I saw this interesting sport yesterday called chess boxing where they play chess in the middle of a boxing ring and then after each round of chess, they box, and then they go back to chess, and there's three rounds of back to back chess and boxing. I feel like they could definitely take advantage of that and put that right at the center of the pub key. That would be a strong attraction. So there's...

...no boxing during the chess. It's just like we play chess and then we box, and then you box afterwards. Yeah, four minutes of chess and a boxing round and back to the chess box. Yeah, it looks good at the pub key or the ruin. Yeah, looking at the looking at the Twitter. So it's a it's a winner somewhat. Which village eighty five Washington Place, New York is ever? Like, wish you lived in New York to like see all that stuff. I think I could do a solid like five years there and then have to bounce. Have been to New York a bunch of times, and I can stand it in three day increments. Okay, after three days, funk out of here and you were Brooklyn Manatton all of it. I've been all over, been to several burrows, burrowed in three days at a time. I go to the Bronxe every time. Is that because of Joe? Yes? What are you talking about? All right? Uh? Last, certainly not least topic of our day. It was fourteen years ago that the first bitcoins we're we're mined January third, two nine, article comes up everyone loses their ship. Um, so fourteen years later, I guess, just what are your thoughts? How are we doing? What could be better? In the fourteen years since it happened? Corey will have you go first. Let's see so that's fourteen years. I'm assuming uh, based on initial implementation like the launch or maybe maybe the Bitcoin paper one of the two. Either way, the first set of fifty bitcoin mine into existence with the Genesis block. The implementation got it main net. Uh. I think it's nuts that we've come so far as a community industry. Um, how do's they call it in fourteen years? If you look at the success of the Internet, it took decades for it to actually catch on and proliferate, and there was a lot of um laughing at the concept of the Internet before it ever took off, and we've seen versions of that as this stuff got invented. And it's interesting that I think bitcoin will stick around forever, oh as long as you know there's blockchains, which is basically as long as it's probably an Internet, but it might become a novelty. And it's weird to see how much the industry has expanded beyond bitcoin. Were we first started back in a dozen Um, it was all we talked about was bitcoin. There are other networks, but becoin is the only real thing, and there's big b Bitcoin that the network lit'll be Bitcoin met the token and that's how you referenced kind of the technology versus the actual asset. Now we've got like six different words for the technology, and there's thousands and thousands of assets and then all kind of references the same community. So see you next two fourteen years. How it goes. You can mark the calendar fourteen years from now, so I'll get back together see what happens. All right, do you have two minutes fourteenth birthday bitcoin and mm hmm for the old fourteen...

...adolescent bigcoin's adolescents. Um, yeah, it is kind of cool to see how quickly everything has sparked up. I think there's a very very very long way to go, very very long. Um. It's when it comes to like technology adoption, I still think we're extremely far. I think I think mass adoption is very far away, even though it's it's I feel like bitcoins massively known, but I don't think it's massively adopted. I don't think um and as a currency. I mean that's only really working. What one country has made it uh legal tender? Just one too? Where's who's the other one? Someone who followed here? I forgot who it was. I think okay, so two countries made of the currency there's not a lot of news coming out of how well that's going. When I've talked to one of my friends who lives in, uh, what'st the South American country, I can't remember top my head is it. It's not Venezuela, it's not Ecuador. We don't know this. We talked about two weeks El Salvador, El Salvador. I talked to a friend of mine from El Salvador, and he's like, doesn't didn't change our life at all, not at all. We just got a little bit more upset that now our money didn't work all of a sudden and we had to go get a big cooin. So um, you know, I think it's a long way to go for a bitcoin, but it is awesome to see that when it comes to the value it was. When I started to what it is now, I was all the way right so Central African Republic. I don't think I knew that. I just knew it was too Yeah. I don't even where is that country. I mean, geographically in Africa, where is that kind I'm assuming it's somewhere central those suits right in the middle. Well, if it's like the like the Midwest, which is sucking not the midwest of America, the DRC to the right of Cameroon. Cha wait, isn't that Cameroons nor no Cameroon's I'm not going to pretend to know African countries. I mean it really is like smack dab in the middle of to them to having the names to be appropriate. You know, they name that will at Texas is not the South Texas. It's too fucking huge, Like, yeah, it is the South. It's the most kind of this the South. And then it's also like kind of up in some mountains and then like we're buy a desert too, because why why the funk not? It's just a weird one. We know this alright, Jesse, you already had one to wait to share with us. Depend what um when was it named that, you see? Because like they had to have some maps on deck because they can't they can't just know they're in the middle of Africa like recently. That had to be like last thirty fifty years. Mm hmm. You know what I'm saying, Like pretty much it was known as the Central African Empire. Mm hmm. They either name that looking at maps, which is definitely possible been around for a real long time. Yeah, I know, but that's why, you know, the US is stupid regions. The Midwest is in the Midwest, it's in the middle, it's central, and then health is like Florida, and it's like that's well,...

I mean, whenever it was named the Midwest, it was the mid West of the United States before they kept going. We also shouldn't have New York and New Jersey or all these new places. Just pick a new name. But all we have gone off the rails. Jesse, you a three minutes to talk about the fourteenth birthday of the bitcoin, so you go, um, does anybody actually run a bitcoin node out of US? Don't you did? I don't know. Right now, nobody's running a bitcoin node. I do not have one up to date. I have a VM that's paused that does no longer run. How big is the blockchain for bitcoin right now? A couple that's it's like, fo let's google it, let's find out. But yeah, I feel like it has staying power for a long time. But I do think that in terms of its actual utility it's lacking. Damn that is growing really nicely compared to these other things. Well, it doesn't do much. You mean it doesn't Sorry just to keep going. No, No, I think that's all I have to say. I aree with what's saying. It's it's it's really a novelty you you send you know, bitcoin on bitcoin, and that's really I think all anybody uses it for timestamp server kind of do you. I know there's a I don't know if any may use them they are applicating any applications that are building on bitcoin right now anymore? When using tap root, that's for damn sure? Can I use some of the Jesse tan? Yeah, we got about thirty seconds left. What makes bitcoin so bad? Like, I think that's not bad. I think that we're spoiled the promises of newer things like Ethereum still making promises, Avalanche is still making promises, Salana is making promises. They're all making promises to do need things but doing kind of neat stuff that's done a little bit better in the real world, while we keep running into these SPP situations. Ah, I know what makes bitcoin so shitty? Smart contracts? Yeah, basically it's like literally it and it's proven work, that's it, And it doesn't go as fast. It's pretty slow. So it's pretty fast. It's pretty slow. I don't know, man, for what that's the things told. Fourteen confirmations for ethereum, that's done in like a few minutes, right, Bitcoin takes like what settlement takes like a few hours, right, because you want at least if it's six conformations. Yeah, so they're that's like confirmations a big big transactions. So two hour, all right, that's seems slow. But I'm gonna take my family out for some time tonight and it's gonna take three or five days for that transaction finalise. So one hour credit card transactions though, I'm just saying one hour is not so bad. Yeah, but the place you're going to, the type place doesn't take bitcoin, this one actually does that. You should use bitcoin? Then, no, keep biting. What's you talking about? You just talking about? Yeah, what's happening? I don't know. I'm saying like, I feel like we're spoiled because we're in it, and we're spoiled by the promises of this tech...

...that we see all the time. We're like, it's slow, it's whacking, it's talking about promises, it does it, what's it a lot of other things? Smart contracts. Generalized smart contracts exists and you can use today. There are a bunch of applications and a shipload of value pumped into these things. They already exists. There are promises they work. Is no, they work. And on that note, flash hash is done and D can go get some Thai food and pay for it however he would like.

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