Hashing It Out
Hashing It Out

Episode 123 · 1 month ago

Flash Hash 10-31-2022

ABOUT THIS EPISODE

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 bitcoin mining trouble, THE protocol, and a trip into the metaverse.

It's even better when you watch on YouTube.

All right, welcome back to flash Hash. Everybody. You've got three topics that we're going to talk about, hopefully taking up two minutes apiece from our hosts. If they have actually looked up the information and know what we're talking about today, yeah, very unlikely. And we've also got two cases of COVID right now, so if there are coughing fits, that is why. Uh I am the god, Mike Christian the producer, try and keep everybody in line and our hosts. Let's start with Jesse. Tell us a little bit about yourself. Hi am Jesse. I do this podcast. Sometimes I don't talk, but that's probably because I'm not wanting to interrupt whoever we're interviewing. Yeah. Yeah, you're the one person that does it. It's actually quite refreshing. Finish the sentence, then ask a question. Uh rushings and not talked to not interrupt. Yeah, like finish the sentence and then saying no, I'm just a woman. I'm used to this. That's a little hat uh D. Why don't you introduce yourself? Hey, everybody, I'm the pilot of the Black Line. Back again for another episode of flash Ash. Okay, Corey, can you beat that introduction. Yeah, my name's Dr Corey Petty, and today I'll be the ignorant one of the group because I haven't read any of these headlines were gonna be talking about. All right, that's a that's good foreshadowing. Alright, let's go to our topics here. First one, Uh, we've got some trouble with bitcoin. Apparently miners are I'm seeing headlines like what was it day? Was the deep dark headline? Oh it was uh BTC held the bitcoin miners go from bed to worse. So that it's our first topic. And since I made you actually sorry, why did that sound dirty? That's it? Well, all right, so we're gonna start with you. Jesse got two minutes on this bitcoin to spare. Yeah, I don't think I need two minutes. I mean I read the article and they had to sell off their bitcoin holdings at a lower price than they probably would have wanted to and they, I think one of them sold off about seventy eight of their bitcoin for dollars. And then now they're flushed with one mill and they're still sitting on you know, like you know the other it's like bitcoin. So yeah, everybody's feeling the pain miners gotta pay bills. Do you mind any bitcoin? Do I personally mind any...

...bitcoin? No, I don't have any A Sex. Unfortunately, that's usually like the main way to try and compete. Apparently equipment from twenty nineteen is already outdated, so unless you're running a newer A sex, you're kind of screwed. Yeah. All right, well there's still a minute left. I'll leave it on the clock for you if you want to say anything after these guys. Okay, d are you ready for your turn? Sir? I am okay, you're two ministers now, yeah? Um, I mean these these are headlines always pop up and you're, you know, cutting into the bottom of a bear market. Uh, that's that's the game. Listen. If you're a minor and you ain't good at it, stop, I mean that's what that's what this means. I mean, there's the other miners that are good at it and they're not selling off their big coin because they're better than the UM. But these miners that that are selling off their big cooin because they can't pay the bills, you're not as good as them, and that's why it's a game, and you're losing at it. UM. There's other things you can mind. You can even mind real gold if you want to, but you probably suck at that too. So the thing is that you gotta have another time and money to get yourself through these troughs in the market, and you didn't do the math right and that's why you suck at this. So, um, if you're listening to this show, UM, give me the rest of your stuff, and I'll mind better than you. I guarantee you I will. I'll quit my job, I'll put on my miner's boots and I'll start mining and I won't have to sell any bitcoin off because I suck at my job, but you guys did so Um. What you can do to help yourselves out is you can go to like blockchain dot com and you can look at like the top pools, the top mining pools, and then maybe contact somebody who's in one of them and ask them how they're doing their job so much better than you, and that's how you get better. Cheers. You got thirty seconds? Do you want it? Um? I don't think I have much more to say other than severely insulting people that are honestly trying. Sometimes when you're trying your hardest, you need to be insulted just to let you know maybe you need to go a different direction, right, And that's me telling you that right now. So that's it, all right, Well just about you start going I'm in the world. Yeah, sponsorship from any mining organizations because those really great ones Dan and say everybody just you know, the ones that's largest, the ones that are publicly treated in Yeah, um, Corey you at two minutes serious thoughts, all right, So I kind of see this as inevitability for large proof of work chains. They'll become, uh, you kind of have to consolidate to one...

...type of main chain for given type of proof of work. So you have ASI based mining with for bitcoin, GPU based mining for a myriad of others, but those will eventually probably coalesced into one and then a few others based on kind of hardware and part driving things like that. But because you're using external resources to secure the chain for a digital asset, and the distribution of those external resources across the globe is unfair. Anytime you're in a bear market, you're going to experience a level of sell off from the largest ones, and the only ones that are quote unquote doing a better job than you or have less operational costs to avoid doing this type of thing can avoid that. And so luckily these proof of work out than ad just themselves, such that when people sell off a bunch of uh coins before they have to to make ends meet, then difficulty adjusts and profitability goes up and people can go back on later on down the line. And I think that's just part of the game. But like ultimately, over time, I think as the myriad of other chains get um more substantial and safe to use that don't have such high operational costs, then you're going to see these institutional players move into these and not care so much about operating on the large proof of work chains unless it becomes like unreasonably profit profitable because like Jesse said, and he said, you need to access to limit or hardware to do it, and you don't for a lot of the proof of state chains, And if they proved to be more profitable, people will go to them than people aren't minding because they care. People are minding because they're making money and take make money of elsewhere. They'll do that. All right, chimes up there, goody good, Moving onto the seconds. Thirty seconds. There was one minute of see you what the one minute? Okay, I just wanted to add just a little bit of the Jesse time. I also want to note that this article is coming from Bloomberg, which cares about, yes much about crypto, and so they just kind of want to They kind of want to move the market. They kind of want to appease their audience, and their audience definitely doesn't care a lot about crypto except of the leading advertisement at the top of the pages crypto dot com slash university to learn now where I'm not seeing that online. That's what I got. Oh, I just see advertisement. It's not loading. But anyway, already ad blocking are going on there. Anyways, that's it. Are you gonna do? You want the rest of Jess Time? Not good? Okay, all right, no more Jessee time. Uh on to...

...our next topic. Oh my goodness, metallic booterin making a joke a suggestion about the protocol and then um to some very hilarious results. So, Jesse, you've got two minutes starting now to talk about this. So I clicked on the tweet that you linked, and the tweet took me to their website. I went to their website, I went to the ether scan contract to the either sand Explorer. I looked up the contract address. I saw that there's like five thousand seven people engaging in this at least at least addresses, maybe not unique people. Um. I saw that it was deployed thirty two minutes after that tweet using open Zeppelin default contracts. I'm not sure which one, so though I didn't scan through it too deeply. Um, there's like ten million dollars in that in the contract, so I mean that's pretty much it. People are just djending, Okay, well I just thought it was hilarious. Did nobody else just think it was really so? Jesse got the components behind that foot no thoughts on it actually just happening. You see it all the time, and he saw it. I don't know, I'm jaded, like the world is a dumpster fire. There was about fifty seconds slaps, so so we once in the end, we'll see, uh do your two minutes starts? Now? I think I think this space is hilarious one. There's never gonna be an absence of that. Does flavor came from the beginning of crypto. There was like there was big coin, there's butt coin, there was does there was all these like joke tokens and it's just crazy stupid that people can make money off of that kind of like Jesse said, the generous e uh it uh, it just blows my mind. It's happened in three days, like I quick to. His original sweet was on the fourteenth of October, and then his one where he was like what did I do? Is three days later and there's ten million dollars poured in and just jokes running rampant um. Now. I don't know who stands the benefit from this, and I don't know how many unique addresses have the token the the token in their wallet, but um, yeah, it's just it's hilarious to me that this never is never gonna stop. When it comes to crypto, there's always gonna be every year there's gonna be a meme lottery, and if you're on Twitter enough, you might be lucky enough to hit the Meme lottery. I mean, this tokens up or with almost a penny of pop right now, and I think it was thinking let me see, let me check and do a clix. It's falling in price. It's not really worth that much. Yeah, it's going down pretty significantly, but let me see it...

...got up tonies from mil got up to four pennies. So interesting, funny, need a little need a little refresher in this gruesome bear market, but they're all this gruesome. So is what it is? All right? Had about ten seconds leuft But that's good. All right, Corey. You agree with the hilarity, so you've got two minutes to talk about it starting now. Yeah, so you didn't like, say what happened? Um, I think it's a response to someone else's tweet, maybe subtweeting something. But Alic said someone should make a project called the protocol so that their shills can say, look, so and so mentioned the pretty much anytime anyone says anything. And about thirty minutes later, someone made that contract, uh, calling it the protocol. All and I'm going through the website and uh, I'm not going to sign up because when you click the sign up portal for Twitter, the crypto Twitter's application that leads to shield dot the protocol e r C dot com asked for like complete control over your Twitter account, So I don't think I'm gonna give it that Jesus. And then looking at the underlying contract like people are transferring tokens to it, like five th dollars worth of tokens in it, six thousand docs with the tokens in it. But it's just a better doge probably in terms of like people playing around with these tokens. And this is the consequence of permissionist access. A lot of people do do anything they want, and when it's a good enough choke with enough people that see it, there ends up being value behind it, which is interesting but also stupid. So I'm curious to see what they do sing later. Like I have looked at the contracts, don't know what kind of control the founders have on it. I mean, I don't think. I don't know much much about mexic Global the exchange, or how reputable gate Io is. But those are the two exchanges that I know that it's listed on based on the website. And uh they have a bunchet hell out of it. Okay, Oh, you can generate a PfP with the protocol logo on it. Mm hmm, alright, well do that for fun? Your time is up D did you want to use any of the extra time? J do it? What the hell is deepen to the reserve? How can something be interesting and stupid is interesting and stupid. I feel like there's a lot of interesting stupid things. The show is interesting and stupid. It is. I don't think sid can be you can be. I think it's interesting. What's interesting about it?...

Well, we've got two minutes to get our thoughts out there, and sometimes we're, you know, contrarian, other times we're not. A contrary day. Sometimes you feel like a nut and sometimes you don't. Yeah, exactly, it doesn't take much. It's a simple, simple ingredients, you know. Anyways, Well, let's keep some of that Jesse time for later. I mean no that the Jesse time was was taken out. There's like ten seconds left. But this actually did remind me though. Corey and I both went to Bonro and they named the stages this that, like there and what. So you just had all these people milling around getting so confused because they're like, it's that stage, this stage, and everybody is on all the drugs and be like, wait, so you're pointing at that one, but there's one called this. I was like, whoever did this was an evil genius because it was so funny, but too many people did get lost because of the stage name. Bad of an experience. It's not just music. Especially if you are on drugs, can be a magic experience. Never I said if you were Cory, not when you were plausible deniability always. All right, our final topics today we have lord um the metaverses and looks like people aren't really using them. Maybe some, but apparently it's pretty lonely in there. And Jesse checked one out recently. So we'll start with you. You have two minutes starting now, all right, Yeah, so I remember there was somebody talking about, oh, you know, it being very uh ah very um boring into central Land lately, and uh, I think I checked one out, or I checked the central and out specifically, just one of these like you know, quote unquote metavers is. Anyway, there's not a lot there's I mean no light backtrack. There's a lot of stuff that people have put there, um, but there aren't a lot of active users. And so when I when I went around, I saw an n F T gallery. I saw somebody build like a moving statue, like as like a windmill. Um. I saw people built like a little cafe. I saw just a bunch of different things, but there's nobody around. Um, there's like a a building that was dedicated to like people who are interested in learning about depths, learning how to deploy dows. But there's nobody and...

...and it was just super empty. So yeah, it sounds creepy, just really boring. Some some people have music playing when you go into their buildings, so that's kind of nice, depending on the music. Yeah, the music, I mean, it's like generally like electronic music, so it's it's not bad. Okay, well you got like twenty seconds later if you feel like you need them there, um d you have two minutes starring now. Yeah, yeah, I got some thoughts on this. Um So, if you are listening in your building a virtual reality world, just stop, like just stop, right. We're seeing somebody who's really good at what they do fail epically at this, and that's Mr Zuck himself. Because nobody wants that, Like everybody sees straight through the that you want to streamline advertisements into my retina, that's what you want to do, and nobody wants that. Nobody wants to be living in an ad We currently are doing that, and we all see how things are going now, will right, So just just stop, all right. I'm glad somebody pulled like Jesse said, I'm really glad. Let somebody point out no one's using this stuff. And I went into one of the worlds with Jesse one night. What we were doing some kind of experiment. We went into the Central Land and there was just my instant like observations was one, there's dick drawings everywhere. There's just dick and balls everywhere on every square inch of this virtual world that's permissionless, because that's what happens, just like caveman just start drawing little stick movies and stick dicks all over the place. So one, good luck with your advertisements there. And then too no one's in there and it looks like crap. And I'm like, man, I haven't anything that looks it's bad since like I don't know, doom or heretic like, it's bad. It's bad. You guys need to stop. You need you pack it up. Uh and and and and stop with this this virtual stuff. I don't think it's I don't think it's gonna work. I don't think there's any value in it. What we're going into the Central Land right now. You're talking ruining the format of the show here. Kind can you around just everything not I make your job harder. Real fun ever happened? Just fun to edit with? Oh god, sorry, um yeah times no, no, you had like maybe like ten seconds, so it's okay, a lot of it. The official clocks ran out.

Oh god, um all right, so maybe we can get that in somewhere man Jesse. But Corey, first, you've got two minutes on the metaverse's journey now, mm hmm, a little bit on the fence with this one one. First, I'll read the rebuttal from the Central Land based on the article that was linked around this um citral and said, lately, there's been a lot of misinformation on the number of active users into Central Land. Some websites are tracking only specific smart contract transactions but reporting them as daily active users, which is inaccurate. Let's have a look at some September's data. They say there's fifty six thousand and six seven monthly active users based on a bunch of metrics that don't add up to that much, uh at all, whatever that means. And a lot of these interactions are like sold wearables, minted emotes, um created community events, and then some interact and smart contracts. But like at the end of the day, if you're making a virtual world if no one's in it. Who gives a ship? Like what is the value of a minted and sold wearable if no one ever sees it? Or what I mean, Like people are buying these things and doing this stuff because they have some perceived idea that it's going to be worth more later on down the line, like the aret with every other n f T based project in the ecosystem, that doesn't mean that you're gaining traction and success because I mean, the day if you're building something that has fundamental utility of people gathering and doing stuff and no one's gathering and doing stuff, and who gives a ship? And even if like the big players, like he said, are feeling miserably at this because like, although we've all seen ready player one, like that doesn't seem to be a world that a lot of people actually are willing to like fold into their daily lives. Mm hmm not man, Yeah, but fifteen seconds left. Yeah, I think it's it's a start to a lot of things, but it's gonna be a while before we actually get to a point where it actually makes sense and people use it and it is a part of our dad to life. Like, I don't want to have to manage the fucking avatar of myself to get around to a virtual world to have a meeting about stand up. I want to do this for like made his way into it. It reminds me of Sims quite honestly, which I never did that either, likeables are n f s general just of it, which is your virtual looks like me. And then first of all, what I really want to say this is gonna take that Jesse time y'all's mind is that if everybody's in the virtual world, then which world is actually virtual? Not not in any of them? So I could tell you know, like I mean, you see what I'm saying, like you know, triping,...

I see, I see what you're trying to say. Mm hmm. But I just want to I'm so happy that Tim and we acknowledge it. But I'm just really happy that Jesse's decentralized self is me.

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