Hashing It Out
Hashing It Out

Episode 128 · 1 month ago

Flash Hash: 12/05/2022

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 crypto bankruptcy, virtual gaming, and blockchain in the cloud.

Even better on Youtube.

M and flash hash time. We're literally alive. Like it good? Uh? So I like when we went through and introduced ourselves. So we're gonna start at the top with Jesse, tell us a little bit about yourself. Stir Hi. My name's Jesse and I do this podcast. Oh it's very insightful. Uh to the man in the burning building below? Are you talking about this? Everything's fine, everything's fine. What's your name? Oh? My name is the A k A Black sword on and I'm glad to be back here to win the flash hash m hmm this competition now, I just made it that all right, we'll see and uh. Sliding on over to the ginger gentleman, your name please, my name is Dr Corey Petty and I got in. Were you paid to say that? Like? What does that mean? You don't know what I mean? Oh, that's that's from drawn, the drawn background he's got. Whenever you explain jokes, it makes them a lot more funny. H No, I don't used to imagine what it was like. You need to go yeah, and then and then I got in Yeah, yeah, okay, yeah yeah, I mean who remembers that you even used another quote? I don't know about that I don't know about that. I put it like and subscribe in the comments. I don't know. I don't know what the phrases use another quote slap in the bass, and I was like, what is this man talking about? And then I finally saw that movie and I was like, oh, I get it now. I don't think we have any flash hash catchphrases or lines yet, but we'll see if we can come up with them. Flash hash. I can hear myself somehow. So many put on some headphones or do something. It is you know what, it's never Jesse, that is true. I don't understand what you're doing whatever. It doesn't matter what I'm doing. No, no, no, always. Well, right now we're doing a little show called flashsh We're gonna get three topics we whach get two minutes to talk about them, and the first one of the day, we have yet another crypto lender filing for bankruptcy Block five. Some might say there's a little domino effect going on. So I's out the headphones so they don't not upset, they're not even plugged in. It's going well, Jesse, why don't you go first? You've got two minutes on yet, another crypto lender filing for bankruptcy and go all right. So Block five was bailed out by ft X and also had exposure. Uh oh no, I felt like for the first time, Yeah, wait, you were definitely what did I leave onf on pretty much the beginnings, So why don't you just start over time? It's good? What happened. What happened was f t X went bankrupt and Block five had exposure to f t X because Block five had finance problems and f...

...t X opened up a credit line of two million for Block five. So when f t X declared bankruptcy again, block five was affected. M hmm, that's it. Money dried up. Like, how do you feel about you supposed to talk about? You feel like what you're opine? Whatever he wants just two minutes. I don't have any exposure to either because I custody everything myself, so I don't. I don't. I don't feel any sort of way like I sorry for those people. That sucks. Custody that does sucks. All right, we got about a minute left to that Jessee time if somebody wants it later, but d you're two minutes starts to all right, I want to start by saying, fool me once, shame on you fool me twice. Uh, you can't fool me again. Never be fooled again. So I don't think that's how that saying goes. That's exact quote from George Bush Jr. The exact quote. That's what he said. He said it on the world stage. He said that anyways. Actually, but that's okay, he's not all that's right. That's right Bush baby Bush, we'll call him that anyway. Sorry. My point, My point is this, um, I mean, these exchanges. I'm starting to think there's a business model in it because it happens every single bull cycle. One of these exchanges is like, oh oh sorry, we're broke. We're gonna have to file for bankruptcy. And then all these things start coming out like it was an inside job. Somebody had the keys, the money was sent somewhere, and then crypto starts tracking the money and it's like such a broken record. At this point, I don't understand what to tell everyone listening to the show. Besides, you need to custody your own crypto. You need to use defy and guess what if you're not getting the prices you like and defy that you don't get that trade. At that point in time, you just don't get to swap buddy. Sorry, but would you rather hold your money? Would you rather have someone else hold the keys see your money and then lose it or lend it out and not be able to pay it back and then they can't pay you back. And then some lawyers just get a bunch of money because their trustees of a bankruptcy. That's your Money's Like, come on, how come on stopping stupid? Everybody stop being down. Um I have I'm I'm more Jessie. Where I custody mostly all of my stuff? I custody I don't custody just enough for for liquid stuff. I want to send somebody some money. I want to impress a family member with how awesome coin bases And they're like, oh, I had no crypto so easy Block five sucks and don't use centralized exchanges. Have say sex, I mean not bad advice? Really in there? All right? Dr Corey Petty staring? Now all right? Is that the new verbiage? I cust anythings? Uh? Yeah, all right? Anyway, Um yeah, this is this is old hat. Finance bros. Come in in finance on top of blockchain, Uh, do stupid finance ship and then pay the price for doing stupid finance ship, and for some reason or another people are surprised and it isn't And then because they're doing on top of crypto or just doing rare the finance because it's not leveraging crypto, it's just using it. Uh, they call it crypto and blame crypto. The only difference here is that because of the transparency and the ridiculous like a risky assets that they're trying to do this with and the greed associated with it, that they go down and there's no bailouts, and...

...we still call it crypto. So like, I think it's stupid that this keeps happening and people are surprised every time of finance people doing finance things doing getting caught because they're greedy and preventing and then committing fraud and people lose their money, despite everyone from the mountaintops screaming that everyone should be custodyng and holding their assets to themselves unless they basically need to use the centralized exchange for the purpose of moving it from FIAT to crypto, which is arguably the only thing they have to offer these days. I guess there's leverage. If you want to get extra greedy, you want to start participating in like derivatives and leveraged finance, or you want a trading desk that looks a lot like what you're used to in traditional finance, that has exposure to these assets, which is just finance, and so like, I don't know, it's all stupid and garbage. Uh, and unfortunately crypto takes a bad name for it, despite that's not the purpose of it. I just want to use a little bit of my my one minute to say that f t X really appealed to people who aren't within the crypto echo chambers. And so they used Larry David, they used Tom Brady, Gazelle Bunch and his wife Shaquille O'Neil, step Steph Curry. So there's a lot of people. So yeah, I mean, it's it's not their fault. I guess it's just they saw a famous celebrity and then they jumped on the bandwagon and the only way that they thought that they could Why is that the standard? Fucking Matt Damon told me to use something, and so I trust it. I think that that Damon should be asking people how they like apples, and that's the only really thing that you should be listening to. That's it, And that's a good financial advice from my veterinarian, like but you should take it from Tom Brady. Of course she's st bro I think that people the reason. So it's a phenomenon I learned. No, no, yeah, that one minute of extra Jesse time is up. I let everybody kind of take it. But moving cliffango for you audience, you never get to know what I was gonna say it is. They're going to be crushed. You can find out a Twitter space. First space could be coming to you. All right, next topic, we have um bringing games to the blockchain. We've got Magic the Gathering putting this paper game up on the blockchain. Some other games going. I think Corey is already interested in it. So Jesse, we're gonna start with you again. Two minutes starts now. Uh so I'll just rehash the article. So it's a mini game within blockchain brawlers, and you use four cards to essentially an able your character to perform an action. And it's turn based and that's all there is to it. It's a card game, turn based card game just like Carstone and Magic mhmm. And then the the n f T s associated with it are your characters and your actions. That's it. I don't I don't think that I have any interest in playing it since I mean it, it would would cost money to play, Like, I don't know about that. I play games not to spend. Just tide because he's clearly giving it. He's that guy that you interview on on like a like on like a local scene and he doesn't say anything. He's like, yeah, a lot of experiences with that. Unfortunately, who was it? It was? It was a guy I did see it happen, all right, I don't...

...know how how is your experience? Like I'm gonna break that two minute mold for a second and I'm gonna ask you guys, how is how has your experience been with any n f T turn based card games? Wait? Wait, wait, before we get to that, let's let everybody have their turns and then come back to the tying to break the game that we're going to do the actual part, and then we can come back to yours. You don't get to change the game. I'm in charge, and he's going to talk about it. Hopefully it's a little bit more detail. I love that I need sorry, go ahead, too many games, all right? So I feel like such an archetype. But my mom told me a long time ago. She said, you want to be involved in things that don't go away. And I was like, what do you mean, moms. She was like, you like to make stuff, toys. There's never not going to be kids. Make a toy, sell the toy. And I was like, that's very good advice. And she's like, yeah, you know, I'm good for things, and I said, thanks, mom. And people are never gonna want to not have fun, and people are always gonna love money. So I do like that. Gamers are like doing this hard push against defy. I'm sorry against n f t s and games and against crypto and games, but sorry, gamers, you're gonna lose. There's a lot of people with a lot of money that goes deep. I'm talking like cartoon ish deep all the way to China deep like, and that's not like, that's not a conspiracy theory things. It doesn't literally go to China. I'm just saying they have deep pockets, right, And people love spending money on games. I love having games around to have fun with. And the very second somebody unlocks the formula to give people to spend crypto on the games or have to have a certain type of crypto to buy a really fun game or do really fun things in the game, came over No pun intended, wasn't it up? Um? So what I have to say about this? This is really cool. It's really awesome that it's the maker or the founder of Magic. I used to play Magic the Gathering is a really fun game. Um. I've spent in my lifetime probably a couple of thousand dollars on Magic the Gathering facts. It just is that it's that fun to play, right, So when it comes down to somebody unlocks that formula, it's not gonna matter how many people are like, oh it if tase crep do, It's just gonna be fun and people are gonna spend the money to play the game. N F T S and gaming is a no brainer. Um. And as soon as somebody cracks the formulates game over all. Right, Uh, Corey, I am sure that you have plenty to say about this. Your two minutes starts now. Yeah, So I'm gonna probably I don't know, I lean on both side. Both of these these both of your opinions here um for one to answer your question, Jesse, Um, n f key games have sucked. My experience with them has been terrible. That being said, they're new, and how we understand how to use these things, the standards that build them, the interaction of crypto in general sucks, and all those things are going to get worked out eventually. I've played a couple of FT games that are actually really good because they because the game virtualized most of the assets and then when you wanted to remove them you could. So it gave you a way to leverage the value of n f t s, which is asset tracking and ownership without having to you for you to experience the like terrible quality and how you actually integrate inner inner interact with the chains themselves, and that will get better over time. And what he said and is that like people will spend money on games for the unlock and the rarity in the in the provable ownership of these types of things. I've spent countless hours...

...playing games and to get loot and then making money off that loot in like the Diapo three auction House and a myriad of other games and there's something about that dopamine hit when you get a rear item or you're playing a game against someone else and steal their ship or whatever. And card games are kind of like the most popularized version of this, between magic, the gathering, Pokemon Go U g O, all those things, right, and they adapt really well to the n f T standard so that you have real asset tracking. And I'm shifted these types of things so people can have more approvable way of trading and owning and having these things. I don't know how he's going to move it to like an actual paper game and keep that connection though. Alright, Jesse, you did have five seconds left, did you want to try and still ask a question? So Pokemon go I, I didn't know that they have n f T s for that, but don't. It's just the same concept. It's just all you're doing is doing an asset tracking on a blockchain as opposed to using a blockchain for permissions and asset tracking. Yeah, and that's it. And like digital like actual digital scarcity is supposed to relying on valve. Yeah, that's like, but but magic right, so, like I was holding up this when he was talking, So the magic cards. You can actually poort them over like they have a digital version of the actual physical that's news that'll eventually want to block tright. Yeah, yeah, it take some of that time to get ted seconds. I got plenty. There's no I haven't played a game that is like user currently or funk. We're all waiting. We're all waiting for that good game. Here's hoping one will come along. It will satisfy all of you. All right, Uh, last topic of the day, cloud computing using the blockchain to try and help fix it and see if that's actually possible. So well, I mean just the tapper in general, you can have opinions, Like we said, opinions are always welcome. Kind of the crooks of this, so Jesse, So, I know that a cosh was a project that was trying to do something similar, but I don't really know what happened to it. Does anybody know they're still operating? Okay? Yeah, so handy host do computer you can actually leverage you can have a dashboard for running a cash network. Okay. So I don't know what differentiates them from that. Um, I know there's a lot of uh decentralized data projects, so like file coin, are we've storage c g O all of them. UM, but I don't know what specifically differentiates this product from all the other ones. Again, UM, we don't have to talk about this product, but blockchain in general, I think it's a good idea. I think people have people have leftover storage on their computers that they may not use, and they're looking to monetize that. UM. You know, some people also want more control over their data, whether that means storing it through contracts that UM entitled them to storage that's available in other people's computers, or providing you know, their own computer, their own resources in terms of compute and storage to do the same thing for other people. I think that's always going to that's that's always going to be a viable business model. UM. It's just it'll be interesting how they execute on it, because it's it's already been attempted many times, but nobody has I guess, made it easy enough for normal people to contribute and kind of get that same sort of experience that cloud like centralized cloud providers provide. So all...

...right, you only had like fourteen seconds left, So that's it's impressive. Jesse record, uh d, what about you two minutes. Uh, I mean listening to and learning from our other shows we were doing on the data, decentralized data and the data layer. UM. I took this a little differently than just data. I thought it was just specifically talking about like cloud computation, like just throwing stuff in and then it's spitting computation out. And I mean, I would love for that to be decentralized, but I'm kind of too ignorant to know what exactly why. Like I read that article and it looks like four companies are running the show right now. It's the same company as we all on, Microsoft, Amazon, Google. Uh, what was the other one? Cheat real quick and IBM. I didn't expect to that. I expected a different one. But Amazon, Microsoft, like they're running the show right now, so we're at the whim of them. Uh. And just personally, as you know, even in the businesses I work with, Uh, if that cloud goes down, everybody goes home. It's a day, it's a it's a wrap. Right. So if there were a way to provide a robust to centralized cloud computation and maybe blockchains involved, maybe it's not um where it's just a little bit more live because that does happen. It happens about a ten to twelve times a year, and those days suck because everybody wants to get them get to work and go home and they can't. Right. So if there were anything that we're a little bit more robust where it happened like two times a year, uh, then it would be dope. But until then, I guess we just had to pray to the Microsoft and Amazon gods that their cloud computation is gonna help us do our jobs and get things done. So that's all I have to say about it. Not a really good opinion because I'm a little too ignorant on the technicalities of it, but it does feel like a good thing to make that more robust. So there's some d time for you. Oh no, I was not gonna leave, and everyone satisfied. Dr Corey Petty two minutes. So this is someone of an area that I was formerly an expert in UM, and there's been a lot of work throughout the years, even when I was in high school on the concept of distributed compute UM. If you look at like st at home, protein folding at home, these types of things you could run on your PlayStation, which is basically like in my when I when I'm using not using this device, my little CPU PlayStation crunches numbers and then sends back data to some centralized place so that we do sugated work over and over again. The problem with this is that the work you send out to these things can't communicate with other systems doing the work. That has to be what's known as embarrassingly parallel um. So you give us thing a task, it does the task and send it back and never communicates anything else in the process. And that's limited to a specific subset of all the computation that we do. And so when you're talking about data centers and people at home doing this type of stuff, it's for specific type of work and not all work. So it's never gonna take over all compute. But what it does do is allows people to leverage any spare cycles they may have and hopefully get paid for it for setting at home and protein folding is always just altruistic. People are doing it for free. This is an avenue that people can get paid for it. Uh. This was one of the earliest I c O s. It's called goal them. You know about them? Probably not? It didn't work so like that marketplace, and the proof of did you do the work as opposed did you pretend to do the work to get the money...

...is actually quite hard and it's akin to kind of the data availability um situation with distributed data. It's just I think even more difficult for arbitrary compute uh. And I and I'm happy that big players are trying to do this because it's a better way to potentially do it uh across the ecosystem that allows people to tak use their computers a little more better, a little more better. Put that more better. That's the scientific way of saying that you're also a former expert. I was. I mean it's been ten years, so like what I used to know is probably a little out data, But there is some general trends that I'm good at. M all right, paying for large compute time is something I'm intimately aware with. Well that's flash ash, everybody, good job splash ash. I'm talking about slashes. Yeah, I'm not gonna do that.

In-Stream Audio Search

NEW

Search across all episodes within this podcast

Episodes (133)