Alexa asks, how important is it to be running a full node as a user of Bitcoin? It is important to you as a user of Bitcoin. If you want to know if a transaction has been confirmed, if you have received the payment, if you wanted to know if you have received, there are two ways to find out. One is to go to your browser and type in blockchain info, block trail, block cipher, one of these other blockchain explorers. What that tells you is that they think that transaction has been confirmed, and you only know that if no one has hacked them, there isn't a bug in their consensus algorithm. They haven't produced misleading information, they haven't decided to directly mislead you, and there's not a man in the middle or a compromised aspect of your own computer or browser that is displaying false information. Which means that you don't really know if a transaction has been confirmed. If you then turn around and use that information to make an expensive decision, like letting the other person drive off with your car, because a block explorer says that there has been three confirmations on the Bitcoin they paid you, you are delegating the responsibility and the trust model is broken. You should not be delegating that responsibility. You should use your own nodes that you've properly configured, that has been staying within consensus, and is properly upgraded to the level of the version of software that you feel comfortable with, that's running the types of capabilities that you feel comfortable with. You should ask that node, and that node will tell you an authoritative answer based on its own evaluation of the consensus rules. Now, can most users do that? No. Certainly the ones who are running companies need to. Certainly the ones who are running wallets with a lot of money need to do that. Most users won't, and that's why most users use a lightweight wallet, but they do so at a cost to themselves, and that's the cost of certainty. Now, that doesn't mean that it's also not an issue for the rest of the network. Not only is it good for you to run a node for your own reasons, but the more people running nodes and running them in a meaningful way, meaning they actually use wallet functionality, they actually use them to check if a transaction has been confirmed, they make economic decisions based on that node. If you're simply running a node on Amazon Web Services, where it costs $15 to spin up another node, that does nothing. It's on an infrastructure you don't control. It doesn't really do anything. You're paying for some of the bandwidth, okay, maybe it's going to help some of the other nodes bootstrap, but your control over that is very limited. So it's important to run a node, especially if you have the ability to run it on your own connection, on your own hardware, in the security of your own home or office. If you can run it with a satellite feed, wow, even better. If you can reconcile what's coming from the satellite and what's coming from the internet, even better, you can increase the resilience or robustness of this. Do it for principle, but again, not many can do that. Is it more important to have decentralization among miners, nodes, or both? Why? Ask Max. So it's important to have decentralization in every aspect of Bitcoin. Every point of centralization is a point of weakness and a point of potential failure, corruption, co-option, takeover, and banishment. When we say decentralization about miners, we have to think of it in three different and very distinct ways. Maybe even four different ways. First is the manufacture of mining hardware, specifically the high-end cutting-edge 16, 14, 12 nanometer silicon fabrication of ASICS. Centralization in that can drive centralization in the next stages. Ownership of mining hardware itself, the miners who own the mining farms, if you want to call them that. Really, what we mean when we say miners is the people who own mining equipment. If few organizations own the mining equipment and control how it is being used, that is a problem. Decentralization of mining geography, even if the mining equipment is owned by lots of people, if it is housed in few locations, both in terms of housing it in the same warehouse and housing it in the same vicinity, or geography, that is a problem. Right now, a very large percentage of the actual mining equipment, while controlled by many different miners, is located primarily in two provinces in China. Geographically, that is not good. Finally, mining pools, the interfaces for most miners to mine efficiently and spread out their gains, and smooth over the probability distribution of finding blocks and reward. We need decentralization in that. On miners, we need decentralization in manufacture, ownership, geography, and pools. We also need decentralization in nodes and types of nodes, nodes that are used by individuals to run wallets, nodes that are used by intermediaries to do merchant services, and things like that, nodes that are used by merchants as end-users to run e-commerce sites, and things like that, nodes that are used by wallet companies to run wallet infrastructure, nodes that are used by exchanges. All of those need to be decentralized. We need as many of those types run in as many geographies, connected with as many different media of connection, internet, dial-up, least-aligned, microwave, satellite, and whatever else we need to use, frequency-hopping, spread spectrum. So, decentralization everywhere is the key here. We need to have as much decentralization as many places. Of course, these things will ebb and flow over time. We will see some areas become more centralized, then they become more decentralized, then they become centralized again. It is not all moving in the same direction at the same time, which is the good thing. Changes in technology, in the operational models, in profitability, in the supply chain, will affect the centralization of all of those things. For example, in mining manufacture of ASICs, the biggest change that has happened is that we finally caught up to Moore's law and were right at the front-end of that, which slows down the incremental improvements in mining capability and performance, significantly, by orders of magnitude. That then changes the dynamics of the supply chain, because now you can actually ship that, and it will not be obsolete by the time it arrives somewhere that is 1,000 km away. You can put it on a container ship, move it for two months, and it is still a useful hardware platform after two months, which changes the decentralization of ownership and geography of mining equipment. Sometimes we will have external shocks to the system. If any country starts cracking down, and when Venezuela bans, mining, or requires everybody to get a license, it is a trap. Don't get a license. They are going to find you. When Venezuela does it, that doesn't have a big impact. If China was to do that, for example, that would dramatically change the economics and make centralization of mining a disadvantage. It would actually lead to decentralization of mining, if that happened. Lukas asks, is it possible to run a lightning node a few hours a day, like a full node? Can a lightning node shut down disrupts lightning transactions? Lukas, yes, it is possible to run a lightning node only partial time of the day. If you shut down your nodes, you will need, if you have outstanding channels that are open with prior states, you will need to essentially have a third-party monitor for channel closure to make sure that one of your payment channel correspondence doesn't try to cheat you by broadcasting a prior state. One of the very interesting innovations within the lightning protocol that happened after the original paper and was a great contribution, and I think it was mostly Tatch, Draisha, and Lalu who implemented this, was the ability to essentially give a third-party the monitoring role to monitor for cheating on your lightning payment channels. The only way you can cheat in lightning is by retransmitting a prior state that has now been revoked, that had a more preferential balance on your side of the channel, so pretending that you hadn't actually spent some of that money already in the channel by transmitting a prior state. The way you protect against that in lightning is that, if you try to do that, the other person who is being cheated has the opportunity and the keys to transmit a countervailing transaction, and while you're waiting to get paid for your cheat transaction for three days, they can immediately take the money, not just the money that you owe them, the money that you owe them, and the entire balance of the channel essentially a scorched earth policy where you are punished by losing everything if you try to cheat. But to do that, they have to be online to catch you cheating within that period of time that you're time-locked and waiting for confirmation. If you're running a lightning node part-time, you're going to need to transmit those revocation states to a third party that's running full-time, so that if they see someone trying to do that, they broadcast the punishment transaction, which immediately wipes the channel and saves you from being cheated and punishes the transgressor. The best part of it is the innovation that allowed, not only for you to do that with a third party, but to do it in such a way that the third party doesn't know what channels you have open or how much money you have in those channels. They only know if they see a cheat, they don't know until they see a cheat. So that's very cool. So you can run a lightning node part-time. It's part of the design, and that's what the ability to have a third party do the enforcement is designed for. Anonymous asks, how can a non-developers get involved with lightning? Well, if you have experience in user interface design, then you can definitely get involved in lightning. If you don't, then what you can do is download some of the existing lightning wallets and start using them, seeing where they work and don't work. Today you'd have to use them on test nets, but that's okay for testing. Help with the testing and give feedback to the developers. Ultimately, a lightning network wallet is simply a wallet. It should look like a bitcoin wallet. It should not be necessary for you to know whether the payment you just made was with Segwit, or without, with lightning, or without, on the base blockchain or on lightning, to a bitcoin address or a lightning public key. It should not matter. You should basically scan a QR code, say pay, and it will tell you how long that's going to take and what fees it's going to cost. You may notice that some of your transactions are much cheaper to execute and much faster to execute. Those are the lightning transactions. Some of your transactions are slower and a bit more expensive. Those are your Segwit transactions. Some are very expensive and slow. Those are your base bitcoin transactions on the most congested blockchain. That's the only indication you should get. Your wallet should not really tell you about how many channels you have open, who those channels are to, unless you go into some advanced setting. All of that should be invisible to the end user. It should be usable just like a bitcoin wallet is used today. Not all the lightning wallets are like that. Most of them are designed by engineers, and at the moment they're showing a lot of the background detail, and they're not very user-friendly. So check out Eclair, check out Zap, and have a look at some of these wallets as they come out, and help with the testing. Give feedback to the developers. I think that can be enormously helpful if you're a graphic designer or a user-based designer, even more so. Page asks, the white paper emphasizes the need for honest nodes to control the majority of CPU power. Is there a way for me as a non-technical person to help secure the network? Page? No, there isn't. At the moment, that aspect, which is the mining function, which requires you to have significant processing capabilities, is managed entirely by not CPU, but specialized ASIC chips, which are difficult to source. At the current level of competition, this is a viciously competitive game, which requires enormous investment. You can dip a toe into this pool if you have, say, $50 million to spare.  The average person, the non-technical person, cannot help secure the network through that function of controlling CPU, but they can help secure the network. By running a node at home, using it to validate transactions and to see if they've been paid, for example, maybe connecting a satellite dish, certainly running a node, choosing which software they run, and also choosing very carefully what types of wallets they use, what types of exchanges they use, and use ones that align with their own principles. That's very powerful. You can get a lot done just through your choices as a consumer and by running a node at home. It's also a good learning experience.


Hello, my name is Nicolas Krus and I will be the voice behind this video abstract of the paper, Online Optimal Experimental Redesign in Robotic Parallel Fatpatch Cultivation Facilities. Liquid handling stations or experimental facilities can now perform a large amount of very complex experiments including fatpatch cultivations and chemostats. So the question is now, which are the experiments that we have to carry out in order to generate the highest amount of information to achieve a fast and cheap characterization of our strains, which is so important for high throughput bioprocess development. What we do is we try to use the information that we have in microkinetic growth models to have tractable mechanistic models, which are constantly fitted to the data generated by the robot through a recursive parameter estimation process. And we use this model to design the next steps of our experiment using methods for optimal experimental redesign. Because of the number of variables that the optimization program has to handle, we use a moving horizon approach for the design of the experiment and this is why we call this sliding window optimal experiment and redesign and the acronym is SWORD. As a case study, we had fatpatch cultivations in eight parallel mini bioreactors with four different design strategies. Our strain was Esquerichia coli wild type W3110 and the experiment was six hours long. By this we end up with a dynamic optimization problem with 288 decision variables and the model that we were using was an ordinary differential equation system with six state variables. We had all together 25 parameters to fit since each reactor has a different KLA and it's also process dependent. Since we know that at least at the beginning of the experiment we won't have enough data to fit all the parameters of our model, we need to regularize our parameter estimation problem and we do this by using the subset selection method that has been published by the Analopes and Tinmal parts and through this we assure that we have in every step a well conditioned optimization problem. Since the parameter estimation has been computed we use this model that is now closer to the real system to redesign the next steps of our experiment. By this we are using the data as it is being generated through the experiment to adapt our strategy and get closer to the optimal experiment. As a result we have a computer based framework that is not only finding the most informative experiments in parallel dynamic systems but it's also learning from the data that is being generated and adapting itself to the system. Here we can see the monitoring station and without going much into details we see how the model the straight lines don't fit the data, we do a parameter estimation, the prediction is better and based on these better predictions the next steps are selected. We were also able to show that as it would be expected compared to the design that would have been carried out with the initial parameter estimates which we know are wrong, the variance of our parameters is much lower due to this constant redesigning during the experiment. In other words, since we were adapting our experiment using the measurements as they were being generated, we ended up with a data set that had a higher information content and allowed a more accurate identification of the important dynamic characteristics of our strain. Finally I would like to thank all the persons, institutions and companies that allowed this project to be carried out and of course you for watching this video and hopefully reading the paper and maybe contacting us with interesting questions and ideas. Thank you very much.


How has being a power athlete helped my Navy career stay in shape as a Navy officer? This is Jim Reinhardt, and this is my Navy sea story. My dad served 21 years in the Navy. He joined right after high school, and I've just been submerged into the Navy life ever since I was born. I was born while he was stationed at NAS Lamor in Fresno. He was at AO, retired as a first class. I don't know, just seeing him in uniform and all the other kids in school, he would pick me up from school. He was just seen as like the cool, like hero, like G.I. Joe type. And I was like, wow, that's so cool. That's the coolest dad ever. So I was like, I want to wear that uniform too, because I want to be cool just like him. I had my son when I was active duty in the Navy. It was my last year of active military service. And it wasn't too difficult at that time balancing, because I had my child in daycare through the CDC.  I knew about rugby in high school, because I always see people in the community like play in the park, you know, I could pick up rugby games. And I didn't know like where I should look or anything until my senior year of college, they started up a rugby team called the Seahawks. So I was like, I don't really have much. It's my last semester, and I'm already, I already front-listed all my classes.  I should pick up rugby. It looks like fun. And I would like to take out some aggression, you know, and just be able to tackle people. That'd be awesome. It wasn't until like a year and a half after I joined the Navy that I was like, hmm, let me see if I can find when I got stationed in Augusta, Georgia. It's like, hmm, let me see if they have a Roman's rugby team. Because that'll be fun to get back into. Just for, you know, just for fitness, for fun, and the camaraderie of being a part of a rugby game. I was like, oh, I found, I was Googling. I was like, oh, I found it. The Augusta Furries. That's so cool. We made it to the top three on the Eastern Conference Championships. One of the USA Rugby Coaches was there. One of the assistant coaches, Martha Vaines, she was there. And she was only there to scout the other team members that we were playing against. She was so blown away between myself and my other teammates. A week later, she's like, we're having a camp in Virginia and we want you to be there. You know, we're expecting to see such great performance out of you all, both of all of you. And we would like to see how you can perform at the elite level. So starting and getting onto the Eagles radar. So between camps, many camps that we had there and the full-time training there, you know, the pool kept just getting smaller and smaller until the final, I guess, two months, three months prior. So when, you know, I sat down with Pete Steinberg giving me feedback on my, you know, my progress. He says I've done a lot and he would love to see me on the pitch at the World Cup. What it felt like to me being in Ireland and like, like the biggest moment, like, that I felt, I would say as soon as we touched down in Ireland and we got off the plane, we were walking through, you know, the airport and seeing the, I guess, the monumental display of women's rugby World Cup 2017. And I was like, really? I'm here? This is it? I'm in Ireland? This is so crazy. And then, like, being selected and being rostered to play against Spain and then lining up and singing the National Anthem with my teammates, it was just a surreal moment I couldn't believe it. I started playing rugby for fun and just the outlet for me. But now, like, this is serious. Coach! The Americans arrived in Dublin wanting to make rugby compete. All the time, all the time.  Greg is taking the midfield from Colton and now America play on. You don't stop and watch. You've got to carry on to the referee product. This status gets it out. Here come America! Just being there and being able to switch out. Like, I just felt like, you know, I was just changing the forms, you know. Being a Navy officer, being an equal. I guess the one thing that, or I have a few things that stand out to me is in my military service. But the one thing that really sticks out to me is meeting, you know, a lot of great people in my life. And a lot of it was because of the military service. So, you know, it's just like, you know, there's a lot of great people in my life and a lot of it was because of the military.  Because there's just how close we became. Just meeting them with their own deployment. Even people who I was stationed with. It's just that camaraderie and just, I don't know, it's very personal to me. Because I never felt like that. Anything else in my life, as far as like going to school or community activities, I feel like the Navy has brought in my family. You know, we're not being related though, but we're pretty close like we are. And I would say, you know, my experiences like deploying and meeting all those people, people I worked with, people who worked for me, it's just I would not trade that experience because I miss a pretty great people.


Welcome back to the channel. Today we are looking at 2020 and the color settings that it does provide for us both the background and the text colors that you can see. This is implemented throughout the theme as you see it and even as you go to view the different works of the pages you will see that this color theme actually goes throughout the whole site. How can we do this for our own sites as a brand? So today I'm going to be just going to do a couple of things in Gutenberg. I think it was a project that is fairly done well for designers and what do I mean? As a developer I've come across a number of businesses that do have a particular brand guide. For example you have to stick to a particular font or colors in order to suit the logo design, the stationery they do have and that is also well complimented by having a website that actually stands out with those particular colors. So today I want to show you how you can make your color palette available in Gutenberg. So the first thing that I'm going to do is that in here we have 2020 which is our current theme. So our 2019 theme setup already has a function for us that we're going to use so it already checks if the function exists and then it throws it into this hook which is after theme setup. So what I'm going to do is actually just work from this function and then we're going to add our color palette. So what we need to actually add is that we want to add a theme, add theme support and that's the function of WordPress that we want to tap into. Inside this theme support it accepts two arguments that are a starter. So one we want to tap the editor color palette and let's come to seem to have an error here because we have a comma there and if I save this and come back here and then reload this page when we come to our different blocks and just click you see now we have one blue color that is actually locked up so we can change either have a background which is blue and we have this here how we can decide to have the text color as blue for all our content so that's how you change the color palette. So we're going to just complete this and add all the other colors so add one and we'll call this we'll have this called darker blue then we'll have dark blue and dark blue is just a two zero zero two nine F.A. and then we'll just have another color this time it will be a purple and the purple is an eight D zero seven F six and we'll call this purple we can decide call it either a royal purple or a light purple whatever it is that makes and from our brand guides that we are following so from purple we also have a yellow and the yellow is a quadruple F zero five and then finally we have a gray in there to complete the palette so call this gray I'll just complete our slag properly by adding it in lower case and adding a dash to the end of it so when we save this come back here and reload and when we click on any of the blocks will actually come and see that we have our color palette here that's the same I didn't change the light gray so I left it like that so we have a default D eight five eight five F five there so if I reload this one more time and go to any of the blocks go to the color settings you'll see that we have now an array of of things working with our blocks so of course we have our color picker here shouting at us and we can see that we can actually have this in our different blocks and we can style them in any way that we want color palette we can give this yellow background dark blue and we are working within our color scheme so we can be able to have design work very well inside of gluten bag itself by just changing the color palette so if you like the video please give it a thumbs up try this out let me know in the comments how you found it and how you adjusting to gluten bag as the editor and how it's helping you reach your design goals for your website or like this video or subscribe to the channel make sure you hit that notification bell so that you don't miss any new videos that do come out thank you for watching and happy coding


Great. Well, I'm gonna do the last set news. My name is Rob and We got a lot of stuff to go over. Let's just be honest So if you're here, thanks for stopping by for the live stream Obviously, I think you're probably here because of what exactly is going on with the bill So we're gonna go over all that as far as Senator Lummis rhymes with hummus And what is actually going on with this legislation bill and I will just tell you right now to be up front Don't get all worked up over it because There's a reason to not be excited So first of all, we'll take a little market recap Then we'll talk about the actual bill and the guts of it and talk about what the good and the positive is especially For all coins, and that's what everybody's really concerned about They're gonna talk about how we got here, and then we're gonna go over the nuts and bolts And they'll do a little Q&A at the very end So let's jump into it because time is precious. So first of all first of all, let me ask you this How is the audio? How is the? The the stream any kind of glitchiness because I'm using a new router. I want to make sure that we're doing okay so let me know about that in the comment section as I roll through this quickly and I'll take a look at Today so today's a good day. I mean good day for legislation Not really good for the market itself and if you've been following the channel, you know, that's I am a little I have a little caution Going on right now, especially leading into the CPI numbers coming out on Friday and the Federal Reserve and their meeting on the 14th to 15th of June So I have paused my DCA buying String because I think that there's a reason there's a reason for these little dips and right now I mean it is what it is. We're down almost 5% Mark cap is 1.2 a trillion bitcoins down a theorem's down. Let's see. What's up? Ah Cardano's up. That's good and what XRP 0.9 percent watch out and Everything 6.2 for chain link great. Good job chain link holders. That's me myself. Tezos. I am one of those holders I still have tears. I don't know why but that's what's going on. So That's not the greatest news, but I kind of felt like we would go in this pattern there's a couple reasons for why it actually dropped down, but We like to talk about this channel's correlation and I've always said that hey the market traditional market is correlated to crypto and Today is proving me Otherwise and we are not correlated but not in the way. We would like S&P 500 is up now is that because also up That's a bummer, but we've had some bad news a string of bad news, especially with the SEC and what they're doing We'll get in that a second also like I said the CPI numbers are coming out and on Friday and personally between us I Don't see how these numbers are going to improve whatsoever. This is directly from the Bureau of Labor Statistics And we take a look at the last one I mean we were at 8.2 8.3 percent increase and you can just see right here energy is the biggest one Energy is the biggest factor right now for those CPI numbers and everybody's feeling the crunch I've get I get texts from friends all the time across the country saying hey Do you see the gas price in the gas prices? This is a great website It's called gas prices that triple a and of course you're in America. You know, this will be something good for you National average for gas price is almost five bucks. That's just the average. That's just the average if we scroll down here and take a look Year ago today it was three bucks and now it's five bucks and that's national I want to drill down into one states in particular, California The current average is $6.37. That's the average. It's higher and it's lower. So when these numbers come out I just do not see How we could actually be going in a positive direction or in a positive way But that is just me. So that's what we have for the markets. We'll see how it all works out Maybe I'm wrong. I hope I'm wrong and things go up and I'll you know consider to continue the DCA But we will see so let's get into it Here's the bill This is the senator Lumis Lumis bill and it's pretty It's not too long. It's only 69 pages and so and we'll we'll go over it in a second But the reason why I say don't get too worked up. It's because of this This is a good article from Yahoo Finance and it really breaks it down But this is the big thing I want everybody to be a hundred percent aware of The two senators are rolling it out Lumis and Gilda Brand It's one large bill it likely will get broken up and introduced as standalone bills Offering a better chance of getting sections through committee for passage. So what does that mean? That means that the things that we're gonna talk about it's all academic and it's great We can talk about and say well, this could happen. This could happen, but in all honesty It's a step in the right direction. It looks very good Even altcoins I think we'll go over that But don't expect too much too soon because the wheels of justice move slow and The House of Congress moves even slower. So to say all that you might think well, that's a bummer Rob, but look even Charles Hoskinson here from Cardano is very hopeful about this This legislation he said so in a nice little video around 13 minutes or so I linked that in the description you can see exactly what he says and he I Echoed the same sentiment. It's a step in the right direction. Things look good. It's much better than what it was. I think things Not all things will get passed, but if we just get a fraction of them I think it's where we should go and then also I linked this tweet in the description as well if you have I like how she says this. This is Senator Lumis So thank you for your patience finally gonna be able to get this out the door Getting this right will be hard but worth it and I think she's 100% correct So give me some constructive feedback. I like I just says Constructive feedback not feedback because let's be honest In crypto Twitter is a bunch of trolls. I love you trolls, but you got a lot of them So when you're doing these things and we talk about this give a little feedback of what might actually help So we have that but the thing that I will Talk about before we get into the the meat and potatoes of this whole Bill which I'm sure everybody on YouTube is talking about today. I'm sure it How do we get here? I think that's the bigger question. Well, why is this coming about now? Why now? Why is this happening? It's because of money That's why it's just that's how it goes. I'm sorry to tell you This is how the world works and Right now crypto lobbyists. This is an article from Bloomberg our outpacing big pharma and A bunch of other industries that usually we're throwing a ton of money at senators and congressmen and women and Now we have a very vocal a very well organized and a very well funded Crypto lobbying group and they are Says right here 3200 percent of surge in US giving and I always wondered I'm like now this is this between us This mean thousand people or so When I was always surprised when Ted Cruz from Texas came out and he was so Like rah-rah Bitcoin. I was like, this is great Then I realized I'm like wait. How many Bitcoin miners move to Texas after Russia. I mean, sorry Well, Russia and China a big boatload. How much money is? Maybe being donated to his campaign probably a boatload and not honesty. I Don't know if that's the step in the right direction, but it is what it is and that's the reality of the situation also a Little bit of Blowback from the SEC is warranted because they're not too happy about this bill and what they do well They want to investigate Binance. This was after a Reuters expose a sounds very Risk a but this is what happened yesterday SEC is investigating whether Binance Holdings broke securities laws when it launches Binance token and an ICO five years ago I think there's a lot of other scams and problems that they could invest to get into but hey start at start your way at the top I guess ICO took place in 2017 and this was the whole I guess The impetus of what led to this on May 6th, which was yesterday Reuters published a lengthy special report alleging that Binance process at least Almost two and a half billion of transactions from hacks investment frauds and narcotic sales between 2017 and 2021 and had a weak KYC and AML protections for those years Where is mentions the hacking of Eaterbase? I guess that's maybe it's etherbase Maybe it's Eaterbase. I'm not sure with some of the proceeds being laundered through Binance by North Korea Lazarus and Binance's association with Russia Russian language drug Mart Hydra drug Mart, okay But I spoke Spurston said this is woefully misinformed the uses outdated information point 19 But keep in mind the USC FTC the commodity futures Trading Commission did an investigation on the exchange is trading practices last year And also in the UK Binance was ordered by the financial conductor theory to cease activities in the country after review of its operations last year So I mean look it is what it is and whether where there is smoke There's fire and that is up for Binance to handle, but I can just tell you right now The way this law is written. I don't think the SEC is too happy and we'll talk about that right now So what I want to do is I want to bring in friend of the show DJ crypto from by the dips sell the tip and He's gonna help us decipher exactly what the heck is going on with this bill because there's a lot of things and He's done a little bit of a deep dive. So two heads are better than one So let me bring that gentleman on did your crypto. Yo, yo, yo Thanks for hello Yes, thanks for coming on. So You want to get into this? Absolutely, let's get into the guts of it. So Here's the bill and I'm gonna reference this and go back and forth. I read most of it But it's kind of dry. Let's go over the the cliff note. Shall we because people want to live their life So here's what we got right here To senators let us and build a brand and veiled the proposal. So the first things first In the bill crypto exchanges and product offerings will have to disclose risk of losses How assets are treated in the event of bankruptcy while consumers are guaranteed the right to Keep and control digital assets. They own first of all DJ Step in the right direction or do you think this is an oversight and they are doing will it too much? I like this part I think this a Lot of things probably have some influence with the recent Luna debacle. Oh, yeah, but I think what they're trying to do Is what they're set out to do a protection, you know, this is their form of a protective statement Yeah Disclosing things that's what we want in crypto. That's what the blockchain is good for is being able to see things. So anything that's transparent I think is a step in the right direction and disclosing the risk of loss Yeah, maybe that's good for the new investors and gets new people in there I don't think people who have been in crypto for years care about it, but new ones probably need it Yeah, you know what I was just I was just about to pop off and say something that was Not correct, but maybe think about it I was talking to friend of the show Jerry Hall and I was complaining about the SEC I'm like, why can't they get their thing together everything together and actually start enforcing these and Jerry's like Rob? It's not the edge. That's not the job for for the SEC to write laws They can enforce but they can't write anything they can, you know Go before Congress and give their input and things like that. So like what you just said You know talking about You know, this is you know enforcement and this is trying to protect people the SEC can talk about it and give their Their inputs, but they can't write anything and this is where the rubber meets the road So it does make a lot of sense. I know people are pretty ticked off at Gary Gensler, and I know he watched the show Gary Thanks for stopping by but in all honesty, it's their job to really You know not write the laws just enforce the laws or whatever they're at. So makes sense. What do you think? I think overall I'm I'm looking at this big picture of will this lead to mass adoption Yes, is this what it takes or is this the step needed for mass adoption to happen? Because that's what we all want is for You know many more investors to come into the space. Does it make it easier? Does it make it safer? Does it make it more trustworthy? And I think of that section is Part of that goal Yeah, to make it trust trustworthy because I mean look if you're here right now watching you're a Front-runner and all the people that you got in it's gonna take them in some time to catch up anyhow But let's go on the next part the bill creates regulatory clarity for agencies charged with supervising digital asset markets Bides a strong tailored regulatory framework for stable coins and integrates digital assets into our existing tax laws That was what Senator Lamas said and here's how they're gonna do that first They got to say and this is what I've always thought about give us a definition Tell us what a commodity is tell us what a security is tell us what a currency is and give those to each different divisions CFTC for commodities securities for the SEC and currency for the OCC. That's great. Let's do that. So this bill It's a clear distinction between digital assets that are securities and those that are commodities by looking at how the asset Is used and the big thing is utility I from what I what I can gather it's Is this are you resting on the laurels of the other company to create? Revenue for you and do nothing or you using this as like a utility type of thing. That's that's how I see it How do you how do you read the bill DJ same thing or just a little bit different on this one? It's it's the key thing that sticks out to me as currencies is not mentioned. Yeah, it's either securities or a commodity and so Essentially in my mind, I'm watchful of any hope of currency being the future of Crypto currency. Yeah seems to be out of the door through this type of legislation So it's going to be kind of put the side of something like a gold or something like that And maybe that's fine, but it's just something to watch out for It's going to be taxed differently It's going to be traded differently So there's just different rules different oversight like you just mentioned because it's not going to be a currency. Yeah So on top of that Under legislation most cryptos are deep. This is great under legislation most cryptos are deemed commodities Let me say that again under the legislation most cryptos are deemed commodities and gives the CFTC clear authority over digital Asset spot markets knowing that digital assets that meet the definition of commodity And I does say here including Bitcoin ether will be regulated by the CFTC smaller tokens like Cardano and Solana would be considered ancillary assets and Presumed to be a commodity unless they use those tokens met exclusions that would kick them over to the SEC's purview as securities and this is the big question everybody's asking well If it states it like that, you know, what's the definition? between commodities and securities so DJ did you before we get into the actual and jump back into the laws anything to add on this one? I Tend to watch people more than I watch tech for example And so when I see this it's like a backhanded compliment to things like Cardano and Solana These little ones. I mean they're enormous in size to compare to corporations, but When you think of these little ones, where is that bar of how small is too small to be? You know in the other category If it's so small does that mean anything not Bitcoin? That's what I believe they're trying to do or is it Bitcoin and Ethereum are protected? So when they start talking about the small ones that Parks me up a little bit of who are they trying to protect and who are they trying to set aside? Because it wasn't always Bitcoin at this highest level, but now that it is, you know a trillion-dollar business or entity or whatever you want to call it You know is that now the size that okay now they're big enough Yeah, I just the wording is weird to me Well, it's remember it is it is it is an op-ed piece So the real wording really comes out of this piece right here. So ancillary asset, and this is what we went around about So the ancillary asset means an intangible fungible asset that is offered sold Otherwise provided to a person in connection with the purchase and sale of a security Through an arrangement or scheme that constitutes an investment contract That's I think that's a bit of big word the investment contract as that term is used in section blah blah blah 19 active 19 the securities act of 1933 and this is what they're saying. This is a security the term ancillary asset does not include an asset That provides the hold of the asset with any of the following rights and a business entity and this is the thing a Debt or equity interest in that entity So think about your crypto right now, whatever your big thing is if that's Bitcoin, Ethereum Tron, I don't know chain link Solana Cardano like they just mentioned Avalanche blah blah blah blah blah right by you owning that crypto Does that give you an an equity interest or a debt in that entity does it give you liquidation rights? With respect then can you liquidate? Can you do whatever you want with it? essentially an entitlement to an interest or dividend payment from an entity a Profit or revenue share in that entity derived solely from the entrepreneurial entrepreneurial or Managerial efforts of others or any other financial interest so it's tough. It's it's tough to look at that and go. Okay. Well You know, they're talking about I mean if you really think about it I mean even some some could argue. Well, there's a part of that that could be Bitcoin, but in all honesty This to me sounds like if you think of it like a company like we talked about DJ like as a company stocks give you those rights to do those things but if you own a piece of Cardano Solana Voyager, does that give you the right to do anything you want with a company? That's that's the big question What do you see here? Yeah, I don't know if this is like what we what we perceive to be true that there's a lack of Understanding in Washington about crypto and digital assets and that's why it comes out as this way Yeah, but there is a common misconception that having tokens of a company or of an organization Works as like a stock and it does not You know, maybe some of the governance aspects to it, you know, maybe come tricky. I saw some verbiage about dowels and things like that Yeah It just doesn't work that way and it it's almost to me. It makes me wonder if they just don't understand How a token or a coin would work? If Ethereum is ruled a certain way, how does that affect everything that's built on it all the ERC 20 tokens for example? Are they a part of that? And fall under that umbrella So before we go on here's the here's that that would be the question for everybody here Well for us Let's let's play devil's advocate. Let's say they come down and say, okay, everything's a suit. Everything's a security Bitcoin's not a security. It's commodity. Okay, but everything else is so now Everything's built on Ethereum and Ethereum down, which is like thousands of different projects. They're all a security What is that? What happens then is it like well, then then the whole world collapses. No, it doesn't So you guys probably buy a security every single day The if you own Robin Hood you do those are called equities those are called stocks Didn't seem to bother them too much and this is this is why like I take a look at these different different platforms Like an FTX like a Voyager who are saying hey We want to actually offer securities on our platform. That's what FTX is doing right now They've rolled it out to a select few American customers and they're able to buy stocks on the FTX crypto platform Voyager is also doing the same thing trying to roll it off later so Would that mean the end of crypto as we know it DJ or that's not a bad thing? I Definitely don't think it's the end. I think it just I think it gives a nuisance or an irritant to the exchanges who yes To qualify in a certain way to be able to sell and offer these products But I think there are some like who you're talking about Voyager and FTX specifically who have done the front work probably expecting this to come and Set up in case they in case we get a ruling that we don't like in the crypto community They seem to be well positioned for that and it will probably front-run those irritants of having to set it all up whether it's legal work or fees or whatever it may be Get it out of the way burn the bridges and then you move on with clarity, which that's what they all want is clarity That's what I mean. Look, this is not a popular opinion, but I have said it on the show for quite some time I think we do need a little clarity so people can get in here Because the big see we love the institutions when they buy up crypto don't we we love them But then we despise them when they sell off But you got to hit the go with the bad and the only way that they're gonna come in here en masse There's a little regulation and safeguards. That's just that's just the truth. So Speak of seems to be the only thing that combines everyone's efforts whether it's a Bitcoin maximalist whether it's a leader of an exchange whether it's an investor into altcoins all of Pretty much get behind the idea. Just give us clarity so we can know what we're doing. Yeah. Yeah, it's just speculation I always say like this tell me the rules so I can bend the rules. That's all I want to know All right, so then so then we have that but now we go into like okay So it's a little bit up in the air But here is the transition rule and this is where we're gonna go from like, okay Well, let's just say that you are a security. Here's what happens Ah Transition rule this is on page 14 an issuer that does provide a security through arrangement or scheme that constitutes an investment contract again Security's act 93 That provides the holder of the security with an ancillary asset before January 1st 2023 again They come in and say look you're a security by it's going your security They shall be subject to the and it's not like they're gonna punish the buyers of these securities They're gonna punish the people that come in and go this how we're gonna do it They're gonna be subject to the periodic disclosure requirements under subsection C beginning in the first fiscal year of the issuer that begins on or after that date blah blah blah blah So really what it comes down to is this oh you you issue security first. They're probably gonna find them Which the same thing happened with with EOS EOS raised like five I know it was over five billion dollars and they got reprimanded by like with like a hundred million dollar Slap on the wrist, which if I'm gonna make five billion dollars go ahead take my hundred million. I'm okay with that I'm all right But I think this is where we where people lose sight a little bit of and go well the end is near and the sky is falling DJ What do you think? Yeah, I mean it's probably gonna be something we don't like or the exchanges don't like yeah Oh, yeah, it's like the pay-to-play if you want to be in the game and be permitted to operate here's Here's your entry fee so to speak because the powers that be are going to be the powers that be There is no overhaul yet This is just an entry point and and and until that overhaul comes which is probably 10 years down the road This is just a step in the direction and it's just part of it We all have that throughout our lives of like that's what you got to do to get what you want and you don't like it But do it anyway. That's what it feels like. It's that's exactly what it is I mean, look nobody wants nobody really wants regulation I mean like really like just like oh, I can't wait for regulation, but I think it's one of those necessary evils to say and then DJ going back to the the one point you made which was pretty pretty good You said that the people that are voting on these bills like they don't really know what it is and there was let me I've got a great I played this a couple of times, but just listen to this This is sam bakeman freed CEO of ftx and he was sitting before congress just trying to really educate and they were talking down to him like he was like a kid and This is what he said. Check this out But I I actually found something a little bit offensive that was said I'm gonna be pretty blunt That most of the traders on our platform know a lot more about these contracts Than many of the people in this room including many of the people in this room Who are condescendingly talking to them about what they do and don't know and shouldn't shouldn't be offered Anyway, I just had to get off that off my chest a little bit and I think it's to some points about consumer choice here I'm not saying that should be a sort of like Be all and end all but I think there is something to be said for it And I I think that that there is some irony in in in you know, some of the statements made by People attempting to protect those who know massively more than they do About the topic and who understand these products extremely well Most of our users do He had enough and but he's right I mean, how many I mean look age is not a An indicating factor of intelligence, right? But I know like the average age of like a senator is I want to say it's between 68 and 71 years old So to get them to know it DJ How do these guys how do they get that knowledge base to kind of you know Bring them to the right conclusion for these bills It's all interns. It's not them. Yeah, it's reading documents and say what what do my constituents want to hear What's going to get me some tv time? I mean, how does a senator from wyome and get tv time? Pro bit going So although they may be passionately behind it and may warm up to it and they may like the idea At the end of the day. We're still dealing with politicians. It didn't change overnight Uh, just because it's a topic that we like to talk about it's it's hard to trust any of them and uh There's this when we go the next section before I go into that I was just thinking about how you know, it's all about utility and of course the contract between two people and the revenue shared You know Ethereum, maybe they're the mad geniuses out there because what does everybody complain about with ethereum? gas fees Yeah, and is that the utility? Is that the utility of ethereum? Just say hey, it's it's not like the numbers go up You need get you need ethereum to pay those gas fees. So there is utility. So we are not a A security maybe maybe they're playing like three and four d chess against us. I don't know So I mean it makes makes sense You know, I've seen a lot of comments about the layer of ones being attacked by this bill Mm-hmm. It seems like everybody's worried about it, but I haven't seen vitalic Comment about it yet Of course, you had you know, Hoskinson made his comments about it and we're seeing some kind of trickle out there But I haven't seen I'd be interested to see once he tweets about it and makes comments He's he's usually pretty well thought out In his responses, but we haven't heard from him yet either Yeah, yeah, we'll see because he's of that and how he sees his project moving forward with it Yeah, exactly and as a reminder everybody the video with Charles Hoskinson is linked in the description. You can see what his thoughts are but then to finish this up if we're going to talk about The education process of the senators and congressmen and women They're in this bill again as parts of it go through there's going to be some Some metrics and some stepping stones One of this is not later than two or seven days after the date of enactment of this act The commission shall adopt final guidance permitting for the purpose of section blah blah A broker or a dealer to perform within the same legal entity both trading and custodial activities Relating to fully paid and excess margin digital assets including virtual currencies and digital assets There are securities and others permitted by the commission to be within the control of a broker or dealer So that kind of clears up, you know, what is as far as like the broker and the dealer But then there was this piece down here 2021 Whoops Oh, sorry page 64. Let me go all the way down I don't think everybody wants me to read the whole thing But as far as like getting things to like people to actually get their job done It comes down to this No later than one year after date of enactment the secretary of the treasury in consultation with the cftc sec and private sector developers Participants in decentralized protocol digital assets and digital assets exchange shall analyze the market submit to the committee on banking housing and urban affairs and the committee on agriculture nutrition and forestry Uh a report on the current developments of the use of d-fi Opportunities benefits and challenge related to d-fi protocols a comparison of operational friction fees transparency cyber security and resiliency Ensuring the accuracy of information regarding the underlying smart contracts of a d-fi protocol So really what it comes out is this If this goes into play You guys are going to have to do your homework which dj you said it perfectly. It's not going to be them It's going to be the pages and the people that are you know helping them out But there's going to be a massive i think education undertaking and it's either they're going to do it now or do it later What do you think? Yeah, I think it just gets started. I think it's just a small ball ball rolling down the hill Just to get momentum the positive is We need the clarity to move forward You need security and clarity for the mass adoption to happen. It's got to be made easy. You got to be made simple accessible Um, the the only other things that I think are left out of the discussion so far is The taxes because when congress makes a bill it's going to be for them to get money Yeah, uh, and so looking to see where is the money coming from out of this that they want Uh, that's going to be their reason to give this time and attention Um, I think some of that may change from what it is now, you know, if we get this into a commodity I believe that to be beneficial for taxes here in the united states Um, as opposed to a security You know, do we get to keep things like the wash trading in place? Yeah, because that seems to be a non-issue anymore as far as congress talking about it And then xrp, that's the big one who's been fighting this battle for so long year and a half two years Whatever it is How does this impact that token and what are they saying about it who've been fighting that battle? I will tell you if if if you love or hate xrp or ripple you should be rooting for them big time Especially right now because if they come out and they say it is not a security Then and they can prove that it is the utility which I think it is the utility works out pretty well If you're doing you're doing going to do cross-border payments and uh on demand or odl on demand liquidity I mean that would be a slam dunk for a lot of other cryptos to go. No, no, no We're not securities We're just commodities and then of course the different exchange is going to say we'll list them and there's no no more problems That's that's how I see anyhow. What do you think? Yeah, I think it kind of rallies behind You know the alt coin community if there's a difference in bitcoin only and alt coins I know there's a lot of hybrids as most of us are but If there's an alt coin thing to cheer for right now If you don't want it to be a security you would be for that xrp case And does this legislation affect that somehow Do they just get a big fine because previously they operated as one but now they're not You know, how does this actually impact that case and that ruling? And they are they just the example going forward and okay, they paid the price for everybody else We need to thank them if they did. Yeah, and I think that goes back to that one section where it says Uh, by I think it was january 2023 If you are deemed a security then you have to go and you have to put all your paperwork in and there's there's exclusions And there's going to be oversight and blah blah blah, which that makes sense I mean like if you because they never gave anybody clear clarity, let's be honest And well gary did Gary, you know, you did but only behind closed doors So nobody nobody ever know like hey come on in and talk to us like coinbase did and they did their you know They did they were good boys and girls and when they're talked to mr. Gensler and others said thanks suckers And uh, we're going to stop you from that that urn program, especially united states. So yeah, that's not the way to play it It's like, you know the movie brave heart. Yeah. Oh, yeah That's like the scene in brave heart.  That's actually that's actually a perfect way to look at it Oh, and then also let's to finish up this this section. I think there's gonna be some positives here um They actually pulled in the end and they talked about how the bill Codifies existing precedents under the howie test which was created 1933 So I don't know how that can actually possibly look toward digital assets, but sure And they said hey, we're going to upgrade this there was some pushback the sec pushback on the initial bill proposal and the senator's office uh redefined the definition and then I sounds like they got a little bit of the approval and then they put out this bill so at least there's that part and then also So The bill doesn't require that all stablecoin issuers become banks Which would have been a disaster to be overseen by banking regulations But it requires this is what everybody knows 100% reserve asset type and detailed disclosure requirements For all stablecoin issuers to guarantee that the stablecoin can redeem Said stablecoin in exchange for the equivalent dollar value at any time DJ, what do you think about this one? I love it. I love it because you need the security of the stablecoins And we saw that right? I mean it was pretty awful Now this one was I mean If you haven't heard capital gains above the 200 dollars from cryptos will be exempt from taxes Which means you can go buy your coffee with bitcoin if that's your thing and don't have to worry about Oh, I just got 16 dollars in taxes. What else? But they were was interesting though. They were Trying for a 600 dollar threshold, which would be pretty awesome if they didn't do it Here's the confusing part dows The centralized autonomous organizations will be recognized as business entities under the tax code A dow would have to be incorporated Or organized into the laws of a jurisdiction as a decentralized autonomous organization, which may include an llc corporation partnership foundation cooperative or similar like a c-corp s-corp Single member llc or so on so forth Do you see this with this working out dj or that doesn't What do you think that lasting because it's not decentralized if you make it an llc Yeah, so like I mean wouldn't somebody be over that? So that's just it like Like s-corps and c-corps They're they're seen like apple You know as a corporation they're seen as a as a single as a single entity under under the The laws and regulations of the united states So if they look at it like that and of course they have their board and they have governance So when I was looking at this I'm like it It won't make sense But if you could say okay, we have to file paperwork and there's some kind of governance in there Then of course I don't know how that would work out unless you'd say okay, we're have Here's the agenda put forward. Here's the governance. Everybody has to vote on we need to put this paperwork in we need to hire These people to do it and then there's a fund or a smart contract that pays lawyers I don't I'm not for sure maybe they have to do it so that they can prosecute maybe because If they don't give that protection then a doubt could technically exist raise funds separate from any governance and really take advantage of people Somebody similar like what we would call a scam token or something like that Yeah, we could essentially do the same thing and have no regulation or oversight Just because they call themselves decentralized Right. So for like for like my business like I got one like any LLC You have to you know, you register with the state And you also have to put in as one person for your point of contact I've got the the legal term somebody helped me in the comments But that person that you designate you have to give the address The location of that person whether it be in your corporate office or whatever else And that's the person where they send us a penis essentially or if there's a problem So I think that's the issue there now. There's that will no way.  There's just one person. Just go find them That's not going to it's not going to fly But I see what you mean now it makes sense like we want to see who who do we have to sue? Where do we send the paperwork? Gotcha, and then uh Legislation knows the definition of what constitutes a crypto broker. We talked about that because before Miners and validators would be considered brokers and of course if that was the case then they have to get all the information of Of everybody that's in their network. So like me as a as a pool operator But that would be Is that I'd have to collect all the information for everybody who's in my cardano pool? That ain't happening Yeah, I blew up in their face But that's but that's like what you said it's about education if they knew what it was they'd be like That's not going to work that it wastes every time and Oh, yeah the bill directs different studies including commission the federal energy regulatory commission to analyze and report on cryptos energy consumption DJ, what do you think that's a typical bill right there? Yeah, some committee some group Gets paid to be in charge of something I mean, there's open reports on all of this already, but you got to have a committee And we've got to pay these people to do it your tax dollar to work google the information Yeah tax dollars at work man, and then to finish up Well this and then this is what I said before this bill will likely get broken up Offing a better chance of getting sections through committees for passage. So Again, it sounds awesome until you dig into it I mean the guts of the bill is it is a vastly superior than anything we've seen before But to get it actually passed that's a different story And that's it for the guts of it. DJ anything else you want to add on this one? Hopefully it truly is bipartisan. I think that would be a good sign Just for us to see on some issue being bipartisan And hopefully it does set the groundwork for clarity because that's what the whole industry needs to move forward Yeah, we gotta agree on that one. All right. So that concludes the part of the news We went a little bit longer. Uh, usually we try to hit a 20