Litecoin & Market Chat w/ Charlie Lee (Türkçe Altyazılı)

[Music] ok so I think it's recording let me do in Turkish into election first so many Oceanus Mugen unical in Latrobe is a beautiful new mic like lady who just like to play boxing in Bachchan and Charlie D Y Anandi thanks for joining me today Charlie it's actually a quite it's really exciting to actually meet you because I mean a couple of years back I was just reading about you and litecoin and now I mean I'm just speaking to you which is like crazy to me yeah it's nice to meet you so I mean I did a little research on your background I mean your ex coinbase but it will be actually great you can also tell us a bit about yourself I mean how did you get into crypto what compelled you to do a light coin you know stuff like that yeah sure so I was working at Google at the time when I found out about big coining in 2011 early 2011 great an article about Silk Road you know the the drug market place back then that they were using Bitcoin exclusively I thought the the idea of a decentralized currency that the government's cannot print more of and cannot shut down is very interesting so I got into Bitcoin and then and in October of 2011 I created like coin kind of just as like a fun side project I didn't expect much of it I pictured it as silver to bitcoins gold and then the rest is history I guess it just kind of just took off and became super successful and I've been involved with like coin ever since then Cole Cole so a lot of people actually think that litecoin is a fork of Bitcoin which it isn't right it's just the tech is based on bitcoins tech but it's a it's a what will you consider a a code fork so it's a fork of the Bitcoin source code so the like coin code is very similar to bitcoins code with a few changes but it's not a network fork so there's like when has its own Genesis block which started in October of 2011 and everything is it is different from there all right so there's no shared logs which transaction history with the coin unlike the Queen cash and PSV so litecoin is a code for it but not a network fork thanks for clearing that out so I mean as you said like point you know picked it up really fast back in the day it's still one of the top alt coins today everybody is using your example they're teaching that it's silver to a bitcoins goal but I mean what's going on with my coin lately I mean what are you guys doing at the foundation nowadays yeah sure actually let me correct that actually initially when like when launched there were about a dozen or so other coins so like when is not like the second coin it it actually the funny thing is when like coin launch people some of them people were saying like why do we need another coin we already have like a dozen coins but so it had it didn't become successful right away either it took a couple years before it actually became like a strong contender I guess maybe not that long but it took a while because initially it was competing against some of these other coins that a lot most of them don't gonna exist anymore so your question about what's your question like what we're doing right now I was just asking about what you guys are doing at the foundation lately I mean like what are you working on what are your future plans but since you mentioned I mean I also feel like like going actually took off back in late 2017 because as you may recall the Bitcoin network was too congested so people were looking for like an easier faster cheaper way to transfer money and litecoin had the same Google work mechanism it was as solid as Bitcoin in terms of security so that's I think what made it paper pick up would you what I think what yeah one of the thing about like coin is it uses a different proof of work so it didn't come Bitcoin for for hash rate right coins like their current cash and bsv they use they all use sha-256 just like Bitcoin so like the Bitcoin miners dominate the network in terms of like hash rate right they have like 99 percent maybe 98 percent versus like 2 percent for a connection between sv so they're the security is is not as good as like coins because like coin script hash rate dominates everyone else so there's it's not possible it's really hard for anyone to attack like corn whereas it's much easier to attack Bitcoin cash or Bitcoin sv so that was one of the reasons why I chose a different proof of work for for like coins is because I didn't want to compete with Bitcoin miners oh I didn't know that that was that's interesting so so how's like coins before work different it's a different hashing algorithm he said yeah it's a different action who then uses something called script initially what made it special was that initially when Bitcoin was GPU mine like mine was mine a bow on a CPU so just like how Bitcoin launched with CPU my name line core and also launched with cpu mining and then when I moved to Asics litecoin moved to GPUs and then now there's also a 6-4 light coin so it kind of worked out pretty well with like coin never competing with Bitcoin for for miners yeah yeah interesting so and so what's new what like coin I mean I've really read some articles about you guys working on fungibility and like adding some privacy futures to like points I mean what prompted you to move that way yeah so one of the I think one of the I think bitcoin is like really good money likes a good sound money hard money but one of the features of like sound money that's missing from bitcoin and litecoin is is fungibility right so that you Spann are not each unit a point is not the same exactly the same as another unit because there's history right so if I sang coins that let's say I bought a Bitcoin from coinbase and I sent you like 10 dollars from that transaction output you will see that I actually own a Bitcoin alright got a big one from coinbase and that kind of information makes the coin not fungible right we hear stories about people depositing coins from like gambling website to corn base and then corn base saw the history and then banned the user because of they don't they don't support or you know yeah right where the source of money can comes from so that makes money very not fungible which is not good for money right so I feel like fungibility is and privacy to go hand in hand and it's one of the things that I I think we should work on tackle to make it better right to make like one more fungible and also bigger more fungible and the way we're doing that approach we're doing that right now is to we're looking at using a technology called nimble Wimble and deploying that as an extension block similar to a sidechain I see it as like a an attached sidechain to like coin so we're working on that we have a developer David Burkett who's a green developer and a larger form of grin it's a coin that uses member one more technology he's green developer basil he's now also working on like coin and he's helping us with creating this extension block for for member window on my coin oh cool so do you guys have a timeline for that I mean is this yeah so the current plan is or on target for a end-of-summer kind of test that launch so if that goes well then we'll get it implemented or get it deploy so that it will activate on the main net so probably activate next year this end of the summer we'll have something that we can't really test with him play around with cool cool I mean I remember some story about privacy coins or like doing these coin join things having some back lash in the United States I mean like some of the exchanges are actually not accepting you know privacy coins anymore do you have a certain like that I mean we've actually I've actually reached out to a lot of them like the major exchanges and talk to them about like our approach and I've gotten good feedback on that they don't see it as it's because it's a it's an optional thing rights to not like we'll still have like my main chain which is transparent and everything but you actually can move like one from the main chain to the extension block and once you're in the extension blocks its member when bow so they see it as they agree that it's an optional thing they don't see it as issue they don't even need to support it alright so they only exchanges can decide to only support the main chain so you need to if you if you have coins and member win bow you move it out of the extension block back in the main chain before you can deposit on exchange to sell it and I think that's a kind of a good middle ground and so I don't see exchanges delisting like coin because of this I guess we we never know for sure until it happens but I think it's a good good compromise and we'll see how that goes it really is it's actually a very essential feature as you described because I mean as you said when you first deal with blockchain it's kind of fascinating to you know check out the transactions and see who owns what but then you think about it why would anyone want to you know have that information publicly available right I mean no no off the Pam even even if you're not doing anything wrong right you're not a criminal there's you you want some financial privacy right you want if you get eventually people get paid by by crypto if you're getting your paycheck in crypto you don't want to go send your friend ten dollars and awesome now he knows how much you get paid what are your salaries so some some kind of financial privacy is really important I think in this in this one I agree I mean if crypto is going to pick up as a you know new form of payment then it needs to replicate what cashes has been doing for centuries so yeah I mean that's that's a logical way to you know evolve speaking about evolution I mean how do you feel about the marker than 2020 I mean lately the old you know Wall Street guys Bloomberg JPMorgan they started you know talking a lot about crypto they say all-time eyes are gonna come at lots of free floors and everything but I've been really curious with what's your out above the overall market for this year we Bitcoin has has a cycle right so every like three or four years it gets to an all-time high and then ik it crashes and then we spent some years in the in a bear market I see it happening again right so we've been in this bear market since 2018 so it's been like two years I think this year end of this year or next year we'll climb out of it and start potentially reaching a new all-time high and the having actually does help a lot I think so for example like the past like month we see like grayscale investment I don't know if you've heard but they've they've increased their Bitcoin holdings by more than what's all the bitcoins being mine in this whole time right so just that fund alone is is soaking up all the supply of new coins coming out of the finding so that's pretty that's really crazy just means there's just a lot more demand and supply and I think that's eventually gonna catch up in the price will go up and I mean I'm long-term bullish about bitcoin and litecoin and just for the in the whole crypto space so yes in the short term like I'm talking about a couple years pricing crash like 8090 percent as long as you believe in the long term you hold I think you'll be fine yeah yeah but I mean this year has been also really interesting I mean there was this you know Kovac 19 outbreak did that also you know have any impact on what what do you think about the Marcus um well I definitely had a huge impact initially right with the crash of the SNP or the stock market and then also with Bitcoin and crypto but we were covered nicely from that I think yeah I think it's just a kind of a blip I don't see any kind of long-term effect on crypto if anything the covert situation has led to more money printing from the government's like they're printing like trillion dollars of via these days which is ridiculous so money printing is good for crypto in a long-term good for Bitcoin I think I mean it's really interesting how the markets are reacting yet I mean as you said the central banks have been printing money like there's no tomorrow yeah econ 101 teaches us that like when there's too much of supply then the value of that thing should drop and like value of stuff that has you know limited supply for the increase like gold yeah but the thing is the US dollar still is the reserve currency so it'll still be strong because of that the effects of like money printing we'll see for a while long-term it's it's good for like gold and Bitcoin but yeah short-term it's who knows right yeah but I'm always I'm always kind of betting long-term on crypto okay so let me get to my final question that so we've been talking about long-term success of Bitcoin but as you recall back in the day when you know when there was fifth point and litecoin and just like a couple more alt coins the main topic was around you know transactions speeds block sizes you know stuff like that was making people excited about the new corner new tech but today I mean there's so many projects doing like really crazy stuff these smart contracts proof of stakes I mean these defy initiatives so do you think these kinds of new tech would ever take Bitcoin strong well the real question is an n like do they really need a coin right you can always build on top of Bitcoin you can build it doesn't have to be a decentralized currency or decentralized token so I think most of these projects don't really need a coin so there's no reason why the coin value will go up or even challenge Bitcoin right and in the end the the reason why cryptocurrency has value in the first place is because of security decentralization and basically things that Bitcoin is good at right so and I don't see any coins challenging Bitcoin in those aspects so any the reason why bitcoin is valuable in the first place is because it's censorship resistant because of decentralization and the security of it and I'm gonna see any other coin challenging Bitcoin lastly interesting because I mean there's has been so much noise defy lightly so everybody's saying that this is the future of Finance and stuff like that so I don't know you know the if I could potentially be the future of Finance but that doesn't mean Bitcoin won't still be hold the most value got it so like gold for example is a ten trillion dollar market cap today right but people don't use goat right I don't you don't transact and goat the goat is still like the the most valuable meadow right mm-hmm so yeah I mean the value proposition of coins like bitcoin and litecoin is just you know enough to you know keep their power in a near-future so yeah interesting plots so yeah I mean that was pretty much it from my side I don't want to keep you so long I know you've been just recovering from a flu so I hope you're feeling better now so thanks for joining me on my channel again and I'm looking forward to the new Moonville update really soon yeah hopefully maybe we can do this again once you guys launch the you know privacy futures and let's see how we world reacts to it yeah thanks for thanks for having me yeah my pleasure so thank thank you bye bye okay [Music]

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