Ep. 49 Bitcoin Is...Expensive

On this episode of the Unhashed Podcast:

Local Bitcoins has extended its KYC requirements even further. Is this an attempt to get ahead of compliance in order to survive or just an instutional act of seppuku? Colin went to BitcoinIs, a conference aimed at the btc curious, but can a conference asking for $100 a ticket ever attract anyone but a hardcore bitcoiner? And…#Faketoshi has dug himself in the hole even deeper, so just how deep will this hole go?

0:00:00 Intro

0:03:10 Colin goes to Bitcoin Is

0:20:25 LocalBitcoins Extends KYC Requirements

0:32:25 Transaction ATH

0:36:22 CSW continues to dig his hole

0:41:44 Listener Question

0:45:33 Price Analysis

0:46:15 Lightning Round

Corrections to last week:

Mario stated that Samsung Electronics is consistently in the top 10 companies in the world by revenue. In fact, according to the Fortune Global 500, they most recently rank as 15th in the world by total revenue (but number 4 by total profits).

HTC did not make the Fortune Global 500, and has approximately 1/10 the total revenue of samsung.

Weekly News Wrap Up:

  1. Colin expounds on BitcoinIs Conference

  2. Local bitcoins has extended its KYC/AML. Starting since the beginning of this month, even small users are expected to provide their full name, country of residence, email address and phone number. If they trade more than $1000 per year, full ID verification and KYC info will be required. And at $20.000 per year, users will also need to submit a proof of residence. Needless to say, this defeats the purpose of peer-to-peer trading, causing Hodl Hodl and Bisq to be the only remaining options.

  3. Bitcoin surpasses Paypal’s yearly value transacated, with $1.3T moved on chain in 2018.  However, detractors took to twitter to point out that most of this value was moving between exchanges and not used for “real transactions”.  

  4. The hole that Craig Wright has been digging for the last 3 years continues to get deeper.  At his trials conclusion last week, the Florida judge ruled that he owed Ira Kleiman ½ of all the bitcoin he owned prior to David Kleiman’s death. In the ruling, the Judge stated that he did not find Craig’s testimony credible. Now, in a request for an extension, Craig’s legal team have misspelled the Judges name.  

Price Analysis:

Number go sideways

Shout Outs: 

Colin: This article on Horse Shoe Crab Blood Concerns

Bryan: The Hong Kong Protests

Ruben: The Seoul Bitcoin Meetup

One Final Note:

Make sure you are storing your crypto on something secure like a Ledger and backing it up on something sturdy like a Billfodl. If you buy these items through the links above, we do take a cut of the profits but it also helps support the show - a win/win for all involved.

And also...thanks for stopping by and listening. If you want to help us grow, there are several ways you can help out. You can donate bitcoin to us at the address on the donate page on our website unhashedpodcast.com, you can also sponsor our show by getting in touch with us at mailbag@unhashedpocast.com, or there are a few other things you can do that will cost you nothing but a little time - you can rate our show on itunes or wherever you are listening to this, you can tell a friend about us, or most easily, you can retweet our tweets announcing each episode and follow us @unhashedpodcast or join our telegram channel at t.me/unhashedpodcast. Again thanks for listening and helping us grow. See you on the other side.

Colin aulds