2023-03-16 · auto-analysis (draft)
Why Cryptocurrency Is Still Relevant in 2023 w/ Bill Barhydt | EP #32 Moonshots and Mindsets
This chunk discusses Ethereum's transition to proof of stake, its future upgrades, competing blockchain technologies, and the rise of decentralized finance (DeFi). Discussion on the future of DeFi, stablecoins, and NFTs, including their current applications and potential impact on the economy and banking. Peter Diamandis discusses his experience with a sleep supplement, the future of cryptocurrency adoption, and the purpose of his company ABRA in democratizing financial services. Bill Barhydt discusses the regulation, risk management, and market volatility in the crypto space, highlighting Abra's approach and the failure of many competitors. The podcast discusses fraudulent practices in the crypto industry, such as rehypothecation, and argues for increased regulation and consumer education. It also mentions Abra's plan to launch a state-chartered depository institution in the crypto spac
Topics
Crypto Security Crypto/Web3 ▶ 0:00:00
Market Failures Economy ▶ 0:01:02
Bitcoin vs Ethereum Crypto/Web3 ▶ 0:02:42
Future of Crypto Crypto/Web3 ▶ 0:03:59
Crypto/Web3 Crypto/Web3 ▶ 9:32
History of Internet Internet ▶ 11:59
Market Dynamics Economy ▶ 13:05
Tokenomics and Public Access Crypto/Web3 ▶ 16:02
Decentralized Computing Crypto/Web3 ▶ 21:38
Health and Nutrition Health ▶ 19:26
Bitcoin and Cryptocurrency Crypto/Web3 ▶ 22:00
Ethereum and Smart Contracts Crypto/Web3 ▶ 27:13
Blockchain and Smart Contracts Crypto/Web3 ▶ 27:47
Ethereum's Upgrade Path Crypto/Web3 ▶ 28:38
Predictions made
open Bill Barhydt: Bitcoin will reach a million dollars per coin when there are about 1 billion wallets in use.
“When we get to a billion wallets that's Bill's prediction for when we'll see Bitcoin really skyrocketing up towards a million dollars of coin.”
Your call:
open Unknown: The free market will continue to drive the adoption and evolution of crypto despite regulatory challenges.
“I don't believe in the accredited investor rules and I know that I'm in a minority in that space.”
Your call:
open Unknown: Continuous glucose monitoring will be part of future medicine.
“this stuff is going to be in your body on your body part of our future of medicine today it's a product that I think uh I'm going to be using for the years ahead and hope you'll consider as well”
Your call:
open Bill Barhydt: Ethereum will scale to Visa and MasterCard-like numbers over the next couple of years.
“ethereum is going to scale to Visa and MasterCard-like numbers over the next couple of years.”
Your call:
open Bill Barhydt: In 20 years, the highest market cap banks in the world will be based on DeFi rails.
“I predict that in 20 years the highest market cap banks in the world will be based on defi rails”
Your call:
open Peter Diamandis: Positive applications of crypto will dilute negative aspects, similar to the internet.
“positive applications of crypto are going to dilute all of the bad stuff in the same way that it happened on the internet itself we're already seeing it with the examples I just gave you”
Your call:
open Peter Diamandis: Banks will adopt DeFi, and most people won't know it.
“banks are going to adopt Defi and you're not going to know it that's when we know that it's here to stay”
Your call:
open Bill Barhydt: We may see the same drop in the crypto space again, but with crypto banking players, the system won't collapse.
“the difference is we didn't have these crypto banking players in the space the last time this happened so all of them were lending to each other it turned out just like ltcm it doesn't matter what the product is it could be wood chips it doesn't matter it could be ice cubes if the value of the Ice Cube is 68,000 and it falls to 177,000 and you're all lending ice cubes to each other you have a big problem you're screwed”
Your call:
open Bill Barhydt: Abra will be the first to launch a state-chartered depository institution in the crypto space later this year.
“we'll be the first that's live with this banking model later this year”
Your call:
open Unknown: Bitcoin will hit a million dollars within a couple of years of hitting a billion wallets with real balances.
“I think that a billion wallets is the magic number to basically say Bitcoin is going to hit a million dollars within a couple of years of hitting a billion wallets with real balances.”
Your call:
open Bill Barhydt: Bitcoin could reach $250,000 to $300,000 in the next runup
“let's say maybe 14 15x in this one each run up seems to be a little bit less so that could easily put us in the 250,000 to 300,000 range”
Your call:
open Bill Barhydt: Bitcoin could reach $1 to $1.5 million in the next runup
“you're probably looking at you know anywhere from 1 to 1 a half million at least”
Your call:
Numbers that matter
- 1 billion wallets
- 200 million wallets
- 1 billion
- 1 trillion
- Until the network was actually running
- Very quickly
- 100 million plus
- 99%
- 3-5 years
- 177,000
- When clients start withdrawing their money, it leads to a situation where everyone is left without the necessary resources.
- 3 to 6% of their value a year
- 25 years
- 1970
- 1.25