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willtheorangeguy
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2018-WAN-Show-Transcripts

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[3041.06 --> 3041.34] Okay.
[3041.44 --> 3042.20] Let's move on.
[3043.10 --> 3043.50] Mining.
[3043.88 --> 3044.62] It was hard.
[3045.20 --> 3046.84] And now it's going to be harder.
[3047.18 --> 3048.56] New Bitmain ASIC miners.
[3048.74 --> 3050.48] Or easier, depending on how you approach it.
[3051.18 --> 3051.60] Yeah.
[3051.88 --> 3053.04] Harder for the average throw.
[3053.32 --> 3053.54] Yeah.
[3053.54 --> 3055.06] Easier to actually get done.
[3055.12 --> 3056.22] Harder for your average.
[3056.78 --> 3057.66] These are the...
[3057.66 --> 3062.02] Bitmain ASIC miners are able to mine Equihash.
[3063.64 --> 3066.38] And it smashes GPU performance.
[3066.82 --> 3068.10] We've got crypto mining hardware.
[3068.36 --> 3068.96] Blah, blah, blah, blah, blah.
[3069.08 --> 3077.02] For $2,000, it can perform as well as 15 1080 Ti GPUs at a mere 300 watts.
[3078.02 --> 3083.86] Equihash is the algorithm used by Zcash, Zencash, Bitcoin Gold, Bitcoin Z, Bitcoin Private, Komodo, Z Classic.
[3084.34 --> 3086.72] And I believe potentially even more.
[3087.86 --> 3097.08] So what this means is that it's so much more efficient to use this, what they call an ASIC, an application-specific integrated circuit.
[3097.42 --> 3098.74] A specialized computer.
[3098.74 --> 3111.20] It's so much more efficient to use that than it is to use a regular off-the-shelf GPU that it brings a concern about how decentralized and free the cryptocurrency is now.
[3111.28 --> 3118.92] Because in the utopian world that we enthusiasts dream about, anyone can support the network.
[3119.06 --> 3123.12] Anyone can be a node in the network because you can just use an off-the-shelf GPU that you probably have in your computer anyway.
[3123.12 --> 3132.44] Once there's a specialized machine that's sold by one company, then it's centralized, basically.
[3132.60 --> 3132.94] It's not...
[3132.94 --> 3134.34] And the thing is with these...
[3134.34 --> 3135.32] It's like you've got a Fed then.
[3135.50 --> 3137.34] Like Bitmain ASIC miners and stuff.
[3137.54 --> 3139.44] It's like you're not going to get one.
[3139.44 --> 3149.76] They sell out so fast and their supply is not high enough that a huge percentage of it is people reselling it or kind of more like back-end deals.
[3149.92 --> 3151.42] But is that temporary?
[3152.74 --> 3160.06] By the time it becomes easy enough for you to buy one, they'll be close enough to the next one that you probably shouldn't.
[3160.98 --> 3163.32] That's sort of been the pattern for a long time.
[3163.32 --> 3168.30] What I mean, for the whole industry, in the future, won't there be competition?
[3168.46 --> 3170.82] There could be two or three people producing these things.
[3172.22 --> 3172.94] We'll see.
[3173.16 --> 3179.32] I think a lot of companies are kind of scared about jumping in because it's such an incredibly volatile market.
[3181.64 --> 3182.70] That's why it's far future.
[3183.44 --> 3183.74] Yeah.
[3183.84 --> 3185.06] Because it has to stabilize first.
[3185.16 --> 3185.44] We'll see.
[3185.76 --> 3185.94] Yeah.
[3186.38 --> 3187.12] It'll be interesting.
[3187.96 --> 3191.30] And like Bitcoin is slightly going back up, sort of, maybe?
[3191.68 --> 3192.86] So, I don't know.
[3192.86 --> 3193.60] Who knows?
[3193.78 --> 3194.14] We'll see.
[3195.18 --> 3196.24] I'm into the Ether price.
[3197.02 --> 3198.32] That's what I look at every day.
[3198.42 --> 3198.88] Here we go.
[3200.06 --> 3201.94] Damn, it's almost at 800 US again.
[3202.78 --> 3203.04] Yes.
[3203.52 --> 3205.70] It's almost at half of what it was.
[3205.76 --> 3207.66] What does Jake feel about all this?
[3208.58 --> 3209.62] There are other companies.
[3210.34 --> 3210.62] Yeah.
[3210.68 --> 3213.00] And they're just going to change the algorithms anyway, so.
[3213.58 --> 3213.82] Yeah.
[3213.90 --> 3215.14] That's what happened with them there.
[3215.26 --> 3215.94] It's a night basics.
[3216.62 --> 3219.16] They changed them, like, before it mattered.
[3219.54 --> 3222.10] But, most of the time, Bitmain has already been mining on the Internet.
[3222.10 --> 3222.96] No one can hear you.
[3223.04 --> 3223.74] Three to four months.
[3223.84 --> 3224.56] Get in the show.
[3225.14 --> 3225.88] Get in the show.
[3225.98 --> 3227.42] So, what he's saying is there is other companies.
[3227.60 --> 3228.20] And like, yeah, I know.
[3228.54 --> 3231.20] We've talked about them on WAN Show before.
[3232.92 --> 3240.10] But there's a lot of, like, what he's saying is by the time these things hit market, even Bitmain has been mining on them themselves for a long time.
[3240.10 --> 3241.38] So, like, I don't know.
[3241.48 --> 3245.14] The mining space is so, it's very messy.
[3245.44 --> 3249.92] You have to be, like, really into it to probably stay on top of things.
[3249.92 --> 3256.04] The thing is, though, like, this algorithm, Equihash, was meant to, it was, like, designed to prevent centralization of the mining process.
[3256.04 --> 3256.12] Yes.
[3256.74 --> 3261.08] And there's been other cryptocurrencies that this happened to.
[3261.22 --> 3269.50] And then after these ASICs come out, they just, like, alter the algorithm so that it kind of nullifies the lead that those ASICs give themselves.
[3270.00 --> 3270.16] Yeah.
[3270.16 --> 3275.84] So, maybe right now people don't know if Equihash will do the same thing and then GPUs will still be relevant.
[3276.26 --> 3277.96] Or if there's a fork.
[3278.50 --> 3281.34] But either way, we won't know until the future.
[3281.54 --> 3287.14] And speaking of the future, that's where you'll have to be to see the next WAN Show or to see any more of the WAN Show because we're going to leave.
[3287.74 --> 3288.12] Yes.
[3288.62 --> 3288.84] Yeah.
[3289.64 --> 3290.60] There's a parallel universe.
[3290.60 --> 3294.18] There's a many worlds hypothesis here where there's a WAN Show and a NA Show.
[3294.64 --> 3294.88] Yeah.
[3296.12 --> 3296.56] Whoa.
[3296.56 --> 3303.78] So, if you want to see either one of those, come back here in seven days minus one hour and you'll be good to go.
[3303.86 --> 3306.06] Well, probably not even the minus one hour.
[3306.14 --> 3307.02] We were on time today.
[3307.48 --> 3307.66] Yeah.
[3308.70 --> 3310.74] Seven days minus, like, 20 minutes.
[3311.94 --> 3313.20] Anyways, guys, goodbye.
[3313.54 --> 3314.06] Play the intro.
[3314.36 --> 3314.84] Oh, no!
[3316.98 --> 3317.64] Okay, we're good.
[3318.38 --> 3318.80] Clench.