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Friday, September 30, 2022

Litecoin vs Bitcoin When to Trade

The idea behind litecoin was to improve the efficiency for transactions actually utility of Bitcoin But we made it faster. It’s two and a half minutes for per block as opposed ten minutes for Bitcoin The general idea was to kind of complement Bitcoin.

I Saw it as I kind of marketed as silvertip acquaintance code I see like when Bitcoin working side by side and so this is not a competing Cryptocurrency effectively, you actually really do see it as a symbiotic relationship I do But it’s in some sense. It’s competing, right? It’s competing for my share.

Definitely, It’s a different coin. So, if people using like coin They may not use Bitcoin. So it does compete a little bit but I see it more as a complementary What got you interested because I mean you have a very different background than most people, first of all, You were not born in the United States or even China as I understand it you came from the Ivory Coast Yeah end up there.

Well, my dad was there he had a business so grew up in Ivory Coast He came to the US and when I was a teenager and did you come with your family at that point or? Okay, actually I came by myself Boarding school in the East Coast.

Do you mind my so you went to boarding school on the East Coast? This is a choice of your families or was this something that was interesting important to you? Um, it was a choice of my family.

I think the environment in Ivory Coast was getting a little bit crazy to overthrow of the governments and just demonstration on the streets so The decision to send me my brother to boarding school also for better education and So from boarding school on the East Coast you then went to MIT where you focused in computer science, correct, correct? Yeah, and from MIT you went to the west coast.

Yeah, my Dollie been there ever since and that was roughly 2000. Yeah, at the peak of the dot-com boom So you got to live through the peak of the dot-com boom.

He began working for Google when I’m 2006 so this would have been right after Google and public than a couple of years after a couple of years over 2007 2007.

Yeah, okay and When you think about that transition to Google one of the things that Google has encouraged its employees to do is to take the time To focus on personal projects the said where is that where you’re interested in bitcoin and litecoin?

Emerged or how did you move from? Working on Chrome, which was what are your projects as I understand it Chrome OS actually, yeah to Focusing on crypto.

Yeah, I was actually just spending all my time outside of work on cryptocurrencies Yeah, I found out I found about Bitcoin in 2011 and kind of just went down that rabbit hole and Been I guess in it ever since what was the motivation? What cost you what got you interested?

What was other than the mathematical challenge of crypto, which I know can be exciting for some people? Yeah, I kind of I saw Bitcoin as a better version of gold actually a better form of money then that we’ve ever seen And that just captured my attention.

I’ve always understood how gold and silver were used and throughout history as money and how we came to the fiat currencies we have today and I just saw Bitcoin as just kind of very similar to gold but better And it could actually replace the current monetary system And I also understood like the math and the cryptography behind it.

So just really captured my attention a lot of people became interested in Bitcoin. You know the work of Satoshi was published in the immediate aftermath of the global financial crisis Was that a motivating factor for you looking at the current system and saying this didn’t work or yeah, definitely like I saw that for one thing Currently, we have a system of money that the government can inflate away, right?

They can with quantitative easing x’ and other things they can just print more money and devalues everyone’s currencies and I also saw that because of that you. 

It’s not good to keep your money in Bank right because your money will become less valuable for time so it kind of forces people to essentially gamble with their money, right? Do you have to put it in a stock market or some other asset class?

That doesn’t get devalued or that has the potential of making more money and it effectively just keeps the same purchasing power right because of devaluation the US dollar and if you make three five-ten percent on your Investment effectively.

Just keeping the same purchasing power. So I think it’s just a broken system and with something like gold or a coin. It’s probably it’s a better form of money.

I would say and so are you ambivalent between The idea of an alternative currency in the form of gold versus Bitcoin or like a claim or is it? Do you see the need for an electronic version because of the challenges of a gold trap?

Yeah, I mean gold is great Government can’t devalue it It’s fixed supply, right? But the problem is there’s storage cost and then if you want to transfer it, it’s not easy to transfer gold cross country across borders.

But something like bitcoin and litecoin it has Pretty much all the good properties of gold except it’s not physical and then you can store it cheaply and you can transfer it Cheaply, it’s just a better form of gold. So one of the challenges that I always look at when I look at this idea that it’s a better currency.

Mm-hm, right? There’s a school of thought that says currencies are about the efficiency or the ease of use Right, which definitely crypto and human arguments behind things like electronic gold or gold scrip, etc by and large attempt to address Certainly.

Our credit-based system is much more associated with the ease and facilitation of transactions But there is a second role, which is the role of the state.

All right, which has a monopoly At least under current constructs on violence and the enforcement of contracts As it relates to those currencies, how do you think about crypto addressing? Those dynamics and The transition process right in which the state will ultimately have to forfeit that monopoly For my point of view.

I don’t think the state needs control of money Right money is just a way where people can transfer and store value, right?

There’s no reason why the state needs to have control over it I mean, I’ve only recently had we do we have like the concept of fiat currency where the state has control over it. I mean for throughout history, we’ve always used things like gold and silver as real money as ways to transfer in-store value and I think Bitcoin will help us get back to that better kind of way of people using money.


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