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Sony Group’s #Soneium Layer 1 #Blockchain Mainnet Launches
#Crypto #Cryptocurrency #podcast #BasicCryptonomics
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Episode Transcript
[00:00:01] Welcome to Crypto Talk Radio, the podcast for everyday investors like you. Visit us on the [email protected] and now here's your host, Leister. Thank you for that, Bailey. And welcome everybody out there in Crypto Talk radio [email protected]. did I tell you guys about all the chaos going on in my house? I think I did, but I'll quick refresh, just real quick. It won't take long. I bought a new fancy furnace, two stage because it's cold, frigid cold, two stage furnace. I bought a brand new tankless water heater to replace the tank water heater because that tank business was getting on my nerves and I couldn't deal with it anymore. It was time for me to get a little bit something new. I don't know that I'm, I'm happy with it in terms of the duration of hot water. I'm not sure I'm happy with it in terms of the warm up time or the, you know, well, warm up time. So if you've never used a tankless water heater, it takes you longer to get to the hot water, but it lasts longer is the trade off. Since it takes you longer to get to the hot water, it means you're essentially shifting money to your water bills, basically what you're doing. But the flip is that you in theory use less gas because a tank water heater has to use a certain amount of gas when it needs to heat up. Let's say it's a 50 gallon tank. So using quite a bit of gas to heat that up the water heater is not so much a consumer, a heavy consumer of gas like you might think is really your furnace if you're using a gas furnace. I thought about getting an electric furnace or a hybrid or something and everybody kept swearing me off of it. So the one I've got is fine. He's been fighting a good fight. You know, it's, it's cold, it's crazy cold. And he's been fighting the good fight. I have to get the windows swapped because I've got some leaks going on in a couple of them and I've got two of them sealed up. And then the rear door was bad. I got him taken care of, so that helped offset it. I've got some windows coming for the front and then I've got to figure out what I want to do with the side windows. The side windows are a waste of time because they just look at the neighbor's house. So that's consuming a lot of my energy just trying to get. And then my electrician that I used before ghosted. I had him on deck. He sent me a quote. He screwed up the quote because he didn't listen. Told him to fix the quote. He disappeared for two weeks. Came back and said basically he got some remodel customer so he wasn't going to be able to take my job. I don't mind that other shit comes up. I do mind if you go radio silent before telling me so because I need this work done quick. So I have another contractor who can't go forward until this outlet is relocated. I thought about doing it myself. I actually fixed my light switch and got it to a reasonable state to where it's functioning. And I put a motion sensor light at the top. So I'm going to yank the upper switch so it's working fine. I still have to fix the circuit to where I think the breaker is just too low because it's like I have a power deal and he can't go over a certain charge. Now that's pissing me off. I got to sort that out. But again, the electrician ghosted so I had to work on that nonsense. And then with my client, we're ramping up on a bunch of work stuff. It's. It's work well done. It's not that it's not. And the person that I'm working under directly is starting to understand, I think, how much they really rely on me as a resource because all of their other people fail them. And I'm the only one stepping up to the plate because that's just how I bees. I bees like that sometimes because that's how I control the rhyme. And so I'm striking this balance, you know, I've got registration of the car that's due, which pisses me off. I've got the house stuff that's due that does not piss me off. But it's the contractors that piss me off. Then I started getting alerts. I signed up for a service that tells me about, you know, criminal mischief anywhere in the neighborhood. And it gave me an alert first. And this has been happening over the past three weeks or some odd so or a week or so, some odd so. At first the autozone up there, there was a break in, Somebody's car got broken in. And then there was a theft and then there was an assault and then it was a burglary. And I'm like, dude. And this is all in the same block, just nuts, but different police Calls at some point. When do you stake out some cops to just watch out for these bad actors? I digress. Today it sent me another alert that talked about a burglary and then another alert that said, okay, a sex offender just moved in right down the road. And yes, indeed, this person is not very far from my place. And I'm, I started to think about the ethics of that. I mean, I understand the intent. Right. Is awareness for families and everything, especially because we have schools. I, I understand. But I also started flipping that around like, you know, you're setting that person up to possibly get attacked, shot, killed, especially in a high crime area that this might be. I, I don't know that that's the best course of action. And I, I understand. Right. They, they have a right to live somewhere as long as they're registered.
[00:05:07] I get it. But I would not, I would not authorize them to live near a school which we're surrounded by schools. There's at least four or five around. I would not, I would not do that. I would say you have to live in an area that is nowhere close to a school. It's not any within a 10 mile radius. There cannot be a school. I know that's not, it sounds wrong, but. No, that's easy. You know, when I lived, when I lived in Oregon, we didn't have a school anywhere close at all. Colorado had a school nowhere close.
[00:05:38] I'm trying to think Nevada, no school. Nope. No, I didn't even see any kids when I was in Nevada. I know it's weird, but where I was, I was nowhere close to. There was no schools, there was no kids, there was no nothing. It was just a, you know, like a retirement neighborhood. And that's what I think that should be. The kind of requirement is you cannot be anywhere close to a school if you're going to do that anyhow. Regardless of all of my personal, you know, quandaries, I'm gonna, Today's episode is gonna be pretty quick because there's not a lot to talk about with cryptocurrency, thank goodness. I'm gonna talk about a couple of topics primarily around what's gonna happen. You know, we're getting close to the Donald Trump taking office and, and some of the fallout from the SEC that I read up about and couple other bits and bobs that I.
[00:06:31] CoinDesk.com we're going to zoom out to the month chart. We're going to start with a bitcoin. Bitcoin on the last 24 hours, a low of 94,7 just shy of 95,000, a high of 97. 3.
[00:06:44] Currently hovering around the 96,9,97,000 mark with a slight upward trend expected to not sustain, expected to go a little bit further down that some of this is, you know, buying the dips and things. And some people said that really it's short term, you know, the, the gambler crowd, the ones that are just short term traders. Not that the people who really believe in bitcoin have not sold. We're not seeing dumps to that degree. Most understand it's a temporary passage myself and we're going to shift over to Ethereum myself. I continue to look at Ethereum as the model and the sign for whether or not we are going in the right direction. And Ethereum, unfortunately over the last 24 hours, a low 3100, a higher just shy of 3300. Barely moving the needle and trending downward. It, you know, it recovered from a dip. It was about to breach down beneath 3,000 and recovered slightly but it still headed downward. I was surprised to see that. I did not expect that we would see further downward pressure on Ethereum and I was optimistic that we would get some recovery by now, especially with bitcoin going where it was that some of the money would shift over that way. I've not seen it and I'm hoping it happens there, but we have not seen it as of yet. Most of the money on the secondary, you know, the other layer ones and layer twos and everything also have not shown themselves to be anything. And I don't know where it seems like people are kind of holding the line. You know, there's less of buy pressure and for what people have, there's not a lot of selling. So I guess that's a good thing. But there's certainly not the activity, at least not in the first part of the year. We're early. You know, we, we have to get to February because February usually is a strong month. But right now we don't have anywhere near what we expected to have. Speaking of layer twos, Sony launches its Sonium blockchain. So he's talking about more on NFT garbage but also using blockchain to support entertainment and fan fan friendly engagement platforms. But also they have lofty visions for this business. They plan to try to use this as a layer for the true decentralized Internet. You might have heard projects like Internet Computer and others that claim to be doing something along this vein. The idea of a decentralized Internet instead of the centralized Internet that We have with like Level 3 and other large providers being in control, the ISPs being in control and not true decentralization. Sony claims that the Sonium is their opportunity to connect Web2 audiences to Web3 technologies, allowing participation with creators tools to safeguard intellectual property, fostering innovative ideas. Quote Our vision with SODIUM is simple but ambitious. To build an open Internet where creativity flows freely and fairly and to empower the next wave of users to embrace Web3.
[00:09:42] I want to share my simple thoughts on this and I'm not going to go too advanced.
[00:09:48] When we talk about creators and we talk about intellectual property, part of the problem has always been the definition of intellectual property has been controlled by the governments. Number one, two, what constitutes property? If you have a copy of something, does that creator still own it? In the current intellectual property spectrum, the answer is yes. If you take music in its original form, the original form is simply what you hear. It had nothing to do with the medium that it was generated on. So if you created a work of art, let's say some song, let's say a photo, it didn't matter if you took it on a physical camera, it didn't matter if you painted it, it didn't matter if you put it on a cd, it didn't matter the medium. It simply mattered that it was an art that was created. And by virtue of this, it gave pretty much unlimited rights to that person. Well, then they realize, oh SpaghettiOs. Because let's take a photo. If I take a photo of something, photo of a canyon, and I lay that photo when it was physical, I lay it down somewhere on a table and I turn it digital by taking another photo of said. Or if I scan it to an image, am I violating copyright? Technically you are. But they don't enforce this because they realize it's a bag of worms. You can't enforce it to an initial degree, you can't stop. When there's this duplication of half of these arts, you can't stop it. Because that's the whole problem with technology and going YOLO under technology is that it's designed to change the definition of what is property.
[00:11:25] So when I hear about intellectual property being the focus of this, I'm already skeptical that it's going to be successful, but it sounds good. But obviously we know with Sony, we know what it is. Sony. For those who didn't know, there was a time when Sony was one of the first to push the idea of MP3s, they had a little thing, it was a little piece of paper that came with any CD and you got, or excuse me, CD player, MP3 player, and you got a code. And with this code, it gave you some software. It's called, I think it's called Sony Connect Software. You download the software and you plug in your CD and you could rip the MP3s using the song. They were one of the first to do that, and it was cool for what it was, but eventually they got rid of it because MP3s became a commodity. And MP3 is a great example of intellectual property by definition, regardless of the original medium. So I'm skeptical that of what Sony's talking about. I think what they want to try to do is entrap a lot of creators onto their platform and then claim that they have certain rights that they really don't have. I don't know if they will do this, but I speculate that's what they're gonna do. That really has to do with them claiming something to be the case that really wasn't the case. Speaking of case, Coinbase scores a win against the sec. Court orders the SEC to explain. Why the heck don't you guys have some freaking crypto rules about this? And you keep going after these people and it's quote, arbitrary and capricious around the standards. You're not being clear about it is. You heard Gary Gensler say it's the law, but he doesn't really specify what he means. I've tried to help clarify, but he's never given a basic, this is what it is, here's what the law is. And there's always been the rebuttal that the existing laws that do exist are not compatible in a cryptocurrency world. Remember, they were originated many decades ago.
[00:13:10] Quote, the SEC repeatedly sues crypto companies for not complying with the law, yet it will not tell them how to comply. That cagey ness creates a serious constitutional problem. Due process guarantees fair notice. Quote, existing rules do not fit blockchain technology. But the SEC refuses to recognize this. Its official silence and contradictory unofficial signals breed uncertainty. Crypto issuers and exchanges are left to cross their fingers and pray that the agency does not fault them.
[00:13:40] Of course, this caused the industry to cheer just a little bit, did not cause a run in your pocketbooks, but caused everything to cheer. But people are looking a little bit skeptical because we've heard this message before. We heard this a ripple. When SEC was going after ripple and the judge was kind of slapping down the sec, it didn't stop them. As I said, it wasn't going to stop them. So Coinbase was saying, you know what? Look, I. We liked it that happened, but we're not really confident this is going to persist. And we're hoping that something happens a little bit more than what it is. But right now we're not fully out of the woods. We got ways to go.
[00:14:13] It's a good start, but we got a ways to go before we get to the point that we want to get to. So time will tell with this whole Coinbase business. And SEC has been kind of going on a suing frenzy prior to Donald Trump getting into office. We have to see what that looks like as well.
[00:14:30] Speaking of lawsuit, Elon Musk being sued by the Feds regarding how he bought Twitter. And although this is not directly cryptocurrency related, the reason I bring it up is because securities is playing into factors. So it's somewhat, a little bit related. They claim that he broke securities laws with a late disclosure and saved $150 million, essentially that the price that we were talking about was not the true price that it was supposed to be, and that he's. He's basically skimming it off the top. I'm not going to go too deep into this one because of course, Elon Musk is in bed with Donald Trump. But the claim is that Musk cost the investors at least $150 million because of this late disclosure and that he harmed investors who might have stole that stock. As in, they would not have gotten the profit that they should have been entitled to because of this kind of a skimming technique that was applied. Do I think there's anything to it? No, I do not. I do think that there's something to it behind the case, but I don't think it's going to go anywhere in my personal opinion.
[00:15:30] Now let's dig a little bit deeper into this whole spectrum of, you know, lawsuits and Donald Trump and, you know, SEC and what's happening. The theory was from many YouTubers that once Donald Trump gets into office, all the lawsuits are going to shut down. XRP is going to rip to a thousand billion jillion dollars or whatever the F and, you know, crypto's going to thrive and rhyme and reason will ring once more. And the real truth of this hole that people are seeing now is it doesn't really matter. With Donald Trump going in office, we will see a lightning of some of the pressure, but we're still gonna have some of this turmoil, if only because the banking system still has not caught up with where cryptocurrency wants to go. And until the banking system, and by which I mean the Federal Reserve largely catches up to where cryptocurrency really wants to go, it's not gonna go anywhere. It doesn't matter if you have laws that say, oh, it's good to trade to cryptocurrency because it's still hard to get into the stuff, the banks can still block it. Nothing that the government can do averts the disaster that might happen if the banking system does not help adopt it and make it easier to obtain. And then you have to consider that many of these crypto exchanges and providers are still implementing garbage KYC at layers they don't need, which makes it harder to get into it, which makes it not the commodity it really should be. I said many times, many months ago, you should be able to walk into any of your local bank and just buy the stuff off the shelf without having to give an id. We're not quite there yet. As long as there's an ID that has to be presented, it's not going to go anywhere. That said, I do think that some sort of disruption in the banking system is necessary in order for this to truly thrive. I just had a situation with the bank. I gave them the money, they opened the account, they said it was approved and then all of a sudden they say it's closed, they just sent me the money back. But. But the point is they approved the account and then blocked it and then shut it down and they want me to walk into a branch to open the account. If you don't know why, it's because they don't trust online, they don't trust the Internet and I did it online. But it's only the physical banks that have this kind of nonsense. If you have one of these fintech banks that are digital only, they'll gladly open the account for you online and not give you any guff about it. I have one that I've had for over for decades now and it works perfectly fine. And then I've got another bank that's, it's essentially a fintech bank, but it's not, it's a physical bank as well. But it, the services are fintech in nature. Initially I signed up for them back when I had a house in Washington State and they shot me down. And then later somehow I was able to get approved for it and I've had them and they've been fine ever since. That's where my ETFs are living now. And so the fintech site's been Perfectly golden, happy. But the physical banks just still refuse to evolve to a world that happens to be over the Internet. The idea that I don't have to walk into the thing and show my face so that somebody can look at the ID next to my face and trust that it's me. Because that's what they do. That's all it is. It's an identity verification. It's a distrust of the online. They don't just, they don't trust the person opening the account even though the money that's deposited is coming from another bank that has my same name on it. Like some of this is basic common sense. They're not that world. One idea for cryptocurrency to truly thrive is for them to disrupt the banking system. I'm just not a fan of this rush to debit cards that they were doing. Like I would like to see getting away from the visas and the mastercards of the world. If I were advising someone that had a lot of money, investment money, venture capital funds in cryptocurrency, I would say you guys need to partner up with Discover or American Express. Why? American Express and Discover have been largely suppressed by Visa and MasterCard in the United States. In the United States, Visa, MasterCard run the roost with respect to card based transactions for the networks. American Express, although the name says American, is less accepted anywhere in the United States versus International, which is stupid. And Discover used to be a thing and then it got swayed off. Diners Club was another one. Used to be all over the place and now it's hardly seen. If you can partner up, let's say with Discover, let's say with Amex, it doesn't really matter. Both you can partner over one of these ones that's lesser exposed, that wants more exposure, and you can somehow leverage their notoriety and platform with cryptocurrency and get them to partner up with these different places. You might actually make an inroad into disrupting a market that's largely broken. Because The Visa and MasterCard originated ones are broken, they're fundamentally broken. I would like to see a different network than those four. I would like to see something that's completely new, just a full on disruptor to get in there and start getting these merchants to accept that card. And you could even offer them compelling things. You can say we don't charge you the merchant fees, so tell your customer if you use this card we can offer you a discount because we don't charge you a fee. Use that as a sales pitch and get it over. And I do think there's a way to do that. It does take hardware changes because now you got to work with the different hardware providers for the card swipe machines. But I think it's worth doing because it's the one way that you can make some inroads into spending and using cryptocurrency on a daily basis. I know what you're thinking, why would you want to spend your crypto?
[00:21:08] Because the bottom line is bills need to be paid. The end. That's what it is. Bills need to be paid. And some people, they may have to turn to their cryptocurrency to pay the bills. I'll tell you, and this is my closeout as I'm going to put them over. They did not pay me for this. I'm doing it because I think highly of them. Bit Refill is a service out there where you can purchase different gift cards using your cryptocurrency. So if you did not want to just pull out a credit card, like I don't, you can use your cryptocurrency to buy different gift cards. And they have a lot of gift cards you can do like prepaid phone gift cards, Esim gift cards, video gaming. I just bought one for Steam. You could do Roblox, there's Twitch gift cards, there's PlayStation gift cards, GameStop gift cards, Xbox gift cards, gift cards, Riot gift cards, Nintendo. So if you have a Switch gift cards, you name it, they probably have it. David Busters, they have Meta for the VR, Mine Quest.
[00:22:05] It's nuts. They have all sorts of wonderful stuff. And then with, let's say you have T Mobile and you have the prepaid T Mobile, you can automatically load money straight onto your phone. You don't have to present any sort of, you know, Visa, MasterCard, whatever. With these guys, they don't even take it. This is all crypto and they accept all sorts of, you know, Ethereum, Ethereum on base. They don't accept Binance like bnb, which I think sucks, but they accept all the usdcs, I think Polygon. So something to really look into. And this is one of those types of services that people would actively use because gift cards are a huge thing, especially for those that are the lower income tier. So I want to see these kinds of disruptions happening to support use of cryptocurrency and help its acceptance and help its growth. Until we get there, it's just another thing that's a fad, you know, essentially a fad that people called it. I'm not saying that it is. I'm saying until we get there, it's going to be that classification. It doesn't matter how high Bitcoin gets in price if nobody buys it, what, you know, so things to think about, I'm watching. But I'm stressing also that Donald Trump's inauguration is not going to change my stance on this. The industry at large for cryptocurrency has not evolved beyond what it was. Until we see that evolution. And I know that some of the regulatory spectrum played a part in why we didn't prior to this. I'm saying that I didn't see any progress towards it either. So until I see some progress, it doesn't really matter what Donald Trump has to say about it. The industry has to push that narrative. We have to get away from stupid kyc. I don't mind giving basic information. I'm talking about you have to upload your id, you have to have a phone talking about that crap. Basic stuff. It doesn't matter if it's under a thousand dollars, we don't care. Like these things that help adopt this and make it easier to do it, get it more widespread. I can walk into your bank and do it. I can walk to the post office and do it. I mean, yeah, I'm talking pie in the sky, but that's where I think we need to be till we there. We're going to see these ups and downs and dips and not get to the point that we all think we should be. And that's sad. But in the meantime and in between time, keep an eye out when Donald Trump gets inaugurated, check on that woman, see if she's going to scream bloody murder when Donald Trump has sworn into office again. Nobody's seen her since, by the way. And then of course, some of the people right now, they're, you know, the looting that's happened in California and I mean, it's funny, they're talking about, yeah, we need to do something about this looting. But yet in Portland, where there's a bunch of looting, they say nothing, Silence. I'm just saying this is the state of where we're at. And I know that doesn't directly relate to cryptocurrency, but what it tells you is that they're all in it, right? It's, it's, it's, it's endemic to our system to have this fakeness, this duality, two facedness. And that's what you're going to continue seeing. That's why I say we're not going to see significant changes just because Donald Trump goes in office. This is something industry has to push, and until it does, we're all going to be sitting watching the price dip and climb a different climb for the foreseeable.
