November 1, 2020
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Coin Fugazi Podcast 11 features economist Sean Ballard and developer Tobias Ruck. Ballard is a trained economist and accountant who also works on cryptocurrency adoption. Ruck is a developer and entrepreneur celebrated for his Be.Cash merchant tool. Both are excited by the bold infrastructure funding mechanism, a new coinbase rule for Bitcoin Cash (BCH) set to take effect November 15th, 2020.
Sean Ballard is a trained economist and accountant. He's got a nice grasp of the academic, mainstream landscape paired with real-world experience (as you'll hear). Combined with his penchant for Austrian economics, Ballard plunged himself into cryptocurrency as an investor and evangelist.
He's boots on the ground, urging merchants and cash-based businesses to take a deeper look at the advantages of crypto. Inevitably, Ballard found his way to peer-to-peer electronic cash in the form of Bitcoin Cash.
His take on the new coinbase rule for BCH is both philosophical and pragmatic, and he's keen to emphasize the aligning of incentives by way of the new coinbase rule's innovative arrangement between miners and developers. Ultimately, Ballard believes the new coinbase rule will bring about an era of professionalism to BCH.
Tobias Ruck is somewhat better known to the BCH community in that his Be.Cash project garnered a lot of praise. It's a twist on leveraging the convenience and network effect of credit cards using Bitcoin Cash. It's so incredibly simple and amazing, you'll kick yourself for not having thought of it.
He too supports the new coinbase rule for BCH, but from a builder's perspective. He demands stability. He must have confidence in what undergirds the network, from the code itself to the maintenance and development team.
Our discussion covers the basics but also hovers around another wrinkle: this is an urgent moment in world economic life. We ponder Hayden Otto (CEO of BitcoinBCH.com) and his contention we're in a fiat end game of sorts. We mostly agree with Otto's outlining of the issues involved, and we're also convinced BCH can be poised to be at least part of the answer should disaster come.
TIME STAMPS
00:00 Introduction
02:15 Sean Ballard background
03:15 New coinbase rule equals professionalism
04:15 Adoption as a touch sell to merchants
05:35 Tobias Ruck background
08:35 Sean Ballard on why he supports the new coinbase rule
11:25 Why Tobias Ruck supports the new coinbase rule
22:30 What happens after the new coinbase rule is implemented?
24:50 Why is Amaury Séchet an important component for BCH?
27:00 Fiat end game and Bitcoin Cash
36:25 Ludwig von Mises and the economics favoring BCH
46:50 Crypto makes sense to those who want to buy drugs online
48:30 Saipan and the Crypto Frontier
51:15 The case for stablecoins
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C. Edward Kelso is CEO of Coin Fugazi
CONTACT: cedwardkelso@gmail.com
Among other reasons, the Bitcoin idea makes sense today for protecting people from the inflation of fiats. The inflation (aka value loss) usually happens slowly and many do not realize how harmful it is for "the People". BTC is development-centralized (captured) and can not be trusted to remain valuable for that reason. BCH is too small, can't scale and is too weak at this time. It is currently unstable and may be getting divided and captured as we speak. Hopefully not.
Although BCH is not reliable at this time, I think it has the best chance to get past this dangerous phase of evolution and become a real Bitcoin. To do that BCH needs to be able to scale. BCHN seems to be making things happen on that front during the current battle for control of BCH. I can not tell if their revival of the donation-based funding strategy will solve the full-scaling dilemma. BCHABC's funding strategy seems more likely to fund that development goal more quickly and reliably if their chain remains popular and valuable. The BCHN "attack" on the ABC chain may well keep their funding from being enough to fund real development. To me the future is unclear and concerning for the future of either of these forks becoming a real Bitcoin.