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Crypto International Series Part 1 China with David aka CryptoGodfatha – Transcript

This is a transcript of the Podcast – Crypto International Series Part 1 China with David aka CryptoGodfatha – You can listen the audio here

 

Nye : What is going on everybody? What is going on? As always, it is your boy Nye. Welcome to another episode of Evolvement, the financial podcast where we discuss bitcoin, cryptocurrency and the future of our financial systems. First off, I want to give a shout out to our sponsors, Trade.IO. See the bare market has hit us all in different ways, perhaps you’ve lost your investment or you’re losing motivation, but it’s not all doom and gloom. People are still building. A group of passionate crypto traders have developed the way to earn money simply by holding cryptocurrency. Token holders across the Trade.IO community have received nearly $200,000 to date. Payments are daily and there’s no long term commitment. Visit trade.io/evolvement, that’s trade.io/evolvement to see how you can top up your crypto portfolio today.

Nye : Today I am really excited to sit down with David a.k.a the Cryptogodfatha and David is the creator of Block Magazine, founder of Block Magazine and beyond that he’s a crypto influencer, talks about cryptocurrency online to a large audience of people. David and I sat down and we met in, I mean we met on Twitter, but we met in Korea face to face for the first time at a event for OKX, a launch for their event that they had going on out there and David has a lot of different insights into once going on in China, cryptocurrency wise, I think it’s a really important topic that we should all discuss and talk about. So, David, welcome to the show, glad to have you on my man.

David : Great to be here. Thanks for having me.

Nye : No worries, man, no worries. So, before we get into what’s going on in Asia, what’s going on in China, can you just give the audience a little bit of background about yourself and how you got started in crypto?

David : Sure. So, a little background about myself. I studied in California, a university in California and won’t go into too much detail about which school, trying to keep that bit of privacy, but Southern California. I have a degree in Economics and Statistics and then soon after that, I came back to China. I’ve been in China for a little over 20 years now. I came back to China and I was involved with a few tech startups over here. Namely one of them was a remittance app for sending money overseas internationally from different countries to countries. And when I was there was when I first came across bitcoin. I mean I read about bitcoin in the news. It wasn’t as popular in the news back then but read about bitcoin in the news where it talked a lot about, back then it was more about SoPro and about the dark net trading event. So that’s when I first heard about bitcoin.

David : And then after that, through my experience in working with this money transfer company, much like Transfer Wise, then I started really getting more into crypto. So the last two years have pretty much been full time in crypto. And been a trader, been an investor. Have a good network here, especially over here in China. So happy to be here and great to finally get to this Evolvement podcast with you.

Nye : Yeah man, I’m glad to have you on as well. And yeah, you know I spent a lot of time in Asia over the majority of 2018, actually. Or at least the majority of the second half of 2018. Spent a little time in China, didn’t get to spend a lot of time. I think I spent maybe five or six days in China the whole time I was there. But it’s a whole different scene in Asia, man. It’s a whole different scene, a lot of different things are going on, there’s a lot of different things happening in Asia versus Europe or the US. What does the cryptocurrency scene look like in China right now? What’s going on over there? I think the big question that everybody has on their mind is is bitcoin really banned in China? And if so, how is that affecting the whole state of cryptocurrency, the whole state of blockchain?

David : That’s a great question because bitcoin has never been banned in China. What happened in 2017 was China banned exchanges. And it’s known in China to this day as Red Monday because everyone in the crypto scene remembers that day. Talking about China, I’ve lived here for a long time and I can confidently tell you there’s a lot of misconception about China. There’s a lot of underestimation, also a lot of overestimation. China’s a huge topic to talk about not only in crypto but in the entire financial system globally, it has such a huge impact on everything.

David : Some of the main misconceptions I see, especially in the crypto space, I mean you and I both are on the crypto Twitter all the time. You see misconceptions. I especially see things like first of all, the main things that people do notice about China are always the large population, how fast it’s growing. And [inaudible 00:05:36], is constantly mentioned. It seems like a lot of the outside world sees mainly these few things.

David : In terms of crypto, I mean China just really opened up in stores to the outside in the late ’80s, less than 30 years ago. What people might not know about China is China was very behind before it opened up and it picked up very quickly. It went from a sub-10 ranking in the world economy to suddenly, arguably number one right now. So how did it do that? It was a huge population, sure. But also people here, we did copy a lot of outside technology here. And then China, from the ’80s until now, basically went from cash and it completely skipped the credit card scene. You’ve been to China, you must know that everyone here uses WeChat right?

Nye : Yeah that was my biggest challenge over there was the fact that I didn’t have a credit card that taps. If they use credits cards they tap on the machine, the credit card just works. It was very challenging for me as a foreigner to even get money into WeChat. I mean i was only there for five days and I still couldn’t figure out how to get money into WeChat. And only a very small percentage of the stores accepted cash. It was a very, very interesting, unique system that I’d never seen before.

David : Most definitely. I mean even to this day, it’s 2019 now, I’m still, actually, quite more traditional in a lot of the sense where I still like to carry cash. I guess I’m just more old school but if I take out cash now my girlfriend tells me, “Why are you so old school? Who still uses cash?” And China really has skipped the credit card generation and went completely to digital payments through AlliPay or WeChat. It’s really these two typhoons that completely dominate.

David : So how does that come to crypto? You asked about did China ban crypto? Now we get to talking about bitcoin. China never banned bitcoin because we all know it’s too decentralized to ban. That’s the immutable, permissionless feature of bitcoin where you cannot ban it. The reason that China did ban exchanges is because there were too many of these scams going on. Before, I don’t know if everyone outside of China knows this but before China banned bitcoin, before these exchanges like [inaudible 00:08:07] OKX, HorBe really came out there were these exchanges called … One exchange I used was called UMB. And UMB, which is translated to Cloud Coin was one of the main exchanges to buy Fiat’s crypto. And it was very, very simple. This was before China even had any, the regulation even had any inkling of what was going on in this crypto scene.

David : But throughout 2017 there were just too many scams going on, especially out of China. What the outside world sees, they might see, if you think Chinese coin … I mean, let me ask you, if you think Chinese coin, Chinese projects, what are the first few that pop up in your mind?

Nye : V-chain. Immediately V-chain. CP-Chain and a couple others.

David : Yeah. So people think neo, V-chain, TRX, these are some big ones that came out of China. But what they don’t see is there were probably thousands of thousands other cryptocurrency projects out here that were just complete scams. And they did a little report a while back in China where they found over 90% of token sales here in 2017 were just complete scams. So this, the thing about the Chinese government, too, is they strive very hard to protect it’s population. It’s a one person controls all things kind of country in the sense that the People’s Bank of China is similar to the Federal Reserve in the US. They control not only the interest rates and the bond rates but they also control a lot of these financial laws.

David : So on September 4, I very vividly remember that date because that’s also the day that my portfolio crashed a huge amount, that date is when they shut down the exchanges. So the reason they shut it down is because they had no idea how to regulate it yet. It was such a new technology, a new type of currency and they just decided to shut down these exchanges. So now after that, I mean everyone thought this was the end of the world back then, right? Back in 2017 when China, this was the biggest fight of all. China shut the bad bitcoin, it was all over the headlines. But in fact China didn’t ban bitcoin, it banned these ICO projects, these scams. But it also banned exchanges.

David : Right now the regulatory scene in China is very heavily favorable toward blockchain technology and very not favorable towards these cryptocurrency ICO pre-sales and launching ICOs from China. This is just a no go right now. I think in the future it very likely will change but because of, first of all, protecting the population here and second of all, the strict currency controls, these are two reasons why China is … That’s why they went down the road of first saying no.

David : China has a … When I mentioned the strict currency controls, this is talking about China controls the outflow of the Chinese arm via currency. There’s a limit per year, annually $50,000 US dollar foreign transaction per year. You can’t, anyone in China cannot exchange more than $50,000 worth. This is one of the ways they’ve controlled the currency. And bitcoin, with money easily flowing out through bitcoin, this was obviously a big problem. So they shut down the exchanges.

Nye : That’s super interesting, man. That’s super interesting. What so you think is going to have to change for China to maybe restart accepting ICOs and things like that? Is this going to be something where it has to be fully regulated by the Chinese government? Is this something where they’re going to have to change the way the whole funding model works? Is this something that may not ever even happen? What’s your opinion on all that?

David : I think that ICOs, in the traditional term of ICO, is not only dead in China but I also think it’s pretty much dead in the entire global markets. The way of ICOs is really just too unregulated, too many scams. It’s too easy for a scam to happen and also too many people got tricked. And I think the world, not only China but the global regulatory environment, I don’t think it’s going to be allowing ICOs down the future. And I think that’s a good idea because we really need to clear out a lot of these negative projects, a lot of these scams for this space to grow.

David : China, in terms of how it’s going to be looking towards just bitcoin, just speaking on China, I think that it’s too big of an opportunity for China as a country to miss out on. Because, I’m sure we both would agree in at least our stances that bitcoin is not going to die. At least for the next few years. So I think bitcoin, as a financial instrument, is too large of an opportunity to pass on. I personally think right now that the world is looking at ways to regulate. The US is, Singapore is, Southeast Asia, Japan, Korea, and China too. China is not dumb in terms of finance. They are going to find a way, I think. It’s just to think of how.

David : Right now everybody’s talking about STOs, right? STOs for 2019 might be the big thing. I don’t think that STOs will change much because you look at STOs, they’re really just a repackaged way to invest in a company. But I do think that in the future bitcoin and cryptocurrency will play a big role in how the entire investment market works. If China’s actually smart about it, they could open up to investments into local companies, domestic companies, through systems like STOs. Maybe not STOs per se, but something like STOs through cryptocurrencies. I just think right now the environment is, my guess is we’re trying to figure out a way here in China how to. How to regulate it and how to make it work without damaging the people’s financial safety really.

Nye : Yeah. I mean one of the most interesting things that I found about China, and mind you I was only there for about five days, but one of the most interesting things I found was the way they interact with technology, right? So we’ll take Uber for example, right? Uber is banned in China. And what they’ve done is they take this technology and they say no this is not allowed here and then they actually come in and they create their own solution for it. So now they have DeDe and DeDe, it’s the same exact damn thing as Uber. But it’s made by the Chinese.

Nye : Now do you think that, one do you think that’s true or am I just completely off basis? And two, do you think that that could happen with something like bitcoin? Do you think that they might ban cryptocurrency all together and then turn around and make their own version of cryptocurrency?

David : So let me address those two points. First of all your statement about DeDe is partially true. It’s not banned but it did fail in China. So what happened with Uber was Uber came into the market and I think that, this was quite a few years ago, but they started spending, I believe the statistic was it was either a billion a year or a billion a month, something really outrageous. I’m talking US dollars here. They were dropping a billion a year or a billion a month on marketing, on pushing out the product. But Uber in Chinese is called [Chinese 00:15:48], right? And then DeDe was, as you mentioned, the dominant ride sharing service here.

David : DeDe and Uber, the main difference was I think DeDe was better geared towards, they had a better understanding of the Chinese market where Uber just didn’t really catch on. So after a while, Uber, I think it was two years ago, too, Uber sold their entire Chinese operation to DeDe because it just wasn’t working here. So it wasn’t banned, but it just wasn’t working. They were failing, they were losing money and they had their own lawsuit issues in the US to deal with too. So I think they just gave up on the Chinese market. It really wasn’t doing well. So yeah, it wasn’t banned.

Nye : Okay, interesting.

David : Yeah so a little to your second point about China into it’s own cryptocurrency. You’re right about what does happen. A lot of outside technologies like DeDe, Google, I can compare it to [Chinese 00:16:44], Twitter I can compare to [Chinese 00:16:46]. These are all huge, very successful companies in China that have very much copied the models of either US or outside companies. But the main reason I don’t think … I actually used to think that regulations or government supported domestic companies and tried to shut out these outside companies. But the main issue, actually, I’ve come to find is these outside companies are trying to come into China to succeed here. Before they had their plans ready, they don’t really do enough research into the culture here about how to really succeed as a company here before they try to tackle this huge country known as China.

David : That’s why these domestic companies who took these ideas and then made it their own made it more localized. They geared it towards the local culture in turns of UI, design, UX. The apps look a certain way, the buttons are a certain way. That’s how these companies succeeded in China. So touching on what you said about cryptocurrency, that’s a little bit of a different story because cryptocurrency, as we all know, it cannot be a centralized entity holding it. So China is most definitely, and currently as we speak, they are already engaging in blockchain technology. A lot of the companies today are engaging in blockchain. All the largest companies to the startups, they’re finding ways to use blockchain.

David : But in terms of cryptocurrency, to be honest, China will, for as long as I see it down in the future, they will always have the Chinese R&B. It’s inevitable because it’s too large a currency and also it’s too strictly controlled, which is the only way to run the country at this point. And I completely agree with it. But they might digitize it one day somewhere down the line. But for the foreseeable future, I still think it’s going to be this way. I don’t think they’re coming out with their own crypto in any way. It might be digitized in some way, I don’t think they’re coming out with their own cryptocurrency, though.

Nye : That makes sense. And that leads into my next points here. When I was in China and I spoke with the founders of some of the major cryptocurrency projects coming out of China right now and I asked them, I said, does China have a beef against cryptocurrency? What is going on over here? They kept coming back to the point that China’s really still bullish on blockchain technology. And I think that’s what you were touching on a little bit earlier saying that they’re not going to get left behind, they’re not going to get left in the dust on this. Do you think, and do you believe that China, forget cryptocurrencies for a second, let’s just focus on blockchain. Do you think China’s going to start to implement this technology into, I don’t know, their government or into what they’re doing on a daily basis? Do you think they see the use case for this?

David : Oh absolutely. Most, not only on a regulatory framework side, but also on the technological startup side. Also in the traditional companies. Every company right now, anybody who’s trying to make a splash in the sea has to find a way for … Is already, not only has to, is already looking for ways to integrate blockchain technology either through their databasing or through their supply chain. All different kinds of ways because it’s not only a trend but people are … Sure, some companies are doing it because everybody’s talking about it but anybody who’s smart, they really see the benefits to blockchain. It cuts down on cost, it makes things more efficient in almost any industry, especially with database. I mean we’re not talking about blockchain as a decentralized solution to everything where we’re like socialists save the world kind of power to the people kind of thing. We’re talking just in terms of commerce, in terms of running a business. Blockchain, as an internal database, too, it works better.

David : For supply chain, it works better. You mentioned V-chain, that’s cryptocurrency. But if we’re talking about V-chain’s technology applied to, say, factories here or for supply chain management. Or let’s say, let’s bring up V-chain again, how V-chain uses their technology to track high end wines. High end wines, let’s use that as an example. High end wines here are very … there’s a lot of counterfeit wine here. There’s a lot of counterfeit other luxury goods here. We’re talking Louis Vuitton, Gucci, Chanel. A lot of counterfeits. Blockchain technology can be integrated into their supply chains to make their entire business more efficient. That’s just one of the ways, right?

David : Through the government side, all the banks here are run by the government. There are no private banks. The banks here are already finding ways to do loans through blockchain technology. And this, again, has nothing to do with cryptocurrencies. So blockchain technology is most definitely going to be a big part of the future here. It’s already kind of too, like you said, it’s too late to not consider it. It’s much like, to me I think the next big three trends are blockchain, VR and AR. I think these three trends will continue to grow not only in China but globally. So really I don’t think China has any … I mean the Chinese tech community is very, very smart. They’re not going to pass on this.

Nye : Agreed, man. Agreed. I 100% agree. And yeah, I think it’s really interesting. When I visited V-chain, for example, they’ve got their whole tracking with the supply chain with clothing and things like that. I didn’t even put two and two together until you just said that that you could totally utilize it for fake Louis Vuitton or Gucci or things like that. It’s rampant in many parts of Asia, not just China. But what other places in Asia have you been visiting in terms of blockchain events or the blockchain culture over there? And how do they compare to China/ how do they compare to the regulations, to the rules, to the excitement? How does all of that compare?

David : Okay, I’ll give you a quick, in my opinion, it might not be correct, but I think I understand the Asia scene quite well. I go to Singapore very often. I go to Singapore very often and Singapore is, in my eyes, definitely the blockchain or crypto hub of Asia. It’s where things are all going on. You’ve been to Singapore, I think we were both at Consensus at the same time, we didn’t get to meet. But I would say Singapore is definitely the hub of blockchain technology right now. We have the few big countries, right? There’s China. I would say China is still number one. I’ll explain why after. Singapore is up there and then we have Japan, Korea and the southeast Asia big six, right? There’s Vietnam, Indonesia, Philippines, Malaysia, Thailand and Singapore, too. So those are the southeast Asian countries really to keep an eye on.

David : So by each country, I’ll go with China last, it’s more where my expertise lies. Japan, the sentiment towards Japan, what the world sees a lot now is there’s a lot of hacks, right? Would you agree?

Nye : Yeah. I mean when I was in Japan it was hard for me to talk about cryptocurrency, it was hard for me to even get involved in any conversation around cryptocurrency. One because the regulation is, from what I understood, was very, very strict. I sat down with Ms. Bitcoin out there, I don’t know if you’re familiar with her but she’s apparently the top or one of the top influencers for cryptocurrency for Japan. She was telling me the regulations have come down very, very hard after hacks, after scams and things like that in Japan. And the second thing that I noticed about Japan personally was the culture wasn’t as, and I think it’s more cultural than anything, but the culture wasn’t as open to having discussions about it. So I think there was a lot of conversations going on about crypto, about blockchain behind closed doors. But me, being a foreigner, I just wasn’t invited to those kind of things.

David : Yeah, I understand. I mean it’s very … The Japanese have a very strong culture and in terms of bitcoin, at least from my perspective, I think Japan was one of the first to really adopt bitcoin back in the day. I’m talking before anybody even knew about bitcoin. And then something like [inaudible 00:25:28] happens, right? Of course that’s kind of an anomaly because it was the first exchange to really get hacked. But then Japan technologically has always been quite advanced, not only in crypto but in terms of crypto they’ve, in recent days, they’ve sort of fallen behind in security. They’ve kind of stuck to their own ways of the 2014 times where security and hackers have really advanced far ahead of that. That’s why I think we see a lot of these hacks with the recent [inaudible 00:26:02] exchange hack. I think that was over $60 million hacked.

David : And I was actually just in Tokyo in December and the sentiment there, I personally don’t think so much that they don’t want to talk about it, I just think it’s died down. From what I know of Japan and towards crypto, it’s investment and speculation there has always been more focused on bitcoin and Ethereum, especially the top few main coins. There is not really too much speculation into the all coin market like the rest of the world has seen.

David : Whereas, let’s move the discussion to Korea. Korea is also under a lot of scrutiny right now because of the exchanges there. I think a big exchange there, COMID was just, the founders were just arrested for having fake volume and how they made a ton of money off this. And the Upbit, a very large exchange, the founders are, again, currently indicted and getting charged and they’re looking into seeing if they did anything wrong over there. So Korea is still trying to figure out ways to regulate too but the Korean scene is also very large. And I think Korea is still a step behind China in terms of understanding how to really trade, how to really invest and how to really play the markets. We’ll touch on China last.

David : And then we look at, let’s move on to southeast Asia. Southeast Asia, Vietnam, Indonesia, Philippines, Malaysia, Thailand and Singapore, these are all hugely, hugely speculative countries that really love the, I don’t want to say it, but love the gambling aspect of the crypto markets. It’s a lot of it towards that. Gaming’s picking up there. There are a lot of industries that are picking up fast in southeast Asia but it’s still, we just love the gambling aspect of the whole crypto markets here in Asia. That’s what I think of southeast Asia.

David : And Singapore, my favorite of these countries, I go there all the time. And my partner’s actually based in Singapore too. Singapore’s very, very open at making huge strides there. You’ve been there, you go to any … There must be a blockchain conference, two blockchain conferences a day there.

Nye : Yeah there’s a lot of stuff going on in Singapore, and I think the place that interests me the most is actually Korea, man. Mind you, I haven’t spent enough time in China yet. I’ve definitely spent way more time in Korea. But you’re 100% right, there’s all these things going on in terms of scams and potential manipulation of volume and things like that. And I mean, I think it was either an ICO or an exchange, I can’t remember, but one of the really popular ICOs or exchanges recently, they exit scammed and they literally left a message on their website that said I’m sorry. So yeah, I’m with you. I think it has a lot more to do, in terms of maturing.

Nye : But I think my main question with all of this, with everything you just described there is how come we can know so much more, or at least for me for example, how come I would know so much more about what’s going on in Singapore and Korea and Japan but you’re telling me that China’s more of a leader here. How come I don’t know what’s going on in China as well?

David : To be honest, China, one thing that … I mean I’m Chinese myself. And it’s the largest one. What I’m very proud of is the general Chinese population, especially the crypto population, they’re very, very smart in investing. There’s a lot of ways, let’s just talk about Wales here. Back before the ban on exchanges, it was estimated volume coming out of China was roughly 90% of the entire world’s global bitcoin volume, right? And then after the exchange ban there’s a lot of speculation that this volume has dropped to maybe 1%-10% but I actually still think that a lot of the global volume is still coming out of Asia, particularly China.

David : Because, let’s look at two things, first of all, a lot of the mining power was coming out of China. And it’s impossible to guess, or even estimate, how many large miners were from China. I mean let’s look at Bitmain. Bitmain, sure they’ve posted a huge loss lately, but this is the only one that the world sees. There are dozens to hundreds of other large miners out there and personal friends of mine too that mined a ton of bitcoin. And these other, Ethereum, before China even banned it. So this is where a lot of the holdings of bitcoin IS still are to this day.

David : What people don’t see is there are a lot of players in China, the funds, the miners, that were in this mining game before the world even really heard about bitcoin. I’m talking about 2010-2014, this time period. A lot of these very smart guys globally started getting into bitcoin. A lot of these Wall Street traders, a lot of these technical analysts, bit time investors. They started getting into bitcoin, let’s say, 2014. But China, a lot of these guys were looking at bitcoin before that and they figured out ways to play the market or how to really make money off this whole market before the whole world even got into it. I won’t touch too much on the shady dealings that go on but there’s a lot of things that go on here that are just far ahead of what anyone else in the world is doing. In terms of market manipulation and market making, a lot of these moves that these whales do that the world just doesn’t even know about. Certainly the mass market doesn’t know about but I’m sure the biggest players globally do.

David : What I think is China is, for that reason, they were one of the earliest in the game, the world just doesn’t know that. And then after that, I think Korea and Japan and southeast Asian countries, they have started picking up on the maneuvers that the Chinese have started many years ago. Right now the entire sentiment here is that it’s a huge bare market, obviously. The funds here aren’t investing in projects. A lot of the funds I know aren’t investing in projects anymore. They’re waiting it out and from just talking to the large funds here, the private funds, the institution funds that used to invest in crypto, I always ask them one thing, what’s your look on the market? What’s the bottom of bitcoin?

David : A lot of them, most recently, what I remember is when bitcoin was at $6,000, a fund manager told me he thinks the bottom is at $2,500 but they are going to start buying at $4,000. That’s one particular fund manager told me. And what I’ve learned throughout the years that really scares me is how much financial control China has over bitcoin. It would scare the average person to see how much control China has over bitcoin. I mean, at any time, any whale here can move the global price of any coin, really, including bitcoin, which is what really surprised me the most these past few years.

David : A lot of this stuff, like you asked, to get to your question, a lot of these things the world just doesn’t see.

Nye : That’s super interesting, man. I mean, there’s so many rumors about that happening on Twitter or in conversations with people at meetups that I meet with. We’re all like when are the institutions moving in or when are the whales coming and pumping bitcoin? It’s kind of like a joke but when I hear you say that it’s like wow, this is actually stuff that’s happening behind the scenes, stuff that I’m not even privy to. It’s really interesting.

Nye : As we move kind of out of the pricing things and we start to talk more about media, you run a media company yourself, you’ve got a whole magazine going, how does that work being in China? Are they receptive to media around bitcoin, around cryptocurrency? Is this something that you focus on pushing out more outside of China? How does all of that work?

David : So we founded Block Magazine late last year and sure, people thought we were crazy for creating a magazine on blockchain in the bare market because people were thinking nobody wants to read about this at the time. And sure, it’s dropped in engagement, dropped in readership in terms of global views towards bitcoin but what we really wanted to do was I looked at the market, not only to bitcoin market but particularly into media. So we know of all these big media companies in this space like Coin Telegraph, coin desk. In China there’s [Chinese 00:35:29], there’s [Chinese 00:35:31], there’s numerous ones. Those are some of the large ones, right?

David : But when you scroll through all these media outlets out there, a common thing you’ll see between all of them is that it’s all focused on regulation, technology and also advancements in crypto technology. For example, Coin X, they’ve increased their TPX rate to this level or the hash rate of this has dropped et cetera, et cetera. And what I realized, my vision is that I don’t think bitcoin is going to buy. It’s really a binary decision, right? It’s either going to zero or it’s going to go one plus. There’s no in between. So as long as the market is still there, I think we’re just in a slump right now.

David : But I do think that one day blockchain technology, and also cryptocurrency is going to change a lot of things. I want to share a quick story about how I’ve been in this space for a while. But I want to share a quick story about what really made me believe in this whole crypto blockchain, some call it a fad. But I think it’s a trend for the future. One day, I’m here, my brother tells me I owe him $1,500 in cash. And my brother was in the US at the time. So I ask him, how about I send it to you in Ethereum? And of course I’ve sent Ethereum before but I sent it to him and it just got over there within seconds, paid back, done, settled. A couple days later, this was during the bull run, of course, my girlfriend asked me how to invest in cryptocurrencies.

David : So what happens is she tries to send me money but she has to do it this way. Her bank is with Wells Fargo. She has to send a check from China, mail it to the US, her Wells Fargo check, and then I have to mail it to my bank in the US and then it gets into my account. Which this process to send a little bit of money, it took approximately two weeks and that’s the moment it really opened up my eyes to this control over our currencies. So I do think it’s going to be a big part of the future.

David : Back to Block Magazine. Because I think that it is going to stay alive and it is going to be a big part of the future, what we’re trying to do with the magazine is really educate people that may not be in this space. Because a lot of people right now who are watching this space, I would say 90 plus percent is speculation. With all these stupid terms online, they’re moon bags, hodle, they’re trying to hold onto these coins and then just trying to make quick money off it. But if you look at a larger picture, it’s going to change a lot more than that. This space is much larger than we see right now.

David : That’s why, what we’re trying to do with the magazine, a few things that are important to us is one, education. And I’m not talking education in the traditional sense where people in this space right now, they keep mentioning education like I’m trying to teach about the technology, all these inner really detailed aspects of technology that the average layman wouldn’t understand. We’re trying to make it very easy to understand where an average person can pick it up, read it and find it entertaining an also informational. So we have, and sure, we need a lot of the big players in this space to feature in the magazines and that’s one advantage our company has. We also have a consultancy, block diving group where we have a network of all these very, very great guys in this space. That’s why the magazine, it really goes well. We piece together these great guys, these feature covers and then we include educational and new entertaining information.

David : If you read the magazine, it’s very simple to understand. What you talked about, your point you asked about, how China views this, we completely stray away from speculation. We don’t talk about price action or anything to do with picking which coins are going to go up in price or which coin do we think you should buy. We don’t mention any of those things because that’s not what we’re trying to do. We do talk about projects, we talk about many, many projects throughout our issues but we certainly try to avoid that. We talk about news in the space, we talk about cool things like the newest wallets out there, how to use a wallet, how do you store your private keys, things like that. We talk about the new innovations in the space. Where is blockchain making some cool strides? For example, a supply chain or gaming or things like that.

David : We also feature many different aspects or different figures in this space because we want to cover a large range of different parts in this space where people can learn about it and have access to interviews where regular people may not have access to. We want people to know about their lives, not only about blockchain technology.

David : The first issue we came out with was local coin, this Canadian company that had bitcoin ATMs. They’re now the largest provider of bitcoin ATMs in Canada. We asked questions like what are their views towards the future, how are they driving adoption? The second issue we had John McAfee. I’m sure you know John McAfee, he’s a very eccentric guy but there’s a lot of hate and controversy towards him but he’s a big part of the space. We want to make sure that we get a good coverage of the entire space, whether it’s good or bad because whether people like it or not, this is part of the space. He had a lot of great things to share and I had a great talk with him.

David : The third issue was OKX’s head [inaudible 00:41:35], the COO of OKX, one of the largest exchanges. So there was another facet of the industry that needs to be talked about, right? Exchanges. It’s a big part of the field. I’ll share with you exclusively on your podcast right now, the next issue we have a great guy coming up too. It’s the issue for Chinese New Year issue, we have Justin Shun of Tron. He’s featuring that issue and we had a great talk with him about TRX and Tron and bit torn token and the future of that. We talk about all these topics in a very easy to understand way. That was the whole vision for the magazine and we think right now, even in a bare market, it’s very fun to do and it’s very interesting and people are liking our content.

Nye : Awesome, man. I really like that. I took a deep look over your magazine when we were at the OKX event and it’s some quality stuff, man. It’s some quality content so congratulations on putting that out, man. I hope they keep seeing it and I hope to see it spread across the world and to people who really want to read it. I think that pretty much wraps up the questions that I have on my end. I think this has been really, really helpful and really interesting. I hope the audience thinks so too. I think there’s a lot of misconceptions about what’s going on in Asia and specifically what’s going on in China and I thank you. Thanks for bringing your expertise, man. This is really, really cool.

Nye : Can you just share with the audience, quickly, where they can learn about you, where can they follow you on Twitter, where can they learn more about Block Magazine, maybe where they can pick it up?

David : Sure. And thanks for having me on. My personal Twitter is Cryptogodfatha. That’s easy to find. For Block Magazine, you can download the PDF at blockjournal.io. And go ahead and follow us on Twitter, just Block Journal. It’s easy to find and we hope you guys enjoy.

Nye : Awesome, brother. Again, man, thank you so much for coming on and I really appreciate you coming on and doing this. This has been a lot of fun. And for everybody listening, this is another episode of the Evolvement podcast where we talk about bitcoin, cryptocurrency and the future of our financial systems. You heard it from David, China does not 100% hate bitcoin. Bitcoin is not banned, just the sketchy parts of it. So David, again, thank you so much for coming on and for everybody listening, we’ll catch you at the next episode.

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