Walmart Acquires Vizio & The ECB Challenges Bitcoin | The Brainstorm EP 37
Summary
TLDRThis video covers two main topics: Walmart's potential acquisition of Vio, a budget-friendly TV line, and the European Central Bank's criticism of Bitcoin. Regarding Walmart and Vio, the discussion delves into the implications for players like Roku and Amazon in the rapidly growing connected TV space, examining factors such as market share, consumer preferences, and the importance of operating systems. On Bitcoin, the video analyzes the ECB's critiques, including its alleged use for illicit activities, environmental impact, and investment viability, while presenting counterarguments that challenge these claims. The conversation also touches on Bitcoin's most valid criticisms, its underappreciated deflationary nature, and the potential threats of quantum computing.
Takeaways
- 😃 Walmart announced plans to acquire Vio, a budget-friendly TV brand with 18 million active accounts and 500 advertising partners, to better integrate with its advertising unit Walmart Connect.
- 🤔 While Vio's acquisition could threaten Roku's shelf space at Walmart, Roku has diversified its distribution through partnerships with other retailers and its brand reputation for superior operating system experience.
- 📈 The Connected TV (CTV) space is rapidly growing, with streaming hours increasing while linear TV hours decline, and advertisers shifting budgets from linear TV to CTV.
- 💡 Key to winning in CTV is achieving scale, engagement, and monetization through first-party data and personalized advertising capabilities.
- 🌐 CTV presents a global opportunity as it eliminates the need for physical cable infrastructure, with Roku already having a larger install base than major traditional TV providers combined.
- 💻 The operating system brand (Roku OS, Fire TV, etc.) is becoming more important to consumers than the TV hardware brand itself, similar to mobile operating systems.
- ⚡ The European Central Bank (ECB) published a blog criticizing Bitcoin on three fronts: lack of use as digital money, unwise investment, and environmental impact of mining.
- 🚫 Counterarguments refute the ECB's claims, citing Bitcoin's use in underbanked regions, low illicit activity compared to cash, and potential solutions for privacy and quantum computing concerns.
- 🌍 Bitcoin's deflationary monetary policy and restricted supply over time are underappreciated aspects of its potential value proposition.
- 🔒 Valid criticisms of Bitcoin include potential privacy/fungibility issues from transaction traceability and the theoretical risk of quantum computing breaking its cryptography, though mitigations exist.
Q & A
What is the potential acquisition being discussed in the script?
-Walmart is considering acquiring Vio, a budget-friendly line of TVs and smart TV operating system called Smartcast TV.
What are the key points discussed about Vio?
-Vio has 18 million active accounts and around 500 direct advertising partners. Acquiring Vio would enable Walmart to more effectively connect with households across the US through its own proprietary line of TVs and integrate it with its advertising unit, Walmart Connect.
What are the concerns raised about Roku's position if Walmart acquires Vio?
-There are concerns that Roku might lose shelf space for its TVs at Walmart stores if Vio becomes Walmart's proprietary TV line. However, the speakers argue that Roku has diversified its distribution through partnerships with other major retailers like Best Buy, Amazon, and Costco.
What are the key factors discussed for winning in the CTV (Connected TV) space?
-The speakers mention three key factors for winning in the CTV space: scale (number of active accounts), engagement (hours streamed), and monetization (advertising and data capabilities).
What shift is happening in the TV industry, and what opportunity does it present?
-There is a significant shift happening from linear TV to streaming TV. While 60% of TV time is now spent on streaming, only 29% of TV advertising budgets are currently directed towards CTV/streaming. This represents a massive opportunity for platforms like Roku to capture more of the linear TV advertising market worth $60-70 billion annually.
What is the significance of the TV operating system brands like Roku OS, compared to the TV hardware brands?
-The speakers argue that the operating system brand (Roku OS, Amazon Fire TV, etc.) is carrying more weight with consumers than the TV hardware brand (TCL, Samsung, etc.). Consumers are seeking out specific operating systems for their user experience and ease of use.
What is the European Central Bank's stance on Bitcoin, according to the script?
-The European Central Bank (ECB) has published blog posts criticizing Bitcoin on three fronts: claiming it is not a viable digital money due to its slow speed and use in criminal activities, questioning its value as an investment, and criticizing its environmental impact due to the energy-intensive proof-of-work mining process.
How does the script counter the ECB's claims about Bitcoin's use in illicit activities?
-The script cites a 2023 report by Chainalysis estimating that only 0.34% of all crypto trading volume is used for illicit activities, including money laundering. It argues that this is extremely low compared to estimates of cash being used for illicit purposes (2-5% for money laundering alone, according to the United Nations).
What does the script consider to be the most valid criticism of Bitcoin?
-The script acknowledges two valid criticisms: 1) Bitcoin's lack of privacy could lead to some coins becoming "tainted" or traded at a discount due to their association with sanctioned entities, and 2) the potential threat of quantum computing breaking Bitcoin's cryptography in the future.
According to the script, what is the least appreciated aspect of Bitcoin's value proposition?
-The script argues that Bitcoin's disinflationary monetary policy, which restricts the supply over time, is underappreciated and misunderstood, especially in comparison to inflationary currencies like the US dollar.
Outlines
📺 Walmart's Potential Acquisition of Vio's CTV Platform
The discussion revolves around Walmart's plans to acquire Vio, a budget-friendly TV line with its own operating system called SmartCast TV. This acquisition would allow Walmart to better integrate its demand-side platform, Walmart Connect, with households across the US through its proprietary line of TVs. The key points discussed include Vio's 18 million active accounts and 500 advertising partners, Walmart's significant TV sales, and its existing partnership with Roku for the ONN TV brand. The potential threats and implications for players like Roku, Amazon, Google, and Apple in the rapidly growing connected TV (CTV) space are analyzed.
🌐 The CTV Landscape and Roku's Position
The discussion delves into the larger CTV landscape, highlighting the importance of scale, engagement, and monetization for success. Roku's advantages, such as its 80 million active accounts, 100+ billion streaming hours, and first-party data, are examined. The shift from linear TV to streaming is explored, with statistics indicating a 21% increase in global streaming hours on Roku and a 16% decrease in linear TV hours. However, only 29% of TV budgets are currently directed towards CTV and streaming, leaving room for growth as advertisers follow viewers. The evolving role of TV operating systems is likened to that of cable operators, with potential for app store-like revenue models.
🏆 Roku's Competitive Edge and Global Opportunity
The conversation focuses on Roku's competitive advantages and its position as a leading player in the CTV space. Despite competition from tech giants like Amazon, Google, and Apple, Roku has managed to edge them out and grow its market share. With an install base larger than the six largest traditional pay-TV providers combined and its status as the number one selling TV operating system for the last five years in the US, Roku's scale is unprecedented. The global opportunity for CTV is also discussed, as it doesn't require physical cable infrastructure, making it accessible to anyone with broadband internet.
⚡️ Debunking Criticisms Against Bitcoin
The discussion shifts to the European Central Bank's recent blog posts criticizing Bitcoin. The key criticisms addressed include claims that Bitcoin is not digital money due to its slow transaction speeds and alleged use for criminal activities, that it's not a wise investment due to lack of dividends and cash flows, and that its proof-of-work consensus mechanism is environmentally harmful. The conversation provides counterarguments, citing low estimates of Bitcoin's use in illicit activities compared to cash, and addressing concerns about privacy, fungibility, and the potential impact of quantum computing on Bitcoin's cryptography.
💰 Bitcoin's Deflationary Monetary Policy and Underappreciated Value
The discussion explores what the market may be underappreciating about Bitcoin's potential. The deflationary and disinflationary nature of Bitcoin's monetary policy is highlighted as an underappreciated aspect, as it restricts supply over time. The implications of a disinflationary asset compared to inflationary currencies like the US dollar are emphasized as a key value proposition that is often misunderstood or underestimated by the market.
🎬 Closing Remarks
The episode concludes with closing remarks, thanking the guests and the audience for tuning in.
Mindmap
Keywords
💡Connected TV (CTV)
💡Operating System (OS)
💡Advertising
💡Cord-cutting
💡Market Share
💡Engagement
💡Monetization
💡Scale
💡Streaming
💡Branding
Highlights
Walmart announced its plans to acquire Vio, a budget-friendly line of TVs with an operating system called smartcast TV, enabling Walmart to better connect with households across the US through its proprietary line of TVs and integrate it with its advertising unit.
Vio has 18 million active accounts and around 500 direct advertising partners.
Roku has been hedging its risk by announcing its own line of first-party TVs and diversifying its distribution channels beyond Walmart.
Branding and operating system superiority matter for consumer preference, as evidenced by Roku's popularity and better user experience compared to Vio.
The shift from linear TV to streaming is happening rapidly, with global hours streamed on Roku up 21% and Roku Channel up 63%, while linear TV hours were down 16%.
Although 60% of TV time is now spent on streaming, only 29% of TV budgets are directed towards CTV and streaming, indicating a large gap to be closed.
The opportunity in the CTV space is not just to cannibalize the linear TV market but also to leverage the personalization and targeting capabilities of digital advertising.
TV operating systems like Roku, Vio, and Amazon Fire TV are now in a position similar to cable operators two decades ago, acting as the gateway to the TV viewing experience and operating app stores.
The European Central Bank (ECB) published a blog criticizing Bitcoin on three fronts: it's not digital money, it's not a viable investment, and its proof-of-work consensus mechanism pollutes the environment.
The report claims that Bitcoin is mostly used for criminal activity and money laundering, but the data suggests it's only 0.34% of all crypto trading volume in 2023.
The most valid criticism of Bitcoin could be its lack of privacy and potential loss of fungibility due to transaction traceability, leading to a scenario of 'tainted' or discounted Bitcoin.
Another valid criticism is the potential for quantum computing to break Bitcoin's cryptography, but there are potential solutions like forking to a quantum-resistant system.
The least appreciated aspect of Bitcoin is its disinflationary monetary policy and the impact of restricted supply on its adoption as an asset and currency.
The Market discounts budget TVs as commodities, but Roku's success shows that branding and operating system superiority matter to consumers when choosing a smart TV.
Scale, engagement, and monetization are key to winning in the CTV space, and Roku has advantages in all three areas with its large install base, high engagement hours, and first-party data for targeted advertising.
Transcripts
[Music]
hello everyone and welcome back to
episode 37 of the brainstorm today I'm
joined with Andrew Kim and David puel
we're going to be going over Walmart
potentially acquiring Vio as well as the
ecb's campaign against Bitcoin but first
let's start with Walmart acquiring Vio
potentially acquiring Vio Andrew why
don't you te this up for
us sure so last Tuesday Walmart
announced its plans to acquire Vio which
is a budget friendly line of TVs um well
it offers a a line of budget friendly
TVs and a operating system known as the
smartcast TV and this would enable
Walmart to more effectively um connect
with households across the US um uh
through its own proprietary line of
TVs um and more tightly integrate that
with its native uh demand side platform
uh Walmart connect which is its uh
advertising
unit yeah it's interesting that Walmart
is getting into this space um the
numbers here on viio at least Vio has 18
million active accounts and around 500
Direct advertising Partners this is what
was disclosed in the press release um
and Walmart is one of the largest
retailers in the country and sells a
significant amount of televisions each
year and they have made other
Partnerships in the space notably uh
Roku and their on platform so Walmart
runs a brand of TVs called
ONN and they use roku's operating system
to power that obviously that is now
being called into question and I think
Roku and the story behind Roku is being
called into question by many but I
wanted to ask you Andrew what are your
thoughts there I have some opinions here
so let's let's go back and forth uh just
what you think uh around the Potential
Threat of Vio and Walmart now entering
in the CTV space not just for Roku but
also Amazon Google Apple you know this
is a very large industry and growing
rapidly and it's you know clear why
Walmart wants to have a more significant
presence in the space but what are your
thoughts yeah I mean I think when Roku
first announced its line of as first
party like labeled uh TVs back in I
guess January of this or or sorry
January of last year was it yeah yeah
yeah um like it it basically signaled to
us that Roku is like properly hedging
and already thinking about hedging its
risk to any single distribution partner
right and Roku is on the shelves at
various uh large L distribution Partners
such as you know Target Best Buy Costco
and um while Roku has historically
depended on Walmart for the distribution
of its budget friendly Smart TVs in the
past uh Roku is in a much better and
more diverse Diversified position than
before so from a shelf space uh
consideration I think um it's okay right
I mean yes like Roku might lose shelf
space to Vio in Walmart but um it also
come uh begs us to ask begs third party
distribution uh platforms to ask now
that Vio is no longer an agnostic TV
right it's now tied directly to Walmart
will will they carry it will Amazon
carry Vio will will Target carry Vio
right um because it would put them in
direct competition while favoring direct
competition on its own platform um and I
guess on the advertising
side scale matters right Roku has 80
million active accounts um
Vio um chugging along at 18 million
which is still you know impressive scale
with a lot of data and I'm sure um
Walmart was attracted to that but in the
aggregate I would imagine that most
advertisers are very much interested in
continuing to reach the Roku household
so I think even from an advertising
perspective um they're going to be okay
yeah and it's I think you brought up a
few interesting points here one just on
distribution and you I think you're
correct it was January of last year at
uh CES where Roku began to announce
their branded line of first-party
televisions and that was originally in
Partnership exclusively at Best Buy now
they've since expanded that and so those
first party televisions will not only be
sold in Best Buy but Amazon and Costco
as well so they are you know hedging
their distribution risk in branding
their own televisions building their own
televisions and then Distributing
through other major retailers um and I
think you're right to say that you know
one thing that has uh always attracted
us to this story around Roku is this
idea around the Switzerland uh and being
that party within the CTV space that
isn't tied to any single um you know
large tech company or major retailer so
when you when you talk about you know
Vio might gain shelf space in Walmart
but they're likely to lose out in Target
and Amazon I can't you know that that is
actually how the the space has shaped up
today where you know Amazon Fire TVs are
not sold in other major retailers
because of the threat that Amazon
imposes on them from a retail
perspective generally so there is that
kind of awkward Dynamic at play between
these retailers and their you know sole
Solutions in the space I think when we
look at at the story and what is really
important to winning in the CTV space
and this is something that's you know
largely talked about it's you need scale
you need engagement and then you need
monetization and we look at you know who
has the largest scale today it's not
viio it's Roku Amazon Fire those are the
two major players um then you look at
engagement if you look at the engagement
hours on Roku it's 100 billion plus
hours streamed um so this is significant
scale and significant engagement and
then you're talking about uh first-party
data and the advantages that come with
it from a monetization angle so I think
the story really you know makes sense
once you have all three of those and
then just understanding the backdrop of
the CTV space this is still a very nent
space um if you look at some of the
numbers we were given and I'm going to
read these off so I don't get any of the
figures wrong but one you have this
shift from linear into streaming
happening at the current moment and it
has been happening at a more more at a
at a faster clip since Co um so we've
heard about cord cutting and now we're
starting to see advertisers uh follow
through as well but during the fourth
quarter um when we see uh Global hours
um streamed on the Roku platform that
was up almost 21% and 63% for the Roku
Channel but if you look at linear TV
hours that was down almost 16% on a
year-over-year basis so from engagement
standpoint you're seeing this share
shift but then when you look at the
amount of dollars being spent in these
individual ecosystems one you have 60%
of TV time now happening on streaming
specifically um but only 29% of TV
budgets are directed towards CTV and
streaming so there is still this large
gap that needs to close between where
the eyeballs are and where the dollars
being spent are and I think that's
really important to understanding why we
think this space is so attractive long
term the you know the linear TV Market
is a 6070 billion a year industry and we
believe all of that is Tech is going to
flow over into the CTV space but because
CTV is built on digital rails it allows
you to personalize like social media
companies it allows you to Target in a
in a in a better fashion more more
personalization better targeting
everything that comes with digital
advertising is now being built in the
CTV space so not only is the opportunity
just to cannibalize all of the dollars
being spent in the linear TV space it's
what can you take beyond that into the
digital advertising space so growing
market share as a whole I think is the
longer term opportunity and we think you
know just to to to settle this and and
and give kind of the the cohesive
narrative the TV operating systems Roku
Vizio Amazon on fire they now sit in the
same position that cable operators sat
two decades ago where they were the
endpoint Distributors for Content that
means they're the gateway to your TV
viewing experience and that is a very
powerful position to be sitting in
because you can operate like an App
Store so we think Roku Amazon Vio
they're going to be operating app stores
and they're going to have similar take
rates that we see in the mobile app
ecosystem but that's now going be ported
over into the television ecosystem and
so it's a extremely attractive
opportunity long term obviously there's
a ton of risk moving pieces very Dynamic
space as we're seeing right everyone
wants a piece of this pie because the
pie is growing so quickly and it's a
massive opportunity from advertising and
from just influence being in the
household being the primary screen in
the household outside of the mobile
phone is extremely important and so
that's why you're seeing retailers like
Walmart want wanting to have influence
here and Amazon and Google and and and
apple and it's you know an interesting
uh you know case study here Roku has
been kind of the Underdog Story
throughout this because you've had Tech
giants like Amazon Google and apple
breathing down roku's neck since the
beginning of the story and yet Roku has
been able to Edge all of them out and
actually grow its market share um you
know since its founding and now it's in
80 million households and it's the
number one selling TV operating system
for the last five years in the US and
it's install based and this goes back to
the whole you know portion on scale it's
larger than the six largest traditional
payv providers combined that's you know
we're talking about unprecedented
numbers in terms of television
distribution in the US but this is also
a global story right the difference
between uh over-the-top or CTV is you
don't have to go around the country
laying cable to enter into homes it is
just you know you're if you're connected
to Wi-Fi Broadband you're instantly you
have access to everything that CTV uh
offers so it's an extremely uh uh large
opportunity because it's not just uh us
it's it's Global as well I know that was
a
lot no no I think you raised really
great points all throughout but like
branding matters right I I I hate that I
feel like the Market discounts budget
TVs as like a barebones commodity but if
you look at roku's advantage and
leadership as seen in the um sales
figures right number one in three
countries um it it shows us that
branding matters the Roku brand is very
much UB ubiquitous right and um it's not
as if consumers are completely
nonchalant about um purchasing about um
deciding what kind of smart TV to
purchase once they step into a store and
uh we agree with the notion that even if
Walmart um you know significantly
decreases shelf space allocated to Roku
uh in favor of Vio consumers will
continue to look for Roku uh operating
systems and it's not just a branding
issue it's an overall operating system
superiority issue too right and that the
Roku experience um is unmatched I think
um with respect to how uh smart other
Smart TVs operate and I would encourage
listeners to just search up Roku versus
Vio go to any subreddit and you will see
that
people um by far prefer Roku over Vio
because of all the issues that smartcast
has presented whether it be connecting
to external devices um uh doing um uh
like AirPlay or or all these different
Services right or or or compatibility
with different streaming apps as well um
it seems as though Roku is um at a much
larger Advantage from a uh just
technical perspective as well so I would
imagine that with this acquisition
Walmart is inheriting a lot of tech debt
to consider um and I mean we'll see how
they execute
but I think they're in in a much more
disadvantaged position than um I guess
initial Market reactions would
warrant yeah and I think you bring up a
very interesting point and this is I
think where we'll end and move over to
David um because I want to be mindful of
everyone's time it it is it is our
thesis that the operating system brand
so the Roku OS smartcast uh Amazon fire
that now carries more weight with
consumers than the television brand so
the OEM Partners so tcls the high sense
the sharp Phillips Samsung and some of
these have their own operating systems
built in right Roku has its own first
party but then it also works with third
party um that is a shift that we think
has been taking place and is going to be
where you see the real share shifts and
winners is at the operating system level
it's the consumer seeking out as you
said Andrew seeking out the operating
system not the television right they
want the Roku Opera system they want to
see Roku City they want that ease ofuse
navigation uiux that comes with a Sleek
operating system that is what we're
we're going to see it's you know it's
it's been played out in Mobile right
people are very attached to the IOS
operating system um you know maybe it is
also the hardware elements to it but it
is mostly the operating system and we
think that's now playing out in CTV so I
think yeah that's a it's a it's a very
important point for for everyone to
understand because this isn't what was
happening in television before it was
you know an entirely different space but
this is now we're bringing television
into the digital age so um David we're
we're GNA kick it over to you tell us
what's going on with the ECB they're not
fans of Bitcoin what what's up with
that yeah so last week the European
Central Bank
published The Last of a series or the
very least the second of um a series of
blogs criticizing Bitcoin and its core
value
proposition um it kind of regurgitates
the last block post from November and in
essence it it bashes Bitcoin in
by in in three dimensions you could say
the first one is uh claiming that
Bitcoin is not uh digital money because
it's slow
uh and in addition it's used mostly uh
or at least that's the spirit of the the
block piece it's mostly used for
criminal activity and money
laundering then number two Bitcoin is is
not a viable or a wise investment given
that it has no dividends no class
flows and uh if comparing to other
Commodities it has no uh it's a
non-productive asset right and number
three
Bitcoin the the consensus mechanism of
Bitcoin proof of work meaning the mining
the mining use of electricity to protect
the
network um the hash rate uh their claim
is that this pollutes the environment
and will continue to do so at an
increasing rate into the
future uh given the historical um rise
of hash Bitcoin hash rates um over the
last 15 years
um the post was highly uh excoriated and
and debunked on on Twitter it got one of
the you know the permanent commentaries
on on the original tweets correct
correct it got one of those uh pretty
much
citing um you know contrarian sources
perhaps even more valid sources on their
overall claims uh and it also goes to
one of our own
Publications published in mid
2021 uh it's called the bunking common
Bitcoin myths we already kind of address
um exactly this and and a few other um
talking points that most Skeptics have
done um on bitcoin
historically um just to give you a a
high level of the way we at ARC see
those uh you know the counter claim to
to those initial uh points given by the
ECB uh first off we we believe that
Bitcoin is a Still Remains a censorship
persistent Network which is pretty
essential especially in developing
nations that have no access to to the a
proper back banking system and to
Stronger currencies like the
USD
um tackling the the topic of fistic AC
ity as of the report of 2023 by Chain
analysis uh it's
0.34% uh of all crypto trading volume
it's used estimated to be used for
illicit activity including money
laundering um so in review that's
extremely low especially if you compare
it to some estimations of how much cash
you Dollar Cash is used for elicit
activity me you know you you have the 2
to
5% uh estimated by the United Nations
for money laundering and that's just
money laundering not um other um illicit
activity and other like much more um
aggressive
estimations like the one um I believe
it's um a Harvard Economist called
Kenneth rof he wrote a book called The
Curse of cash uh where he by the process
of elimination calculates that up to a
third of the Dollar Cash in the world is
used for illicit activity where at the
very least just uh non- kyc activity
right meaning you know tax avoidance etc
etc so by any standard um we think the
claim is quite um
unimpressive and uh a little bit
disingenuous
interview David I want to ask you we
actually we had youen on a few weeks
back and we asked him this question
which is you know we hear a lot of these
um common Bitcoin myths and you know
these uh these criticisms of Bitcoin and
the network of th those out there what
do you think is the most valid and then
how would you debunk it um like in your
opinion what is the most valid criticism
of Bitcoin and then how do you respond
when you hear
it that's a great question and
the I think two the top two that have
some validity but on a longer term basis
one is um Bitcoin is not private private
enough therefore it may lose fungibility
meaning since you can track the
transactions quite accurately you know
elliptic and Analysis have such an
infrastructure and know how of how to
track um elicit or any activity in the
network for forensics and onchain
archaeology at an given time
um the there's a scenario where
increasingly so some of the Bitcoin may
become quote unquote tainted or um Can
can be traded at discount because it has
been touched by an entity in Russia or
Iran or North
Korea um now uh perhaps the counter
claim to that is you would have an a
scenario where you would have that
discount or perhaps like um byoc Market
globally where you have let's say us
allies or unsanctioned entities trading
with each other at a normal price and
then sanction Bitcoin we call it like
poison Bitcoin trading in its own e
ecosystem uh between the entities that
are sanctioned by the us or something
like that or uh even in addition to that
you have what is considered consider the
poison Bitcoin perhaps losing some value
and staying dormant at the end of it and
therefore subtracting from the total
Supply and and um establishing through
time a little bit of Supply shock that
makes it so that incentives since that
Bitcoin is pretty much tainted for all
time or at least until the US releases
the sanctions it becomes dormant and
therefore not traded and it's subtracted
from the total circulating Supply that's
one and the one is uh Quantum Quantum um
potentially breaking um encryption now
this is a topic for a much longer
discussion but in essence the claim is
you know Quantum is going to
be um successful in Breaking bit Bitcoin
cryptography um now there's two vectors
for uh for attacking um for Quantum
entity attack in Bitcoin one is uh the
proof of work mechanism or the mining
uh side of things um in our view that's
very unlikely given the the extremely
high amount of hash rate that Bitcoin
has today and most likely will continue
to have into the future um but even even
on top of that there's mechanisms when
you can enhance proof of work um
into to have more resistance again uh a
Quantum minor the other part is more
worrisome meaning the elliptic curve
that is embedded in the signal scheme of
Bitcoin living um by some estimates
above 20% of the supply including the
satosi coins uh and unprocess
transactions um vulnerable to a Quantum
attack now that's also we expect a
little bit down the line into the future
and on top of that you can also solve
that in which the network could Fork um
we have enough time for that and Fork
into um a system that is quantum
resistant um meaning instead of using
elliptic curve as your cryptographic
security you use hash based or lce based
most likely hash based um public
cryptography to protect the network um
against that sort of attack and then
we'll we'll end on this question I want
to flip the prior question on its head
what do you think is the least
appreciated or what does the market um
miss when understanding the potential of
Bitcoin so what is the least appreciated
value that Bitcoin holds in your eyes
today um I know it's a popular aspect of
Bitcoin uh but I I still think it's
underappreciated which is the the
monetary policy of it uh it's
deflationary this inflationary quality
and the way it keeps restricting Supply
from the from the system um over a
period of about you
know 30 40 years or so um I think this
has impact in the asset and its adoption
that people just keep Mis
misunderstanding uh to a great extent um
they have no notion on how a
disinflationary asset compares to an
inflationary one especially as a
currency um like the the US
dollar interesting okay David Andrew
thank you so much and everyone that has
listened tuned in watching on YouTube we
appreciate it as always uh that is our
show Sam will be back next week um but
thank you everyone
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