This week on the CoinGeek Weekly Livestream, Bitcoin historian and expert Kurt Wuckert Jr. answers viewer questions about Bitcoin, the XRP ruling, altcoins, IPv6, and a decentralized internet. Check it out via the video link below.
What is the most secure BSV wallet?
Wuckert says this question assumes it is the wallet providers’ role to secure user wallets. He doesn’t agree with that. Noting that security exists on a spectrum, he says a user’s opsec makes all the difference.
The best solution is to use a clean, formatted laptop to generate keys, take a note of them, and then reformat the laptop and use it for something else. This way, the private keys are offline forever. “Your wallet is as secure as your system,” Wuckert tells us. He says that storing keys on cloud servers such as Google Docs is a very bad idea.
What does Wuckert think about U.S. Presidential candidates like Robert F. Kennedy and their misunderstandings about Bitcoin?
Wuckert says he doesn’t like Robert F. Kennedy (RFK) much. While he is good on some issues, he’s just talking about Bitcoin to look good, like many Republicans do, but he’s not very informed about it. It’s classic pandering for votes.
As Wuckert can see the mistakes in movies related to martial arts and guns because he’s somewhat of an expert in these areas, he can also easily spot the problems when politicians talk about Bitcoin. RFK, Vivek Ramaswamy, and others clearly have a surface-level understanding of it at best.
The XRP ruling was odd. Did the judge deliberately make an ambiguous ruling that will be easily appealed?
Wuckert is “super torn” on this issue and understands both sides of the argument. He points out that ‘Crypto Twitter’ is scraping the bottom of the barrel when it comes to human intellect, and few have understood what the ruling meant in any serious way.
As with most cases, there’s an appeals process, and a higher judge may overrule this judge’s decision. Furthermore, the ruling itself isn’t very clear. Wuckert remembers when XRP tokens were literally called ‘Ripples’ and feels the company went out of its way to create confusion. It’s clearly a security, in his view.
Where does Wuckert buy/sell BSV?
He begins by pointing out that this has been a challenge as of late. It’s no secret that exchanges like Bittrex, which he previously used, have delisted BSV. Right now, the best solution is Rock Wallet, which Wuckert says has great customer support and can handle larger transactions worth tens of thousands if needed.
If the BTC digital gold narrative isn’t valid, what is the value proposition of Bitcoin?
Wuckert says Bitcoin is a lot like digital gold, but not the way the BTC maxis paint it. Whereas they view gold as something to be hoarded under the bed in case of the apocalypse, in reality, gold gets its value from being so useful. It’s used in a wide range of electronics, doesn’t corrode easily, etc. In this way, Bitcoin with utility (BSV) can be extremely valuable, too.
Is there any new information on blockchain adoption in the Philippines?
Wuckert answers that nChain recently signed an MOU with a regional government in the Philippines, and lots of other interesting things are happening there. President Ferdinand ‘Bongbong’ Marcos’ father introduced Fintech to the nation, so his son is following in his footsteps. There’s also a large, organic BSV blockchain community in the Philippines, and there are lots of big blockers.
What’s going on with Alex Mashinsky?
The Celsius Network boss is in a lot of trouble, Wuckert says. He was recently arrested and could be facing serious prison time. Worse yet (for him), he’s facing charges from multiple federal agencies, meaning he could spend a lot of time going from courtroom to courtroom before he serves any time.
How will BSV blockchain integrate with IPv6? Will wallet addresses be IP addresses?
There are a few ways it could be done, Wuckert says, and everything is still in the planning phase. Multicast will fundamentally change how wallets broadcast to each other and to the node network.
Originally, Bitcoin was designed to be IP to IP. How it will work with IPv6 will be completely different than how it works today. It’s a paradigm shift, and people should be ready to have their minds blown.
What is ORD-FS? Is it the base layer for a new decentralized internet?
Essentially, yes. It’s a hierarchy of files and system for how they communicate with each other. We are talking about a potentially truly decentralized internet. Wuckert tells viewers to watch this space closely.
What’s the future of altcoins in the future?
99% of them are going to zero, Wuckert says. They’ll either fall into a niche and be used by hobbyists, or they’ll go away. As with everything else, if you don’t make people’s lives better at scale, you fall into a niche category and cease to be relevant in the wider economy.
To what extent will CBDCs be a threat to BSV?
Wuckert says he has been warning people for years that if we don’t use Bitcoin as cash, we’ll end up with government-controlled CBDCs. While it’s possible we have missed the boat, he doesn’t think so.
CBDCs may fail if they aren’t built on scalable public blockchains. This could ultimately be good for BSV blockchain.
Watch: IPv6 and blockchain with Ralph Wallace
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