This week’s episode of CoinGeek Discussions saw American record producer E.Smitty, U.S. Presidential candidate Aaron Day, Bitcoin developer Joshua Henslee, and lots of other guests join a lively talk about the potential of blockchain to revolutionize the music industry, the need for peer-to-peer electronic cash to avoid digital tyranny, and much more!
— CoinGeek (@RealCoinGeek) September 15, 2023
Introducing the guests
Aaron Day is a U.S. Presidential candidate running on the platform of restoring and preserving liberty. He believes we are headed towards digital tyranny with central bank digital currencies (CBDCs), and he thinks Bitcoin as peer-to-peer electronic cash can help save us. Day got into Bitcoin in 2012 and says the separation of money and state is essential. He tells us that 1 billion people will be using CBDCs by the end of 2023, and we need a scalable electronic cash system to act as an alternative.
E.Smitty is a famous American music producer who is building DistroMint, a revolutionary music distribution platform on BSV blockchain. Smitty says he wanted to prove you can use real Bitcoin transactions for music. His platform will measure listening time down to the second and will ensure artists get paid there and then, unlike the big streaming sites. He thinks everything can ultimately be measured and monetized in this way, including music, books, and movies.
E.Smitty abandoned Ripple and came over to BSV blockchain
E.Smitty was once an XRP enthusiast, but since discovering the power of the original Bitcoin protocol, he has changed his mind. He initially tried building something similar to DistroMint on the XRP ledger, but he couldn’t make it work.
Smitty says he then decided to build his platform on BSV blockchain. He intends it to be something the entire music industry can move across to, so scalability matters a lot. He believes BSV blockchain will be the leading blockchain when all is said and done.
While he says the XRP ledger is “fair,” he tells us he has blocked Ripple CTO David Schwartz on Twitter due to his “negative energy.”
On the subject of Ripple, Aaron Day has a few choice words, too. He calls it a “crony-funded project,” noting that it has lots of connections to the traditional financial system and is the antithesis of what decentralized blockchains are supposed to be about. For Day, Ripple has way too many red flags, and he recommends anyone involved with it should walk away.
Day also touches on scalability for different reasons; he thinks the only way to stop digital tyranny is by exiting the fiat currency system into one or more digital currencies. Of course, for that to be feasible, the blockchains concerned have to be able to handle lots of transactions.
Joshua Henslee talks about Hodlocker.com
Henslee is familiar to most long-term BSVers, and he joins the conversation to speak about Hodlocker.com. It’s an app to lock bitcoins up for a limited period of time while giving the holder full control.
Henslee explains that Hodlcker allows anyone to lock up their bitcoins until the blockchain reaches a certain block height. The coins are locked using script, and no other chain has these capabilities.
At the time of the conversation, Hodlocker.com had 880 coins locked up but at the time of this article, the number has swelled to just over 2,500. Henslee rightly says that no other app has seen this sort of interest or volume other than ones based on speculation. Clearly, this one is catching on.
Ultimately, Henslee believes apps like this built confidence in Bitcoin and its security. He also advises anyone who has problems with Jack Liu to get over it.
On the topic of locking coins, E.Smitty says, “if you believe in the protocol, lock it up.” He reiterates that BSV blockchain will be the leader and temporary coin price does not matter.
More about DistroMint
A listener asks E.Smitty if there’s an MVP for DistroMint, as it has been a long time coming. He says there is, and host Alex Vidal says he has seen it.
Smitty says DistroMint can distribute music worldwide, thanks to the power of the BSV blockchain. He reminds us that the internet didn’t take off right away, but once it did, it changed everything. He sees the BSV blockchain following the same trajectory, revolutionizing not only the music business but most others, too.
To hear more about how the music industry works and how blockchain can disrupt it, Zachary Weiner’s recent testimony before the U.S. government, and the benefits and dangers of CBDCs, follow the link above to listen to the discussion.
Watch: Peer-to-peer electronic cash system—that’s micropayments
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