Episode 97: Could THIS Be A Turning Point For Adoption?
We got a super fun show packed with exciting news this week—possibly being able to send Bitcoin Cash via email, the 4th of July fireworks, and our interview with Alex Alexandrov-founder of Velas Token (VLX).
For News Break, we talk about being able to send Bitcoin Cash (BCH) via email to anyone in the world. We share our insights on this new development in this segment.
In Token Time, we feature Velas (VLX). We also interview Alex Alexandrov—how he got into crypto and how the space has changed through the years ever since he got into it, his experience with Coinpayments, and founding Velas Tokenplus the grit and hustle that came with developing the project.
Check out the project at velas.com and connect with Alex Alexandrov on Twitter.com/velasfounder
For Manspreading, we talk about the 4th of July—picnics, grilling, and fireworks.
We have a new segment sponsor for News Break. It’s bestchange.com—a directory of selected, trusted, and reliable exchanges. Their website shows you where to buy, sell, and exchange dozens of popular crypto currencies or purchase them with debit or credit cards. Visit bestchange.com today for more information.
02:47 News Break
06:38 Token Time
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Episode 97: Could THIS Be A Turning Point For Adoption?
Hey friends, we’re glad you tuned in to this episode of Beards and Bitcoins, a Crypto Podcast for the man’s man, and all you beard loving ladies. In this vast Kingdom of nerdy incels, two men stand out as different from the crowd. BitBoy and JChains were both voted least nerdy in high school and most likely to have a better than mediocre podcast. Join them each week as they discuss all the hottest topics in cryptocurrency as well as the fan favorite segment, Manspreading, so make sure to hit subscribe and turn on those downloads. Here are the dudes, Ben and Justin.
JChains: Hey guys, welcome back to Beards and Bitcoins. We are a crypto podcast for the man’s man and yes, the ladies that love us or you, however you want to think about it.
BitBoy: Love everyone.
JChains: Just love everyone. This is a time that everyone in the world needs to learn to love.
BitBoy: For sure.
JChains: Just love your neighbor. Anyway, super excited to be joined with my buddy Ben, as always got a super fun show packed with exciting news and fun stuff. Ben, what do we got going on today?
BitBoy: Yeah, so today we’re going to be talking about possibly being able to send Bitcoin cash via email during News Break, which is pretty exciting. And then later on for Manspreading, we are actually going to be talking about the Fourth of July, I mean, the most American holiday, around right? We’re going to be talking about fireworks, the whole nine yards. And then today for Token Time, and for a special interview today, we’re going to be talking Velas Token, it’s a coin actually, Velas coin, VLX. And we actually got the founder, Alex Alexandrov on the show. You may have heard his name before in crypto, that’s because he’s also the CEO, he stepped down as the official role as CEO of Coin Payments, but he was the founder of that as well. Still very involved in it. One of the biggest companies in our entire space. We got a lot to cover today. So, we’re going to go ahead and get to it. But before we do want to tell you about our show sponsor, Monarch. The Beards And Bitcoins crypto podcast is brought to you by Monarch Wallet. Rule your own financial Kingdom from the palm of your hand.
JChains: That is right, Ben, the team at Monarch is working really hard to bring you one app to access all of your crypto services. These guys believe in delivering tech, not hype.
BitBoy: Yeah, that’s right. With a Universal Decentralized Monarch Wallet. You can buy, store, spend and earn crypto. With Monarch Pay, you can set up recurring crypto payments.
JChains: Nice. So, if you need more information, make sure you check out monarchwallet.com or monarchtoken.io on the webs, the interwebs.
BitBoy: The old interwebs let’s go ahead and talk News Break, we’re going to talk about some pretty interesting developments.
2:47 NEWS BREAK
BitBoy: Alright guys, we got a very interesting story coming to us about Bitcoin cash and ease of use. Now News Break is brought to you by BestChange.com, it’s a good place to be able to exchange your crypto. We’re going to tell you more about that at the end of the segment. So, thank you to our sponsor, but J, tell them about the story.
JChains: Absolutely. So, they’re saying on Bitcoin.com is going to soon have the ability to send users Bitcoin cash, BCH, through email and one of the things that Roger Ver is saying is that this is no longer possible with Bitcoin as we know it, BTC Bitcoin, not Bitcoin cash. So, this is all about sending Bitcoin cash through email.
BitBoy: Yeah, that’s interesting. I don’t know if you know this, but CoinBase actually has a patent for sending crypto via email.
JChains: CoinBase does?
BitBoy: Yeah. CoinBase does, they have a patent. So, they haven’t debuted yet. Some people are suspecting they may do it later on this year. So, what’s really interesting about the story to me is that if they go out of their way to say that this couldn’t be done with Bitcoin, but in the background, we have CoinBase that has a patent that might be able to do it. So, we’ll just have to see like, can you actually send Bitcoin via email, but I think either way, though, I mean, we keep talking about like, what’s that magic bullet? What’s that, what’s known as the Netscape moment? On the internet, right? Where all of a sudden Netscape browser debuted. And then ease of use on the internet became extremely easy for everyone. We’ve been looking for that in crypto, maybe sending crypto via email could be that moment.
JChains: Oh, absolutely. I mean, you got to think, when you talk about crypto in the first place, it’s banking the unbanked, right? Well, everyone has an email address. So, what they say is on Bitcoin.com they’re not keeping private keys for any of this right? So, everyone’s got emails, so you’ve got access to it as long as you have an internet connection and we know that even developing countries are starting to have more widespread internet available to the populations.
BitBoy: 5G, son. Killing them birds but helping them nerds.
JChains: That was in South Korea, right?
BitBoy: Whatever, I don’t know, they are claiming they killed a bunch of birds. But I don’t know if it’s true, it maybe, who knows, I don’t know the truth.
JChains: That’s what I heard. But the good thing about sending the Bitcoin cash or the email though is it’s I believe, censorship resistant, right?
BitBoy: That’s right email censorship. It’s like the last censorship resistance channel on the internet.
JChains: I mean, obvious because you’re seeing all you folks on the YouTubes, tweets.
BitBoy: Oh, yeah, all of it. Left and Right. Well, before we move on to our interview with Alex Alexandrov, Let’s talk about bestchange.com
JChains: Absolutely, man. bestchange.com is a directory of selected, trusted, and reliable exchangers. Their website is going to show you where you can buy, sell, exchange dozens of popular cryptocurrencies or you can even purchase with a debit or a credit card
BitBoy: Monitor is easy to use with no special knowledge or skills needed and has an intuitive interface, exchanging is easy as pie.
JChains: Nice, and I’ve got about 2.4 million users or over 2.4 million users per month, and reviews that are left by real customers and they are going to help you choose an exchanger. So, visit bestchange.com today for more information.
BitBoy: That’s awesome. They have almost as many Tik Tok followers as I do. Actually, I’ve been losing followers on TikTok lately, I’ve been hit with quite a shadow ban. So, I’m about to drop from 2.5 to 2.4. So bestchange, I’ll see you there with 2.4 million. But that’s really in crypto. That’s an astounding number, I think you’d bestchange the sponsor of News Break segments. Let’s move on to Token Time.
6:38: TOKEN TIME
JChains: Okay guys, for Token Time today we’re going to be talking about Velas. The ticker is VLX. And we’ll also have an interview with the founder, Alex Alexandrov who we will be going to talk about CoinPayments and stuff too as well. So, Ben, tell us a little bit about it.
BitBoy: Yeah, so it’s definitely a very interesting interview. He’s one of the OGs in crypto. He bought Bitcoin a year before I ever did even, so he bought in 2011. And he’s been involved in space and mining and all kinds of stuff ever since. But we got fact checked in the interview, he is not the founder of CoinPayments. It was the 47th user, he says, and then he actually ends up becoming a major shareholder and the CEO. So, he was in it from the very beginning, but he technically didn’t found it. And now the other two guys that did are his co shareholders. So, it’s kind of an interesting story. Velas is a project on my channel that I’ve really fallen in love with, I think there’s a lot of great stuff about it. You’re going to hear some of the stuff they do differently with AI in this interview. And just shout out to Velas for being a supporter of the podcast and sponsoring the next segment. So, let’s go ahead and hit the interview.
BitBoy: Alright guys, we are joined today by CoinPayments founder and Velas founder, Alex Aexandrov, very important person in the space. How are you doing today?
Alex: Great. Thanks for having me.
BitBoy: Yeah, absolutely. So, let’s go ahead and kick off with your experience with CoinPayments. We’re going to be talking about Velas for sure. But I think, and this is something I’ve done when I’ve talked about this project on my channel is like, for me, it’s really hard to kind of talk about Velas without understanding your background, because it’s very important to understand why I think this project is going to be successful. So, can you talk to us a little bit about how you got into crypto, the very cliché question, “How did you get into crypto?” and then how that evolved into founding CoinPayments?
Alex: I’m sure yeah. So, I guess going back to 2011. I was kind of doing a bit of a self-trading and forex, doing MT4 platform bots and things like that. I tried to find the edge and how to make money online, that kind of stuff right? Went to those phases.
BitBoy: Yeah, I am still in it.
Alex: Yeah, I’m reading a lot about what Fiat was, what it meant reading a lot of books like Creatures of Jekyll Island and like the origins of Federal Reserve, kind of really trying to understand fundamentals of what currency is all about, because I was trading it and I was trying to learn, not just technical, but fundamental as well, and got really heavy into that stuff. And then all of a sudden, I was looking through VPN. One of the reasons I needed it was I needed a closer connection to one of the trade servers in Malta. And I was like, okay, maybe I can shave off a few latency points, by doing direct connection. Anyway, as I was reaching for VPN, one of the sites that I came across said “you are an idiot if you’re paying for VPN with a credit card”, I was like, “Okay, well, how else would you?” at that time, like it caught my attention, for sure, it was sort of a clickbait but it totally caught my attention. So, I was like “What’s wrong here?” and they’re like, “you have to pay this new digital currency, money called Bitcoin.” I’m like “What is this?” So, then I needed to click on it, I started reading about it because it was so, you know, kind of summarizing this whole currency conspiracy. I was like, “Oh my god, this is the people’s alternative currency that we’ve been waiting for.” And it just clicked right away. I’m like, this is going to be huge, right? And then I remember Bitcoin was like $3, I didn’t catch $1 like some people because like people came six months before me. I’m super jealous off you know, the next people come after–
BitBoy: I got it at 12.
Alex: That’s amazing and it’s funny because like every month in 2011-2012 there’s a difference of like, you came in with 1000 bucks. How many more millions do you have? Like, in 2017, right? So anyway, I remember immediately falling in love with the whole idea, it constantly made sense to me, calling all my friends literally the next day after I start researching FindingBitcointalk.org and search, really diving into this thing and telling them “guys you have to get into this, this is the future” and then they all thought it was crazy. And it’s kind of funny that now they’re all kicking themselves. They’re like, “why if I just gave you 20 bucks, right? Like I could totally spare 20 bucks. Why didn’t I do it?” Right? or whatever. It’s one of those stories, but yeah, I got really into it right then but I made a few mistakes in the early days and I did newbie first mistake in crypto, I decided to start mining instead of just buying.
Alex: In currency. It’s used to be like you get into mining then you try to want to own a Bitcoin ATM. And then only then you realize you should have just bought coins and held them. That seems to be like those three steps that everybody has to make to kind of understand that this is just to stop doing nonsense. I mean, there’s nothing wrong with mining people should be mining, but unless you’re going full industrial into it. I don’t know. If your goal is to have an upside, I think just holding a point was always economically made more sense. So, I don’t know, like, I remember buying my first butterfly machine, the biggest mistake in my life. If you remember that company, but I paid them like 1000 bitcoins for a massive order of assets that never arrived. And two years later, that was like a million dollars at the time was just like, I don’t know what it was. Not much like 50 grand or something for a huge order or something like that. And then, as all the stuff was being delayed, delayed, delayed delayed.
Yeah, it was like the biggest loss I’ve actually had in crypto so far as buying my hardware with the wrong company. And then, oddly enough, a buying company from Avalon, I bought assets that came out in May, didn’t even ship but I was reselling my pre order on Bitcoin talk for 10 times the price that I paid. So, like it’s a weird time where like you were losing money but you were making on the other side. So, I just want every kind of balance out, I guess. It was a really crazy time in the beginning. I kind of missed it to be honest. There’s nothing like it. Right now, there’s still a few things that are reminiscent of that time. There’s just nothing quite that crazy.
BitBoy: Well back then, people we’re actually using Bitcoin as a currency.
Alex: Yes, yeah, I remember being on BTC-e and I’ll never forget this is like talking in a troll box to some people. And I was saying I have at that time 69.90 video cards which were really hard to get a hold of for miners. And they were like, dual GPU-AGI video cards that everybody’s like the Holy Grail at the time. And I had like four of them and that was mining three and a half bitcoins a day with those things. But now think about it, it’s pretty crazy. And I was like, “Nahh this is too slow, I don’t want it.” I was like, Oh, this is just low and when I first got him, I was getting like 25 BTC a day. And then I sold them where they were doing three and I did in just one rig with 4 cards I mean, that’s crazy nowadays, right? And then I switched to Litecoin, I think I mined like 50,000 LTC just that rig alone. It’s just really crazy now to think about it. So I sold those on BTC in the chat box I remember talking to a guy who had these cards and the guy is like in the chat like “would you give me your email” so he emails me his address and ask me for a Bitcoin address, sends me BTC like we’ve never met like this was a troll box on the exchange like if you think of it, it’s so insane. So, he sends me the coins I’m like, this is nuts. Obviously, I did send them the cards.
But I still remember that moment. I was like, who are these people in this community? This is the best community ever. That’s changed a lot since by the way but again and there are really freaking cool people all around like it was actually like the energy where you could feel it. Everywhere you went talking about crypto, people who got you, they were awesome.
The ICO market kind of tainted all that I think in my opinion, kind of brought a lot of unnecessary “get rich quick” people that are just kind of came in and they didn’t understand what the heck they were doing here. They just knew there was money around to be made and then they kind of tainted the whole feel and vibe. But I think now, after coming out of the crypto winter again, we’re kind of feeling it again. I feel like we lost a lot of these unnecessary people.
BitBoy: We lost people for sure. There’s no question about that.
Alex: But we needed it badly like that ICO thing was nonsense. I hated it so much when it was happening. Everyone’s like, “it’s awesome.” I’m like, “No, this is awful.” This is just exactly what’s going to kill everything about what we’re doing right now. This is not good. No project should get a billion dollars from an idea.
BitBoy: About 4 billion.
Alex: That’s ludicrous. Like it’s just like, “Oh, it’s good to have, no shit like, sure”. Okay. That’s the only argument. Like what are you doing? Like that’s $4 billion for an idea. I’m sorry, that blew my mind, I knew it’s going to bring down like a hammer on all of us, right? And it affected the whole industry and it’s still recovering from that. And I just hope that with the good people that stayed or stuck around, we were able to rebuild. But the bar is set high now, right? Because a lot of people are looking at us, like, are you guys going to get ever to 20,000 again? Because I think that’s like the Bitcoin thing. We hit it, and then we lost it. And now everyone’s like, well, if you come back ever again then you really recovered. Kind of an interesting measuring stick, but we’ll see. I think we’ll do it this year.
BitBoy: Yeah, I think so.
JChains: I think we all agree. I mean, a quarter four is going to be when it’s all going to happen. It’s all going to shake loose.
BitBoy: I feel like middle of quarter three. I think by the end of summer, things are going to be popping,
Alex: I think. Yeah, I think we’re going to start seeing a pickup. I think right now. There are so many eyes on after the halving and all this stuff and so many people came in thinking there’s going to be like a quick rise because of it halving. And it’s funny because like, every time it sorts of repeats but like they say, history never repeats, it rhymes right? So it will go up but it’s never going to be like last time like whenever the previous time you looked at a chart, it’s never going to repeat because he did, nobody would make money because it’s a zero sum game somebody has to lose, it’s a finite amount.
So, if you’re smart, I don’t remember who said this, but it’s stuck with me. I think it’s Warren Buffett, actually, he said, “the stock market was invented so that patient people could take money from impatient people.” Right?
And I think the same thing applies to Bitcoin. It’s the same thing, people who day trade, man, I don’t know a single successful day trader, long term, not one. They all start out really well. And then within the first two months, only saying they started a fund and they want to get a bunch of money going and they’re going to trade you and your percentage and then three months later, they’re gone again.
And they started over and people hunted them down. I’m like, good thing I didn’t do that like, it’s like a repeating pattern like throughout the entire years of crypto whenever you see like a few bull runs, just all these funds are putting up and you’re like, “Alright, so you saw a few green candles cool, like, let’s see what happens when you see a few red ones then come to me” like right?
BitBoy: They’re all making money on Twitter once they get the following, that’s what they’re doing. So yeah, I think that definitely the interesting thing to me about the halvening was that like even though no YouTuber I know was making videos saying “the day of the havening the price is going to spike” like everybody who’s making content YouTube like understands what’s coming and how it’s not an immediate effect.
But yet there were so many people that came into the space at that time like my main views on my videos were out of control. And then like it didn’t spike, nobody said it was going to spike and then they all left, so I don’t know what happened. So CoinPayments, you founded CoinPayments and CoinPayments is you guys except over 1900 different cryptocurrencies. And to me, like CoinBase really kind of personifies, well, it’s not a person, I don’t know if that’s the right word, but it really symbolizes adoption, right? Because you’re helping people to be able to accept cryptocurrency as payment.
So, it’s for adoption. Now let’s talk about your next project Velas and how that kind of maybe plays into that same kind of mindset, like, to me looking at what you’re doing is kind of like what you did for CoinPayments. Now you’re turning into a specific crypto project and trying to almost do the same thing by helping people adopt cryptocurrency. So, talk to us about Velas, the idea for it and where it stands and why people should be excited about it?
Alex: Sure, for sure, I just want to clarify one more thing there. I didn’t actually start CoinPayments. So, what happened is I bought it 6 months after we started on Bitcoin talk, and I was using it. I was the 47th Merchant on the system, and I still have that account. And I found on Bitcoin talk.org I had a coin cable business at the time selling GPU risers, CPUs, sorry, PSU splitters, and PCI Express extenders, and all kinds of stuff for GPU miners.
And I wanted to take more than Bitcoin and at that time BitPay and a BitInstant at that time was only processors that were around to facilitate and I come across them because it took more cryptocurrencies and then I bought into them and then ended up buying it, and then all the original founding guys, two of them, they’re still in the company, and we’re all partners, so they became shareholders and I am the major shareholder now, I’m running the company. So just to clarify that because it’s been said a lot, and I just want to give the credit where it’s due because those guys are geniuses and I loved them and you know so.
BitBoy: Well, it’s interesting, like, Roger Ver, like, for instance, gets credit for forking Bitcoin into Bitcoin cash but he wasn’t the person who actually did it. So, he’s one of those things like when you kind of become the face of something, like people just assume, I think.
Alex: Yeah, for sure but I just wanted to give credit where it’s due right? Yeah, those guys are amazing.
JChains: That was a live fact check right there.
BitBoy: It was.
Alex: With Velas, the idea came during ICO rush everybody was just like, “Oh, let’s do an ICO, you got to do an ICO, everybody’s doing ICO” Why do we need to do one? Couldn’t find a reason for it. There was just like, well, you got to get funded because everybody’s getting funding and if you’re a legitimate space, like we need you to get some of this funding because the scammers are going to get it, it’s going to be bad for the industry.
All right, didn’t really make sense to me. We thought about it. We kind of put it back and forth with a legal team. We were based in Canada, moving our company to Cayman Islands at the time for legal reasons because there’s no proper legislation. In Canada, still really kind of shady the way it’s legally there, crypto.
So anyway, we decided to move to the Cayman Islands, all our structure and have operating companies out in Europe, Liechtenstein, Estonia, all our stuff. So, we had to restructure the, you know, we’re in the middle of that. And I’m like, last thing we do is a coin right now, I just think it would be a BS ICO project, then I was like, why don’t we actually do something for real? If we’re going to do it, and the idea just started growing, start talking with a dev team. So “What do we want to do?”
And so, we started by asking our main developers, what are the things that you don’t like and like about the coins we support? And since we have the largest support of points at the time, and at that time, Binance wasn’t a thing, right? So, we had like, the largest support points. And I’m like, Alright, we don’t like stability of nodes. We don’t like some of the things these coins do and these coins go and we were starting to make a list. And so, we kind of compiled like “alright these are the pros and the cons.” And then they were like, “all right. What Token form can take either any reasonable use case that we can do to issue a token for the coin and just keep it simple?”
And then again, our dev and legal team came to us and said, like, “Oh, you can’t just do a coin for no reason, and you shouldn’t” or like, “Alright, sounds good.” And then we realized that some of the exchanges were launching their coins, to give benefits users, discounts and things like that and were like, Alright, air mile system, like we all know how that works. It sounds good, because one of the issues was like, “Oh, this is what we can solve with this.”
We can we can solve the adoption issue where people want to pay with credit card to get benefits, added benefits, like, air miles or discounts or whatever, and points and they can spend on things and that’s a lot of reasons why people use credit card sometimes over cash in their pocket because they’re like, well, there’s an extra thing I’m going to get. So, they incentivize them. Certainly, well, crypto needs something like that. Okay, so we’re a payment processor. Why don’t we do a CPS for it? And then we start working with the SIS, SIS coin. Friend of mine, Jag, he is the CTO there used to be the dev coin project back in the day when we first met. And actually, yeah, we’ve known each other for many, many years.
So, I was like, “Hey, man, like, we possibly want to do a discount or merchant token for a coin” and at that time, we were like, “maybe we’ll do an ICO maybe not.” And then we scrapped that idea and just shoot it to our loyal customers as a reward token, right? We couldn’t find a way to justify to me why we need to raise money for it. I was just like, you know what it’s weird to me just getting like raising 30 million when you’re like, “What do I need for?” I think it’s weird like it’s still investors’ money. Why just can’t process like, what on earth am I going to tell these people and why am I doing it right? Because it doesn’t make sense. So especially with our businesses right? Like we’re making money every month too, it’s like we really desperately need it. I mean, you could always do something good with it. But this is like a separate project altogether, so anyway, so we did the CPS coin then the idea was, this is actually the Velas because that’s how essentially Velas came to be. CPS coin was issued to customers, people started using it, trading back and forth. It was like a lock on our platform value.
And we noticed that people using it for discounts people are using it to buy, pay for our services and everything like that. All right, all right. We want to add a marketplace now. We wanted to create a decentralized marketplace where this tool could be used to buy and sell goods or services so we can offer our merchants coin payments as the place where they can buy and sell the trade their goods and block one, sorry not block one, Cisco and foundation is block foundry.
They were going to build it for us on SIS and then something happened legally with the way that they’re structured and how they were looking at the assets on their system. And they basically got rid of every single thing we were going to use their chain for Like the marketplace, aliases, and proof of stake rewards for the asset class because there’s some sort of regulatory issue saying that this is activity to whatever, and they didn’t want to be caught on the wrong side of it. So, Alright, so now we have a token, everything we wanted to do with it has been taken away. And at the same time, the whole idea of what we brainstormed a year before that talking about upgrading our coin and kind of made a pros and cons, I looked at it again, like we have an idea of your coin, which surprisingly no one’s done yet.
So why don’t I separate with a different team and build a prototype with that and if that works, and we can do that, we’ll make that coin and then we’ll let everybody who is stuck in this project, swap over to it and then we have a community overnight, right? And that’s basically what Velas has become.
Velas would have been a separate project on my time with the different team, would have been building just for fun of it, right? Because it’s sort of like a fun project experiment. It’s something that I’m really passionate about, like I wanted to combine AI and blockchain for the reasons that we got a pros and cons list and realize like, well, you saw this triangle between decentralization, usability, scalability without compromising each element or a goal, it has to be something that can make adjustments real time, right?
People are too slow. And there’s got to be something that optimizes communication between all the nodes and optimize where the nodes are, these decisions have to be, I can’t think of how to do it without AI the way we saw it. And we’re like, Alright, well, AI’ the black box, how can you trust the AI too, right? So, this is like you creating a new problem. So, it’s like you’re taking a triangle and you’re adding another angle to it, making it a square.
Now, it’s like, the four problems you try to solve, like, how do you trust the guy? So, all right, started playing with that. And then we kind of started liking the solutions that the team was coming up with, and this could actually work and that’s the time we started developing it, we realized it’s going to work, right now it’s Velas and now we’re main net, swapped our users from CPS coin. That’s how we got users right away that already CoinPayments loyal customers and then SIS coin at the time did an airdrop through their own foundation through the Black foundry airdrop to their aliases. So, we got a bunch of new users from the SIS coin as well, and to kind of build a bit of a community.
And then now, we’re in stage two of our development. So, we did pre alpha and now we’re in alpha. So now the network is running. We’re already learning from the data sets and training the AI model. We actually have an update on the AI specifically coming out next Wednesday. So, our team to join us is Zed-union, sorry, Z-union. So, I guess American and Canadian, the way we pronounce ‘Z’ is different?
BitBoy: Yeah, it’s alright.
Alex: “Zed-union”, just kind of caught that and I’m like, “I guess, it’s all correct” Z-Union has joined our team and they’re awesome. They’re lead AI researchers and advisors to the Russian Federation for artificial intelligence. So, they’re quite top-level guys from that part of the world. We also have some guys from San Francisco, some of the ex-employees as well join our team.
So, like we have a pretty cool team now working specifically on the AI and we have a team that specifically works on the blockchain. We working together, not in liberty to name them yet because we’re still finalizing contract, but these guys have worked help with Ethereum, right? And then it worked a little bit on the open Ethereum and post our projects and things like that.
So they’re really familiar with the pieces that we need, because what we did with Velas is at the beginning, we did the hard thing and we decided to do everything ourselves and we did about a year of that work and realize by talking to people in the community and some of the experts that were asked to look at our project, they’re like, “Why are you doing another EOS?” Basically, that was kind of what they say. We’re like, “What do you mean?” they’re “Why are you writing on your own standards, your own language? Why are you creating these smart contracts?”
I’m like, “But people are getting tired of this, like, there are established formats that are working just fine if you want to improve them that will actually help everybody.” And it was like a pretty compelling argument. Were, like yeah, you’re right, because they have $4 billion to convince everybody to use their platform and it’s awesome like there’s nothing, I love EOS, there is no problem. But it’s hard for somebody who has professional solidity, knows how to make all the DApps and is comfortable with solidity for many years.
And it’s becoming really cheap to write anything in it because people are more educated, just switching the standard is an annoyance element. And I think even they realize it and they created compatibility for a solidity over time. And I think they even have grants right now for optimizing their VM and all that stuff.
So, we realized, okay, so how do we do this correctly? and then we kind of had to start over in September last year. And we went with an open Ethereum version, and then just added VM smart contract consensus, which allows us to optimize every parameter off the blockchain line and that gives the tools and through the voting mechanism, we took delegated proof of stake model based on reputation, right? And we added that in there as well as part of the experiment.
So essentially, anybody who transitioning from Ethereum platform would have no problem coming into a world but they will be coming into a very different world nevertheless, right? Where if our experiments proved correct, which I think they will, over time, will demonstrate that this is a better way to do it, right? And there’s no real reason to invent the vehicle, right? You still need the 4 wheels, it can be electric or it could be gasoline, right? So that’s kind of the same logic we apply, like, let’s take the platform that everybody already knows and trust, and let’s not mess with that part that’s done well, let’s demonstrate the pieces that make sense to us and enhance it and take it further.
And if it works, and when it works, I think a lot of people take those pieces and start implementing it to their version of Ethereum and that would be the success story that we’re looking for when that all comes to fruition.
BitBoy: Yeah, I think that is really fantastic. I know, this is a project that I’m certainly excited about. I think that your experience with CoinPayments and the team that you’ve built with Velas. And I think it’s a sneaky good pick right now and I know there’s been some issues with CoinMarketCap that have kind of kept you guys out of the top 100 where your market cap itself should actually, you know, you guys should be there. I know. Some of those issues are getting straightened out.
So, I think once it gets past that CMC criteria, and it does shoot up to the top 100 I think people are going to start really paying attention to it. And for those people that are getting in early before that happens, I think they’re definitely going to be rewarded. So, tell everybody if they want to get involved in Velas, the best way to do that in the community, and then tell everybody where they can find you?
Alex: Yeah, so the best way to get involved is to join our telegram channel. The most active way to communicate right now. We’re redesigning the website right now Velas.com obviously, it’s our main resource. I’m not super crazy about the site right now. Personally, I think it needs to be updated.
But we were focusing so much on the blockchain and the team development that I know that’s lacking. And it’s actually to CMC argument is I actually kind of happy that we didn’t get the rank yet because I can tell you the team like this is actually a blessing in disguise, because there’s a few things that I feel like we need to clean up still, from the point of view, how we present our project, right?
Because I feel like there’s been so many changes over the years, so many pivots that we’ve done that we haven’t really showcased what we really do right now, and this gives us an opportunity to do that.
So, in some ways, I’m actually kind of happy that that happened, not that I really understand personally, why it’s happening. But sometimes things happen and you find the positive in it, right?
So anyway, the website is Velas.com is a good place to go to learn about the project. And then like I said, the best Telegram channel and also Twitter, on Twitter, we post all of our updates and then you can follow me personally too. It’s just Twitter @Velasfounder, super easy, our market team created that for me, I didn’t think that. It grew on me, they finally convinced me to use Twitter. I’ve been avoiding the invention of it and I just finally sort of come to it.
JChains: What do you think of the mentality of everybody on crypto Twitter?
Alex: So, it’s like otter cold like there’s no between there’s no like normal people. I’d say on Twitter, they’re like, either super kind and nice. Or they’re like super in your face. “You’re an idiot like me”. You’re like, “Dude, calm down. Like I just comment on this thing. Like, why would straight insult it’s just a weird thing.” I’m not a big social media guy. I don’t have Facebook, I got stuff. And so like, there’s a bit of a shopping experience for me. So, I’m used to it.
BitBoy: Well, I’ve taken a break from crypto Twitter, and I’ve really enjoyed it. It’s been a nice way. You know, on Twitter, it’s either if they hold your bag, then it’s moon and they don’t hold your bag, your project is a scam. I mean, that’s like everybody is on there.
JChains: Scam or moon. That’s it.
BitBoy: So, Alex, yeah, thank you so much for joining us today talking a little bit about your history in Bitcoin and also about Velas. And you guys got all the links, we’ll put some links in the description as well. So, if people want to click on that, and thank you very much for joining us, and we’ll talk to you later.
Alex: Thanks for your time. Appreciate it.
BitBoy: All right well, once again, thank you to Velas for supporting the podcast, it was definitely a very interesting interview. Hope you guys got a lot out of it. But let’s move on to the most American thing we can do. Manspreading.
JChains: Speaking of the most American thing we are approaching one of the most American holidays, and this is probably the culmination of the summer, right? You get grilling, amazing sides, picnics. But one of the most important things is fireworks.
BitBoy: Absolutely. Yeah. So the Twitter poll will be “Do you light your own fireworks or do you go somewhere and watch fireworks?” I think that’s a fundamental question to ask when it comes to determining your manliness.
JChains: We’re basically asking you, Are you a man or no?
BitBoy: That’s what we’re asking. You know? Like, are you a man? So, we definitely light our own fireworks. This year, we’re actually doing something a little bit different. Actually, when you guys are actually listening to this episode, I’m going to be on my way to South Dakota. I’m going to Mount Rushmore for the Fourth of July, it’s actually kind of a funny story to watch the fireworks with my family. Now after we decided to go, apparently, Donald Trump is going to be there and going to speak. I knew he was going to be there, but I thought he was just there watching the fireworks, but interestingly enough, I’m going to miss the whole thing.
JChains: Like you’re not going to go?
BitBoy: Oh, no, I’m going to go on a trip. What did you hear?
JChains: No, no, I had heard that. That there was an Indian tribe, Chief, Leaders or something like that–
BitBoy: Native American, that is? You just got our whole podcast cancelled
JChains: No. Native American.
BitBoy: Thank you. Thank you, Justin. You guys cancel him, not me. I’m just kidding our crypto people would cancel us
JChains: Sorry. So, a Native American chief or the leader of a group, has said that they will vehemently protest his arrival, because it was stolen land in the first place/
BitBoy: Well, here’s the funny thing about all that, which is there, there will be no protests at the Fourth of July celebration. And this is why and this ties in a funny story. I did not realize when we booked this trip to go out there that you had to have tickets specifically for the firework celebration. So, I had no idea. I just thought we were going out. Like, it’s in the middle of pandemic, I thought there’d be like, hardly anybody there and it’s a big national park. I thought be like, no big deal. We just go show up. But my wife yesterday was like, “do you have to have tickets for this?” I was like, “No, no, honey” and I’ll look it up and like, sure enough, yeah. So, we’re going out that we’re having to totally recalibrate things. We’re not actually going to get to be there at Mount Rushmore for the fireworks, hopefully we’ll still be able to see them from wherever we’re at that night.
JChains: You’re going to be there a few days ahead of time?
BitBoy: Well, no, we’re planning on getting there on the 2nd in Denver, and then we’re driving through Wyoming and up to South Dakota, the next day, but we were just planning on getting there at about the time the event started. So changes things a little bit, unless I can find someone who’s going to resell those tickets, but I thought maybe I can find some on StubHub or eBay.
BitBoy: 120,000 people applied for a lottery to get the tickets; 7500 people won. So that’s why there may be protests outside, but there will be no protests at the fireworks because you have to have a ticket to get in. And let me tell you, it is the hottest ticket around. I’ve not been able to find anyone who’s trying to make a buck to sell those tickets and that’s really discouraging because I like to overpay for things
JChains: I’m sure once you get a little bit closer, you know people’s plans change. Something will come up yada yada yada. I would just check like Craigslist, just keep doing it. Just wait till it gets a little bit closer.
BitBoy: Yeah, well, there hasn’t been one listing. There was one listing for tickets, but it was a scam. So, I knew it was a scam. So, I don’t know, there hasn’t been anybody offering tickets for this on Craigslist.. So it makes me think that maybe they’re tied to your name that if you won the lottery, like you have to actually like, you can have other people in the car with you, you can have up to six people but you actually have–
JChains: The winner must be present. Non-transferable.
BitBoy: Yeah, it says the tickets are non-transferable. Of course, sodas, tickets to any event, they always say that but so we’ll have to see if it’s going to be an interesting trip. So, we’ve kind of had to change up what we’re doing a little bit, but I’m still holding out hope that I’ll be able to get some tickets at the last minute, like we’re talking about on resale. I’m willing to get scammed to try,
JChains: That’s never fun. Yeah, we’ve got some fun plans for the Fourth of July as well. I’m actually in the Chicago area right now. Then my whole family, it’s my brother’s 30th birthday coming up. So, it’s dirty 30. So, my entire family, all the nieces and nephews were all up at a lake house for next week as well.
BitBoy: Oh, we had your brother on the podcast?
JChains: Yes. The lawyer.
BitBoy: Yeah, I remember. It was when we had the minds interview, I think he was on also?
BitBoy: Just that memory, that memory.
JChains: So, if you need a lawyer crypto or not, he’s your guy.
BitBoy: There you go. There you go. Well, alright guys. Well, that is all we got for today. We want to know in the Twitter Poll, do you like your fireworks or do you go somewhere? Sometimes I do either one. Try to always at least slide a firework every year somewhere around there, you know, somewhere along the way? Yeah, but that’s it, guys.
JChains: What about when you were younger? Have you ever done those little things on the driveway? The snakes?
BitBoy: Sparklers or the snakes? I forgot all about the snakes, I know the sparklers, I ain’t never touching a sparkler. It’s called a sparkler. Okay, if a sparkler is not the most woman term I’ve ever heard for a firework. I don’t know what is. They might as well call them glitters. I ain’t touching that.
JChains: Yeah, that’s for the girls
BitBoy: That’s for the girls, so, alright guys. Well, that’s all we got for today. I really look forward to seeing you guys next week. We had a lot of big interviews coming up so you guys pay attention to that. Thank you to Velas Token.
JChains: We out.
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