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Bad Crypto

Airs weekdays at 5 am, 3 am, and 9 pm PT.

The show for people who are trying to figure out cryptocurrency, blockchain, and the future of digital payments. Technologists and crypto-enthusiasts Joel Comm and Travis Wright attempt to demystify the world of bitcoin, blockchain, Litecoin, Ethereum, alt-coins, token generation events, and ICOs in this podcast for cryptocurrency newbies. Joel and Travis are learning as they go, so this show follows them on a journey that is a learning experience for all. Informative, engaging, and irreverent, the Bad Crypto Podcast is knowledge and entertainment wrapped together in blockchain goodness.

 

Originally aired on September 7, 2023

In this episode of The Bad Crypto Podcast, hosts Joel Comm and Travis Wright discuss a new podcast app called Fountain.fm that allows listeners to earn Bitcoin while listening to podcasts. They are joined by Fountain co-founder Nick Molster, who explains how the app works and its potential for connecting creators with their audience. Fountain is built on the Bitcoin Lightning Network and offers features such as boosting podcasts with Satoshis, sharing clips, and leaving comments. The app aims to decentralize podcasting and provide a practical way for podcasters to monetize their content. The hosts express their enthusiasm for the app and encourage listeners to try it out.

The Problem with Podcasting:

  • Nick Molster explains that podcasting has been held back due to its fragmented ecosystem and reliance on centralized platforms like Apple. Podcasts can be easily deplatformed, creating a need for a decentralized podcasting solution.
  • Apple’s centralized library controls the distribution of podcasts across different apps.
  • Adam Curry’s Podcasting 2.0 movement aims to decentralize podcasting and create new standards for the industry.
  • Value for Value is a specification that integrates Bitcoin payments into podcast apps, allowing direct payments to podcasters.

Fountain’s Features:

  • Nick Molster introduces Fountain.fm, a podcast app built on the Bitcoin Lightning Network that allows listeners to earn Satoshis for listening, sharing clips, leaving comments, and boosting podcasts.
  • Listeners earn daily rewards for their first hour of listening, earn extra Satoshis by listening to promoted episodes, and receive tips from other listeners for their clips and comments.
  • Podcasters can claim their show on Fountain and receive direct Bitcoin payments from listeners, driving podcast discovery through social interaction and boosting.

Boosting Podcasts with Satoshis:

  • Fountain’s boosting feature allows listeners to send Satoshis along with comments to show their support for a podcast episode.
  • Boosting a podcast not only supports the podcaster financially but also drives podcast discovery through a social layer.
  • Boosted episodes are visible to the user’s followers, incentivizing engagement and creating a network effect.

Future of Decentralized Podcasting:

  • Nick Molster discusses the future of decentralized podcasting and the addition of music to the Fountain platform.
  • Fountain plans to support music podcasts, allowing musicians to publish tracks to an RSS feed and earn Satoshis from listeners.
  • Combining music and podcasts opens up new possibilities for creating music radio shows and DJs to engage with their audience.

Popular Podcast Categories on Fountain:

  • Nick Molster mentions that Bitcoin podcasts have been quick to adopt the Fountain app, but other categories, such as gaming, politics, and liberty-focused podcasts, have also gained popularity.
  • Fountain provides a space for podcasters to monetize their content and a platform for listeners to support their favorite shows.
  • The app creates a bridge between the Bitcoin and podcasting communities.

The Bum Gun: Joel shares his experience with the “bum gun,” a spray hose commonly found in Southeast Asian countries for personal hygiene after using the toilet.

  • The bum gun provides a more hygienic alternative to toilet paper and has become a popular method of cleaning oneself in those regions.

 

 

Originally aired on August 16, 2023

In this episode of the Bad Crypto Podcast, host Joel Comm is joined by his guest, Davin Michaels, to discuss the benefits of living in Puerto Rico and how it offers significant tax advantages. Puerto Rico is a U.S. territory, and by becoming a resident, individuals can pay only 4% in federal income tax and zero capital gains and dividend taxes. The episode also introduces the San Juan Social Club Cruise, where residents of Puerto Rico and those interested in the area can network and learn about the opportunities and benefits the island has to offer. The cruise will feature notable speakers from various industries, including the cryptocurrency sector.

What are the benefits of living in Puerto Rico?

  • Puerto Rico offers significant tax advantages, including a 4% federal income tax rate and zero capital gains and dividend taxes.
  • Act 60 combines various government programs and incentives, such as tax breaks for entertainment ventures, hospitality credits, and the opportunity to invest in designated opportunity zones.
  • Puerto Rico’s charm and friendly atmosphere, along with its beautiful beach and year-round pleasant weather, make it an appealing place to live.

What is the San Juan Social Club Cruise?

  • The San Juan Social Club Cruise is a networking and educational event for residents of Puerto Rico and those interested in the area.
  • The cruise will take place in April 2024, departing from San Juan, Puerto Rico, and visiting Aruba, Curacao, Martinique, and Saint Kitts and Nevis.
  • Participants will have the opportunity to connect with like-minded individuals, including notable speakers from various industries, such as Joel Comm, John Lee Dumas, and crypto billionaire Brock Pierce.
  • The cruise will include Michelin-star inspired dining options, ample opportunities for networking, and access to the latest information on Puerto Rico’s resources, benefits, and services.

What is the outlook for the cryptocurrency market?

  • Despite the current bearish period in the cryptocurrency market, there is optimism that a turnaround is approaching.
  • The introduction of BlackRock and mainstream adoption through ETFs is expected to drive an influx of money into the market, potentially leading to a new bull run.
  • The previous bear market was turned around by significant announcements from Michael Saylor, PayPal, and Elon Musk. The consensus is that BlackRock’s involvement may have a similar effect on the market.

 

 

Originally aired on August 9, 2023

In this episode of the Bad Crypto, hosts Joel and Zach talk with Dan Mapes, co-founder of the spatial web, about the future of the internet and its potential to revolutionize the way we live, work, and communicate. They discuss the concept of the spatial web, which envisions a 3D internet where the physical and digital worlds merge, and the power of AI and blockchain in enabling this new technology. Dan emphasizes the importance of autonomy and decentralization, highlighting how the spatial web gives power back to the people and reduces the influence of central authorities. He also discusses the role of active inference in AI and the need for robust governance models to navigate the challenges of the evolving technology landscape.

What is the spatial web?

  • The spatial web is a 3D internet where the physical and digital worlds merge.
  • It is a vision of the internet where the Internet of Things becomes a reality.

How does the spatial web empower individuals?

  • The spatial web gives power back to the people and reduces the influence of central authorities.
  • It allows for more autonomy and decentralization.

What is active inference in AI?

  • Active inference is a different approach to AI that focuses on real-time decision-making based on the interaction with the environment.
  • It enables AI to make more accurate predictions and decisions by using real-time data from IoT devices.

How can the spatial web address governance challenges?

  • The spatial web can provide a platform for developing guardrails and standards.
  • It allows for the identification and regulation of malevolent AI applications.

What role does cryptocurrency play in the spatial web?

  • Cryptocurrency, such as Bitcoin, can be used as a native currency for the digital economy enabled by the spatial web.
  • It offers a decentralized and efficient means of conducting transactions within the 3D internet.

What is the future of AI governance?

  • The future of AI governance lies in creating robust regulations and standards.
  • It requires collaboration between various stakeholders, including governments, organizations, and individuals.

 

 

Originally aired on July 19, 2023

The Looming Threat of Quantum Computers to Bitcoin and Blockchain

This episode explores the potential impact of advancing quantum computer technology on the future security of Bitcoin and blockchain. Quantum physicist Pierre-Luc Dallaire-Demers provides insight into how quantum computers work and why they pose a threat to current cryptography methods used in blockchain and finance.

While quantum computers are not faster in terms of processing speed, they enable calculations using the uncertain properties of subatomic particles that allow exponentially more computational complexity. This gives quantum machines the power to eventually break types of encryption previously thought secure, including the cryptographic signatures used in Bitcoin.

Dallaire-Demers explains the exponential growth in qubits and operations per second that quantum computers will achieve in the next 5-10 years. Though the timeline is debated, he warns Bitcoin’s signatures are among the easiest for quantum algorithms to crack. Upgrading blockchain cryptography will be challenging due to coordination difficulties in decentralized systems.

Dallaire-Demers advises cryptocurrencies must prepare now with “quantum-resistant” cryptography or risk losing user confidence as quantum supremacy draws nearer. He believes opportunities may arise for quantum-resistant coins if Bitcoin does not adapt. The episode concludes with a discussion of combining quantum computing with AI, and concerns over unknown advances taking place out of public view.

How do quantum computers differ from classical machines?

  • Leverage quantum properties like particle uncertainty
  • Allow exponentially more computational complexity
  • Enable calculations impossible via classical means

Why does advancing quantum computing threaten blockchain security?

  • Will break encryption previously thought computationally infeasible
  • Includes signatures used to secure Bitcoin transactions
  • Timeline to “quantum supremacy” over classical computers debated

What cryptographic risks do quantum computers pose to Bitcoin?

  • Bitcoin signatures among easiest for quantum algorithms to crack
  • Could reduce confidence even before attacks feasible
  • Upgrading blockchain cryptography presents coordination challenges

What potential opportunities does quantum resistance offer?

  • “Quantum-resistant” cryptographic coins could arise
  • Chance for new projects if Bitcoin does not adapt cryptography
  • But quantum-resistant upgrades advised for most chains

What concerns exist around unknown quantum progress?

  • Quantum and AI may also combine in unforeseen ways
  • Military may possess undisclosed advanced quantum capabilities
  • True capabilities and timeline cannot be predicted
 

Originally aired on

Sheila Warren, CEO of the Crypto Council for Innovation, discusses which countries are paving the way for crypto and blockchain innovation and how to advance these technologies globally. Warren highlights the challenges of navigating crypto governance and economics, connecting disparate systems, and working with policymakers in Washington.

Which countries are leading the way in crypto and blockchain innovation?

  • Sheila Warren discusses which countries are doing a great job of stimulating innovation in the crypto and blockchain space.

How can we advance crypto and blockchain technology globally?

  • Sheila Warren shares her insights on advancing technology both domestically and internationally by connecting different systems and advocating for sound crypto policy.

What are some challenges of navigating crypto governance and economics?

  • Warren shares her thoughts on navigating the complex world of crypto governance and economics, which involves understanding technical nuances and making a case for why crypto is so important.

How do we connect disparate systems?

  • According to Warren, connecting diverse systems is key to making the case for crypto and blockchain, including pointing out where legacy systems are not working and where friction remains a problem.

How do we work with policymakers in Washington?

  • Warren explains that policymakers in Washington have limited understanding of crypto and web 3.0, and that the crypto community needs to find ways to access information and educate them on the importance and potential of these technologies.