okay guys let us test this out here Oh
let's meet Bailey this is Bailey look up
here Bailey look up here buddy
he's half Siamese and he is full of
spunk thanks Bailey
he also meows incessantly hello everyone
and welcome to a new episode of Colin
talks crypto with me your host Colin
[Music]
let's start off today before we dive
into the plethora of Eos news let's just
start off with this BAM 1 million
dollars this bill obviously fake is what
could happen and I think inevitably will
happen to the American dollar in enough
time
and this would be a direct result of
inflation I think at this point it would
be hyperinflation and I just I got this
today and I decided you know what this
is a good reminder of why we are in
crypto this is what crypto secures for
us is the safety from this we can be
safe from it with our crypto assets I
just wanted to share that with you guys
thought you could appreciate that it's
actually really well done here's the
back of it as well looks quite real I
might try to buy something with this in
the store I'll see what they give me for
it okay so today bringing you a lot of
news in a OS it seems like there's
really not a day goes by that there's a
bunch of new stuff happening it is a
brand new blockchain so there's tons of
activity happening on a daily basis due
to the popularity of my last iOS mega
update I am going to continue this this
is e OS mega update vol 2 so block 1 has
released a couple of statements all
recently here a proposal for a new US
Constitution Constitution version 2.0
which is actually rather surprising
because we just launched the entire
blockchain about two weeks ago and it
has a constitution that everyone agreed
upon via voting and it turns out that it
might not have been going so smoothly
the e CAF kind of got out of control the
number of arbitration orders got out of
control
seems like basically everything turned
into a claim or an arbitration and so
Dan is clearly not happy about this and
so he has basically put forth the idea
that he wants to scrap the entire
Constitution and start fresh with a more
code is law approach there's several
different points to this new
constitution but the most important one
in my opinion is the entrance of a more
Coda's Lobby point versus before where
it was more of code as not law and the
human element is the deciding factor in
how the blockchain should be run and we
should not be run by robotic
computerized decisions and it looks like
we're backpedaling on that a little bit
based on the actual reality of what
happened
in the early starting days of Eos and I
think he's probably correct on this and
so he wrote this article or block one
wrote this article and essentially he in
in layman's terms the change is that we
can still have arbitration but it's
based purely upon contracts if the
contract is supposed to run a certain
way and the contract doesn't run the way
that the programmer intended the intent
of the contract can be enforced via
arbitration however claims to lost
private keys lost money lost funds
stolen money scammed money dan is
actually saying that he does not want to
support that anymore because he's saying
it's doing more harm than good to the
community and I see what he's saying
because it gives a very bad impression
when suddenly the block producers or the
EC AF are freezing left and right that
gives a very insecure feeling to the
block and a very mutable feeling to the
blockchain and a blockchain I mean
historically that's been one of its main
strengths is being immutable being
unchangeable it's a permanent record
something that can't be alterable
everything else in society run by
governments and banks and all these
things that we're trying to escape from
have the problem of centralized
mutability meaning that the numbers can
be changed the government can come in
and freeze your bank account the
government can come in and alter some
numbers they can print money out of thin
air things like this and I mean
basically it seemed like we were heading
that direction with the previous first
version of the Constitution and so I
think he's making a very smart move
we're sort of drawing a middle line so
that as something like the etherium Dao
hack happens or exploit happens then
there is recourse because that contract
that smart contract wasn't performing as
expected and so that's something that
arbitration would have jurisdiction on
and instead of splitting the network
into two forks like with the theorem and
the theorem classic arbitration at that
point under the new EOS Constitution
version 2.0 could freeze that particular
contract
and redeploy it as corrected so that it
runs properly but if you know Bob down
the street gets hacked for 10,000 u.s.
he's not gonna get that money back that
money is lost
just like on every other immutable
blockchain however I am kind of
wondering how lost private Keys is going
to be handled because I think what he's
mentioned is that there's going to be an
optional contract where if you want to
put your EOS tokens into this contract
they're sort of like the two flavors of
EOS all on the same blockchain and you
can keep your EOS tokens on the raw
original form of EOS and you will have
no recourse due to lost private keys
lost things like that being scammed
there's no recourse on that however on
the second part of this same blockchain
but with the smart contract you can
actually then at that point enter into
arbitration and have recourse for things
like lost keys stolen keys etc so the
user himself will have the choice to put
his tokens where he wants to depending
on the level of security that he wants
or doesn't want or if he just wants it
completely and mutable and doesn't want
any kind of recourse you can stay with
that part of the EOS blockchain so this
is gonna be very interesting to see how
this rolls out that's my understanding
it but at this point okay so let's get
into this article so it's entitled block
ones proposal for US Constitution
version 2.0 the EOS community has
embarked on a revolutionary journey to
combine the best aspects of crypto
contracts human contracts and human
dispute resolution the decentralized
birth of a new public blockchain and
governance system is fundamentally
challenging because everyone is trying
to figure out the rules some people want
to replicate existing legal structures
others want to regulate all manner of
behavior while others want to retain
code is law block one has watched the
community launch an EOS io based
blockchain and has learned important
lessons from the experience they're
admitting that maybe they didn't have it
just right at the beginning and maybe
there's some room for improvements or
tweaks or a complete overhaul as we're
going to see here
and so kotas law is what bitcoin and
aetherium offer they offer immutability
right that the code executed a certain
way then that's what the outcome is and
there's no room for humans to come in
and say oh sorry actually that's not the
case so here's the paragraph called the
importance of code as law the single
most compelling feature of code is law
is the removal of any room for dispute
all contractual terms are expressed in
the code which will execute predictably
for all parties in the absence of bugs
or extraordinary situations
POS IO however was created with the
recognition that bugs / extraordinary
events will happen and that the
community needs a process to establish
the intent of smart contracts in order
to quickly resolve issues in a
transparent and predictable way when
they do occur so that's like talking
about how when an etherium dow hack
happens then we need to be able to
handle that kind of a thing and moving
on here I need four objective boundaries
users of any blockchain needs some
guarantees from the community in order
to feel safe and secure if everything on
the blockchain is subject to majority
opinion then an unreasonable amount of
predictability is lost further if the
community does not have a strong
objective organizing principles then
everything is subject to interpretation
it becomes unacceptably arbitrary and I
think that's what we were seeing with
the first version of the Constitution
therefore block 1 suggests ending all
protocol level arbitration orders other
than to render non-binding opinions on
the intent of the code we believe the
elected block producers should be the
jury and must render a 2/3 plus one
decision to alter a broken contract
generally speaking the only contract
that producers should be fixing is the
system contract the one that manages the
core token staking resources and voting
contract developers have the ability and
should define their own processes for
fixing bugs and updating their own
contracts this means that the elected
block producers have the same power as
demonstrated by the large mining pools
in previous instances of intervention
such as the Dow hack
with yo SEO software this intervention
process can be formalized and is
ultimately in the hands of the token
voters rather than being informal and
then the hands of hash power voters and
in the section lost and stolen keys
they say the purpose of private keys is
to generate objective proof of ownership
if the network cannot rely on signatures
alone then it must rely upon identity
and subjective interpretations of intent
this is not feasible as it will open up
an unsustainable level of disputes and
new kinds of fraud and/or injustice and
that's an interesting line because
that's actually pretty much exactly what
Nick saws Bo if you remember from the
first video I did talked about he
tweeted about how the arbitration would
not be scalable essentially and I think
that basically block one is admitting
that that's the case it would open up an
unsustainable level of disputes vo SiO
was written from the ground up to
provide the infrastructure required to
truly protect and recover accounts on an
opt-in basis and so they talked about
how they'll be support for Apple Android
and smart card devices which means
basically fingerprint or facial
recognition to secure the private keys
and so he goes into more about the
opt-in part of this there are different
ways to protect against fraud and
private key theft one way is to opt-in
to a banking contract that controls the
tokens on behalf of owners transfers
within the smart contract are subject to
dispute resolution where the contract
appointed arbitrators have the power to
reverse transactions and freeze tokens
withdraws from the banking smart
contract are subject to a three day or
longer delay after which they cannot be
reversed those who want the elected
block producers and/or eca F to protect
their interests could opt in to a new
smart contract where the caf / producers
are the arbitration system so basically
block 1 and Dan are proposing that EOS
becomes very customizable and I like
that it becomes custom to what you want
to use it as as I said earlier if you
want to have maximum security then you
can have that if you want to maximum
flexibility you can have that if you
want to have
ability you can have that if you want to
just have Coda's law you can have that
and I think that's great it's all built
on the same blockchain and that way the
base blockchain isn't deciding it for
everyone
users can decide on an individual basis
and it probably should have been this
way from day one but again block one is
learning as they go here just like all
of us all right and then moving right
along to the second article that block
one put out on the same day this is
entitled block ones participation as
voting u.s. community member that's
interesting as you remember a block one
has not up into this point voted with
any of their tokens they own one-tenth
of the entire supply and they have not
voted once they own 100 million tokens
it says as a recipient of the ten
percent of the initial AOS token
allocation block one recognizes its
responsibility to participate as an
active minority voting member I find it
interesting how they throw the word
minority in they're like yeah sure
they're minority because they've got
only 1/10 only 1/10 right but 1/10 of
the tokens is an enormous enormous
amount and I'll show you why that's such
an enormous amount in a second when we
flip over to how many tokens are
actually voting currently and then we'll
compare how much that 10% is in relation
to that but either way basically block
one's coming out and saying hey you know
what we've got tokens we're gonna vote
with them and it's completely within
their right there's nothing stopping
them from doing so it does put them in a
very strong position to dictate or
control the narrative and where the
blockchain is heading however does
nothing to stop anyone else from voting
so there are 90% of other tokens and if
they get off their butts and vote and
block ones can be less significant and
so down here basically it says the
following of the values and
considerations that will guide block
ones participation in the block producer
election process and they name the
points that they would like to see in
block producers such as honesty
integrity and fairness transparency of
identity activities and decision-making
abiding by smart contracts and
programming of network participants 24/7
timeliness and processing transactions
as you remember there was a block
producer I think its name was a u.s.
store who failed to uphold or a
that was made for a couple days and it
resulted in a theft of some money from a
user and they just had some excuse like
oh sorry I had some private matters to
attend to
and meanwhile they're making nearly ten
thousand dollars per day in EOS tokens
and so their excuse is really not
acceptable I think that they may get
voted out here by block one is my guess
if a hundred million tokens go voting
for block producers with his list I'm
gonna think they're not gonna pick that
particular block producer and I'm glad
actually because I don't want to see I
don't want a block producer that's not
even gonna attend meetings and is only
at one-man operation if you're getting
paid ten thousand dollars per day you
can afford to hire a small staff to make
sure you have 24/7 operations it's the
least you can do to honestly uphold the
EOS blockchain with resilience and
reliability and then lastly we have
compliance with Ricardian contracts and
we have alignment with the EOS
Constitution so it looks strongly like
block one is basically saying you know
what we're going to carry some weight
here we are going to vote for block
producers that meet our requirements one
of which is that the block producer is
using our new version to Constitution so
if you're not using our Constitution
then you're not going to get voted for
so basically they're saying do what we
say or else and it says we are steadfast
in our commitment to the above values
and optimistic that our participation
will positively impact the EOS Network
and there is guarantee that us is going
to do things in the best interest of the
block chain because block one doesn't
get the entire hundred million u.s.
tokens upfront they only get 10% of the
tokens every year for the next ten years
so they have a vested interest for at
least the next ten years
to be acting benevolently for the
network to point fingers at them and say
that they're gonna do some crazy stuff
that hurts the network would be pretty
asinine because they have a vested
interest in it doing well their own
future tokens supply is dependent upon
the network doing well their own
paycheck in EOS is dependent upon how
awesome the blockchain is so I think
we're actually pretty safe there but
again I would very much like to see a
larger turnout of
so that block ones votes are balanced
out so that's their second article and
then let's just get some comments on on
what we see there so this guy named Eric
from Twitter here said that block one
has decided to take over BP voting by
using their 10% stack so a block one can
now single-handedly pick the BP list for
us and actually currently that is true
based on the current turnout of votes
and I'll show you that right here so
this is e OS tracker dot io / producers
and we're taking a look at the top
twenty one block producers and let's
just look at the number one it has sixty
million votes so let's think about that
for a second if block one has 100
million votes of which they can vote
with from the beginning they may only
receive 10 million tokens per year as
their paycheck but they get to vote with
the full weight from day one and so
right now they can vote with a hundred
million basically they can vote into
existence any block producer they want
they could completely switch this up if
they wanted to and they get thirty votes
as you know every voter gets thirty
votes with their full token holder
weight so if I have for example if I
have fifty thousand EOS tokens I get to
vote thirty times up to thirty times and
each one of those votes carries that
fifty thousand us vote weight so in
block ones case they have up to thirty
votes that can carry a one hundred
million US tokens of voting weight which
is huge so it completely Dwarfs any of
the votes that are currently on here
basically they would be making the
decisions I'm one way of looking at is
it may encourage more voting to occur
because if everyone goes hey block one's
votes are more than everyone else's
combined then maybe we should start
voting and there's nothing stopping the
community aside from laziness or
technical know-how to themselves vote
and I really encourage everyone to vote
and cast some opinion on what should the
current block producers be but yeah
we'll just have to see how it goes I
would much rather see the community be
picking those personally and here's
another comment on it so this is from
Miss trustless on reddit he says I made
the point on another thread
with their voting power block one can
absolutely force bps to upgrade their
software or upgrade the Constitution to
their will neither Bitcoin core nor the
etherium Foundation can force the
network to run updates block one has
centralized power beyond any other
blockchain comparison and this person
sells so Martin ho replies if you want
to get technical
then Bitcoin and aetherium mining pools
have way more power than block one bit
main alone is quickly reaching the 51%
hash power rate let's not forget this I
guess the point is are we better off
with the founding members having a
little more power to kick-start things
the right way until there's better
wealth distribution and voting
participation or do we prefer aetherium
classic or Bitcoin cash so we'll have to
see how this goes and I can see pros and
cons to it just like these two guys are
pointing out here alright guys let us
move right on along here to gos
Authority comm slash alerts you'll see
that gos Authority has offered a very
cool service where you can enter your
account name and your email address and
you'll be notified if any of these
things happen incoming and outgoing
transfers changes or addition to the
keys airdrops sent to the account
actions authorized by the account and
any EC AF arbitration notices so this is
a great way to stay informed you
wouldn't want your tokens to be
transferred out of your account without
your knowledge
and now you can be emailed instantly
when any of that happens so this is a
really good security measure
I actually recommend everyone signs up
for this because who has the time to sit
there and monitor their account manually
every single day I have something
similar setup like this with my
aetherium key and so anytime that I get
I can airdrop or if I receive some
aetherium
I just get an email and I don't have to
like keep my eye on my accounts and I
find it really really useful so I know
that this for a fact is gonna be a very
useful service there was a post on
Reddit claiming that gos Google Trends
was actually starting to surpass the
etherium Google Trends and yeah sure
enough it looks like US is climbing
above so actually this is a bit of false
news because when I loaded up Google
Trends
as you'll see here here's the lines this
is one year worth of data but if you
click back to past five years you'll
notice something interesting that the
red line which is a OS goes all the way
back to 2013 so us is probably referring
to something else
MIP as one user jokingly said it might
be referring to eos canon canon eos a
model of camera but it's definitely not
referring to the blockchain of us at
least not all this data because us
didn't even exist until late 2017 so all
of this over here is not relating to us
I'm sorry to say it but this is not us
overcoming aetherium all right and
lastly I wanted to share two websites on
the subject of us Ram so us New York
puts out a very cool site this is a OS
our Pio this is the e OS resource
planner website and it tells you the
current price of RAM which right now
it's 0.111 9 e OS per kilobyte which
equates to approximately 80 3.4 cents US
dollars per kilobyte and also gives you
the price of the CPU price and the
network price and there's another
website here which is also very useful
this is feat Explorer a o / e OS
underscore ram underscore price this is
the e OS Ram price history and this is
great because it has a graph as you see
here and this graph shows that the price
has been steadily climbing there's been
a lot of speculation happening right now
because cos has a built in Ram market
where you can buy and sell Ram and
there's a fee for doing so but you can
actually trade it and make a profit or a
loss on your EOS depending on if the
price of Ram per kilobyte goes up or
down and I heard of a couple block
producers that are speculating on this
and driving the price up with their
daily rewards which seems not cool to me
but it is a free market so there's
nothing to stop them and there was
actually a really interesting story of a
guy who we don't know who it is were you
can just see the account where basically
he started with approximately 30,000 a
OS and early on on this graph buying
that RAM and holding it he then flipped
it into ninety thousand he OS so he made
a huge profit about a half a million
dollars of profit in a five day period
by just buying Ram with his EOS and then
selling the RAM so I would have loved
him in that guy but when mainstream
starts catching on to things like that
and you're at the kind of the top of the
peak kind of like we're seeing here I
personally would stay away from that you
never know which way it's gonna head the
block producers could add more RAM which
would then increase the supply and drop
the price and then you would lose money
on this and just more people are aware
of it so it may have been wise when it
first came to the surface but and who
knows I mean it could go up a lot more
maybe Ram will just get completely
scarce and go skyrocket high no one can
tell you but I think that just based on
the fact that this is becoming more
known in the news arenas I would stay
away from it personally I think it's a
good way to potentially lose a lot of
money quickly again we'll find out what
happens with this ok guys thank you very
much for watching I hope you're having a
great day thank you very much for your
likes and your subscribes I really
appreciate it I'm a new channel and I'm
growing as fast as I possibly can and I
just love reading about crypto and
bringing the news to you fresh and
remember get your money in to at least
get you know 5% of your wealth into
crypto or more I want to make sure that
everyone I know has some money in crypto
so that you are safe from this happening
ok guys have a great day talk to you
later peace
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