CoinGeek Weekly Livestream Episode 2: Kurt Wuckert Jr. answers questions on ShuaCoin, XRP, Elon Musk and Ethereum
On his new weekly livestream, CoinGeek Chief Historian Kurt Wuckert Jr. opens his program with a shout out to CoinGeek for its recent increase in their TonicPow pay-per-click price. He tells his viewers that each time they share CoinGeek content through TonicPow, they get free BSV. Like the first episode, Kurt flashed QR codes throughout the show, giving his live viewers a chance to get free BSV. If you missed it, you can catch Kurt’s CoinGeek Weekly Livestream every Tuesday at 2 p.m. EST.
In this episode, Kurt opted to take questions from his live viewers where he answers each one candidly. He discussed a multitude of issues, engaging his viewers from start to the end of the livestream.
ShuaCoin was undeniably a hot topic throughout the program. The ShuaCoin had just launched via Twetch on Monday.
RelayX’s Jack Liu reacts to Kurt’s announcement saying, “This dude has 10% of the supply? Way less bullish SHUA now.” Kurt responds with: “Sometimes you just get lucky, you know the right people… now I’m one of the richest men in the entire SHUA economy.”
From here, the conversation deviated to the Peter McCormack case. “Any update?” a commenter asks. Indeed, Kurt had updates, describing the first day of the trial as a “pre-hearing” or a “rules meeting” with McCormack lugging in piles of paperwork to present as proof of evidence against Dr. Craig Wright.
“Peter brought a giant stack of paper, crazy amount of evidence. He is not the bad guy for calling Craig a fraud because everybody calls Craig a fraud. From what I understand he used articles from Cointelegraph, CoinDesk and many others to say here’s the proof, Craig is a fraud.”
A question from the audience then shifted the discussion to XRP—a topic Kurt had a lot to say about. Kurt views XRP to be one of the top three successful scams in the entire digital currency sphere, also lamenting that XRP is a dishonest project.
“XRP is a token that was designed to run across a very old iteration of Ripple’s network. Ripple is Bitcoin minus the proof of work. If you take proof of work out of Bitcoin, allegedly you have faster transaction but you also have centralized consensus. What they realized, they can be selling settlement services to compete with people like Western Union, MoneyGram, doing global settlement with their liquidity pools on different continents, different nations. They are going to speed up that process for banks and settlement service companies. Although a great idea, nobody wanted to hold the coin because of the volatility. They redesigned everything. So, nothing really actually needs the XRP token, but they continue to print it.”
He added, “Reason why they continue to print it because it is the primary source of revenue for the company known as Ripple Corp. So, Ripple Corp is printing their own money, and they are putting it on the market on a regular basis. SEC caught on to that. The SEC said, this is a securities offering, you are not a registered securities provider, you have to register with the SEC and various regulatory organizations. They were illegally selling an unregistered security to retail investors.”
Another topic Kurt spoke passionately about was the need for BSV to compete with Ethereum and the possible ways of doing so. As Kurt points out, BSV is capable of handling 50k transactions per second while Ethereum can only scale up to 15 transactions per second. With this in mind, he asks— “Why do people develop on Ethereum?” Kurt believes that none of these people building on Ethereum have a long-term scalable business plan. He says it’s all about liquidity.
“They’re not making plans for 10 years down the road when they need to have 10 billion people using their DeFi product. They’re looking to one- or three-year exit scam. They want to pump valuations, then sell these coins on the market. But they need that liquidity to do it. So, they need the liquidity between their little token and Ethereum, and then they need liquidity from Ethereum to U.S. dollars. So, they can make multi-billion exits over time.”
So, what could BSV do to compete with Ethereum? Well, Kurt believes BSV needs more liquidity and a sound business model.
“The real problem is liquidity. BSV needs more liquidity, it needs more people that are buying it in the market, so there are more people creating the market into selling them because you don’t need BSV future if there’s not much demand. And right now, there’s not enough demand. And again, that’s a problem that gets solved with business development, that’s the focus.”
What does he mean by business development? Kurt maintains there is a need for people to facilitate deals between developer or token protocol and big business who has data integrity problem or a transaction friction problem.
“We need real use of this stuff [BSV] in business because that’s where the world changes. This is what’s important, based on actual usefulness in the real economy.”
The next topic, yet another heated issue at the moment—Elon Musk and his $1.5 billion BTC acquisition. When asked to comment, Kurt thinks Elon’s move is a lost cause if his only motive is to buy and HODL these coins. As he explains, the value that comes from it, is completely subjective.
“We see the guy [Elon Musk], he pumped Dogecoin over the weekend and then he dumped it on everybody. And then he sold a bunch of it. I think store value is a secondary thing. Not a problem coins to be held by big holders, no problem. Whales don’t scare me. Elon just bought BTC but he can dump them, he can crash the price himself. That’s why I don’t like this game.”
Questions and comments kept firing even towards the end of the over one-hour program. Another worth mentioning is this viewers’ question: “Why is BCH still around?”
Aside from Roger Ver being a wealthy man with a lot of close connections, Kurt explains that the BCH roadmap tops out at just barely 30 times BTC’s roadmap. He points out, investing in it for long term business use will simply not work.
“Anybody investing in BCH as payments technology, there’s a big limitation coming and the more people investing in it as an actual long-term business use, they are going to end up switching someday. It’s like holding out breathe as far as BCH goes. BSV is exponentially more useful in every technical regard other than settlement liquidity.”
Tune in to Kurt Wuckert Jr’s episode 2 livestream to for more.
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