Video - Chandler Guo Talks About Bitcoin Mining Part 1

Venture investor Chandler Guo talks about the debate on Bitcoin block size. He also talks about Bitcoin mining in technical perspective and how people should become as a miner.


Interviewer:  I'm here in Shenzhen, southeast China.  And I'm joined by Chandler Guo who's a Crypto Angel Investor and has multiple investments around the crypto scene.  Thank you for your time, Chandler.

Chandler Guo:  Thanks.

Interviewer:  Good to see you again.

Chandler Guo:  See you again in China.

Interviewer:  Oh, indeed, indeed.

Chandler Guo:  Yeah.

Interviewer:  So, let's start with a nice simple question.  Currently there's an ongoing debate about the Bitcoin block sites.

Chandler Guo:  Yeah.

Interviewer:  What's your opinion on this and how do you think we're moving forward?

Chandler Guo:  I think that too much control.  You always out of control.  Like the Hilary she thinks she's everything under control.  The rich people, the governor, there's a lot of the people support her so she thinks she control everything.  But finally she's out of control.  Why?  Why are the people choosing Trump, because of the people like out of control.  The Trump not a control by some -- he's not a policy man, you know.

Interviewer:  Correct.

Chandler Guo:  So, he don't want to control.  He just to do everything by himself.  A lot of people don't like Trump.  But the other people vote for him, vote him, he become the president of the United State because people like everything out of control.  Not everything on the control.  Think about a serum today.  When the hard fork ETH crashed down today right now few crash down only because people don't like foundation control.  So if people like Bitcoin today because Bitcoin is totally out of control over site problem.  It's already how much years?  I think two year, three year block site problem.  We have a lot of conferences talk about how to read block site.  But it's kind of the -- not a control They have exchanged miner mining pool, Bitcoin classical and a Bitcoin unlimited and a Bitcoin core developer.  And it's such a lot of Bitcoin company here.  No one can control Bitcoin.  And the people like it.  Think about two years ago why we wanted block site grow up?  Because it's two hundred dollar.  Two hundred dollar.  Bitcoin is too cheap.  People want the block site risk and the bitcoin price grow up.  Everyone want to Bitcoin price go to the same hundred dollar.  So, but code developer they're not -- they're not under control.  They never change.  Just using one megabyte.  For cost how much year?  Two-years cut it two-years to today, it's already seven hundred dollars.  So, problem is today people are saying it today is a kind of have a kind of well, we have a war but  people don't know people want a war.  Because everyone is kind of happy today.  You know for me for a lot of people Bitcoin unlimited.  We like block site increase like today.  Like a do it as so many as possible.  Because smart people all know it's problem -- we cost three years -- we need to do it right now.  Block site must read but for normal people who have Bitcoin it's kind of the -- I think it two million people in this world or four-million people will have Bitcoin but for a lot of people that Bitcoin just to buy Bitcoin in the exchange.  Their bitcoin exchange.  They don't use any wallet.  So for a lot of people they think price today is seven hundred-dollar, it's good price today.  Even the block site is still one megabyte.  Maybe it's not block site problem.  Seven Hundred dollar is a good price for them.  So, they don't want war.  If the war happen this block you know even go to the two megabyte or you know four megabyte the price crash down.  If a war is there maybe have ever everyone's scared about a war.  So, no people want war right now.  Even the miners today they don't want to war.  If they have a war today the miner, for normal miner they have cost one year together they might not get it back, the Bitcoin miner.  So, the miner today what happened.  The miner wanted to just stay there, seven hundred dollar good price.  And eight-hundred-dollar good price.  Don't want war.  If there is a war it will crash down and every people lost the money.  The miner today don't want a war.  Mining pool they don't care actually.  Because the transaction fee is good.  It's five percent.  Five percent reward.  It's a transaction fee.  So mining pool don't care about the -- of this.  For right now I think for a lot of the company they or Bitcoin shareholder they want a Bitcoin price keep going.  For example, the mining equipment company right.  The mining equipment company they want price to go to $10,000. They can sell more equipment.  For shareholder who have a lot of Bitcoin, they want to Bitcoin price grow up.  To a normal Bitcoin people, they think okay it's already three times.

Interviewer:  In a year.

Chandler Guo:  In a year.  In a year it rose three times.  Let's say it’s true.  It's all very good business.  So, today's people if -- if the Bitcoin unlimited and the code developer exchange and miner and mining pool and mining equipment company and shareholder.  This kind of the six-kind of group people.  No people can control Bitcoin.  And people like it.  Okay, not bad but if  the real war happen.  Okay, everyone lose money.  Just suddenly the price crush.  Some people sell their all Bitcoin.  They don't want to hold it.  They want to hold their dollar.  Because everyone coming to here to make money.  Actually for normal people they just want to make money to here.  There already three-time and if they see some war over there, they must sell right now and wait.  Wait which -- when it's -- when it's no problem they can -- they will buy it Bitcoin back.  So will be the you know suffering for a little time.  But probably it's not a one year ago, two years ago.  Two years ago everyone wanted Bitcoin price grow up.  So, code developer, you know, you need raise block site.  Every everyone said of its called they were a problem you know.  But today it's already the price grew up three times.  That people forgot about this.  But people who is smarter people.  They want to price grow up right now.

Interviewer:  And therefore moving forward we'd have, as you would say, a war now?

Chandler Guo:  Yeah.

Interviewer:  Or we have a war later.  And the war later could be worse than a war now.

Chandler Guo:  Yeah.  If we do have a war today.  Okay, just to be the couple months maybe.  Maybe it's two chain in the future.  Maybe two exchange, two different coin and a different name.  For example, if * 00:08:54 BTU is BTU, BTC it still BTC.  It will be the two different point in *00:09:04.  Because everyone will be have a two kind of a coin.  Like ATC and ETH.  Because exchanging very important.  If this exchange do this, other exchange will follow.  So, everyone will be having two different kind of the coin.  No people like this.  They just want to be the Bitcoin not a control.  And a Bitcoin kind of -- still have problem.  Everyone focus on Bitcoin.  And today's price is for a lot of people good.  So they don't want to change.  But I think if we don't change it today, tomorrow is have a more big war.  If you go to the price go to one thousand dollar.  If the block site not grow up.  It's still the one-megabyte but a price go to one-thousand dollar and stay at there.  And if you want block site war, okay, have a war.  Have a war, the price go to the five-hundred-dollar.  And they will be have a different kind of coin.  Name different name BTC, BTU or BTU or BTC.  BTU said I'm a BTC because I have a ninety-percent or eighty-percent of the * 00:10:19 rate.  And the BTU kind of the died there.  With BTC ordinarily is the older chain, the older chain will kind of shut down there.  It doesn't matter because in exchange they have price.  Some exchanges that is -- this is BTC you know.  What happened?  If miner will come back at the mining * 00:10:41 because this chain have value.  So what happened?  What are in the future?  We don't know.  So everyone want a piece how they start war.  Like everyone said today you just said that everyone just the one who fucks others you know.  I said fuck you and fuck you.  And dick don't real fight.

Interviewer:  Yes.

Chandler Guo:  If they real fight that everyone lose.  Just say it.  And they cannot have a real fuck because a real fuck is rape.  No matter who rape who you know.  So if they want to just you know argument there I think nothing change.  So I will be there welcome.  I almost know everyone in this community.  And I say when they face to face they cannot say fuck you and fuck you.  * 00:11:44 and say cheer up and have beer sometime.  They cannot fuck each other you know because the real fuck it destroy the system.

Interviewer:  Since you'd like to see maybe another scaling Bitcoin conference where people can come together face to face and talk this through?

Chandler Guo:  Yes.  Definitely there will be have a lot of a conference in this in the couple month later.  People will be there waiting for answer.  For example, * 00:12:16 it work or not.  People will wait and if not work like in network it work or not, they were waiting for that.  Bitcoin Unlimited it's a very great team.  They want bitcoin in a great so they will travel around the world to find out to the waiting.  On the way you always have a good idea right.  You meet a good people.  We will good session and more and more people support them.  The Bitcoin unlimited.  Or some people want to stay to support the core developer.  So, no matter how long time I think it's just to defend it.  I don't want to spill it.  I just want people stay in the same table, find a way, easier way to do it.  For example, my suggestion to the community just very easy.  Come.  If you cannot read into the two-megabyte.  Okay, how about just to the 1.5 megabyte or like right now.  Core developer can do that.  One-megabyte to the 1.2 megabytes if you want, 2 megabytes is much better.  200% better than before.  Nothing change there.  Maybe no people accept that.  This is a decentralized community.  That's why the Bitcoin prides today because people like decentralized.  People like everything out of control.  People like this not controlled by some country or some company.  People like it just at there.  A lot of everyone have say I -- I wanted this.  I wanted this.  So people like it.  And that's why the Bitcoin today have value.  So, I think this will be keep doing a couple -- for maybe couple year you know still have problems.  It doesn't matter.  I think it's good for Bitcoin.  Argument always happen.  No matter price crash down or grow up.  They are always at there.  But agreement it's still there.  Agreement kind of the people cannot change it.  People stay at there kind of the situation it *00:14:57.  So, from my opinion just the easy way.  If we cannot have agreement.  Just the reason want to 1.2 maybe megabyte, 1.2 megabyte just everyone just to be don't have war and have each other.  Kind of the unlimited not lost, not lose and -- and core developer not lost, not to lose.  No one lose.  Everything, everyone kind of win win.

Interviewer:  You'd like to see the middle ground that's --

Chandler Guo:  Kind of find there.  If you don't do that you needed -- if people will say okay you said fuck you and fuck you too so what happened.  What will be next?  You're just to say yeah.  Or if you want make a hash rate * 00:15:54 you can do it.  If you do it everyone lost.  You say it everyone lost.  So no people real can do it.  They just to be if they do that it will be make a next one the center, centralized.  Like I said before.  If Satoshi Nakamoto coming back.  Real real Satoshi Nakamoto coming back to Bitcoin.  I will sell all my Bitcoin.

Interviewer:  Because then it's a centralized figure and you want to grow out of that?

Chandler Guo:  Yeah.  I don't like it.

Interviewer:  Okay.

Chandler Guo:  If Satoshi Nakamoto coming back I will go -- I will -- I will sell all Bitcoin I have.

Interviewer:  Into ETC if I know you.

Chandler Guo:  I like ETC because of the * 00:16:48.  Make *00:16:51 classic more decentralized.  And more decentralized, the more people all around the world like it.  So, I like that something like this decentralized.  I want to some * 00:17:05 out of control makes things great.  Not control make things great.  So, I don't like the * 00:17:16 they have some kind of group controlled Bitcoin.  Actually, no one control it.  Core developer never change it.  Just one megabyte for a long time. Just stay there.  Maybe if they want to change *00:17:29 maybe change the Bitcoin.  How about just let all community kind of together to make the Bitcoin to the just to I.2 megabytes.  Maybe everyone happy.  No one lost.  That's what I suggest.

Interviewer:  Well, look, we run over slightly.  So, we'll leave it there for now.  I'm going to come back.  Hopefully if you can stay for a bit longer I'm going to ask you some more questions, but I know people on YouTube have a very short attention span.  I'm only joking but if you can stay.  We're going to do another few more questions.  I'm going to asked Chandler a bit more about mining in China.  So, stay for us and we're going to get to that.  Thank you.

Chandler Guo:  Thank you.

Written by Chandler Guo on December 2, 2016.