A blogger from the US (Jeremy Sciarappa) has had a very interesting 45-minute interview with Hashflare.
As a service to our readers, we have had the entire interview transcribed, which is not always understood because of the poor sound quality.
We have marked unintelligible points in the interview with a question mark in the text or with a time stamp.
Here is the original interview:
And this is his Youtube Channel.
Jeremy Sciarappa: Hey. What's happening guys? Welcome back today. I got another video, this one's kind of crazy and I’m pretty excited that I was able to do this but I've done an interview with Edgar Bers from HashFlare.
He's the business development and relations manager at HashFlare, so this is pretty exciting and I got a basically a 45-minute interview. I might cut some things out and leave a bunch of stuff in but let's check this out. It's pretty cool, so let's get right into it.
Everybody this is Edgar. I guess if you want to just like introduce yourself and tell yourself, like what your role is that at HashFlare or HashCoins. So go for it.
Edgar from Hashflare: All right. So I'm Edgar. I’m part of the HashCoins team, HashFlare, a cloud mining platform, is one of our products. What we do is we create software, we create solutions for businesses, we create block chains and cryptocurrencies for businesses.
We do a lot of stuff, and most are related to security to communications. Hashflare (Link from the editor: www.hashflare.io ) was among our first projects.
It's when we decided that research-, well we started as developers of hardware back in 2013, by then we understood that this business sucks because I mean, whenever you try to ship hardware to someone else there's just a big list of logistication problem with delivery, Hardware getting damaged during delivery, sometimes not getting delivered at all.
And we are living in this post dot com era, I mean everything is online, so we decided that we should start a cloud mining business and it's running for more than four years now.
My role in the project, well I deal with business development, with communications, so I cover conferences, presentations, work with an investor, or basically people who want to make a large order but they need to more certain about everything so I usually come out to speak to them, kind of to explain how everything works and how to make profit with Hashflare (Link from the editor: www.hashflare.io ) if you wish.
Jeremy Sciarappa: Okay. Great. So I guess another question I had was you know like.
I guess you sort of already covered this, so I was going to say something like you know, what were some of the challenges in the beginning with HashFlare, and if those challenges still exist and if there's any new challenges being developed on a daily basis?
Edgar from Hashflare: Yeah. I get it. Funny thing is we are facing challenges every day here. I mean first things first, HashFlare was developed, was designed in 2014 and back then we didn't even expect to have so much users as we have now.
We didn't even expect such a big amount of traffic and interest over the whole thing. Back then nobody knew what would Bitcoin be in future I guess, so even by like comments of Bitcoin for the price.
I didn't really expect it to happen as it happened. Right now the main issue is that-, the interest is the main issue. The more people get in the harder it is to maintain the whole thing. In the beginning of the year we had three people in our support department, now we have ten and we are hiring.
We need even more people and that's just one piece of the whole thing. Another part is the website itself. We have to now reallocate this server for us, we have to think of how to make it possible for more people to stay online on the website at the same time.
So a lot of development work happening right now, a lot of support happening right now, these are probably the main issues.
When it comes to regulators for example, when people ask how the regulators #00:04:11# what do they think about the whole thing? Do they like it? Do they prohibit it? Do they promote it?
For example you know in Russia they have a new-, the main challenge in Russia is that you never know what happens in Russia. One day prime minister says that Bitcoin should be legal, they won’t touch money, the next day you hear that money might become illegal, third day you hear that the money will be taxed, so you don't really know.
But since we run our business from Estonia, so European Union, we are really soft here in terms of regulations, in terms of everything so it's-, yeahb it’s easy for us and the biggest issues of course the infrastructure part.
Jeremy Sciarappa: Okay. So I guess you know you mentioned how the user base has increased dramatically, so prior to I guess this whole Bitcoin spike in price, like can you say how many users were on your website versus what it is now, or like a ballpark?
Edgar from Hashflare: Well we had-, you may need to find some information online because I have a number in my head. If you roll back in time, back to when HashOcean was a scam service, it was a Ponzi scheme called HashOcean.
They had 800,000 users when they closed, when they scammed and disappeared. Back then we had no more than 300,000 users so it was probably a year ago or something like that.
So in fact in just the last couple of months we got more traffic than in the last couple of years. You can just compare the sizes, and I think that even now, even the last time I checked with the stat, we had just over a million of users, it was like a month ago.
I think it's like over 1.3 now million users. Yeah. It's growing really fast. Faster than we really imagined.
Jeremy Sciarappa: I guess another question I had relating to that topic is like, are you able to scale?
Are you able to scale with the amount of users that are-, that a massive influx of new users coming in every day.
Do you see a point where you might have to take a break and not allow new people to get in and buy hashes? To upgrade your servers or whatever else you need?
Edgar from Hashflare: Well what we try to do here is we're building the plane while it flies. So we are trying not to switch something off, to work on something.
We never allow ourselves to disable the service for more than like 24 hours because users start to panic because they think, “Oh no, the website is down. They have gone to some islands with my money,” and we got a lot of hate for that, so for every maintenance especially if we didn't know in advance, I guess I mean, hard times are coming every time we do the same.
So we try not to disable anything, but just recently maybe a couple of months ago, we had to stop selling SHA-256 contracts before we ran out hardware, now we're fully equipped with it but now the hash money is sailed.
Well it will happen in future. Sometimes what usually stops us and not just us but also other services like Genesis or whatever is actually hardware.
The more people are there the less hardware there is in the market, the more difficult it is to accommodate everyone. But well you can play with prices here you can just-, I mean there are different ways to make this happen.
Jeremy Sciarappa: Yeah. So you know, like right now if I wanted to I can go in and buy 100 Terra hashes or even more I guess, and then you have people like CryptoNick, I'm sure you know who that is on YouTube possibly, I don't know, maybe not.
But he shows off his YouTube channel and he has like 2,000 Terra hashes and I guess people are thinking like you know, when do the hashes run out? So can you share what the total hash power is of HashFlare or?
Edgar from Hashflare: Well, to be honest I have no idea because it's increasing on an almost daily basis. We have agreements with the biggest vendors out there to make sure that we get new hardware faster than we manage to sell it, so we're able to mine for us for ourselves as well.
And that's the first thing. Another one is, I think that in the current market situation the hash power is practically unlimited, it will be increasing for as long as Bitcoin price is rising. Just recently we've seen about ten times more hardware vendors that are in market. A year ago when we were going-, for example last year when we were coming to conferences, the only company you will see them, the only companies you would see them, is either Bitmain or the one that’s going to be S9 Antminer, and BitFury that work on the kind of same hardware.
Now, when you come to conferences there's like a dozen of different vendors, all of them assemble their own miners; some of them are bad, some of them are worse, some of them are well somewhat good, but not as good as the big Chinese companies like Bitmain obviously.
But for example there are this hallow mining that have stated that they develop the best miner in world, though we haven't seen it, we haven’t tested it yet so I can’t say anything about it. There are under vendors like Innosilicon ,their hardware is like-, it’s kind of inferior compared to others.
So what we do here in HashCoins and HashFlare, we actually try to order hardware from all the vendors that there are in the world. We test them, we try to compare them to feed as much good models in our data centers and to lose as many useless ones out as possible.
But what's out there in the market right now is that-, it’s like booming. #00:11:02# was booming. It was booming two years ago. A year ago we got surprised, we thought that that's the maximum. Now we're surprised again and we just kind of expect it to happen next year; I know I do.
Jeremy Sciarappa: Like I mean, do you see the Bitcoin price going up like more or like just-, you don't have to go into detail but I mean, do you have an idea on just personally what you think might happen?
Edgar from Hashflare: Have you heard of the Bitfinex and Tetra scandal?
Jeremy Sciarappa: No.
Edgar from Hashflare: Well that's one of the things you should take to the account, especially the fact that you haven’t heard about it and a lot of people, a lot of people haven't heard of it. Make a research, I think your channel would also like to see that. It's Bitfinex and Tetra, (?the unit in T).
So basically it's the same people behind two projects and there have been 600 million unity team printed sent over to Bitfinex, used to buy bitcoins using a leverage so-, but there was no dollars that were put behind this use of T’s so it's like bubble care.
You need to check it out, and when you speculate but what can the price be? You also need to take into the account what can happen? I mean what negativity could happen? It might happen that in 2018, for example before June 2018, you'll see a collapse of the Bitcoin price and closer to the end of 2018 you will see another explosion up to I don’t know 40 grand, 50 grand.
It may happen. But you can never-, well there’re different speculation, some say 100K, others say it’s like 400 grand, some say #00:12:57# Maybe one day, maybe 2020, 2025 you’ll see a million dollar report, but before that happens I think that we first need to get closer to the 40 or 50 grand than 100 grand, because these are also these psychological levels that you have to break through. But I also have big faith in Ethereum.
It's a really decent project. But what I personally dislike right now is the Bitcoin cash, Bitcoin Gold, Platinum, whatever and #00:13:32# The Bitcoin forex because these are basically different shit coins that have taken the Bitcoin name to cover themselves saying that, “Oh look, we’re not just another coin.
We’re Bitcoin,” but not really Bitcoin but still Bitcoin because it's in our name. You've seen people that have no affiliation with the Bitcoin forex development who bought the bitcoin.com domain and now using this name they speculate, they invest in the Bitcoin cash. #00:14:05# other people, the Chinese.
I don’t know if you've heard, but Bitmain-, right now we are trying to freeze our cooperation with Bitmain in favor of other vendors because Bitmain sells their hardware from Bitcoin cash only, so they try to artificially stimulate the Bitcoin cash prices, that's what can cause another collapse. Because you never know. The funds are allocated within single hands.
If you check the Bitcoin distribution right now, I read it online, the 100 reaches Bitcoin was, you will see that 85% of all bitcoins are on less than 0.6% of #00:14:51#, well less than a percent of #0 0:14:54# holds 96% of bitcoins. So when you try to speculate and think of what could price be, well, nobody can.
Jeremy Sciarappa: Yeah. You can't really say. I mean you can't really say. So yeah you were mentioning like Bitmain and a few other Antminer, yesterday they went on sale again and everybody was pissed off because the prices went up over $1000. Yes we’re close to $3,000 now but Bitcoin cash you have to pay with Bitcoin cash.
And I think they're sold out now, I didn't double-check but somebody said they were sold out, you can't get them anymore again. So that just brings me back to you guys on HashFlare yesterday.
I think you guys also increased your prices on your website so you were a $150 per Terra hash, now 220, so I guess does that have something to do with the Bitcoin price increasing or like can you maybe break that down a little bit?
Edgar from Hashflare: Well it has do with both the Bitcoin price increasing, the demand increasing, and the supply decreasing because as you know the supply is getting shorter and shorter, because the demand is increasing.
Well practically supply stays the same whether you talk about wholesale because for example big vendors like Bitmain can for example ship you a batch for like $10 million.
Smaller companies don't have that manufacturing so they cannot just ship it that much, so in order to get the same size batch of hardware you have to work with ten different vendors at once, and they also see that prices are increasing, they also see that once unknown now in high demand hardware from like paying vendors is also short in the market.
So they all increase the price-, everybody increases the prices so if we don’t know we’ll start losing, so that's basically the only logic behind it.
Jeremy Sciarappa: Yeah. So we cash out, I guess you guys just enabled that today, right? But minimum point to Bitcoin I think it was-
Edgar from Hashflare: So right now we enabled withdrawals just for testing. I mean we had an issue with #00:17:10# to cover this point for me.
Jeremy Sciarappa: Actually that's a good idea.
Edgar from Hashflare: I’ll explain in short how it works in our site. We have a data center of miners, all miners are allocated to pools and are mining bitcoins.
The bitcoins are not sent directly to HashFlare user accounts, they are first sent to ours because if there’s an issue they centralize their receiving, then these accounts are interconnected with the system to understand how much each user have burned causing lead to the amount of HashFlare purchase, then this money is sent to the balance and when you want to take the money out of the balance to your wallet, there is another gateway that processes-, that gets a request from us to send an invoice, just a civic order which will then update within our system, which is approved within our system.
The money is sent to #00:18:11# the gateway that does the whole thing. And #00:18:15# then process the transaction, sends it to the Bitcoin network. So then it's like a middleman between us and the Bitcoin block chain and this middleman works on probably national processing.
He takes requests, processes it and converting the transactions, takes money, sends money.
They have issues right now, of course everyone does. #00:18:39# because that's also reason why the bitcoin cash is getting popular right now, because the bitcoin network is struggling, and we are on the (?downside) phase so if something struggles in the beginning of the line in the end of the line we get problems.
So we have enabled these withdrawals with higher emissions and for higher orders because we don't want people who just for example whom like-, like $2 worth of Hashtrade obviously they are dated by others not as the, as current bitcoin network transaction fees.
I mean $10 per transaction is quite a lot and you can’t get $10 out of $2 #00:19:25# we have to breed it. We have to cut smaller vendors out of the loop for now until the network is all right, until the transactions are cheap again, we don't need-, to be honest we don't know when it will happen.
It may happen-, we hope it will happen before the end of the year, it’s up to actually the Bitcoin core team to face the issue, but once it happens we will need more withdrawals for smaller transactions as well. But the reason why we enabled it anyway is because in our system you’ve probably seen we have this affiliate program.
This affiliate program allows not just people to invite their friends but there are other agencies that have employed-, people employed who offer these services across their channels for a commission, and they have to pay their employees from these commissions.
So their withdrawals are usually higher than 0.2 BTC, so we have to give them, and two it’s important because it's business. I mean it's not just like you throw in some money to the platform and you just take out cash sometimes like a hobby.
It’s their business so we have to adapt for them, but as I said we hope that it will be solved in future. I hope probably sooner than later but you're still tied to a bitcoin network the way they handle transaction and transaction cost and speed.
Jeremy Sciarappa: Yeah. I totally understand. It's totally backed up right now. I think there's like what? 300,000 unconfirmed transactions or something crazy like-, and they've been sitting there for a while.
Edgar from Hashflare: Same is happening to Ethereum. We have another project run by HashCoins, it’s our previous payment institution and it's more related to financial world, however, we have these previous tokens which are basically a byproduct of Ethereum’s smart contracts.
But maybe you've heard all of the (?Crypto keys). Just a game, a collection game in all Ethereum it collapse the network, people cannot send their previous tokens but the data I see on tokens that either is blank on them.
All of them are now too late, they are not getting through, every company, every service, that we are friends with, that we speak-, that we occasionally speak to, then how to be customer based, everyone is trying right now because-, like there are all those users who cannot wait for example for a couple of hours and they startcreating a ticket, after a ticket, after a ticket, just crying that their transaction is not coming through and somebody asks, do something about it but nobody can do anything about it, because the way the cryptic is, they are just collapsing the network and the Ethereum foundation team.
They are also like, “What the hell is happening?” the Bitcoin team is the same and what would happen when the Bitcoin price would reach 100 grand?
Jeremy Sciarappa: How long would it take to receive like-, like what would happen? I mean, I don't know. Nobody's ever going to get any of their transactions.
Edgar from Hashflare: Right now I mean-, I don't even know how (?trading keys) is not happening in Bitcoin. Let's imagine over 3 hours for a transaction to be confirmed, if you want to trade with an exchange.
If you for example use like classical hedge fund, like classic out of the traders tools, the transaction starts within seconds, seconds, and here like hours.
Jeremy Sciarappa: It's totally uh-, it's not really too efficient. It used to be but now so many people are making transactions. It's making it harder.
Jeremy Sciarappa: But it still doesn’t mean that Bitcoin cash is good. Don’t fall in for the bait. I don’t know, for how long have you been into the cryptocurrencies?
Edgar from Hashflare: Well I heard about it back in 2012 or so but didn't really understand it and kind of brushed it aside.
2015 got back into it again, but kind of brushed it aside again and now let's say about a month ago, I bought my first miner I was like, “Screw it. I'm doing it this time,” and then I-, that's about a month ago.
So I'm doing both Bitcoin and also Ethereum.
Jeremy Sciarappa: Because two years ago there was this project called the Bitcoin Classic, a fancy name, and the project was created and supported by one of the Bitcoin core developers, his name was Mike Hearn if I'm not mistaken, and two years ago he came out saying that, “Well, Bitcoin block size of 1 megabyte is bad.
The network is struggling, the transactions were slow and expensive,” so what's happening today happened two years ago, and he suggested that the best way to solve the issue is to increase the block size into megabytes.
Well I've been talking to other people, like Jon Matonis, who’s one of the founding directors of Bitcoin Foundation, and some other people from the Bitcoin Foundation regarding this matter and their opinion on, “Well, will the increase of block size really help?
Does it really bring the value that's needed for Bitcoin to work as a payment met?” well, their answer is basically #00:24:56#
So all right, we increase the block size two megabytes today, what should we do in a month? Increase it to four megabytes, right? In a year eight megabytes, right? It’s not a solution.
It’s just a first boarder of solution but it’s not a solution. It’s something else. Something completely different. So that's why I think, and many technical guys from the Bitcoin area guy I communicate with, they have more faith in Bitcoin. Bitcoin is human.
Bitcoin will be more reliable in future development progression rather than running behind the high train of Bitcoin cash and Bitcoin Gold and Bitcoin platinum and Bitcoin whatsoever.
Bitcoin quantum I’m sure that this would happening in the future. You can just make a list of name predictions, like this prediction bingo and if you win, I don’t know. Big game for that, unfortunately Ethereum just like cryptokeys, you will burn immediate on that. I’m more that sure.
Jeremy Sciarappa: Nice. And one of the things was like, I was wondering if there was a possible way maybe not now, probably not possible, but if you can share like a video tour or like a short little clip of something like of-, like what kind of hardware you guys are using or whatnot.
Edgar from Hashflare: Have you seen our Instagram?
Jeremy Sciarappa: Yeah, I have.
Edgar from Hashflare: So there is like all of us on Instagram.
Jeremy Sciarappa: So on HashCoins, right?
Edgar from Hashflare: Yeah. Yeah. You can even see me. There's photo of us assembling our first Ethereum farm here in Tallinn in Estonia.
There is a photo of me laying on the ground with video cards, there’s plenty of me lying on them. But you probably want something bigger, something better and there is a thing we plan to do in the future, this winter, we haven't yet gone public about it because we are still working on logistics, but right now we are moving a lot of hardware to a new center in Iceland.
We were planning to make a big movie on how we create the whole thing from scratch, how do we computer it, how we assemble it.
We will have the movie, like a great movie coming maybe in a couple of months, so you can watch #00:27:27#
Jeremy Sciarappa: Sorry. So did you start filming that already? Like did that process start or?
Edgar from Hashflare: No. No. No. The camera team-, there are no cameras yet, because as a start we are working on logistics because you need to move a lot from China to Iceland from other parts of Europe, from Germany to Iceland again, plus we have some interesting deals outside of Iceland because-, did you know that there are countries in this world where electricity could cost less than $1 a cent per kilowatt, and that's not China?
Jeremy Sciarappa: You’re saying one cent? One penny per kilowatt hour?
Edgar from Hashflare: Or less.
Jeremy Sciarappa: Less than one penny?
Jeremy Sciarappa: That's crazy.
Edgar from Hashflare: Yeah. Exactly. So we're trying to follow this-, I mean the thing is that this offer came to us after we already signed a deal with another center in Iceland, so we’re like trying to think of what we'll do next.
Do we go to Iceland? Do we share hardware? What do we do next? So that makes a small delay for about a couple things maybe, but yeah, I think that late January, maybe in February we will have the movie out.
Plus we are redesigning HashFlare, there will be the HashFlare 2.0, we will soon have some publications about it, and articles about it, about the team behind it because-, well a lot of things are happening on the background and we actually know what people think, what people say. About the speculations, about the trust issues and people are worried whether we are fake or not, and about our hardware, about well everything.
We know what people are saying so we want to make everyone happy, so yeah, we'll do our best to show that we’re-, show our hardware, show how we work, because right now you can practically visit us in Tallinn in our office, we can get you into some our-, for example we have a small farm here in Tallinn just around an hour-, in an hour of driving up from office we can get there if we have example agreed with them prior to go visit, because well we have been.
All of that can be considered but we can show things, we can show the office, the people, the mine, hardware, if you wish just come to us.
Jeremy Sciarappa: Okay. You mentioned you want to do like a movie or video, so as soon as you said that I kind of got an idea.
So I also create like virtual reality videos I'm sure you saw you wear a headset, you like look around, or you could use your phone and pan around. So if you need some help to shoot a virtual reality video I'll come out there and help you guys out. I’ll just throw it out there. I mean it's obviously not necessary.
Edgar from Hashflare: Where are you based?
Jeremy Sciarappa: I'm in the United States, so like close to New York. New Jersey.
Edgar from Hashflare: Close to New York, DC you mean?
Jeremy Sciarappa: South of New York, so it's New Jersey basically.
Edgar from Hashflare: Well that’s East Coast.
Jeremy Sciarappa: Yes. Yeah. Yeah. Yeah. East coast.
Edgar from Hashflare: interests me. If you were in West Coast it would be harder to get to Iceland anyway, but right, I got where you're heading. You have the equipment?
Jeremy Sciarappa: Yeah. Yeah. That's what I do also on this side as-, well that's what I did, still do I guess like freelance work and also for my YouTube channel.
Edgar from Hashflare: I have a question, is it possible to create a 3D virtual reality constantly working webcam to install into the mining facility, for everyone to just login and just-
Jeremy Sciarappa: Yeah, of course.
Edgar from Hashflare: It sounds interesting actually. Because what we wanted to-, what we also mainly wanted to do, we wanted to install these-, well you’ve probably seen this thing, it’s like a line with a screen, with text running on it, you can just write something and the text appears and it goes through this tiny, narrow and this long string, and we want to use the same one in the system.
So for example, if you to check whether this is a real mining facility, you can pay like some #00:32:02# send a message and see it live on the screen at the center.
Jeremy Sciarappa: Yeah I got you. Okay. Yeah, it's a good idea.
Edgar from Hashflare: So if we combine it with virtual reality like Pokémon GO, it will be really fun.
Jeremy Sciarappa: Yeah. Definitely. Okay, so I mean we're getting pretty close here. So maybe this is a possibility, so I got a ton of-, somehow I did one video on HashFlare and I was able to accumulate a bunch of people to sign up under me and get a decent amount of referral commissions.
So I was wondering would something be possible to do like a discount code to share, or are you going to be releasing your own discount code like during Christmas, or maybe for the New Year, or no discount codes at all?
Edgar from Hashflare: Some inside information, so we actually don't know if we want to make Christmas or New Year's campaign because there's too much people coming to HashFlare right now, because of the service ability we cannot allow ourselves to sell some more and more people, because if more people come to our platform at the same time it goes down, so if we manage to reallocate the parts of the infrastructure before the end of the year we may this want some discounts, but as for now at this exact moment of time, I can’t give any positive information, any discount for now. But it may happen in future as the system infrastructure is upgraded.
Jeremy Sciarappa: Okay. Yeah. That makes sense. I mean you're in control of that, like it's just a question so it would be nice but hopefully in the future that would be cool to do.
So I guess we might have already talked about this, but this is probably going to be the last question, but like where do you see like HashFlare going in 2018? Like I know you mentioned a 2.0 you want to do for HashFlare , and you know all the upgrades, but is there's something else maybe that you didn't touch on or expanding into different areas in crypto currencies, or maybe not even related to crypto currencies maybe?
Edgar from Hashflare: When it comes to HashFlare, you see, for us HashFlare is just the system like you know for example arranging your server for a game server or whatever, you just have some simple equipment staying in some data center and you just rent the hashes, the power.
Jeremy Sciarappa: Yeah. The CPU power or hard drive space.
Edgar from Hashflare: Yeah. Exactly. So our approach is the same when it comes to money equipment. We want to expand the amount of tools, so for example, you want to do-, you buy this SHA256 money contract, but you don't want to mine bitcoins with it. You want to mine bitcoin cash, I don’t know, why not?
We think that bitcoin cash is scam, maybe you still want to mine, it's up to you. It's your choice. It's still your equipment for the time being then-, well we wouldn't be allowing you to do that.
That's one of the options we’re thinking right now. Another thing is we want-, now there’s a lot of interest from people who want to resell their services for the Commission fee. So we’re also creating these white label platform.
We are also creating API’s so you can create like multi-level platforms, for example take many different cloud mine platforms like Genesis or HashFlare, take their API’s, combine it within a single platforms to monitor these things, to hedge your fund somehow on different services if you want to. That's not an option.
So as far as HashFlare is concerned we are-, when we talk about scalability, we mean addition of new tools, addition of new options and possibilities for users.
As for HashCoins as a business running it, well here we are more focused on creating more security solutions, more secure solutions for the financial market, and the new trend, the trend of 2018 among businesses will be the data protection especially in Europe, the KYC. The expansion of cryptocurrencies market, created, not created but highlighted.
One of the major issues that's happening right now in the market that you don’t really know who is the person behind the screen? Who are you talking to? Who is selling you something or buying something from you? And there are some digital tools of identification, but they lack technology, they lack user comfort, so we are focused on that mostly.
As far as cryptocurrency in general is concerned, you were talking about what will happen if the market itself besides the technology required for businesses to operate, cryptocurrency.
Well, I personally expect to see more regulations coming, I personally expect European Union creating more regulations and running out new statements on what’s cryptocurrency? What’s bitcoin in the first place? What's Ethereum?
I also see Ethereum price rising way above that one grand because-, you've heard of the Ethereum Enterprise Alliance or association.
It's a group of companies like Toyota, like Intel, like Microsoft, that are working on defining principles and the standards of smart contracts for Ethereum, and this is like-, it's getting bigger with each month, the price will be getting higher, and if you’re for example, if you're afraid that bitcoin is over hyped, over pumped with some textures or there is just too much expectations that will never get delivered so to say, that no one delivers for such high stations because everyone is expecting bitcoin price to be 100 grand in the future.
If it doesn't happen the panic will cause the market to maybe collapse. You'll see one of (?high seers) coming out, you’ll see a lot of (?high seers) dying out, you’ll see a lot of tokens-, I mean you’ve probably seen that there is over 1,300 cryptocurrencies listed to coin market cap alone, and there is over 900 cryptic currencies with capitalization over 10 grand which I know is not a lot but it's still something that’s more than nothing, and I think you're just-, if you try to look a more perspective wise approach to-, look at the bitcoin price and how it’s growing, in 2000, when the Bitcoin price was less than a dollar and it went to $10, everyone called it a bubble.
Then it went to $100, just imagine the graph without what we have now, but just get these stats when it was like less than a dollar, less than dollar, or ten dollars, it’s like 100 times increase, it’s a bubble.
Well, I’ve personally seen Bitcoin being called a bubble when it was less than a thousand, less than 2,000, less than 5,000 less than 10,000, now it's 20,000 and people are still saying that it's a bubble.
It will be just 100 grand and still be called a bubble, but still we have Ethereum here, which is not just a monetary position, not a value storage but rather a technology rather than-, it's an infrastructure like MIOTA you might have also heard of them, it's IOTA.
They are also creating the infrastructure for smart devices, so I personally expect with more regulations coming to the market the projects that are meant to just create value out of thin air for the only purpose of release value they will disappear, but technology projects like Ethereum or IOTA or EOS or BitShares, they will be bringing the money to the table, they will be the new market leaders, the chambers of the cryptic economy of the future.
Jeremy Sciarappa: Now, I definitely agree with that. It needs to be backed by something not just speculation or just people pumping money into it. Like if it has like a technology associated with it and it's an awesome or really useful technology then I think that coin is going to do a lot better than some other random thing that somebody just had an idea to do something.
I think that was it. I mean thank you so much Edgar, like this was really awesome. It's cool to have like a face to like, you know what I mean? Like you go to Twitter, I mean you don't know who you're talking to or Facebook or whatever, but you know this is awesome that you were able to do this for me and spend like 45 minutes of your day.
I mean I'm getting my day started now, you're probably end of day work there but, yeah.
Edgar from Hashflare: It’s 5 PM now.
Jeremy Sciarappa: 5 PM, yeah. It's about 9:47 in the morning. (B: You’re an early bird. ) what? What?
Edgar from Hashflare: You are an early bird.
Jeremy Sciarappa: Yeah. I try to be but it's hard sometimes.
Edgar from Hashflare: Right. Thanks for having me today if that's it. Make sure if you have other questions just-, you can send it over to me by email or by Skype. I'm always there to answer.
I hope that we’ll talk again maybe next year, there will the new things happening in the market so just make sure to invite me to have a chat over them.
Jeremy Sciarappa: All right. Thank you so much.
Edgar from Hashflare: Thank you too.
Jeremy Sciarappa: All right. See you.
Edgar from Hashflare: Bye. Take care.