Science, Health and Bitcoin with Sam Abbassi
Where to find the show
Download Episode MP3 File
The file will open in a new window. Click down arrow to download the file.
SHOW DESCRIPTION
Sam Abbassi is the founder and CEO of Hoseki. In this interview, we discuss the growing demand for proof of reserves. Whilst the use case for businesses is clear, there is also an increasing retail need: it enables individuals to use Bitcoin as collateral, but also validates financial credentials. It is another means for assimilating Bitcoin into the fiat-dominated world.
- - - -
The hodl mantra has been a vital behaviour within the Bitcoin community. It was emblematic of the transition from the current credit-based paradigm into a low-time preference mindset that reasserts storing of value. It has also been technically important in supporting the price. However, up until recently, hodling was akin to storing gold in a box or cash under a mattress. It was inward-looking.
As Bitcoin matures and its volatility declines, the value that can be ascribed to an individual by their Bitcoin holding becomes more important and useful. For a growing cohort, Bitcoin’s utility requires an outward engagement with the fiat world.
As society increasingly seeks to store value in Bitcoin, it is increasingly going to become some people’s main source of wealth. Therefore, reintegrating Bitcoin’s store of value into the arena of working capital is becoming more acceptable; there are growing opportunities to use that Bitcoin to access working capital for things such as mortgages and other loans requiring collateral.
Bitcoin can also be used to support residency applications and other activities requiring validation of financial security. It is likely that the purposes for which we need to provide proof of our Bitcoin holdings is going to increase. However, without proof of property Bitcoin has no utility beyond its resale value. How does one prove to a third party proof of property in a still nascent digital asset?
This is where Hoseki comes in. They are seeking to provide a much-needed service in the market to produce independent and trustworthy proof of Bitcoin reserves, opening up Bitcoin’s value. Being developed by Bitcoiners means that the basic principles of privacy and security are top of mind in terms of their product development. It also means they are in lockstep with the Bitcoin philosophy.
TIMESTAMPS
00:02:46: Introductions
00:05:18: Sam's Bitcoin story
00:08:38: Neuroscience research, and healthcare in the US
00:13:11: Healthcare in the UK
00:31:35: Nation states fracturing, and the attraction of local community
00:37:37: Having a Bitcoin mindset
00:48:51: Hoseki proof-of-reserves tool
00:55:31: Bitcoin becoming accepted as an asset
01:03:25: Bitcoiners as Third World citizens
01:09:51: Final comments
SUPPORT THE SHOW
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patron and get access to shows early or help contribute
Make a tip:
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | TuneIn | RSS Feed
Leave a review on iTunes
Share the show and episodes with your friends and family
Subscribe to the newsletter on my website
Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTube
If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.
SPONSORS
SHOW NOTES
Connect with Sam:
Mentioned in the interview:
Swan Bitcoin Acquires BTC Custody Provider Specter Solutions - Bitcoin Magazine, Sep 28th 2022
ADHD Statistics: New ADD Facts and Research - ADDitude, Jul 13th 2022
Every Society Honors Its Live Conformists, and Its Dead Troublemakers - Quote Investigator, Feb 2018
All you need to know about HD wallets, xpub, ypub and zpub - Crypto APIs Content Team, Nobv 2019
Goldman Offers Its First Bitcoin-Backed Loan in Crypto Push - Bloomberg, Apr 28th 2022
Shelling Out: The Origins of Money - Nick Szabo, Satoshi Nakamoto Institute, 2002
The Great Gold Love Trade Is Alive And Well, As India Buys A Record Amount - Forbes, Jan 6th 2022
Other Relevant WBD Podcasts: