1. For those who don’t know you, who is Beautyon?
I am Akin Fernandez.
2. What is your background?
A shelf of vinyl records.
3. What are you currently working on and what are your plans for 2018 onwards?
I’m working on Azteco a consumer Bitcoin startup that lets ordinary people buy Bitcoin with the same ease as buying airtime for mobile phones. We plan to launch in 2018, and then extend our service so that Bitcoin is easy for anyone to get globally. There is absolutely no reason why people should be forced to consume Bitcoin in a particular way, any more than people should be forced to speak English with a Texas accent. You can speak English with a Scottish accent and still be speaking English, and you can use Bitcoin in a very wide variety of ways. This is the “eureka moment” that hasn’t spread widely yet, but it’s coming.
4. How’d you come across Bitcoin?
I’ve been interested in what money is and how it relates to software for years, going back to Chaumian eCash. I’ve kept an eye out for innovations and stumbled on Bitcoin in a forum in 2010.
5. In your wildest dream, what you think Bitcoin could be capable of doing?
Totally replacing all fiat money, and making it impossible for fiat to re-emerge anywhere on Earth. On the back of that, the entire world would be switched from a consumption economy and lifestyle to one based on thrift and saving. Waste of all kinds that people think is “normal” would cease to exist. All investment comes from savings. Taxation is now strictly controlled and always explicit; it is no longer possible to “stealth tax” the public by inflating the money supply; everything the State does has to be paid for in the open and explicitly. All governments are under the same discipline as the constituents. There is no more free money. Insane ideas like Universal Basic Income are permanently forbidden and take on the air of the the most extreme nonsense. Socialism is forbidden. The Discipline of Bitcoin is accepted by everyone because everyone benefits from it directly and indirectly. The police are in total service to the people who pay them, not the State, and they only enforce property rights. The victimless crime industry is abolished.
There are no more “unbanked”. Everyone on Earth has a Bitcoin account, and everyone on Earth can send money to anyone else on Earth. There is a boom in e-commerce as billions of people who were previously excluded from buying online suddenly come on stream. Courier companies expand international operations dramatically to move all the goods being bought with Bitcoin from around the globe. The country that allowed entrepreneurs to work in Bitcoin without restriction is raking in unprecedented levels of business taxes, and that country is one of the richest the world has ever seen. The fiat era, with its dictator printed funny money, seems very far away in the past. Everyone just accepts that Bitcoin is “the money”. No one is fighting against it. They are too busy having fun. Nobody knows who Satoshi was. He won the Nobel Peace Prize in absentia. And then I woke up.
And it wasn’t a dream.
6. What are Bitcoin biggest challenges on survivability? If it’s to outlast all other cryptocurrencies.
There are no “cryptocurrencies” there is only Bitcoin. Every clone that people call “crypto” or “cryptocurrencies” is the direct descendant of Bitcoin. None of them would exist without Bitcoin and none of the developers running them had any interest in this subject before Bitcoin. Bitcoin will be the only fiat replacement; all alt-coins will wither away and die. They are all superfluous,
inferior, dead ends and a waste of time. Bitcoin has the most developers, the best ideas and the greatest momentum. It has the strongest foundation (in every sense) and is incorruptible. Its incentives are perfectly balanced and all of this is why it cannot be beaten. All arguments against Bitcoin have been disproven, and its detractors have crawled back under the rocks from whence
they came. You know their names…or do you? Who remembers them? They’ve contributed nothing, said nothing of any significance. They’re not even a footnote now.
7. Out of the coming developments for Bitcoin, which excites you the most?
Azteco, Samurai Wallet and Lightning. Azteco makes it easy to get Bitcoin. Lightning increases the power of Bitcoin so that it exceeds VISA, MasterCard and American Express by orders of magnitude. It’s hard for people to understand what Lightning is going to do because the tools to use
it are immature. Once these tools are polished, it will all seem obvious. “The stage we are in now is the “Musical Chairs Gold Rush”, or “The Transformation”, where man is returning to sound money from fiat. People say that Bitcoin is in a bubble; the entire fiat era since Bretton Woods is actually the real bubble; Bitcoin is a return to sound money, but with the power of the internet and software as the Black Swan.
With programmable money that is rooted in Austrian Economics, the world not only has sound money, it has a money that can also have business logic embedded in it. You do not need to transfer entire contracts into software and embed them into Bitcoin; that is like embedding the alphabet into TCP/IP; the network mediates access between machines with a common language, and the machines hold the different content. Bitcoin is similar, in that it provides a store of value, Multi Signatures and TIMELOCKVERIFY (which are just the beginning) as building blocks that we can build software around. It is the layer that everyone must agree on because it is always true. It is verifiable, provable and incorruptible.”
Samurai Wallet is the most advanced yet simple to use Bitcoin Wallet. No one is innovating as fast and as fundamentally as Samurai. All of a sudden, you will see their number go ballistic, as it becomes the go to wallet for hundreds of millions of people.
8. How would you explain Lighting Network to my father (+70 year mathematician)? Aren’t there others that do this better?
I wouldn’t explain it. This is the next step in the progression of thinking about Bitcoin. Your 70+ father doesn’t need to have SSL explained to him; all he needs to know is that the little green lock means his connection is secure and he can buy safely. Behind that little green lock is a process that is hideously complex; just like a Lightning transaction is complex, or indeed an on chain Bitcoin transaction.
Future apps will hide all the complexity from the user, and you will just pick an amount and press “send” without any concern about channels, routing or any of the other things going on under the hood (just as they do with email, which is routed through many servers before it reaches its destination). No one knows or cares about that with email, why should they care about the details in Bitcoin or Lightning? All they care about is that they’ve received their money or the money they’ve sent has arrived. Nothing else matters.
9. What is the biggest challenge to understand Bitcoin?
Understanding that you don’t need to understand it.
10. Biggest threats for the rest of cryptocurrencies?
11. In 40 years, what Bitcoin will be like?
Just like email. Everywhere and boring.
Thankful to Akin Fernandez (aka Beautyon) for his time and insights, an honor for me to share a Q&A with him.
Preparing my questions for Akin I dived shyly in his Medium articles, knowing that I know very little about a subject he THOROUGHLY masters, I have to admit I felt intimidated and felt I was making the dumbest questions, to my surprised Akin told me: “BEST. QUESTIONS. EVER.” I don't know if he was trolling me or being honest, but I guess my simple questions hit the mark, as his answers as you can see above, at least for me are mind blowing.
If you love Bitcoin, you should definitely read Akin articles, I warn you if you click below, yet again, you will dive the deepest of the rabbit holes.
Beautyon - Medium
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