[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:00.00,0:00:07.00,Default,,0000,0000,0000,,hi everyone this is Roger beer it's
Dialogue: 0,0:00:07.00,0:00:13.00,Default,,0000,0000,0000,,Saturday August 19th and I want to show
Dialogue: 0,0:00:13.00,0:00:16.00,Default,,0000,0000,0000,,you guys a presentation that originally
Dialogue: 0,0:00:16.00,0:00:20.00,Default,,0000,0000,0000,,I made for the Pantera bitcoin group
Dialogue: 0,0:00:20.00,0:00:24.00,Default,,0000,0000,0000,,back in March of earlier this year but
Dialogue: 0,0:00:24.00,0:00:27.00,Default,,0000,0000,0000,,in light of everything that's going on
Dialogue: 0,0:00:27.00,0:00:31.00,Default,,0000,0000,0000,,with Bitcoin cash and Bitcoin legacy
Dialogue: 0,0:00:31.00,0:00:36.00,Default,,0000,0000,0000,,today I think that this is very relevant
Dialogue: 0,0:00:36.00,0:00:41.00,Default,,0000,0000,0000,,so keep in mind that these slides again
Dialogue: 0,0:00:41.00,0:00:44.00,Default,,0000,0000,0000,,are back from Mark shows about about six
Dialogue: 0,0:00:44.00,0:00:46.00,Default,,0000,0000,0000,,months ago but I think they're still
Dialogue: 0,0:00:46.00,0:00:50.00,Default,,0000,0000,0000,,very relevant here so we'll start off
Dialogue: 0,0:00:50.00,0:00:54.00,Default,,0000,0000,0000,,with a what is Bitcoin right of course
Dialogue: 0,0:00:54.00,0:00:57.00,Default,,0000,0000,0000,,we all think we know what Bitcoin is but
Dialogue: 0,0:00:57.00,0:01:02.00,Default,,0000,0000,0000,,I want to talk about why I think bitcoin
Dialogue: 0,0:01:02.00,0:01:07.00,Default,,0000,0000,0000,,is important so right from the from the
Dialogue: 0,0:01:07.00,0:01:10.00,Default,,0000,0000,0000,,Satoshi Nakamoto white paper or the
Dialogue: 0,0:01:10.00,0:01:15.00,Default,,0000,0000,0000,,title is that it's a peer-to-peer
Dialogue: 0,0:01:15.00,0:01:20.00,Default,,0000,0000,0000,,electronic cash system I think that's
Dialogue: 0,0:01:20.00,0:01:24.00,Default,,0000,0000,0000,,important to keep in mind that's the
Dialogue: 0,0:01:24.00,0:01:29.00,Default,,0000,0000,0000,,original title of the white paper but
Dialogue: 0,0:01:29.00,0:01:33.00,Default,,0000,0000,0000,,what makes up a peer-to-peer electronic
Dialogue: 0,0:01:33.00,0:01:37.00,Default,,0000,0000,0000,,cash system right we need to have good
Dialogue: 0,0:01:37.00,0:01:41.00,Default,,0000,0000,0000,,money cash means good money and here are
Dialogue: 0,0:01:41.00,0:01:44.00,Default,,0000,0000,0000,,the characteristics that make something
Dialogue: 0,0:01:44.00,0:01:49.00,Default,,0000,0000,0000,,good money and we can start that it's
Dialogue: 0,0:01:49.00,0:01:55.00,Default,,0000,0000,0000,,you know easy to store hard to
Dialogue: 0,0:01:55.00,0:02:02.00,Default,,0000,0000,0000,,counterfeit of scarce divisible
Dialogue: 0,0:02:02.00,0:02:06.00,Default,,0000,0000,0000,,homogeneous that's a little bit lacking
Dialogue: 0,0:02:06.00,0:02:09.00,Default,,0000,0000,0000,,a Bitcoin but there's room for
Dialogue: 0,0:02:09.00,0:02:15.00,Default,,0000,0000,0000,,improvement there anyhow durable and
Dialogue: 0,0:02:15.00,0:02:21.00,Default,,0000,0000,0000,,they're not easy to transport and uh
Dialogue: 0,0:02:21.00,0:02:26.00,Default,,0000,0000,0000,,that's the one that I think we need to
Dialogue: 0,0:02:26.00,0:02:31.00,Default,,0000,0000,0000,,focus on a bit more and core and their
Dialogue: 0,0:02:31.00,0:02:36.00,Default,,0000,0000,0000,,roadmaps are intentionally damaging
Dialogue: 0,0:02:36.00,0:02:41.00,Default,,0000,0000,0000,,bitcoins ease of transport by making the
Dialogue: 0,0:02:41.00,0:02:45.00,Default,,0000,0000,0000,,blocks full and the fees high and the
Dialogue: 0,0:02:45.00,0:02:49.00,Default,,0000,0000,0000,,confirmation times long and the double
Dialogue: 0,0:02:49.00,0:02:53.00,Default,,0000,0000,0000,,spins easy that's damaging one of these
Dialogue: 0,0:02:53.00,0:02:56.00,Default,,0000,0000,0000,,incredibly important characteristics of
Dialogue: 0,0:02:56.00,0:02:59.00,Default,,0000,0000,0000,,Bitcoin that make Bitcoin useful as
Dialogue: 0,0:02:59.00,0:03:03.00,Default,,0000,0000,0000,,money and if you damage any of these
Dialogue: 0,0:03:03.00,0:03:07.00,Default,,0000,0000,0000,,characteristics here Bitcoin has been
Dialogue: 0,0:03:07.00,0:03:11.00,Default,,0000,0000,0000,,less useful as money than it otherwise
Dialogue: 0,0:03:11.00,0:03:15.00,Default,,0000,0000,0000,,would have been so it's very very
Dialogue: 0,0:03:15.00,0:03:18.00,Default,,0000,0000,0000,,important not to damage any of these and
Dialogue: 0,0:03:18.00,0:03:21.00,Default,,0000,0000,0000,,unfortunately course roadmap is
Dialogue: 0,0:03:21.00,0:03:26.00,Default,,0000,0000,0000,,intentionally damaging the ease of
Dialogue: 0,0:03:26.00,0:03:31.00,Default,,0000,0000,0000,,transport for for Bitcoin and if you've
Dialogue: 0,0:03:31.00,0:03:34.00,Default,,0000,0000,0000,,been around Bitcoin for a while you'll
Dialogue: 0,0:03:34.00,0:03:38.00,Default,,0000,0000,0000,,know exactly what this chart is and
Dialogue: 0,0:03:38.00,0:03:42.00,Default,,0000,0000,0000,,again this is back from March now we've
Dialogue: 0,0:03:42.00,0:03:45.00,Default,,0000,0000,0000,,been bumping up against a limit for a
Dialogue: 0,0:03:45.00,0:03:49.00,Default,,0000,0000,0000,,while here but you can see for all of
Dialogue: 0,0:03:49.00,0:03:54.00,Default,,0000,0000,0000,,bitcoins history the blocks were never
Dialogue: 0,0:03:54.00,0:03:59.00,Default,,0000,0000,0000,,ever full there was tons of room for for
Dialogue: 0,0:03:59.00,0:04:01.00,Default,,0000,0000,0000,,additional transactions until the
Dialogue: 0,0:04:01.00,0:04:03.00,Default,,0000,0000,0000,,beginning of
Dialogue: 0,0:04:03.00,0:04:09.00,Default,,0000,0000,0000,,this year around marks the blocks became
Dialogue: 0,0:04:09.00,0:04:16.00,Default,,0000,0000,0000,,completely full and that when the blocks
Dialogue: 0,0:04:16.00,0:04:20.00,Default,,0000,0000,0000,,became full that caused the average
Dialogue: 0,0:04:20.00,0:04:24.00,Default,,0000,0000,0000,,conformation time to skyrocket around
Dialogue: 0,0:04:24.00,0:04:27.00,Default,,0000,0000,0000,,the time that I took this screenshot in
Dialogue: 0,0:04:27.00,0:04:31.00,Default,,0000,0000,0000,,March earlier this year the average
Dialogue: 0,0:04:31.00,0:04:36.00,Default,,0000,0000,0000,,conformation time was about two hours
Dialogue: 0,0:04:36.00,0:04:39.00,Default,,0000,0000,0000,,for a Bitcoin transaction that
Dialogue: 0,0:04:39.00,0:04:42.00,Default,,0000,0000,0000,,previously would always be confirmed in
Dialogue: 0,0:04:42.00,0:04:46.00,Default,,0000,0000,0000,,about ten minutes because there was
Dialogue: 0,0:04:46.00,0:04:50.00,Default,,0000,0000,0000,,always plenty of room in the blocks for
Dialogue: 0,0:04:50.00,0:04:55.00,Default,,0000,0000,0000,,every transaction to be included and
Dialogue: 0,0:04:55.00,0:05:00.00,Default,,0000,0000,0000,,around the same time that the blocks
Dialogue: 0,0:05:00.00,0:05:04.00,Default,,0000,0000,0000,,became full everyone had to bid against
Dialogue: 0,0:05:04.00,0:05:07.00,Default,,0000,0000,0000,,each other for room in that block and
Dialogue: 0,0:05:07.00,0:05:10.00,Default,,0000,0000,0000,,the big the fees that people had to pay
Dialogue: 0,0:05:10.00,0:05:13.00,Default,,0000,0000,0000,,to use Bitcoin skyrocketed from being
Dialogue: 0,0:05:13.00,0:05:16.00,Default,,0000,0000,0000,,something very reasonable around the
Dialogue: 0,0:05:16.00,0:05:20.00,Default,,0000,0000,0000,,penny a transaction to where people were
Dialogue: 0,0:05:20.00,0:05:25.00,Default,,0000,0000,0000,,paying a quarter of a million dollars
Dialogue: 0,0:05:25.00,0:05:30.00,Default,,0000,0000,0000,,per day in transaction fees just to use
Dialogue: 0,0:05:30.00,0:05:34.00,Default,,0000,0000,0000,,the Bitcoin network and the fees are
Dialogue: 0,0:05:34.00,0:05:38.00,Default,,0000,0000,0000,,somewhere in that same ballpark today
Dialogue: 0,0:05:38.00,0:05:43.00,Default,,0000,0000,0000,,and right around that exact same time
Dialogue: 0,0:05:43.00,0:05:48.00,Default,,0000,0000,0000,,that the blocks became full and the fees
Dialogue: 0,0:05:48.00,0:05:54.00,Default,,0000,0000,0000,,skyrocketed bitcoins share of the total
Dialogue: 0,0:05:54.00,0:05:58.00,Default,,0000,0000,0000,,market cap plummeted and we can see that
Dialogue: 0,0:05:58.00,0:06:02.00,Default,,0000,0000,0000,,right here back when I took this
Dialogue: 0,0:06:02.00,0:06:10.00,Default,,0000,0000,0000,,screenshot it was still above 60% today
Dialogue: 0,0:06:10.00,0:06:17.00,Default,,0000,0000,0000,,Bitcoin is below 50% and that brings us
Dialogue: 0,0:06:17.00,0:06:20.00,Default,,0000,0000,0000,,back to the economic code of Bitcoin
Dialogue: 0,0:06:20.00,0:06:25.00,Default,,0000,0000,0000,,that I love to say is so incredibly
Dialogue: 0,0:06:25.00,0:06:29.00,Default,,0000,0000,0000,,important and a really basic concept in
Dialogue: 0,0:06:29.00,0:06:33.00,Default,,0000,0000,0000,,economics it's something called
Dialogue: 0,0:06:33.00,0:06:37.00,Default,,0000,0000,0000,,substitute goods and it's important to
Dialogue: 0,0:06:37.00,0:06:40.00,Default,,0000,0000,0000,,understand the definition of what a
Dialogue: 0,0:06:40.00,0:06:44.00,Default,,0000,0000,0000,,substitute good is and substitute goods
Dialogue: 0,0:06:44.00,0:06:49.00,Default,,0000,0000,0000,,are two goods they could be used for the
Dialogue: 0,0:06:49.00,0:06:54.00,Default,,0000,0000,0000,,same purpose if the price of one good
Dialogue: 0,0:06:54.00,0:06:58.00,Default,,0000,0000,0000,,increases then demand for the substitute
Dialogue: 0,0:06:58.00,0:07:02.00,Default,,0000,0000,0000,,is likely to rise so in the
Dialogue: 0,0:07:02.00,0:07:06.00,Default,,0000,0000,0000,,cryptocurrency ecosystem there's a bunch
Dialogue: 0,0:07:06.00,0:07:10.00,Default,,0000,0000,0000,,of substitute goods right we have
Dialogue: 0,0:07:10.00,0:07:15.00,Default,,0000,0000,0000,,Bitcoin litecoin aetherium Manero -
Dialogue: 0,0:07:15.00,0:07:19.00,Default,,0000,0000,0000,,those calling take your pick there's a
Dialogue: 0,0:07:19.00,0:07:23.00,Default,,0000,0000,0000,,thousand and one altcoins out there with
Dialogue: 0,0:07:23.00,0:07:26.00,Default,,0000,0000,0000,,similar characteristics some are
Dialogue: 0,0:07:26.00,0:07:29.00,Default,,0000,0000,0000,,certainly better than others some have
Dialogue: 0,0:07:29.00,0:07:33.00,Default,,0000,0000,0000,,bigger network effects than others but
Dialogue: 0,0:07:33.00,0:07:37.00,Default,,0000,0000,0000,,there's a lot of competition there and
Dialogue: 0,0:07:37.00,0:07:41.00,Default,,0000,0000,0000,,things like shape-shift and the jacks
Dialogue: 0,0:07:41.00,0:07:44.00,Default,,0000,0000,0000,,Taiyo wallet that make it so incredibly
Dialogue: 0,0:07:44.00,0:07:48.00,Default,,0000,0000,0000,,easy to convert from one Bitcoin to
Dialogue: 0,0:07:48.00,0:07:51.00,Default,,0000,0000,0000,,another make it really really easy to
Dialogue: 0,0:07:51.00,0:07:53.00,Default,,0000,0000,0000,,substitute one of these crypto
Dialogue: 0,0:07:53.00,0:07:56.00,Default,,0000,0000,0000,,currencies for another if one's not
Dialogue: 0,0:07:56.00,0:08:01.00,Default,,0000,0000,0000,,working for you
Dialogue: 0,0:08:01.00,0:08:05.00,Default,,0000,0000,0000,,and we saw that happen exactly at the
Dialogue: 0,0:08:05.00,0:08:09.00,Default,,0000,0000,0000,,same time when the blocks became full
Dialogue: 0,0:08:09.00,0:08:14.00,Default,,0000,0000,0000,,and the fee skyrocketed and the
Dialogue: 0,0:08:14.00,0:08:19.00,Default,,0000,0000,0000,,confirmation delays increased in the
Dialogue: 0,0:08:19.00,0:08:23.00,Default,,0000,0000,0000,,huge amount for Bitcoin we saw Bitcoin
Dialogue: 0,0:08:23.00,0:08:27.00,Default,,0000,0000,0000,,share of the market cap plummet at the
Dialogue: 0,0:08:27.00,0:08:32.00,Default,,0000,0000,0000,,exact same time the alt coins rose like
Dialogue: 0,0:08:32.00,0:08:36.00,Default,,0000,0000,0000,,crazy and that's because people are
Dialogue: 0,0:08:36.00,0:08:40.00,Default,,0000,0000,0000,,using alt coins as a substitute good for
Dialogue: 0,0:08:40.00,0:08:44.00,Default,,0000,0000,0000,,Bitcoin because if bitcoins no longer
Dialogue: 0,0:08:44.00,0:08:48.00,Default,,0000,0000,0000,,the easiest fastest and the cheapest and
Dialogue: 0,0:08:48.00,0:08:51.00,Default,,0000,0000,0000,,safest way for them to use their their
Dialogue: 0,0:08:51.00,0:08:54.00,Default,,0000,0000,0000,,money they're going to start using one
Dialogue: 0,0:08:54.00,0:08:57.00,Default,,0000,0000,0000,,of these substitute goods and that's why
Dialogue: 0,0:08:57.00,0:09:01.00,Default,,0000,0000,0000,,we've seen the alt coins just skyrocket
Dialogue: 0,0:09:01.00,0:09:07.00,Default,,0000,0000,0000,,as far as their total market cap goes
Dialogue: 0,0:09:07.00,0:09:12.00,Default,,0000,0000,0000,,and the reason for that is because we
Dialogue: 0,0:09:12.00,0:09:17.00,Default,,0000,0000,0000,,have these people at Bitcoin core and
Dialogue: 0,0:09:17.00,0:09:22.00,Default,,0000,0000,0000,,block stream and they openly and
Dialogue: 0,0:09:22.00,0:09:26.00,Default,,0000,0000,0000,,intentionally advocate for one megabyte
Dialogue: 0,0:09:26.00,0:09:30.00,Default,,0000,0000,0000,,blocks and they intentionally and openly
Dialogue: 0,0:09:30.00,0:09:34.00,Default,,0000,0000,0000,,advocate that they want to create high
Dialogue: 0,0:09:34.00,0:09:37.00,Default,,0000,0000,0000,,fees on the Bitcoin network and they
Dialogue: 0,0:09:37.00,0:09:42.00,Default,,0000,0000,0000,,openly state that they want the blocks
Dialogue: 0,0:09:42.00,0:09:48.00,Default,,0000,0000,0000,,to be full and uh that causes a horrible
Dialogue: 0,0:09:48.00,0:09:54.00,Default,,0000,0000,0000,,user experience for Bitcoin and down
Dialogue: 0,0:09:54.00,0:09:59.00,Default,,0000,0000,0000,,full blocks lead to high fees long waits
Dialogue: 0,0:09:59.00,0:10:02.00,Default,,0000,0000,0000,,and a horrible user experience anybody
Dialogue: 0,0:10:02.00,0:10:05.00,Default,,0000,0000,0000,,that's tried to use Bitcoin recently
Dialogue: 0,0:10:05.00,0:10:10.00,Default,,0000,0000,0000,,knows that the fees are crazy the waits
Dialogue: 0,0:10:10.00,0:10:14.00,Default,,0000,0000,0000,,for confirmation are crazy and just the
Dialogue: 0,0:10:14.00,0:10:17.00,Default,,0000,0000,0000,,overall user experience is horrible
Dialogue: 0,0:10:17.00,0:10:21.00,Default,,0000,0000,0000,,before I decided to make this video this
Dialogue: 0,0:10:21.00,0:10:25.00,Default,,0000,0000,0000,,morning I sent a Bitcoin transaction and
Dialogue: 0,0:10:25.00,0:10:30.00,Default,,0000,0000,0000,,I think it was a like seventy
Dialogue: 0,0:10:30.00,0:10:35.00,Default,,0000,0000,0000,,seventy-five dollars in fees I can pull
Dialogue: 0,0:10:35.00,0:10:39.00,Default,,0000,0000,0000,,it up here well will we do that but it's
Dialogue: 0,0:10:39.00,0:10:43.00,Default,,0000,0000,0000,,just a you know what an incredibly
Dialogue: 0,0:10:43.00,0:10:47.00,Default,,0000,0000,0000,,incredibly frustrating thing for someone
Dialogue: 0,0:10:47.00,0:10:51.00,Default,,0000,0000,0000,,that's been involved in Bitcoin you
Dialogue: 0,0:10:51.00,0:10:56.00,Default,,0000,0000,0000,,realize that for the entire history of
Dialogue: 0,0:10:56.00,0:11:01.00,Default,,0000,0000,0000,,Bitcoin up until the time the blocks
Dialogue: 0,0:11:01.00,0:11:04.00,Default,,0000,0000,0000,,became full you could send and receive
Dialogue: 0,0:11:04.00,0:11:08.00,Default,,0000,0000,0000,,any amount of money with anyone anywhere
Dialogue: 0,0:11:08.00,0:11:12.00,Default,,0000,0000,0000,,in the world and it was basically free
Dialogue: 0,0:11:12.00,0:11:17.00,Default,,0000,0000,0000,,you can't say that anymore now it's
Dialogue: 0,0:11:17.00,0:11:22.00,Default,,0000,0000,0000,,incredibly expensive so it was $59 to
Dialogue: 0,0:11:22.00,0:11:27.00,Default,,0000,0000,0000,,send us some bitcoins there earlier this
Dialogue: 0,0:11:27.00,0:11:33.00,Default,,0000,0000,0000,,morning there's a lot of substitute
Dialogue: 0,0:11:33.00,0:11:37.00,Default,,0000,0000,0000,,goods that are cheaper and easier to and
Dialogue: 0,0:11:37.00,0:11:40.00,Default,,0000,0000,0000,,faster than Bitcoin the only thing
Dialogue: 0,0:11:40.00,0:11:43.00,Default,,0000,0000,0000,,that's lacking for those other ones are
Dialogue: 0,0:11:43.00,0:11:46.00,Default,,0000,0000,0000,,there the giant network effect that
Dialogue: 0,0:11:46.00,0:11:49.00,Default,,0000,0000,0000,,Bitcoin has in that first mover
Dialogue: 0,0:11:49.00,0:11:53.00,Default,,0000,0000,0000,,advantage but if we have you know this
Dialogue: 0,0:11:53.00,0:11:58.00,Default,,0000,0000,0000,,horrible user experience that's going to
Dialogue: 0,0:11:58.00,0:12:04.00,Default,,0000,0000,0000,,result in fewer users fewer
Dialogue: 0,0:12:04.00,0:12:09.00,Default,,0000,0000,0000,,nodes lower adoption and a lower Bitcoin
Dialogue: 0,0:12:09.00,0:12:13.00,Default,,0000,0000,0000,,market cap and I hear so many of these
Dialogue: 0,0:12:13.00,0:12:16.00,Default,,0000,0000,0000,,Bitcoin core and block stream supporters
Dialogue: 0,0:12:16.00,0:12:21.00,Default,,0000,0000,0000,,saying oh look at Bitcoin it's at an
Dialogue: 0,0:12:21.00,0:12:27.00,Default,,0000,0000,0000,,all-time high in price yeah that's true
Dialogue: 0,0:12:27.00,0:12:30.00,Default,,0000,0000,0000,,but we have to stop and think for a
Dialogue: 0,0:12:30.00,0:12:34.00,Default,,0000,0000,0000,,minute if Bitcoin had continued to have
Dialogue: 0,0:12:34.00,0:12:37.00,Default,,0000,0000,0000,,a good user experience what would the
Dialogue: 0,0:12:37.00,0:12:40.00,Default,,0000,0000,0000,,price be today maybe instead of it being
Dialogue: 0,0:12:40.00,0:12:44.00,Default,,0000,0000,0000,,four thousand dollars per Bitcoin today
Dialogue: 0,0:12:44.00,0:12:49.00,Default,,0000,0000,0000,,we would already be at forty thousand
Dialogue: 0,0:12:49.00,0:12:52.00,Default,,0000,0000,0000,,dollars per Bitcoin today but instead
Dialogue: 0,0:12:52.00,0:12:55.00,Default,,0000,0000,0000,,Bitcoin has this horrible user
Dialogue: 0,0:12:55.00,0:12:58.00,Default,,0000,0000,0000,,experience people are starting to use
Dialogue: 0,0:12:58.00,0:13:01.00,Default,,0000,0000,0000,,aetherium and dash and alt coins and
Dialogue: 0,0:13:01.00,0:13:04.00,Default,,0000,0000,0000,,this and that whereas otherwise if
Dialogue: 0,0:13:04.00,0:13:06.00,Default,,0000,0000,0000,,Bitcoin had continued to have a good
Dialogue: 0,0:13:06.00,0:13:10.00,Default,,0000,0000,0000,,user experience they would have just
Dialogue: 0,0:13:10.00,0:13:16.00,Default,,0000,0000,0000,,continued to use Bitcoin and that brings
Dialogue: 0,0:13:16.00,0:13:20.00,Default,,0000,0000,0000,,us back to the economics if you get the
Dialogue: 0,0:13:20.00,0:13:23.00,Default,,0000,0000,0000,,economics wrong it doesn't matter how
Dialogue: 0,0:13:23.00,0:13:27.00,Default,,0000,0000,0000,,good of a programmer you are the
Dialogue: 0,0:13:27.00,0:13:32.00,Default,,0000,0000,0000,,economic code is incredibly important
Dialogue: 0,0:13:32.00,0:13:37.00,Default,,0000,0000,0000,,when it comes to Bitcoin and we have
Dialogue: 0,0:13:37.00,0:13:40.00,Default,,0000,0000,0000,,some quotes here from Bitcoin : and
Dialogue: 0,0:13:40.00,0:13:44.00,Default,,0000,0000,0000,,block stream supporters and here's Greg
Dialogue: 0,0:13:44.00,0:13:48.00,Default,,0000,0000,0000,,Maxwell the CTO block stream openly
Dialogue: 0,0:13:48.00,0:13:51.00,Default,,0000,0000,0000,,saying that he doesn't think that
Dialogue: 0,0:13:51.00,0:13:56.00,Default,,0000,0000,0000,,transaction fees mattering are failing
Dialogue: 0,0:13:56.00,0:14:01.00,Default,,0000,0000,0000,,it's a success and we can see right here
Dialogue: 0,0:14:01.00,0:14:05.00,Default,,0000,0000,0000,,when the transaction fees skyrocketed
Dialogue: 0,0:14:05.00,0:14:09.00,Default,,0000,0000,0000,,bitcoins total share the market cap of
Dialogue: 0,0:14:09.00,0:14:12.00,Default,,0000,0000,0000,,crypto coins plummeted and I provided
Dialogue: 0,0:14:12.00,0:14:15.00,Default,,0000,0000,0000,,the links to all of these quotes right
Dialogue: 0,0:14:15.00,0:14:18.00,Default,,0000,0000,0000,,in the bottom of these slides all of
Dialogue: 0,0:14:18.00,0:14:23.00,Default,,0000,0000,0000,,these slides this whole presentation is
Dialogue: 0,0:14:23.00,0:14:27.00,Default,,0000,0000,0000,,available over at Roger Viacom if you
Dialogue: 0,0:14:27.00,0:14:30.00,Default,,0000,0000,0000,,click on the slideshow link at the
Dialogue: 0,0:14:30.00,0:14:33.00,Default,,0000,0000,0000,,bottom you can download all these and
Dialogue: 0,0:14:33.00,0:14:39.00,Default,,0000,0000,0000,,this the name of this one is Pantera
Dialogue: 0,0:14:39.00,0:14:46.00,Default,,0000,0000,0000,,March 2017 and again we have Greg
Dialogue: 0,0:14:46.00,0:14:50.00,Default,,0000,0000,0000,,Maxwell saying that feed pressure is an
Dialogue: 0,0:14:50.00,0:14:54.00,Default,,0000,0000,0000,,intentional part of the system design
Dialogue: 0,0:14:54.00,0:14:58.00,Default,,0000,0000,0000,,and to the best of the current
Dialogue: 0,0:14:58.00,0:15:01.00,Default,,0000,0000,0000,,understanding essential for the system's
Dialogue: 0,0:15:01.00,0:15:05.00,Default,,0000,0000,0000,,long term survival
Dialogue: 0,0:15:05.00,0:15:10.00,Default,,0000,0000,0000,,so yes it's good and I'd like to point
Dialogue: 0,0:15:10.00,0:15:14.00,Default,,0000,0000,0000,,out once again that as soon as the fees
Dialogue: 0,0:15:14.00,0:15:19.00,Default,,0000,0000,0000,,skyrocketed on Bitcoin bitcoins total
Dialogue: 0,0:15:19.00,0:15:23.00,Default,,0000,0000,0000,,share of market cap plummeted and at the
Dialogue: 0,0:15:23.00,0:15:26.00,Default,,0000,0000,0000,,time I took this screenshot back in
Dialogue: 0,0:15:26.00,0:15:31.00,Default,,0000,0000,0000,,March it was at 60 something percent now
Dialogue: 0,0:15:31.00,0:15:38.00,Default,,0000,0000,0000,,it's below 50% so it's gone down even
Dialogue: 0,0:15:38.00,0:15:44.00,Default,,0000,0000,0000,,more so if you get the economics wrong
Dialogue: 0,0:15:44.00,0:15:47.00,Default,,0000,0000,0000,,it doesn't matter how good of a computer
Dialogue: 0,0:15:47.00,0:15:50.00,Default,,0000,0000,0000,,scientists you are or computer program
Dialogue: 0,0:15:50.00,0:15:53.00,Default,,0000,0000,0000,,or any of the other stuff you have to
Dialogue: 0,0:15:53.00,0:15:55.00,Default,,0000,0000,0000,,have the economics right or the system's
Dialogue: 0,0:15:55.00,0:15:58.00,Default,,0000,0000,0000,,not going to
Dialogue: 0,0:15:58.00,0:16:02.00,Default,,0000,0000,0000,,not going to work and again here we have
Dialogue: 0,0:16:02.00,0:16:05.00,Default,,0000,0000,0000,,a great Maxwell thing there's nothing
Dialogue: 0,0:16:05.00,0:16:08.00,Default,,0000,0000,0000,,wrong with full blocks but we can see
Dialogue: 0,0:16:08.00,0:16:11.00,Default,,0000,0000,0000,,incredibly clearly that there's
Dialogue: 0,0:16:11.00,0:16:14.00,Default,,0000,0000,0000,,something horribly horribly horribly
Dialogue: 0,0:16:14.00,0:16:18.00,Default,,0000,0000,0000,,wrong with full blocks as soon as the
Dialogue: 0,0:16:18.00,0:16:23.00,Default,,0000,0000,0000,,blocks became full bitcoins market share
Dialogue: 0,0:16:23.00,0:16:28.00,Default,,0000,0000,0000,,plummeted absolutely plummeted because
Dialogue: 0,0:16:28.00,0:16:33.00,Default,,0000,0000,0000,,the user experience becomes horrible
Dialogue: 0,0:16:33.00,0:16:37.00,Default,,0000,0000,0000,,with full blocks and again we have greg
Dialogue: 0,0:16:37.00,0:16:40.00,Default,,0000,0000,0000,,maxwell saying full blocks is the
Dialogue: 0,0:16:40.00,0:16:44.00,Default,,0000,0000,0000,,natural state of the system but that's
Dialogue: 0,0:16:44.00,0:16:47.00,Default,,0000,0000,0000,,absolutely ridiculous we can see here in
Dialogue: 0,0:16:47.00,0:16:51.00,Default,,0000,0000,0000,,the picture here we have the you know
Dialogue: 0,0:16:51.00,0:16:56.00,Default,,0000,0000,0000,,eight-year history of Bitcoin the blocks
Dialogue: 0,0:16:56.00,0:16:59.00,Default,,0000,0000,0000,,weren't full until very very recently so
Dialogue: 0,0:16:59.00,0:17:02.00,Default,,0000,0000,0000,,the full blocks certainly is not the
Dialogue: 0,0:17:02.00,0:17:05.00,Default,,0000,0000,0000,,natural state of the system and we
Dialogue: 0,0:17:05.00,0:17:09.00,Default,,0000,0000,0000,,should never ever ever have full blocks
Dialogue: 0,0:17:09.00,0:17:13.00,Default,,0000,0000,0000,,it creates this horrible user experience
Dialogue: 0,0:17:13.00,0:17:17.00,Default,,0000,0000,0000,,for for the users of Bitcoin and forces
Dialogue: 0,0:17:17.00,0:17:20.00,Default,,0000,0000,0000,,them to start using things other than
Dialogue: 0,0:17:20.00,0:17:25.00,Default,,0000,0000,0000,,Bitcoin
Dialogue: 0,0:17:25.00,0:17:30.00,Default,,0000,0000,0000,,again Greg Maxwell I'm not trying to
Dialogue: 0,0:17:30.00,0:17:33.00,Default,,0000,0000,0000,,pick on him any more than anybody else
Dialogue: 0,0:17:33.00,0:17:36.00,Default,,0000,0000,0000,,just there were plenty of quotes from
Dialogue: 0,0:17:36.00,0:17:41.00,Default,,0000,0000,0000,,him because he loves to post all over
Dialogue: 0,0:17:41.00,0:17:47.00,Default,,0000,0000,0000,,the internet and he says there's a can
Dialogue: 0,0:17:47.00,0:17:52.00,Default,,0000,0000,0000,,there's a consistent feedback log which
Dialogue: 0,0:17:52.00,0:17:57.00,Default,,0000,0000,0000,,is the required which is the required
Dialogue: 0,0:17:57.00,0:18:00.00,Default,,0000,0000,0000,,criteria for stability and again that's
Dialogue: 0,0:18:00.00,0:18:03.00,Default,,0000,0000,0000,,nonsense
Dialogue: 0,0:18:03.00,0:18:07.00,Default,,0000,0000,0000,,it wasn't until very recently that the
Dialogue: 0,0:18:07.00,0:18:11.00,Default,,0000,0000,0000,,blocks became full and the fee
Dialogue: 0,0:18:11.00,0:18:15.00,Default,,0000,0000,0000,,skyrocketed and that happened in sync
Dialogue: 0,0:18:15.00,0:18:18.00,Default,,0000,0000,0000,,with the Bitcoin share of the
Dialogue: 0,0:18:18.00,0:18:22.00,Default,,0000,0000,0000,,cryptically market space just plummeting
Dialogue: 0,0:18:22.00,0:18:27.00,Default,,0000,0000,0000,,so uh I'm sure Greg knows a lot of
Dialogue: 0,0:18:27.00,0:18:31.00,Default,,0000,0000,0000,,things about a lot of interesting topics
Dialogue: 0,0:18:31.00,0:18:38.00,Default,,0000,0000,0000,,the economic code of Bitcoin is not one
Dialogue: 0,0:18:38.00,0:18:44.00,Default,,0000,0000,0000,,of them Peter really he says we as a
Dialogue: 0,0:18:44.00,0:18:48.00,Default,,0000,0000,0000,,community should indeed let a fee market
Dialogue: 0,0:18:48.00,0:18:53.00,Default,,0000,0000,0000,,develop and rather sooner than later and
Dialogue: 0,0:18:53.00,0:18:58.00,Default,,0000,0000,0000,,again I'm sure Peters a really smart guy
Dialogue: 0,0:18:58.00,0:19:02.00,Default,,0000,0000,0000,,about a lot of things he has a PhD but
Dialogue: 0,0:19:02.00,0:19:05.00,Default,,0000,0000,0000,,the economic code that has made Bitcoin
Dialogue: 0,0:19:05.00,0:19:08.00,Default,,0000,0000,0000,,a success is not one of the things that
Dialogue: 0,0:19:08.00,0:19:11.00,Default,,0000,0000,0000,,he's knowledgeable about and again we
Dialogue: 0,0:19:11.00,0:19:14.00,Default,,0000,0000,0000,,can see in the charts here that as soon
Dialogue: 0,0:19:14.00,0:19:18.00,Default,,0000,0000,0000,,as the Bitcoin transaction fees
Dialogue: 0,0:19:18.00,0:19:24.00,Default,,0000,0000,0000,,skyrocketed Bitcoin share of the crypto
Dialogue: 0,0:19:24.00,0:19:30.00,Default,,0000,0000,0000,,coin market space plummeted we have
Dialogue: 0,0:19:30.00,0:19:33.00,Default,,0000,0000,0000,,marked freedom balke I'm again I'm sure
Dialogue: 0,0:19:33.00,0:19:36.00,Default,,0000,0000,0000,,he's a smart guy about a lot of things
Dialogue: 0,0:19:36.00,0:19:40.00,Default,,0000,0000,0000,,and very well-informed about a lot of
Dialogue: 0,0:19:40.00,0:19:44.00,Default,,0000,0000,0000,,things the economic code that has made
Dialogue: 0,0:19:44.00,0:19:49.00,Default,,0000,0000,0000,,Bitcoin a success is not one of him and
Dialogue: 0,0:19:49.00,0:19:53.00,Default,,0000,0000,0000,,he says slow confirmation high fees will
Dialogue: 0,0:19:53.00,0:19:57.00,Default,,0000,0000,0000,,be the norm in any state
Dialogue: 0,0:19:57.00,0:20:02.00,Default,,0000,0000,0000,,outcome no if we have slow confirmations
Dialogue: 0,0:20:02.00,0:20:06.00,Default,,0000,0000,0000,,and high fees we're going to see Bitcoin
Dialogue: 0,0:20:06.00,0:20:09.00,Default,,0000,0000,0000,,be replaced by you know the thousand one
Dialogue: 0,0:20:09.00,0:20:12.00,Default,,0000,0000,0000,,substitute goods that are out there
Dialogue: 0,0:20:12.00,0:20:16.00,Default,,0000,0000,0000,,waiting to replace Bitcoin and we can
Dialogue: 0,0:20:16.00,0:20:20.00,Default,,0000,0000,0000,,see that from the charts here that when
Dialogue: 0,0:20:20.00,0:20:23.00,Default,,0000,0000,0000,,the average confirmation time became
Dialogue: 0,0:20:23.00,0:20:27.00,Default,,0000,0000,0000,,really long because the full blocks
Dialogue: 0,0:20:27.00,0:20:34.00,Default,,0000,0000,0000,,Bitcoin share of the overall crypto coin
Dialogue: 0,0:20:34.00,0:20:40.00,Default,,0000,0000,0000,,market space has plummeted and Luke jr.
Dialogue: 0,0:20:40.00,0:20:44.00,Default,,0000,0000,0000,,reasonable block sizes currently range
Dialogue: 0,0:20:44.00,0:20:52.00,Default,,0000,0000,0000,,from five hundred and fifty kilobytes to
Dialogue: 0,0:20:52.00,0:20:59.00,Default,,0000,0000,0000,,one megabyte absolute nonsense I don't
Dialogue: 0,0:20:59.00,0:21:01.00,Default,,0000,0000,0000,,think there's too many same people in
Dialogue: 0,0:21:01.00,0:21:06.00,Default,,0000,0000,0000,,the world that think that that's a good
Dialogue: 0,0:21:06.00,0:21:11.00,Default,,0000,0000,0000,,idea it's going to be the end of Bitcoin
Dialogue: 0,0:21:11.00,0:21:14.00,Default,,0000,0000,0000,,if if we've restrict the block size and
Dialogue: 0,0:21:14.00,0:21:19.00,Default,,0000,0000,0000,,create this horrible user experience for
Dialogue: 0,0:21:19.00,0:21:24.00,Default,,0000,0000,0000,,all the users a Bitcoin and again Luke
Dialogue: 0,0:21:24.00,0:21:30.00,Default,,0000,0000,0000,,jr. says it's no longer possible to keep
Dialogue: 0,0:21:30.00,0:21:35.00,Default,,0000,0000,0000,,fees low that's just absolute nonsense
Dialogue: 0,0:21:35.00,0:21:38.00,Default,,0000,0000,0000,,the reason fees are so high is because
Dialogue: 0,0:21:38.00,0:21:41.00,Default,,0000,0000,0000,,Bitcoin had this giant network effect
Dialogue: 0,0:21:41.00,0:21:44.00,Default,,0000,0000,0000,,there were already a million apps for
Dialogue: 0,0:21:44.00,0:21:47.00,Default,,0000,0000,0000,,smartphones and computers and Bitcoin
Dialogue: 0,0:21:47.00,0:21:51.00,Default,,0000,0000,0000,,exchanges and Merchants that accept
Dialogue: 0,0:21:51.00,0:21:55.00,Default,,0000,0000,0000,,Bitcoin so there's definitely a lot of
Dialogue: 0,0:21:55.00,0:21:58.00,Default,,0000,0000,0000,,stickiness that prevents people to from
Dialogue: 0,0:21:58.00,0:22:02.00,Default,,0000,0000,0000,,wanting to switch from something from
Dialogue: 0,0:22:02.00,0:22:05.00,Default,,0000,0000,0000,,from Bitcoin to something else but if
Dialogue: 0,0:22:05.00,0:22:08.00,Default,,0000,0000,0000,,the fees get too high and the
Dialogue: 0,0:22:08.00,0:22:12.00,Default,,0000,0000,0000,,confirmation times get too long and the
Dialogue: 0,0:22:12.00,0:22:16.00,Default,,0000,0000,0000,,user experience gets too bad people are
Dialogue: 0,0:22:16.00,0:22:19.00,Default,,0000,0000,0000,,going to switch where you've seen that
Dialogue: 0,0:22:19.00,0:22:22.00,Default,,0000,0000,0000,,happen in a major way and that's
Dialogue: 0,0:22:22.00,0:22:25.00,Default,,0000,0000,0000,,specifically because the blocks were
Dialogue: 0,0:22:25.00,0:22:28.00,Default,,0000,0000,0000,,were allowed to become full because
Dialogue: 0,0:22:28.00,0:22:32.00,Default,,0000,0000,0000,,these Bitcoin quorum block stream guys
Dialogue: 0,0:22:32.00,0:22:36.00,Default,,0000,0000,0000,,in their you know ignorant of the
Dialogue: 0,0:22:36.00,0:22:40.00,Default,,0000,0000,0000,,economic code of Bitcoin thought that
Dialogue: 0,0:22:40.00,0:22:44.00,Default,,0000,0000,0000,,that would be a good idea and I wouldn't
Dialogue: 0,0:22:44.00,0:22:48.00,Default,,0000,0000,0000,,be so passionate about this if I didn't
Dialogue: 0,0:22:48.00,0:22:53.00,Default,,0000,0000,0000,,own a bunch of bitcoins I want to see
Dialogue: 0,0:22:53.00,0:22:59.00,Default,,0000,0000,0000,,Bitcoin do well and again we have Luke
Dialogue: 0,0:22:59.00,0:23:03.00,Default,,0000,0000,0000,,jr. saying just pay a $5 fee and it'll
Dialogue: 0,0:23:03.00,0:23:06.00,Default,,0000,0000,0000,,go through every time unless you're
Dialogue: 0,0:23:06.00,0:23:10.00,Default,,0000,0000,0000,,doing something stupid well maybe that
Dialogue: 0,0:23:10.00,0:23:14.00,Default,,0000,0000,0000,,was approximately true back in March
Dialogue: 0,0:23:14.00,0:23:20.00,Default,,0000,0000,0000,,when he said that but just this morning
Dialogue: 0,0:23:20.00,0:23:26.00,Default,,0000,0000,0000,,I paid $59 for my fee and I got included
Dialogue: 0,0:23:26.00,0:23:30.00,Default,,0000,0000,0000,,in the next block but I'll the the fee
Dialogue: 0,0:23:30.00,0:23:35.00,Default,,0000,0000,0000,,for that was 290 satoshis per byte so it
Dialogue: 0,0:23:35.00,0:23:38.00,Default,,0000,0000,0000,,wasn't a miscalculation on the fee
Dialogue: 0,0:23:38.00,0:23:42.00,Default,,0000,0000,0000,,that's about what the fees are it need
Dialogue: 0,0:23:42.00,0:23:46.00,Default,,0000,0000,0000,,to be at the moment so uh and I was
Dialogue: 0,0:23:46.00,0:23:48.00,Default,,0000,0000,0000,,sending those bitcoins that I sent this
Dialogue: 0,0:23:48.00,0:23:50.00,Default,,0000,0000,0000,,morning I was sending them to an
Dialogue: 0,0:23:50.00,0:23:52.00,Default,,0000,0000,0000,,exchange to trade them for something
Dialogue: 0,0:23:52.00,0:23:58.00,Default,,0000,0000,0000,,other
Dialogue: 0,0:23:58.00,0:24:05.00,Default,,0000,0000,0000,,than Bitcoin so thanks thanks Luke
Dialogue: 0,0:24:05.00,0:24:10.00,Default,,0000,0000,0000,,George team and another block stream in
Dialogue: 0,0:24:10.00,0:24:16.00,Default,,0000,0000,0000,,Bitcoin core participant in blocks
Dialogue: 0,0:24:16.00,0:24:23.00,Default,,0000,0000,0000,,employee he says higher fees may be just
Dialogue: 0,0:24:23.00,0:24:30.00,Default,,0000,0000,0000,,what is needed that's absolute nonsense
Dialogue: 0,0:24:30.00,0:24:34.00,Default,,0000,0000,0000,,no higher fees are kryptonite to the
Dialogue: 0,0:24:34.00,0:24:37.00,Default,,0000,0000,0000,,adoption of Bitcoin into the user base
Dialogue: 0,0:24:37.00,0:24:41.00,Default,,0000,0000,0000,,of Bitcoin and we can see that plain as
Dialogue: 0,0:24:41.00,0:24:44.00,Default,,0000,0000,0000,,day from these charts here when the fees
Dialogue: 0,0:24:44.00,0:24:47.00,Default,,0000,0000,0000,,became really high to use Bitcoin
Dialogue: 0,0:24:47.00,0:24:52.00,Default,,0000,0000,0000,,bitcoins percentage of the total market
Dialogue: 0,0:24:52.00,0:24:57.00,Default,,0000,0000,0000,,cap I of cryptocurrencies plummeted so
Dialogue: 0,0:24:57.00,0:25:01.00,Default,,0000,0000,0000,,no George higher fees is exactly what
Dialogue: 0,0:25:01.00,0:25:05.00,Default,,0000,0000,0000,,the system doesn't need Bitcoin is
Dialogue: 0,0:25:05.00,0:25:08.00,Default,,0000,0000,0000,,supposed to be frictionless or as close
Dialogue: 0,0:25:08.00,0:25:11.00,Default,,0000,0000,0000,,to frictionless as we can make it
Dialogue: 0,0:25:11.00,0:25:14.00,Default,,0000,0000,0000,,peer-to-peer electronic cash not some
Dialogue: 0,0:25:14.00,0:25:19.00,Default,,0000,0000,0000,,sort of settlement layer with high fees
Dialogue: 0,0:25:19.00,0:25:24.00,Default,,0000,0000,0000,,and slow confirmation times and again we
Dialogue: 0,0:25:24.00,0:25:27.00,Default,,0000,0000,0000,,have George here saying a confirmation
Dialogue: 0,0:25:27.00,0:25:32.00,Default,,0000,0000,0000,,times are fine for those who pay high
Dialogue: 0,0:25:32.00,0:25:36.00,Default,,0000,0000,0000,,fees know if the fees become high people
Dialogue: 0,0:25:36.00,0:25:38.00,Default,,0000,0000,0000,,are going to switch to using a
Dialogue: 0,0:25:38.00,0:25:42.00,Default,,0000,0000,0000,,cryptocurrency that has fast
Dialogue: 0,0:25:42.00,0:25:46.00,Default,,0000,0000,0000,,confirmation times and it's worth noting
Dialogue: 0,0:25:46.00,0:25:50.00,Default,,0000,0000,0000,,it may be a lot of people that are new
Dialogue: 0,0:25:50.00,0:25:55.00,Default,,0000,0000,0000,,to Bitcoin in the early days of Bitcoin
Dialogue: 0,0:25:55.00,0:25:59.00,Default,,0000,0000,0000,,the policy was first seen first safe
Dialogue: 0,0:25:59.00,0:26:02.00,Default,,0000,0000,0000,,that and that meant that when you
Dialogue: 0,0:26:02.00,0:26:05.00,Default,,0000,0000,0000,,broadcasted your transaction to the
Dialogue: 0,0:26:05.00,0:26:08.00,Default,,0000,0000,0000,,network once it had been broadcasted to
Dialogue: 0,0:26:08.00,0:26:12.00,Default,,0000,0000,0000,,the network you were pretty much good to
Dialogue: 0,0:26:12.00,0:26:16.00,Default,,0000,0000,0000,,go and people commonly accepted Bitcoin
Dialogue: 0,0:26:16.00,0:26:19.00,Default,,0000,0000,0000,,transactions for you know tens of
Dialogue: 0,0:26:19.00,0:26:23.00,Default,,0000,0000,0000,,thousands of dollars without waiting for
Dialogue: 0,0:26:23.00,0:26:27.00,Default,,0000,0000,0000,,a confirmation depending on the exact
Dialogue: 0,0:26:27.00,0:26:32.00,Default,,0000,0000,0000,,circumstances and you can make Bitcoin
Dialogue: 0,0:26:32.00,0:26:37.00,Default,,0000,0000,0000,,zero confirmation transactions very very
Dialogue: 0,0:26:37.00,0:26:40.00,Default,,0000,0000,0000,,very safe certainly not as safe as a
Dialogue: 0,0:26:40.00,0:26:44.00,Default,,0000,0000,0000,,transaction that's already had a
Dialogue: 0,0:26:44.00,0:26:47.00,Default,,0000,0000,0000,,confirmation or more but you can make
Dialogue: 0,0:26:47.00,0:26:50.00,Default,,0000,0000,0000,,them where they're safe enough to where
Dialogue: 0,0:26:50.00,0:26:53.00,Default,,0000,0000,0000,,most of the time people can accept them
Dialogue: 0,0:26:53.00,0:26:57.00,Default,,0000,0000,0000,,for most things in their life and it
Dialogue: 0,0:26:57.00,0:27:00.00,Default,,0000,0000,0000,,becomes good enough for for most things
Dialogue: 0,0:27:00.00,0:27:03.00,Default,,0000,0000,0000,,and that should be the goal whereas
Dialogue: 0,0:27:03.00,0:27:06.00,Default,,0000,0000,0000,,unfortunately Bitcoin core and block
Dialogue: 0,0:27:06.00,0:27:10.00,Default,,0000,0000,0000,,streams have intentionally undermined
Dialogue: 0,0:27:10.00,0:27:14.00,Default,,0000,0000,0000,,the safety of zero confirmation
Dialogue: 0,0:27:14.00,0:27:18.00,Default,,0000,0000,0000,,transactions and that degrades the user
Dialogue: 0,0:27:18.00,0:27:21.00,Default,,0000,0000,0000,,experience and that'll make people want
Dialogue: 0,0:27:21.00,0:27:24.00,Default,,0000,0000,0000,,to go and seek out coins that provide a
Dialogue: 0,0:27:24.00,0:27:27.00,Default,,0000,0000,0000,,better user experience and use those as
Dialogue: 0,0:27:27.00,0:27:30.00,Default,,0000,0000,0000,,a substitute for Bitcoin and that's
Dialogue: 0,0:27:30.00,0:27:34.00,Default,,0000,0000,0000,,exactly what we've seen happening over
Dialogue: 0,0:27:34.00,0:27:39.00,Default,,0000,0000,0000,,the last few months and again we have
Dialogue: 0,0:27:39.00,0:27:43.00,Default,,0000,0000,0000,,George saying Bitcoin needs a
Dialogue: 0,0:27:43.00,0:27:47.00,Default,,0000,0000,0000,,competitive fee market in the long run
Dialogue: 0,0:27:47.00,0:27:52.00,Default,,0000,0000,0000,,to sustain proof-of-work
Dialogue: 0,0:27:52.00,0:27:56.00,Default,,0000,0000,0000,,once the subsidies are gone I'm very
Dialogue: 0,0:27:56.00,0:28:00.00,Default,,0000,0000,0000,,happy that we have it now
Dialogue: 0,0:28:00.00,0:28:05.00,Default,,0000,0000,0000,,and I'm sympathetic to that argument
Dialogue: 0,0:28:05.00,0:28:10.00,Default,,0000,0000,0000,,that some day when there's no more block
Dialogue: 0,0:28:10.00,0:28:14.00,Default,,0000,0000,0000,,reward whatsoever we need some fees to
Dialogue: 0,0:28:14.00,0:28:18.00,Default,,0000,0000,0000,,incentivize the miners to see here the
Dialogue: 0,0:28:18.00,0:28:22.00,Default,,0000,0000,0000,,network but the block reward doesn't run
Dialogue: 0,0:28:22.00,0:28:26.00,Default,,0000,0000,0000,,out for another hundred years we have
Dialogue: 0,0:28:26.00,0:28:30.00,Default,,0000,0000,0000,,more than a hundred years until this
Dialogue: 0,0:28:30.00,0:28:34.00,Default,,0000,0000,0000,,becomes a problem and instead of waiting
Dialogue: 0,0:28:34.00,0:28:38.00,Default,,0000,0000,0000,,for a hundred years to solve this
Dialogue: 0,0:28:38.00,0:28:43.00,Default,,0000,0000,0000,,problem there cause they're causing a
Dialogue: 0,0:28:43.00,0:28:47.00,Default,,0000,0000,0000,,problem right now today they're causing
Dialogue: 0,0:28:47.00,0:28:51.00,Default,,0000,0000,0000,,a giant problem on the Bitcoin network
Dialogue: 0,0:28:51.00,0:28:55.00,Default,,0000,0000,0000,,today that's causing people to use
Dialogue: 0,0:28:55.00,0:28:59.00,Default,,0000,0000,0000,,things other than bitcoins so because of
Dialogue: 0,0:28:59.00,0:29:02.00,Default,,0000,0000,0000,,some problem that might exist more than
Dialogue: 0,0:29:02.00,0:29:05.00,Default,,0000,0000,0000,,a hundred years from now they're
Dialogue: 0,0:29:05.00,0:29:10.00,Default,,0000,0000,0000,,intentionally causing a problem today so
Dialogue: 0,0:29:10.00,0:29:14.00,Default,,0000,0000,0000,,that's a shows a clear lack of
Dialogue: 0,0:29:14.00,0:29:17.00,Default,,0000,0000,0000,,understanding of the economic code
Dialogue: 0,0:29:17.00,0:29:21.00,Default,,0000,0000,0000,,that's made Bitcoin a success today the
Dialogue: 0,0:29:21.00,0:29:25.00,Default,,0000,0000,0000,,Bitcoin economic code that made Bitcoin
Dialogue: 0,0:29:25.00,0:29:28.00,Default,,0000,0000,0000,,is a success is the exact same one that
Dialogue: 0,0:29:28.00,0:29:31.00,Default,,0000,0000,0000,,we had for the first eight years which
Dialogue: 0,0:29:31.00,0:29:35.00,Default,,0000,0000,0000,,was low fees and fast confirmation times
Dialogue: 0,0:29:35.00,0:29:39.00,Default,,0000,0000,0000,,for everybody and they're altering that
Dialogue: 0,0:29:39.00,0:29:44.00,Default,,0000,0000,0000,,economic code to disastrous results here
Dialogue: 0,0:29:44.00,0:29:49.00,Default,,0000,0000,0000,,and again we say that George in
Dialogue: 0,0:29:49.00,0:29:53.00,Default,,0000,0000,0000,,reference to Adam back the CEO block
Dialogue: 0,0:29:53.00,0:29:56.00,Default,,0000,0000,0000,,stirring he says I think Adam and I
Dialogue: 0,0:29:56.00,0:29:59.00,Default,,0000,0000,0000,,agree that hitting the limit wouldn't be
Dialogue: 0,0:29:59.00,0:30:03.00,Default,,0000,0000,0000,,bad but actually good for a young and
Dialogue: 0,0:30:03.00,0:30:07.00,Default,,0000,0000,0000,,immature market like Bitcoin fees this
Dialogue: 0,0:30:07.00,0:30:12.00,Default,,0000,0000,0000,,is absolute nonsense this is kryptonite
Dialogue: 0,0:30:12.00,0:30:16.00,Default,,0000,0000,0000,,to Bitcoin Bitcoin had an amazing growth
Dialogue: 0,0:30:16.00,0:30:19.00,Default,,0000,0000,0000,,rate the first eight years a Bitcoin
Dialogue: 0,0:30:19.00,0:30:21.00,Default,,0000,0000,0000,,when the fees were essentially you know
Dialogue: 0,0:30:21.00,0:30:24.00,Default,,0000,0000,0000,,basically nothing you were talking about
Dialogue: 0,0:30:24.00,0:30:28.00,Default,,0000,0000,0000,,a penny to use Bitcoin and Bitcoin went
Dialogue: 0,0:30:28.00,0:30:31.00,Default,,0000,0000,0000,,from nobody using it to somewhere around
Dialogue: 0,0:30:31.00,0:30:35.00,Default,,0000,0000,0000,,you know ten plus million users around
Dialogue: 0,0:30:35.00,0:30:39.00,Default,,0000,0000,0000,,the world huge amounts of venture
Dialogue: 0,0:30:39.00,0:30:44.00,Default,,0000,0000,0000,,capital coming in a huge adoption for
Dialogue: 0,0:30:44.00,0:30:48.00,Default,,0000,0000,0000,,merchants it was amazing and we have a
Dialogue: 0,0:30:48.00,0:30:51.00,Default,,0000,0000,0000,,eight year track record knowing that
Dialogue: 0,0:30:51.00,0:30:54.00,Default,,0000,0000,0000,,that economic code worked incredibly
Dialogue: 0,0:30:54.00,0:30:57.00,Default,,0000,0000,0000,,well to grow Bitcoin and get the coin
Dialogue: 0,0:30:57.00,0:31:01.00,Default,,0000,0000,0000,,used by more and more people around the
Dialogue: 0,0:31:01.00,0:31:06.00,Default,,0000,0000,0000,,world if you know something works and
Dialogue: 0,0:31:06.00,0:31:11.00,Default,,0000,0000,0000,,works incredibly well don't change it
Dialogue: 0,0:31:11.00,0:31:15.00,Default,,0000,0000,0000,,yet here's George claiming that he and
Dialogue: 0,0:31:15.00,0:31:19.00,Default,,0000,0000,0000,,Adam want to change this economic code
Dialogue: 0,0:31:19.00,0:31:23.00,Default,,0000,0000,0000,,that we already know works to some
Dialogue: 0,0:31:23.00,0:31:27.00,Default,,0000,0000,0000,,economic code that we don't know works
Dialogue: 0,0:31:27.00,0:31:31.00,Default,,0000,0000,0000,,and in fact we have a whole bunch of the
Dialogue: 0,0:31:31.00,0:31:34.00,Default,,0000,0000,0000,,evidence to say that it doesn't work and
Dialogue: 0,0:31:34.00,0:31:37.00,Default,,0000,0000,0000,,it drives people to use something other
Dialogue: 0,0:31:37.00,0:31:41.00,Default,,0000,0000,0000,,than Bitcoin so if something's not
Dialogue: 0,0:31:41.00,0:31:45.00,Default,,0000,0000,0000,,broken don't fix it yet that's exactly
Dialogue: 0,0:31:45.00,0:31:50.00,Default,,0000,0000,0000,,what these people are trying to do
Dialogue: 0,0:31:50.00,0:31:55.00,Default,,0000,0000,0000,,ah and here's a quote from vladimir van
Dialogue: 0,0:31:55.00,0:32:00.00,Default,,0000,0000,0000,,der Laan who would contribute a bitcoin
Dialogue: 0,0:32:00.00,0:32:05.00,Default,,0000,0000,0000,,core and he says a mounting fee pressure
Dialogue: 0,0:32:05.00,0:32:09.00,Default,,0000,0000,0000,,resulting in a true free market where
Dialogue: 0,0:32:09.00,0:32:13.00,Default,,0000,0000,0000,,transactions compete to get into Bloxx
Dialogue: 0,0:32:13.00,0:32:18.00,Default,,0000,0000,0000,,results an urgency to develop
Dialogue: 0,0:32:18.00,0:32:23.00,Default,,0000,0000,0000,,decentralized off chain solutions and we
Dialogue: 0,0:32:23.00,0:32:26.00,Default,,0000,0000,0000,,have these charts here showing that
Dialogue: 0,0:32:26.00,0:32:29.00,Default,,0000,0000,0000,,bitcoin when the fees became high and
Dialogue: 0,0:32:29.00,0:32:35.00,Default,,0000,0000,0000,,the see pressure was there Bitcoin share
Dialogue: 0,0:32:35.00,0:32:41.00,Default,,0000,0000,0000,,of market cap plummeted so yeah it made
Dialogue: 0,0:32:41.00,0:32:45.00,Default,,0000,0000,0000,,some people develop off chain solutions
Dialogue: 0,0:32:45.00,0:32:50.00,Default,,0000,0000,0000,,for Bitcoin meaning using Bitcoin banks
Dialogue: 0,0:32:50.00,0:32:55.00,Default,,0000,0000,0000,,like a you know coin basing Zappo and
Dialogue: 0,0:32:55.00,0:32:59.00,Default,,0000,0000,0000,,and and Bitcoin exchanges that hold the
Dialogue: 0,0:32:59.00,0:33:02.00,Default,,0000,0000,0000,,bitcoins for the users which is exactly
Dialogue: 0,0:33:02.00,0:33:05.00,Default,,0000,0000,0000,,what bitcoin was supposed to avoid we
Dialogue: 0,0:33:05.00,0:33:08.00,Default,,0000,0000,0000,,want everyone to hold their bitcoins
Dialogue: 0,0:33:08.00,0:33:12.00,Default,,0000,0000,0000,,themselves in a wall in which they
Dialogue: 0,0:33:12.00,0:33:16.00,Default,,0000,0000,0000,,control the keys and in addition to
Dialogue: 0,0:33:16.00,0:33:20.00,Default,,0000,0000,0000,,doing that it's pushed all sorts of
Dialogue: 0,0:33:20.00,0:33:24.00,Default,,0000,0000,0000,,people to start using things other than
Dialogue: 0,0:33:24.00,0:33:28.00,Default,,0000,0000,0000,,Bitcoin there's all sorts of companies
Dialogue: 0,0:33:28.00,0:33:32.00,Default,,0000,0000,0000,,that used to be Bitcoin only companies
Dialogue: 0,0:33:32.00,0:33:36.00,Default,,0000,0000,0000,,that have started adopting Bitcoin so
Dialogue: 0,0:33:36.00,0:33:40.00,Default,,0000,0000,0000,,coinbase used to be a Bitcoin only
Dialogue: 0,0:33:40.00,0:33:43.00,Default,,0000,0000,0000,,company and now they've integrated
Dialogue: 0,0:33:43.00,0:33:46.00,Default,,0000,0000,0000,,litecoin in the theorem and they've
Dialogue: 0,0:33:46.00,0:33:49.00,Default,,0000,0000,0000,,announced they're going to integrate
Dialogue: 0,0:33:49.00,0:33:54.00,Default,,0000,0000,0000,,Bitcoin cash we just saw earlier this
Dialogue: 0,0:33:54.00,0:33:59.00,Default,,0000,0000,0000,,week blockchain that info the number one
Dialogue: 0,0:33:59.00,0:34:02.00,Default,,0000,0000,0000,,Bitcoin wallet in the entire world
Dialogue: 0,0:34:02.00,0:34:06.00,Default,,0000,0000,0000,,that's responsible for more Bitcoin
Dialogue: 0,0:34:06.00,0:34:10.00,Default,,0000,0000,0000,,transactions than any other will than
Dialogue: 0,0:34:10.00,0:34:16.00,Default,,0000,0000,0000,,all other wallets combined just
Dialogue: 0,0:34:16.00,0:34:21.00,Default,,0000,0000,0000,,integrated aetherium I I'm the very
Dialogue: 0,0:34:21.00,0:34:24.00,Default,,0000,0000,0000,,first investor in the entire world and
Dialogue: 0,0:34:24.00,0:34:27.00,Default,,0000,0000,0000,,blockchain dot info I'm still the
Dialogue: 0,0:34:27.00,0:34:32.00,Default,,0000,0000,0000,,largest shareholder in the entire world
Dialogue: 0,0:34:32.00,0:34:38.00,Default,,0000,0000,0000,,in blockchain at that info almost more
Dialogue: 0,0:34:38.00,0:34:43.00,Default,,0000,0000,0000,,than all the other shareholders combined
Dialogue: 0,0:34:43.00,0:34:47.00,Default,,0000,0000,0000,,blockchain had no desire to integrate
Dialogue: 0,0:34:47.00,0:34:51.00,Default,,0000,0000,0000,,any other altcoins other than Bitcoin
Dialogue: 0,0:34:51.00,0:34:54.00,Default,,0000,0000,0000,,and the only reason that they integrated
Dialogue: 0,0:34:54.00,0:34:56.00,Default,,0000,0000,0000,,something other than Bitcoin at this
Dialogue: 0,0:34:56.00,0:34:59.00,Default,,0000,0000,0000,,point is because they were forced to
Dialogue: 0,0:34:59.00,0:35:03.00,Default,,0000,0000,0000,,because of the horrible user experience
Dialogue: 0,0:35:03.00,0:35:07.00,Default,,0000,0000,0000,,for for Bitcoin users on the Bitcoin
Dialogue: 0,0:35:07.00,0:35:11.00,Default,,0000,0000,0000,,network because of the full blocks and
Dialogue: 0,0:35:11.00,0:35:15.00,Default,,0000,0000,0000,,the high fees if that wasn't the case we
Dialogue: 0,0:35:15.00,0:35:19.00,Default,,0000,0000,0000,,would have been happy just going on with
Dialogue: 0,0:35:19.00,0:35:24.00,Default,,0000,0000,0000,,Bitcoin forever so we've seen coin based
Dialogue: 0,0:35:24.00,0:35:27.00,Default,,0000,0000,0000,,and grade altcoins bloodshed under info
Dialogue: 0,0:35:27.00,0:35:30.00,Default,,0000,0000,0000,,integrate altcoins
Dialogue: 0,0:35:30.00,0:35:35.00,Default,,0000,0000,0000,,all sorts of what used to be Bitcoin
Dialogue: 0,0:35:35.00,0:35:39.00,Default,,0000,0000,0000,,exchange exchanges have been now become
Dialogue: 0,0:35:39.00,0:35:44.00,Default,,0000,0000,0000,,cryptocurrency exchanges and are busy
Dialogue: 0,0:35:44.00,0:35:49.00,Default,,0000,0000,0000,,integrating altcoins that's because
Dialogue: 0,0:35:49.00,0:35:53.00,Default,,0000,0000,0000,,of the horrible user experience that was
Dialogue: 0,0:35:53.00,0:35:56.00,Default,,0000,0000,0000,,brought about on Bitcoin because of the
Dialogue: 0,0:35:56.00,0:36:00.00,Default,,0000,0000,0000,,full blocks and high fees and slow
Dialogue: 0,0:36:00.00,0:36:04.00,Default,,0000,0000,0000,,confirmation times that they bring its
Dialogue: 0,0:36:04.00,0:36:09.00,Default,,0000,0000,0000,,kryptonite to the future growth of
Dialogue: 0,0:36:09.00,0:36:14.00,Default,,0000,0000,0000,,Bitcoin and again we have vladimir here
Dialogue: 0,0:36:14.00,0:36:18.00,Default,,0000,0000,0000,,saying I'm afraid increasing the block
Dialogue: 0,0:36:18.00,0:36:23.00,Default,,0000,0000,0000,,size will kick this can down the road
Dialogue: 0,0:36:23.00,0:36:30.00,Default,,0000,0000,0000,,and let people and the large Bitcoin
Dialogue: 0,0:36:30.00,0:36:36.00,Default,,0000,0000,0000,,companies relax saying that it's going
Dialogue: 0,0:36:36.00,0:36:39.00,Default,,0000,0000,0000,,to let them relax that's exactly what we
Dialogue: 0,0:36:39.00,0:36:42.00,Default,,0000,0000,0000,,want people to using Bitcoin to be able
Dialogue: 0,0:36:42.00,0:36:45.00,Default,,0000,0000,0000,,to do we want them to be able to relax
Dialogue: 0,0:36:45.00,0:36:48.00,Default,,0000,0000,0000,,and have a wonderful user experience and
Dialogue: 0,0:36:48.00,0:36:52.00,Default,,0000,0000,0000,,have Bitcoin work beautifully for them
Dialogue: 0,0:36:52.00,0:36:56.00,Default,,0000,0000,0000,,that that's the name of the game when it
Dialogue: 0,0:36:56.00,0:36:59.00,Default,,0000,0000,0000,,comes to customer service and user
Dialogue: 0,0:36:59.00,0:37:02.00,Default,,0000,0000,0000,,adoption you want people to have a good
Dialogue: 0,0:37:02.00,0:37:05.00,Default,,0000,0000,0000,,experience and be able to relax and just
Dialogue: 0,0:37:05.00,0:37:08.00,Default,,0000,0000,0000,,be able to use Bitcoin and not worry
Dialogue: 0,0:37:08.00,0:37:11.00,Default,,0000,0000,0000,,about it and instead they're causing
Dialogue: 0,0:37:11.00,0:37:14.00,Default,,0000,0000,0000,,these intentional problems on the
Dialogue: 0,0:37:14.00,0:37:17.00,Default,,0000,0000,0000,,network and we see can see in these
Dialogue: 0,0:37:17.00,0:37:21.00,Default,,0000,0000,0000,,charts again as soon as we hit the one
Dialogue: 0,0:37:21.00,0:37:27.00,Default,,0000,0000,0000,,megabyte limit bitcoins percentage of
Dialogue: 0,0:37:27.00,0:37:32.00,Default,,0000,0000,0000,,the total market cap plummeted so what
Dialogue: 0,0:37:32.00,0:37:36.00,Default,,0000,0000,0000,,can we do about it
Dialogue: 0,0:37:36.00,0:37:40.00,Default,,0000,0000,0000,,so I made these slides six months ago
Dialogue: 0,0:37:40.00,0:37:44.00,Default,,0000,0000,0000,,but the answer is still basically the
Dialogue: 0,0:37:44.00,0:37:49.00,Default,,0000,0000,0000,,same right Bitcoin unlimited at the time
Dialogue: 0,0:37:49.00,0:37:54.00,Default,,0000,0000,0000,,with advocating bigger blocks lower fees
Dialogue: 0,0:37:54.00,0:37:58.00,Default,,0000,0000,0000,,and faster confirmations and it also
Dialogue: 0,0:37:58.00,0:38:01.00,Default,,0000,0000,0000,,enables layer to scaling so we get all
Dialogue: 0,0:38:01.00,0:38:05.00,Default,,0000,0000,0000,,the benefits from the Lightning Network
Dialogue: 0,0:38:05.00,0:38:10.00,Default,,0000,0000,0000,,and all these fancy layer to stuff plus
Dialogue: 0,0:38:10.00,0:38:13.00,Default,,0000,0000,0000,,lower fees and confirmations faster
Dialogue: 0,0:38:13.00,0:38:17.00,Default,,0000,0000,0000,,confirmations that's exactly what we
Dialogue: 0,0:38:17.00,0:38:21.00,Default,,0000,0000,0000,,want and Bitcoin cash has the exact same
Dialogue: 0,0:38:21.00,0:38:24.00,Default,,0000,0000,0000,,thing today we already have bigger
Dialogue: 0,0:38:24.00,0:38:27.00,Default,,0000,0000,0000,,blocks for seeing all the transactions
Dialogue: 0,0:38:27.00,0:38:31.00,Default,,0000,0000,0000,,being concluded right in the decks block
Dialogue: 0,0:38:31.00,0:38:34.00,Default,,0000,0000,0000,,the fees are some very very small
Dialogue: 0,0:38:34.00,0:38:38.00,Default,,0000,0000,0000,,fraction of what it is on the Bitcoin
Dialogue: 0,0:38:38.00,0:38:42.00,Default,,0000,0000,0000,,legacy system system and we can build
Dialogue: 0,0:38:42.00,0:38:46.00,Default,,0000,0000,0000,,all sorts of layer to stuff on top of
Dialogue: 0,0:38:46.00,0:38:52.00,Default,,0000,0000,0000,,this as well and Bitcoin unlimited and
Dialogue: 0,0:38:52.00,0:38:58.00,Default,,0000,0000,0000,,Bitcoin caches plan leads to better
Dialogue: 0,0:38:58.00,0:39:03.00,Default,,0000,0000,0000,,money right hard it has all these things
Dialogue: 0,0:39:03.00,0:39:07.00,Default,,0000,0000,0000,,including the ease to easy to transport
Dialogue: 0,0:39:07.00,0:39:11.00,Default,,0000,0000,0000,,part Bitcoin legacy is not easy to
Dialogue: 0,0:39:11.00,0:39:15.00,Default,,0000,0000,0000,,transport it's incredibly expensive and
Dialogue: 0,0:39:15.00,0:39:21.00,Default,,0000,0000,0000,,super slow to do that and that's not
Dialogue: 0,0:39:21.00,0:39:28.00,Default,,0000,0000,0000,,what good money is and again if we have
Dialogue: 0,0:39:28.00,0:39:34.00,Default,,0000,0000,0000,,better money better money leads to more
Dialogue: 0,0:39:34.00,0:39:40.00,Default,,0000,0000,0000,,users more nodes more adoption and more
Dialogue: 0,0:39:40.00,0:39:44.00,Default,,0000,0000,0000,,censorship resistance with a higher band
Dialogue: 0,0:39:44.00,0:39:48.00,Default,,0000,0000,0000,,all those things will lead to a higher
Dialogue: 0,0:39:48.00,0:39:51.00,Default,,0000,0000,0000,,market cap and a higher price
Dialogue: 0,0:39:51.00,0:39:54.00,Default,,0000,0000,0000,,and we're seeing that happen right
Dialogue: 0,0:39:54.00,0:39:59.00,Default,,0000,0000,0000,,before our eyes with Bitcoin cash today
Dialogue: 0,0:39:59.00,0:40:04.00,Default,,0000,0000,0000,,so many people are son they're slow and
Dialogue: 0,0:40:04.00,0:40:09.00,Default,,0000,0000,0000,,not easy to use and expensive to move
Dialogue: 0,0:40:09.00,0:40:13.00,Default,,0000,0000,0000,,bitcoins and buying Bitcoin cash and the
Dialogue: 0,0:40:13.00,0:40:17.00,Default,,0000,0000,0000,,miners are going to switch and whichever
Dialogue: 0,0:40:17.00,0:40:22.00,Default,,0000,0000,0000,,cryptocurrency has these characteristics
Dialogue: 0,0:40:22.00,0:40:28.00,Default,,0000,0000,0000,,as money is going to be the one that
Dialogue: 0,0:40:28.00,0:40:33.00,Default,,0000,0000,0000,,people use and Bitcoin had this giant
Dialogue: 0,0:40:33.00,0:40:36.00,Default,,0000,0000,0000,,giant just you know light your head
Dialogue: 0,0:40:36.00,0:40:40.00,Default,,0000,0000,0000,,start on all these other
Dialogue: 0,0:40:40.00,0:40:45.00,Default,,0000,0000,0000,,cryptocurrencies but in terms of network
Dialogue: 0,0:40:45.00,0:40:49.00,Default,,0000,0000,0000,,effect and user adoption and that's been
Dialogue: 0,0:40:49.00,0:40:53.00,Default,,0000,0000,0000,,absolutely squandered and destroyed and
Dialogue: 0,0:40:53.00,0:40:58.00,Default,,0000,0000,0000,,smashed by this idiotic full block -
Dialogue: 0,0:40:58.00,0:41:02.00,Default,,0000,0000,0000,,policy of block streaming core I don't
Dialogue: 0,0:41:02.00,0:41:05.00,Default,,0000,0000,0000,,think that they're bad people I think
Dialogue: 0,0:41:05.00,0:41:08.00,Default,,0000,0000,0000,,they just don't understand the economic
Dialogue: 0,0:41:08.00,0:41:11.00,Default,,0000,0000,0000,,code that's made Bitcoin a success and
Dialogue: 0,0:41:11.00,0:41:14.00,Default,,0000,0000,0000,,they've altered that to the detriment of
Dialogue: 0,0:41:14.00,0:41:17.00,Default,,0000,0000,0000,,Bitcoin and that's why you seen Bitcoin
Dialogue: 0,0:41:17.00,0:41:20.00,Default,,0000,0000,0000,,and now Bitcoin cash I'm sorry that's
Dialogue: 0,0:41:20.00,0:41:24.00,Default,,0000,0000,0000,,why we've seen etherium and now Bitcoin
Dialogue: 0,0:41:24.00,0:41:30.00,Default,,0000,0000,0000,,cash just coming up like leaps and
Dialogue: 0,0:41:30.00,0:41:36.00,Default,,0000,0000,0000,,bounds and if Bitcoin legacy continues
Dialogue: 0,0:41:36.00,0:41:41.00,Default,,0000,0000,0000,,to have this bad user experience 100% of
Dialogue: 0,0:41:41.00,0:41:46.00,Default,,0000,0000,0000,,its first mover advantage is going to be
Dialogue: 0,0:41:46.00,0:41:52.00,Default,,0000,0000,0000,,destroyed because of block streams full
Dialogue: 0,0:41:52.00,0:41:56.00,Default,,0000,0000,0000,,block and high few policy and that
Dialogue: 0,0:41:56.00,0:41:59.00,Default,,0000,0000,0000,,brings us to where we are today if
Dialogue: 0,0:41:59.00,0:42:03.00,Default,,0000,0000,0000,,you're wondering what crypto coins you
Dialogue: 0,0:42:03.00,0:42:07.00,Default,,0000,0000,0000,,should hold look at this chart here all
Dialogue: 0,0:42:07.00,0:42:11.00,Default,,0000,0000,0000,,of them are hard to counterfeit right
Dialogue: 0,0:42:11.00,0:42:15.00,Default,,0000,0000,0000,,look for the ones that are scarce and
Dialogue: 0,0:42:15.00,0:42:20.00,Default,,0000,0000,0000,,have a limited supply all of them are
Dialogue: 0,0:42:20.00,0:42:24.00,Default,,0000,0000,0000,,basically divisible on homogeneous is
Dialogue: 0,0:42:24.00,0:42:28.00,Default,,0000,0000,0000,,just another name for for privacy so
Dialogue: 0,0:42:28.00,0:42:32.00,Default,,0000,0000,0000,,Bitcoin in addition to the scaling issue
Dialogue: 0,0:42:32.00,0:42:36.00,Default,,0000,0000,0000,,has a really big problem with the
Dialogue: 0,0:42:36.00,0:42:40.00,Default,,0000,0000,0000,,homogeneous Nikoli needs to have more
Dialogue: 0,0:42:40.00,0:42:44.00,Default,,0000,0000,0000,,privacy built-in so look at crypto coins
Dialogue: 0,0:42:44.00,0:42:48.00,Default,,0000,0000,0000,,that have more privacy built in so you
Dialogue: 0,0:42:48.00,0:42:54.00,Default,,0000,0000,0000,,have a some top contenders there rzz
Dialogue: 0,0:42:54.00,0:42:59.00,Default,,0000,0000,0000,,cash debt - maybe the privacy is a
Dialogue: 0,0:42:59.00,0:43:03.00,Default,,0000,0000,0000,,little bit weaker but still seems to be
Dialogue: 0,0:43:03.00,0:43:08.00,Default,,0000,0000,0000,,better than Bitcoin Manero of course
Dialogue: 0,0:43:08.00,0:43:12.00,Default,,0000,0000,0000,,decline and I'm sure there's a number of
Dialogue: 0,0:43:12.00,0:43:16.00,Default,,0000,0000,0000,,others out there so keep an eye on those
Dialogue: 0,0:43:16.00,0:43:21.00,Default,,0000,0000,0000,,and that's another big problem with the
Dialogue: 0,0:43:21.00,0:43:26.00,Default,,0000,0000,0000,,full block and high a high feed policy
Dialogue: 0,0:43:26.00,0:43:30.00,Default,,0000,0000,0000,,implemented by block streaming core it
Dialogue: 0,0:43:30.00,0:43:33.00,Default,,0000,0000,0000,,makes it too expensive for people to use
Dialogue: 0,0:43:33.00,0:43:37.00,Default,,0000,0000,0000,,privacy tools like Bitcoin mixers and
Dialogue: 0,0:43:37.00,0:43:41.00,Default,,0000,0000,0000,,that damages the homogeneous nosov
Dialogue: 0,0:43:41.00,0:43:44.00,Default,,0000,0000,0000,,Bitcoin if you too expensive to use and
Dialogue: 0,0:43:44.00,0:43:46.00,Default,,0000,0000,0000,,make sure then people aren't going to
Dialogue: 0,0:43:46.00,0:43:49.00,Default,,0000,0000,0000,,use it anymore
Dialogue: 0,0:43:49.00,0:43:53.00,Default,,0000,0000,0000,,that damages bitcoins characteristics as
Dialogue: 0,0:43:53.00,0:43:57.00,Default,,0000,0000,0000,,money if you have you know big blocks
Dialogue: 0,0:43:57.00,0:44:00.00,Default,,0000,0000,0000,,where people can shuffle all their coins
Dialogue: 0,0:44:00.00,0:44:03.00,Default,,0000,0000,0000,,around that improves the privacy of
Dialogue: 0,0:44:03.00,0:44:07.00,Default,,0000,0000,0000,,Bitcoin and that makes Bitcoin better
Dialogue: 0,0:44:07.00,0:44:11.00,Default,,0000,0000,0000,,money again so they damaged this aspect
Dialogue: 0,0:44:11.00,0:44:16.00,Default,,0000,0000,0000,,of a Bitcoin as well with their full
Dialogue: 0,0:44:16.00,0:44:20.00,Default,,0000,0000,0000,,block and high C policy of course the
Dialogue: 0,0:44:20.00,0:44:23.00,Default,,0000,0000,0000,,coins and all these other cryptic lines
Dialogue: 0,0:44:23.00,0:44:27.00,Default,,0000,0000,0000,,are durable but easy to transport
Dialogue: 0,0:44:27.00,0:44:31.00,Default,,0000,0000,0000,,Bitcoin has had that incredibly damaged
Dialogue: 0,0:44:31.00,0:44:35.00,Default,,0000,0000,0000,,with this full block and high feed
Dialogue: 0,0:44:35.00,0:44:38.00,Default,,0000,0000,0000,,policy so uh anyhow if you're shopping
Dialogue: 0,0:44:38.00,0:44:42.00,Default,,0000,0000,0000,,for other crypto coins here's the
Dialogue: 0,0:44:42.00,0:44:46.00,Default,,0000,0000,0000,,characteristics to look for I would like
Dialogue: 0,0:44:46.00,0:44:50.00,Default,,0000,0000,0000,,Bitcoin to have all those in spades
Dialogue: 0,0:44:50.00,0:44:55.00,Default,,0000,0000,0000,,again Bitcoin cash looks like it has a
Dialogue: 0,0:44:55.00,0:45:00.00,Default,,0000,0000,0000,,pretty good chance of doing that again
Dialogue: 0,0:45:00.00,0:45:04.00,Default,,0000,0000,0000,,but it has nowhere near the market
Dialogue: 0,0:45:04.00,0:45:07.00,Default,,0000,0000,0000,,effect of Bitcoin there's no easy-to-use
Dialogue: 0,0:45:07.00,0:45:11.00,Default,,0000,0000,0000,,smartphone apps there's pretty good
Dialogue: 0,0:45:11.00,0:45:15.00,Default,,0000,0000,0000,,adoption from exchanges there's minimal
Dialogue: 0,0:45:15.00,0:45:19.00,Default,,0000,0000,0000,,adoption from merchant service providers
Dialogue: 0,0:45:19.00,0:45:23.00,Default,,0000,0000,0000,,at this point so it's a bit of a chicken
Dialogue: 0,0:45:23.00,0:45:28.00,Default,,0000,0000,0000,,and egg problem but every single Bitcoin
Dialogue: 0,0:45:28.00,0:45:32.00,Default,,0000,0000,0000,,holder is also a Bitcoin cash holder so
Dialogue: 0,0:45:32.00,0:45:36.00,Default,,0000,0000,0000,,a lot of these people are going to be
Dialogue: 0,0:45:36.00,0:45:39.00,Default,,0000,0000,0000,,interested especially when when though
Dialogue: 0,0:45:39.00,0:45:42.00,Default,,0000,0000,0000,,we're seeing the price go crazy for it
Dialogue: 0,0:45:42.00,0:45:45.00,Default,,0000,0000,0000,,we should check this the price again
Dialogue: 0,0:45:45.00,0:45:49.00,Default,,0000,0000,0000,,since I didn't check from the time I
Dialogue: 0,0:45:49.00,0:45:54.00,Default,,0000,0000,0000,,started this little screencast but it's
Dialogue: 0,0:45:54.00,0:45:59.00,Default,,0000,0000,0000,,just been going crazy it was a less than
Dialogue: 0,0:45:59.00,0:46:05.00,Default,,0000,0000,0000,,it was about $300 48 hours ago and now
Dialogue: 0,0:46:05.00,0:46:11.00,Default,,0000,0000,0000,,it's up around $1000 at the moment and
Dialogue: 0,0:46:11.00,0:46:15.00,Default,,0000,0000,0000,,yeah what what an exciting thing so
Dialogue: 0,0:46:15.00,0:46:19.00,Default,,0000,0000,0000,,anyhow I don't need this to go too long
Dialogue: 0,0:46:19.00,0:46:23.00,Default,,0000,0000,0000,,we're almost up to a half an hour but
Dialogue: 0,0:46:23.00,0:46:27.00,Default,,0000,0000,0000,,better money leads to all these things
Dialogue: 0,0:46:27.00,0:46:31.00,Default,,0000,0000,0000,,that we want and it's worth pointing out
Dialogue: 0,0:46:31.00,0:46:36.00,Default,,0000,0000,0000,,the two that the goal is not
Dialogue: 0,0:46:36.00,0:46:41.00,Default,,0000,0000,0000,,decentralization the goal is censorship
Dialogue: 0,0:46:41.00,0:46:46.00,Default,,0000,0000,0000,,resistance and we don't need an infinite
Dialogue: 0,0:46:46.00,0:46:51.00,Default,,0000,0000,0000,,amount of decentralization but we want
Dialogue: 0,0:46:51.00,0:46:54.00,Default,,0000,0000,0000,,as much censorship resistance as we
Dialogue: 0,0:46:54.00,0:46:59.00,Default,,0000,0000,0000,,possibly can have and we just use the
Dialogue: 0,0:46:59.00,0:47:03.00,Default,,0000,0000,0000,,decentralization as the tool to achieve
Dialogue: 0,0:47:03.00,0:47:06.00,Default,,0000,0000,0000,,that censorship resistance so the
Dialogue: 0,0:47:06.00,0:47:10.00,Default,,0000,0000,0000,,decentralization in and of itself is not
Dialogue: 0,0:47:10.00,0:47:14.00,Default,,0000,0000,0000,,the goal it's simply the tool we use to
Dialogue: 0,0:47:14.00,0:47:18.00,Default,,0000,0000,0000,,achieve that censorship resistance and
Dialogue: 0,0:47:18.00,0:47:22.00,Default,,0000,0000,0000,,we just need enough decentralization to
Dialogue: 0,0:47:22.00,0:47:25.00,Default,,0000,0000,0000,,achieve that censorship resistance so
Dialogue: 0,0:47:25.00,0:47:29.00,Default,,0000,0000,0000,,that's me for anybody who is watching
Dialogue: 0,0:47:29.00,0:47:32.00,Default,,0000,0000,0000,,this video who doesn't know who I am I'm
Dialogue: 0,0:47:32.00,0:47:35.00,Default,,0000,0000,0000,,the very first person in the entire
Dialogue: 0,0:47:35.00,0:47:38.00,Default,,0000,0000,0000,,world to start investing in Bitcoin
Dialogue: 0,0:47:38.00,0:47:43.00,Default,,0000,0000,0000,,startups I've been involved in Bitcoin
Dialogue: 0,0:47:43.00,0:47:46.00,Default,,0000,0000,0000,,since February of 2011 I was the first
Dialogue: 0,0:47:46.00,0:47:49.00,Default,,0000,0000,0000,,invest
Dialogue: 0,0:47:49.00,0:47:54.00,Default,,0000,0000,0000,,blocking that info I was in the earliest
Dialogue: 0,0:47:54.00,0:47:58.00,Default,,0000,0000,0000,,problem for 4-bit pay and ripple and
Dialogue: 0,0:47:58.00,0:48:01.00,Default,,0000,0000,0000,,Percy oh and Kraken and shape-shift and
Dialogue: 0,0:48:01.00,0:48:04.00,Default,,0000,0000,0000,,a whole bunch of other companies that
Dialogue: 0,0:48:04.00,0:48:07.00,Default,,0000,0000,0000,,are no longer around as well and I
Dialogue: 0,0:48:07.00,0:48:09.00,Default,,0000,0000,0000,,started investing the decline system
Dialogue: 0,0:48:09.00,0:48:12.00,Default,,0000,0000,0000,,years before a traditional venture
Dialogue: 0,0:48:12.00,0:48:16.00,Default,,0000,0000,0000,,capital started getting involved I got
Dialogue: 0,0:48:16.00,0:48:20.00,Default,,0000,0000,0000,,involved because I want to see Bitcoin
Dialogue: 0,0:48:20.00,0:48:23.00,Default,,0000,0000,0000,,and if it's not Bitcoin I'll be a bit
Dialogue: 0,0:48:23.00,0:48:26.00,Default,,0000,0000,0000,,sad but I'm just fine if it's another
Dialogue: 0,0:48:26.00,0:48:31.00,Default,,0000,0000,0000,,cryptocurrency but I want to see Bitcoin
Dialogue: 0,0:48:31.00,0:48:35.00,Default,,0000,0000,0000,,or cryptocurrencies replace every other
Dialogue: 0,0:48:35.00,0:48:38.00,Default,,0000,0000,0000,,government issued currency in the world
Dialogue: 0,0:48:38.00,0:48:41.00,Default,,0000,0000,0000,,I want to see it replaced a dollar the
Dialogue: 0,0:48:41.00,0:48:44.00,Default,,0000,0000,0000,,euro in the end and put every single
Dialogue: 0,0:48:44.00,0:48:48.00,Default,,0000,0000,0000,,human being on the planet on the same
Dialogue: 0,0:48:48.00,0:48:51.00,Default,,0000,0000,0000,,foothold on the same footing for being
Dialogue: 0,0:48:51.00,0:48:53.00,Default,,0000,0000,0000,,able to send and receive money with
Dialogue: 0,0:48:53.00,0:48:56.00,Default,,0000,0000,0000,,anyone else anywhere in the world
Dialogue: 0,0:48:56.00,0:49:00.00,Default,,0000,0000,0000,,without requiring permission from any
Dialogue: 0,0:49:00.00,0:49:04.00,Default,,0000,0000,0000,,politician or government or anybody for
Dialogue: 0,0:49:04.00,0:49:08.00,Default,,0000,0000,0000,,that matter because that's what it's all
Dialogue: 0,0:49:08.00,0:49:12.00,Default,,0000,0000,0000,,about we're all human beings we all have
Dialogue: 0,0:49:12.00,0:49:15.00,Default,,0000,0000,0000,,the same natural rights we should all be
Dialogue: 0,0:49:15.00,0:49:17.00,Default,,0000,0000,0000,,able to transact and send and receive
Dialogue: 0,0:49:17.00,0:49:20.00,Default,,0000,0000,0000,,money with each other without having to
Dialogue: 0,0:49:20.00,0:49:24.00,Default,,0000,0000,0000,,get the permission of strangers living
Dialogue: 0,0:49:24.00,0:49:27.00,Default,,0000,0000,0000,,in far-off lands that's why I got
Dialogue: 0,0:49:27.00,0:49:31.00,Default,,0000,0000,0000,,involved with Bitcoin that's my goal
Dialogue: 0,0:49:31.00,0:49:35.00,Default,,0000,0000,0000,,today I'm the CEO Bitcoin comm if you
Dialogue: 0,0:49:35.00,0:49:41.00,Default,,0000,0000,0000,,want to learn more about Bitcoin go to
Dialogue: 0,0:49:41.00,0:49:48.00,Default,,0000,0000,0000,,bitcoin calm unlike Bitcoin torger
Dialogue: 0,0:49:48.00,0:49:52.00,Default,,0000,0000,0000,,bitcoin org or our Bitcoin will allow
Dialogue: 0,0:49:52.00,0:49:55.00,Default,,0000,0000,0000,,you to go and say anything you want on
Dialogue: 0,0:49:55.00,0:49:59.00,Default,,0000,0000,0000,,our forums we're not going to delete
Dialogue: 0,0:49:59.00,0:50:03.00,Default,,0000,0000,0000,,your posts or since your your your
Dialogue: 0,0:50:03.00,0:50:07.00,Default,,0000,0000,0000,,position just because of a you might
Dialogue: 0,0:50:07.00,0:50:14.00,Default,,0000,0000,0000,,disagree with somebody on how the clinch
Dialogue: 0,0:50:14.00,0:50:21.00,Default,,0000,0000,0000,,should scale but anyhow that's it thank
Dialogue: 0,0:50:21.00,0:50:25.00,Default,,0000,0000,0000,,you guys for listening I'll probably do
Dialogue: 0,0:50:25.00,0:50:29.00,Default,,0000,0000,0000,,an AMA at some point in the very near
Dialogue: 0,0:50:29.00,0:50:34.00,Default,,0000,0000,0000,,future on our BTC because they support
Dialogue: 0,0:50:34.00,0:50:39.00,Default,,0000,0000,0000,,free speech there so look for my AMA
Dialogue: 0,0:50:39.00,0:50:44.00,Default,,0000,0000,0000,,coming soon - thank you guys all for
Dialogue: 0,0:50:44.00,0:50:50.00,Default,,0000,0000,0000,,supporting this fundamentally
Dialogue: 0,0:50:50.00,0:50:56.00,Default,,0000,0000,0000,,world-changing technology to learn more
Dialogue: 0,0:50:56.00,0:50:59.00,Default,,0000,0000,0000,,Bitcoin comm thank you