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hi everyone this is Roger beer it's

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Saturday August 19th and I want to show

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you guys a presentation that originally

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I made for the Pantera bitcoin group

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back in March of earlier this year but

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in light of everything that's going on

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with Bitcoin cash and Bitcoin legacy

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today I think that this is very relevant

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so keep in mind that these slides again

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are back from Mark shows about about six

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months ago but I think they're still

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very relevant here so we'll start off

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with a what is Bitcoin right of course

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we all think we know what Bitcoin is but

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I want to talk about why I think bitcoin

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is important so right from the from the

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Satoshi Nakamoto white paper or the

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title is that it's a peer-to-peer

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electronic cash system I think that's

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important to keep in mind that's the

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original title of the white paper but

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what makes up a peer-to-peer electronic

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cash system right we need to have good

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money cash means good money and here are

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the characteristics that make something

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good money and we can start that it's

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you know easy to store hard to

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counterfeit of scarce divisible

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homogeneous that's a little bit lacking

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a Bitcoin but there's room for

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improvement there anyhow durable and

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they're not easy to transport and uh

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that's the one that I think we need to

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focus on a bit more and core and their

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roadmaps are intentionally damaging

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bitcoins ease of transport by making the

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blocks full and the fees high and the

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confirmation times long and the double

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spins easy that's damaging one of these

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incredibly important characteristics of

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Bitcoin that make Bitcoin useful as

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money and if you damage any of these

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characteristics here Bitcoin has been

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less useful as money than it otherwise

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would have been so it's very very

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important not to damage any of these and

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unfortunately course roadmap is

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intentionally damaging the ease of

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transport for for Bitcoin and if you've

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been around Bitcoin for a while you'll

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know exactly what this chart is and

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again this is back from March now we've

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been bumping up against a limit for a

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while here but you can see for all of

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bitcoins history the blocks were never

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ever full there was tons of room for for

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additional transactions until the

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beginning of

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this year around marks the blocks became

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completely full and that when the blocks

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became full that caused the average

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conformation time to skyrocket around

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the time that I took this screenshot in

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March earlier this year the average

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conformation time was about two hours

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for a Bitcoin transaction that

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previously would always be confirmed in

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about ten minutes because there was

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always plenty of room in the blocks for

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every transaction to be included and

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around the same time that the blocks

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became full everyone had to bid against

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each other for room in that block and

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the big the fees that people had to pay

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to use Bitcoin skyrocketed from being

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something very reasonable around the

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penny a transaction to where people were

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paying a quarter of a million dollars

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per day in transaction fees just to use

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the Bitcoin network and the fees are

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somewhere in that same ballpark today

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and right around that exact same time

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that the blocks became full and the fees

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skyrocketed bitcoins share of the total

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market cap plummeted and we can see that

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right here back when I took this

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screenshot it was still above 60% today

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Bitcoin is below 50% and that brings us

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back to the economic code of Bitcoin

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that I love to say is so incredibly

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important and a really basic concept in

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economics it's something called

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substitute goods and it's important to

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understand the definition of what a

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substitute good is and substitute goods

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are two goods they could be used for the

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same purpose if the price of one good

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increases then demand for the substitute

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is likely to rise so in the

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cryptocurrency ecosystem there's a bunch

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of substitute goods right we have

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Bitcoin litecoin aetherium Manero -

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those calling take your pick there's a

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thousand and one altcoins out there with

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similar characteristics some are

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certainly better than others some have

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bigger network effects than others but

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there's a lot of competition there and

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things like shape-shift and the jacks

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Taiyo wallet that make it so incredibly

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easy to convert from one Bitcoin to

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another make it really really easy to

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substitute one of these crypto

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currencies for another if one's not

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working for you

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and we saw that happen exactly at the

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same time when the blocks became full

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and the fee skyrocketed and the

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confirmation delays increased in the

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huge amount for Bitcoin we saw Bitcoin

0:08:23.000,0:08:27.000
share of the market cap plummet at the

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exact same time the alt coins rose like

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crazy and that's because people are

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using alt coins as a substitute good for

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Bitcoin because if bitcoins no longer

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the easiest fastest and the cheapest and

0:08:48.000,0:08:51.000
safest way for them to use their their

0:08:51.000,0:08:54.000
money they're going to start using one

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of these substitute goods and that's why

0:08:57.000,0:09:01.000
we've seen the alt coins just skyrocket

0:09:01.000,0:09:07.000
as far as their total market cap goes

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and the reason for that is because we

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have these people at Bitcoin core and

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block stream and they openly and

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intentionally advocate for one megabyte

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blocks and they intentionally and openly

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advocate that they want to create high

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fees on the Bitcoin network and they

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openly state that they want the blocks

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to be full and uh that causes a horrible

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user experience for Bitcoin and down

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full blocks lead to high fees long waits

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and a horrible user experience anybody

0:10:02.000,0:10:05.000
that's tried to use Bitcoin recently

0:10:05.000,0:10:10.000
knows that the fees are crazy the waits

0:10:10.000,0:10:14.000
for confirmation are crazy and just the

0:10:14.000,0:10:17.000
overall user experience is horrible

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before I decided to make this video this

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morning I sent a Bitcoin transaction and

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I think it was a like seventy

0:10:30.000,0:10:35.000
seventy-five dollars in fees I can pull

0:10:35.000,0:10:39.000
it up here well will we do that but it's

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just a you know what an incredibly

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incredibly frustrating thing for someone

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that's been involved in Bitcoin you

0:10:51.000,0:10:56.000
realize that for the entire history of

0:10:56.000,0:11:01.000
Bitcoin up until the time the blocks

0:11:01.000,0:11:04.000
became full you could send and receive

0:11:04.000,0:11:08.000
any amount of money with anyone anywhere

0:11:08.000,0:11:12.000
in the world and it was basically free

0:11:12.000,0:11:17.000
you can't say that anymore now it's

0:11:17.000,0:11:22.000
incredibly expensive so it was $59 to

0:11:22.000,0:11:27.000
send us some bitcoins there earlier this

0:11:27.000,0:11:33.000
morning there's a lot of substitute

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goods that are cheaper and easier to and

0:11:37.000,0:11:40.000
faster than Bitcoin the only thing

0:11:40.000,0:11:43.000
that's lacking for those other ones are

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there the giant network effect that

0:11:46.000,0:11:49.000
Bitcoin has in that first mover

0:11:49.000,0:11:53.000
advantage but if we have you know this

0:11:53.000,0:11:58.000
horrible user experience that's going to

0:11:58.000,0:12:04.000
result in fewer users fewer

0:12:04.000,0:12:09.000
nodes lower adoption and a lower Bitcoin

0:12:09.000,0:12:13.000
market cap and I hear so many of these

0:12:13.000,0:12:16.000
Bitcoin core and block stream supporters

0:12:16.000,0:12:21.000
saying oh look at Bitcoin it's at an

0:12:21.000,0:12:27.000
all-time high in price yeah that's true

0:12:27.000,0:12:30.000
but we have to stop and think for a

0:12:30.000,0:12:34.000
minute if Bitcoin had continued to have

0:12:34.000,0:12:37.000
a good user experience what would the

0:12:37.000,0:12:40.000
price be today maybe instead of it being

0:12:40.000,0:12:44.000
four thousand dollars per Bitcoin today

0:12:44.000,0:12:49.000
we would already be at forty thousand

0:12:49.000,0:12:52.000
dollars per Bitcoin today but instead

0:12:52.000,0:12:55.000
Bitcoin has this horrible user

0:12:55.000,0:12:58.000
experience people are starting to use

0:12:58.000,0:13:01.000
aetherium and dash and alt coins and

0:13:01.000,0:13:04.000
this and that whereas otherwise if

0:13:04.000,0:13:06.000
Bitcoin had continued to have a good

0:13:06.000,0:13:10.000
user experience they would have just

0:13:10.000,0:13:16.000
continued to use Bitcoin and that brings

0:13:16.000,0:13:20.000
us back to the economics if you get the

0:13:20.000,0:13:23.000
economics wrong it doesn't matter how

0:13:23.000,0:13:27.000
good of a programmer you are the

0:13:27.000,0:13:32.000
economic code is incredibly important

0:13:32.000,0:13:37.000
when it comes to Bitcoin and we have

0:13:37.000,0:13:40.000
some quotes here from Bitcoin : and

0:13:40.000,0:13:44.000
block stream supporters and here's Greg

0:13:44.000,0:13:48.000
Maxwell the CTO block stream openly

0:13:48.000,0:13:51.000
saying that he doesn't think that

0:13:51.000,0:13:56.000
transaction fees mattering are failing

0:13:56.000,0:14:01.000
it's a success and we can see right here

0:14:01.000,0:14:05.000
when the transaction fees skyrocketed

0:14:05.000,0:14:09.000
bitcoins total share the market cap of

0:14:09.000,0:14:12.000
crypto coins plummeted and I provided

0:14:12.000,0:14:15.000
the links to all of these quotes right

0:14:15.000,0:14:18.000
in the bottom of these slides all of

0:14:18.000,0:14:23.000
these slides this whole presentation is

0:14:23.000,0:14:27.000
available over at Roger Viacom if you

0:14:27.000,0:14:30.000
click on the slideshow link at the

0:14:30.000,0:14:33.000
bottom you can download all these and

0:14:33.000,0:14:39.000
this the name of this one is Pantera

0:14:39.000,0:14:46.000
March 2017 and again we have Greg

0:14:46.000,0:14:50.000
Maxwell saying that feed pressure is an

0:14:50.000,0:14:54.000
intentional part of the system design

0:14:54.000,0:14:58.000
and to the best of the current

0:14:58.000,0:15:01.000
understanding essential for the system's

0:15:01.000,0:15:05.000
long term survival

0:15:05.000,0:15:10.000
so yes it's good and I'd like to point

0:15:10.000,0:15:14.000
out once again that as soon as the fees

0:15:14.000,0:15:19.000
skyrocketed on Bitcoin bitcoins total

0:15:19.000,0:15:23.000
share of market cap plummeted and at the

0:15:23.000,0:15:26.000
time I took this screenshot back in

0:15:26.000,0:15:31.000
March it was at 60 something percent now

0:15:31.000,0:15:38.000
it's below 50% so it's gone down even

0:15:38.000,0:15:44.000
more so if you get the economics wrong

0:15:44.000,0:15:47.000
it doesn't matter how good of a computer

0:15:47.000,0:15:50.000
scientists you are or computer program

0:15:50.000,0:15:53.000
or any of the other stuff you have to

0:15:53.000,0:15:55.000
have the economics right or the system's

0:15:55.000,0:15:58.000
not going to

0:15:58.000,0:16:02.000
not going to work and again here we have

0:16:02.000,0:16:05.000
a great Maxwell thing there's nothing

0:16:05.000,0:16:08.000
wrong with full blocks but we can see

0:16:08.000,0:16:11.000
incredibly clearly that there's

0:16:11.000,0:16:14.000
something horribly horribly horribly

0:16:14.000,0:16:18.000
wrong with full blocks as soon as the

0:16:18.000,0:16:23.000
blocks became full bitcoins market share

0:16:23.000,0:16:28.000
plummeted absolutely plummeted because

0:16:28.000,0:16:33.000
the user experience becomes horrible

0:16:33.000,0:16:37.000
with full blocks and again we have greg

0:16:37.000,0:16:40.000
maxwell saying full blocks is the

0:16:40.000,0:16:44.000
natural state of the system but that's

0:16:44.000,0:16:47.000
absolutely ridiculous we can see here in

0:16:47.000,0:16:51.000
the picture here we have the you know

0:16:51.000,0:16:56.000
eight-year history of Bitcoin the blocks

0:16:56.000,0:16:59.000
weren't full until very very recently so

0:16:59.000,0:17:02.000
the full blocks certainly is not the

0:17:02.000,0:17:05.000
natural state of the system and we

0:17:05.000,0:17:09.000
should never ever ever have full blocks

0:17:09.000,0:17:13.000
it creates this horrible user experience

0:17:13.000,0:17:17.000
for for the users of Bitcoin and forces

0:17:17.000,0:17:20.000
them to start using things other than

0:17:20.000,0:17:25.000
Bitcoin

0:17:25.000,0:17:30.000
again Greg Maxwell I'm not trying to

0:17:30.000,0:17:33.000
pick on him any more than anybody else

0:17:33.000,0:17:36.000
just there were plenty of quotes from

0:17:36.000,0:17:41.000
him because he loves to post all over

0:17:41.000,0:17:47.000
the internet and he says there's a can

0:17:47.000,0:17:52.000
there's a consistent feedback log which

0:17:52.000,0:17:57.000
is the required which is the required

0:17:57.000,0:18:00.000
criteria for stability and again that's

0:18:00.000,0:18:03.000
nonsense

0:18:03.000,0:18:07.000
it wasn't until very recently that the

0:18:07.000,0:18:11.000
blocks became full and the fee

0:18:11.000,0:18:15.000
skyrocketed and that happened in sync

0:18:15.000,0:18:18.000
with the Bitcoin share of the

0:18:18.000,0:18:22.000
cryptically market space just plummeting

0:18:22.000,0:18:27.000
so uh I'm sure Greg knows a lot of

0:18:27.000,0:18:31.000
things about a lot of interesting topics

0:18:31.000,0:18:38.000
the economic code of Bitcoin is not one

0:18:38.000,0:18:44.000
of them Peter really he says we as a

0:18:44.000,0:18:48.000
community should indeed let a fee market

0:18:48.000,0:18:53.000
develop and rather sooner than later and

0:18:53.000,0:18:58.000
again I'm sure Peters a really smart guy

0:18:58.000,0:19:02.000
about a lot of things he has a PhD but

0:19:02.000,0:19:05.000
the economic code that has made Bitcoin

0:19:05.000,0:19:08.000
a success is not one of the things that

0:19:08.000,0:19:11.000
he's knowledgeable about and again we

0:19:11.000,0:19:14.000
can see in the charts here that as soon

0:19:14.000,0:19:18.000
as the Bitcoin transaction fees

0:19:18.000,0:19:24.000
skyrocketed Bitcoin share of the crypto

0:19:24.000,0:19:30.000
coin market space plummeted we have

0:19:30.000,0:19:33.000
marked freedom balke I'm again I'm sure

0:19:33.000,0:19:36.000
he's a smart guy about a lot of things

0:19:36.000,0:19:40.000
and very well-informed about a lot of

0:19:40.000,0:19:44.000
things the economic code that has made

0:19:44.000,0:19:49.000
Bitcoin a success is not one of him and

0:19:49.000,0:19:53.000
he says slow confirmation high fees will

0:19:53.000,0:19:57.000
be the norm in any state

0:19:57.000,0:20:02.000
outcome no if we have slow confirmations

0:20:02.000,0:20:06.000
and high fees we're going to see Bitcoin

0:20:06.000,0:20:09.000
be replaced by you know the thousand one

0:20:09.000,0:20:12.000
substitute goods that are out there

0:20:12.000,0:20:16.000
waiting to replace Bitcoin and we can

0:20:16.000,0:20:20.000
see that from the charts here that when

0:20:20.000,0:20:23.000
the average confirmation time became

0:20:23.000,0:20:27.000
really long because the full blocks

0:20:27.000,0:20:34.000
Bitcoin share of the overall crypto coin

0:20:34.000,0:20:40.000
market space has plummeted and Luke jr.

0:20:40.000,0:20:44.000
reasonable block sizes currently range

0:20:44.000,0:20:52.000
from five hundred and fifty kilobytes to

0:20:52.000,0:20:59.000
one megabyte absolute nonsense I don't

0:20:59.000,0:21:01.000
think there's too many same people in

0:21:01.000,0:21:06.000
the world that think that that's a good

0:21:06.000,0:21:11.000
idea it's going to be the end of Bitcoin

0:21:11.000,0:21:14.000
if if we've restrict the block size and

0:21:14.000,0:21:19.000
create this horrible user experience for

0:21:19.000,0:21:24.000
all the users a Bitcoin and again Luke

0:21:24.000,0:21:30.000
jr. says it's no longer possible to keep

0:21:30.000,0:21:35.000
fees low that's just absolute nonsense

0:21:35.000,0:21:38.000
the reason fees are so high is because

0:21:38.000,0:21:41.000
Bitcoin had this giant network effect

0:21:41.000,0:21:44.000
there were already a million apps for

0:21:44.000,0:21:47.000
smartphones and computers and Bitcoin

0:21:47.000,0:21:51.000
exchanges and Merchants that accept

0:21:51.000,0:21:55.000
Bitcoin so there's definitely a lot of

0:21:55.000,0:21:58.000
stickiness that prevents people to from

0:21:58.000,0:22:02.000
wanting to switch from something from

0:22:02.000,0:22:05.000
from Bitcoin to something else but if

0:22:05.000,0:22:08.000
the fees get too high and the

0:22:08.000,0:22:12.000
confirmation times get too long and the

0:22:12.000,0:22:16.000
user experience gets too bad people are

0:22:16.000,0:22:19.000
going to switch where you've seen that

0:22:19.000,0:22:22.000
happen in a major way and that's

0:22:22.000,0:22:25.000
specifically because the blocks were

0:22:25.000,0:22:28.000
were allowed to become full because

0:22:28.000,0:22:32.000
these Bitcoin quorum block stream guys

0:22:32.000,0:22:36.000
in their you know ignorant of the

0:22:36.000,0:22:40.000
economic code of Bitcoin thought that

0:22:40.000,0:22:44.000
that would be a good idea and I wouldn't

0:22:44.000,0:22:48.000
be so passionate about this if I didn't

0:22:48.000,0:22:53.000
own a bunch of bitcoins I want to see

0:22:53.000,0:22:59.000
Bitcoin do well and again we have Luke

0:22:59.000,0:23:03.000
jr. saying just pay a $5 fee and it'll

0:23:03.000,0:23:06.000
go through every time unless you're

0:23:06.000,0:23:10.000
doing something stupid well maybe that

0:23:10.000,0:23:14.000
was approximately true back in March

0:23:14.000,0:23:20.000
when he said that but just this morning

0:23:20.000,0:23:26.000
I paid $59 for my fee and I got included

0:23:26.000,0:23:30.000
in the next block but I'll the the fee

0:23:30.000,0:23:35.000
for that was 290 satoshis per byte so it

0:23:35.000,0:23:38.000
wasn't a miscalculation on the fee

0:23:38.000,0:23:42.000
that's about what the fees are it need

0:23:42.000,0:23:46.000
to be at the moment so uh and I was

0:23:46.000,0:23:48.000
sending those bitcoins that I sent this

0:23:48.000,0:23:50.000
morning I was sending them to an

0:23:50.000,0:23:52.000
exchange to trade them for something

0:23:52.000,0:23:58.000
other

0:23:58.000,0:24:05.000
than Bitcoin so thanks thanks Luke

0:24:05.000,0:24:10.000
George team and another block stream in

0:24:10.000,0:24:16.000
Bitcoin core participant in blocks

0:24:16.000,0:24:23.000
employee he says higher fees may be just

0:24:23.000,0:24:30.000
what is needed that's absolute nonsense

0:24:30.000,0:24:34.000
no higher fees are kryptonite to the

0:24:34.000,0:24:37.000
adoption of Bitcoin into the user base

0:24:37.000,0:24:41.000
of Bitcoin and we can see that plain as

0:24:41.000,0:24:44.000
day from these charts here when the fees

0:24:44.000,0:24:47.000
became really high to use Bitcoin

0:24:47.000,0:24:52.000
bitcoins percentage of the total market

0:24:52.000,0:24:57.000
cap I of cryptocurrencies plummeted so

0:24:57.000,0:25:01.000
no George higher fees is exactly what

0:25:01.000,0:25:05.000
the system doesn't need Bitcoin is

0:25:05.000,0:25:08.000
supposed to be frictionless or as close

0:25:08.000,0:25:11.000
to frictionless as we can make it

0:25:11.000,0:25:14.000
peer-to-peer electronic cash not some

0:25:14.000,0:25:19.000
sort of settlement layer with high fees

0:25:19.000,0:25:24.000
and slow confirmation times and again we

0:25:24.000,0:25:27.000
have George here saying a confirmation

0:25:27.000,0:25:32.000
times are fine for those who pay high

0:25:32.000,0:25:36.000
fees know if the fees become high people

0:25:36.000,0:25:38.000
are going to switch to using a

0:25:38.000,0:25:42.000
cryptocurrency that has fast

0:25:42.000,0:25:46.000
confirmation times and it's worth noting

0:25:46.000,0:25:50.000
it may be a lot of people that are new

0:25:50.000,0:25:55.000
to Bitcoin in the early days of Bitcoin

0:25:55.000,0:25:59.000
the policy was first seen first safe

0:25:59.000,0:26:02.000
that and that meant that when you

0:26:02.000,0:26:05.000
broadcasted your transaction to the

0:26:05.000,0:26:08.000
network once it had been broadcasted to

0:26:08.000,0:26:12.000
the network you were pretty much good to

0:26:12.000,0:26:16.000
go and people commonly accepted Bitcoin

0:26:16.000,0:26:19.000
transactions for you know tens of

0:26:19.000,0:26:23.000
thousands of dollars without waiting for

0:26:23.000,0:26:27.000
a confirmation depending on the exact

0:26:27.000,0:26:32.000
circumstances and you can make Bitcoin

0:26:32.000,0:26:37.000
zero confirmation transactions very very

0:26:37.000,0:26:40.000
very safe certainly not as safe as a

0:26:40.000,0:26:44.000
transaction that's already had a

0:26:44.000,0:26:47.000
confirmation or more but you can make

0:26:47.000,0:26:50.000
them where they're safe enough to where

0:26:50.000,0:26:53.000
most of the time people can accept them

0:26:53.000,0:26:57.000
for most things in their life and it

0:26:57.000,0:27:00.000
becomes good enough for for most things

0:27:00.000,0:27:03.000
and that should be the goal whereas

0:27:03.000,0:27:06.000
unfortunately Bitcoin core and block

0:27:06.000,0:27:10.000
streams have intentionally undermined

0:27:10.000,0:27:14.000
the safety of zero confirmation

0:27:14.000,0:27:18.000
transactions and that degrades the user

0:27:18.000,0:27:21.000
experience and that'll make people want

0:27:21.000,0:27:24.000
to go and seek out coins that provide a

0:27:24.000,0:27:27.000
better user experience and use those as

0:27:27.000,0:27:30.000
a substitute for Bitcoin and that's

0:27:30.000,0:27:34.000
exactly what we've seen happening over

0:27:34.000,0:27:39.000
the last few months and again we have

0:27:39.000,0:27:43.000
George saying Bitcoin needs a

0:27:43.000,0:27:47.000
competitive fee market in the long run

0:27:47.000,0:27:52.000
to sustain proof-of-work

0:27:52.000,0:27:56.000
once the subsidies are gone I'm very

0:27:56.000,0:28:00.000
happy that we have it now

0:28:00.000,0:28:05.000
and I'm sympathetic to that argument

0:28:05.000,0:28:10.000
that some day when there's no more block

0:28:10.000,0:28:14.000
reward whatsoever we need some fees to

0:28:14.000,0:28:18.000
incentivize the miners to see here the

0:28:18.000,0:28:22.000
network but the block reward doesn't run

0:28:22.000,0:28:26.000
out for another hundred years we have

0:28:26.000,0:28:30.000
more than a hundred years until this

0:28:30.000,0:28:34.000
becomes a problem and instead of waiting

0:28:34.000,0:28:38.000
for a hundred years to solve this

0:28:38.000,0:28:43.000
problem there cause they're causing a

0:28:43.000,0:28:47.000
problem right now today they're causing

0:28:47.000,0:28:51.000
a giant problem on the Bitcoin network

0:28:51.000,0:28:55.000
today that's causing people to use

0:28:55.000,0:28:59.000
things other than bitcoins so because of

0:28:59.000,0:29:02.000
some problem that might exist more than

0:29:02.000,0:29:05.000
a hundred years from now they're

0:29:05.000,0:29:10.000
intentionally causing a problem today so

0:29:10.000,0:29:14.000
that's a shows a clear lack of

0:29:14.000,0:29:17.000
understanding of the economic code

0:29:17.000,0:29:21.000
that's made Bitcoin a success today the

0:29:21.000,0:29:25.000
Bitcoin economic code that made Bitcoin

0:29:25.000,0:29:28.000
is a success is the exact same one that

0:29:28.000,0:29:31.000
we had for the first eight years which

0:29:31.000,0:29:35.000
was low fees and fast confirmation times

0:29:35.000,0:29:39.000
for everybody and they're altering that

0:29:39.000,0:29:44.000
economic code to disastrous results here

0:29:44.000,0:29:49.000
and again we say that George in

0:29:49.000,0:29:53.000
reference to Adam back the CEO block

0:29:53.000,0:29:56.000
stirring he says I think Adam and I

0:29:56.000,0:29:59.000
agree that hitting the limit wouldn't be

0:29:59.000,0:30:03.000
bad but actually good for a young and

0:30:03.000,0:30:07.000
immature market like Bitcoin fees this

0:30:07.000,0:30:12.000
is absolute nonsense this is kryptonite

0:30:12.000,0:30:16.000
to Bitcoin Bitcoin had an amazing growth

0:30:16.000,0:30:19.000
rate the first eight years a Bitcoin

0:30:19.000,0:30:21.000
when the fees were essentially you know

0:30:21.000,0:30:24.000
basically nothing you were talking about

0:30:24.000,0:30:28.000
a penny to use Bitcoin and Bitcoin went

0:30:28.000,0:30:31.000
from nobody using it to somewhere around

0:30:31.000,0:30:35.000
you know ten plus million users around

0:30:35.000,0:30:39.000
the world huge amounts of venture

0:30:39.000,0:30:44.000
capital coming in a huge adoption for

0:30:44.000,0:30:48.000
merchants it was amazing and we have a

0:30:48.000,0:30:51.000
eight year track record knowing that

0:30:51.000,0:30:54.000
that economic code worked incredibly

0:30:54.000,0:30:57.000
well to grow Bitcoin and get the coin

0:30:57.000,0:31:01.000
used by more and more people around the

0:31:01.000,0:31:06.000
world if you know something works and

0:31:06.000,0:31:11.000
works incredibly well don't change it

0:31:11.000,0:31:15.000
yet here's George claiming that he and

0:31:15.000,0:31:19.000
Adam want to change this economic code

0:31:19.000,0:31:23.000
that we already know works to some

0:31:23.000,0:31:27.000
economic code that we don't know works

0:31:27.000,0:31:31.000
and in fact we have a whole bunch of the

0:31:31.000,0:31:34.000
evidence to say that it doesn't work and

0:31:34.000,0:31:37.000
it drives people to use something other

0:31:37.000,0:31:41.000
than Bitcoin so if something's not

0:31:41.000,0:31:45.000
broken don't fix it yet that's exactly

0:31:45.000,0:31:50.000
what these people are trying to do

0:31:50.000,0:31:55.000
ah and here's a quote from vladimir van

0:31:55.000,0:32:00.000
der Laan who would contribute a bitcoin

0:32:00.000,0:32:05.000
core and he says a mounting fee pressure

0:32:05.000,0:32:09.000
resulting in a true free market where

0:32:09.000,0:32:13.000
transactions compete to get into Bloxx

0:32:13.000,0:32:18.000
results an urgency to develop

0:32:18.000,0:32:23.000
decentralized off chain solutions and we

0:32:23.000,0:32:26.000
have these charts here showing that

0:32:26.000,0:32:29.000
bitcoin when the fees became high and

0:32:29.000,0:32:35.000
the see pressure was there Bitcoin share

0:32:35.000,0:32:41.000
of market cap plummeted so yeah it made

0:32:41.000,0:32:45.000
some people develop off chain solutions

0:32:45.000,0:32:50.000
for Bitcoin meaning using Bitcoin banks

0:32:50.000,0:32:55.000
like a you know coin basing Zappo and

0:32:55.000,0:32:59.000
and and Bitcoin exchanges that hold the

0:32:59.000,0:33:02.000
bitcoins for the users which is exactly

0:33:02.000,0:33:05.000
what bitcoin was supposed to avoid we

0:33:05.000,0:33:08.000
want everyone to hold their bitcoins

0:33:08.000,0:33:12.000
themselves in a wall in which they

0:33:12.000,0:33:16.000
control the keys and in addition to

0:33:16.000,0:33:20.000
doing that it's pushed all sorts of

0:33:20.000,0:33:24.000
people to start using things other than

0:33:24.000,0:33:28.000
Bitcoin there's all sorts of companies

0:33:28.000,0:33:32.000
that used to be Bitcoin only companies

0:33:32.000,0:33:36.000
that have started adopting Bitcoin so

0:33:36.000,0:33:40.000
coinbase used to be a Bitcoin only

0:33:40.000,0:33:43.000
company and now they've integrated

0:33:43.000,0:33:46.000
litecoin in the theorem and they've

0:33:46.000,0:33:49.000
announced they're going to integrate

0:33:49.000,0:33:54.000
Bitcoin cash we just saw earlier this

0:33:54.000,0:33:59.000
week blockchain that info the number one

0:33:59.000,0:34:02.000
Bitcoin wallet in the entire world

0:34:02.000,0:34:06.000
that's responsible for more Bitcoin

0:34:06.000,0:34:10.000
transactions than any other will than

0:34:10.000,0:34:16.000
all other wallets combined just

0:34:16.000,0:34:21.000
integrated aetherium I I'm the very

0:34:21.000,0:34:24.000
first investor in the entire world and

0:34:24.000,0:34:27.000
blockchain dot info I'm still the

0:34:27.000,0:34:32.000
largest shareholder in the entire world

0:34:32.000,0:34:38.000
in blockchain at that info almost more

0:34:38.000,0:34:43.000
than all the other shareholders combined

0:34:43.000,0:34:47.000
blockchain had no desire to integrate

0:34:47.000,0:34:51.000
any other altcoins other than Bitcoin

0:34:51.000,0:34:54.000
and the only reason that they integrated

0:34:54.000,0:34:56.000
something other than Bitcoin at this

0:34:56.000,0:34:59.000
point is because they were forced to

0:34:59.000,0:35:03.000
because of the horrible user experience

0:35:03.000,0:35:07.000
for for Bitcoin users on the Bitcoin

0:35:07.000,0:35:11.000
network because of the full blocks and

0:35:11.000,0:35:15.000
the high fees if that wasn't the case we

0:35:15.000,0:35:19.000
would have been happy just going on with

0:35:19.000,0:35:24.000
Bitcoin forever so we've seen coin based

0:35:24.000,0:35:27.000
and grade altcoins bloodshed under info

0:35:27.000,0:35:30.000
integrate altcoins

0:35:30.000,0:35:35.000
all sorts of what used to be Bitcoin

0:35:35.000,0:35:39.000
exchange exchanges have been now become

0:35:39.000,0:35:44.000
cryptocurrency exchanges and are busy

0:35:44.000,0:35:49.000
integrating altcoins that's because

0:35:49.000,0:35:53.000
of the horrible user experience that was

0:35:53.000,0:35:56.000
brought about on Bitcoin because of the

0:35:56.000,0:36:00.000
full blocks and high fees and slow

0:36:00.000,0:36:04.000
confirmation times that they bring its

0:36:04.000,0:36:09.000
kryptonite to the future growth of

0:36:09.000,0:36:14.000
Bitcoin and again we have vladimir here

0:36:14.000,0:36:18.000
saying I'm afraid increasing the block

0:36:18.000,0:36:23.000
size will kick this can down the road

0:36:23.000,0:36:30.000
and let people and the large Bitcoin

0:36:30.000,0:36:36.000
companies relax saying that it's going

0:36:36.000,0:36:39.000
to let them relax that's exactly what we

0:36:39.000,0:36:42.000
want people to using Bitcoin to be able

0:36:42.000,0:36:45.000
to do we want them to be able to relax

0:36:45.000,0:36:48.000
and have a wonderful user experience and

0:36:48.000,0:36:52.000
have Bitcoin work beautifully for them

0:36:52.000,0:36:56.000
that that's the name of the game when it

0:36:56.000,0:36:59.000
comes to customer service and user

0:36:59.000,0:37:02.000
adoption you want people to have a good

0:37:02.000,0:37:05.000
experience and be able to relax and just

0:37:05.000,0:37:08.000
be able to use Bitcoin and not worry

0:37:08.000,0:37:11.000
about it and instead they're causing

0:37:11.000,0:37:14.000
these intentional problems on the

0:37:14.000,0:37:17.000
network and we see can see in these

0:37:17.000,0:37:21.000
charts again as soon as we hit the one

0:37:21.000,0:37:27.000
megabyte limit bitcoins percentage of

0:37:27.000,0:37:32.000
the total market cap plummeted so what

0:37:32.000,0:37:36.000
can we do about it

0:37:36.000,0:37:40.000
so I made these slides six months ago

0:37:40.000,0:37:44.000
but the answer is still basically the

0:37:44.000,0:37:49.000
same right Bitcoin unlimited at the time

0:37:49.000,0:37:54.000
with advocating bigger blocks lower fees

0:37:54.000,0:37:58.000
and faster confirmations and it also

0:37:58.000,0:38:01.000
enables layer to scaling so we get all

0:38:01.000,0:38:05.000
the benefits from the Lightning Network

0:38:05.000,0:38:10.000
and all these fancy layer to stuff plus

0:38:10.000,0:38:13.000
lower fees and confirmations faster

0:38:13.000,0:38:17.000
confirmations that's exactly what we

0:38:17.000,0:38:21.000
want and Bitcoin cash has the exact same

0:38:21.000,0:38:24.000
thing today we already have bigger

0:38:24.000,0:38:27.000
blocks for seeing all the transactions

0:38:27.000,0:38:31.000
being concluded right in the decks block

0:38:31.000,0:38:34.000
the fees are some very very small

0:38:34.000,0:38:38.000
fraction of what it is on the Bitcoin

0:38:38.000,0:38:42.000
legacy system system and we can build

0:38:42.000,0:38:46.000
all sorts of layer to stuff on top of

0:38:46.000,0:38:52.000
this as well and Bitcoin unlimited and

0:38:52.000,0:38:58.000
Bitcoin caches plan leads to better

0:38:58.000,0:39:03.000
money right hard it has all these things

0:39:03.000,0:39:07.000
including the ease to easy to transport

0:39:07.000,0:39:11.000
part Bitcoin legacy is not easy to

0:39:11.000,0:39:15.000
transport it's incredibly expensive and

0:39:15.000,0:39:21.000
super slow to do that and that's not

0:39:21.000,0:39:28.000
what good money is and again if we have

0:39:28.000,0:39:34.000
better money better money leads to more

0:39:34.000,0:39:40.000
users more nodes more adoption and more

0:39:40.000,0:39:44.000
censorship resistance with a higher band

0:39:44.000,0:39:48.000
all those things will lead to a higher

0:39:48.000,0:39:51.000
market cap and a higher price

0:39:51.000,0:39:54.000
and we're seeing that happen right

0:39:54.000,0:39:59.000
before our eyes with Bitcoin cash today

0:39:59.000,0:40:04.000
so many people are son they're slow and

0:40:04.000,0:40:09.000
not easy to use and expensive to move

0:40:09.000,0:40:13.000
bitcoins and buying Bitcoin cash and the

0:40:13.000,0:40:17.000
miners are going to switch and whichever

0:40:17.000,0:40:22.000
cryptocurrency has these characteristics

0:40:22.000,0:40:28.000
as money is going to be the one that

0:40:28.000,0:40:33.000
people use and Bitcoin had this giant

0:40:33.000,0:40:36.000
giant just you know light your head

0:40:36.000,0:40:40.000
start on all these other

0:40:40.000,0:40:45.000
cryptocurrencies but in terms of network

0:40:45.000,0:40:49.000
effect and user adoption and that's been

0:40:49.000,0:40:53.000
absolutely squandered and destroyed and

0:40:53.000,0:40:58.000
smashed by this idiotic full block -

0:40:58.000,0:41:02.000
policy of block streaming core I don't

0:41:02.000,0:41:05.000
think that they're bad people I think

0:41:05.000,0:41:08.000
they just don't understand the economic

0:41:08.000,0:41:11.000
code that's made Bitcoin a success and

0:41:11.000,0:41:14.000
they've altered that to the detriment of

0:41:14.000,0:41:17.000
Bitcoin and that's why you seen Bitcoin

0:41:17.000,0:41:20.000
and now Bitcoin cash I'm sorry that's

0:41:20.000,0:41:24.000
why we've seen etherium and now Bitcoin

0:41:24.000,0:41:30.000
cash just coming up like leaps and

0:41:30.000,0:41:36.000
bounds and if Bitcoin legacy continues

0:41:36.000,0:41:41.000
to have this bad user experience 100% of

0:41:41.000,0:41:46.000
its first mover advantage is going to be

0:41:46.000,0:41:52.000
destroyed because of block streams full

0:41:52.000,0:41:56.000
block and high few policy and that

0:41:56.000,0:41:59.000
brings us to where we are today if

0:41:59.000,0:42:03.000
you're wondering what crypto coins you

0:42:03.000,0:42:07.000
should hold look at this chart here all

0:42:07.000,0:42:11.000
of them are hard to counterfeit right

0:42:11.000,0:42:15.000
look for the ones that are scarce and

0:42:15.000,0:42:20.000
have a limited supply all of them are

0:42:20.000,0:42:24.000
basically divisible on homogeneous is

0:42:24.000,0:42:28.000
just another name for for privacy so

0:42:28.000,0:42:32.000
Bitcoin in addition to the scaling issue

0:42:32.000,0:42:36.000
has a really big problem with the

0:42:36.000,0:42:40.000
homogeneous Nikoli needs to have more

0:42:40.000,0:42:44.000
privacy built-in so look at crypto coins

0:42:44.000,0:42:48.000
that have more privacy built in so you

0:42:48.000,0:42:54.000
have a some top contenders there rzz

0:42:54.000,0:42:59.000
cash debt - maybe the privacy is a

0:42:59.000,0:43:03.000
little bit weaker but still seems to be

0:43:03.000,0:43:08.000
better than Bitcoin Manero of course

0:43:08.000,0:43:12.000
decline and I'm sure there's a number of

0:43:12.000,0:43:16.000
others out there so keep an eye on those

0:43:16.000,0:43:21.000
and that's another big problem with the

0:43:21.000,0:43:26.000
full block and high a high feed policy

0:43:26.000,0:43:30.000
implemented by block streaming core it

0:43:30.000,0:43:33.000
makes it too expensive for people to use

0:43:33.000,0:43:37.000
privacy tools like Bitcoin mixers and

0:43:37.000,0:43:41.000
that damages the homogeneous nosov

0:43:41.000,0:43:44.000
Bitcoin if you too expensive to use and

0:43:44.000,0:43:46.000
make sure then people aren't going to

0:43:46.000,0:43:49.000
use it anymore

0:43:49.000,0:43:53.000
that damages bitcoins characteristics as

0:43:53.000,0:43:57.000
money if you have you know big blocks

0:43:57.000,0:44:00.000
where people can shuffle all their coins

0:44:00.000,0:44:03.000
around that improves the privacy of

0:44:03.000,0:44:07.000
Bitcoin and that makes Bitcoin better

0:44:07.000,0:44:11.000
money again so they damaged this aspect

0:44:11.000,0:44:16.000
of a Bitcoin as well with their full

0:44:16.000,0:44:20.000
block and high C policy of course the

0:44:20.000,0:44:23.000
coins and all these other cryptic lines

0:44:23.000,0:44:27.000
are durable but easy to transport

0:44:27.000,0:44:31.000
Bitcoin has had that incredibly damaged

0:44:31.000,0:44:35.000
with this full block and high feed

0:44:35.000,0:44:38.000
policy so uh anyhow if you're shopping

0:44:38.000,0:44:42.000
for other crypto coins here's the

0:44:42.000,0:44:46.000
characteristics to look for I would like

0:44:46.000,0:44:50.000
Bitcoin to have all those in spades

0:44:50.000,0:44:55.000
again Bitcoin cash looks like it has a

0:44:55.000,0:45:00.000
pretty good chance of doing that again

0:45:00.000,0:45:04.000
but it has nowhere near the market

0:45:04.000,0:45:07.000
effect of Bitcoin there's no easy-to-use

0:45:07.000,0:45:11.000
smartphone apps there's pretty good

0:45:11.000,0:45:15.000
adoption from exchanges there's minimal

0:45:15.000,0:45:19.000
adoption from merchant service providers

0:45:19.000,0:45:23.000
at this point so it's a bit of a chicken

0:45:23.000,0:45:28.000
and egg problem but every single Bitcoin

0:45:28.000,0:45:32.000
holder is also a Bitcoin cash holder so

0:45:32.000,0:45:36.000
a lot of these people are going to be

0:45:36.000,0:45:39.000
interested especially when when though

0:45:39.000,0:45:42.000
we're seeing the price go crazy for it

0:45:42.000,0:45:45.000
we should check this the price again

0:45:45.000,0:45:49.000
since I didn't check from the time I

0:45:49.000,0:45:54.000
started this little screencast but it's

0:45:54.000,0:45:59.000
just been going crazy it was a less than

0:45:59.000,0:46:05.000
it was about $300 48 hours ago and now

0:46:05.000,0:46:11.000
it's up around $1000 at the moment and

0:46:11.000,0:46:15.000
yeah what what an exciting thing so

0:46:15.000,0:46:19.000
anyhow I don't need this to go too long

0:46:19.000,0:46:23.000
we're almost up to a half an hour but

0:46:23.000,0:46:27.000
better money leads to all these things

0:46:27.000,0:46:31.000
that we want and it's worth pointing out

0:46:31.000,0:46:36.000
the two that the goal is not

0:46:36.000,0:46:41.000
decentralization the goal is censorship

0:46:41.000,0:46:46.000
resistance and we don't need an infinite

0:46:46.000,0:46:51.000
amount of decentralization but we want

0:46:51.000,0:46:54.000
as much censorship resistance as we

0:46:54.000,0:46:59.000
possibly can have and we just use the

0:46:59.000,0:47:03.000
decentralization as the tool to achieve

0:47:03.000,0:47:06.000
that censorship resistance so the

0:47:06.000,0:47:10.000
decentralization in and of itself is not

0:47:10.000,0:47:14.000
the goal it's simply the tool we use to

0:47:14.000,0:47:18.000
achieve that censorship resistance and

0:47:18.000,0:47:22.000
we just need enough decentralization to

0:47:22.000,0:47:25.000
achieve that censorship resistance so

0:47:25.000,0:47:29.000
that's me for anybody who is watching

0:47:29.000,0:47:32.000
this video who doesn't know who I am I'm

0:47:32.000,0:47:35.000
the very first person in the entire

0:47:35.000,0:47:38.000
world to start investing in Bitcoin

0:47:38.000,0:47:43.000
startups I've been involved in Bitcoin

0:47:43.000,0:47:46.000
since February of 2011 I was the first

0:47:46.000,0:47:49.000
invest

0:47:49.000,0:47:54.000
blocking that info I was in the earliest

0:47:54.000,0:47:58.000
problem for 4-bit pay and ripple and

0:47:58.000,0:48:01.000
Percy oh and Kraken and shape-shift and

0:48:01.000,0:48:04.000
a whole bunch of other companies that

0:48:04.000,0:48:07.000
are no longer around as well and I

0:48:07.000,0:48:09.000
started investing the decline system

0:48:09.000,0:48:12.000
years before a traditional venture

0:48:12.000,0:48:16.000
capital started getting involved I got

0:48:16.000,0:48:20.000
involved because I want to see Bitcoin

0:48:20.000,0:48:23.000
and if it's not Bitcoin I'll be a bit

0:48:23.000,0:48:26.000
sad but I'm just fine if it's another

0:48:26.000,0:48:31.000
cryptocurrency but I want to see Bitcoin

0:48:31.000,0:48:35.000
or cryptocurrencies replace every other

0:48:35.000,0:48:38.000
government issued currency in the world

0:48:38.000,0:48:41.000
I want to see it replaced a dollar the

0:48:41.000,0:48:44.000
euro in the end and put every single

0:48:44.000,0:48:48.000
human being on the planet on the same

0:48:48.000,0:48:51.000
foothold on the same footing for being

0:48:51.000,0:48:53.000
able to send and receive money with

0:48:53.000,0:48:56.000
anyone else anywhere in the world

0:48:56.000,0:49:00.000
without requiring permission from any

0:49:00.000,0:49:04.000
politician or government or anybody for

0:49:04.000,0:49:08.000
that matter because that's what it's all

0:49:08.000,0:49:12.000
about we're all human beings we all have

0:49:12.000,0:49:15.000
the same natural rights we should all be

0:49:15.000,0:49:17.000
able to transact and send and receive

0:49:17.000,0:49:20.000
money with each other without having to

0:49:20.000,0:49:24.000
get the permission of strangers living

0:49:24.000,0:49:27.000
in far-off lands that's why I got

0:49:27.000,0:49:31.000
involved with Bitcoin that's my goal

0:49:31.000,0:49:35.000
today I'm the CEO Bitcoin comm if you

0:49:35.000,0:49:41.000
want to learn more about Bitcoin go to

0:49:41.000,0:49:48.000
bitcoin calm unlike Bitcoin torger

0:49:48.000,0:49:52.000
bitcoin org or our Bitcoin will allow

0:49:52.000,0:49:55.000
you to go and say anything you want on

0:49:55.000,0:49:59.000
our forums we're not going to delete

0:49:59.000,0:50:03.000
your posts or since your your your

0:50:03.000,0:50:07.000
position just because of a you might

0:50:07.000,0:50:14.000
disagree with somebody on how the clinch

0:50:14.000,0:50:21.000
should scale but anyhow that's it thank

0:50:21.000,0:50:25.000
you guys for listening I'll probably do

0:50:25.000,0:50:29.000
an AMA at some point in the very near

0:50:29.000,0:50:34.000
future on our BTC because they support

0:50:34.000,0:50:39.000
free speech there so look for my AMA

0:50:39.000,0:50:44.000
coming soon - thank you guys all for

0:50:44.000,0:50:50.000
supporting this fundamentally

0:50:50.000,0:50:56.000
world-changing technology to learn more

0:50:56.000,0:50:59.000
Bitcoin comm thank you