WEBVTT 00:00:00.000 --> 00:00:07.000 hi everyone this is Roger beer it's 00:00:07.000 --> 00:00:13.000 Saturday August 19th and I want to show 00:00:13.000 --> 00:00:16.000 you guys a presentation that originally 00:00:16.000 --> 00:00:20.000 I made for the Pantera bitcoin group 00:00:20.000 --> 00:00:24.000 back in March of earlier this year but 00:00:24.000 --> 00:00:27.000 in light of everything that's going on 00:00:27.000 --> 00:00:31.000 with Bitcoin cash and Bitcoin legacy 00:00:31.000 --> 00:00:36.000 today I think that this is very relevant 00:00:36.000 --> 00:00:41.000 so keep in mind that these slides again 00:00:41.000 --> 00:00:44.000 are back from Mark shows about about six 00:00:44.000 --> 00:00:46.000 months ago but I think they're still 00:00:46.000 --> 00:00:50.000 very relevant here so we'll start off 00:00:50.000 --> 00:00:54.000 with a what is Bitcoin right of course 00:00:54.000 --> 00:00:57.000 we all think we know what Bitcoin is but 00:00:57.000 --> 00:01:02.000 I want to talk about why I think bitcoin 00:01:02.000 --> 00:01:07.000 is important so right from the from the 00:01:07.000 --> 00:01:10.000 Satoshi Nakamoto white paper or the 00:01:10.000 --> 00:01:15.000 title is that it's a peer-to-peer 00:01:15.000 --> 00:01:20.000 electronic cash system I think that's 00:01:20.000 --> 00:01:24.000 important to keep in mind that's the 00:01:24.000 --> 00:01:29.000 original title of the white paper but 00:01:29.000 --> 00:01:33.000 what makes up a peer-to-peer electronic 00:01:33.000 --> 00:01:37.000 cash system right we need to have good 00:01:37.000 --> 00:01:41.000 money cash means good money and here are 00:01:41.000 --> 00:01:44.000 the characteristics that make something 00:01:44.000 --> 00:01:49.000 good money and we can start that it's 00:01:49.000 --> 00:01:55.000 you know easy to store hard to 00:01:55.000 --> 00:02:02.000 counterfeit of scarce divisible 00:02:02.000 --> 00:02:06.000 homogeneous that's a little bit lacking 00:02:06.000 --> 00:02:09.000 a Bitcoin but there's room for 00:02:09.000 --> 00:02:15.000 improvement there anyhow durable and 00:02:15.000 --> 00:02:21.000 they're not easy to transport and uh 00:02:21.000 --> 00:02:26.000 that's the one that I think we need to 00:02:26.000 --> 00:02:31.000 focus on a bit more and core and their 00:02:31.000 --> 00:02:36.000 roadmaps are intentionally damaging 00:02:36.000 --> 00:02:41.000 bitcoins ease of transport by making the 00:02:41.000 --> 00:02:45.000 blocks full and the fees high and the 00:02:45.000 --> 00:02:49.000 confirmation times long and the double 00:02:49.000 --> 00:02:53.000 spins easy that's damaging one of these 00:02:53.000 --> 00:02:56.000 incredibly important characteristics of 00:02:56.000 --> 00:02:59.000 Bitcoin that make Bitcoin useful as 00:02:59.000 --> 00:03:03.000 money and if you damage any of these 00:03:03.000 --> 00:03:07.000 characteristics here Bitcoin has been 00:03:07.000 --> 00:03:11.000 less useful as money than it otherwise 00:03:11.000 --> 00:03:15.000 would have been so it's very very 00:03:15.000 --> 00:03:18.000 important not to damage any of these and 00:03:18.000 --> 00:03:21.000 unfortunately course roadmap is 00:03:21.000 --> 00:03:26.000 intentionally damaging the ease of 00:03:26.000 --> 00:03:31.000 transport for for Bitcoin and if you've 00:03:31.000 --> 00:03:34.000 been around Bitcoin for a while you'll 00:03:34.000 --> 00:03:38.000 know exactly what this chart is and 00:03:38.000 --> 00:03:42.000 again this is back from March now we've 00:03:42.000 --> 00:03:45.000 been bumping up against a limit for a 00:03:45.000 --> 00:03:49.000 while here but you can see for all of 00:03:49.000 --> 00:03:54.000 bitcoins history the blocks were never 00:03:54.000 --> 00:03:59.000 ever full there was tons of room for for 00:03:59.000 --> 00:04:01.000 additional transactions until the 00:04:01.000 --> 00:04:03.000 beginning of 00:04:03.000 --> 00:04:09.000 this year around marks the blocks became 00:04:09.000 --> 00:04:16.000 completely full and that when the blocks 00:04:16.000 --> 00:04:20.000 became full that caused the average 00:04:20.000 --> 00:04:24.000 conformation time to skyrocket around 00:04:24.000 --> 00:04:27.000 the time that I took this screenshot in 00:04:27.000 --> 00:04:31.000 March earlier this year the average 00:04:31.000 --> 00:04:36.000 conformation time was about two hours 00:04:36.000 --> 00:04:39.000 for a Bitcoin transaction that 00:04:39.000 --> 00:04:42.000 previously would always be confirmed in 00:04:42.000 --> 00:04:46.000 about ten minutes because there was 00:04:46.000 --> 00:04:50.000 always plenty of room in the blocks for 00:04:50.000 --> 00:04:55.000 every transaction to be included and 00:04:55.000 --> 00:05:00.000 around the same time that the blocks 00:05:00.000 --> 00:05:04.000 became full everyone had to bid against 00:05:04.000 --> 00:05:07.000 each other for room in that block and 00:05:07.000 --> 00:05:10.000 the big the fees that people had to pay 00:05:10.000 --> 00:05:13.000 to use Bitcoin skyrocketed from being 00:05:13.000 --> 00:05:16.000 something very reasonable around the 00:05:16.000 --> 00:05:20.000 penny a transaction to where people were 00:05:20.000 --> 00:05:25.000 paying a quarter of a million dollars 00:05:25.000 --> 00:05:30.000 per day in transaction fees just to use 00:05:30.000 --> 00:05:34.000 the Bitcoin network and the fees are 00:05:34.000 --> 00:05:38.000 somewhere in that same ballpark today 00:05:38.000 --> 00:05:43.000 and right around that exact same time 00:05:43.000 --> 00:05:48.000 that the blocks became full and the fees 00:05:48.000 --> 00:05:54.000 skyrocketed bitcoins share of the total 00:05:54.000 --> 00:05:58.000 market cap plummeted and we can see that 00:05:58.000 --> 00:06:02.000 right here back when I took this 00:06:02.000 --> 00:06:10.000 screenshot it was still above 60% today 00:06:10.000 --> 00:06:17.000 Bitcoin is below 50% and that brings us 00:06:17.000 --> 00:06:20.000 back to the economic code of Bitcoin 00:06:20.000 --> 00:06:25.000 that I love to say is so incredibly 00:06:25.000 --> 00:06:29.000 important and a really basic concept in 00:06:29.000 --> 00:06:33.000 economics it's something called 00:06:33.000 --> 00:06:37.000 substitute goods and it's important to 00:06:37.000 --> 00:06:40.000 understand the definition of what a 00:06:40.000 --> 00:06:44.000 substitute good is and substitute goods 00:06:44.000 --> 00:06:49.000 are two goods they could be used for the 00:06:49.000 --> 00:06:54.000 same purpose if the price of one good 00:06:54.000 --> 00:06:58.000 increases then demand for the substitute 00:06:58.000 --> 00:07:02.000 is likely to rise so in the 00:07:02.000 --> 00:07:06.000 cryptocurrency ecosystem there's a bunch 00:07:06.000 --> 00:07:10.000 of substitute goods right we have 00:07:10.000 --> 00:07:15.000 Bitcoin litecoin aetherium Manero - 00:07:15.000 --> 00:07:19.000 those calling take your pick there's a 00:07:19.000 --> 00:07:23.000 thousand and one altcoins out there with 00:07:23.000 --> 00:07:26.000 similar characteristics some are 00:07:26.000 --> 00:07:29.000 certainly better than others some have 00:07:29.000 --> 00:07:33.000 bigger network effects than others but 00:07:33.000 --> 00:07:37.000 there's a lot of competition there and 00:07:37.000 --> 00:07:41.000 things like shape-shift and the jacks 00:07:41.000 --> 00:07:44.000 Taiyo wallet that make it so incredibly 00:07:44.000 --> 00:07:48.000 easy to convert from one Bitcoin to 00:07:48.000 --> 00:07:51.000 another make it really really easy to 00:07:51.000 --> 00:07:53.000 substitute one of these crypto 00:07:53.000 --> 00:07:56.000 currencies for another if one's not 00:07:56.000 --> 00:08:01.000 working for you 00:08:01.000 --> 00:08:05.000 and we saw that happen exactly at the 00:08:05.000 --> 00:08:09.000 same time when the blocks became full 00:08:09.000 --> 00:08:14.000 and the fee skyrocketed and the 00:08:14.000 --> 00:08:19.000 confirmation delays increased in the 00:08:19.000 --> 00:08:23.000 huge amount for Bitcoin we saw Bitcoin 00:08:23.000 --> 00:08:27.000 share of the market cap plummet at the 00:08:27.000 --> 00:08:32.000 exact same time the alt coins rose like 00:08:32.000 --> 00:08:36.000 crazy and that's because people are 00:08:36.000 --> 00:08:40.000 using alt coins as a substitute good for 00:08:40.000 --> 00:08:44.000 Bitcoin because if bitcoins no longer 00:08:44.000 --> 00:08:48.000 the easiest fastest and the cheapest and 00:08:48.000 --> 00:08:51.000 safest way for them to use their their 00:08:51.000 --> 00:08:54.000 money they're going to start using one 00:08:54.000 --> 00:08:57.000 of these substitute goods and that's why 00:08:57.000 --> 00:09:01.000 we've seen the alt coins just skyrocket 00:09:01.000 --> 00:09:07.000 as far as their total market cap goes 00:09:07.000 --> 00:09:12.000 and the reason for that is because we 00:09:12.000 --> 00:09:17.000 have these people at Bitcoin core and 00:09:17.000 --> 00:09:22.000 block stream and they openly and 00:09:22.000 --> 00:09:26.000 intentionally advocate for one megabyte 00:09:26.000 --> 00:09:30.000 blocks and they intentionally and openly 00:09:30.000 --> 00:09:34.000 advocate that they want to create high 00:09:34.000 --> 00:09:37.000 fees on the Bitcoin network and they 00:09:37.000 --> 00:09:42.000 openly state that they want the blocks 00:09:42.000 --> 00:09:48.000 to be full and uh that causes a horrible 00:09:48.000 --> 00:09:54.000 user experience for Bitcoin and down 00:09:54.000 --> 00:09:59.000 full blocks lead to high fees long waits 00:09:59.000 --> 00:10:02.000 and a horrible user experience anybody 00:10:02.000 --> 00:10:05.000 that's tried to use Bitcoin recently 00:10:05.000 --> 00:10:10.000 knows that the fees are crazy the waits 00:10:10.000 --> 00:10:14.000 for confirmation are crazy and just the 00:10:14.000 --> 00:10:17.000 overall user experience is horrible 00:10:17.000 --> 00:10:21.000 before I decided to make this video this 00:10:21.000 --> 00:10:25.000 morning I sent a Bitcoin transaction and 00:10:25.000 --> 00:10:30.000 I think it was a like seventy 00:10:30.000 --> 00:10:35.000 seventy-five dollars in fees I can pull 00:10:35.000 --> 00:10:39.000 it up here well will we do that but it's 00:10:39.000 --> 00:10:43.000 just a you know what an incredibly 00:10:43.000 --> 00:10:47.000 incredibly frustrating thing for someone 00:10:47.000 --> 00:10:51.000 that's been involved in Bitcoin you 00:10:51.000 --> 00:10:56.000 realize that for the entire history of 00:10:56.000 --> 00:11:01.000 Bitcoin up until the time the blocks 00:11:01.000 --> 00:11:04.000 became full you could send and receive 00:11:04.000 --> 00:11:08.000 any amount of money with anyone anywhere 00:11:08.000 --> 00:11:12.000 in the world and it was basically free 00:11:12.000 --> 00:11:17.000 you can't say that anymore now it's 00:11:17.000 --> 00:11:22.000 incredibly expensive so it was $59 to 00:11:22.000 --> 00:11:27.000 send us some bitcoins there earlier this 00:11:27.000 --> 00:11:33.000 morning there's a lot of substitute 00:11:33.000 --> 00:11:37.000 goods that are cheaper and easier to and 00:11:37.000 --> 00:11:40.000 faster than Bitcoin the only thing 00:11:40.000 --> 00:11:43.000 that's lacking for those other ones are 00:11:43.000 --> 00:11:46.000 there the giant network effect that 00:11:46.000 --> 00:11:49.000 Bitcoin has in that first mover 00:11:49.000 --> 00:11:53.000 advantage but if we have you know this 00:11:53.000 --> 00:11:58.000 horrible user experience that's going to 00:11:58.000 --> 00:12:04.000 result in fewer users fewer 00:12:04.000 --> 00:12:09.000 nodes lower adoption and a lower Bitcoin 00:12:09.000 --> 00:12:13.000 market cap and I hear so many of these 00:12:13.000 --> 00:12:16.000 Bitcoin core and block stream supporters 00:12:16.000 --> 00:12:21.000 saying oh look at Bitcoin it's at an 00:12:21.000 --> 00:12:27.000 all-time high in price yeah that's true 00:12:27.000 --> 00:12:30.000 but we have to stop and think for a 00:12:30.000 --> 00:12:34.000 minute if Bitcoin had continued to have 00:12:34.000 --> 00:12:37.000 a good user experience what would the 00:12:37.000 --> 00:12:40.000 price be today maybe instead of it being 00:12:40.000 --> 00:12:44.000 four thousand dollars per Bitcoin today 00:12:44.000 --> 00:12:49.000 we would already be at forty thousand 00:12:49.000 --> 00:12:52.000 dollars per Bitcoin today but instead 00:12:52.000 --> 00:12:55.000 Bitcoin has this horrible user 00:12:55.000 --> 00:12:58.000 experience people are starting to use 00:12:58.000 --> 00:13:01.000 aetherium and dash and alt coins and 00:13:01.000 --> 00:13:04.000 this and that whereas otherwise if 00:13:04.000 --> 00:13:06.000 Bitcoin had continued to have a good 00:13:06.000 --> 00:13:10.000 user experience they would have just 00:13:10.000 --> 00:13:16.000 continued to use Bitcoin and that brings 00:13:16.000 --> 00:13:20.000 us back to the economics if you get the 00:13:20.000 --> 00:13:23.000 economics wrong it doesn't matter how 00:13:23.000 --> 00:13:27.000 good of a programmer you are the 00:13:27.000 --> 00:13:32.000 economic code is incredibly important 00:13:32.000 --> 00:13:37.000 when it comes to Bitcoin and we have 00:13:37.000 --> 00:13:40.000 some quotes here from Bitcoin : and 00:13:40.000 --> 00:13:44.000 block stream supporters and here's Greg 00:13:44.000 --> 00:13:48.000 Maxwell the CTO block stream openly 00:13:48.000 --> 00:13:51.000 saying that he doesn't think that 00:13:51.000 --> 00:13:56.000 transaction fees mattering are failing 00:13:56.000 --> 00:14:01.000 it's a success and we can see right here 00:14:01.000 --> 00:14:05.000 when the transaction fees skyrocketed 00:14:05.000 --> 00:14:09.000 bitcoins total share the market cap of 00:14:09.000 --> 00:14:12.000 crypto coins plummeted and I provided 00:14:12.000 --> 00:14:15.000 the links to all of these quotes right 00:14:15.000 --> 00:14:18.000 in the bottom of these slides all of 00:14:18.000 --> 00:14:23.000 these slides this whole presentation is 00:14:23.000 --> 00:14:27.000 available over at Roger Viacom if you 00:14:27.000 --> 00:14:30.000 click on the slideshow link at the 00:14:30.000 --> 00:14:33.000 bottom you can download all these and 00:14:33.000 --> 00:14:39.000 this the name of this one is Pantera 00:14:39.000 --> 00:14:46.000 March 2017 and again we have Greg 00:14:46.000 --> 00:14:50.000 Maxwell saying that feed pressure is an 00:14:50.000 --> 00:14:54.000 intentional part of the system design 00:14:54.000 --> 00:14:58.000 and to the best of the current 00:14:58.000 --> 00:15:01.000 understanding essential for the system's 00:15:01.000 --> 00:15:05.000 long term survival 00:15:05.000 --> 00:15:10.000 so yes it's good and I'd like to point 00:15:10.000 --> 00:15:14.000 out once again that as soon as the fees 00:15:14.000 --> 00:15:19.000 skyrocketed on Bitcoin bitcoins total 00:15:19.000 --> 00:15:23.000 share of market cap plummeted and at the 00:15:23.000 --> 00:15:26.000 time I took this screenshot back in 00:15:26.000 --> 00:15:31.000 March it was at 60 something percent now 00:15:31.000 --> 00:15:38.000 it's below 50% so it's gone down even 00:15:38.000 --> 00:15:44.000 more so if you get the economics wrong 00:15:44.000 --> 00:15:47.000 it doesn't matter how good of a computer 00:15:47.000 --> 00:15:50.000 scientists you are or computer program 00:15:50.000 --> 00:15:53.000 or any of the other stuff you have to 00:15:53.000 --> 00:15:55.000 have the economics right or the system's 00:15:55.000 --> 00:15:58.000 not going to 00:15:58.000 --> 00:16:02.000 not going to work and again here we have 00:16:02.000 --> 00:16:05.000 a great Maxwell thing there's nothing 00:16:05.000 --> 00:16:08.000 wrong with full blocks but we can see 00:16:08.000 --> 00:16:11.000 incredibly clearly that there's 00:16:11.000 --> 00:16:14.000 something horribly horribly horribly 00:16:14.000 --> 00:16:18.000 wrong with full blocks as soon as the 00:16:18.000 --> 00:16:23.000 blocks became full bitcoins market share 00:16:23.000 --> 00:16:28.000 plummeted absolutely plummeted because 00:16:28.000 --> 00:16:33.000 the user experience becomes horrible 00:16:33.000 --> 00:16:37.000 with full blocks and again we have greg 00:16:37.000 --> 00:16:40.000 maxwell saying full blocks is the 00:16:40.000 --> 00:16:44.000 natural state of the system but that's 00:16:44.000 --> 00:16:47.000 absolutely ridiculous we can see here in 00:16:47.000 --> 00:16:51.000 the picture here we have the you know 00:16:51.000 --> 00:16:56.000 eight-year history of Bitcoin the blocks 00:16:56.000 --> 00:16:59.000 weren't full until very very recently so 00:16:59.000 --> 00:17:02.000 the full blocks certainly is not the 00:17:02.000 --> 00:17:05.000 natural state of the system and we 00:17:05.000 --> 00:17:09.000 should never ever ever have full blocks 00:17:09.000 --> 00:17:13.000 it creates this horrible user experience 00:17:13.000 --> 00:17:17.000 for for the users of Bitcoin and forces 00:17:17.000 --> 00:17:20.000 them to start using things other than 00:17:20.000 --> 00:17:25.000 Bitcoin 00:17:25.000 --> 00:17:30.000 again Greg Maxwell I'm not trying to 00:17:30.000 --> 00:17:33.000 pick on him any more than anybody else 00:17:33.000 --> 00:17:36.000 just there were plenty of quotes from 00:17:36.000 --> 00:17:41.000 him because he loves to post all over 00:17:41.000 --> 00:17:47.000 the internet and he says there's a can 00:17:47.000 --> 00:17:52.000 there's a consistent feedback log which 00:17:52.000 --> 00:17:57.000 is the required which is the required 00:17:57.000 --> 00:18:00.000 criteria for stability and again that's 00:18:00.000 --> 00:18:03.000 nonsense 00:18:03.000 --> 00:18:07.000 it wasn't until very recently that the 00:18:07.000 --> 00:18:11.000 blocks became full and the fee 00:18:11.000 --> 00:18:15.000 skyrocketed and that happened in sync 00:18:15.000 --> 00:18:18.000 with the Bitcoin share of the 00:18:18.000 --> 00:18:22.000 cryptically market space just plummeting 00:18:22.000 --> 00:18:27.000 so uh I'm sure Greg knows a lot of 00:18:27.000 --> 00:18:31.000 things about a lot of interesting topics 00:18:31.000 --> 00:18:38.000 the economic code of Bitcoin is not one 00:18:38.000 --> 00:18:44.000 of them Peter really he says we as a 00:18:44.000 --> 00:18:48.000 community should indeed let a fee market 00:18:48.000 --> 00:18:53.000 develop and rather sooner than later and 00:18:53.000 --> 00:18:58.000 again I'm sure Peters a really smart guy 00:18:58.000 --> 00:19:02.000 about a lot of things he has a PhD but 00:19:02.000 --> 00:19:05.000 the economic code that has made Bitcoin 00:19:05.000 --> 00:19:08.000 a success is not one of the things that 00:19:08.000 --> 00:19:11.000 he's knowledgeable about and again we 00:19:11.000 --> 00:19:14.000 can see in the charts here that as soon 00:19:14.000 --> 00:19:18.000 as the Bitcoin transaction fees 00:19:18.000 --> 00:19:24.000 skyrocketed Bitcoin share of the crypto 00:19:24.000 --> 00:19:30.000 coin market space plummeted we have 00:19:30.000 --> 00:19:33.000 marked freedom balke I'm again I'm sure 00:19:33.000 --> 00:19:36.000 he's a smart guy about a lot of things 00:19:36.000 --> 00:19:40.000 and very well-informed about a lot of 00:19:40.000 --> 00:19:44.000 things the economic code that has made 00:19:44.000 --> 00:19:49.000 Bitcoin a success is not one of him and 00:19:49.000 --> 00:19:53.000 he says slow confirmation high fees will 00:19:53.000 --> 00:19:57.000 be the norm in any state 00:19:57.000 --> 00:20:02.000 outcome no if we have slow confirmations 00:20:02.000 --> 00:20:06.000 and high fees we're going to see Bitcoin 00:20:06.000 --> 00:20:09.000 be replaced by you know the thousand one 00:20:09.000 --> 00:20:12.000 substitute goods that are out there 00:20:12.000 --> 00:20:16.000 waiting to replace Bitcoin and we can 00:20:16.000 --> 00:20:20.000 see that from the charts here that when 00:20:20.000 --> 00:20:23.000 the average confirmation time became 00:20:23.000 --> 00:20:27.000 really long because the full blocks 00:20:27.000 --> 00:20:34.000 Bitcoin share of the overall crypto coin 00:20:34.000 --> 00:20:40.000 market space has plummeted and Luke jr. 00:20:40.000 --> 00:20:44.000 reasonable block sizes currently range 00:20:44.000 --> 00:20:52.000 from five hundred and fifty kilobytes to 00:20:52.000 --> 00:20:59.000 one megabyte absolute nonsense I don't 00:20:59.000 --> 00:21:01.000 think there's too many same people in 00:21:01.000 --> 00:21:06.000 the world that think that that's a good 00:21:06.000 --> 00:21:11.000 idea it's going to be the end of Bitcoin 00:21:11.000 --> 00:21:14.000 if if we've restrict the block size and 00:21:14.000 --> 00:21:19.000 create this horrible user experience for 00:21:19.000 --> 00:21:24.000 all the users a Bitcoin and again Luke 00:21:24.000 --> 00:21:30.000 jr. says it's no longer possible to keep 00:21:30.000 --> 00:21:35.000 fees low that's just absolute nonsense 00:21:35.000 --> 00:21:38.000 the reason fees are so high is because 00:21:38.000 --> 00:21:41.000 Bitcoin had this giant network effect 00:21:41.000 --> 00:21:44.000 there were already a million apps for 00:21:44.000 --> 00:21:47.000 smartphones and computers and Bitcoin 00:21:47.000 --> 00:21:51.000 exchanges and Merchants that accept 00:21:51.000 --> 00:21:55.000 Bitcoin so there's definitely a lot of 00:21:55.000 --> 00:21:58.000 stickiness that prevents people to from 00:21:58.000 --> 00:22:02.000 wanting to switch from something from 00:22:02.000 --> 00:22:05.000 from Bitcoin to something else but if 00:22:05.000 --> 00:22:08.000 the fees get too high and the 00:22:08.000 --> 00:22:12.000 confirmation times get too long and the 00:22:12.000 --> 00:22:16.000 user experience gets too bad people are 00:22:16.000 --> 00:22:19.000 going to switch where you've seen that 00:22:19.000 --> 00:22:22.000 happen in a major way and that's 00:22:22.000 --> 00:22:25.000 specifically because the blocks were 00:22:25.000 --> 00:22:28.000 were allowed to become full because 00:22:28.000 --> 00:22:32.000 these Bitcoin quorum block stream guys 00:22:32.000 --> 00:22:36.000 in their you know ignorant of the 00:22:36.000 --> 00:22:40.000 economic code of Bitcoin thought that 00:22:40.000 --> 00:22:44.000 that would be a good idea and I wouldn't 00:22:44.000 --> 00:22:48.000 be so passionate about this if I didn't 00:22:48.000 --> 00:22:53.000 own a bunch of bitcoins I want to see 00:22:53.000 --> 00:22:59.000 Bitcoin do well and again we have Luke 00:22:59.000 --> 00:23:03.000 jr. saying just pay a $5 fee and it'll 00:23:03.000 --> 00:23:06.000 go through every time unless you're 00:23:06.000 --> 00:23:10.000 doing something stupid well maybe that 00:23:10.000 --> 00:23:14.000 was approximately true back in March 00:23:14.000 --> 00:23:20.000 when he said that but just this morning 00:23:20.000 --> 00:23:26.000 I paid $59 for my fee and I got included 00:23:26.000 --> 00:23:30.000 in the next block but I'll the the fee 00:23:30.000 --> 00:23:35.000 for that was 290 satoshis per byte so it 00:23:35.000 --> 00:23:38.000 wasn't a miscalculation on the fee 00:23:38.000 --> 00:23:42.000 that's about what the fees are it need 00:23:42.000 --> 00:23:46.000 to be at the moment so uh and I was 00:23:46.000 --> 00:23:48.000 sending those bitcoins that I sent this 00:23:48.000 --> 00:23:50.000 morning I was sending them to an 00:23:50.000 --> 00:23:52.000 exchange to trade them for something 00:23:52.000 --> 00:23:58.000 other 00:23:58.000 --> 00:24:05.000 than Bitcoin so thanks thanks Luke 00:24:05.000 --> 00:24:10.000 George team and another block stream in 00:24:10.000 --> 00:24:16.000 Bitcoin core participant in blocks 00:24:16.000 --> 00:24:23.000 employee he says higher fees may be just 00:24:23.000 --> 00:24:30.000 what is needed that's absolute nonsense 00:24:30.000 --> 00:24:34.000 no higher fees are kryptonite to the 00:24:34.000 --> 00:24:37.000 adoption of Bitcoin into the user base 00:24:37.000 --> 00:24:41.000 of Bitcoin and we can see that plain as 00:24:41.000 --> 00:24:44.000 day from these charts here when the fees 00:24:44.000 --> 00:24:47.000 became really high to use Bitcoin 00:24:47.000 --> 00:24:52.000 bitcoins percentage of the total market 00:24:52.000 --> 00:24:57.000 cap I of cryptocurrencies plummeted so 00:24:57.000 --> 00:25:01.000 no George higher fees is exactly what 00:25:01.000 --> 00:25:05.000 the system doesn't need Bitcoin is 00:25:05.000 --> 00:25:08.000 supposed to be frictionless or as close 00:25:08.000 --> 00:25:11.000 to frictionless as we can make it 00:25:11.000 --> 00:25:14.000 peer-to-peer electronic cash not some 00:25:14.000 --> 00:25:19.000 sort of settlement layer with high fees 00:25:19.000 --> 00:25:24.000 and slow confirmation times and again we 00:25:24.000 --> 00:25:27.000 have George here saying a confirmation 00:25:27.000 --> 00:25:32.000 times are fine for those who pay high 00:25:32.000 --> 00:25:36.000 fees know if the fees become high people 00:25:36.000 --> 00:25:38.000 are going to switch to using a 00:25:38.000 --> 00:25:42.000 cryptocurrency that has fast 00:25:42.000 --> 00:25:46.000 confirmation times and it's worth noting 00:25:46.000 --> 00:25:50.000 it may be a lot of people that are new 00:25:50.000 --> 00:25:55.000 to Bitcoin in the early days of Bitcoin 00:25:55.000 --> 00:25:59.000 the policy was first seen first safe 00:25:59.000 --> 00:26:02.000 that and that meant that when you 00:26:02.000 --> 00:26:05.000 broadcasted your transaction to the 00:26:05.000 --> 00:26:08.000 network once it had been broadcasted to 00:26:08.000 --> 00:26:12.000 the network you were pretty much good to 00:26:12.000 --> 00:26:16.000 go and people commonly accepted Bitcoin 00:26:16.000 --> 00:26:19.000 transactions for you know tens of 00:26:19.000 --> 00:26:23.000 thousands of dollars without waiting for 00:26:23.000 --> 00:26:27.000 a confirmation depending on the exact 00:26:27.000 --> 00:26:32.000 circumstances and you can make Bitcoin 00:26:32.000 --> 00:26:37.000 zero confirmation transactions very very 00:26:37.000 --> 00:26:40.000 very safe certainly not as safe as a 00:26:40.000 --> 00:26:44.000 transaction that's already had a 00:26:44.000 --> 00:26:47.000 confirmation or more but you can make 00:26:47.000 --> 00:26:50.000 them where they're safe enough to where 00:26:50.000 --> 00:26:53.000 most of the time people can accept them 00:26:53.000 --> 00:26:57.000 for most things in their life and it 00:26:57.000 --> 00:27:00.000 becomes good enough for for most things 00:27:00.000 --> 00:27:03.000 and that should be the goal whereas 00:27:03.000 --> 00:27:06.000 unfortunately Bitcoin core and block 00:27:06.000 --> 00:27:10.000 streams have intentionally undermined 00:27:10.000 --> 00:27:14.000 the safety of zero confirmation 00:27:14.000 --> 00:27:18.000 transactions and that degrades the user 00:27:18.000 --> 00:27:21.000 experience and that'll make people want 00:27:21.000 --> 00:27:24.000 to go and seek out coins that provide a 00:27:24.000 --> 00:27:27.000 better user experience and use those as 00:27:27.000 --> 00:27:30.000 a substitute for Bitcoin and that's 00:27:30.000 --> 00:27:34.000 exactly what we've seen happening over 00:27:34.000 --> 00:27:39.000 the last few months and again we have 00:27:39.000 --> 00:27:43.000 George saying Bitcoin needs a 00:27:43.000 --> 00:27:47.000 competitive fee market in the long run 00:27:47.000 --> 00:27:52.000 to sustain proof-of-work 00:27:52.000 --> 00:27:56.000 once the subsidies are gone I'm very 00:27:56.000 --> 00:28:00.000 happy that we have it now 00:28:00.000 --> 00:28:05.000 and I'm sympathetic to that argument 00:28:05.000 --> 00:28:10.000 that some day when there's no more block 00:28:10.000 --> 00:28:14.000 reward whatsoever we need some fees to 00:28:14.000 --> 00:28:18.000 incentivize the miners to see here the 00:28:18.000 --> 00:28:22.000 network but the block reward doesn't run 00:28:22.000 --> 00:28:26.000 out for another hundred years we have 00:28:26.000 --> 00:28:30.000 more than a hundred years until this 00:28:30.000 --> 00:28:34.000 becomes a problem and instead of waiting 00:28:34.000 --> 00:28:38.000 for a hundred years to solve this 00:28:38.000 --> 00:28:43.000 problem there cause they're causing a 00:28:43.000 --> 00:28:47.000 problem right now today they're causing 00:28:47.000 --> 00:28:51.000 a giant problem on the Bitcoin network 00:28:51.000 --> 00:28:55.000 today that's causing people to use 00:28:55.000 --> 00:28:59.000 things other than bitcoins so because of 00:28:59.000 --> 00:29:02.000 some problem that might exist more than 00:29:02.000 --> 00:29:05.000 a hundred years from now they're 00:29:05.000 --> 00:29:10.000 intentionally causing a problem today so 00:29:10.000 --> 00:29:14.000 that's a shows a clear lack of 00:29:14.000 --> 00:29:17.000 understanding of the economic code 00:29:17.000 --> 00:29:21.000 that's made Bitcoin a success today the 00:29:21.000 --> 00:29:25.000 Bitcoin economic code that made Bitcoin 00:29:25.000 --> 00:29:28.000 is a success is the exact same one that 00:29:28.000 --> 00:29:31.000 we had for the first eight years which 00:29:31.000 --> 00:29:35.000 was low fees and fast confirmation times 00:29:35.000 --> 00:29:39.000 for everybody and they're altering that 00:29:39.000 --> 00:29:44.000 economic code to disastrous results here 00:29:44.000 --> 00:29:49.000 and again we say that George in 00:29:49.000 --> 00:29:53.000 reference to Adam back the CEO block 00:29:53.000 --> 00:29:56.000 stirring he says I think Adam and I 00:29:56.000 --> 00:29:59.000 agree that hitting the limit wouldn't be 00:29:59.000 --> 00:30:03.000 bad but actually good for a young and 00:30:03.000 --> 00:30:07.000 immature market like Bitcoin fees this 00:30:07.000 --> 00:30:12.000 is absolute nonsense this is kryptonite 00:30:12.000 --> 00:30:16.000 to Bitcoin Bitcoin had an amazing growth 00:30:16.000 --> 00:30:19.000 rate the first eight years a Bitcoin 00:30:19.000 --> 00:30:21.000 when the fees were essentially you know 00:30:21.000 --> 00:30:24.000 basically nothing you were talking about 00:30:24.000 --> 00:30:28.000 a penny to use Bitcoin and Bitcoin went 00:30:28.000 --> 00:30:31.000 from nobody using it to somewhere around 00:30:31.000 --> 00:30:35.000 you know ten plus million users around 00:30:35.000 --> 00:30:39.000 the world huge amounts of venture 00:30:39.000 --> 00:30:44.000 capital coming in a huge adoption for 00:30:44.000 --> 00:30:48.000 merchants it was amazing and we have a 00:30:48.000 --> 00:30:51.000 eight year track record knowing that 00:30:51.000 --> 00:30:54.000 that economic code worked incredibly 00:30:54.000 --> 00:30:57.000 well to grow Bitcoin and get the coin 00:30:57.000 --> 00:31:01.000 used by more and more people around the 00:31:01.000 --> 00:31:06.000 world if you know something works and 00:31:06.000 --> 00:31:11.000 works incredibly well don't change it 00:31:11.000 --> 00:31:15.000 yet here's George claiming that he and 00:31:15.000 --> 00:31:19.000 Adam want to change this economic code 00:31:19.000 --> 00:31:23.000 that we already know works to some 00:31:23.000 --> 00:31:27.000 economic code that we don't know works 00:31:27.000 --> 00:31:31.000 and in fact we have a whole bunch of the 00:31:31.000 --> 00:31:34.000 evidence to say that it doesn't work and 00:31:34.000 --> 00:31:37.000 it drives people to use something other 00:31:37.000 --> 00:31:41.000 than Bitcoin so if something's not 00:31:41.000 --> 00:31:45.000 broken don't fix it yet that's exactly 00:31:45.000 --> 00:31:50.000 what these people are trying to do 00:31:50.000 --> 00:31:55.000 ah and here's a quote from vladimir van 00:31:55.000 --> 00:32:00.000 der Laan who would contribute a bitcoin 00:32:00.000 --> 00:32:05.000 core and he says a mounting fee pressure 00:32:05.000 --> 00:32:09.000 resulting in a true free market where 00:32:09.000 --> 00:32:13.000 transactions compete to get into Bloxx 00:32:13.000 --> 00:32:18.000 results an urgency to develop 00:32:18.000 --> 00:32:23.000 decentralized off chain solutions and we 00:32:23.000 --> 00:32:26.000 have these charts here showing that 00:32:26.000 --> 00:32:29.000 bitcoin when the fees became high and 00:32:29.000 --> 00:32:35.000 the see pressure was there Bitcoin share 00:32:35.000 --> 00:32:41.000 of market cap plummeted so yeah it made 00:32:41.000 --> 00:32:45.000 some people develop off chain solutions 00:32:45.000 --> 00:32:50.000 for Bitcoin meaning using Bitcoin banks 00:32:50.000 --> 00:32:55.000 like a you know coin basing Zappo and 00:32:55.000 --> 00:32:59.000 and and Bitcoin exchanges that hold the 00:32:59.000 --> 00:33:02.000 bitcoins for the users which is exactly 00:33:02.000 --> 00:33:05.000 what bitcoin was supposed to avoid we 00:33:05.000 --> 00:33:08.000 want everyone to hold their bitcoins 00:33:08.000 --> 00:33:12.000 themselves in a wall in which they 00:33:12.000 --> 00:33:16.000 control the keys and in addition to 00:33:16.000 --> 00:33:20.000 doing that it's pushed all sorts of 00:33:20.000 --> 00:33:24.000 people to start using things other than 00:33:24.000 --> 00:33:28.000 Bitcoin there's all sorts of companies 00:33:28.000 --> 00:33:32.000 that used to be Bitcoin only companies 00:33:32.000 --> 00:33:36.000 that have started adopting Bitcoin so 00:33:36.000 --> 00:33:40.000 coinbase used to be a Bitcoin only 00:33:40.000 --> 00:33:43.000 company and now they've integrated 00:33:43.000 --> 00:33:46.000 litecoin in the theorem and they've 00:33:46.000 --> 00:33:49.000 announced they're going to integrate 00:33:49.000 --> 00:33:54.000 Bitcoin cash we just saw earlier this 00:33:54.000 --> 00:33:59.000 week blockchain that info the number one 00:33:59.000 --> 00:34:02.000 Bitcoin wallet in the entire world 00:34:02.000 --> 00:34:06.000 that's responsible for more Bitcoin 00:34:06.000 --> 00:34:10.000 transactions than any other will than 00:34:10.000 --> 00:34:16.000 all other wallets combined just 00:34:16.000 --> 00:34:21.000 integrated aetherium I I'm the very 00:34:21.000 --> 00:34:24.000 first investor in the entire world and 00:34:24.000 --> 00:34:27.000 blockchain dot info I'm still the 00:34:27.000 --> 00:34:32.000 largest shareholder in the entire world 00:34:32.000 --> 00:34:38.000 in blockchain at that info almost more 00:34:38.000 --> 00:34:43.000 than all the other shareholders combined 00:34:43.000 --> 00:34:47.000 blockchain had no desire to integrate 00:34:47.000 --> 00:34:51.000 any other altcoins other than Bitcoin 00:34:51.000 --> 00:34:54.000 and the only reason that they integrated 00:34:54.000 --> 00:34:56.000 something other than Bitcoin at this 00:34:56.000 --> 00:34:59.000 point is because they were forced to 00:34:59.000 --> 00:35:03.000 because of the horrible user experience 00:35:03.000 --> 00:35:07.000 for for Bitcoin users on the Bitcoin 00:35:07.000 --> 00:35:11.000 network because of the full blocks and 00:35:11.000 --> 00:35:15.000 the high fees if that wasn't the case we 00:35:15.000 --> 00:35:19.000 would have been happy just going on with 00:35:19.000 --> 00:35:24.000 Bitcoin forever so we've seen coin based 00:35:24.000 --> 00:35:27.000 and grade altcoins bloodshed under info 00:35:27.000 --> 00:35:30.000 integrate altcoins 00:35:30.000 --> 00:35:35.000 all sorts of what used to be Bitcoin 00:35:35.000 --> 00:35:39.000 exchange exchanges have been now become 00:35:39.000 --> 00:35:44.000 cryptocurrency exchanges and are busy 00:35:44.000 --> 00:35:49.000 integrating altcoins that's because 00:35:49.000 --> 00:35:53.000 of the horrible user experience that was 00:35:53.000 --> 00:35:56.000 brought about on Bitcoin because of the 00:35:56.000 --> 00:36:00.000 full blocks and high fees and slow 00:36:00.000 --> 00:36:04.000 confirmation times that they bring its 00:36:04.000 --> 00:36:09.000 kryptonite to the future growth of 00:36:09.000 --> 00:36:14.000 Bitcoin and again we have vladimir here 00:36:14.000 --> 00:36:18.000 saying I'm afraid increasing the block 00:36:18.000 --> 00:36:23.000 size will kick this can down the road 00:36:23.000 --> 00:36:30.000 and let people and the large Bitcoin 00:36:30.000 --> 00:36:36.000 companies relax saying that it's going 00:36:36.000 --> 00:36:39.000 to let them relax that's exactly what we 00:36:39.000 --> 00:36:42.000 want people to using Bitcoin to be able 00:36:42.000 --> 00:36:45.000 to do we want them to be able to relax 00:36:45.000 --> 00:36:48.000 and have a wonderful user experience and 00:36:48.000 --> 00:36:52.000 have Bitcoin work beautifully for them 00:36:52.000 --> 00:36:56.000 that that's the name of the game when it 00:36:56.000 --> 00:36:59.000 comes to customer service and user 00:36:59.000 --> 00:37:02.000 adoption you want people to have a good 00:37:02.000 --> 00:37:05.000 experience and be able to relax and just 00:37:05.000 --> 00:37:08.000 be able to use Bitcoin and not worry 00:37:08.000 --> 00:37:11.000 about it and instead they're causing 00:37:11.000 --> 00:37:14.000 these intentional problems on the 00:37:14.000 --> 00:37:17.000 network and we see can see in these 00:37:17.000 --> 00:37:21.000 charts again as soon as we hit the one 00:37:21.000 --> 00:37:27.000 megabyte limit bitcoins percentage of 00:37:27.000 --> 00:37:32.000 the total market cap plummeted so what 00:37:32.000 --> 00:37:36.000 can we do about it 00:37:36.000 --> 00:37:40.000 so I made these slides six months ago 00:37:40.000 --> 00:37:44.000 but the answer is still basically the 00:37:44.000 --> 00:37:49.000 same right Bitcoin unlimited at the time 00:37:49.000 --> 00:37:54.000 with advocating bigger blocks lower fees 00:37:54.000 --> 00:37:58.000 and faster confirmations and it also 00:37:58.000 --> 00:38:01.000 enables layer to scaling so we get all 00:38:01.000 --> 00:38:05.000 the benefits from the Lightning Network 00:38:05.000 --> 00:38:10.000 and all these fancy layer to stuff plus 00:38:10.000 --> 00:38:13.000 lower fees and confirmations faster 00:38:13.000 --> 00:38:17.000 confirmations that's exactly what we 00:38:17.000 --> 00:38:21.000 want and Bitcoin cash has the exact same 00:38:21.000 --> 00:38:24.000 thing today we already have bigger 00:38:24.000 --> 00:38:27.000 blocks for seeing all the transactions 00:38:27.000 --> 00:38:31.000 being concluded right in the decks block 00:38:31.000 --> 00:38:34.000 the fees are some very very small 00:38:34.000 --> 00:38:38.000 fraction of what it is on the Bitcoin 00:38:38.000 --> 00:38:42.000 legacy system system and we can build 00:38:42.000 --> 00:38:46.000 all sorts of layer to stuff on top of 00:38:46.000 --> 00:38:52.000 this as well and Bitcoin unlimited and 00:38:52.000 --> 00:38:58.000 Bitcoin caches plan leads to better 00:38:58.000 --> 00:39:03.000 money right hard it has all these things 00:39:03.000 --> 00:39:07.000 including the ease to easy to transport 00:39:07.000 --> 00:39:11.000 part Bitcoin legacy is not easy to 00:39:11.000 --> 00:39:15.000 transport it's incredibly expensive and 00:39:15.000 --> 00:39:21.000 super slow to do that and that's not 00:39:21.000 --> 00:39:28.000 what good money is and again if we have 00:39:28.000 --> 00:39:34.000 better money better money leads to more 00:39:34.000 --> 00:39:40.000 users more nodes more adoption and more 00:39:40.000 --> 00:39:44.000 censorship resistance with a higher band 00:39:44.000 --> 00:39:48.000 all those things will lead to a higher 00:39:48.000 --> 00:39:51.000 market cap and a higher price 00:39:51.000 --> 00:39:54.000 and we're seeing that happen right 00:39:54.000 --> 00:39:59.000 before our eyes with Bitcoin cash today 00:39:59.000 --> 00:40:04.000 so many people are son they're slow and 00:40:04.000 --> 00:40:09.000 not easy to use and expensive to move 00:40:09.000 --> 00:40:13.000 bitcoins and buying Bitcoin cash and the 00:40:13.000 --> 00:40:17.000 miners are going to switch and whichever 00:40:17.000 --> 00:40:22.000 cryptocurrency has these characteristics 00:40:22.000 --> 00:40:28.000 as money is going to be the one that 00:40:28.000 --> 00:40:33.000 people use and Bitcoin had this giant 00:40:33.000 --> 00:40:36.000 giant just you know light your head 00:40:36.000 --> 00:40:40.000 start on all these other 00:40:40.000 --> 00:40:45.000 cryptocurrencies but in terms of network 00:40:45.000 --> 00:40:49.000 effect and user adoption and that's been 00:40:49.000 --> 00:40:53.000 absolutely squandered and destroyed and 00:40:53.000 --> 00:40:58.000 smashed by this idiotic full block - 00:40:58.000 --> 00:41:02.000 policy of block streaming core I don't 00:41:02.000 --> 00:41:05.000 think that they're bad people I think 00:41:05.000 --> 00:41:08.000 they just don't understand the economic 00:41:08.000 --> 00:41:11.000 code that's made Bitcoin a success and 00:41:11.000 --> 00:41:14.000 they've altered that to the detriment of 00:41:14.000 --> 00:41:17.000 Bitcoin and that's why you seen Bitcoin 00:41:17.000 --> 00:41:20.000 and now Bitcoin cash I'm sorry that's 00:41:20.000 --> 00:41:24.000 why we've seen etherium and now Bitcoin 00:41:24.000 --> 00:41:30.000 cash just coming up like leaps and 00:41:30.000 --> 00:41:36.000 bounds and if Bitcoin legacy continues 00:41:36.000 --> 00:41:41.000 to have this bad user experience 100% of 00:41:41.000 --> 00:41:46.000 its first mover advantage is going to be 00:41:46.000 --> 00:41:52.000 destroyed because of block streams full 00:41:52.000 --> 00:41:56.000 block and high few policy and that 00:41:56.000 --> 00:41:59.000 brings us to where we are today if 00:41:59.000 --> 00:42:03.000 you're wondering what crypto coins you 00:42:03.000 --> 00:42:07.000 should hold look at this chart here all 00:42:07.000 --> 00:42:11.000 of them are hard to counterfeit right 00:42:11.000 --> 00:42:15.000 look for the ones that are scarce and 00:42:15.000 --> 00:42:20.000 have a limited supply all of them are 00:42:20.000 --> 00:42:24.000 basically divisible on homogeneous is 00:42:24.000 --> 00:42:28.000 just another name for for privacy so 00:42:28.000 --> 00:42:32.000 Bitcoin in addition to the scaling issue 00:42:32.000 --> 00:42:36.000 has a really big problem with the 00:42:36.000 --> 00:42:40.000 homogeneous Nikoli needs to have more 00:42:40.000 --> 00:42:44.000 privacy built-in so look at crypto coins 00:42:44.000 --> 00:42:48.000 that have more privacy built in so you 00:42:48.000 --> 00:42:54.000 have a some top contenders there rzz 00:42:54.000 --> 00:42:59.000 cash debt - maybe the privacy is a 00:42:59.000 --> 00:43:03.000 little bit weaker but still seems to be 00:43:03.000 --> 00:43:08.000 better than Bitcoin Manero of course 00:43:08.000 --> 00:43:12.000 decline and I'm sure there's a number of 00:43:12.000 --> 00:43:16.000 others out there so keep an eye on those 00:43:16.000 --> 00:43:21.000 and that's another big problem with the 00:43:21.000 --> 00:43:26.000 full block and high a high feed policy 00:43:26.000 --> 00:43:30.000 implemented by block streaming core it 00:43:30.000 --> 00:43:33.000 makes it too expensive for people to use 00:43:33.000 --> 00:43:37.000 privacy tools like Bitcoin mixers and 00:43:37.000 --> 00:43:41.000 that damages the homogeneous nosov 00:43:41.000 --> 00:43:44.000 Bitcoin if you too expensive to use and 00:43:44.000 --> 00:43:46.000 make sure then people aren't going to 00:43:46.000 --> 00:43:49.000 use it anymore 00:43:49.000 --> 00:43:53.000 that damages bitcoins characteristics as 00:43:53.000 --> 00:43:57.000 money if you have you know big blocks 00:43:57.000 --> 00:44:00.000 where people can shuffle all their coins 00:44:00.000 --> 00:44:03.000 around that improves the privacy of 00:44:03.000 --> 00:44:07.000 Bitcoin and that makes Bitcoin better 00:44:07.000 --> 00:44:11.000 money again so they damaged this aspect 00:44:11.000 --> 00:44:16.000 of a Bitcoin as well with their full 00:44:16.000 --> 00:44:20.000 block and high C policy of course the 00:44:20.000 --> 00:44:23.000 coins and all these other cryptic lines 00:44:23.000 --> 00:44:27.000 are durable but easy to transport 00:44:27.000 --> 00:44:31.000 Bitcoin has had that incredibly damaged 00:44:31.000 --> 00:44:35.000 with this full block and high feed 00:44:35.000 --> 00:44:38.000 policy so uh anyhow if you're shopping 00:44:38.000 --> 00:44:42.000 for other crypto coins here's the 00:44:42.000 --> 00:44:46.000 characteristics to look for I would like 00:44:46.000 --> 00:44:50.000 Bitcoin to have all those in spades 00:44:50.000 --> 00:44:55.000 again Bitcoin cash looks like it has a 00:44:55.000 --> 00:45:00.000 pretty good chance of doing that again 00:45:00.000 --> 00:45:04.000 but it has nowhere near the market 00:45:04.000 --> 00:45:07.000 effect of Bitcoin there's no easy-to-use 00:45:07.000 --> 00:45:11.000 smartphone apps there's pretty good 00:45:11.000 --> 00:45:15.000 adoption from exchanges there's minimal 00:45:15.000 --> 00:45:19.000 adoption from merchant service providers 00:45:19.000 --> 00:45:23.000 at this point so it's a bit of a chicken 00:45:23.000 --> 00:45:28.000 and egg problem but every single Bitcoin 00:45:28.000 --> 00:45:32.000 holder is also a Bitcoin cash holder so 00:45:32.000 --> 00:45:36.000 a lot of these people are going to be 00:45:36.000 --> 00:45:39.000 interested especially when when though 00:45:39.000 --> 00:45:42.000 we're seeing the price go crazy for it 00:45:42.000 --> 00:45:45.000 we should check this the price again 00:45:45.000 --> 00:45:49.000 since I didn't check from the time I 00:45:49.000 --> 00:45:54.000 started this little screencast but it's 00:45:54.000 --> 00:45:59.000 just been going crazy it was a less than 00:45:59.000 --> 00:46:05.000 it was about $300 48 hours ago and now 00:46:05.000 --> 00:46:11.000 it's up around $1000 at the moment and 00:46:11.000 --> 00:46:15.000 yeah what what an exciting thing so 00:46:15.000 --> 00:46:19.000 anyhow I don't need this to go too long 00:46:19.000 --> 00:46:23.000 we're almost up to a half an hour but 00:46:23.000 --> 00:46:27.000 better money leads to all these things 00:46:27.000 --> 00:46:31.000 that we want and it's worth pointing out 00:46:31.000 --> 00:46:36.000 the two that the goal is not 00:46:36.000 --> 00:46:41.000 decentralization the goal is censorship 00:46:41.000 --> 00:46:46.000 resistance and we don't need an infinite 00:46:46.000 --> 00:46:51.000 amount of decentralization but we want 00:46:51.000 --> 00:46:54.000 as much censorship resistance as we 00:46:54.000 --> 00:46:59.000 possibly can have and we just use the 00:46:59.000 --> 00:47:03.000 decentralization as the tool to achieve 00:47:03.000 --> 00:47:06.000 that censorship resistance so the 00:47:06.000 --> 00:47:10.000 decentralization in and of itself is not 00:47:10.000 --> 00:47:14.000 the goal it's simply the tool we use to 00:47:14.000 --> 00:47:18.000 achieve that censorship resistance and 00:47:18.000 --> 00:47:22.000 we just need enough decentralization to 00:47:22.000 --> 00:47:25.000 achieve that censorship resistance so 00:47:25.000 --> 00:47:29.000 that's me for anybody who is watching 00:47:29.000 --> 00:47:32.000 this video who doesn't know who I am I'm 00:47:32.000 --> 00:47:35.000 the very first person in the entire 00:47:35.000 --> 00:47:38.000 world to start investing in Bitcoin 00:47:38.000 --> 00:47:43.000 startups I've been involved in Bitcoin 00:47:43.000 --> 00:47:46.000 since February of 2011 I was the first 00:47:46.000 --> 00:47:49.000 invest 00:47:49.000 --> 00:47:54.000 blocking that info I was in the earliest 00:47:54.000 --> 00:47:58.000 problem for 4-bit pay and ripple and 00:47:58.000 --> 00:48:01.000 Percy oh and Kraken and shape-shift and 00:48:01.000 --> 00:48:04.000 a whole bunch of other companies that 00:48:04.000 --> 00:48:07.000 are no longer around as well and I 00:48:07.000 --> 00:48:09.000 started investing the decline system 00:48:09.000 --> 00:48:12.000 years before a traditional venture 00:48:12.000 --> 00:48:16.000 capital started getting involved I got 00:48:16.000 --> 00:48:20.000 involved because I want to see Bitcoin 00:48:20.000 --> 00:48:23.000 and if it's not Bitcoin I'll be a bit 00:48:23.000 --> 00:48:26.000 sad but I'm just fine if it's another 00:48:26.000 --> 00:48:31.000 cryptocurrency but I want to see Bitcoin 00:48:31.000 --> 00:48:35.000 or cryptocurrencies replace every other 00:48:35.000 --> 00:48:38.000 government issued currency in the world 00:48:38.000 --> 00:48:41.000 I want to see it replaced a dollar the 00:48:41.000 --> 00:48:44.000 euro in the end and put every single 00:48:44.000 --> 00:48:48.000 human being on the planet on the same 00:48:48.000 --> 00:48:51.000 foothold on the same footing for being 00:48:51.000 --> 00:48:53.000 able to send and receive money with 00:48:53.000 --> 00:48:56.000 anyone else anywhere in the world 00:48:56.000 --> 00:49:00.000 without requiring permission from any 00:49:00.000 --> 00:49:04.000 politician or government or anybody for 00:49:04.000 --> 00:49:08.000 that matter because that's what it's all 00:49:08.000 --> 00:49:12.000 about we're all human beings we all have 00:49:12.000 --> 00:49:15.000 the same natural rights we should all be 00:49:15.000 --> 00:49:17.000 able to transact and send and receive 00:49:17.000 --> 00:49:20.000 money with each other without having to 00:49:20.000 --> 00:49:24.000 get the permission of strangers living 00:49:24.000 --> 00:49:27.000 in far-off lands that's why I got 00:49:27.000 --> 00:49:31.000 involved with Bitcoin that's my goal 00:49:31.000 --> 00:49:35.000 today I'm the CEO Bitcoin comm if you 00:49:35.000 --> 00:49:41.000 want to learn more about Bitcoin go to 00:49:41.000 --> 00:49:48.000 bitcoin calm unlike Bitcoin torger 00:49:48.000 --> 00:49:52.000 bitcoin org or our Bitcoin will allow 00:49:52.000 --> 00:49:55.000 you to go and say anything you want on 00:49:55.000 --> 00:49:59.000 our forums we're not going to delete 00:49:59.000 --> 00:50:03.000 your posts or since your your your 00:50:03.000 --> 00:50:07.000 position just because of a you might 00:50:07.000 --> 00:50:14.000 disagree with somebody on how the clinch 00:50:14.000 --> 00:50:21.000 should scale but anyhow that's it thank 00:50:21.000 --> 00:50:25.000 you guys for listening I'll probably do 00:50:25.000 --> 00:50:29.000 an AMA at some point in the very near 00:50:29.000 --> 00:50:34.000 future on our BTC because they support 00:50:34.000 --> 00:50:39.000 free speech there so look for my AMA 00:50:39.000 --> 00:50:44.000 coming soon - thank you guys all for 00:50:44.000 --> 00:50:50.000 supporting this fundamentally 00:50:50.000 --> 00:50:56.000 world-changing technology to learn more 00:50:56.000 --> 00:50:59.000 Bitcoin comm thank you