0:01 Hello and welcome to Drivechain Twitter Spaces. I'm Henry at LayerTwo Labs. Today is a special 0:09 Drivechain Spaces because we just had the conference in Miami. LayerTwo Labs, our team was 0:18 there. We had a great booth. It was a perfect location right near the main entrance to the 0:24 great hall where all the speakers were. We had one of the larger booths with a bunch of pinatas 0:32 with altcoin logos on them. We had visitors to our booth smash the pinatas, destroying 0:40 the altcoins metaphorically. That's what Drivechain can do. By design, Drivechain allows 0:48 the Bitcoin community to copy the technology of altcoins into Bitcoin sidechains where the native 0:56 token of each sidechain is a synthetic Bitcoin that can only be created by locking actual main 1:04 chain Bitcoin in a two-way peg called a hashrate escrow. In other words, a sidechain can be a 1:12 blockchain with no native token other than Bitcoin. In this way, all demand for the sidechain 1:22 accrues value to Bitcoin. For example, if there were a privacy sidechain where all of the privacy 1:31 focused blockchain users at the Monero and Zcash community, if they were to migrate to Bitcoin 1:39 sidechains, that would increase the value of Bitcoin. And because Drivechain leverages 1:45 Satoshi's merged mining technology, all the transaction fees, approximately all of them, 1:51 are paid to main chain Bitcoin miners and they don't have to do anything extra. Running the node 1:59 of the sidechain is optional because Drivechain improves upon Satoshi's merged mining. Drivechain 2:08 BIP301 eliminates the need for the miner to necessarily run the node of the sidechain 2:18 and still a miner collects the sidechain fees. This ingenious design results in the 2:27 miner being paid in Bitcoin for the transaction fees on the sidechain, whereas in ordinary 2:34 merged mining, as Satoshi designed it, the Bitcoin miner has to run the node of the sidechain 2:41 and then would be paid in an altcoin. So today, for example, if you're merged mining Litecoin 2:50 and Dogecoin with script miners, you would be paid in two different coins, Litecoin and Dogecoin. 2:57 But with the Drivechain design, it's Bitcoin only. 3:01 Drivechain is the most Bitcoin only idea in all of Bitcoin. 3:10 Drivechain is the idea that every single blockchain application, whether it's for gambling 3:16 and entertainment like NFTs or other things, or whether it's for something that has clear utility 3:23 and objective use value like privacy coins or large block sidechains on Bitcoin, 3:30 Drivechain aims to have every good application on blockchain be built on Bitcoin in a manner that is 3:39 harmonious with Bitcoin economically. In other words, we want every single person in the whole 3:46 world, whoever wants to build or use anything on a blockchain, to do it on Bitcoin in a manner 3:54 that increases Bitcoin's value. In other words, increasing the purchasing power of Bitcoin, 3:59 sending it up. Drivechain is number go up technology, we believe. We believe it's number 4:06 go up technology because imagine if all the building on all the blockchains were done instead 4:12 on Bitcoin and its sidechains, Bitcoin's price would be a multiple of what it is today. And 4:19 the total amount of transaction fees paid to Bitcoin miners would be much higher than it is 4:25 today. Today, about 1 10th to 1 20th of all the transaction fees that are paid to Bitcoin miners 4:38 is only like, let me rephrase that. Today, all of the transaction fees that are paid to all the 4:45 blockchains in the whole world is about 10 or 20 times the amount of transaction fees that are paid 4:52 to Bitcoin miners. In other words, Bitcoin miners are getting only a fraction of the revenue they 4:58 could be getting. And if Drivechain is adopted on Bitcoin and is very successful, and all of 5:06 the economic activity migrates to Bitcoin from these altcoins, the amount of fees that would be 5:13 received by Bitcoin miners would be much higher, it would be 10 times higher or more. Because 5:21 there are so many fees being paid on other blockchains. And that's not good. It's not 5:26 good for Bitcoin in terms of its network effects, and its narrative of monetization. 5:34 To have so much economic activity flowing to independent blockchains from Bitcoin, 5:42 blockchains that are not economically aligned or linked with Bitcoin. It's not helpful. In fact, 5:49 it threatens Bitcoin. Because it causes the public to wonder whether Bitcoin will maintain 6:00 its market cap crown. It causes the public to wonder whether Bitcoin will maintain its leadership 6:07 in the competition to become the world's leading and only peer-to-peer electronic cash system. 6:18 We don't want another peer-to-peer electronic cash system gaining network effect. Instead, 6:25 we want Bitcoin to have no competition. We want Bitcoin to be the only layer one in existence. 6:31 And the only way that's possible, we believe, is if Drivechain or something similar is adopted. 6:39 Because Drivechain or something similar would enable Bitcoin to be a platform where every 6:46 good technology on a blockchain can be built on Bitcoin. And then no one has to buy an altcoin 6:53 to get any kind of functionality. Right now, if you wanted to use Monero in order to participate 7:01 in certain markets that only accept Monero, you would have to buy Monero. But imagine 7:09 if all the Monero users in the whole world migrated to a Bitcoin sidechain that is a clone 7:17 of the Monero technology, a clone of the code of Monero. We literally copy-paste the code 7:24 into a Bitcoin sidechain. And then the only way to get a token on that sidechain is to 7:30 send an actual Bitcoin into the hashrate escrow. That's the two-way peg created by BIP300. 7:39 And then all the users would flow over from the altcoin. So we would absorb the users of Monero. 7:44 We would bring them home. And I think that would be a triumph of the Bitcoin community, 7:50 is if it were able to successfully reabsorb the users, the value, the fees and the 7:58 cypherpunk narratives that have left Bitcoin ever since the privacy altcoin communities arose, 8:05 when it was detected that advanced technology for privacy wasn't being made available on Bitcoin. 8:12 Bitcoin has coin joins and other privacy tools. However, the most extreme and experimental 8:21 privacy technology exists only outside of Bitcoin. Adam Back, the head of Blockstream, 8:28 has written about this in a tweet, where he tweeted about Zcash. And he commended Paul Sztorc 8:38 for developing a Zcash sidechain in the drivechain testnet. And Adam tweeted, 8:48 this was only a few months ago, it's easy to find. He tweeted that, in fact, let me find the exact, 8:57 let's find the exact tweet. That way we can quote it accurately. 9:01 So what we're going to do is we're going to go on our laptops to 9:09 a certain website, which is www.drivechain.info.com forward slash friends. 9:23 Let's go there. Let's read that again. 9:25 We go to www.drivechain.info forward slash friends. F-R-I-E-N-D-S. And that'll take you 9:35 to a Google Sheet that I personally made. This is Henry at LayerTwo Labs. 9:42 So this is a list of notable Bitcoiners. You know, in my opinion, people who are noted in the Bitcoin 9:49 community, like, for example, Mike Tidwell, who I had dinner with this last week at the conference 9:56 in Miami. And at the top of the list is Adam Back, probably the biggest name in all of Bitcoin, 10:01 because his name is literally the only name in the body of the white paper. All of the 10:10 other names are in the end notes or at the very beginning, when it says Hrishinarty. 10:14 All of the other names are in the end notes or at the very beginning with Satoshi Nakamoto. 10:20 But in the body of the white paper, Nakamoto mentions Adam Back. 10:24 So that's because Nakamoto wanted to give a lot of credit to Dr. Back's discoveries and inventions 10:36 with respect to like hash cash and related matters that helped Satoshi cobble together 10:46 the various technologies that led to Bitcoin. So here you see in the spreadsheet that we're 10:51 looking at on row 9 at drivechain.info forward slash friends. He writes, 11:00 truth coin that's Paul Sztorc truth coin made a testnet Bitcoin sidechain drivechain 11:06 with Zcash crypto for a reason I wouldn't buy the altcoin but I would try and use the 11:12 drivechain 11:12 version. Zcash protocol is a bit risky, R &D risky for Bitcoin mainchain due to 11:18 reliance on recent experimental cryptography. 11:21 This is a perfect tweet. 11:22 What Dr. is saying in this tweet 11:26 is that it is great that drivechain enables Bitcoiners to experiment with Zcash technology 11:34 without selling their Bitcoin. So he is saying here that it would be great for him to be able 11:45 to try Zcash tech on a Bitcoin sidechain. That is the goal of drivechain. It is about innovation 11:54 and experimentation with advanced technology, things like large blocks, things like Zcash privacy 12:02 tech, things like Hivemind peer-to-peer Oracle network, things like DNS on blockchain, and many 12:09 others. All kinds of ideas and experiments need to be run on Bitcoin sidechains or something similar 12:18 so that Bitcoin can innovate according to the demands of people around the world instead of 12:24 them developing altcoins and experimenting and creating value and bootstrapping economic flow 12:32 on altcoins, which threatens Bitcoin's network effects. We need Bitcoin to be bigger, faster, 12:40 larger. We need it to grow as fast as possible to all the users in the world, as fast as possible. 12:48 We want to diminish and eliminate the competition from altcoins, and we want to have Bitcoin be the 12:54 place that everyone is experimenting and developing valuable technology in a way that pays fees to 13:01 Bitcoin miners so that Bitcoin can have a high fee revenue to miners in the future. 13:08 Welcome to the stage, Bubakar, from West Africa. 13:18 Thanks for coming. I'm letting you up to the stage, and it's connecting. I hope that works. 13:28 Thanks to all who've joined. This is Drivechain Twitter Spaces, hosted by LayerTwo Labs. 13:34 Hosted by LayerTwo Labs. We run this Twitter Space every Monday and Thursday. 13:43 It seems like there's some trouble with the connection, Bubakar. I'm not sure if you'll 13:47 be able to speak, so maybe try reconnecting. Oh, there it is. Can you hear me? Go ahead with your 13:58 question or comment if you'd like to. I hope everyone's having a great day. If you were at 14:05 the Bitcoin Miami conference, I hope you had a great time and a safe and restful return home. 14:14 I had a great time. It was my first conference ever for Bitcoin, or really any kind of conference. 14:19 I think there were over 10,000 people there, if I read that correctly. 14:23 And we had a ton of people visiting the LayerTwo Labs booth. We had Adam Back stop by. We had 14:31 Luke Dashjr. stop by. We had Mike Tidwell. There were Aaron Van Weerdam. We had all sorts of 14:40 outstanding Bitcoiners visit us and talk about how much enthusiasm and interest they have in 14:48 drivechain and how interest in drivechain is at an all-time high. It is imperative that Bitcoin 14:56 embrace experimentation, innovation, and technology. And we need to stop the bad narratives 15:04 of toxicity and dismissing the innovation and technology of altcoins. This is a 15:12 very destructive and dangerous ideology in which some Bitcoiners advocate for thinking that there 15:20 is never going to be anything valuable technologically that is introduced by altcoins. 15:28 And therefore, it is okay that Bitcoin doesn't have successful sidechains. It doesn't have 15:35 successful blockchains built on top of it. Some people think Bitcoin is fine as it is today. 15:42 And with its current narratives and technology, it can scale globally. 15:47 They're wrong. Bitcoin needs large block sidechains or something similar in order that 15:54 users, billions of people, can self-custody Bitcoin. Otherwise, Bitcoin will scale like gold, 16:02 where gold used trusted solutions for scaling, paper gold, and that led 16:06 eventually to the failure of gold as money. So I'm excited about large block thunder sidechains 16:13 with one gigabyte blocks. It starts out at eight megabytes and it scales over five years 16:18 to one gigabyte so that billions of people can use the sidechains. And I'm also excited about 16:27 Hivemind, like Fiatjaf, the creator of Nostr, who is an emphatic supporter of drivechain 16:34 and has written an essay, multiple essays, on drivechain and why it's great and necessary. 16:41 He's excited about Hivemind. He has written that he's excited. He has tweeted that he's really 16:45 excited to see Hivemind and that Hivemind alone is a justification for drivechain in his view. 16:52 Hivemind is Paul Sztorc's idea for a peer-to-peer Bitcoin sidechain that provides 16:58 peer-to-peer oracles, enabling everyone in the world to make bets with each other about the 17:04 future. And this could alter society by enabling society to crystallize the information available 17:12 throughout society in a manner that results in economic clarity, in terms of like people 17:19 putting billions of dollars of bets on what will happen in the future. That can help us 17:23 understand the future because it helps illuminate who knows what and how well they know it. So it 17:29 enhances, it's a coordination among people to create insight into what the future holds. 17:37 This is called futarchy. It's a very innovative philosophy having to do with economics and 17:44 commerce and prediction markets. We have a request for speaking. Hello, the enlightened one. 17:53 Coming up to the stage and share your thoughts. 18:01 Do you have a question or comment? 18:09 Enlightened one. 18:12 All right, we have another person who wants to speak. Sarah Nakamoto. 18:17 Welcome to the stage, Sarah. 18:24 Hi, Sarah. Can you hear me? 18:28 Yeah, I can hear you fine. 18:29 Okay, cool. Welcome. What's your question? 18:31 Well, I just joined the spaces here, but I'm working on a project that we're going to need an 18:39 escrow contract. And I'm a contractor also, so I would love to be able to use an escrow contract 18:48 for my business. There seems to be this prevalent trend in the building industry where 18:58 I put my invoice in at the end of the month and then the project owner holds 5% of that back. 19:06 Basically, they don't pay their whole bill, they hold it back. 19:10 Sarah, do you have a question about drivechain? 19:12 Well, yeah. Is it possible to deploy this escrow contract on drivechain? 19:22 Yeah. Thank you for your question. That's a great question. 19:28 The drivechain code enables peer-to-peer sidechains. And one of the drivechains, 19:35 sidechains, that will be perhaps most successful if the value of altcoins is any guide, 19:42 is the Ethereum clone called EthSide. Alternatively, perhaps Rootstock would serve 19:51 as the Ethereum clone on drivechain. So Ethereum, Rootstock is one of the largest 19:58 and most successful Bitcoin sidechains today. 20:01 Right now, every Bitcoin sidechain uses a 15-party multisig federation or something similar. 20:11 In other words, it uses a trusted, not peer-to-peer security model. 20:18 And on the sidechain for smart contracts, whether it's EthSide or Rootstock, once they're 20:23 both drivechains, then sophisticated smart contracts for invoices and escrow and all 20:30 sorts of things would be possible. 20:34 So the answer is yes, all kinds of innovative commercial activity would happen on Bitcoin 20:40 sidechains. And it's currently being built on Ethereum. 20:44 But we want to move that over to Bitcoin. 20:46 We want to move all of the value of Ethereum into Bitcoin, all of the fees, all of the 20:51 ideas, all of the building, all of the community, all of the money. 20:57 And so that Ethereum doesn't have this growing threat towards Bitcoin. 21:05 Because if Ethereum were to be bigger than Bitcoin in the future, have a bigger network 21:10 effect and more extensibility, more ability to platform ideas on layers above the main 21:17 chain, then if Ethereum also were to ossify its main chain, that set of events might 21:25 threaten Bitcoin in terms of Bitcoin's momentum, narratives and network effect. 21:31 We want Bitcoin to be the biggest community in all of blockchain and we want it to have 21:35 every technology possible. 21:37 We want to copy Ethereum, Zcash, Monero, all of the altcoins that have any potential 21:42 value should be should be copied into Bitcoin sidechains. 21:47 And then Bitcoiners using Bitcoin can use the technology and maybe, maybe the users of 21:55 the altcoins will switch from their altcoin to the Bitcoin sidechain in order that they 22:02 get the same tech, but with the Bitcoin unit of account. 22:09 So to me, Drivechain is all about using the technology that was created on an altcoin 22:16 and using Bitcoin's monetary policy. 22:19 So that's the problem with Zcash right now. 22:22 When you're using Zcash, you're holding a token that doesn't have Bitcoin's monetary 22:27 policy. You don't get that 21 million hard cap assurance when you're using Zcash or 22:34 Monero. Monero, for example, has inflation and, you know, tail issuance, as Peter Todd 22:42 calls it. By the way, the whole tail issuance phrase, it is so reminiscent of the 22:49 Federal Reserve's Orwellian terminology, such as quantitative easing. 22:56 There's all these fancy terms, all these fancy terms that the government uses to refer 23:02 to money printing. 23:04 And I don't like that the Bitcoiners who want inflation call it tail issuance, tail 23:11 issuance. It sounds like there's a dog wagging its tail and, you know, issuance of 23:17 something like, why don't they just call it inflation? 23:20 I feel that people use terms that are euphemisms and that is not the honest way of 23:30 talking about it, in my opinion. 23:31 We should not use the word tail issuance. 23:33 We should just call it inflation. 23:35 Permanent inflation, ongoing, endless inflation. 23:39 That's what tail issuance means. 23:40 We don't want that. We want the Zcash technology without the inflation, without the 23:47 developer tax, without all the unnecessary stuff that Zcash decided to do. 23:52 So instead of all that messy, unnecessary monetary printing that's going on in Zcash 23:58 and Monero, instead, let's copy the technology for privacy, just the technology into a 24:03 Bitcoin sidechain. And then, because there's no tokens on the sidechain, none, until 24:08 Bitcoiners send their Bitcoin through the two-way peg, locking up Bitcoin, that allows 24:14 the release of the tokens on the sidechain. 24:15 And then when a user is finished using the sidechain, he can send his tokens back to 24:22 the two-way peg that burns the token on the sidechain, releasing Bitcoin on the main 24:26 chain to the user. In other words, Drivechain is all about Bitcoin's monetary policy, 24:34 but bringing in the technology of the altcoins, as well as the technology that's never 24:39 been on altcoins, but that Bitcoiners want to create. 24:43 There's technology Bitcoiner builders, people like SuperTestNet, who is an advocate for 24:48 Drivechain. He's a strong advocate for Drivechain, and I was lucky to have conversations 24:53 with him last week, just a couple of days ago, on the beach in Miami at the conference. 25:00 He's an advocate for Drivechain. 25:02 He builds complicated, amazing technologies on Bitcoin, and he wants to be able to, with 25:08 others, build interesting things and see what happens if Drivechain is adopted. 25:13 It's my belief, when I talk to Bitcoiners who understand Drivechain, that people who 25:20 build things and who have a vision for the future being different than it is today, they 25:25 tend to like Drivechain. 25:28 And there is a camp within the Bitcoin community that doesn't quite get what Drivechain is 25:33 all about, because they've swallowed all these ideas about Bitcoin being perfect and 25:42 these bad ideas, like how it's impossible for any altcoin to ever have any good 25:49 technology. Those are clearly wrong ideas. 25:52 So I think there needs to be a renaissance in the Bitcoin discourse where people recognize 25:58 there are good things that have been built on altcoins. 26:01 Those things, like Zcash and Monero, right now cannot be built on Bitcoin in a peer-to-peer 26:07 manner. There's no way to have a peer-to-peer implementation of Zcash and Monero 26:14 privacy technology on Bitcoin today. 26:17 The next best thing is a federated sidechain like Liquid that would offer confidential 26:24 transactions using technology similar to what's found in Monero. 26:28 However, if you want it to be peer-to-peer, then you can't use Liquid because Liquid is not 26:33 peer-to-peer. There are people who are selected, socially selected, to participate in the 26:40 multisig that controls the 70 million dollars that's held in Liquid or whatever it is. 26:46 All the Bitcoin held there, it's worth, I think, almost 100 million dollars. 26:50 But there's a federated sidechain there. 26:51 It's a federated sidechain. 26:53 It's not peer-to-peer. 26:54 What we want as drivechainers is peer-to-peer sidechains, not 15 people being selected. 27:03 And also, if it were a thousand people who are selected, that wouldn't be categorically 27:09 different. A thousand people in a multisig is not peer-to-peer. 27:15 What's necessary for something to be peer-to-peer is for no one to be socially selected 27:23 into any role. 27:25 That's what Satoshi meant when he wrote peer-to-peer electronic cash. 27:29 Peer-to-peer is the essence of Bitcoin. 27:33 And peer-to-peer is an attribute of Bitcoin's mainchain. 27:38 And if drivechain is ever adopted on Bitcoin, then Bitcoin's sidechains will be 27:45 peer-to-peer instead of having federations where individuals and organizations are 27:53 socially selected to be privileged to participate in a multisig that controls the 28:00 security of the Bitcoin sent to the sidechain. 28:03 So what we need is peer-to-peer sidechains on Bitcoin and no one has to use it. 28:11 It's opt-in. 28:13 Drivechain is optional. 28:14 No one has to use it. 28:16 It's like lightning. 28:17 And lightning needed a soft fork. 28:20 Similarly, that was SegWit. 28:23 Similarly, drivechain needs a soft fork. 28:27 The soft fork is Bitcoin Improvement Proposal 300 and 301. 28:32 The introduction of two opcodes to Bitcoin, the creation of hash rate escrow and blind 28:39 merge mining. And if you don't like those things, you never have to use them. 28:45 It's like Bitcoin itself. 28:46 If you don't like Bitcoin, you don't have to use it. 28:49 Some people don't like Bitcoin. 28:51 Some people don't like the idea of using a sidechain. 28:54 Some people don't like lightning. 28:55 All these things should be optional. 28:57 But for people who really believe in Bitcoin and want it to succeed, who want it to grow 29:01 all over the world, who want 8 billion people to be using Bitcoin, it's essential that 29:07 Bitcoin be the dominant and ideally the only layer one blockchain in existence. 29:13 And in order to ensure, we want to ensure that Bitcoin has every advantage. 29:19 And to ensure Bitcoin has every advantage, it is essential that all of the technology 29:25 that is being built in altcoins can be copied into Bitcoin sidechains. 29:31 So once again, you might ask, what are the sidechains that drivechain would allow? 29:38 Well, there could be hundreds of them or thousands. 29:42 In different ways, that is possible. 29:45 And for starters, it's worth noting that the drivechain inventors, Paul Sztorc and 29:52 Cryptex, they think that probably at the beginning, in the first maybe five or 10 29:57 years, we would see perhaps 10 or 20 at most sidechains. 30:02 And some of the most obvious examples of them would be a large block sidechain. 30:06 That is a clone of Bitcoin that uses large blocks. 30:13 And the design of this sidechain would include first starting out at like eight 30:18 megabytes, I think, and then it would scale to one gigabyte per block. 30:23 No one has to use it. 30:24 It would be totally opt in. 30:26 But Adam Back has talked very favorably about this. 30:30 He tweeted this year to Roger Ver, who led the split, you know, of the Bitcoin large 30:38 block community out of Bitcoin to do their altcoins, which are Bitcoin Cash and BSV. 30:44 He said to Roger in a tweet, and I'll read it from my handy list that I made at 30:51 drivechain.info forward slash friends. 30:57 That's drivechain.info forward slash friends. 31:00 If you go there, you'll see a Google sheet that I made. 31:04 I'm Henry at LayerTwo Labs, and I made this list of all these tweets from like 60 31:11 different people like Adam Back, Fiatjaf, Ruben Samson, Mike Tidwell, Hampus, who's 31:18 in our audience here. 31:21 Well-known Bitcoiners like that who have a lot of technical knowledge. 31:26 And so what Adam Back said is to Roger Ver, he said, better still, Bitcoin adds a 31:32 drivechain, as I suggested to you in person a few times pre-forks. 31:39 You even sponsored some R&D on drivechains back then. 31:43 If you had worked on win-win large block drivechains, there would be there would have 31:48 been less drama and you'd have more Bitcoin also. 31:51 So Dr. 31:53 Back there is having some fun. 31:58 Suggesting that Roger has lost a lot of money, which I think might be I mean, I have no 32:04 idea if that's if that's the details of Roger Ver's personal net worth. 32:09 I have no idea. But I think he famously had hundreds of thousands of Bitcoin at one 32:13 point, and I'm not sure if he spent them or sold them. 32:17 But the key here is what Adam Back says when he says the phrase win-win large block 32:22 drivechains. Let's explore what he meant there. 32:25 What did he mean by win-win? 32:27 What is the win-win dynamic of a large block drivechain? 32:31 Well, here it is. Everyone who wants to use Bitcoin but doesn't want to pay a high fee. 32:38 Can if they want to, if drivechain were enabled, they could opt in to the sidechain that 32:46 has Bitcoin's code, except large blocks. 32:50 And the only way to get any tokens on that sidechain would be to send them through the 32:56 two way peg. So let's say I'm a Bitcoiner. 32:59 I send my my Bitcoin to the two way peg and now it's my Bitcoin is locked there in the 33:06 hashrate escrow and a token is released into the sidechain. 33:11 So it's minted. 33:13 But because one Bitcoin has been taken out of circulation and is held in the hashrate 33:19 escrow. The creation of the sidechain token does not create inflation. 33:26 And when I'm done using the sidechain token, I send it to the hashrate escrow that burns 33:32 the token and releases actual mainchain Bitcoin. 33:37 So drivechain is all about the relationship between the mainchain and the sidechain. 33:41 So what we all call Bitcoin today would be called mainchain Bitcoin in the drivechain 33:47 era. People would refer to that as like layer one Bitcoin and the sidechain is layer two. 33:52 And the beautiful insight of drivechain is that the total number of Bitcoin across all 33:58 of the sidechains and the mainchain is never more than 21 million, because the only way 34:05 to create the synthetic Bitcoin on the sidechains is by locking up actual Bitcoin on 34:13 layer one. So drivechain is. 34:18 A mission to make Bitcoin's monetary policy, the monetary policy for every blockchain in 34:25 existence, drivechain is a mission to make all of the altcoin blockchains tokens devalue 34:33 to zero as the users flow to the Bitcoin sidechains that are the respective clones of the 34:41 altcoins. For example, with Zcash, that might be the first community that reacts to 34:49 drivechain in the altcoin world. 34:51 That's my personal outlook, that as soon as drivechain is launched, we'll see the Zcash 34:58 users sell their altcoin in order to buy Bitcoin, in order to send it through the two 35:05 peg and use the Bitcoin, the synthetic Bitcoin token on the zSide sidechain. 35:14 It's called zSide. 35:15 That's the sidechain using Zcash tech. 35:20 It already exists in the drivechain testnet. 35:23 And you might ask, well, Henry, why? 35:27 Why the fuck would the Zcash altcoin community want to come over to Bitcoin? 35:32 Like, why would they do that? 35:33 Why would they just stay using Zcash? 35:37 Maybe they're happy with their altcoin. 35:39 Well, here's why they would move over. 35:41 I'll tell you why. If 1%, just 1% of all Bitcoiners were to send their Bitcoin into the 35:49 Zcash sidechain, what we would have is $4 billion of Bitcoin on that sidechain. 35:58 Zcash, last time I checked, is only like $1 billion. 36:02 So we'd have a sidechain with four times the value. 36:08 So the Zcash enthusiasts in the altcoin land would look at their community and say, hmm, we 36:16 have Zcash, but Bitcoin's community has copied the code. 36:21 They've stripped out. 36:22 They've stripped out the developer tax that, you know, Zucoup, whatever, like the Zcash 36:27 community has some kind of like tax built into the blockchain that taxes the users and then 36:32 pays for development. 36:34 But that's been stripped out from the version that's been built on GitHub by the Layer 2 36:40 Labs, you know, members and enthusiasts. 36:43 So the planned drivechain doesn't include the developer tax. 36:47 And what it does is if 1% of Bitcoiners send their Bitcoin to that sidechain, there would be 36:54 four times the value in that sidechain versus the $1 billion in the altcoin. 37:02 And the $4 billion of use of value in the Bitcoin sidechain using Zcash technology would 37:10 generate a lot of transaction fees, presumably. 37:14 The people are the Bitcoiners there are moving their Bitcoin around on the sidechain, 37:18 generating transaction fees, securing that sidechain. 37:22 Because the fees of each drivechain sidechain constitute the economic security of that 37:31 drivechain sidechain. 37:33 There is no Coinbase inflation subsidy component in the miner revenue with respect to the 37:40 sidechain. So the fees are important, but once the Zcash sidechain bootstraps security and 37:49 usage from Bitcoiners alone, then the amount of security and value and usage and privacy on 37:58 the sidechain would be greater than that in Zcash in the altcoin. 38:03 In other words, Bitcoin has this massive community. 38:05 If we copy an altcoin like Zcash into a sidechain using drivechain technology, if we 38:11 copy it over, pretty soon it's very possible that the Bitcoin sidechain will be much bigger 38:18 and stronger and better in every single way than the altcoin, because the altcoin Zcash is 38:23 pretty small. So as I said, if just 1% of Bitcoiners send Bitcoin to the Zcash sidechain, 38:30 the sidechain is better in every way than the altcoin. 38:33 That altcoin Zcash, it has cool privacy tech, but when you're when you're holding the Zcash 38:39 token, that Zcash token fluctuates in value. 38:43 Those users would probably almost certainly prefer the stability of value of Bitcoin's token. 38:50 Bitcoin has more purchasing power stability than probably any token. 38:58 All of the altcoins fluctuate in value a lot compared to the stability of Bitcoin. 39:03 Now, of course, Bitcoin, you know, it's volatile, too. 39:07 But more often than not, volatile in a beneficial direction upwards. 39:13 So what we want is for these Zcash users to look and think rationally, hmm, should I 39:19 continue holding my Zcash token or should I sell my Zcash token before everyone else? 39:24 And I should get out and buy Bitcoin and use Bitcoin on the Bitcoin sidechain that offers the 39:29 same tech with a larger mixing pool because there's more Bitcoiners, there's more value, 39:34 there's more fees presumably on the drivechain sidechain than in the Zcash altcoin. 39:40 The Zcash altcoin is small and flimsy economically compared to a four billion dollar 39:47 drivechain sidechain using Zcash tech. 39:50 So they're all going to move over and the only person left standing will be the 39:55 loyalists and the founders and investors. 39:59 See, that's what drivechain, that's the inside of drivechain is that altcoins, there's different kinds of people using them. 40:05 There are founders, there are investors and there are users. 40:12 And those who are actually using Zcash and Monero for their privacy tech, as opposed to those who hold the token just for the appreciation potential, 40:21 will move over. So the people who really use the tech and don't care which blockchain they're on, they just want maximum privacy. 40:30 That is exactly the kind of person who will move to the better blockchain that has the same code, the same privacy tech, but the stable purchasing power of Bitcoin. 40:41 So as I've explained to you now, there is literally a profit motive because currency fluctuation is a cost users bear. 40:50 People want the most stable money. 40:53 So a Zcash user wants high privacy, but he also wants stable money. 40:58 So the best thing possible for a Zcash person, the best thing possible for a privacy enthusiast is to have the privacy tech of Zcash or Monero with the economic stability of a Bitcoin unit of account. 41:15 So if you're a super privacy oriented person, you're a hyper cypherpunk, you're living in your bunker, you're underground, you've got all your hydroponic plants and you've got your guns and your nuclear missile silo. 41:29 But every day you wake up and you struggle. 41:33 Hmm. I want the stability of Bitcoin's unit of account, but I want the privacy of Zcash. 41:38 Well, with drivechain, you get both. 41:41 You get the technology of the altcoin, but you get Bitcoin's monetary policy, Bitcoin's unit of account. 41:48 So the users on the Zcash community who really value the privacy will come to the Bitcoin sidechain and they will dump their altcoin. 41:57 Drivechain will send the value of some or all altcoins eventually to zero and Bitcoin will be the only blockchain layer one in existence. 42:09 And then hyper Bitcoinization will happen much faster because the whole world will be using Bitcoin instead of these unnecessary and. 42:21 Confounding issues of of competition among altcoins where they're all trying to flip Bitcoin, especially Ethereum, it's not good, it would be much better for Bitcoin if first with drivechain Bitcoin can absorb. 42:36 The privacy altcoin community back to Bitcoin that will send the altcoin to zero Monero and Zcash and bring all those users to Bitcoin, sending Bitcoin prices up the value of Bitcoin token up as well as the fees because that because of merged mining, the fees on all of these privacy sidechains would be paid to Bitcoin miners. 42:57 So Bitcoin gets higher fees for miners, which is essential for solving Bitcoin's long term fee reliant security budget problem where Bitcoin has these fee spikes and then the fees drop down to drop down to close to the minimum. 43:12 And if that keeps on happening far in the future, after more halvings of the coinbase, there won't be much income for miners and then Bitcoin won't be robustly secured economically against hostile miners such as a terrorist or a state. 43:29 You know, what if Janet Yellen wakes up one day and she's like, you know what, I really hate this like it's like free market money. 43:37 You know, what if what if we can think of a way to just stop it? 43:40 Then she asks her advisor, the advisor says, oh, well, you know, I've been reading about Bitcoin and I think that there's this thing where if we were to buy like a hundred billion dollars of basics and run them, then we could just like mine empty blocks in perpetuity and then no one could ever transact their Bitcoin and the token would devalue. 44:03 No one would want to buy it because you can't move it. 44:06 Like what's the point of money you can't transact with? 44:08 So then she's like, OK, 100 billion dollars. 44:11 That's nothing. That's what I spend every day. 44:13 You know, when I'm just like trying to like, you know, ruin the economy, I just that's nothing because she has 100 billion. 44:20 Right. The Federal Reserve has infinite money. 44:23 Like Aziz Kashkari said in 2019, the Fed has infinite cash. 44:28 So we don't want it to be cheap. 44:31 Right. So what if her advisor says, well, if we wanted to attack Bitcoin with mining, if we wanted to try to control 51 percent of the hash rate, it would cost us two trillion dollars a year. 44:43 And then Janet Yellen would say, hmm, well, two trillion, that's a lot of money. 44:47 I don't think I can just covertly do that so easily. 44:49 I would need like Congress's buy in. 44:52 And there's all these Bitcoin loving senators like Senator Lummis and others. 44:56 So it's going to be tough. 44:57 Ted Cruz is into Bitcoin. 44:59 So what we want, people, what we want is for the cost to be a 51 percent hostile miner on Bitcoin to be in the trillions of dollars. 45:10 And that is what would defend Bitcoin by making it financially prohibitive for a terrorist or a hostile state to be a 51 percent hostile miner. 45:22 Who attacks Bitcoin, we don't want it to be cheap. 45:25 So the Bitcoin security budget problem is one of the five reasons why I support drive on Bitcoin. 45:33 The security budget problem of low fees, I think, would be solved completely if all transaction fees on every blockchain in the world were paid to Bitcoin miners. 45:43 And the only way you're ever going to make that happen is if drivechain or something like it is adopted on Bitcoin. 45:49 And then all the blockchains are paying fees to Bitcoin layer one miners through merged mining. 45:56 If you don't know what I'm talking about, look back in August of 2010 when Satoshi wrote on the forum publicly about merged mining. 46:05 He literally invented merged mining. 46:07 And not only that, but he wrote that it would be conceivable and good if every blockchain were merged, mined with Bitcoin. 46:16 Today, that's not the case. 46:17 Ethereum is not merged mine with Bitcoin and they have much higher fees than Bitcoin does. 46:22 Bitcoin miners today, some of them are doing OK, but it's not a good business long run without drivechain or something like it. 46:32 Without drivechain or something like it in the long run, the coin base is going to be halved and halved and halved and halved. 46:38 And eventually all that will be left will be these low fees. 46:42 And Bitcoiners have been saying, well, the fees will rise eventually because, you know, how couldn't they write the block space is scarce. 46:50 Eventually the fees will rise. 46:53 What they don't understand is that the data is showing the opposite. 46:56 The data like look at the data. 46:59 The data is we get the occasional fee spike every year or two and then we're back down to zero. 47:03 And the fee spike lasts like a day. 47:05 Like when fees hit $50 on Bitcoin in 2017 in December and Greg Maxwell wrote to the Linux Foundation email listserv publicly, I'm breaking out the champagne because Bitcoin fees are high enough to pay for security in the future after the subsidy is gone. 47:21 He wrote that explicit celebration of high fees and know how long they lasted. 47:26 They lasted like a few hours and then the fees were back down all the way back down to one fucking sat per V byte. 47:33 It's not good. 47:34 So, you know, he said he was breaking out the champagne. 47:37 Right. But what is it? 47:39 What would he say now? 47:40 Like, why is he silent now? 47:42 It would be great if Maxwell and others who were celebrating high fees at their all time high in December of 2017, five years ago, would say something. 47:52 It'd be helpful if they would say something when we're back to one sat per V byte, which we probably will be soon. 47:58 Some people think, well, that the tackle wizards, you know, are going to make the fees high forever. 48:03 I don't think so. These these things come and go. 48:07 And then eventually users flow to where fees are lower. 48:11 And by because of the nature of innovation and capitalism, these are pressed down for everything. 48:19 Like in capitalism, because of competition and innovation, the costs of things fall over time in real terms. 48:26 And therefore, the cost of transacting Bitcoin falls as people invent new things, new ways of transacting Bitcoin. 48:33 Synthetic Bitcoin, like wrapped Bitcoin, Bitcoin on Rootstock, RBTC, Bitcoin on liquid LBTC, Bitcoin. 48:43 You can move your Bitcoin around at Coinbase for free. 48:46 That's how the high frequency traders are trading. 48:48 They're all trading in trusted, trusted setups. 48:51 So what Bitcoin is doing, unfortunately, is we're scaling custodially. 48:56 We're scaling in a trusted setup. 48:58 That's not ideal. 49:00 What we want is to scale in peer to peer architecture. 49:05 Scaling peer to peer means, as Adam Back has written, using sidechains that are more peer to peer. 49:12 So a large block sidechain with one gig blocks would enable the whole billions of the world to onboard to Bitcoin and transact Bitcoin with low fees. 49:24 And all of the fees would be paid to Bitcoin miners. 49:29 So what Bitcoin miners would get is like 10 billion transactions a day. 49:36 Each one is like a penny or two in fees. 49:41 And the end result is that the whole world is using peer-to-peer electronic cash in a layered design. 49:46 There's even a book called Layered Money by one of the Bitcoin pundits. 49:52 So what we want is layered money. 49:53 Drivechain is a vision for Bitcoin to have layered architecture. 49:59 And it's a very exciting one. 50:02 We would bring in the privacy community back to Bitcoin. 50:05 Zcash and Monero users would come back to use Bitcoin and their tokens will go to zero in the altcoin world. 50:14 And Bitcoin would appreciate as that value flows to Bitcoin. 50:17 People are selling the Zcash token, selling a Monero token for Bitcoin and using Bitcoin on the sidechain for privacy. 50:24 Similarly, the large block Bitcoiners that left five years ago would come back to Bitcoin. 50:29 I guarantee it. I personally think it's very reasonable and predictable that they will because people do things for profit. 50:38 There's very few people who don't want to make more money. 50:42 And right now, if you'd like moving Bitcoin around in a large block altcoin, the problem with that is that your coin is going to zero. 50:53 It's losing value all the time against Bitcoin because a large block version of Bitcoin is very bad on mainchain. 51:01 What you want is it on a sidechain. 51:03 You want the sidechain to be the large block version of Bitcoin. 51:08 As Adam Back correctly tweeted to Roger Ver, we want the large block Bitcoin to be a sidechain. 51:13 Therefore, it's optional. 51:15 It's opt in. 51:16 No one has to use it. 51:18 So all those people who are using large block Bitcoin, once they see the sidechain running, they'll come over and they'll use the Bitcoin sidechain. 51:27 So Bitcoin will reabsorb all of that community, all of that value, all of that energy and all those people will come back home to Bitcoin. 51:37 It's almost like sentimental, like people who left Bitcoin in a rage quit five years ago will come back and they'll use the large block Bitcoin sidechain called Thunder, you know, because it's like thunder after lightning. 51:51 So it's that's why they named it Thunder. 51:53 So I'm excited about to see Thunder work. 51:55 I'm also excited to see Hivemind work, which is what Fiatjaf is excited about. 51:59 The peer to peer Oracle network, Thunder, Hivemind and also DNS. 52:04 So Satoshi himself was excited about DNS on blockchain and he wrote about it. 52:09 And we haven't yet we haven't yet seen it happen in a very big way. 52:13 But with a sidechain focused on DNS, maybe we can make it work. 52:17 And Paul Sztorc is excited about this. 52:20 People could have a self-sovereign right, you know, ownership of DNS of domains. 52:29 So it would be great. 52:30 And and we don't want Ethereum to be the only place where people are doing this kind of thing. 52:34 We want DNS on Bitcoin. 52:36 Satoshi thought it was cool. 52:38 Let's make it happen. 52:40 I've talked to John Seth. 52:41 He thinks it's cool. 52:42 Many Bitcoiners think it's cool to have DNS built on Bitcoin on a sidechain. 52:48 There's no speculative token. 52:50 Once again, what Drivechain is all about is using Bitcoin's monetary policy, but enabling the technology that isn't available on Bitcoin. 52:59 So it's either not yet been created or it's been created on an altcoin and we want to copy it into a Bitcoin sidechain. 53:05 So we'll get DNS sidechain, Thunder large block sidechain, Hivemind sidechain, privacy sidechains and many others. 53:13 Bitcoin will become a place with a fascinating and exciting set of sidechains that are high tech, experimental, innovative technologies. 53:23 And every one of these sidechain blockchains will be a protocol that is economically harmonious with Bitcoin. 53:30 In other words, if you don't use it, you still benefit because it causes Bitcoin's price to go up and it pays fees to the miners. 53:38 So everyone wins with Drivechain. 53:41 Everyone except certain people. 53:44 I'll tell you who they are, who gets fucked by Drivechain. 53:48 I'll tell you the people who get fucked by Drivechain are the casinos, the altcoin casinos like Coinbase and Gemini. 53:55 Great companies. 53:57 OK, but they're going to lose a lot of money if Drivechain is adopted. 54:00 Right. They're going to just they'll be better off just buying Bitcoin and holding it because people are going to have all these different altcoins to be trading all the time. 54:09 Because if Drivechain is very successful, no one's going to be like buying Zcash and selling it for Monero and selling it for AVAX and selling it for Ethereum, trading all these altcoins against each other. 54:20 That'll go away. So that's one of the big losers with Drivechain. 54:23 If Drivechain is adopted and is successful or if something like Drivechain is adopted and is very successful, the companies like Coinbase and Gemini, they won't make as much money. 54:37 So that's one group that gets hurt by Drivechain is these trusted companies, like trusted in the cryptographic sense, like they're a trusted third party and they're facilitating the trading of altcoins. 54:51 They're going to lose out with Drivechain. 54:52 Another group that loses with Drivechain is altcoin founders. 54:57 Probably more than any other group, Drivechain harms the economic prospects of altcoin founders because they did all this work, they built their altcoin and then Drivechain sent their altcoin to zero. 55:13 Because Drivechain copied the open source code of their blockchain into a Bitcoin sidechain, enabling people to use the Bitcoin unit of account with the technology of the altcoin. 55:25 So what's the point of the altcoin token? 55:28 Why would anyone use some tiny, flimsy, volatile token when they could instead use Bitcoin and have the purchasing power growth of Bitcoin as they're using the technology that was formerly only available in the altcoin? 55:45 So that's what Drivechain is all about. 55:47 So as I've explained with Drivechain, the companies like Coinbase make less money. 55:53 So they're one of the losers. 55:54 And the other loser out there is the altcoin founders because their token went to zero. 56:00 Like Zucco has tweeted, the creator of Zcash has tweeted that he's like 100% invested in Zcash. 56:08 I recall that tweet from like a few months ago. 56:11 He wrote something to that effect. 56:12 He's like, almost all of my money is in Zcash. 56:15 So I'm sorry for him. 56:16 But if Drivechain is adopted, he's going to lose. 56:21 He's going to lose out. 56:21 Also Vitalik, because Vitalik has written online that he has very little Bitcoin. 56:29 So most of his wealth would, I would assume, be like compromised and wiped out. 56:35 If Drivechain is adopted and is successful, these altcoin founders who are not holding much Bitcoin will lose out because all of the value of all of the altcoins will be absorbed by Bitcoin and the altcoin tokens will trade at zero. 56:51 If Drivechain or something like it is adopted and is successful. 56:57 And those are two of the groups that would suffer. 57:01 There are no other significant large groups that I can think of that would suffer from Drivechain adoption. 57:09 And the people who would benefit would be Bitcoiners, regardless of whether they ever use a sidechain, they would benefit. 57:15 Well, this has been a great start to our Drivechain Twitter spaces after the recent Bitcoin conference. 57:26 We had a hiatus last week. 57:28 There was no Drivechain Twitter spaces on Thursday. 57:33 To those of you who tuned in to listen and couldn't find a space. 57:38 Well, that was why we were at the conference. 57:39 The whole LayerTwo Labs team, led by Paul Sztorc and Austin Alexander of Kraken, formerly of Kraken, and Paul Sztorc, the independent Bitcoiner who designed Drivechain with CryptAxe, his co-author of the BIPs. 57:55 So, as you all know, Drivechain means Bitcoin Improvement Proposal 300 and 301. 58:02 It was first conceived in 2015 when Paul Sztorc wrote about it on his blog, truthcoin.info. 58:10 That's truthcoin.info. 58:14 Now, there's a whole company that has raised millions of dollars that is bringing this Twitter space to you, as well as we've hired developers to build new sidechains, new ideas to make Drivechain even more understood. 58:30 And to show how it would work, to create better code, to demonstrate how it would work in a testnet. 58:39 And in addition, we've hired a very famous Bitcoin Core developer to rebase the Drivechain code. 58:47 So Luke Dashjr. is working on rebasing the code. 58:50 And in the coming months this year, it could be ready for deployment in the form of a pull request to Bitcoin Core on GitHub. 58:58 And then the community will have an opportunity to provide input, as they have for the last eight years, commenting on Drivechain. 59:05 But the difference is that now, more than ever, people support it. 59:09 Many people support Drivechain, including Adam Back of Blockstream and Mike Tidwell, the co-founder of TabConf. 59:18 And Fiatjaf, the creator of Nostr, is an emphatic supporter of Drivechain, tweets about it almost every day. 59:27 When he's not, you know, busy inventing popular protocols like Nostr, he writes about Drivechain and has written a great essay on it. 59:34 I'm going to share that essay here for all of you who are curious. 59:40 Let's find it and share it. 59:47 I'll put it up in the nest. 1:00:01 In the meantime, if anyone has any questions or comments, please come on up to the stage 1:00:06 and ask your question or comment. 1:00:13 Everyone's free to just share, like, comments or questions or criticisms or skepticism about 1:00:20 Drivechain. Like, what is it? What's the point of it? Maybe do we not need it? Maybe we can just 1:00:26 just never change Bitcoin again and hope for the best. Maybe if we just, you know, set Bitcoin free 1:00:31 in its current form and we all walk away, it'll just rise forever and we can all retire to St. 1:00:39 Kitts and have a yacht, lie on the beach, not worry about Bitcoin development, not worry about side 1:00:48 chains. Well, the problem there is that if Drivechain or something else isn't adopted, then 1:00:57 you can be damn sure it will be adopted on a different blockchain. So if you're someone listening 1:01:04 to this where you don't have any Bitcoin and you are thinking about how to invest in crypto, 1:01:13 you might wonder, hmm, will Bitcoin wipe out all of the altcoins or should I invest in a bunch of 1:01:19 altcoins and Bitcoin just to be diversified? Well, if Drivechain is created, then people 1:01:25 who are thinking like that, who are thinking about diversifying, they will not perform as well, 1:01:31 I think, as someone who only invests in Bitcoin. So the people who really benefit the most 1:01:38 from Drivechain are people who are 100% in Bitcoin. If you're a Bitcoin only type of person, 1:01:44 like a Bitcoin maxi, someone who thinks that Bitcoin alone is the best investment, nothing 1:01:50 else should be owned in crypto, then you should support Drivechain emphatically because without 1:01:59 Drivechain, people will be diversifying across all the altcoins because they'll buy some Zcash, 1:02:05 they'll buy some Monero, they'll buy some Ethereum, they'll buy some everything, 1:02:09 all these different tokens because Bitcoin can't right now support those technologies in a peer 1:02:16 to peer manner. If you want confidential transactions, you have to use the liquid side 1:02:21 chain, which is trusted. So what we want is an advanced version that is less trusted, that is 1:02:29 more peer-to-peer. That's the phrase Adam Back uses, is more peer-to-peer. 1:02:35 Drivechain sidechains are more peer-to-peer because they're miner controlled and a miner 1:02:41 controlled two-way peg is more peer-to-peer than a federated sidechain. It's different, 1:02:48 it's more peer-to-peer because Bitcoin is peer-to-peer and therefore Bitcoin mining 1:02:55 is peer-to-peer and therefore a miner controlled peg is peer-to-peer. 1:03:01 And that's not just sophistry and word games. It is a fact that anyone who wants to participate 1:03:09 in the control of the two-way peg, all they have to do is overcome economic barriers to entry 1:03:16 in terms of mining. They have to get some miners and some electricity and run a node and then they 1:03:22 can participate in the two-way peg. No one needs to give you social approval and permission and 1:03:29 admission. No one needs to approve you to become part of the two-way peg and to participate in it. 1:03:35 That's what peer-to-peer means. It means that no one is privileged. But in a sidechain that uses 1:03:43 a 15-party multi-sig federation, the 15 people or parties in that federation were socially selected. 1:03:54 So it's not peer-to-peer. And this way of talking about peer-to-peer is, to the very best of my 1:04:01 understanding, the only coherent way of talking about it. So I think the people who say, 1:04:09 well, you know, they don't believe that the drivechain is peer-to-peer and they prefer a trusted 1:04:15 sidechain because at least then you can sue the people who stole the money if it's ever stolen or 1:04:22 if there's corruption there. They don't understand that the reason why Bitcoin is successful is 1:04:26 partly because it's peer-to-peer. Peer-to-peer is an essential part of Bitcoin. And therefore, 1:04:31 we must enable sidechains on Bitcoin that are peer-to-peer. And if we don't, 1:04:36 then Bitcoin will suffer because it will lack peer-to-peer capabilities to platform the 1:04:44 technology that currently is only available in sidechains that are trusted. And that technology 1:04:51 is also currently available only in altcoins that are separate from Bitcoin. So as long as 1:04:58 Bitcoin doesn't have drivechain, in my understanding, the altcoins will grow. 1:05:03 They'll grow and grow. And that brings us to another one of the reasons for drivechain, 1:05:08 which is since we discussed the security budget problem earlier, another reason to support drive 1:05:14 chain is to avoid the flippening. I believe the drivechain helps avoid the flippening. 1:05:19 I can't guarantee it. I can't guarantee that we adopt drivechain today and then never again do 1:05:25 we have to worry about Bitcoin not being number one. I can't guarantee the future, but I do think 1:05:32 better late than never. Now is the time to embrace innovation and experimentation on 1:05:38 peer-to-peer sidechains on Bitcoin. And if we're lucky, it won't be too late. So 1:05:46 to sum up, the five reasons to support drivechain are, here they are. This is just my personal take 1:05:55 that I developed after reading all of Paul Sztorc's essays, reading a lot of criticisms 1:06:00 of drivechain. I would say there are five reasons to support it, and they are in no 1:06:04 particular order. Love of innovation. That's number one. That's the one Adam Back talks about. 1:06:10 That's the one Mike Tidwell talks about. And Fiatjaf. All these builders, they like talking 1:06:17 about drivechain in a positive sense. Love of innovation, love of experimentation and development 1:06:25 on Bitcoin. That's what drivechain is about. So that's the most kind of politically correct 1:06:30 way of talking about drivechains. Love of innovation. The next would be scaling Bitcoin 1:06:35 peer-to-peer using large block sidechains. So how do we enable the billions of people in the 1:06:41 world to come to Bitcoin not using a trusted third party? The solution is large block Bitcoin 1:06:47 sidechains. And once again, check out Adam Back's tweets in favor of that. 1:06:52 So we talked about innovation, number one. Number two, scaling peer-to-peer. Number three, 1:06:57 and we're going to get to the least kind of politically correct reasons. But when I say 1:07:03 that, I mean like, because who would object to innovation, right? So getting more controversial, 1:07:07 number two was scaling Bitcoin peer-to-peer. Number three, another reason for supporting 1:07:12 drivechain is the security budget problem. We want to avoid there being a insufficiency 1:07:19 of miner revenue. We want to get that miner fee up, get it really high, get the miners like 1:07:24 $100 million a day. They've never had that. Let's get them trillions of dollars per year. 1:07:30 Let's get all of the fees from all blockchains paid to Bitcoin miners. That is the drivechain 1:07:36 vision for universal merged mining of every blockchain as a sidechain on Bitcoin. So 1:07:44 we've got innovation, number one. Number two, scaling peer-to-peer. Number three, 1:07:49 the security budget problem. Let's get those fees up. 1:07:54 And then number four is the value of ossification. So we want to stop changing main chain Bitcoin. 1:08:00 We want to have main chain Bitcoin ossify completely. Now, of course, there's like one 1:08:06 or two changes that are needed in like 80 years from now because of some kind of 1:08:09 like Y2K bug. There's some discussion about how Bitcoin will have to hard fork in the far future 1:08:15 for this or that reason. But what I'm talking about is we want to naturally enable Bitcoin to 1:08:22 make far fewer changes. And that means a higher degree of ossification. So we want Bitcoin to 1:08:29 pursue ossification. We want it to be understood that fewer or perhaps no more Bitcoin will be 1:08:36 understood that fewer or perhaps no more changes to Bitcoin's main chain would be a good thing. 1:08:44 But ironically, paradoxically, in order to stop changing Bitcoin, in order to achieve 1:08:50 ossification, we must make one more change. And that is the change to end all changes, 1:08:55 as Eden Iago has said in tweets. He's a drivechain. He tweets very favorably about drivechain. 1:09:04 I always been trying to be careful not to call someone a supporter unless they've explicitly 1:09:08 used the word support. But he has numerous times tweeted favorably about drivechain. 1:09:15 So I met him at the conference today. He visited the LayerTwo Labs booth and it was great. We talked 1:09:21 about Sovereign a little bit and he's very friendly and fun to speak to. We had thousands of people 1:09:27 visiting our booth this week. It was great. So the ossification issue, this is the issue where 1:09:33 Bitcoin has this development community that's arguing all the time about which 1:09:37 changes should be made, if any. Well, the people who don't want any changes made to Bitcoin, 1:09:42 the conservatives, they're onto something. But what we need is one more change before 1:09:49 they'll be correct. One last change, the change to end changes. This kind of change, 1:09:56 as you can imagine, logically, is a change that introduces great extensibility. 1:10:02 So what Bitcoin needs is one final change that can enable development, experimentation, 1:10:09 and innovation in a safe, partitioned manner on sidechains forever. So that is the drive 1:10:19 chain vision. Once we do drivechain, we can stop changing the main chain. Bitcoin can ossify like 1:10:27 concrete as the foundation of a great skyscraper. We want to have ossification at the lower levels 1:10:34 in a safe and appropriate manner because building on top of Layer 1 has been made possible by 1:10:40 drivechain. Bitcoin would have a multitude of Layer 2s with drivechain and that would enable 1:10:48 Layer 1 to stop changing. So that was the fourth reason. So the four, again, were 1:10:55 love of innovation, the need to scale Bitcoin in a peer-to-peer manner, not a trusted manner, 1:11:02 the importance of getting Bitcoin's fees up over time to fix the security budget problem of low 1:11:09 fees. Number four, the need to ossify main chain. And last but not least, let's avoid the flippening. 1:11:16 The flippening, the least politically correct thing you can possibly say in Bitcoin, 1:11:20 the thing that everyone doesn't want to hear, the least politically correct thing you can say 1:11:24 in Bitcoin is Ethereum is coming. People don't want to admit it, but hey, Ethereum is already 1:11:33 half the value of Bitcoin. The fees are much higher in Bitcoin. That means people are using 1:11:39 Ethereum. Now, some people are in denial about this and they'll say, well, it's all fake. It's 1:11:45 all a lie. It doesn't really exist. It's just Vitalik playing around with his friends, 1:11:51 doing this or that. They're in denial. The truth is that Ethereum is more like Bitcoin 1:11:59 than most Bitcoiners want to admit. It's a blockchain. It has a peer-to-peer architecture. 1:12:05 And yeah, it has a lot of data and it's expensive to run a full node. But guess what? 1:12:10 They're not that stupid. They're going to do this thing called the purge where they more or less 1:12:16 are going to reduce the burden of running a node by wiping out old data and then they might ossify 1:12:22 and that's when they'll start pursuing as best they can the narratives of digital gold 1:12:28 and of permanence and stability on their base layer. As drive-chainers, we want Bitcoin to 1:12:37 achieve a multi-layered architecture of an ossified layer one, high fees paid to layer one 1:12:43 with a great amount of extensibility for building on layer twos. And we want to do it before Ethereum 1:12:49 gets there. There's like a race going on to make a lot of money by developing the best blockchain 1:12:56 for the world. Bitcoin was the first, but the competitors might catch up eventually, 1:13:04 unless we get smart, get our house in order, adopt drivechain, and then we crush them all. 1:13:11 Because think about this domino effect. First we do drivechain, then the Bitcoiners 1:13:17 send one percent of their Bitcoin into the Zcash sidechain to experiment with its strong privacy. 1:13:23 Then that sidechain will have four billion dollars of value. As a result of it being larger and 1:13:28 stronger, presuming it has a lot of fees, the Zcash users will flow over to Bitcoin's sidechain 1:13:36 that uses Zcash technology. And as a result, now it's five billion dollars of value in the Zcash 1:13:42 sidechain. And then that altcoin, Zcash altcoin, has gone to zero. That would be the first domino 1:13:49 to fall. The next domino is the large block Bitcoiners. Thousands of people who like large 1:13:54 block Bitcoin come home to Bitcoin, they sell their altcoins, they give up on BSV and BCH, 1:13:59 and they use Thunder, which is a one gigabyte large block Bitcoin sidechain. Let's assume 1:14:06 that Thunder accrues 10 billion dollars of value, because it's not very hard to imagine 1:14:12 that many Bitcoiners who are holding layer one Bitcoin right now don't do things with Bitcoin 1:14:18 because of the fees. And perhaps they don't do things with Lightning because of the specific 1:14:24 challenges of Lightning use. Lightning isn't so simple. It's a little bit complicated. Sometimes 1:14:30 channels close accidentally. People have to pay fees to make it work. And if the, I mean, 1:14:38 to open the channels and to run the node, the goal here is to enable something that's great, 1:14:43 like Lightning. That's an alternative. A large block Bitcoin sidechain for low fees and scaling 1:14:49 peer to peer. And Lightning can work on top of it. So it's not a competitor to Lightning. Lightning 1:14:54 is great, but we want to make Lightning even better by enabling Lightning to work on multiple 1:14:59 blockchains, all attached to Bitcoin. The whole goal of Drivechain is to do things in a way 1:15:05 that makes Bitcoin's community economically aligned with innovation on top of Bitcoin. 1:15:11 We don't want innovation to accrue value to altcoins. We want all the innovation in our space 1:15:17 to accrue value to Bitcoin. And therefore we have to copy all this good tech onto Bitcoin sidechain. 1:15:24 So as I explained, you would have the Zcash community come over, bringing a billion dollars. 1:15:30 The large block Bitcoiners come over, tons of people, tons of energy coming back to Bitcoin. 1:15:36 So right there, we've imagined two different communities of altcoiners coming over to Bitcoin, 1:15:43 dropping their altcoins and using Bitcoin sidechains, 1:15:47 causing Bitcoin's price to go up. Drivechain is number go up technology. 1:15:55 I personally think it's coolest to talk about all the cool innovative technologies that 1:16:00 Drivechain would facilitate on Bitcoin. But to a lot of people, what they want to hear 1:16:04 is that Bitcoin's price will go up. And that is a valid view of Drivechain. 1:16:10 It's valid and it's correct, I believe, that Drivechain will cause Bitcoin's price to skyrocket 1:16:16 because over time, lots of altcoin communities would migrate to Bitcoin and use sidechains. 1:16:23 And that means they're buying Bitcoin. They're buying it either on mainchain and then sending 1:16:29 it through the Hashrate escrow two-way peg to use the sidechain version of Bitcoin, the synthetic 1:16:35 Bitcoin on the sidechain that is redeemable for actual Bitcoin on mainchain, or they're buying 1:16:41 the sidechain's synthetic token directly in a swap in the secondary market. In fact, it's worth 1:16:49 noting that the Hashrate escrow mechanism, the two-way peg, would be used primarily by professionals. 1:16:56 Ordinary Bitcoin users would not use the two-way peg. Just like in the financial markets, 1:17:03 almost everyone trading futures is a professional. Most ordinary people don't participate in the 1:17:11 futures market. And the Hashrate escrow mechanism, it's kind of like a futures contract, 1:17:18 because especially when you're pegging out, going from the sidechain to the mainchain, 1:17:23 there is a delay, which helps improve the security model and auditability of what's happening. 1:17:30 Paul Sztorc decided to slow down the pickup process to ensure it would work correctly 1:17:36 and benefit from observation by the community. So professionals would go through the two-way peg, 1:17:42 ordinary people would swap, and the professionals would arbitrage the two-way peg, 1:17:47 ensuring that the synthetic Bitcoin on the sidechain always trades one for one with mainchain 1:17:53 Bitcoin. It's an elaborate and beautiful design, and it's just like Bitcoin. I really feel like 1:18:01 if Satoshi were with us today, he would definitely support this idea. And if this idea doesn't 1:18:07 succeed in being correctly understood and popularized within Bitcoin's community in the 1:18:13 near future, Bitcoin will suffer significantly, I think, I believe. I don't see how Bitcoin 1:18:20 succeeds without drivechain or something like it. I also think that if the flippenings were to occur, 1:18:26 or if there were a security budget crisis in which someone took advantage of Bitcoin's currently low 1:18:33 fees to attack Bitcoin, I think either of those things would damage Bitcoin's narratives for a 1:18:40 long time, potentially. So I would like to see drivechain adopted as soon as possible, 1:18:45 strengthening Bitcoin's narratives, strengthening Bitcoin's long-term growth trajectory, 1:18:51 bringing technologists and builders to Bitcoin instead of them almost all going to Ethereum. 1:18:56 Ethereum has tons of people working on it because you can build peer-to-peer technology on Ethereum, 1:19:04 which is not quite possible on Bitcoin due to the lack of sidechains on Bitcoin that are more 1:19:09 peer-to-peer. As Dr. Bak has said, drivechain enables sidechains that are more peer-to-peer. 1:19:17 Right now, the sidechains have a federation involved. 15 people or more are socially 1:19:23 selected to control the Bitcoin that is sent to the sidechain. We don't want that. That's 1:19:29 a trusted model. That's a departure from Satoshi's vision of peer-to-peer electronic cash. 1:19:36 So the effort done by the people at Blockchain to build Liquid has been outstanding. And the 1:19:43 next generation of sidechains would be sidechains that are more peer-to-peer, as Adam Bak has 1:19:49 described drivechain. It's all about making more peer-to-peer sidechains rather than just 1:19:55 sidechains that are federated. 1:19:58 Some people would say, well, Henry, the drivechain two-way peg sidechain, it's a federation too. It's just a federation that has all the miners. That's wrong. 1:20:12 What they're missing there is that the number of participants is not what makes something peer-to-peer. Having more participants does not make something peer-to-peer. 1:20:24 If you have a 15-party multisig and you use Miniscript or something to make it like a 2,000-person multisig, that does not make it peer-to-peer. 1:20:35 What makes something peer-to-peer is the idea that no one was socially selected to participate in any specific role. 1:20:46 If there were one person in the whole world who was mining Bitcoin, Bitcoin would still be peer-to-peer. And if you don't understand that, then I haven't explained it well. 1:20:59 What I'm trying to explain is that, and I see this on Twitter, there are certain vocal critics of drivechain who, I can't believe they write this, but they write that, well, the drivechain system is just a big group of anonymous miners and how can we trust them? 1:21:16 It's like, that's how Bitcoin works. You don't know who's mining. You don't know whether I'm running my ASIC or not in my house. 1:21:24 The entire set of parties in the world who are mining Bitcoin are presumed by Satoshi and everyone, the way it's designed, that they're presumably anonymous, mutually distrusting, and self-interested. 1:21:43 Those are the three attributes of Bitcoin miners, anonymous, mutually distrusting, and self-interested. 1:21:50 And yet, Bitcoin has incentive-compatible patterns of activity. The whole thing works. 1:21:58 Drivechain is the same way. The miners have a strong profit motive to get those fees forever from the drivechains, from the drivechain sidechains. Large, large fees. The bigger they get, the more the miners are going to want those fees. 1:22:16 And if they were to ever attack the drivechain and steal all the money, it would take three to six months, depending on how much hash rate is deployed in the act. 1:22:31 And if it's hostile to the will of the community, it would show that drivechain isn't working, and therefore Bitcoin wouldn't have peer-to-peer sidechains, and it would have been a failure of Bitcoin to develop correctly. 1:22:48 Now, the community might express its will to terminate a sidechain, and then the miners could act accordingly to terminate it. 1:23:01 So, in fact, the role of the miners having theoretical power to terminate a drivechain is part of the design. It's part of the design. It's part of the intended design that the miners could express the will of the community by terminating a drivechain. 1:23:16 And this would occur if a drivechain somehow interfered with other drivechains. And when I say drivechain with a lowercase d, I mean a sidechain. If one of the sidechains interferes with the other sidechains or with the mainchain, then the miners could turn it off. 1:23:31 So if somehow there were some drivechain that people were doing things that were inappropriate, unethical, or harmful to Bitcoin's value, then if the Bitcoin community as a whole doesn't like what's going on in that sidechain, then they could rise up and tell the miners, let's stop what that sidechain is doing. 1:23:55 I don't think that'll ever happen, but it is possible. And that's why drivechain was designed the way it is, so that we don't have these things going on forever if we don't want them to. 1:24:08 Probably there'll never be a problematic sidechain. Because the only way that the drivechains get launched in the first place is through the community deciding to launch them. 1:24:20 There has to be a lot of hashrate that is supporting the launch of a new drivechain. Otherwise, that drivechain won't ever get launched. 1:24:30 So this is not like ERC-20, where just any person can just launch something. Drivechain does not enable a proliferation of chaotic activity on Bitcoin. 1:24:43 Instead, drivechain sidechains are launched one by one deliberately by the Bitcoin community, acting through the miners. 1:24:55 So there probably will just be maybe, if drivechain were adopted in a year from now, let's say, on day one, maybe five or ten different interesting and independent sidechains would be launched. 1:25:09 And it would be great to see that. There would be one for privacy, one for large blocks, one for DNS. There'd be a whole suite of interesting and innovative technologies. 1:25:25 And of course, Hivemind. Hivemind is very exciting. It's Paul Sztorc's own invention. 1:25:31 In fact, that's why he created drivechain, as I understand, because he wanted to enable Hivemind. He was waiting for others to create something like drivechain. 1:25:40 No one was doing it. So then he did it. And that way, he was hoping that would be adopted. And then he would be able to focus on developing the peer-to-peer Oracle network called Hivemind. 1:25:50 At the time, it was called Truthcoin. Now it's called Hivemind. 1:25:53 So we'll get all these cool technologies on Bitcoin. 1:25:57 Well, to reset the room, this is drivechain Twitter spaces run by LayerTwo Labs. We are promoting Bitcoin Improvement Proposal 300 and 301. 1:26:10 The most important idea in all of crypto, in my opinion. Fundamental enhancement to Bitcoin. One of the most exciting things to ever happen in the entire world. 1:26:21 I'm not kidding. We're talking about whether or not humanity achieves sound money through hyper-Bitcoinization. Will it happen or won't it happen? 1:26:32 Well, one way we can be sure it won't happen is if Bitcoin never upgrades in a manner that would enable altcoin technology to be built on Bitcoin in a peer-to-peer architecture. 1:26:44 Right now, Bitcoin doesn't have that. And that is exactly the reason why people are creating more altcoins all the time. 1:26:53 At least the rationale that altcoin founders give is that they want to build something new that can't be built on Bitcoin. 1:27:01 And of course, one might cynically say, well, they're saying that what they really want is just a lot of money. 1:27:09 But if the rationale they're giving is that Bitcoin lacks extensibility, let's remove that rationale. Let's eliminate that rationale. 1:27:21 And then they'll have to give some rationale that is inferior. And we know it's inferior because currently they're choosing to use this rationale, which is that Bitcoin lacks extensibility. 1:27:34 Vitalik used the word freedom in the Ethereum white paper, referring to what is achieved by not building on Bitcoin. 1:27:42 He said, we wanted unlimited freedom to design all the features and attributes of our blockchain. And that's why we're starting a new one. 1:27:50 Well, if drivechain had been available at that time, Vitalik could have instead built a Bitcoin sidechain for smart contracts. 1:28:00 And he would have done that or he would have launched an altcoin with a different rationale. 1:28:06 It's essential that Bitcoin eliminate the rationale that he used. And this has been going on for a long time. 1:28:14 He gave that rationale for his altcoin in 2014 in a white paper then. 1:28:18 And today, eight years later or about seven or eight years later, we still haven't developed Bitcoin enough such that his rationale would be impossible today. 1:28:33 But if Bitcoin adopts drivechain or something like it, then no longer will altcoin founders be able to say that they're building an altcoin because Bitcoin can't platform the technology that they want to build in a peer to peer design. 1:28:52 Things are going to come to a head. Either the Bitcoin community will understand the value of drivechain, embrace innovation and move forward with this exciting technology. 1:29:06 Or they will say, you know what, we're better off sitting and waiting for something different or maybe doing nothing and letting Bitcoin be as it is. 1:29:17 But if that's the path that's chosen, Bitcoin will perhaps eventually be flipped and become an irrelevant small community like the gold bugs of today. 1:29:30 There's a few people and they meet at conferences, they talk about gold and they dream about the refinancialization of gold and they think that gold is the only real money, yada, yada, yada. 1:29:45 They're all totally wrong. It's impossible to build on top of gold. It has no extensibility. 1:29:51 And its scaling layer is paper, which is trusted. 1:29:57 There's no peer to peer way of scaling gold. 1:30:01 And Bitcoin could, if drivechain is not adopted, become digital gold in the worst possible sense of that phrase. 1:30:12 If drivechain is not adopted and if nothing like drivechain is ever adopted, Bitcoin will be perhaps like digital gold in the worst possible sense. 1:30:23 It's a thing which has credible scarcity, but no extensibility, no peer to peer scalability. 1:30:32 And it's been flipped so it doesn't have the network effects of whatever becomes the world's money, whether it's dollars or Ethereum or something. 1:30:42 So we don't want Bitcoin to be small, lacking in extensibility, lacking in peer to peer scalability and suffering from a security budget problem of low fees. 1:30:53 And also due to the lack of extensibility, suffering from ongoing changes to its layer one. 1:31:01 In other words, we don't want Bitcoin to have no ossification. 1:31:05 So right there, I've given once again the five reasons why we must do drivechain or something like it. 1:31:13 We need Bitcoin to be a place of innovation and experimentation that's safe and doesn't harm the main chain. 1:31:19 We need Bitcoin to have high fees for security, security, hash rate security, economic security, the security budget. 1:31:27 We need those high fees. We need the innovation. We need the ossification. 1:31:32 We need the peer to peer scalability and we must avoid the flippening. 1:31:36 Those are the five reasons why drivechain is a powerful idea and it's going to happen for 100 percent, either on Bitcoin or some altcoin will adopt it one day. 1:31:48 And then that altcoin, whether it's Ethereum or whatever, that altcoin that has a design that's similar to drivechain will be the world's blockchain that is most favorable for development and scaling and security and stability. 1:32:07 It'll have all these attributes and features and narratives that are favorable. 1:32:11 Let's keep Bitcoin the winner. Let's make Bitcoin the place, the blockchain that has all of those features and narratives. 1:32:19 The stability and ossification of layer one with the extensibility and variety and innovation and safe partitioned experimentation on sidechains, the layer two. 1:32:31 Let's have Bitcoin have very high fees for security. No more talk of security budget FUD. No more talk of Peter Todd's inflation. 1:32:39 Let's not do inflation. Inflation is a terrible idea that would ruin Bitcoin's most valuable narrative, which is scarcity. 1:32:48 Not just any kind of scarcity, but the scarcity that Bitcoin invented, which is absolute scarcity. 1:32:55 Nothing in the world ever had absolute scarcity before Bitcoin. 1:33:00 People think there's a certain number of Rembrandt paintings and then one new one is discovered every now and then. 1:33:07 People think there's a certain amount of gold and then a new mine is discovered and there's more gold. 1:33:14 People think there's a certain number of dollars and then every few years, whoever is president prints a few more trillion. 1:33:21 Like when under Trump, you know, the economy crashed because of COVID and it shut down. 1:33:26 And then he just printed a few trillion dollars and handed it out to everyone. 1:33:29 So the dollar doesn't have scarcity. Artworks don't have scarcity. Gold doesn't have much scarcity. 1:33:34 There's always more gold. Every year they mine one percent more gold forever. 1:33:39 But Bitcoin has absolute scarcity. 1:33:42 And what Peter Todd wants to do, and he has tweeted in favor of this, is introduce tail emissions. 1:33:50 He's written an essay on it. He's talked about it. 1:33:53 So he has a favorable attitude towards the idea of inflation for Bitcoin being permanent. 1:33:58 Whereas we as drive chainers know that we should preserve Bitcoin's absolute scarcity and use what Satoshi recommended in all his brilliance, which is merged mining. 1:34:10 Merged mining, which brings transaction fees from a blockchain outside of Bitcoin's blockchain to the Bitcoin miners. 1:34:19 In other words, you can have 200 sidechains on Bitcoin. 1:34:23 Each one is a separate blockchain. Each one is a protocol. 1:34:27 200 different sidechains. Imagine that. 1:34:31 And all of them sending their transaction fees to Bitcoin's miners. 1:34:35 That is the Satoshi vision for merged mining and security. 1:34:41 And you can go read in August of 2010 when he wrote explicitly that in the BitDNS thread. 1:34:46 So if you go to Google and you search the word BitDNS. 1:34:50 B-I-T-D-N-S. B-I-T-D-N-S. 1:34:55 Search for BitDNS Satoshi. 1:34:58 And then you'll see what he wrote in August of 2010 on the forum. 1:35:02 He wrote to his friends, his contacts, that what he envisions is every blockchain in the world being merged mined. 1:35:10 And Bitcoin collecting fees from all of them, making Bitcoin stronger. 1:35:16 He used the word strength. 1:35:18 He was explicitly talking about increasing the strength of the network from fees. 1:35:23 Satoshi understood the security budget problem and he told us what the solution is. 1:35:28 The solution is to have every blockchain paying fees to Bitcoin's miners. 1:35:33 Drivechain aspires to make that happen. 1:35:35 Drivechain aspires to fix the security budget and all talk of inflation. 1:35:41 Every day the leading Ethereum advocates on Twitter, every day they tweet that Bitcoin is going to have to do inflation. 1:35:49 There is this guy Evan Van Ness. 1:35:52 He has 100,000 followers and every day he tweets Bitcoin will be doing inflation. 1:35:58 He always says it like orange coin will do inflation. 1:36:02 So he knows, he's beating the drum, he knows that one day Bitcoin won't have enough fees for Coinbase, for the miners. 1:36:11 But I asked him once, I tweeted to him, I said, what about Paul Sztorc's Drivechain idea where merged mining could bring fees? 1:36:20 And it's amazing. He said, I think, he wrote this to me, he said, I think Paul's ideas are great. 1:36:27 But I am pretty sure the Bitcoin community will never adopt them. 1:36:34 So that's the big question, folks. 1:36:37 Is this Ethereum guy right that the Bitcoin community is not doing what's in their own best interests? 1:36:47 And maybe the Bitcoin community will never do it. 1:36:50 And then this guy will be right. 1:36:52 This Ethereum maxi will be right that Bitcoin will have to resort to inflation like Peter Todd thinks is good. 1:37:01 I think that would be the end of Bitcoin. 1:37:04 Can you imagine a pull request to Bitcoin Core by Peter Todd? 1:37:09 And it'll be called like, you know, BIP 400, inflation on Bitcoin forever. 1:37:16 Can you imagine like the maintainers merging that request? 1:37:22 And then Bitcoin, everyone upgrades their nodes. 1:37:25 And now there's 22 million Bitcoin in the future, 23 million, eventually infinity, right? 1:37:31 It goes on forever. 1% inflation forever will be the BIP. 1:37:35 And it'll be the end of Bitcoin. 1:37:38 Like if that ever happens, it'll probably be after the flippening. 1:37:42 And it'll just, it'll be so irrelevant and pointless that no one will even care about it because Bitcoin will have already lost. 1:37:50 By the time the community is adopting inflation, things will be disastrous. 1:37:53 The whole project will be irrelevant and small. 1:37:56 We'll be like market cap, we'll be like, you know, you got a coin market cap and it will be like number 150 on the list. 1:38:03 It won't be good. 1:38:05 So I'm not a supporter of inflation on Bitcoin. 1:38:08 I got into Bitcoin because there was no inflation. 1:38:09 I came to Bitcoin from like an Austrian economics background, von Mises and Hayek. 1:38:15 And, you know, the economist at George Mason University and in Auburn, Alabama at the Mises Institute. 1:38:22 It was great to actually see the Mises Institute people at the conference in Miami. 1:38:27 They were there handing out pamphlets about liberty and talking about Rothbard and Mises. 1:38:33 So they like Bitcoin. 1:38:35 Does anyone have any questions or comments? 1:38:37 We had one speaker earlier. 1:38:40 Today has been a quiet day. 1:38:42 It's been mostly me just doing what I do for better or for worse. 1:38:47 Thank you so much for listening, everyone. 1:38:50 Some of you I can see in the audience are people I've spoken to before who are experts and others are new faces. 1:38:59 I hope everyone's had a good time. 1:39:01 You may be wondering how can you get involved in Bitcoin more? 1:39:04 What can you do? 1:39:05 So there's a bunch of things. 1:39:07 You can go to our Telegram group and ask any questions to the DriveChainers there. 1:39:15 Paul and CryptAxe and others are there all the time. 1:39:18 There's a technical support question thread where you can ask questions if you're trying to run the Drivechain software. 1:39:25 All of you are encouraged to run the Drivechain software on your computer and experiment with Drivechain and TestNet. 1:39:33 And in addition to the Telegram group, we also have a YouTube channel with lots of good videos. 1:39:39 Paul Sztorc spoke at Bitcoin Miami last week. 1:39:44 So the videos are already up probably on YouTube. 1:39:47 You can see the latest of what he said. 1:39:50 I haven't done it yet because I was staying in the booth and I haven't had a chance to watch any of those videos. 1:39:54 But I'm going to be in my free time soon checking those out to get the latest information and see what people said. 1:40:00 And in addition to the Telegram group and the YouTube channel and downloading the software, there are other things you can do. 1:40:08 Let's see. You can write on Twitter. 1:40:10 You can engage on Twitter about Drivechain. 1:40:13 You can go to your local BitDevs meetup and stand up and say to everyone there, 1:40:18 let's talk a little bit about how Drivechain can bring ossification and higher fees and more extensibility and innovation and avoid the flippity and all these great things. 1:40:29 So those are just some of the ways that you can get involved. 1:40:35 Talking about it in person with other Bitcoiners, talking about it on Twitter, getting involved on the Telegram group, 1:40:41 and watching the videos on YouTube, sharing them, liking them, sharing this Drivechain Twitter space, which has been recorded. 1:40:49 If you thought this was a good chat, share it with one of your friends, just send a link. 1:40:54 So this audio will be up forever probably. 1:40:56 And available for people to listen to on demand. 1:41:01 Thank you so much. 1:41:04 And we meet every Monday and Thursday. 1:41:06 So if you have questions or concerns or you're not sure how one part of Drivechain works as I described, 1:41:12 then please let me know. 1:41:14 Either send me as a DM or come back next time on Thursday and ask questions. 1:41:18 So we meet here on Twitter Spaces at 9.30 a.m. Monday and Thursday Pacific U.S. time. 1:41:26 So Los Angeles time zone, 9.30 a.m. Mondays and Thursdays every week forever. 1:41:33 We're talking Drivechain, BIP300 and 301. 1:41:37 Bring your questions, bring your friends, your family, everyone log on and ask questions here. 1:41:43 We can have a little debate, conversation. 1:41:45 Thank you for listening and I'll see you Thursday, people. 1:41:49 Thank you. 1:41:51 Enjoy your week.
