1
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11
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What is the elevator pitch for Drivechains?

12
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Oh, well, it just gives everyone everything that they want. So, if you want new
features,

13
00:25:47,284 --> 00:25:52,284
if you want the zCase now, if you want zAddresses, if you want Turing Complete smart
contracts,

14
00:25:52,284 --> 00:25:57,284
if you want large blocks, whatever it is, you can get that. Other people don't have,

15
00:25:57,284 --> 00:26:02,284
you know, if you want small block, layer one, ossified code, you can get that.

16
00:26:02,284 --> 00:26:06,284
We're just giving everyone what they want. So, the Drivechain is a sidechain idea,

17
00:26:06,284 --> 00:26:09,284
so it lets people just send the coins to different pieces of software.

18
00:26:09,284 --> 00:26:18,284
So, all the software will compete with each other, and so that is best for the user,
because it's competition.

19
00:26:18,284 --> 00:26:24,284
It's an opera situation, right? You get a Drivechain, and you get a Drivechain, and
you get a SpaceChain.

20
00:26:24,284 --> 00:26:30,284
You could. I mean, I think there would probably only be a few, but a lot of people
actually have good ideas.

21
00:26:30,284 --> 00:26:36,284
So, the zCache is a good example of a good idea, but it has the silly dev techs.

22
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And the pre-mine.

23
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Yeah, all this weird stuff like that. So, you just give it all that, take all the
technology,

24
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take the zCase-SNARK mixer, take the zAddresses that are private, you know.

25
00:26:49,284 --> 00:26:52,284
I did see that you made a demo on YouTube.

26
00:26:52,284 --> 00:26:53,284
Yes.

27
00:26:53,284 --> 00:27:00,284
In which you prove how you can integrate the main Bitcoin Core client on testnet
with your Drivechain, zCache.

28
00:27:00,284 --> 00:27:01,284
Yes.

29
00:27:01,284 --> 00:27:03,284
Drivechain, that's what you call it.

30
00:27:03,284 --> 00:27:07,284
Yeah, we call it zSide instead of zCache.

31
00:27:07,284 --> 00:27:08,284
Yeah, exactly.

32
00:27:08,284 --> 00:27:14,284
So, yeah, you take coins, you have your regular Bitcoins, you send them over to this
piece of software,

33
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and over there, the coins show up, and it's like using a lightning app or something.

34
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You send the coins over, and you have the coins there, and then over there you have
zAddresses,

35
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and you have the zCache super privacy, and then when they change hands,

36
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the new owners can eventually take them back to Layer 1.

37
00:27:35,284 --> 00:27:37,284
So, yeah, that's what it does.

38
00:27:37,284 --> 00:27:39,284
Sounds promising.

39
00:27:39,284 --> 00:27:40,284
Yeah.

40
00:27:40,284 --> 00:27:48,284
I mean, I think it's also the only way that Bitcoin can actually succeed at most of
the things it wants to do

41
00:27:48,284 --> 00:27:53,284
because there's a lot of disagreement over what the block chain should contain,

42
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including the block size is one example.

43
00:27:55,284 --> 00:27:59,284
So, whatever you pick for the block size, they can't be both large and small.

44
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So, you have to turn one group away.

45
00:28:02,284 --> 00:28:04,284
Yeah, I agree with that.

46
00:28:04,284 --> 00:28:11,284
And so, that's difficult because money needs network effects, and we prefer a
unified community,

47
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like Bitcoin versus the banks.

48
00:28:13,284 --> 00:28:19,284
We don't want Bitcoin versus Ethereum versus whatever, Tron, you know?

49
00:28:19,284 --> 00:28:22,284
I mean, we have RSK, which is Merge Mine.

50
00:28:22,284 --> 00:28:31,284
Yes, but the peg is federated on Layer 1 because nothing else exists yet to do the
peg with.

51
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People use these HSMs.

52
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This HSM thing, I think, is unverifiable.

53
00:28:37,284 --> 00:28:40,284
No one can prove they're using HSM to you.

54
00:28:40,284 --> 00:28:44,284
What if I said I have two organizations.

55
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One is a multisig.

56
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One uses multisig to hold their coins, and the other uses multisig with HSM to hide
their coins.

57
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And I ask you, which is which?

58
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I don't know.

59
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There's no way of knowing,

60
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especially if you just look at the blockchain.

61
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They're just two multisig outputs.

62
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So, one of them, they say they use HSM, but how can anyone know that?

63
00:29:08,284 --> 00:29:12,284
Well, doesn't Notchnor or Taproot help with that?

64
00:29:12,284 --> 00:29:14,284
How does it help with that?

65
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Well, multisigs and normal transactions are going to look the exact same and have
the same size.

66
00:29:19,284 --> 00:29:26,284
No, but that makes it even more difficult to prove that someone actually is using an
HSM, the hardware security module.

67
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HSM is like if you bring something on a plane and they say,

68
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check this box that you're not carrying any of these things on.

69
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If you're like, I'm bringing all of those things on the plane.

70
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It's like this piece of chemistry that can explode and burst into flames and burn a
hole through the plane and kill everyone.

71
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So, I don't know exactly how they ship those HSMs around is what I'm saying.

72
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Presumably, they use a boat.

73
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A boat?

74
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Yeah.

75
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That's not a boat in Canadian. A boat.

76
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Yeah, they use a boat. I mean a ship.

77
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So, I don't know how you would get those on an airplane.

78
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Because people would be like, what the?

79
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You put it through the TSA, the scanner would be like, what is this?

80
00:30:13,284 --> 00:30:17,284
Okay, what are the tradeoffs of Drivechains?

81
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Or what is the major criticism that you received?

82
00:30:19,284 --> 00:30:22,284
Criticisms are terrible, but I'll give you what they are.

83
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Some people say the miners can steal.

84
00:30:25,284 --> 00:30:27,284
But the miners can also steal from the Lightning Network.

85
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So, the Criterion is not a good one.

86
00:30:30,284 --> 00:30:33,284
The other thing is to steal, it takes months.

87
00:30:33,284 --> 00:30:37,284
Three to six months of one hash not matching another hash.

88
00:30:37,284 --> 00:30:39,284
There's plenty of stuff that people could do about it.

89
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If they wanted to, react.

90
00:30:41,284 --> 00:30:43,284
There's plenty of natural consequences as well.

91
00:30:43,284 --> 00:30:49,284
Like if miners kill the sidechain idea, then the Bitcoin coin goes from being a coin
that can do anything

92
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to a coin that can only do one thing, the layer one store value thing.

93
00:30:55,284 --> 00:30:58,284
And presumably, its price would be greater if it could do everything.

94
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And it was infinitely scalable and private and extensible.

95
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And there's no disagreements.

96
00:31:04,284 --> 00:31:08,284
That would presumably be more valuable than if it lost that ability.

97
00:31:08,284 --> 00:31:13,284
And of course, all the transaction fees on all of the sidechains, which normally
would go to miners,

98
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that would be over if they killed the idea.

99
00:31:17,284 --> 00:31:19,284
That's a terrible critique.

100
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I can't believe that goes on for as long as it did.

101
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I think what actually happened was Blockstream wrote this paper in October 2014.

102
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And everyone was saying sidechains are great.

103
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And Peter Todd had to rain on everyone's parade.

104
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So, he was like, okay, I'll come up with something to say.

105
00:31:32,284 --> 00:31:37,284
So, he said this true thing that 51% can steal the sidechain coins.

106
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But really, 51% of miners can do an awful lot of stealing of Lightning Network,
Mainnet, other things, statechains, whatever.

107
00:31:45,284 --> 00:31:50,284
So, it's very, very difficult to find something where the 51% miners cannot steal.

108
00:31:50,284 --> 00:31:52,284
It's almost impossible.

109
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They can certainly steal from the Lightning Network by just censoring the justice
transaction from the blockchain.

110
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So, they can empty the channel and give it to themselves.

111
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Would you say that Drivechains also give more power to the miners?

112
00:32:05,284 --> 00:32:08,284
Well, not if you are on Layer 1.

113
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You're unaffected completely.

114
00:32:12,284 --> 00:32:16,284
But for the people who choose to opt in, you maybe could say that.

115
00:32:16,284 --> 00:32:20,284
But those users have chosen to opt into that.

116
00:32:20,284 --> 00:32:32,284
So, you understand that there's no – when people say that, what they're implying is
that miners have gotten more power at the expense of other people.

117
00:32:32,284 --> 00:32:34,284
And that the pie has shifted.

118
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Yes.

119
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But that's not the case in the slightest.

120
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So, in that sense, the answer is no.

121
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Would you say that the cost of validation for everyone else gets increased by adding
Drivechains?

122
00:32:44,284 --> 00:32:49,284
No, because it – only in the sense that maybe adding CheckLockTimeVerifier,
something very tiny.

123
00:32:49,284 --> 00:32:54,284
The only thing that the BIP300 script checks is this one tiny little hash.

124
00:32:54,284 --> 00:33:03,284
It collects these hashes, and it counts a little integer up from 0 to 13,000,
basically.

125
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And that's all it does.

126
00:33:05,284 --> 00:33:09,284
So, it's very, very, very – the overhead is very small.

127
00:33:09,284 --> 00:33:29,284
Certainly, it's well within the efficiency that Bitcoin Core gains and loses as with
every single one of the previous major releases has resulted in an efficiency change
that is, I would say, at least an order of magnitude greater.

128
00:33:29,284 --> 00:33:36,284
So, there's absolutely no significant increase in the node cost at all.

129
00:33:36,284 --> 00:33:48,284
You argue that Bitcoin maximalism is BIP300/301, specifically because
you're maximizing Bitcoin's potential by adding every chain functionality.

130
00:33:48,284 --> 00:33:59,284
Yes, I think the Bitcoin maximalism shifted a little bit, where it used to mean that
Bitcoin is almost certainly going to just – there's no need for anything else.

131
00:33:59,284 --> 00:34:05,284
And so, there's no – there's certainly a distraction to invest in an altcoin or
something like that.

132
00:34:05,284 --> 00:34:15,284
But now, over time, it has shifted to mean something like no matter what happens,
Bitcoin's success is preordained or predestined.

133
00:34:15,284 --> 00:34:23,284
So, no matter how many mistakes we make or how overconfident we get, everything will
be good for Bitcoin.

134
00:34:23,284 --> 00:34:36,284
And so, yeah, the sidechain idea was originally a maximalist idea that just said,
hey, whatever anyone comes up with that's good, we'll just take because it's open
source software.

135
00:34:37,284 --> 00:34:39,284
So, that's why I say that this is maximalism.

136
00:34:39,284 --> 00:34:51,284
It says not only do we hate alts, but we're going to roll up our sleeves and do
something about it, which is just copy their features so that anyone who wants the
feature can have it.

137
00:34:51,284 --> 00:35:01,284
And also, anyone who wants to create a narrative where the feature is important,
where they say, well, Bitcoin is no good because it doesn't have such and such.

138
00:35:02,284 --> 00:35:06,284
Well, now you'll be able to say, well, yes, it does. It has everything.

139
00:35:06,284 --> 00:35:13,284
So, yeah, that's why I think it is – anyone who's not a sidechainer is probably not
– I mean, is really not a Bitcoin maximalist.

140
00:35:13,284 --> 00:35:22,284
But now, there's this new – the modern maximalist is just the preordained success of
BTC despite whatever reality says.

141
00:35:22,284 --> 00:35:24,284
It's useless and it should not exist.

142
00:35:24,284 --> 00:35:25,284
Yeah.

143
00:35:25,284 --> 00:35:29,284
Experimentation is bad outside of Bitcoin, but you can't do that on Bitcoin.

144
00:35:30,284 --> 00:35:32,284
Right. Well, that's the new view, is that.

145
00:35:32,284 --> 00:35:33,284
Yeah.

146
00:35:33,284 --> 00:35:41,284
So, like if someone has a new – like Ricardo Spogni or Monero or something, someone
has an idea, what are they supposed to exactly do?

147
00:35:41,284 --> 00:35:43,284
He's not the creator of Monero. That's not –

148
00:35:43,284 --> 00:35:45,284
But he was like the cultural leader of Monero, though.

149
00:35:45,284 --> 00:35:46,284
Of course.

150
00:35:46,284 --> 00:35:47,284
Yeah.

151
00:35:47,284 --> 00:35:49,284
I'm referring to the past also.

152
00:35:49,284 --> 00:35:55,284
So, I'm saying if someone has an idea they like, what exactly are they supposed to
do?

153
00:35:56,284 --> 00:36:03,284
This is something that came up with me and John Carvalho where I say – I talk about
the freedom to ignore good ideas.

154
00:36:03,284 --> 00:36:18,284
And he claims that right, and I agree with that, but I say that comes with – that
actually comes with sidechains because if you're saying there's nothing – you can
never leave Bitcoin no matter how good of an alternative idea you have.

155
00:36:19,284 --> 00:36:26,284
Maybe you have an idea that is objectively super good, but some say you can never
leave.

156
00:36:27,284 --> 00:36:30,284
And if you start an altcoin, that's a bad thing, of course.

157
00:36:32,284 --> 00:36:35,284
But this is the problem, is what do you do with an idea that's good?

158
00:36:35,284 --> 00:36:38,284
So, the whole sidechain idea is that we capture all the good ideas.

159
00:36:39,284 --> 00:36:43,284
But otherwise, people are in a kind of a dilemma because they say, I believe in this
idea.

160
00:36:43,284 --> 00:36:49,284
Someone really believes in whatever their idea is, ring signatures or turn complete
or whatever it is.

161
00:36:50,284 --> 00:36:54,284
And now the only thing they can do is launch an altcoin if there's no sidechains.

162
00:36:54,284 --> 00:36:59,284
So, the lack of sidechains is what gives birth to the altcoins.

163
00:36:59,284 --> 00:37:01,284
That's what I argue sometimes.

164
00:37:01,284 --> 00:37:06,284
That whenever you say that nothing except for Bitcoin should exist and it's all a
shitcoin.

165
00:37:06,284 --> 00:37:13,284
You should also accept the fact that people are going to move away and build their
own shitcoin.

166
00:37:14,284 --> 00:37:19,284
Yeah, not as much of it – some people say this is about taking money from people or
whatever.

167
00:37:24,284 --> 00:37:30,284
Many of these people who started an altcoin, they really just had an idea that they
really liked.

168
00:37:30,284 --> 00:37:35,284
And then some of them, a smaller number, have said something like, well, this idea I
really believe in.

169
00:37:35,284 --> 00:37:41,284
And since everyone else is scamming by altcoin, I'll give myself 20% or something.

170
00:37:41,284 --> 00:37:42,284
I'll pre-mine or whatever.

171
00:37:42,284 --> 00:37:49,284
But most of the people – there are, of course, many people who have just straight up
used the altcoin.

172
00:37:49,284 --> 00:37:55,284
And the altcoin world and the ICO world and the NFT world to just straight up take
people's money.

173
00:37:55,284 --> 00:37:58,284
The smooth operators, they move in.

174
00:37:58,284 --> 00:38:01,284
So, there are many horrible people. Most of them are horrible people.

175
00:38:01,284 --> 00:38:08,284
But a lot of the – there are a lot of coins that were – the whole reason the altcoin
– oh, sorry.

176
00:38:08,284 --> 00:38:15,284
There's a lot of reasons – the whole coin exists is because of a genuine creative
idea that someone had.

177
00:38:15,284 --> 00:38:17,284
And they said, you know, I think this could be great.

178
00:38:17,284 --> 00:38:22,284
And some people say, like a John Carvalho would say, that idea is not very good.

179
00:38:22,284 --> 00:38:24,284
But why is it up to him?

180
00:38:24,284 --> 00:38:29,284
If we had sidechains, then you could pick – you could say, you know what, let me
look at that idea.

181
00:38:29,284 --> 00:38:31,284
I'm my own sovereign human being.

182
00:38:31,284 --> 00:38:37,284
And I'm going to say, you know, let me look at Vlad's sidechain.

183
00:38:37,284 --> 00:38:45,284
And I'm going to say, I can maybe put 20 bucks in there at first and try the idea
out for yourself.

184
00:38:45,284 --> 00:38:48,284
It shouldn't be up to some third party to censor the ideas out.

185
00:38:48,284 --> 00:38:51,284
That is not reasonable.

186
00:38:51,284 --> 00:38:55,284
What is your view on building stuff on top of lightning?

187
00:38:56,284 --> 00:39:00,284
That's something that John Carvalho would argue, that we don't need any more
blockchains.

188
00:39:00,284 --> 00:39:02,284
We just need to build stuff on lightning.

189
00:39:02,284 --> 00:39:07,284
Well, I wonder if you would still argue that, because I wrote a post.

190
00:39:07,284 --> 00:39:09,284
I was on the Bitcoin dev mailing list.

191
00:39:09,284 --> 00:39:11,284
I wrote some emails earlier in the year.

192
00:39:11,284 --> 00:39:20,284
And then in April, just before the conference in Miami, I wrote a post called
Lightning Network Fundamental Limitations.

193
00:39:20,284 --> 00:39:31,284
And then a couple of months after that, in June, John Carvalho hosted a kind of
recorded – I don't know what it was.

194
00:39:31,284 --> 00:39:32,284
It was something like that.

195
00:39:32,284 --> 00:39:33,284
Yeah, something like that.

196
00:39:33,284 --> 00:39:34,284
And he put it on YouTube.

197
00:39:34,284 --> 00:39:35,284
Anyone can read it.

198
00:39:35,284 --> 00:39:37,284
And it's called – it has almost the same title.

199
00:39:37,284 --> 00:39:40,284
It was like Lightning Network Fundamental Limitations or something.

200
00:39:40,284 --> 00:39:43,284
And in that, he got Matt Corallo.

201
00:39:43,284 --> 00:39:44,284
He had Christian Decker.

202
00:39:44,284 --> 00:39:48,284
He had extremely elite members of the technical lightning community.

203
00:39:49,284 --> 00:40:04,284
And they all basically agreed with the stuff that I had written in the post, which
was very, very different than what most people, the layperson or even the lightning
enthusiast, believes.

204
00:40:04,284 --> 00:40:10,284
What the regular lightning person believes is very different from what Matt Corallo
or Christian Decker believes.

205
00:40:11,284 --> 00:40:18,284
So, I don't know if – and, you know, John Carvalho hosted it, and he wanted to
de-hype the lightning network a little bit.

206
00:40:18,284 --> 00:40:20,284
So, I wonder what he would say if you asked him now.

207
00:40:20,284 --> 00:40:22,284
That was in June, and that's three months later.

208
00:40:22,284 --> 00:40:23,284
So, I don't know.

209
00:40:23,284 --> 00:40:25,284
I wonder what he would say if you asked him today.

210
00:40:25,284 --> 00:40:28,284
I wish he was here because I would ask him.

211
00:40:28,284 --> 00:40:32,284
But what are some non-stuff like – what's it called?

212
00:40:32,284 --> 00:40:33,284
Block stacks?

213
00:40:34,284 --> 00:40:35,284
What about it?

214
00:40:35,284 --> 00:40:36,284
The non-ETC people.

215
00:40:36,284 --> 00:40:38,284
Oh, the stacks people?

216
00:40:38,284 --> 00:40:39,284
Stacks, yeah.

217
00:40:39,284 --> 00:40:46,284
Stacks, well, stacks is a different – they raise $150 million, like, sort of selling
their – they have to sell their coin.

218
00:40:47,284 --> 00:40:54,284
If we had sidechains, there would be no need for such a coin, and you could do
whatever they were doing on the sidechain with no stacks token.

219
00:40:55,284 --> 00:41:08,284
So, the fact that people – the fact that we don't have sidechains is the whole
reason why we have Munib raising $150 million to do stacks.

220
00:41:08,284 --> 00:41:10,284
Sort of, or in large part.

221
00:41:11,284 --> 00:41:14,284
So, I think that's where a lot of people get confused about it.

222
00:41:14,284 --> 00:41:16,284
I don't know that much about it.

223
00:41:16,284 --> 00:41:18,284
I think it's supposed to do something like Ethereum.

224
00:41:19,284 --> 00:41:21,284
There's like a quasi-counterparty part.

225
00:41:21,284 --> 00:41:26,284
There's a quasi – because there's like an embedded consensus to get parallel
blockchain.

226
00:41:26,284 --> 00:41:29,284
So, it's sort of sidechain-like.

227
00:41:30,284 --> 00:41:42,284
They also do something similar to what Ethereum does, where they can move the coins
on Bitcoin via some kind of SPV – what is it called?

228
00:41:42,284 --> 00:41:44,284
A BTC relay or something.

229
00:41:44,284 --> 00:41:46,284
But I don't know that much about it.

230
00:41:46,284 --> 00:41:52,284
But I think a lot of people just say, well, he raised $150 million.

231
00:41:52,284 --> 00:41:54,284
He must be suspicious.

232
00:41:55,284 --> 00:41:58,284
Which, yeah, they may be right as far as I know.

233
00:41:58,284 --> 00:42:00,284
Why, what's your take on it?

234
00:42:01,284 --> 00:42:03,284
I think it's experimentation.

235
00:42:03,284 --> 00:42:05,284
It's not up to me to decide.

236
00:42:05,284 --> 00:42:07,284
I'm not technical enough to look into it.

237
00:42:07,284 --> 00:42:11,284
I can get angry at their shitcoin, at the STX or whatever they call it.

238
00:42:11,284 --> 00:42:14,284
But, you know, they build stuff.

239
00:42:14,284 --> 00:42:16,284
It might be – it's open source.

240
00:42:16,284 --> 00:42:19,284
Maybe someone will take it and use it for another purpose.

241
00:42:20,284 --> 00:42:21,284
Yeah.

242
00:42:21,284 --> 00:42:24,284
I'm trying to not be as judgmental.

243
00:42:24,284 --> 00:42:30,284
As in, sometimes even in the shittiest project, there is something legit that comes
out.

244
00:42:30,284 --> 00:42:31,284
That's true.

245
00:42:31,284 --> 00:42:32,284
And it's built.

246
00:42:32,284 --> 00:42:34,284
And we can reuse that.

247
00:42:34,284 --> 00:42:36,284
As I said, it's open source software.

248
00:42:36,284 --> 00:42:37,284
I agree.

249
00:42:38,284 --> 00:42:39,284
We rename it.

250
00:42:39,284 --> 00:42:44,284
We use it on another layer or chain or anything else.

251
00:42:45,284 --> 00:42:46,284
I agree with that.

252
00:42:46,284 --> 00:42:48,284
We can even take their UX.

253
00:42:48,284 --> 00:42:52,284
Sometimes shady projects have nice UX, because that's all they got.

254
00:42:52,284 --> 00:42:53,284
The graphics.

255
00:42:54,284 --> 00:42:55,284
Yes, yeah.

256
00:42:56,284 --> 00:42:57,284
They need to be flashy.

257
00:42:57,284 --> 00:42:59,284
They need to promote something.

258
00:42:59,284 --> 00:43:00,284
So, yeah.

259
00:43:00,284 --> 00:43:02,284
There's something good in pretty much everything.

260
00:43:03,284 --> 00:43:07,284
I wanted to ask you if you read The Fiat Standard, because I know you're a big fan.

261
00:43:07,284 --> 00:43:09,284
I have not read it yet.

262
00:43:10,284 --> 00:43:12,284
I'm not sure if I will ever read it.

263
00:43:12,284 --> 00:43:14,284
I'm sure it's not very interesting.

264
00:43:14,284 --> 00:43:16,284
That could be very interesting to me.

265
00:43:17,284 --> 00:43:20,284
I mean, that's a very Fiat answer from you.

266
00:43:20,284 --> 00:43:21,284
You think so?

267
00:43:21,284 --> 00:43:23,284
Because it was said after 1971.

268
00:43:23,284 --> 00:43:24,284
Yeah, right.

269
00:43:24,284 --> 00:43:26,284
Well, his book is written after 1971.

270
00:43:26,284 --> 00:43:29,284
So, isn't it just a Fiat book, right?

271
00:43:29,284 --> 00:43:32,284
All art after 1971 is no good.

272
00:43:32,284 --> 00:43:36,284
So, including the Bitcoin Standard and the Fiat Standard, both written after 1971.

273
00:43:36,284 --> 00:43:37,284
That's not art.

274
00:43:37,284 --> 00:43:38,284
That's science.

275
00:43:38,284 --> 00:43:39,284
Oh, okay.

276
00:43:39,284 --> 00:43:42,284
But isn't all science after 1971 also Fiat science?

277
00:43:43,284 --> 00:43:45,284
Yeah, that's why you don't use seed oils.

278
00:43:45,284 --> 00:43:46,284
Yeah, right.

279
00:43:46,284 --> 00:43:49,284
Because seed oils are Fiat food.

280
00:43:49,284 --> 00:43:50,284
Mm-hmm.

281
00:43:51,284 --> 00:43:52,284
Yeah.

282
00:43:52,284 --> 00:43:54,284
Anything other than meat.

283
00:43:54,284 --> 00:44:00,284
A disturbing number of people are now leaving this room, leading us to maybe
conclude that something important is happening somewhere else.

284
00:44:00,284 --> 00:44:01,284
Probably.

285
00:44:01,284 --> 00:44:02,284
There's a barbecue somewhere.

286
00:44:02,284 --> 00:44:03,284
Oh.

287
00:44:03,284 --> 00:44:06,284
But I was worried that they locked the door and they left us here.

288
00:44:06,284 --> 00:44:07,284
Oh, come on.

289
00:44:07,284 --> 00:44:08,284
They wouldn't do that.

290
00:44:08,284 --> 00:44:09,284
What's that?

291
00:44:10,284 --> 00:44:12,284
I get a bag.

292
00:44:12,284 --> 00:44:14,284
She dumped her bag on me.

293
00:44:15,284 --> 00:44:16,284
Her name is Anna.

294
00:44:16,284 --> 00:44:18,284
She's the marketing director of Huddle Huddle.

295
00:44:18,284 --> 00:44:19,284
She did a great job.

296
00:44:19,284 --> 00:44:21,284
And now he's a bag holder.

297
00:44:22,284 --> 00:44:25,284
That was Anna, and she helped me with the magazine.

298
00:44:25,284 --> 00:44:27,284
So, follow her on Twitter.

299
00:44:27,284 --> 00:44:28,284
Are you on Twitter?

300
00:44:29,284 --> 00:44:31,284
Also follow Huddle Huddle.

301
00:44:31,284 --> 00:44:34,284
Use peer-to-peer methods to buy your Bitcoin.

302
00:44:34,284 --> 00:44:39,284
They're not even sponsoring this podcast, but she thanked me.

303
00:44:40,284 --> 00:44:41,284
Okay, great.

304
00:44:41,284 --> 00:44:43,284
What are your closing words, Paul?

305
00:44:43,284 --> 00:44:44,284
We're getting kicked out.

306
00:44:45,284 --> 00:44:53,284
We're not literally getting kicked out, but everyone else has left this room,
leading us to believe that we should probably kick ourselves out.

307
00:44:54,284 --> 00:44:55,284
So, what should we say?

308
00:44:56,284 --> 00:44:58,284
Baltic Honey Badger was a lot of fun.

309
00:45:02,284 --> 00:45:04,284
Read about BIP300 yourself.

310
00:45:04,284 --> 00:45:07,284
Don't listen to other people.

311
00:45:07,284 --> 00:45:08,284
Don't listen to other people.

312
00:45:09,284 --> 00:45:13,284
Read the peer-review page and use your own brain to decide things.

313
00:45:13,284 --> 00:45:21,284
I did read your peer-review page, and I did see that most Bitcoin Core developers
seem to agree with your proposal for Drive Teams.

314
00:45:22,284 --> 00:45:25,284
Some people have agreed, and many people have had no comments.

315
00:45:26,284 --> 00:45:34,284
Some people haven't agreed, but they endorse those two critiques that I think we
should follow up with them to see.

316
00:45:34,284 --> 00:45:38,284
But I was surprised Peter Todd said yesterday that he still believes this whole...

317
00:45:38,284 --> 00:45:46,284
Peter Todd believes it's very bad if some miners have a way of making money that
other miners do not.

318
00:45:46,284 --> 00:45:48,284
But that's the entire history of mining.

319
00:45:48,284 --> 00:45:57,284
It's just been new miners innovating and replacing the old miners in a never-ending
sequence of improvements.

320
00:45:57,284 --> 00:46:08,284
And the idea that running sidechain software is even comparable with some of the
investments that miners make in millions of dollars of hardware, cooling...

321
00:46:08,284 --> 00:46:10,284
The idea that this would even register is bizarre.

322
00:46:10,284 --> 00:46:12,284
So, I think the whole criterion is wrong.

323
00:46:12,284 --> 00:46:15,284
Blind Merged Mining solves it anyway, and they don't even have to run the node.

324
00:46:16,284 --> 00:46:18,284
So, the whole criterion is wrong.

325
00:46:19,284 --> 00:46:26,284
There's no way, even if you applied the criterion, there's no way that software
would even measure up to all the other costs they have.

326
00:46:26,284 --> 00:46:30,284
They have security, cooling, electricity, the ASICs...

327
00:46:30,284 --> 00:46:33,284
It's completely insane that anyone would even...

328
00:46:34,284 --> 00:46:37,284
But that's the Peter Todd point of view on sidechains.

329
00:46:37,284 --> 00:46:39,284
You guys are like Verlaine and Rimbaud.

330
00:46:39,284 --> 00:46:42,284
Actually, no. Bad, bad comparison.

331
00:46:43,284 --> 00:46:44,284
Okay.

332
00:46:44,284 --> 00:46:47,284
You're not modernist poets, you're not lovers.

333
00:46:47,284 --> 00:46:50,284
But they shot each other at one point.

334
00:46:51,284 --> 00:46:52,284
Yeah, but am I shooting him, though?

335
00:46:52,284 --> 00:46:54,284
I'm saying his argument isn't good.

336
00:46:54,284 --> 00:46:55,284
He's shooting me.

337
00:46:56,284 --> 00:46:57,284
Okay.

338
00:46:58,284 --> 00:46:59,284
Yeah, open timestamps.

339
00:47:00,284 --> 00:47:01,284
They're pretty great.

340
00:47:01,284 --> 00:47:02,284
Yeah.

341
00:47:03,284 --> 00:47:05,284
I don't have any comments against them.

342
00:47:06,284 --> 00:47:08,284
Yeah, me neither. It's pretty straightforward, though.

343
00:47:08,284 --> 00:47:09,284
What about RBF?

344
00:47:10,284 --> 00:47:11,284
RBG, you mean?

345
00:47:12,284 --> 00:47:13,284
No, replaced by fee.

346
00:47:13,284 --> 00:47:14,284
Oh, okay. What about it?

347
00:47:14,284 --> 00:47:16,284
That's a Peter Todd addition.

348
00:47:17,284 --> 00:47:19,284
First seen safe, replaced by fee.

349
00:47:19,284 --> 00:47:22,284
That's pretty good. It helps people when your transaction is stuck.

350
00:47:22,284 --> 00:47:25,284
You're grateful that you have that in there, when you have your bad...

351
00:47:25,284 --> 00:47:26,284
Is that not a double spend?

352
00:47:27,284 --> 00:47:28,284
Well, they do first seen safe.

353
00:47:28,284 --> 00:47:32,284
So they say you're allowed to replace it as long as it's the same destination.

354
00:47:33,284 --> 00:47:37,284
And a bigger fee in the same destination than people allow it.

355
00:47:37,284 --> 00:47:39,284
So it was kind of a clever compromise.

356
00:47:41,284 --> 00:47:42,284
All right.

357
00:47:42,284 --> 00:47:47,284
Looks like we'll have to wrap it up, because your computer will die when it runs out
of battery.

358
00:47:49,284 --> 00:47:52,284
So are you going to read Safedine until next time?

359
00:47:52,284 --> 00:47:53,284
Maybe.

360
00:47:54,284 --> 00:47:55,284
Yeah, I'll get right on that.

361
00:47:55,284 --> 00:47:59,284
But seriously, what kind of books do you recommend to listen to?

362
00:47:59,284 --> 00:48:04,284
The Beginning of Infinity by David Deutsch and The Elephant in the Brain by Robin
Hanson.

363
00:48:05,284 --> 00:48:08,284
Those are the two best books, non-fiction books, ever written.

364
00:48:10,284 --> 00:48:11,284
Wow.

365
00:48:11,284 --> 00:48:15,284
I expected you to say, okay, go for Eric Voskill, Crypto-Economics.

366
00:48:15,284 --> 00:48:17,284
It's a better book than Safedine's.

367
00:48:17,284 --> 00:48:19,284
A lot of things are a better book than that.

368
00:48:20,284 --> 00:48:24,284
I think plenty of people have written a decent Bitcoin book.

369
00:48:24,284 --> 00:48:25,284
I don't know which one.

370
00:48:25,284 --> 00:48:28,284
Bitcoin book is my favorite, but I own quite a few now.

371
00:48:28,284 --> 00:48:30,284
So I have to try and figure that out and get back to you.

372
00:48:30,284 --> 00:48:33,284
Did you look at the Bitcoin Takeover magazine?

373
00:48:33,284 --> 00:48:34,284
It's good.

374
00:48:34,284 --> 00:48:35,284
It's really good.

375
00:48:35,284 --> 00:48:36,284
I looked at it.

376
00:48:36,284 --> 00:48:37,284
It's good.

377
00:48:37,284 --> 00:48:38,284
It's really good.

378
00:48:38,284 --> 00:48:39,284
I think people would enjoy it.

379
00:48:39,284 --> 00:48:40,284
Send me a review after you read it.

380
00:48:40,284 --> 00:48:41,284
All right.

381
00:48:41,284 --> 00:48:42,284
I will do.

382
00:48:42,284 --> 00:48:43,284
I have the number one.

383
00:48:43,284 --> 00:48:45,284
I'm not sure if this is still the case, but I think for Robin Hanson's Elephant in
the Brain,

384
00:48:45,284 --> 00:48:48,284
I wrote an Amazon review that was number one for a very long time.

385
00:48:51,284 --> 00:48:54,284
I'm going to ask you for a review, and I'm going to make sure it's number one.

386
00:48:54,284 --> 00:48:58,284
Because it's not on Amazon, but I can post it at the top.

387
00:48:58,284 --> 00:48:59,284
All right.

388
00:48:59,284 --> 00:49:00,284
Cool.

389
00:49:00,284 --> 00:49:03,284
Well, I think your poor computer is going to run out of energy.

390
00:49:03,284 --> 00:49:06,284
So we'll just say the mass has ended, right?

391
00:49:06,284 --> 00:49:07,284
St. Catherine, pray for us.

392
00:49:07,284 --> 00:49:08,284
Go in peace.

393
00:49:10,284 --> 00:49:11,284
No, I'm not Catholic.

394
00:49:11,284 --> 00:49:12,284
Sorry.

395
00:49:12,284 --> 00:49:13,284
I know, but it's the Bitcoin Uncensored.

396
00:49:13,284 --> 00:49:14,284
I'm Orthodox.

397
00:49:14,284 --> 00:49:15,284
Really?

398
00:49:15,284 --> 00:49:16,284
Orthodox?

399
00:49:16,284 --> 00:49:17,284
Yes.

400
00:49:17,284 --> 00:49:18,284
Oh, that's interesting.

401
00:49:18,284 --> 00:49:19,284
Ninety-something percent of Romanians are Orthodox.

402
00:49:19,284 --> 00:49:20,284
Okay.

403
00:49:20,284 --> 00:49:21,284
At least in papers.

404
00:49:22,284 --> 00:49:24,284
How do they end the mass in Orthodox?

405
00:49:26,284 --> 00:49:27,284
The mass.

406
00:49:27,284 --> 00:49:29,284
I'm trying to translate right now.

407
00:49:29,284 --> 00:49:30,284
What is the mass?

408
00:49:31,284 --> 00:49:35,284
The mass is the weekly gathering of everyone.

409
00:49:35,284 --> 00:49:36,284
On Sunday.

410
00:49:36,284 --> 00:49:37,284
Yeah.

411
00:49:37,284 --> 00:49:38,284
And then they say the mass has ended.

412
00:49:38,284 --> 00:49:39,284
Go in peace.

413
00:49:42,284 --> 00:49:43,284
It's pretty much the same.

414
00:49:43,284 --> 00:49:44,284
Just in Romanian?

415
00:49:44,284 --> 00:49:45,284
Yes.

416
00:49:45,284 --> 00:49:46,284
All right.

417
00:49:46,284 --> 00:49:47,284
Say it in Romanian then.

418
00:49:52,284 --> 00:49:53,284
All right.

419
00:49:53,284 --> 00:49:54,284
Great.

420
00:49:54,284 --> 00:49:55,284
Cool.

421
00:49:55,284 --> 00:49:56,284
There we go.

422
00:49:56,284 --> 00:49:57,284
Okay.

423
00:49:57,284 --> 00:49:58,284
Cool.

424
00:49:58,284 --> 00:49:59,284
Hey, thanks.

425
00:49:59,284 --> 00:50:00,284
Thank you, Paul.

426
00:50:00,284 --> 00:50:01,284
It's always a pleasure.

427
00:50:01,284 --> 00:50:02,284
Pleasure is mine.

428
00:50:02,284 --> 00:50:05,284
And next time I'm going to ask you more questions, and I'm going to have a better
prepared laptop.

429
00:50:05,284 --> 00:50:06,284
Okay.

430
00:50:06,284 --> 00:50:07,284
Cool.

431
00:50:07,284 --> 00:50:08,284
All right.

432
00:50:08,284 --> 00:50:09,284
Great.

433
00:50:14,284 --> 00:50:23,284
Commercial break.

434
00:50:24,284 --> 00:50:29,284
After Mt. Gox collapsed, that was really the precipice of me saying, right, this has
to

435
00:50:29,284 --> 00:50:30,284
change.

436
00:50:30,284 --> 00:50:36,284
We need a totally transparent exchanging system and base it on gold instead of fiat.

437
00:50:37,284 --> 00:50:45,284
Voltoro is the hard money exchange which helps you beat inflation with instant swaps
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438
00:50:45,284 --> 00:50:50,284
the best stores of value known to man, gold and Bitcoin.

439
00:50:50,284 --> 00:50:56,284
Unlike most exchanges, Voltoro understands the importance of transparency and
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440
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441
00:51:02,284 --> 00:51:04,284
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442
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443
00:51:11,284 --> 00:51:17,284
This is not financial advice, but gold has been humankind's most reliable store of
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444
00:51:17,284 --> 00:51:19,284
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445
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446
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447
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448
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449
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450
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451
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452
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453
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454
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455
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456
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457
00:52:31,284 --> 00:52:52,284
What are you going to wear when Bitcoin hits $1 million?

458
00:52:52,284 --> 00:52:55,284
The same old $20 t-shirt?

459
00:52:55,284 --> 00:53:02,284
Buy Maison Machi, the designer clothes made in Paris by Bitcoiners for Bitcoiners.

460
00:53:02,284 --> 00:53:07,284
They're not your average mass-produced sweatshop clothes.

461
00:53:07,284 --> 00:53:13,284
Machi will ask for your measurements and tailor every piece of clothing according to
the shape

462
00:53:13,284 --> 00:53:20,284
of your body, so you always look and feel great in your t-shirt, hoodie, or dress.

463
00:53:20,284 --> 00:53:25,284
It's all made in France by real artisans who also happen to be Bitcoiners.

464
00:53:25,284 --> 00:53:31,284
Which is why Maison Machi only accepts Bitcoin as payment for their clothes.

465
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Get a Maison Machi t-shirt or hoodie today.

466
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467
00:53:37,284 --> 00:53:44,284
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468
00:53:44,284 --> 00:53:49,284
Stop having fun looking poor and check out MaisonMachi.com.

469
00:53:49,284 --> 00:53:55,284
That's M-A-I-S-O-N M-A-A-C-H-I dot com.