1 00:00:01,000 --> 00:00:07,480 Hello, everyone. Welcome to the World Crypto Network, where we are streaming live from the Stanford campus. 2 00:00:07,640 --> 00:00:11,360 There were some presentations, we're here at the event, 3 00:00:11,640 --> 00:00:17,760 but one of the most interesting people that I really wanted to interview here is, of course, Paul Sztorc, 4 00:00:18,200 --> 00:00:23,720 and I'm joined by Jimmy Song. Jimmy, say hi, and then we'll have Paul introduce himself. Hi, everybody. Good to be here. 5 00:00:24,720 --> 00:00:26,720 Hi, everyone. I'm Paul. What do you want me to introduce? 6 00:00:26,880 --> 00:00:32,960 Well, who you are, what you're known for, and where are you currently working? Try to keep it short. We've got a lot of questions for you. 7 00:00:33,120 --> 00:00:40,000 Okay, so I got into Bitcoin a while ago. I have a background in economics and statistics, and I work on a cool 8 00:00:40,680 --> 00:00:46,000 prediction markets project that was originally called Truthcoin, and is now called Bitcoin Hivemind. 9 00:00:46,800 --> 00:00:52,480 But I worked, my progress on that eclipsed the practice on the progress on sidechains, 10 00:00:52,480 --> 00:00:55,480 so I've been working on my sidechains project, Drivechain, for the last 11 00:00:57,000 --> 00:01:00,040 I don't know, like 18 months or so, and it's... 12 00:01:00,600 --> 00:01:02,600 So we basically finished that 13 00:01:02,760 --> 00:01:04,760 very soon, and we'll be getting 14 00:01:04,840 --> 00:01:07,880 vips out for that, and that's a very interesting project that... 15 00:01:09,480 --> 00:01:14,360 And Paul, so you work at Block. Yeah, Block supports my work on Drivechain, yes. 16 00:01:15,000 --> 00:01:22,000 I don't know if you know this, Tone, but the CEO of Block is actually Jeff Garzik. 17 00:01:22,000 --> 00:01:24,080 I'm not sure you are aware, were you aware of that? I don't know. 18 00:01:24,280 --> 00:01:26,280 Yeah, I wonder. 19 00:01:26,280 --> 00:01:28,000 We were aware of that. 20 00:01:28,000 --> 00:01:32,880 How many people... Tone, I don't know if you know this, but Jeff Garzik is one of the people behind 21 00:01:34,680 --> 00:01:36,680 the SegWit2x project. Really? 22 00:01:38,640 --> 00:01:44,720 We're slightly aware. We're slightly aware. All right, and this is why we did want to talk to you today, especially... 23 00:01:44,720 --> 00:01:48,640 And the SegWit2x project is part of the New York agreement. 24 00:01:48,840 --> 00:01:52,840 Yeah, well, we'll get to that. We'll get to that. Okay, so quick thing on Block, all right? 25 00:01:52,840 --> 00:01:57,120 Who founded Block, where's the money coming from, and how many people are involved? 26 00:01:57,120 --> 00:02:03,440 Okay, well, I mean, I don't really... So I'm just like a... I don't own any Block, like, equity or anything like that. 27 00:02:03,440 --> 00:02:06,280 I'm not a co-founder, so I don't actually know that, but I... 28 00:02:06,800 --> 00:02:09,120 Obviously, Matt Roszak is another co-founder. 29 00:02:09,120 --> 00:02:10,120 Oh, he's a... 30 00:02:10,120 --> 00:02:12,120 Sorry, we're in the wilderness. 31 00:02:12,120 --> 00:02:14,120 I'm like, why are you hitting Jimmy? 32 00:02:14,120 --> 00:02:16,120 Trying to get a mosquito, yeah. 33 00:02:16,120 --> 00:02:18,120 There's a giant spider coming down the pass. 34 00:02:18,120 --> 00:02:20,120 It's near us. 35 00:02:20,120 --> 00:02:22,120 In a web of lies. 36 00:02:22,400 --> 00:02:27,800 It's... So, yeah, so I know Tally Capital, and I know... What's the one, Fimbushi? 37 00:02:27,800 --> 00:02:30,800 But yeah, I don't really know, like, you shouldn't really ask me because I don't even know. 38 00:02:30,800 --> 00:02:32,800 I just know that I was working with people. 39 00:02:32,800 --> 00:02:38,120 So who else is working at Block, like, besides yourself, that our audience might know? 40 00:02:38,120 --> 00:02:46,800 Besides, obviously, Jeff Garzik, yourself, anyone else there programming, anyone else working there on cool projects that our people would have heard of in the crypto space? 41 00:02:46,800 --> 00:02:48,800 I don't know what people would know. 42 00:02:48,800 --> 00:02:50,800 I do know... 43 00:02:51,480 --> 00:02:53,480 Yeah, Douglas Rourke. 44 00:02:53,480 --> 00:02:55,480 Yeah, he used to work at Block. 45 00:02:55,480 --> 00:02:57,480 Oh, he doesn't work there anymore? 46 00:02:57,480 --> 00:02:59,480 Not anymore. 47 00:02:59,480 --> 00:03:03,480 You guys are toughing it out. I can do it, too. 48 00:03:03,480 --> 00:03:05,480 Jimmy here in short sleeves. 49 00:03:05,480 --> 00:03:07,480 Alright. 50 00:03:07,480 --> 00:03:09,480 Andre Schilbart works on BitcoinJ. 51 00:03:09,480 --> 00:03:11,480 He's also kind of sponsored by Block. 52 00:03:11,480 --> 00:03:15,480 Block does a lot of... Matt Roszak likes a lot of things. 53 00:03:15,480 --> 00:03:17,480 Just likes everything. 54 00:03:17,480 --> 00:03:19,480 I don't know if these people are like... 55 00:03:20,160 --> 00:03:22,160 It's kind of like... 56 00:03:22,160 --> 00:03:24,160 It's a little bit like a... 57 00:03:24,160 --> 00:03:26,160 It's kind of like an R&D sponsorship 58 00:03:26,160 --> 00:03:28,160 for some of these projects, I think. 59 00:03:28,160 --> 00:03:30,160 But I don't know who... 60 00:03:30,160 --> 00:03:32,160 I don't know if there's a lot of people who are, like, really famous. 61 00:03:32,160 --> 00:03:34,160 Or whatever that means. 62 00:03:34,160 --> 00:03:36,160 I mean, I've heard of most of these people. 63 00:03:36,160 --> 00:03:38,160 Andreas is... 64 00:03:38,160 --> 00:03:40,160 He's been on the dev list quite a bit. 65 00:03:40,160 --> 00:03:42,160 Yeah. 66 00:03:42,160 --> 00:03:44,160 Alright. 67 00:03:44,160 --> 00:03:46,160 So let's... 68 00:03:46,160 --> 00:03:48,160 Let's jump right into the New York agreement. 69 00:03:48,840 --> 00:03:50,840 Okay. 70 00:03:50,840 --> 00:03:52,840 What exactly is it? 71 00:03:52,840 --> 00:03:54,840 And what are we expecting? 72 00:03:54,840 --> 00:03:56,840 My number one question is, 73 00:03:56,840 --> 00:03:58,840 what are we expecting in 10 days? 74 00:03:58,840 --> 00:04:00,840 And we're going to talk about that. 75 00:04:00,840 --> 00:04:02,840 And it's great that Jimmy is here 76 00:04:02,840 --> 00:04:04,840 because maybe he can help our audience 77 00:04:04,840 --> 00:04:06,840 what to do with their Bitcoin. 78 00:04:06,840 --> 00:04:08,840 Are you asking me, like, what... 79 00:04:08,840 --> 00:04:10,840 You want me to give, like, an overview of the... 80 00:04:10,840 --> 00:04:12,840 An overview of, like, 81 00:04:12,840 --> 00:04:14,840 what's the... 82 00:04:14,840 --> 00:04:16,840 Why the 2X agreement? 83 00:04:17,520 --> 00:04:19,520 The 2X agreement is 84 00:04:19,520 --> 00:04:21,520 going to fork or upgrade 85 00:04:21,520 --> 00:04:23,520 Bitcoin. 86 00:04:23,520 --> 00:04:25,520 And this is the problem, right? 87 00:04:25,520 --> 00:04:27,520 I don't know what to call this thing 88 00:04:27,520 --> 00:04:29,520 that's going to happen in 10 days. 89 00:04:29,520 --> 00:04:31,520 So help me out. 90 00:04:31,520 --> 00:04:33,520 Well, I don't know what to call it either. 91 00:04:33,520 --> 00:04:35,520 I mean, the thing is, I don't know... 92 00:04:35,520 --> 00:04:37,520 But you work at Block. 93 00:04:37,520 --> 00:04:39,520 How do you not know what to call it? 94 00:04:39,520 --> 00:04:41,520 You guys are doing it. 95 00:04:41,520 --> 00:04:43,520 This is what drives me insane. 96 00:04:43,520 --> 00:04:45,520 Well, I don't think there's really these connections. 97 00:04:46,200 --> 00:04:48,200 They just work on their own thing. 98 00:04:48,200 --> 00:04:50,200 And it's similar where Peter Todd has this 99 00:04:50,200 --> 00:04:52,200 stipend from Chaincode Labs. 100 00:04:52,200 --> 00:04:54,200 And I think everything's really not as connected 101 00:04:54,200 --> 00:04:56,200 as people think it is. 102 00:04:56,200 --> 00:04:58,200 People mostly just... 103 00:04:58,200 --> 00:05:00,200 I mean, especially people who have been in Bitcoin for a long time. 104 00:05:00,200 --> 00:05:02,200 They can just, you know... 105 00:05:02,200 --> 00:05:04,200 I don't want to speak for anyone else, 106 00:05:04,200 --> 00:05:06,200 but I would imagine a large number of these people 107 00:05:06,200 --> 00:05:08,200 could just quit whenever they want. 108 00:05:08,200 --> 00:05:10,200 But that's because it's a pretty decentralized organization. 109 00:05:10,200 --> 00:05:12,200 I don't really think of Block and this 2X agreement 110 00:05:12,200 --> 00:05:14,200 as a decentralized movement. 111 00:05:14,880 --> 00:05:16,880 I really see it as one developer. 112 00:05:16,880 --> 00:05:18,880 Who else besides Jeff Garzik 113 00:05:18,880 --> 00:05:20,880 is programming the... 114 00:05:20,880 --> 00:05:22,880 Again, fork or upgrade. 115 00:05:22,880 --> 00:05:24,880 Whatever you guys want to call it. 116 00:05:24,880 --> 00:05:26,880 I can work with that definition. 117 00:05:26,880 --> 00:05:28,880 To me, it's a fork. 118 00:05:28,880 --> 00:05:30,880 To me, it's a hostile fork. 119 00:05:30,880 --> 00:05:32,880 So who besides Jeff Garzik is involved 120 00:05:32,880 --> 00:05:34,880 in coding the initiative? 121 00:05:34,880 --> 00:05:36,880 Well, I don't know. 122 00:05:36,880 --> 00:05:38,880 See, that's the thing. 123 00:05:38,880 --> 00:05:40,880 I don't know a lot about... 124 00:05:40,880 --> 00:05:42,880 I don't think that Jeff's involvement 125 00:05:42,880 --> 00:05:44,880 is related to what he does at Block. 126 00:05:44,880 --> 00:05:46,880 I think they're almost completely unrelated. 127 00:05:46,880 --> 00:05:48,880 I think that's clear because he's 128 00:05:48,880 --> 00:05:50,880 doing an ICO or something. 129 00:05:50,880 --> 00:05:52,880 Do you know anything about that? 130 00:05:52,880 --> 00:05:54,880 Block is doing an ICO at Metronome, 131 00:05:54,880 --> 00:05:56,880 which I also don't know a lot about, 132 00:05:56,880 --> 00:05:58,880 but I know a little about. 133 00:05:58,880 --> 00:06:00,880 No, I really don't want to talk about 134 00:06:00,880 --> 00:06:02,880 any other shitcoins. 135 00:06:02,880 --> 00:06:04,880 What I do want to talk about is 136 00:06:04,880 --> 00:06:06,880 what do I do with my Bitcoin? 137 00:06:06,880 --> 00:06:08,880 I have tens of thousands of people 138 00:06:08,880 --> 00:06:10,880 listening to me 139 00:06:10,880 --> 00:06:12,880 what do I do on November 15th? 140 00:06:12,880 --> 00:06:14,880 And my answer to them at the moment 141 00:06:14,880 --> 00:06:16,880 is I don't know. 142 00:06:16,880 --> 00:06:18,880 Which is bad. 143 00:06:18,880 --> 00:06:20,880 No, I got to do something 144 00:06:20,880 --> 00:06:22,880 because if I lose 145 00:06:22,880 --> 00:06:24,880 any of my Bitcoin 146 00:06:24,880 --> 00:06:26,880 because of this, 147 00:06:26,880 --> 00:06:28,880 it's going to be bad. 148 00:06:28,880 --> 00:06:30,880 Yeah, but you get the Bitcoin on both sides 149 00:06:30,880 --> 00:06:32,880 if there's a split, which probably there will be. 150 00:06:32,880 --> 00:06:34,880 Fine, then there's going to be replay protection. 151 00:06:34,880 --> 00:06:36,880 You don't need 152 00:06:36,880 --> 00:06:38,880 replay protection, you just need your private key. 153 00:06:38,880 --> 00:06:40,880 There are ways to protect yourself 154 00:06:40,880 --> 00:06:42,880 from replay without 155 00:06:42,880 --> 00:06:44,880 replay protection built in. 156 00:06:44,880 --> 00:06:46,880 For a layman person like myself 157 00:06:46,880 --> 00:06:48,880 who hasn't coded in 10 years? 158 00:06:48,880 --> 00:06:50,880 Yeah, so the wallets will have to do something. 159 00:06:50,880 --> 00:06:52,880 They will have to do something? 160 00:06:52,880 --> 00:06:54,880 Yeah, in order for you to be replay protected. 161 00:06:54,880 --> 00:06:56,880 Okay, and what happens when your wallet 162 00:06:56,880 --> 00:06:58,880 doesn't do that? 163 00:06:58,880 --> 00:07:00,880 Well, I think it's actually possible 164 00:07:00,880 --> 00:07:02,880 for all replay protection to be defeated. 165 00:07:02,880 --> 00:07:04,880 If you want to do that, you can just make it 166 00:07:04,880 --> 00:07:06,880 so that the new chain is aware 167 00:07:06,880 --> 00:07:08,880 of everything that happens on the old chain 168 00:07:08,880 --> 00:07:10,880 and just automatically everything that happens 169 00:07:10,880 --> 00:07:12,880 on the old chain is valid no matter what. 170 00:07:12,880 --> 00:07:14,880 And then at least 171 00:07:14,880 --> 00:07:16,880 on that side, the replay protection 172 00:07:16,880 --> 00:07:18,880 is whatever it is, it's always defeated. 173 00:07:18,880 --> 00:07:20,880 So it depends on who wants 174 00:07:20,880 --> 00:07:22,880 to do what. 175 00:07:22,880 --> 00:07:24,880 Someone creates an altcoin where it just 176 00:07:24,880 --> 00:07:26,880 constantly pulls in valid Bitcoin transactions 177 00:07:26,880 --> 00:07:28,880 and replays them. 178 00:07:28,880 --> 00:07:30,880 You've never heard about it and then you hear about it 179 00:07:30,880 --> 00:07:32,880 and someone calls you up on the phone and says, 180 00:07:32,880 --> 00:07:34,880 oh, can you send me 181 00:07:34,880 --> 00:07:36,880 whatever, you know, 182 00:07:36,880 --> 00:07:38,880 FooCoin3, because I paid you last week 183 00:07:38,880 --> 00:07:40,880 in Bitcoin, but now apparently 184 00:07:40,880 --> 00:07:42,880 there's some altcoin where you also got 185 00:07:42,880 --> 00:07:44,880 my money on that and it's kind of like 186 00:07:44,880 --> 00:07:46,880 you're thinking of 187 00:07:46,880 --> 00:07:48,880 an attack on the 188 00:07:48,880 --> 00:07:50,880 whole hardware. 189 00:07:50,880 --> 00:07:52,880 So where 190 00:07:52,880 --> 00:07:54,880 are you, so which 191 00:07:54,880 --> 00:07:56,880 wallet are you Bitcoining 192 00:07:56,880 --> 00:07:58,880 on November 15th? 193 00:07:58,880 --> 00:08:00,880 I have Electrum called 194 00:08:00,880 --> 00:08:02,880 Storage. I love Electrum. 195 00:08:02,880 --> 00:08:04,880 Electrum is great. 196 00:08:04,880 --> 00:08:06,880 I use Armoury 197 00:08:06,880 --> 00:08:08,880 because I know. 198 00:08:08,880 --> 00:08:10,880 Armoury is great. 199 00:08:10,880 --> 00:08:12,880 Armoury is very big. 200 00:08:12,880 --> 00:08:14,880 I think of Electrum, I think of like a lightsaber. 201 00:08:14,880 --> 00:08:16,880 You know, it's only like 40 megabytes 202 00:08:16,880 --> 00:08:18,880 without the, 203 00:08:18,880 --> 00:08:20,880 you know, if you do it offline and stuff, 204 00:08:20,880 --> 00:08:22,880 Armoury is a lot more, 205 00:08:22,880 --> 00:08:24,880 but you can do it. 206 00:08:24,880 --> 00:08:26,880 So then which 207 00:08:26,880 --> 00:08:28,880 phone wallet would you recommend 208 00:08:28,880 --> 00:08:30,880 for people to be using? 209 00:08:30,880 --> 00:08:32,880 So this, the problem is that 210 00:08:32,880 --> 00:08:34,880 SPV is 211 00:08:34,880 --> 00:08:36,880 not great. Okay, so if it's 212 00:08:36,880 --> 00:08:38,880 a problem, why is this should happen? 213 00:08:38,880 --> 00:08:40,880 The reason 214 00:08:40,880 --> 00:08:42,880 why they're not doing replay protection is 215 00:08:42,880 --> 00:08:44,880 because they don't want to cut off the rest of the ecosystem. 216 00:08:44,880 --> 00:08:46,880 Right? Like as soon 217 00:08:46,880 --> 00:08:48,880 as you add replay protection, every wallet, 218 00:08:48,880 --> 00:08:50,880 every exchange has to upgrade 219 00:08:50,880 --> 00:08:52,880 as well. And that's 220 00:08:52,880 --> 00:08:54,880 why Bitcoin Cash had no 221 00:08:54,880 --> 00:08:56,880 wallets. But if you don't 222 00:08:56,880 --> 00:08:58,880 do that, then they potentially 223 00:08:58,880 --> 00:09:00,880 can still be compatible with you. 224 00:09:00,880 --> 00:09:02,880 That's kind of the point. So if I'm 225 00:09:02,880 --> 00:09:04,880 using a wallet, like, look, 226 00:09:04,880 --> 00:09:06,880 I've been a big fan of AirBits. 227 00:09:06,880 --> 00:09:08,880 Everyone knows that. I have no idea what's 228 00:09:08,880 --> 00:09:10,880 going on with that wallet. 229 00:09:10,880 --> 00:09:12,880 They changed their name. They even changed 230 00:09:12,880 --> 00:09:14,880 their name, right? And I still don't have 231 00:09:14,880 --> 00:09:16,880 SegWit addresses in that wallet. 232 00:09:16,880 --> 00:09:18,880 Right? And I've been recommending that 233 00:09:18,880 --> 00:09:20,880 wallet to 234 00:09:20,880 --> 00:09:22,880 thousands, if not tens of thousands of people. 235 00:09:22,880 --> 00:09:24,880 What happens 236 00:09:24,880 --> 00:09:26,880 with my transactions 237 00:09:26,880 --> 00:09:28,880 when I send them on this wallet? 238 00:09:28,880 --> 00:09:30,880 It's like 239 00:09:30,880 --> 00:09:32,880 if you receive money, then you want 240 00:09:32,880 --> 00:09:34,880 replay, right? Because then you'll get twice as much money. 241 00:09:34,880 --> 00:09:36,880 You'll get twice as much Bitcoin. 242 00:09:36,880 --> 00:09:38,880 So 243 00:09:38,880 --> 00:09:40,880 it's only when you send money that you're worried about. 244 00:09:40,880 --> 00:09:42,880 You're worried they're going to take your... 245 00:09:42,880 --> 00:09:44,880 No, I'm actually 246 00:09:44,880 --> 00:09:46,880 taking this 247 00:09:46,880 --> 00:09:48,880 very, very seriously. 248 00:09:48,880 --> 00:09:50,880 Because I am not joking. 249 00:09:50,880 --> 00:09:52,880 I am expecting a 250 00:09:52,880 --> 00:09:54,880 serious Bitcoin correction. Mostly 251 00:09:54,880 --> 00:09:56,880 because of this. 252 00:09:56,880 --> 00:09:58,880 I agree. We have these futures markets 253 00:09:58,880 --> 00:10:00,880 and they're not perfect. And I wrote on my blog 254 00:10:00,880 --> 00:10:02,880 how I would do it better. 255 00:10:02,880 --> 00:10:04,880 Six different assets. 256 00:10:04,880 --> 00:10:06,880 I saw that. 257 00:10:06,880 --> 00:10:08,880 So I have constructed criticism. 258 00:10:08,880 --> 00:10:10,880 But I think 259 00:10:10,880 --> 00:10:12,880 now we see that 260 00:10:12,880 --> 00:10:14,880 someone right now can buy 261 00:10:14,880 --> 00:10:16,880 for 15 cents on the dollar 262 00:10:16,880 --> 00:10:18,880 a coin that ends up being a 2X 263 00:10:18,880 --> 00:10:20,880 coin. And so 264 00:10:20,880 --> 00:10:22,880 the mystery is if the 2X coin 265 00:10:22,880 --> 00:10:24,880 is going to be worth 266 00:10:24,880 --> 00:10:26,880 7,000 whatever dollars 267 00:10:26,880 --> 00:10:28,880 today, why is that thing 268 00:10:28,880 --> 00:10:30,880 so much cheaper? 269 00:10:30,880 --> 00:10:32,880 Why is that trading for 15 cents on the dollar? 270 00:10:32,880 --> 00:10:34,880 So I think you're right that 271 00:10:34,880 --> 00:10:36,880 that coin would have to be worth 272 00:10:36,880 --> 00:10:38,880 a lot less. It would be worth 273 00:10:38,880 --> 00:10:40,880 closer to Bitcoin cash. 274 00:10:40,880 --> 00:10:42,880 I'm still confused. 275 00:10:42,880 --> 00:10:44,880 Hold on a second. I'm still confused 276 00:10:44,880 --> 00:10:46,880 how there's going to be two different coins 277 00:10:46,880 --> 00:10:48,880 without replay protection. 278 00:10:48,880 --> 00:10:50,880 I still have not gotten a layman's answer 279 00:10:50,880 --> 00:10:52,880 to that question. 280 00:10:52,880 --> 00:10:54,880 You have two different coins because they're two different 281 00:10:54,880 --> 00:10:56,880 chains. It just turns out that 282 00:10:56,880 --> 00:10:58,880 a transaction on one chain 283 00:10:58,880 --> 00:11:00,880 may also be valid on the other. 284 00:11:00,880 --> 00:11:02,880 What does that mean, may also? 285 00:11:02,880 --> 00:11:04,880 Because not all transactions like 286 00:11:04,880 --> 00:11:06,880 Coinbase transactions, for example, are valid 287 00:11:06,880 --> 00:11:08,880 on the other chain. So that ends up 288 00:11:08,880 --> 00:11:10,880 being kind of a... 289 00:11:10,880 --> 00:11:12,880 Why is that in both directions 290 00:11:12,880 --> 00:11:14,880 you're saying? 291 00:11:14,880 --> 00:11:16,880 So Coinbase to Coinbase or Coinbase 292 00:11:16,880 --> 00:11:18,880 to anyone? 293 00:11:18,880 --> 00:11:20,880 At a minimum. 294 00:11:20,880 --> 00:11:22,880 At a minimum, Coinbase transactions are not 295 00:11:22,880 --> 00:11:24,880 valid. Like Coinbase from A is 296 00:11:24,880 --> 00:11:26,880 not valid on B. 297 00:11:26,880 --> 00:11:28,880 And Coinbase from B is not 298 00:11:28,880 --> 00:11:30,880 valid on A. 299 00:11:30,880 --> 00:11:32,880 So he's saying... 300 00:11:32,880 --> 00:11:34,880 Imagine a... 301 00:11:34,880 --> 00:11:36,880 That's something similar to what I was saying. 302 00:11:36,880 --> 00:11:38,880 He's saying imagine where all 303 00:11:38,880 --> 00:11:40,880 the transactions are replayed 304 00:11:40,880 --> 00:11:42,880 in all directions. You still have some 305 00:11:42,880 --> 00:11:44,880 things that will be different. One would be like 306 00:11:44,880 --> 00:11:46,880 the hash of the block itself 307 00:11:46,880 --> 00:11:48,880 which would not... Once the blockchain 308 00:11:48,880 --> 00:11:50,880 splits, then one hash of... 309 00:11:50,880 --> 00:11:52,880 One header's hash will be different and then 310 00:11:52,880 --> 00:11:54,880 the pre-block 311 00:11:54,880 --> 00:11:56,880 or whatever we call it... 312 00:11:56,880 --> 00:11:58,880 Those will all be different. 313 00:11:58,880 --> 00:12:00,880 So they will not be identical in every way. 314 00:12:00,880 --> 00:12:02,880 I'm trying to bring this to the average person. 315 00:12:02,880 --> 00:12:04,880 Let's say 316 00:12:04,880 --> 00:12:06,880 on November 19th 317 00:12:06,880 --> 00:12:08,880 I want to 318 00:12:08,880 --> 00:12:10,880 send you... 319 00:12:12,880 --> 00:12:14,880 Well, I want to receive Bitcoin. 320 00:12:14,880 --> 00:12:16,880 The regular Bitcoin. 321 00:12:16,880 --> 00:12:18,880 Then that would be on me. 322 00:12:18,880 --> 00:12:20,880 Right. So what do you 323 00:12:20,880 --> 00:12:22,880 have to do to make sure I actually 324 00:12:22,880 --> 00:12:24,880 get Bitcoin... And not the other one. 325 00:12:24,880 --> 00:12:26,880 Right. And not the other one. 326 00:12:26,880 --> 00:12:28,880 What's probably going to be 327 00:12:28,880 --> 00:12:30,880 the safest way is 328 00:12:30,880 --> 00:12:32,880 go to an exchange and withdraw 329 00:12:32,880 --> 00:12:34,880 $1 worth of 330 00:12:34,880 --> 00:12:36,880 normal Bitcoin. You would have to do that. 331 00:12:36,880 --> 00:12:38,880 I would have to do that and I have to include that 332 00:12:38,880 --> 00:12:40,880 as part of the transaction that I'm sending 333 00:12:40,880 --> 00:12:42,880 to you. That doesn't make sense 334 00:12:42,880 --> 00:12:44,880 to me. Why is that? 335 00:12:44,880 --> 00:12:46,880 Because that's something that the other chain can't do. 336 00:12:46,880 --> 00:12:48,880 Because he's got one 337 00:12:48,880 --> 00:12:50,880 because he's got to have valid inputs 338 00:12:50,880 --> 00:12:52,880 and valid outputs or whatever. 339 00:12:52,880 --> 00:12:54,880 He's sending you money... 340 00:12:54,880 --> 00:12:56,880 So if you try to replay 341 00:12:56,880 --> 00:12:58,880 that transaction, it will try to select 342 00:12:58,880 --> 00:13:00,880 the one Bitcoin that he 343 00:13:00,880 --> 00:13:02,880 or whatever you said, $1 worth of Bitcoin. 344 00:13:02,880 --> 00:13:04,880 The newer chain will 345 00:13:04,880 --> 00:13:06,880 try to do that, but then that 346 00:13:06,880 --> 00:13:08,880 transaction won't exist. 347 00:13:08,880 --> 00:13:10,880 It's not going to work. 348 00:13:10,880 --> 00:13:12,880 So if you have no money on an exchange, 349 00:13:12,880 --> 00:13:14,880 now what? 350 00:13:14,880 --> 00:13:16,880 Just buy $1 worth from Coinbase. 351 00:13:16,880 --> 00:13:18,880 No, that's a problem. 352 00:13:18,880 --> 00:13:20,880 Okay. 353 00:13:20,880 --> 00:13:22,880 To anyone that 354 00:13:22,880 --> 00:13:24,880 believes in the peer-to-peer 355 00:13:24,880 --> 00:13:26,880 digital currency that Satoshi created, 356 00:13:26,880 --> 00:13:28,880 you should not be using Bitcoin, in my opinion. 357 00:13:28,880 --> 00:13:30,880 I have never in my life used 358 00:13:30,880 --> 00:13:32,880 anything that connected to my real-life 359 00:13:32,880 --> 00:13:34,880 identity. So I don't have the option 360 00:13:34,880 --> 00:13:36,880 of grabbing $1 worth 361 00:13:36,880 --> 00:13:38,880 of Bitcoin from an identifiable place. 362 00:13:38,880 --> 00:13:40,880 All right. So the other way is, 363 00:13:40,880 --> 00:13:42,880 hopefully, you can go to a faucet. 364 00:13:42,880 --> 00:13:44,880 There will probably be some 365 00:13:44,880 --> 00:13:46,880 that hands out 366 00:13:46,880 --> 00:13:48,880 Bitcoins that are what you would call 367 00:13:48,880 --> 00:13:50,880 tainted or unreplayable on the other chain. 368 00:13:50,880 --> 00:13:52,880 And then you utilize that 369 00:13:52,880 --> 00:13:54,880 to taint all your coins, and then 370 00:13:54,880 --> 00:13:56,880 you can send to your heart's content. 371 00:13:56,880 --> 00:13:58,880 Eric Lombroso, 372 00:13:58,880 --> 00:14:00,880 should we plug... 373 00:14:00,880 --> 00:14:02,880 He's starting something for this. 374 00:14:02,880 --> 00:14:04,880 Make it easier. 375 00:14:04,880 --> 00:14:06,880 I'm going to get Eric Lombroso on the show 376 00:14:06,880 --> 00:14:08,880 done before this happens. 377 00:14:08,880 --> 00:14:10,880 You have to clarify exactly what you're worried about. 378 00:14:10,880 --> 00:14:12,880 Because if you're receiving money, then you want the replay 379 00:14:12,880 --> 00:14:14,880 or you don't care because you're just getting money 380 00:14:14,880 --> 00:14:16,880 on random things. 381 00:14:16,880 --> 00:14:18,880 You could be worried on his behalf that he's accidentally 382 00:14:18,880 --> 00:14:20,880 sending more than he intends. 383 00:14:20,880 --> 00:14:22,880 You ask him for 4 Bitcoin, 384 00:14:22,880 --> 00:14:24,880 he sends you 4 Bitcoin. But then he accidentally 385 00:14:24,880 --> 00:14:26,880 sends you 4... 386 00:14:26,880 --> 00:14:28,880 2x point. 387 00:14:28,880 --> 00:14:30,880 I want to... 388 00:14:30,880 --> 00:14:32,880 So the chain split will 389 00:14:32,880 --> 00:14:34,880 probably give you a faucet where you can 390 00:14:34,880 --> 00:14:36,880 take one... 391 00:14:36,880 --> 00:14:38,880 So if I put all of my Bitcoin 392 00:14:38,880 --> 00:14:40,880 into a single address 393 00:14:40,880 --> 00:14:42,880 and then stick 394 00:14:42,880 --> 00:14:44,880 $1 worth of Bitcoin 395 00:14:44,880 --> 00:14:46,880 after the fork into it, 396 00:14:46,880 --> 00:14:48,880 all of those coins have just become unreplayable? 397 00:14:48,880 --> 00:14:50,880 So you need the 398 00:14:50,880 --> 00:14:52,880 other $1 399 00:14:52,880 --> 00:14:54,880 or one Satoshi, it doesn't matter, 400 00:14:54,880 --> 00:14:56,880 of value that's unreplayable, 401 00:14:56,880 --> 00:14:58,880 if you combine it with 402 00:14:58,880 --> 00:15:00,880 that one output that 403 00:15:00,880 --> 00:15:02,880 you combined it to, then yes, 404 00:15:02,880 --> 00:15:04,880 it would be unreplayable. 405 00:15:04,880 --> 00:15:06,880 So again, 406 00:15:06,880 --> 00:15:08,880 I'm looking for solutions for our followers 407 00:15:08,880 --> 00:15:10,880 how they can send Bitcoin 408 00:15:10,880 --> 00:15:12,880 and not get replayed. 409 00:15:12,880 --> 00:15:14,880 Or worse, the worst case scenario 410 00:15:14,880 --> 00:15:16,880 is that they 411 00:15:16,880 --> 00:15:18,880 sell their... 412 00:15:18,880 --> 00:15:20,880 The unwanted ones. 413 00:15:20,880 --> 00:15:22,880 And then realize you just lost 414 00:15:22,880 --> 00:15:24,880 all of your coins. And honestly, 415 00:15:24,880 --> 00:15:26,880 I want to see this... 416 00:15:26,880 --> 00:15:28,880 I mean, in a way, 417 00:15:28,880 --> 00:15:30,880 I want to make sure this doesn't happen to me 418 00:15:30,880 --> 00:15:32,880 and I really don't... I want to make sure this 419 00:15:32,880 --> 00:15:34,880 doesn't happen to my followers, but I want 420 00:15:34,880 --> 00:15:36,880 it to happen to everyone else. 421 00:15:36,880 --> 00:15:38,880 No, and I'm not joking, 422 00:15:38,880 --> 00:15:40,880 because I want the people that are involved in this 423 00:15:40,880 --> 00:15:42,880 shit to really feel 424 00:15:42,880 --> 00:15:44,880 what it's like when someone that 425 00:15:44,880 --> 00:15:46,880 just lost a few million dollars 426 00:15:46,880 --> 00:15:48,880 is mad at them. 427 00:15:48,880 --> 00:15:50,880 So here's what I would say. 428 00:15:50,880 --> 00:15:52,880 I'll definitely write an article 429 00:15:52,880 --> 00:15:54,880 and maybe make even 430 00:15:54,880 --> 00:15:56,880 a video tutorial on how to do this 431 00:15:56,880 --> 00:15:58,880 after the fork, but until 432 00:15:58,880 --> 00:16:00,880 after the fork, we won't know where 433 00:16:00,880 --> 00:16:02,880 exactly the faucets 434 00:16:02,880 --> 00:16:04,880 will be and how 435 00:16:04,880 --> 00:16:06,880 Eric Lombroso's chain split stuff will happen. 436 00:16:06,880 --> 00:16:08,880 My recommendation is just 437 00:16:08,880 --> 00:16:10,880 if you're worried about this, 438 00:16:10,880 --> 00:16:12,880 don't transact for a few 439 00:16:12,880 --> 00:16:14,880 days afterwards until these 440 00:16:14,880 --> 00:16:16,880 tools become available. 441 00:16:16,880 --> 00:16:18,880 I don't see that as a solution 442 00:16:18,880 --> 00:16:20,880 to Bitcoin 443 00:16:20,880 --> 00:16:22,880 being this thing that we all 444 00:16:22,880 --> 00:16:24,880 expect it to be. 445 00:16:24,880 --> 00:16:26,880 I think you're right, though, but I think that something like 446 00:16:26,880 --> 00:16:28,880 I think 447 00:16:28,880 --> 00:16:30,880 Jimmy Song is right that 448 00:16:30,880 --> 00:16:32,880 there kind of is no solution 449 00:16:32,880 --> 00:16:34,880 until we really know 450 00:16:34,880 --> 00:16:36,880 more, because you don't know what kind of 451 00:16:36,880 --> 00:16:38,880 replay protection 452 00:16:38,880 --> 00:16:40,880 that, intentional or otherwise, 453 00:16:40,880 --> 00:16:42,880 and I mean by unintentional, 454 00:16:42,880 --> 00:16:44,880 I refer to this Coinbase 455 00:16:44,880 --> 00:16:46,880 transaction mixing stuff or this 456 00:16:46,880 --> 00:16:48,880 faucet mixing stuff, you don't know 457 00:16:48,880 --> 00:16:50,880 what the optimal replay plan is 458 00:16:50,880 --> 00:16:52,880 right now. 459 00:16:52,880 --> 00:16:54,880 Until we try it, yeah. 460 00:16:54,880 --> 00:16:56,880 There might be exchanges even that 461 00:16:56,880 --> 00:16:58,880 might be giving out some of these faucet coins 462 00:16:58,880 --> 00:17:00,880 just to help people 463 00:17:00,880 --> 00:17:02,880 because that's something that they're not going to 464 00:17:02,880 --> 00:17:04,880 want to deal with. 465 00:17:04,880 --> 00:17:06,880 Again, I'm going back to the layman's terms 466 00:17:06,880 --> 00:17:08,880 because this is important to me. So if I put 467 00:17:08,880 --> 00:17:10,880 all of my Bitcoin into one address 468 00:17:10,880 --> 00:17:12,880 which is 469 00:17:12,880 --> 00:17:14,880 a horrible thing 470 00:17:14,880 --> 00:17:16,880 to do for OPSEC purposes, 471 00:17:16,880 --> 00:17:18,880 but this is what Jeff Garzik is forcing 472 00:17:18,880 --> 00:17:20,880 us to do, sounds like 473 00:17:20,880 --> 00:17:22,880 to me. Put all of your Bitcoin 474 00:17:22,880 --> 00:17:24,880 into one private key, don't 475 00:17:24,880 --> 00:17:26,880 screw that up. 476 00:17:26,880 --> 00:17:28,880 After that, you find a 477 00:17:28,880 --> 00:17:30,880 faucet that you trust, I would go 478 00:17:30,880 --> 00:17:32,880 with Eric Lombroso and I'll make 479 00:17:32,880 --> 00:17:34,880 sure I'll get him on video for this. 480 00:17:34,880 --> 00:17:36,880 You stick, 481 00:17:36,880 --> 00:17:38,880 somehow, get 482 00:17:38,880 --> 00:17:40,880 a Satoshi worth of Bitcoin 483 00:17:40,880 --> 00:17:42,880 into that 484 00:17:42,880 --> 00:17:44,880 same private key 485 00:17:44,880 --> 00:17:46,880 along with your X number of 486 00:17:46,880 --> 00:17:48,880 Bitcoins. Wait, so tell me, I think 487 00:17:48,880 --> 00:17:50,880 maybe a concept that might be 488 00:17:50,880 --> 00:17:52,880 helpful is sort of like tainting your 489 00:17:52,880 --> 00:17:54,880 coins. So once 490 00:17:54,880 --> 00:17:56,880 one of 491 00:17:56,880 --> 00:17:58,880 your coins, you don't 492 00:17:58,880 --> 00:18:00,880 actually have coins, right? Like you have UTXOs 493 00:18:00,880 --> 00:18:02,880 or whatever. 494 00:18:02,880 --> 00:18:04,880 Not developers. 495 00:18:04,880 --> 00:18:06,880 We don't have developers guys. 496 00:18:06,880 --> 00:18:08,880 Like Mark Bills or something like that. 497 00:18:08,880 --> 00:18:10,880 I just want to say something though, which is that you can make it 498 00:18:10,880 --> 00:18:12,880 really, really simple by just totally ignoring 499 00:18:12,880 --> 00:18:14,880 No, you can't. 500 00:18:14,880 --> 00:18:16,880 Because all you have to do, what you're describing 501 00:18:16,880 --> 00:18:18,880 is only possible if you want to cash out 502 00:18:18,880 --> 00:18:20,880 and sell the unwanted coins. 503 00:18:20,880 --> 00:18:22,880 No, no, no. This is where I take 504 00:18:22,880 --> 00:18:24,880 offense. 505 00:18:24,880 --> 00:18:26,880 Because right now, 506 00:18:26,880 --> 00:18:28,880 my life 507 00:18:28,880 --> 00:18:30,880 is fighting shitcoiners. 508 00:18:30,880 --> 00:18:32,880 And if your solution is don't 509 00:18:32,880 --> 00:18:34,880 do anything, I am supporting 510 00:18:34,880 --> 00:18:36,880 shitcoins because they're transactional. 511 00:18:36,880 --> 00:18:38,880 You can say I don't support this. 512 00:18:38,880 --> 00:18:40,880 Don't do anything is not a solution. 513 00:18:40,880 --> 00:18:42,880 Doing something immediately 514 00:18:42,880 --> 00:18:44,880 that allows you to spend 515 00:18:44,880 --> 00:18:46,880 without worry is a solution. 516 00:18:46,880 --> 00:18:48,880 And I want to bring that solution to every one of my 517 00:18:48,880 --> 00:18:50,880 followers so they can do something 518 00:18:50,880 --> 00:18:52,880 immediately and not have to worry 519 00:18:52,880 --> 00:18:54,880 about losing their bitcoin. 520 00:18:54,880 --> 00:18:56,880 Okay, but here's the thing. 521 00:18:56,880 --> 00:18:58,880 If, hypothetically, 522 00:19:00,880 --> 00:19:02,880 if you just were to ignore 523 00:19:02,880 --> 00:19:04,880 say the unwanted coins, the 2x 524 00:19:04,880 --> 00:19:06,880 coin, I'm just guessing here for you that 525 00:19:06,880 --> 00:19:08,880 you want to ignore the 526 00:19:08,880 --> 00:19:10,880 2x coin, you can just 527 00:19:10,880 --> 00:19:12,880 transact in the other coin and it will not affect you. 528 00:19:12,880 --> 00:19:14,880 You will never be affected 529 00:19:14,880 --> 00:19:16,880 by a replay. 530 00:19:16,880 --> 00:19:18,880 Maybe a theoretical solution, not a 531 00:19:18,880 --> 00:19:20,880 real one. As much as I 532 00:19:20,880 --> 00:19:22,880 try to ignore 533 00:19:22,880 --> 00:19:24,880 the trash garbage, it's 534 00:19:24,880 --> 00:19:26,880 all over my life right now. 535 00:19:26,880 --> 00:19:28,880 As much as I try to 536 00:19:28,880 --> 00:19:30,880 ignore it, 537 00:19:30,880 --> 00:19:32,880 it's not ignorable. 538 00:19:32,880 --> 00:19:34,880 And I kind of like the idea of making 10% 539 00:19:34,880 --> 00:19:36,880 on all my bitcoin. 540 00:19:36,880 --> 00:19:38,880 I would love the ability to make 541 00:19:38,880 --> 00:19:40,880 another 10 or 20% 542 00:19:40,880 --> 00:19:42,880 on all my bitcoin without the possibility 543 00:19:42,880 --> 00:19:44,880 of total loss of my bitcoin. 544 00:19:44,880 --> 00:19:46,880 Which is why I have you on here. 545 00:19:46,880 --> 00:19:48,880 We're getting this thing, it's winding a lot. 546 00:19:48,880 --> 00:19:50,880 Because you're saying on one hand you want it really simple 547 00:19:50,880 --> 00:19:52,880 for people who aren't developers and you're just worried 548 00:19:52,880 --> 00:19:54,880 about them losing money. 549 00:19:54,880 --> 00:19:56,880 The simplest thing is that they just 550 00:19:56,880 --> 00:19:58,880 don't install 2x, don't 551 00:19:58,880 --> 00:20:00,880 look at it, and just only use the 552 00:20:00,880 --> 00:20:02,880 software you're already using. And you will be. 553 00:20:02,880 --> 00:20:04,880 And then, I don't know, 554 00:20:04,880 --> 00:20:06,880 the exchanges might do something weird. 555 00:20:06,880 --> 00:20:08,880 Don't put your money on an exchange for like two weeks. 556 00:20:08,880 --> 00:20:10,880 Let me tell you the reality of the situation. 557 00:20:10,880 --> 00:20:12,880 The reality of the situation is people are greedy. 558 00:20:12,880 --> 00:20:14,880 During our epic 559 00:20:14,880 --> 00:20:16,880 August 1st, 8-hour 560 00:20:16,880 --> 00:20:18,880 live stream, when Bcash 561 00:20:18,880 --> 00:20:20,880 was forking, I pleaded 562 00:20:20,880 --> 00:20:22,880 with people not to jump 563 00:20:22,880 --> 00:20:24,880 in and convert 564 00:20:24,880 --> 00:20:26,880 and sell their Bcash immediately 565 00:20:26,880 --> 00:20:28,880 for the chance of losing your 566 00:20:28,880 --> 00:20:30,880 bitcoin. You know what happened during that 567 00:20:30,880 --> 00:20:32,880 day? Somebody accidentally 568 00:20:32,880 --> 00:20:34,880 sent me all of his bitcoin. 569 00:20:34,880 --> 00:20:36,880 By accident. 570 00:20:36,880 --> 00:20:38,880 His bitcoin or his Bcash? His bitcoin. 571 00:20:38,880 --> 00:20:40,880 Trying to split his bitcoin. 572 00:20:40,880 --> 00:20:42,880 He accidentally sent it to me. 573 00:20:42,880 --> 00:20:44,880 The guy was screaming. 574 00:20:44,880 --> 00:20:46,880 Because there was replay protection in Bcash. 575 00:20:46,880 --> 00:20:48,880 So it didn't really matter. 576 00:20:48,880 --> 00:20:50,880 No. By being an idiot. 577 00:20:50,880 --> 00:20:52,880 I mean, I don't know. We can't protect 578 00:20:52,880 --> 00:20:54,880 people from that. 579 00:20:54,880 --> 00:20:56,880 If you've got a way of protecting people from their own idiocy. 580 00:20:56,880 --> 00:20:58,880 We'll have a Nobel Prize. 581 00:20:58,880 --> 00:21:00,880 The best thing I can do is 582 00:21:00,880 --> 00:21:02,880 provide them the maximum amount of 583 00:21:02,880 --> 00:21:04,880 information for them not to screw up. 584 00:21:04,880 --> 00:21:06,880 That's what I'm trying to do. I'm just saying you don't have to do anything. 585 00:21:06,880 --> 00:21:08,880 If you want to play 586 00:21:08,880 --> 00:21:10,880 at very low effort 587 00:21:10,880 --> 00:21:12,880 and you're just worried about the new one 588 00:21:12,880 --> 00:21:14,880 then you could just say 589 00:21:14,880 --> 00:21:16,880 I surrender all this new 590 00:21:16,880 --> 00:21:18,880 one. I'm just not going to think about it. 591 00:21:18,880 --> 00:21:20,880 When I send money it'll probably be replayed. 592 00:21:20,880 --> 00:21:22,880 And if you're greedy 593 00:21:22,880 --> 00:21:24,880 you would put it on Bitfinex right now. 594 00:21:24,880 --> 00:21:26,880 Sell the other part and just get 595 00:21:26,880 --> 00:21:28,880 your bitcoin. 596 00:21:28,880 --> 00:21:30,880 Bitfinex is a bad example. 597 00:21:30,880 --> 00:21:32,880 They're not taking regular people 598 00:21:32,880 --> 00:21:34,880 as clients anymore. 599 00:21:34,880 --> 00:21:36,880 Some other place. 600 00:21:36,880 --> 00:21:38,880 I still want to get back to the idea. 601 00:21:38,880 --> 00:21:40,880 I have all of my bitcoin. I put 602 00:21:40,880 --> 00:21:42,880 all my bitcoin in one address. 603 00:21:42,880 --> 00:21:44,880 I then go to a 604 00:21:44,880 --> 00:21:46,880 faucet. Again, plug to Eric Lombroso. 605 00:21:46,880 --> 00:21:48,880 You need to get one pure. 606 00:21:48,880 --> 00:21:50,880 Grab a Satoshi. 607 00:21:50,880 --> 00:21:52,880 One tainted coin. 608 00:21:52,880 --> 00:21:54,880 Tainted of what do you mean by... 609 00:21:54,880 --> 00:21:56,880 It's entangled with one chain only. 610 00:21:56,880 --> 00:21:58,880 Yeah, so it's unreplayable. 611 00:21:58,880 --> 00:22:00,880 A coin that's unreplayable. 612 00:22:00,880 --> 00:22:02,880 A coin that's unreplayable and I add it 613 00:22:02,880 --> 00:22:04,880 to my stash of bitcoin. 614 00:22:04,880 --> 00:22:06,880 And spend all of it at once. 615 00:22:06,880 --> 00:22:08,880 And then move all of that 616 00:22:08,880 --> 00:22:10,880 move all of that bitcoin 617 00:22:10,880 --> 00:22:12,880 to another address. 618 00:22:12,880 --> 00:22:14,880 And then you're good forever. 619 00:22:14,880 --> 00:22:16,880 And then the private key, before I move it 620 00:22:16,880 --> 00:22:18,880 once I move it, I use that private key 621 00:22:18,880 --> 00:22:20,880 with no bitcoin on it 622 00:22:20,880 --> 00:22:22,880 to split my Bcash out. 623 00:22:22,880 --> 00:22:24,880 What's my Bcash? 624 00:22:24,880 --> 00:22:26,880 The 2x coin is now in comfort to that key. 625 00:22:26,880 --> 00:22:28,880 So after I 626 00:22:28,880 --> 00:22:30,880 taint them 627 00:22:30,880 --> 00:22:32,880 after I taint them to make them unreplayable 628 00:22:32,880 --> 00:22:34,880 I can still pull out all of my 629 00:22:34,880 --> 00:22:36,880 2x coins. 630 00:22:36,880 --> 00:22:38,880 After you've split them, you've essentially split them 631 00:22:38,880 --> 00:22:40,880 by spending it to another address with a 632 00:22:40,880 --> 00:22:42,880 unreplayable coin. 633 00:22:44,880 --> 00:22:46,880 I'm trying to be 634 00:22:46,880 --> 00:22:48,880 I'm trying to be 635 00:22:48,880 --> 00:22:50,880 as stupid as possible so you guys can explain it to everyone 636 00:22:50,880 --> 00:22:52,880 including myself. 637 00:22:52,880 --> 00:22:54,880 Once I put all of my bitcoin 638 00:22:54,880 --> 00:22:56,880 into one address 639 00:22:56,880 --> 00:22:58,880 I taint it with 640 00:22:58,880 --> 00:23:00,880 an unreplayable satoshi 641 00:23:00,880 --> 00:23:02,880 I move that coin 642 00:23:02,880 --> 00:23:04,880 that private key still contains 643 00:23:04,880 --> 00:23:06,880 all of the B2X. 644 00:23:06,880 --> 00:23:08,880 So then I can take them to another 645 00:23:08,880 --> 00:23:10,880 wallet that's a B2X wallet 646 00:23:10,880 --> 00:23:12,880 What do I do? How do I sell that? 647 00:23:12,880 --> 00:23:14,880 That we don't know yet. 648 00:23:14,880 --> 00:23:16,880 You need to find a wallet 649 00:23:16,880 --> 00:23:18,880 that supports 2x 650 00:23:18,880 --> 00:23:20,880 and you need an exchange that supports 2x 651 00:23:20,880 --> 00:23:22,880 but that's no different from any other. 652 00:23:22,880 --> 00:23:24,880 And we don't know which ones will support it 653 00:23:24,880 --> 00:23:26,880 because those wallet developers 654 00:23:26,880 --> 00:23:28,880 haven't really done their stuff yet. 655 00:23:28,880 --> 00:23:30,880 So that you won't know until the quarter. 656 00:23:30,880 --> 00:23:32,880 It's possible that no one will support it. 657 00:23:32,880 --> 00:23:34,880 I don't think so but it's possible. 658 00:23:34,880 --> 00:23:36,880 I doubt it. 659 00:23:36,880 --> 00:23:38,880 Somebody's going to support it. 660 00:23:38,880 --> 00:23:40,880 Coinbase will support 2x. 661 00:23:40,880 --> 00:23:42,880 So I now understand what to do 662 00:23:42,880 --> 00:23:44,880 in order to make sure 663 00:23:44,880 --> 00:23:46,880 that I don't lose any bitcoin 664 00:23:46,880 --> 00:23:48,880 trying to sell the B2X. 665 00:23:48,880 --> 00:23:50,880 Hopefully our followers understood this. 666 00:23:50,880 --> 00:23:52,880 I also wrote an article 667 00:23:52,880 --> 00:23:54,880 on this and 668 00:23:54,880 --> 00:23:56,880 there are going to be solutions 669 00:23:56,880 --> 00:23:58,880 and people are careful with their money 670 00:23:58,880 --> 00:24:00,880 in general so they will 671 00:24:00,880 --> 00:24:02,880 have video tutorials and stuff 672 00:24:02,880 --> 00:24:04,880 step by step 673 00:24:04,880 --> 00:24:06,880 somebody's going to make a wallet 674 00:24:06,880 --> 00:24:08,880 and then they'll say here's step one 675 00:24:08,880 --> 00:24:10,880 here's the screen that you need to click 676 00:24:10,880 --> 00:24:12,880 It might even be like a plugin 677 00:24:12,880 --> 00:24:14,880 for Bitcoin Core 678 00:24:14,880 --> 00:24:16,880 or something 679 00:24:16,880 --> 00:24:18,880 Speaking of Bitcoin Core 680 00:24:18,880 --> 00:24:20,880 Speaking of Bitcoin Core 681 00:24:20,880 --> 00:24:22,880 I heard that the version 15 682 00:24:22,880 --> 00:24:24,880 was not going to 683 00:24:24,880 --> 00:24:26,880 block 684 00:24:26,880 --> 00:24:28,880 the B2X stuff. 685 00:24:28,880 --> 00:24:30,880 What does that mean and what's the latest on that? 686 00:24:30,880 --> 00:24:32,880 Should I move all 687 00:24:32,880 --> 00:24:34,880 of my bitcoin to a core node? 688 00:24:34,880 --> 00:24:36,880 All that's 689 00:24:36,880 --> 00:24:38,880 doing is if you have a full node 690 00:24:38,880 --> 00:24:40,880 it would 691 00:24:40,880 --> 00:24:42,880 pre-ban 692 00:24:42,880 --> 00:24:44,880 all the 2x nodes from 693 00:24:44,880 --> 00:24:46,880 connecting to it. 694 00:24:46,880 --> 00:24:48,880 That's really all it was. 695 00:24:48,880 --> 00:24:50,880 Is that working? 696 00:24:50,880 --> 00:24:52,880 There's something like a cat and mouse 697 00:24:52,880 --> 00:24:54,880 game where a lot of the 2x people 698 00:24:54,880 --> 00:24:56,880 were like well okay then we'll just change 699 00:24:56,880 --> 00:24:58,880 this other thing so you can't 700 00:24:58,880 --> 00:25:00,556 detect that it's a 2x. 701 00:25:00,556 --> 00:25:06,556 Who cares? It'll resolve itself and you might be isolated. Just reconnect and you're fine. 702 00:25:07,556 --> 00:25:12,556 That's what they call cheap talk in the game theory department. All the stuff that says it's a 2x node will ban. 703 00:25:13,556 --> 00:25:22,556 All the node stuff is not really auditable. It is a cat and mouse that will just never end and it will just waste everyone's time. 704 00:25:23,556 --> 00:25:28,556 What's the end goal here? What is the point of the B2X part? 705 00:25:29,556 --> 00:25:32,556 I don't know what the hell to call this thing 2x. Just call it 2x. 706 00:25:33,556 --> 00:25:35,556 What is the point? What is their end goal here? 707 00:25:36,556 --> 00:25:44,556 You know what it is, John. It's spelled out very clearly in the Medium article. They wanted to get SegWit activated. 708 00:25:45,556 --> 00:25:48,556 I know that part, but the bigger blocks. 709 00:25:50,556 --> 00:25:58,556 They wanted to increase the non-witness block size to 2 megabytes. That's what they thought was best. 710 00:25:59,556 --> 00:26:04,556 A compromise is always better than immediate violence, but it's never going to be the best. 711 00:26:05,556 --> 00:26:10,556 Somewhere there is the right answer and it's not a compromise between different things. It's just the right answer. 712 00:26:11,556 --> 00:26:16,556 We kind of don't know what it is, but the futures markets say that 2x will not be worth as much as 1x. 713 00:26:17,556 --> 00:26:25,556 That's something that's interesting to me. I think I'm in favor of building even better futures markets so that we can be even more persuasive to everyone. 714 00:26:26,556 --> 00:26:31,556 You could perhaps show miners how much money they would gain or lose by doing a certain thing. 715 00:26:32,556 --> 00:26:37,556 I think that would be the most persuasive evidence of all because how can you be in a corporation like Bitmain, 716 00:26:37,556 --> 00:26:41,556 for example, just to name one completely at random. 717 00:26:42,556 --> 00:26:49,556 How can you be in a corporation and then take an action that will very clearly result in revenue loss? 718 00:26:50,556 --> 00:26:55,556 The futures markets that I designed would allow you to take lots of different things into account. 719 00:26:56,556 --> 00:27:04,556 It's not that much more complicated. You would be able to see if the 1x network died and the 2x network was the only thing that existed, 720 00:27:04,556 --> 00:27:12,556 what would be the price or the reverse. If the 2x network was called off and we never did it, what would the 1x network be worth? 721 00:27:13,556 --> 00:27:15,556 What's more persuasive than that? 722 00:27:16,556 --> 00:27:19,556 Paul, we got a question from an audience. 723 00:27:19,556 --> 00:27:30,556 It says, ask Paul Sztorc what he thinks about Todd's Discrete Oracle stuff presentation. 724 00:27:31,556 --> 00:27:34,556 That was actually one of the few presentations that I was able to fully follow. 725 00:27:35,556 --> 00:27:38,556 Discrete lock contracts? Really? That's the one? 726 00:27:39,556 --> 00:27:44,556 I think this other guy is also named Paul. I think he got me on Twitter and I quoted him and replied. 727 00:27:44,556 --> 00:27:52,556 I did a whole talk. You can find the video. I just tweeted about it very recently, like today, like two hours ago or something. 728 00:27:53,556 --> 00:27:56,556 But you can also find it if you go to bitcoinhivemind.com. 729 00:27:57,556 --> 00:28:01,556 If you go to presentations, you can find my presentation, which is called the Oracle Problems. 730 00:28:02,556 --> 00:28:07,556 I did a whole QCon talk about presentations, but basically one big concern of mine about his thing, 731 00:28:08,556 --> 00:28:11,556 he starts the presentation off by saying that multi-sig isn't very good. 732 00:28:12,556 --> 00:28:16,556 And then his presentation is like on a marginal improvement to multi-sig, 733 00:28:17,556 --> 00:28:23,556 which is basically like the Oracle doesn't know who they're multi-sigging for or if anyone is even using their thing. 734 00:28:24,556 --> 00:28:26,556 Oh, and they can't say different answers. 735 00:28:27,556 --> 00:28:29,556 And they can't say different answers to different people, which is nice. 736 00:28:30,556 --> 00:28:39,556 But yeah, I worry that the improvement is not very significant to the point where I don't think it would significantly advance. 737 00:28:40,556 --> 00:28:41,556 Yeah, you can still collude. 738 00:28:42,556 --> 00:28:48,556 One thing is that the person may exit scam, which is a big problem with anything related to reputation. 739 00:28:49,556 --> 00:28:54,556 The person may acquire a good reputation and then they may decide that the best way to use it is to, 740 00:28:54,556 --> 00:28:56,556 that the Oracle could themselves become a counterparty. 741 00:28:57,556 --> 00:28:58,556 So trading with all these different people. 742 00:28:59,556 --> 00:29:04,556 And then now that they've, they're not only the Oracle, but they're also Bob, the Alice and Bob thing. 743 00:29:05,556 --> 00:29:07,556 And now they are screwed and they just withdraw all the money. 744 00:29:08,556 --> 00:29:12,556 And the exit scam is a big issue in all Oracle-based everything. 745 00:29:13,556 --> 00:29:18,556 In fact, you want to take steps to allow people to kind of get rid of a good, sell a good reputation and get rid of it. 746 00:29:19,556 --> 00:29:20,556 Otherwise you'll have this. 747 00:29:21,556 --> 00:29:24,556 It'll be like the fiat exchanges really, where something like Mt. Gox. 748 00:29:25,556 --> 00:29:28,556 Exactly. Mt. Gox will acquire a reputation for being the best and the biggest. 749 00:29:29,556 --> 00:29:36,556 And then more people will want to go there and then it explodes inevitably because you've got possible deniability and stuff to cash out the reputation in the worst way. 750 00:29:37,556 --> 00:29:41,556 And then it goes to another exchange is the biggest and then it gets targeted by whatever. 751 00:29:42,556 --> 00:29:44,556 You're waiting for a Coinbase exit scam. Is that what it is? 752 00:29:44,556 --> 00:29:48,556 Yeah. Well, you have this, it's kind of like an asteroid orbiting the sun. 753 00:29:49,556 --> 00:29:53,556 That's how I sometimes explain where you have this like weird equilibrium of just stuff is the biggest. 754 00:29:54,556 --> 00:29:55,556 And then you have a period of peace and tranquility for a while. 755 00:29:56,556 --> 00:29:58,556 And then the Roman empire collapses and it's horrible again. 756 00:29:59,556 --> 00:30:05,556 Then it cycles. And so you don't, you want something that's like undoes the exit scam problem, which doesn't have. 757 00:30:06,556 --> 00:30:12,556 And I think, so I think it kind of regresses to the multi-sig case, which he himself points out in the early, why it's not the multi-sig case. 758 00:30:12,556 --> 00:30:17,556 So, but I think it's, I think that in particular, his thing is very interesting and they're probably used for something. 759 00:30:18,556 --> 00:30:23,556 Just because a lot of the other stuff is very cool about it being off chain lightning network, fully net lightning network, like integrated. 760 00:30:24,556 --> 00:30:27,556 And also you, you can't sign in more, you can't give different answers. 761 00:30:28,556 --> 00:30:29,556 I really like that aspect of it. 762 00:30:30,556 --> 00:30:34,556 That aspect of it might be used for like something totally different than just like committing to some random numbers. 763 00:30:35,556 --> 00:30:38,556 Let's jump, let's jump back into that 2x discussion. 764 00:30:39,556 --> 00:30:41,556 What are you expecting from the mining side? 765 00:30:42,556 --> 00:30:47,556 What is your outlook for mining percentage, mining one coin versus another? 766 00:30:48,556 --> 00:30:52,556 And what does this do to the other hard fork we already had, which is the cash? 767 00:30:53,556 --> 00:30:55,556 Okay, that's a good, those are good questions. 768 00:30:56,556 --> 00:30:57,556 So yeah, these are just my guesses. 769 00:30:58,556 --> 00:30:59,556 I don't really like know any of this at all. 770 00:31:00,556 --> 00:31:01,556 So just ignore it all. 771 00:31:02,556 --> 00:31:03,556 But let's think about this. 772 00:31:04,556 --> 00:31:07,556 We had 83%, or at least it said it did. 773 00:31:08,556 --> 00:31:11,556 And there's no kind of reason to believe that it's not, it wasn't correct at the time. 774 00:31:12,556 --> 00:31:13,556 Just signaling, just signaling. 775 00:31:14,556 --> 00:31:15,556 That's so cool. 776 00:31:16,556 --> 00:31:25,556 And some people have said that they will let, like Slush always does the right thing, which is to say that it's not my job to decide, which is the correct answer. 777 00:31:26,556 --> 00:31:28,556 So we have some kind of vague. 778 00:31:29,556 --> 00:31:33,556 So I'm not sure, someone estimated it was like 70 something percent, 71 or 72 or something. 779 00:31:34,556 --> 00:31:41,556 But still like saying, and again, this is all cheap talk, as I mentioned before, which is like, you don't know exactly what it's worth. 780 00:31:42,556 --> 00:31:45,556 But we did have, we have those kind of numbers. 781 00:31:46,556 --> 00:31:52,556 And my guess is that it would just be too embarrassing if they bailed like very quickly. 782 00:31:52,556 --> 00:31:53,556 Very quickly. 783 00:31:53,556 --> 00:31:54,556 So even in the case where they bail, right? 784 00:31:55,556 --> 00:31:57,556 So let's say like we kind of do the extremes maybe. 785 00:31:58,556 --> 00:32:02,556 And even in the case where they all bail on, and they never, none of the miners even wanted the two megabyte. 786 00:32:03,556 --> 00:32:07,556 And they only wanted SegWit, but there was just a giant pretext that was required for political reasons. 787 00:32:08,556 --> 00:32:13,556 So even if you take that extreme, probably there'll be like one or two days where 70% mines the 2X coin. 788 00:32:14,556 --> 00:32:15,556 That's kind of my thinking on that. 789 00:32:16,556 --> 00:32:20,556 The other extreme is that all the miners actually did want, they are pissed off. 790 00:32:20,556 --> 00:32:22,556 And they do want to send a message. 791 00:32:23,556 --> 00:32:24,556 And it's worth it for them. 792 00:32:25,556 --> 00:32:29,556 And actually even more of the, you saw a lot of people pretend not to like, even Bitfury is angry or something. 793 00:32:30,556 --> 00:32:32,556 But they just didn't want to say that they were angry. 794 00:32:33,556 --> 00:32:34,556 Angry at which part? 795 00:32:35,556 --> 00:32:36,556 At the dev leadership. 796 00:32:37,556 --> 00:32:38,556 At the dev leadership. Okay, fine. 797 00:32:39,556 --> 00:32:41,556 Let's go deeper on that. 798 00:32:42,556 --> 00:32:43,556 Let's go deeper on that. 799 00:32:44,556 --> 00:32:47,556 I have an article coming out. 800 00:32:47,556 --> 00:32:51,556 I did some analysis on this. 801 00:32:52,556 --> 00:32:53,556 It will be published on Monday. 802 00:32:54,556 --> 00:33:00,556 But the forking block, it turns out, is about 865 blocks into a difficulty period. 803 00:33:01,556 --> 00:33:07,556 So there's exactly 1,152 blocks that need to be mined before the difficulty adjusts on both sides. 804 00:33:08,556 --> 00:33:09,556 That's actually pretty fortunate because it kind of almost cuts it in half. 805 00:33:10,556 --> 00:33:12,556 Yeah, that's about the most fortunate that you can be. 806 00:33:12,556 --> 00:33:18,556 If they were smart, they should have done it 2x if they wanted to be strategic about killing the old chain, which they should have. 807 00:33:19,556 --> 00:33:22,556 But it turns out it's about halfway through. 808 00:33:23,556 --> 00:33:24,556 Okay, so that's good to know. 809 00:33:25,556 --> 00:33:34,556 And it turns out that, well, so I did some calculations based on sort of like the last few months of signaling based on blocks. 810 00:33:35,556 --> 00:33:38,556 The ones that said NYA, it's been fluctuating between 85 and 95. 811 00:33:39,556 --> 00:33:40,556 So I just cut it off at 90. 812 00:33:40,556 --> 00:33:42,556 And then I took the futures market. 813 00:33:43,556 --> 00:33:48,556 It's about 0.17, 2x coin per 1x coin, like if you do the split and everything else. 814 00:33:49,556 --> 00:33:52,556 And I did some calculations on how much opportunity cost there is. 815 00:33:53,556 --> 00:33:59,556 And it turns out that over the first 1,152 blocks, it turns out to be about $60 million. 816 00:34:00,556 --> 00:34:02,556 And it goes up until about February 3rd. 817 00:34:03,556 --> 00:34:10,556 But after that, the next five weeks, it ends up costing about $600 million in opportunity costs. 818 00:34:11,556 --> 00:34:13,556 If those ratios stay the same. 819 00:34:14,556 --> 00:34:15,556 What are your ratios though? 820 00:34:16,556 --> 00:34:17,556 What's your starting ratio? 821 00:34:18,556 --> 00:34:19,556 70-30? What's your ratio? 822 00:34:20,556 --> 00:34:21,556 90-10. 823 00:34:22,556 --> 00:34:23,556 90 going to 2x? 824 00:34:24,556 --> 00:34:28,556 Yeah, and this is just purely based on objective data, just like what they're signaling in the blocks. 825 00:34:28,556 --> 00:34:29,556 90 going to 2x. 826 00:34:30,556 --> 00:34:32,556 So you're saying mining the old chain is going to become useless. 827 00:34:33,556 --> 00:34:34,556 No, you're saying how much does it cost? 828 00:34:35,556 --> 00:34:43,556 I think if I'm understanding you correctly, you're saying this is how much does the miner's bottom line get hit by adhering to this 2x? 829 00:34:44,556 --> 00:34:47,556 So they're losing $60 million over a period of about four months. 830 00:34:48,556 --> 00:34:51,556 And then the next month, they lose something like $600 million collectively. 831 00:34:52,556 --> 00:35:02,556 And then it gets crazy because the amount of money that you start losing because 1x is so much easier to mine. 832 00:35:03,556 --> 00:35:12,556 And if they're sticking with 2x, it just becomes economically completely irrational without a state actor or something subsidizing that side. 833 00:35:13,556 --> 00:35:17,556 So yeah, my feeling is that's not a sustainable – something has to get – 834 00:35:17,556 --> 00:35:18,556 It will change, right? 835 00:35:19,556 --> 00:35:30,556 The scenario that obviously the 2x side would aim for would be that the 1x side loses hope and everyone rushes into 2x and the 2x coin is worth $7,000. 836 00:35:31,556 --> 00:35:33,556 So one of two things has to change, right? 837 00:35:34,556 --> 00:35:41,556 You have mining power split, 90-10 is what I'm assuming, and you have price split, which is like 0.17 to 1 or whatever. 838 00:35:42,556 --> 00:35:43,556 One of those three things have to change. 839 00:35:44,556 --> 00:35:48,556 Either price has to follow hash power or hash power has to follow price. 840 00:35:49,556 --> 00:35:50,556 One or the other has to happen. 841 00:35:52,556 --> 00:35:53,556 And we don't know which. 842 00:35:54,556 --> 00:35:57,556 The third thing is that some group arbitrarily decides to lose money. 843 00:35:58,556 --> 00:36:00,556 So the other option there – 844 00:36:01,556 --> 00:36:03,556 We do know those people exist from the decash experiment. 845 00:36:04,556 --> 00:36:08,556 So it's possible that you have people that are pumping in money or pumping in hash power. 846 00:36:09,556 --> 00:36:10,556 One or the other has to happen, right? 847 00:36:11,556 --> 00:36:13,556 It could be external or internal. 848 00:36:14,556 --> 00:36:15,556 It's easier to pump in hash power. 849 00:36:16,556 --> 00:36:17,556 You have to pump in a lot. 850 00:36:18,556 --> 00:36:28,556 If you want to keep a fake price and meanwhile all these bloodthirsty traders, battle-hardened traders are like no and you want to keep that going for days on end, 24-7, you need a lot of money. 851 00:36:29,556 --> 00:36:30,556 And meanwhile there's a lot of despair. 852 00:36:31,556 --> 00:36:32,556 I want to get back to – 853 00:36:33,556 --> 00:36:34,556 The hash rate would be easier. 854 00:36:35,556 --> 00:36:36,556 I want to get back to what you said. 855 00:36:36,556 --> 00:36:43,556 If miners are angry at the core and they want to get at them, they're going to jump to the 2X side to teach core a lesson. 856 00:36:44,556 --> 00:36:45,556 I want to explore that. 857 00:36:46,556 --> 00:36:47,556 I want to go deeper with that. 858 00:36:48,556 --> 00:36:51,556 Let's take that extreme to its ultimate conclusion. 859 00:36:53,556 --> 00:36:58,556 80-90% of hash power goes to the 2X side of the chain. 860 00:36:59,556 --> 00:37:07,556 And it stays there making the original Bitcoin kind of immovable for a long period of time. 861 00:37:16,556 --> 00:37:17,556 And that actually stays there. 862 00:37:18,556 --> 00:37:21,556 And all of our current core developers, they say screw it. 863 00:37:22,556 --> 00:37:24,556 I'll go work for Goldman Sachs and make more money than I do now. 864 00:37:25,556 --> 00:37:32,556 And all we have is Jeff Garzik and maybe Andrew Stone and Peter R coding on the new chain. 865 00:37:33,556 --> 00:37:36,556 What do you think will happen to the confidence of the price of Bitcoin in your opinion? 866 00:37:37,556 --> 00:37:38,556 I don't know about any of that. 867 00:37:39,556 --> 00:37:40,556 I don't know about untangling all that. 868 00:37:41,556 --> 00:37:44,556 The futures markets already give us a lot of information about that. 869 00:37:45,556 --> 00:37:46,556 They try to aggregate everything. 870 00:37:47,556 --> 00:37:50,556 So everything you said and everything else that anyone else thinks. 871 00:37:51,556 --> 00:37:52,556 Which is why I'm not expecting any of it. 872 00:37:52,556 --> 00:37:54,556 Yeah, I don't think that's going to be the case. 873 00:37:55,556 --> 00:37:58,556 But the way you really teach a lesson is to attack. 874 00:37:59,556 --> 00:38:02,556 And that's the one possibility I think that we have to think about. 875 00:38:03,556 --> 00:38:04,556 Well, that's the thing. 876 00:38:05,556 --> 00:38:07,556 See my view on it is none of these attackers have actually learned a lesson. 877 00:38:08,556 --> 00:38:16,556 Which is why I want to provide very clear directions to all of our followers here on the World Crypto Network and on my channel. 878 00:38:17,556 --> 00:38:26,556 How do you paint the coins to make sure your Bitcoin is not replayable when you sell off your 2X. 879 00:38:27,556 --> 00:38:33,556 And I really hope some big whales lose like 10 million dollars. 880 00:38:34,556 --> 00:38:40,556 But still have like another 10 or 20 million dollars to seriously go after the people that are causing this for them. 881 00:38:41,556 --> 00:38:44,556 I don't know if you can solve it with money per se. 882 00:38:44,556 --> 00:38:46,556 But I think the market will work itself out. 883 00:38:47,556 --> 00:38:50,556 And the people that learn the lesson will be the people that bet wrong. 884 00:38:51,556 --> 00:38:52,556 That's just how it is. 885 00:38:53,556 --> 00:38:58,556 Certainly you could make the argument that this whole thing is just embarrassing for Bitcoin. 886 00:38:59,556 --> 00:39:01,556 And it just makes everything look unorganized and crazy. 887 00:39:02,556 --> 00:39:06,556 And that's almost the worst thing you can say about it really. 888 00:39:07,556 --> 00:39:13,556 Stuff about replay protection is I think really overblown. 889 00:39:14,556 --> 00:39:18,556 There's a lot of angels against the tide of evil. 890 00:39:19,556 --> 00:39:20,556 It's very sanctimonious. 891 00:39:21,556 --> 00:39:22,556 I'm not sure how to describe it. 892 00:39:23,556 --> 00:39:28,556 If something doesn't have replay protection, it's the worst thing ever. 893 00:39:29,556 --> 00:39:30,556 And those people are just the worst. 894 00:39:31,556 --> 00:39:34,556 It only does affect you if you want to cash out on the second thing. 895 00:39:34,556 --> 00:39:36,556 So by giving it, it's kind of a concession. 896 00:39:37,556 --> 00:39:41,556 Letting people freely cash out of your altcoin thing. 897 00:39:42,556 --> 00:39:44,556 I think we need to immunize against it anyway. 898 00:39:45,556 --> 00:39:46,556 And I think Bitcoin will be better for it. 899 00:39:47,556 --> 00:39:48,556 I want wallets to have all these features. 900 00:39:49,556 --> 00:39:50,556 I love that. 901 00:39:51,556 --> 00:39:52,556 And I think it will protect us going forward. 902 00:39:53,556 --> 00:39:55,556 Because 2018, we're going to see a lot more hard forks. 903 00:39:56,556 --> 00:39:57,556 Well, I'm done with my questions. 904 00:39:58,556 --> 00:39:59,556 I don't know if you have anything else, Jimmy. 905 00:40:00,556 --> 00:40:01,556 Let's go eat, man. 906 00:40:02,556 --> 00:40:03,556 I'm hungry. 907 00:40:04,556 --> 00:40:08,556 We will bring you more details on how to deal with this fork. 908 00:40:09,556 --> 00:40:10,556 That's coming in about 10 days. 909 00:40:11,556 --> 00:40:12,556 I'll keep trying to ask the right questions. 910 00:40:13,556 --> 00:40:15,556 Because I want to make sure I hold on to my Bitcoin as well. 911 00:40:16,556 --> 00:40:17,556 During this mess. 912 00:40:18,556 --> 00:40:19,556 And we'll talk about price in another video. 913 00:40:20,556 --> 00:40:21,556 All right, guys. 914 00:40:22,556 --> 00:40:23,556 And Jimmy and I will do a recap of this event. 915 00:40:24,556 --> 00:40:25,556 How it will be tomorrow. 916 00:40:26,556 --> 00:40:27,556 We'll see. We'll figure it out. 917 00:40:28,556 --> 00:40:29,556 Talk to you all later. 918 00:40:30,556 --> 00:40:31,556 Thank you for watching. 919 00:40:32,556 --> 00:40:33,556 We closed off with about 600 viewers. 920 00:40:34,556 --> 00:40:35,556 Thank you.