1 00:00:00,550 --> 00:00:04,390 Welcome to the Bitcoin Infinity Academy, brought to you by the 2 00:00:04,390 --> 00:00:06,790 Plan B Network and Bit Box. 3 00:00:06,850 --> 00:00:11,050 This is, uh, chapter five, I believe, of, uh, Bitcoin 4 00:00:11,050 --> 00:00:12,310 Sovereignty through mathematics. 5 00:00:12,310 --> 00:00:17,470 My first book on Bitcoin, I'm Kwan and I'm here as always with Luke De Wolf. 6 00:00:17,470 --> 00:00:18,790 How are we today, Luke? 7 00:00:19,195 --> 00:00:20,290 Oh, we are fantastic. 8 00:00:20,470 --> 00:00:21,340 Thank you for asking. 9 00:00:21,340 --> 00:00:21,670 Good. 10 00:00:21,670 --> 00:00:23,470 Good morning, and I'm excited to be here. 11 00:00:23,470 --> 00:00:24,010 How are you? 12 00:00:24,895 --> 00:00:25,405 All good. 13 00:00:25,465 --> 00:00:27,295 Uh, it's a lovely morning here. 14 00:00:27,325 --> 00:00:28,495 Oh, no, it's not a lovely morning. 15 00:00:28,495 --> 00:00:30,085 It's a shitty morning, but it's lovely. 16 00:00:30,085 --> 00:00:31,405 Anyway, because we're doing this. 17 00:00:31,813 --> 00:00:33,013 Absolutely agree with that. 18 00:00:33,013 --> 00:00:33,193 Yeah. 19 00:00:33,193 --> 00:00:35,413 It's a bit cloudy outside for me also. 20 00:00:36,157 --> 00:00:39,967 Alright, uh, shall we, uh, first just remind our, all of our 21 00:00:39,967 --> 00:00:41,805 listeners, how you can get involved? 22 00:00:41,887 --> 00:00:47,947 You can go to our Geyer page, Geyer Fund slash Project slash Infinity for 23 00:00:47,947 --> 00:00:51,817 all the information about how you can join the academy and get involved. 24 00:00:52,207 --> 00:00:56,137 And as a reminder, we're also releasing all of the chapters for free on Noster. 25 00:00:56,167 --> 00:00:59,197 So the links will be in all of the descriptions for this 26 00:00:59,197 --> 00:01:01,387 and you can read along there. 27 00:01:01,818 --> 00:01:02,538 am I forgetting anything? 28 00:01:02,538 --> 00:01:02,688 Knu. 29 00:01:03,798 --> 00:01:04,668 I don't think so. 30 00:01:04,698 --> 00:01:08,868 So we can, uh, we can just jump into this chapter called Proof of Work 31 00:01:08,868 --> 00:01:11,208 Here and see, see what's in this one. 32 00:01:11,684 --> 00:01:12,584 Absolutely wonderful. 33 00:01:12,854 --> 00:01:14,564 All right, let's do it. 34 00:01:15,854 --> 00:01:16,844 Proof of work. 35 00:01:18,250 --> 00:01:22,690 Zoom out of time for a while and imagine how the antlers of a magnificent 36 00:01:22,690 --> 00:01:24,610 moose buck evolved into being. 37 00:01:25,420 --> 00:01:29,020 The main purpose of big antlers in nature is believed to be a way for 38 00:01:29,020 --> 00:01:31,120 the buck to impress potential mates. 39 00:01:31,885 --> 00:01:35,335 They're somewhat akin to the feathers of a peacock or the shroud 40 00:01:35,335 --> 00:01:36,955 of any male bird, for that matter. 41 00:01:37,855 --> 00:01:41,305 The animal is trying to signal that it can thrive in its environment. 42 00:01:41,305 --> 00:01:43,555 Despite its enormous appendage. 43 00:01:44,545 --> 00:01:48,205 It's there to tell the potential mate that this specific specimen will 44 00:01:48,205 --> 00:01:50,545 bring her strong, healthy offspring. 45 00:01:51,475 --> 00:01:53,065 These are all evolutionary metaphors. 46 00:01:53,395 --> 00:01:57,595 Of course, the animal itself is probably unaware of signaling anything. 47 00:01:58,300 --> 00:02:03,040 For such antlers to evolve into being a whole lot of moose will have to die 48 00:02:03,070 --> 00:02:07,960 early, or at least not get a chance to reproduce over thousands of generations. 49 00:02:08,680 --> 00:02:13,660 In other words, a lot of resources need to be wasted, all of this for the animal 50 00:02:13,660 --> 00:02:15,850 to prove its value to potential spouses. 51 00:02:16,990 --> 00:02:20,290 Therefore, from the surviving moose's point of view, the 52 00:02:20,380 --> 00:02:23,890 aforementioned resources were sacrificed rather than wasted. 53 00:02:25,450 --> 00:02:26,170 Good start. 54 00:02:26,200 --> 00:02:27,340 I see where this is going. 55 00:02:27,340 --> 00:02:28,810 And always love a moose metaphor. 56 00:02:30,140 --> 00:02:30,775 Of course you do. 57 00:02:30,775 --> 00:02:31,255 You're a cano. 58 00:02:32,155 --> 00:02:34,615 Uh, so isn't it an elk metaphor? 59 00:02:34,645 --> 00:02:36,355 No, it's a moose in, in Canada. 60 00:02:36,355 --> 00:02:36,655 Right. 61 00:02:36,655 --> 00:02:37,315 And an elk. 62 00:02:37,315 --> 00:02:38,425 So where, where, where are 63 00:02:38,590 --> 00:02:38,920 both. 64 00:02:38,950 --> 00:02:39,550 There's both. 65 00:02:39,640 --> 00:02:39,970 Okay. 66 00:02:40,210 --> 00:02:41,140 It would be reindeer though. 67 00:02:41,140 --> 00:02:42,885 If we were, if we were talking Scandinavian. 68 00:02:43,450 --> 00:02:45,430 And is the plural of moose Meese. 69 00:02:45,545 --> 00:02:46,515 It's definitely Meese. 70 00:02:46,575 --> 00:02:46,795 Yes. 71 00:02:46,810 --> 00:02:47,260 Alright. 72 00:02:47,440 --> 00:02:49,750 And elk and many elk. 73 00:02:50,515 --> 00:02:51,685 Elk and many elk. 74 00:02:51,685 --> 00:02:53,155 Yes, that's that's correct. 75 00:02:53,245 --> 00:02:55,585 Actually, Eskimos is the correct plural of elk. 76 00:02:57,457 --> 00:03:01,057 Uh, I believe that's, uh, Inuit, isn't 77 00:03:01,072 --> 00:03:02,242 That's politically correct. 78 00:03:02,352 --> 00:03:02,642 Okay. 79 00:03:02,647 --> 00:03:03,337 Okay then. 80 00:03:03,427 --> 00:03:03,967 Alright. 81 00:03:04,447 --> 00:03:05,197 Uh. 82 00:03:05,722 --> 00:03:08,422 We'll have some editing to do already here, I think. 83 00:03:08,707 --> 00:03:10,307 I think we can mo leave most of that in. 84 00:03:10,927 --> 00:03:11,557 I'll right then. 85 00:03:11,957 --> 00:03:16,427 anyway, the, this is one example of many in nature of, of proof 86 00:03:16,427 --> 00:03:19,397 of work, uh, especially in birds. 87 00:03:19,397 --> 00:03:24,527 I, if I'm, if I'm not mistaken, I mean, I'm not a biologist by, by any stretch of 88 00:03:24,527 --> 00:03:29,567 the imagination, but from what I know of evolutionary theory, this, this is one of 89 00:03:29,567 --> 00:03:34,427 the things that was hardest to explain, like, uh, traits in animals and plants 90 00:03:34,427 --> 00:03:37,607 that didn't, didn't have an, an obvious. 91 00:03:38,112 --> 00:03:42,432 Survival mechanism thing attached to them, but they figured out 92 00:03:42,432 --> 00:03:47,412 later that it's used for the, that it's, uh, actually proof of work. 93 00:03:47,412 --> 00:03:51,402 So the, the feathers of a peacock, for instance, or, or strange 94 00:03:51,432 --> 00:03:55,782 mating rituals in birds, they're actually there to, to uh, um. 95 00:03:56,512 --> 00:04:00,532 for the animal to signal to the other animal that they are capable 96 00:04:00,532 --> 00:04:02,302 of more than meets the eye. 97 00:04:02,542 --> 00:04:06,982 Uh, uh, and this is, uh, a very good me metaphor for what's, 98 00:04:07,042 --> 00:04:08,632 what proof of work is in Bitcoin. 99 00:04:08,632 --> 00:04:13,240 I believe like You could, from a certain perspective, you could say that it's 100 00:04:13,300 --> 00:04:17,590 actually proof of results rather than proof of work because it's only the, 101 00:04:17,680 --> 00:04:21,220 the actual valid block that counts. 102 00:04:21,493 --> 00:04:26,563 so it's more alluding to work than proving work because you could be super 103 00:04:26,563 --> 00:04:30,583 lucky with your bit X or something and just find the correct block after 104 00:04:30,673 --> 00:04:32,443 having tried a handful of times. 105 00:04:32,743 --> 00:04:33,463 But, uh. 106 00:04:33,773 --> 00:04:38,183 Usually, uh, if the, if the, uh, difficulty is high enough, it takes, 107 00:04:39,030 --> 00:04:43,770 trillions of, uh, of guesses per second for the network to find the correct block. 108 00:04:43,770 --> 00:04:47,360 So, so this is, yeah, at the very core of what Bitcoin is. 109 00:04:48,020 --> 00:04:53,600 The maybe also, uh, like make this point that, um, everything in Bitcoin 110 00:04:53,600 --> 00:04:58,295 is probabilistic, so reason it takes 10 minutes to find the next block on 111 00:04:58,295 --> 00:05:04,595 average is that it's, uh, the probability is set, uh, in such a way that, uh, it 112 00:05:04,595 --> 00:05:09,792 takes on average 10 minutes and every two weeks It's, uh, recalibrated with 113 00:05:09,792 --> 00:05:13,972 the difficulty adjustment algorithm, so the, the 10 minutes are dependent 114 00:05:13,972 --> 00:05:17,242 on these two weeks, and the two weeks are dependent on the 10 minutes. 115 00:05:17,242 --> 00:05:19,372 So it's a, a loop thingy going on there. 116 00:05:19,642 --> 00:05:22,882 And it's one of, like, I've never met a person that can accurately, 117 00:05:23,152 --> 00:05:27,562 accurately describe the difficulty adjustment algorithm and sometimes, 118 00:05:27,592 --> 00:05:31,912 uh, and simultaneously be against Bitcoin or have good arguments 119 00:05:31,912 --> 00:05:33,202 for why Bitcoin doesn't work. 120 00:05:33,407 --> 00:05:37,217 Because that's when it usually, when it actually clicks, is when you get 121 00:05:37,217 --> 00:05:39,317 the difficulty adjustment algorithm. 122 00:05:40,057 --> 00:05:42,697 so, um, what else to say about that? 123 00:05:42,817 --> 00:05:45,607 Um, no, I think, I think that's it. 124 00:05:46,375 --> 00:05:46,825 That's great. 125 00:05:46,825 --> 00:05:51,625 And I mean, this chapter is a great explanation of the 126 00:05:51,625 --> 00:05:53,065 proof of work mechanism. 127 00:05:53,515 --> 00:05:57,445 And so I think here, well, first of all, you've, you've gone and 128 00:05:57,445 --> 00:05:59,485 dug into the actual Bitcoin parts. 129 00:05:59,485 --> 00:06:03,310 I think we'll, we'll cover it in the upcoming I. Or paragraphs. 130 00:06:03,310 --> 00:06:04,930 But yeah, it's great. 131 00:06:04,930 --> 00:06:07,330 I mean, I, I think just first of all, on this evolutionary 132 00:06:07,330 --> 00:06:09,820 metaphor, it's ingenious. 133 00:06:09,820 --> 00:06:14,680 I hadn't ever thought of it quite this way myself, that that would be akin 134 00:06:14,680 --> 00:06:17,380 to this whole proof of work thing. 135 00:06:17,380 --> 00:06:25,300 That evolution over time is akin to the proof of work versus proof of results. 136 00:06:25,850 --> 00:06:30,560 Thing like the, the result is that you get a better chance at reproducing something 137 00:06:30,560 --> 00:06:32,360 like that, and it takes a, a long time. 138 00:06:32,360 --> 00:06:37,117 It's not an exact perfect corollary, but it, it does have, elements of what 139 00:06:37,297 --> 00:06:42,137 evolution actually is because there's, there's misconceptions about evolution. 140 00:06:42,137 --> 00:06:44,477 It's not necessarily exactly about this. 141 00:06:45,017 --> 00:06:46,727 You have a better chance of reproducing. 142 00:06:46,727 --> 00:06:47,777 It's also an aggregate. 143 00:06:47,777 --> 00:06:50,177 It's like you say, it's a, it's probabilistic. 144 00:06:50,567 --> 00:06:55,297 Uh, something that maybe makes, one individual moose, for example, 145 00:06:55,297 --> 00:06:59,827 capable of having an offspring might mean that they don't have enough food 146 00:06:59,827 --> 00:07:02,227 to go around for the pack of meese. 147 00:07:02,617 --> 00:07:07,687 And that that little particular subplate of meese dies out. 148 00:07:08,017 --> 00:07:08,137 Uh. 149 00:07:09,052 --> 00:07:13,012 Right, but, but it, so it's the things that actually work over time, not in 150 00:07:13,012 --> 00:07:16,282 single generations either, which I think is another point that's along 151 00:07:16,432 --> 00:07:17,887 the lines of what you were saying here. 152 00:07:18,307 --> 00:07:21,817 Yeah, and I think the biggest, most common misconception about 153 00:07:21,847 --> 00:07:26,617 evolution in general is the timescale, because these timescales are huge. 154 00:07:26,617 --> 00:07:27,487 They're enormous. 155 00:07:27,487 --> 00:07:31,897 They take like hundreds of thousands, even millions of years for, for things 156 00:07:31,897 --> 00:07:35,617 to, to, to come into being, and, and there is so much trial and error. 157 00:07:35,617 --> 00:07:41,347 So like it's not survival of the fittest, it's survival of whoever survives. 158 00:07:41,602 --> 00:07:43,612 For whatever reason they may survive. 159 00:07:43,822 --> 00:07:49,582 Like, uh, and this is true on a cellular level as well as on a, a pack level. 160 00:07:49,942 --> 00:07:54,322 Uh, so, so there's a lot of things going on there, and it's, uh, widely 161 00:07:54,322 --> 00:07:58,822 misunderstood, but I, I think the, uh, proof of work metaphor works really well. 162 00:07:59,202 --> 00:08:02,502 Exactly, and we, we just had a question in the chat about how is it possible. 163 00:08:02,532 --> 00:08:06,192 For a bid x to find a block, and I mean, the, the answer is that it's 164 00:08:06,192 --> 00:08:08,322 an extremely low probability, right? 165 00:08:08,682 --> 00:08:12,372 It's, it's extremely unlikely that a Bid X would find a block, 166 00:08:12,372 --> 00:08:14,292 but it is possible technically. 167 00:08:14,802 --> 00:08:15,702 No, e exactly. 168 00:08:15,972 --> 00:08:18,342 Back to, uh, that's a good question, by the way. 169 00:08:18,552 --> 00:08:22,572 And, uh, there's, uh, it's, it's all about probabilistic. 170 00:08:22,932 --> 00:08:27,372 I mean, you could do the hash by hand and find the correct block if you were 171 00:08:27,372 --> 00:08:29,502 really, really, really amazingly lucky. 172 00:08:29,892 --> 00:08:33,822 Uh, but the probability is so low, so it's not worth the effort. 173 00:08:34,212 --> 00:08:36,852 And that's at the core of what Bitcoin is. 174 00:08:36,882 --> 00:08:37,152 Like. 175 00:08:37,182 --> 00:08:38,742 The, the, the only reason. 176 00:08:39,210 --> 00:08:43,620 You say that you own the Bitcoin is that you find it very improbable that 177 00:08:43,620 --> 00:08:47,610 someone else holds the same private key, but it's not actual ownership, 178 00:08:47,610 --> 00:08:48,960 it's just knowing a number I. 179 00:08:49,558 --> 00:08:50,608 Yep, exactly. 180 00:08:50,818 --> 00:08:52,618 Um, nothing, nothing else to add here. 181 00:08:52,618 --> 00:08:56,758 Maybe let's get into the, uh, specifics that you, you wrote about previously. 182 00:08:58,283 --> 00:09:00,533 All right, onto the next one. 183 00:09:02,293 --> 00:09:05,593 The proof of work algorithm in Bitcoin does a similar thing. 184 00:09:06,253 --> 00:09:11,143 It enables miners to sacrifice a lot of electricity, a real world resource 185 00:09:11,203 --> 00:09:15,253 to find a certain number, thereby proving that they had to commit a 186 00:09:15,253 --> 00:09:17,023 lot of time and effort to do this. 187 00:09:17,833 --> 00:09:21,253 Time, by the way, is the scarcest of all resources. 188 00:09:22,063 --> 00:09:25,633 Because of all this, a Bitcoin miner is very reluctant to 189 00:09:25,633 --> 00:09:27,313 sell Bitcoin at a net loss. 190 00:09:28,333 --> 00:09:32,383 The electricity has already been used when the Bitcoin pops into existence, 191 00:09:32,833 --> 00:09:36,133 and the miner has no other means of getting his money back then by selling 192 00:09:36,133 --> 00:09:40,033 the Bitcoin for more than the cost of the electricity it took to produce them. 193 00:09:41,203 --> 00:09:44,593 This is assuming that the mining rig itself has already been paid for. 194 00:09:46,093 --> 00:09:50,353 Proof of work is a way of converting computing power into money in a sense. 195 00:09:51,223 --> 00:09:54,973 Yes, these rigs consume a lot of energy, but the energy consumed 196 00:09:54,973 --> 00:09:58,393 correlates directly to the actual value of the created token. 197 00:09:59,413 --> 00:10:02,833 Any decrease in the energy expenditure would also lead to a decrease in the 198 00:10:02,833 --> 00:10:07,903 value of the token, not necessarily in the price, but the actual value. 199 00:10:08,923 --> 00:10:12,463 This is the main reason mining algorithms can't be less resource 200 00:10:12,463 --> 00:10:14,473 consuming or more energy efficient. 201 00:10:15,313 --> 00:10:17,713 Wasting energy is the whole point. 202 00:10:18,508 --> 00:10:19,248 No waste. 203 00:10:19,993 --> 00:10:21,343 No proof of commitment. 204 00:10:22,453 --> 00:10:23,143 Interesting. 205 00:10:23,610 --> 00:10:24,120 What are your thoughts? 206 00:10:25,445 --> 00:10:25,735 Yeah. 207 00:10:25,900 --> 00:10:26,650 Um. 208 00:10:27,405 --> 00:10:33,285 If, if you found yourself in a dark cave, uh, and you had a, a, a flashlight 209 00:10:33,285 --> 00:10:39,135 and you, and you found a gold bar, and you found a piece of paper with a bunch 210 00:10:39,135 --> 00:10:43,810 of zeros followed by strange letters, like what would intrigue you the most? 211 00:10:44,820 --> 00:10:48,150 So this might sound like a strange question. 212 00:10:48,150 --> 00:10:53,790 What, what I'm alluding to is that anyone who understands how extremely 213 00:10:53,790 --> 00:10:57,390 hard it is to find the hash of a Bitcoin block and a hash beginning 214 00:10:57,390 --> 00:11:03,152 without many zeros, can instantly, uh, see how much energy must have been, 215 00:11:03,347 --> 00:11:06,107 uh, sacrificed to find the block. 216 00:11:06,722 --> 00:11:10,712 So, so that thing in itself is like, should trigger the question 217 00:11:10,712 --> 00:11:15,812 in your mind, why, why on earth was this person willing to sacrifice 218 00:11:15,812 --> 00:11:18,842 so much effort to find this number? 219 00:11:19,412 --> 00:11:20,342 It's weird, isn't it? 220 00:11:20,402 --> 00:11:24,362 And that should trigger all the other questions and intrigue you 221 00:11:24,362 --> 00:11:28,412 enough to figure out what Bitcoin is and, and come to the, holy shit, 222 00:11:28,742 --> 00:11:30,752 this is super valuable Conclusion. 223 00:11:31,522 --> 00:11:34,492 But, uh, yeah, there, there's a lot here. 224 00:11:34,552 --> 00:11:39,742 Um, some of the terms I wouldn't have used, maybe if I wrote this now with 225 00:11:39,832 --> 00:11:44,602 the value on the price in the, in the end here, I think the, the, there's 226 00:11:44,602 --> 00:11:51,098 a lot of bad metaphors, uh, around for Bitcoin's scarcity or finiteness 227 00:11:51,098 --> 00:11:53,798 on how to, how to like convert. 228 00:11:54,565 --> 00:12:00,025 electricity into, you know, what, digital energy and all of this stuff. 229 00:12:00,025 --> 00:12:03,415 I don't really like those terms because that's not actually what it is. 230 00:12:03,415 --> 00:12:07,285 All it is is like one specific part of a finite pie. 231 00:12:07,825 --> 00:12:11,395 Uh, and, uh, that finite pie, it's, it's valuable because 232 00:12:11,395 --> 00:12:12,565 people think it's valuable. 233 00:12:12,565 --> 00:12:15,385 Like everything else, it's, uh, value is subjective. 234 00:12:15,625 --> 00:12:19,255 So the value part is, uh, iffy. 235 00:12:19,525 --> 00:12:21,295 But, um, I'd say. 236 00:12:21,985 --> 00:12:28,945 What it can do is convert energy into a very specific part of a very specific pie. 237 00:12:29,775 --> 00:12:32,685 you know, I think the metaphors are still helpful. 238 00:12:32,685 --> 00:12:37,515 We've, we've been over this a little bit, that it's, it's still often helpful for, 239 00:12:37,515 --> 00:12:42,882 I. newer Bitcoiners or pre Bitcoiners even to understand what's going on. 240 00:12:42,882 --> 00:12:43,962 But yeah, it's not. 241 00:12:44,457 --> 00:12:49,797 Literally, for example, a battery, or not literally energy being converted 242 00:12:49,797 --> 00:12:56,367 into money, but it, it is a way for energy that would otherwise not be used 243 00:12:56,427 --> 00:12:58,377 to be consumed in a productive way. 244 00:12:58,677 --> 00:13:03,267 And in, in that sense, it's as close to a battery or energy being 245 00:13:03,267 --> 00:13:05,727 converted into money as possible. 246 00:13:06,117 --> 00:13:10,737 Uh, and the, the uses for this are, are, they are, they're bountiful now. 247 00:13:11,037 --> 00:13:11,067 Uh. 248 00:13:11,157 --> 00:13:17,457 No, I, I'd say energy being converted into money is a correct metaphor, uh, uh, but 249 00:13:17,457 --> 00:13:23,247 calling it digital energy is not, uh, so the, I I tweeted a thing yesterday, uh, 250 00:13:23,247 --> 00:13:27,027 along these lines by the way, uh, which is how I'm thinking about this nowadays, 251 00:13:27,027 --> 00:13:31,467 and that is when orange peeling avoid metaphors that attract mid widths, but 252 00:13:31,467 --> 00:13:33,717 repel edges of the bell curve people. 253 00:13:34,142 --> 00:13:39,542 So, so that's my advice because it's more important to get the edges of the 254 00:13:39,542 --> 00:13:43,232 bell curve people into Bitcoin than it is to get the middle of the bell curve 255 00:13:43,232 --> 00:13:45,182 people into Bitcoin, in my opinion. 256 00:13:45,602 --> 00:13:49,532 Uh, because what you want is the rednecks with pickup trucks 257 00:13:49,532 --> 00:13:51,722 and don't tread on me shotguns. 258 00:13:52,112 --> 00:13:55,892 Uh, and you want the really, really clever people and everyone else will 259 00:13:55,892 --> 00:13:58,262 follow eventually if you just get those. 260 00:13:58,442 --> 00:14:02,642 So, so like this is what to think about when getting, when, when. 261 00:14:03,152 --> 00:14:06,782 When figuring out metaphors for the different functions 262 00:14:06,782 --> 00:14:08,192 of the Bitcoin network. 263 00:14:08,282 --> 00:14:09,272 Uh, in my opinion. 264 00:14:10,437 --> 00:14:10,797 Very good. 265 00:14:12,882 --> 00:14:16,062 I think there are some people who are making the arguments for the mid 266 00:14:16,062 --> 00:14:19,692 widths and are just trying to get as many people into Bitcoin as possible. 267 00:14:19,692 --> 00:14:22,242 But I think we need both approaches, basically. 268 00:14:22,952 --> 00:14:23,312 Yeah. 269 00:14:23,372 --> 00:14:26,582 Uh, and, uh, but I prefer the other approach, like the mid 270 00:14:26,582 --> 00:14:30,782 widths will eventually come anyway and, uh, that's good to remember. 271 00:14:30,782 --> 00:14:30,842 I. 272 00:14:32,257 --> 00:14:32,607 Point. 273 00:14:34,032 --> 00:14:35,622 Let's, let's move on to the next one here. 274 00:14:36,522 --> 00:14:36,972 Sorry. 275 00:14:36,972 --> 00:14:40,572 If anyone go for, um, like, I, I don't really mean width. 276 00:14:40,572 --> 00:14:44,442 I mean middle of the bell curve person, uh, that's much less offensive. 277 00:14:45,520 --> 00:14:46,030 Somehow. 278 00:14:48,550 --> 00:14:48,820 All right. 279 00:14:48,850 --> 00:14:49,750 Onto the next one. 280 00:14:51,370 --> 00:14:55,030 The fundamental principles of Bitcoin were set in stone in 281 00:14:55,030 --> 00:14:57,850 2008 and block number zero. 282 00:14:57,940 --> 00:15:01,900 The so-called Genesis block was mined in January, 2009. 283 00:15:03,190 --> 00:15:08,050 In Bitcoin, a block of transactions is created every 10 minutes in 284 00:15:08,050 --> 00:15:09,730 its first four years of existence. 285 00:15:09,760 --> 00:15:13,180 These blocks included a 50 Bitcoin block reward given to 286 00:15:13,180 --> 00:15:14,710 the miner who found the block. 287 00:15:16,090 --> 00:15:20,140 four years, this reward is halved so that the maximum amount of Bitcoin 288 00:15:20,140 --> 00:15:24,610 that can ever be claimed can never exceed just short of 21 million. 289 00:15:25,930 --> 00:15:31,480 2016th block, or roughly every two weeks, the difficulty of finding a new block 290 00:15:31,480 --> 00:15:35,710 is recalibrated so that a block will be found every 10 minutes on average. 291 00:15:36,640 --> 00:15:39,520 The value of this feature and the impact it has on coin 292 00:15:39,520 --> 00:15:41,140 issuance is often understated. 293 00:15:42,310 --> 00:15:45,730 It is one of the features of Bitcoin that separates it from gold and 294 00:15:45,730 --> 00:15:49,690 other assets in one of the most subtle, yet most powerful ways. 295 00:15:51,220 --> 00:15:55,750 the price of gold or silver or oil or any other asset goes up, producing 296 00:15:55,750 --> 00:15:59,620 that asset becomes more profitable and more resources are allocated 297 00:15:59,620 --> 00:16:01,030 to produce more of it faster. 298 00:16:01,750 --> 00:16:04,000 This in turn, evens out the price. 299 00:16:04,060 --> 00:16:06,430 As the total supply of said asset increases. 300 00:16:07,390 --> 00:16:10,900 Gold has been able to maintain or increase its value long-term over time 301 00:16:10,900 --> 00:16:12,880 because of its high stock to flow ratio. 302 00:16:13,660 --> 00:16:16,900 Stock refers to the supply of an asset currently available on the 303 00:16:16,900 --> 00:16:20,888 market Flow refers to the amount added to the stock per time unit. 304 00:16:21,848 --> 00:16:25,178 The bigger the stock in relation to the flow, the less of an impact 305 00:16:25,178 --> 00:16:28,208 on the total supply and increase in the price of a specific asset. 306 00:16:28,208 --> 00:16:28,718 Has. 307 00:16:29,678 --> 00:16:33,668 In Bitcoin, a price increase has virtually no impact at all on 308 00:16:33,668 --> 00:16:35,708 the coin issuance rate the flow. 309 00:16:36,195 --> 00:16:39,915 since the difficulty of finding the next block in the chain is constantly being 310 00:16:39,915 --> 00:16:42,225 optimized for a strict issuance schedule. 311 00:16:43,200 --> 00:16:48,360 No other asset has ever behaved like this, and we are yet to find out what impact its 312 00:16:48,360 --> 00:16:50,880 existence will have on the world economy. 313 00:16:52,057 --> 00:16:56,857 Yeah, so a bunch of the specifics about how the proof of work algorithm 314 00:16:56,857 --> 00:16:58,117 and difficulty adjustment works. 315 00:16:58,851 --> 00:17:04,191 Yes, uh, this is the term stock to flow is, uh, uh, something you should 316 00:17:04,191 --> 00:17:05,571 know about if you're in Bitcoin. 317 00:17:05,601 --> 00:17:09,291 And, uh, because it's very important to understand the, 318 00:17:09,291 --> 00:17:10,791 the value proposition here. 319 00:17:11,151 --> 00:17:16,911 Uh, and this is also pointing out why Bitcoin is not digital gold, uh, and why 320 00:17:16,911 --> 00:17:19,011 it's so much better than gold because. 321 00:17:19,156 --> 00:17:21,106 It has a finite supply. 322 00:17:21,136 --> 00:17:22,186 Gold does not. 323 00:17:22,674 --> 00:17:27,654 the reason that a cow priced in gold is, uh, costs about the same now as 324 00:17:27,654 --> 00:17:35,184 5,000 years ago, is that the ability for humans to find new gold, uh, increased, 325 00:17:35,604 --> 00:17:40,464 uh, in parallel with the increase of productivity of everything else, uh, 326 00:17:40,494 --> 00:17:47,244 meaning that Gold's, Gold's stock to flow is diminishing, but not, um. 327 00:17:48,104 --> 00:17:52,904 Not at the same rate as as Bitcoin, because Bitcoin will, we will 328 00:17:52,904 --> 00:17:54,644 eventually run out of bitcoins. 329 00:17:54,644 --> 00:17:56,564 We won't eventually run out of gold. 330 00:17:57,164 --> 00:17:59,174 Uh, so it's, so it's super different there. 331 00:17:59,174 --> 00:18:03,584 And therefore also to everyone aware of this issu issue and schedule, 332 00:18:03,584 --> 00:18:07,964 you could say that all the bitcoins already exist and that they've always 333 00:18:07,964 --> 00:18:13,274 existed even, and that it's just that the hash rate was zero up until 2009. 334 00:18:13,604 --> 00:18:14,654 And, uh, when this thing. 335 00:18:15,899 --> 00:18:16,919 Materialized. 336 00:18:17,009 --> 00:18:23,249 Uh, and, and this is so fascinating to me, um, like the way I see it, the, the, 337 00:18:23,849 --> 00:18:26,039 the miners do not produce the Bitcoins. 338 00:18:26,039 --> 00:18:32,039 They produce blocks and we, the network pay them in Bitcoins to, to secure 339 00:18:32,039 --> 00:18:37,289 the network for us and produce blocks which we can fill with transactions. 340 00:18:37,832 --> 00:18:41,282 the, the way they get paid is through the block subsidy, 341 00:18:41,282 --> 00:18:42,962 which is block reward plus fees. 342 00:18:43,652 --> 00:18:47,852 Uh, and the, the block reward part of it, the thing that Hals every four 343 00:18:47,852 --> 00:18:54,653 years is how many bitcoins we allow them to, print out thin air for themselves 344 00:18:54,713 --> 00:18:56,693 per 10 min, uh, every 10 minutes. 345 00:18:57,487 --> 00:18:58,507 but, but it's, um. 346 00:19:00,157 --> 00:19:05,047 Set in stone already, and it, it won't be ever be, there won't ever be more 347 00:19:05,047 --> 00:19:08,917 than 21 million bitcoins, which is why everything divided by 21 million makes 348 00:19:08,917 --> 00:19:11,947 sense, uh, from some, some angles. 349 00:19:12,398 --> 00:19:16,268 so if you know about this, you've already priced that in and, and 350 00:19:16,448 --> 00:19:19,418 you know that this is the most precious thing you can ever own. 351 00:19:20,592 --> 00:19:26,202 Uh, I think we've already somewhat talked about these specific features. 352 00:19:26,352 --> 00:19:33,522 I think the contrast to gold is one of the interesting things here, the more 353 00:19:33,522 --> 00:19:36,252 interesting things to grasp, basically. 354 00:19:36,522 --> 00:19:36,552 Uh. 355 00:19:36,942 --> 00:19:40,512 The, the line, no other asset has ever behaved like this, and we're yet 356 00:19:40,512 --> 00:19:43,782 to find out what the impact it, its existence will have on the world economy. 357 00:19:44,292 --> 00:19:44,532 Yeah. 358 00:19:44,532 --> 00:19:45,732 That, that's basically it. 359 00:19:45,852 --> 00:19:51,432 What's what's happening, what we're seeing as miners pretty much constantly 360 00:19:51,432 --> 00:19:54,402 pour more resources into Bitcoin mining. 361 00:19:54,402 --> 00:19:58,332 We're at, I, I think we changed to having a, it's an XA hash now, like 362 00:19:58,332 --> 00:20:02,922 there was something about that we're on another, another zero in hashes recently, 363 00:20:03,117 --> 00:20:05,907 Or another three zeros, so it's another prefix. 364 00:20:06,447 --> 00:20:06,902 Well, yeah, yeah. 365 00:20:06,902 --> 00:20:07,317 Right, right, right. 366 00:20:07,317 --> 00:20:08,127 It's another prefix. 367 00:20:08,127 --> 00:20:13,137 And, and it didn't just, it didn't just like, barely hit the XA hash number. 368 00:20:13,137 --> 00:20:15,837 It, it, like burst through it even. 369 00:20:15,897 --> 00:20:22,587 Um, so yeah, it's, it's, um, despite that the more production 370 00:20:22,587 --> 00:20:25,317 doesn't actually lead to an increase in the production of the good. 371 00:20:25,490 --> 00:20:29,690 more miners or more individuals are choosing to start up miners and 372 00:20:29,690 --> 00:20:31,940 attempt to, to find the bitcoin. 373 00:20:32,360 --> 00:20:36,800 Basically, and I, I think that's the, that's the natural effect here, 374 00:20:37,010 --> 00:20:38,930 that it's a totally scarce resource. 375 00:20:38,930 --> 00:20:44,300 Therefore, if you get some of it, you have a, a fixed amount of the fixed supply. 376 00:20:45,170 --> 00:20:45,710 That's it. 377 00:20:46,160 --> 00:20:49,940 And that's never going to, to change, that's never going to be inflated away, 378 00:20:49,940 --> 00:20:53,870 at least while those of us who understand Bitcoin have anything to say about it. 379 00:20:54,725 --> 00:20:58,055 Maybe make a point here about probabilistic again, like the 380 00:20:58,055 --> 00:21:00,785 probability that it ever will change. 381 00:21:00,815 --> 00:21:06,190 It's, it's so low that we can, Treat it as if it will never change, but 382 00:21:06,190 --> 00:21:09,550 it could theoretically change if everyone in the met, uh, in the network 383 00:21:09,610 --> 00:21:11,530 agrees that that's a good decision. 384 00:21:12,010 --> 00:21:14,590 Uh, so, so that's, that's the beauty of this thing. 385 00:21:14,590 --> 00:21:21,670 Like, uh, it's, it's robust because it's, uh, what's the word, anti-fragile, 386 00:21:22,449 --> 00:21:25,779 Because we all have to agree that, uh, to agree that it needs to 387 00:21:25,779 --> 00:21:27,279 change in order for it to change. 388 00:21:27,579 --> 00:21:29,259 So it's not like a democracy at all. 389 00:21:29,259 --> 00:21:32,079 It's you need a, an, an absolute super majority. 390 00:21:32,439 --> 00:21:36,579 And another way to look at that is that you need, you need it to be a good idea 391 00:21:36,579 --> 00:21:38,739 for the good idea to be implemented. 392 00:21:38,739 --> 00:21:42,939 I. Because everyone agrees it's a good idea, then it's, it is a good idea. 393 00:21:42,939 --> 00:21:44,559 Objectively, everyone thinks so. 394 00:21:44,829 --> 00:21:48,759 So yeah, there's, uh, that, that, that's about that. 395 00:21:48,999 --> 00:21:53,349 Uh, I may, may, uh, maybe I should say a couple of more things 396 00:21:53,349 --> 00:21:54,549 about the stock to flow thing. 397 00:21:54,759 --> 00:21:59,049 So the, the, because it's, it's only skimmed on the surface here. 398 00:21:59,079 --> 00:22:02,319 So the thing that happens when Gold's Price goes up is that 399 00:22:02,319 --> 00:22:05,037 gold miners buy more, Spades. 400 00:22:05,097 --> 00:22:08,247 They buy mining equipment in spades. 401 00:22:08,607 --> 00:22:13,017 Uh, so, so, so that they can find more gold per time unit. 402 00:22:13,527 --> 00:22:18,657 Uh, uh, but at the same time, the, the total gold supply of gold in 403 00:22:18,657 --> 00:22:20,457 the Earth's crossed is running out. 404 00:22:20,727 --> 00:22:21,867 So it becomes. 405 00:22:22,947 --> 00:22:26,547 Like the, the bigger the stock of gold that is already there, the 406 00:22:26,547 --> 00:22:31,107 less of an impact This change in price has to the flow of new gold 407 00:22:31,107 --> 00:22:34,407 coming into the market because they allocate more resources to finding it. 408 00:22:35,298 --> 00:22:36,918 and here, bitcoin's completely different. 409 00:22:37,488 --> 00:22:42,708 Uh, the, the supply is not dependent on how much you try to find them. 410 00:22:43,263 --> 00:22:43,773 That's it. 411 00:22:43,803 --> 00:22:48,123 You don't get more than, uh, one block per every 10 minutes. 412 00:22:48,123 --> 00:22:51,963 Like that's, that's how it works and it's beautiful. 413 00:22:52,403 --> 00:22:55,553 so you're not, you're not getting more bitcoins, but you're getting more 414 00:22:55,553 --> 00:22:57,923 value for your, for your hashing power. 415 00:22:58,313 --> 00:22:59,963 And, and that's sort of the point. 416 00:23:01,034 --> 00:23:01,784 Very good point. 417 00:23:01,784 --> 00:23:07,004 It is, uh, and I think the details about this just continue on here 418 00:23:07,004 --> 00:23:08,714 now in the, the following paragraph. 419 00:23:08,714 --> 00:23:10,299 So I think let's continue. 420 00:23:12,270 --> 00:23:15,600 So how does one mine a block in the Bitcoin blockchain? 421 00:23:16,980 --> 00:23:19,890 In short, the mining process goes something like this. 422 00:23:20,760 --> 00:23:24,930 Every active node in the Bitcoin network stores a copy of the MEM pool, which 423 00:23:24,930 --> 00:23:28,110 contains all Bitcoin transactions that haven't been confirmed yet. 424 00:23:29,160 --> 00:23:32,670 The miner puts as many transactions as the block size allows into 425 00:23:32,670 --> 00:23:36,533 the block Usually selecting those with the highest fee first. 426 00:23:37,163 --> 00:23:42,533 He then adds a random number called ance and produces a hash of the entire thing. 427 00:23:42,533 --> 00:23:46,883 Using the SHA 2 56 hashing algorithm, a hashing algorithm 428 00:23:46,883 --> 00:23:48,833 turns data into a string of numbers. 429 00:23:49,643 --> 00:23:54,203 If the resulting hash begins with a specific number of zeros, decided by 430 00:23:54,203 --> 00:23:58,133 the current difficulty of the network, the minor wins, the block reward, 431 00:23:58,283 --> 00:24:01,938 collects all the fees, and gets to put the block on the blockchain. 432 00:24:03,728 --> 00:24:08,138 I think I could continue here, but honestly, there's a couple of points to 433 00:24:08,138 --> 00:24:10,628 discuss just directly from this paragraph. 434 00:24:10,673 --> 00:24:10,793 I. 435 00:24:11,941 --> 00:24:12,571 Yes, here. 436 00:24:12,661 --> 00:24:16,981 Uh, the, the thing I'd like to point out is that there's no such thing as the Mele. 437 00:24:17,701 --> 00:24:21,151 Uh, every node decides what their mele consists of. 438 00:24:21,211 --> 00:24:26,131 You don't have to put transactions in your mele if you don't like the transactions. 439 00:24:26,131 --> 00:24:30,751 Like we, we come to a consensus of what, what constitutes, uh, a valid 440 00:24:30,751 --> 00:24:32,581 transaction, and that's what happens. 441 00:24:32,761 --> 00:24:37,384 That that's what, Decides what, what transactions you put in your maple. 442 00:24:37,624 --> 00:24:43,204 Of course, if you don't allow, or, or if you censor and if you, if your PLE 443 00:24:43,204 --> 00:24:47,614 is very much different from everyone else's, the the chances of them actually 444 00:24:48,184 --> 00:24:53,074 being okayed by all the other I. Participants in the block is, is lower. 445 00:24:53,374 --> 00:24:56,554 But yeah, maybe I'm, I'm, uh, not explaining that really well 446 00:24:56,554 --> 00:25:00,544 here, but, uh, point is that there's no such thing as thele. 447 00:25:00,604 --> 00:25:02,734 The, there's, uh, there are plenty of differents. 448 00:25:05,238 --> 00:25:11,328 And of course that's an important distinction here, the collective mepo, 449 00:25:11,328 --> 00:25:18,798 such as it is, as in the, uh, average mepo based on that, those transactions 450 00:25:18,798 --> 00:25:20,478 which are mostly circulating. 451 00:25:20,478 --> 00:25:20,748 Okay. 452 00:25:20,748 --> 00:25:24,948 That's, that's sort of a fine concept that does exist. 453 00:25:25,038 --> 00:25:27,138 Again, we're in the, we're in the territory of things that 454 00:25:27,138 --> 00:25:30,108 are really useful to know. 455 00:25:30,618 --> 00:25:33,468 Uh, if you really want to understand everything as it. 456 00:25:33,843 --> 00:25:39,423 Is down to the base of it, but not necessarily, uh, you, you can think 457 00:25:39,423 --> 00:25:43,353 of the abstraction, uh, a little bit in the general sense, like, I'm 458 00:25:43,353 --> 00:25:46,923 broadcasting my, I'm broadcasting my transaction to the me pool. 459 00:25:46,983 --> 00:25:49,893 I think that's fine to think that, but yeah, you're, you're right. 460 00:25:49,893 --> 00:25:55,233 It's, you're, you're broadcast, you're broadcasting a transaction to, uh, from 461 00:25:55,233 --> 00:25:59,913 your node or from someone else's node to a bunch of other nodes, and they keep 462 00:25:59,913 --> 00:26:01,713 broadcasting it, et cetera, et cetera. 463 00:26:01,713 --> 00:26:03,063 And that's, that's how it actually. 464 00:26:04,083 --> 00:26:07,893 Up and they can be different because you can set different policies or choose 465 00:26:07,893 --> 00:26:10,443 to have only transactions you can. 466 00:26:10,533 --> 00:26:13,053 You can choose not to broadcast transactions, but put them in your 467 00:26:13,053 --> 00:26:17,433 mem pool and if you're a minor, that's how you could mine transactions that 468 00:26:17,433 --> 00:26:20,163 are outta band and not broadcast it to the whole rest of the network. 469 00:26:21,182 --> 00:26:23,192 There's a lot that goes into this. 470 00:26:23,252 --> 00:26:28,423 Uh, without getting too technical, Bitcoin is dependent on, users being 471 00:26:28,423 --> 00:26:32,983 active and running their nodes and, and actually taking care about like 472 00:26:33,403 --> 00:26:38,173 what their node does and what kind of transactions it lets through or not. 473 00:26:39,393 --> 00:26:42,453 And, uh, it's people doing that, that's what becomes the 474 00:26:42,453 --> 00:26:45,393 average, uh, after a while. 475 00:26:45,393 --> 00:26:45,603 Right? 476 00:26:45,603 --> 00:26:51,993 That's, that's what eventually, eventually all of it is about coming to an agreement. 477 00:26:51,993 --> 00:26:53,523 That's what we call consensus. 478 00:26:54,197 --> 00:26:54,417 Yes. 479 00:26:54,777 --> 00:26:55,097 Consensus. 480 00:26:55,182 --> 00:26:57,532 That's a. Important word. 481 00:26:57,592 --> 00:27:02,902 Uh, and as you say, maybe this isn't the, uh, time to go too technical or 482 00:27:02,902 --> 00:27:05,512 too deep into some of these features. 483 00:27:05,512 --> 00:27:09,375 I think we'll, we'll dig more deeply into concepts of the types 484 00:27:09,375 --> 00:27:13,845 of transactions that are permitted and, and other mechanisms like that. 485 00:27:13,845 --> 00:27:18,273 But I think maybe it's, it's perhaps, for another time or, or what do you think? 486 00:27:18,273 --> 00:27:19,203 Did you want to get into the whole 487 00:27:19,293 --> 00:27:19,503 Yeah. 488 00:27:19,503 --> 00:27:20,043 No, no. 489 00:27:20,043 --> 00:27:24,633 We, we, we, uh, we get into the weeds of this in the, um, clown World book, 490 00:27:24,693 --> 00:27:26,523 and we'll see what has happened then. 491 00:27:26,523 --> 00:27:30,243 And it's, it is interesting because we we're not starting that whole 492 00:27:30,393 --> 00:27:34,173 serious, uh, like we're starting that like a year from now or something. 493 00:27:34,173 --> 00:27:37,593 So it's gonna be very interesting to see how, how well that aged. 494 00:27:37,893 --> 00:27:41,613 I, I guess, and by the way, consensus is spelled with a C and not a K. 495 00:27:44,580 --> 00:27:49,803 let's, let's move on The beauty of the system is that it is trivial for the nodes 496 00:27:49,803 --> 00:27:54,783 in the network to verify the block so that no double spending can occur, but it's 497 00:27:54,783 --> 00:27:59,673 near impossible to forge a fake hash since the probability of finding one that begins 498 00:27:59,673 --> 00:28:04,413 with as many zeros as the difficulty of the Bitcoin network demands extremely low. 499 00:28:05,733 --> 00:28:09,783 To a layman's eye, a hash beginning with a bunch of zeros just looks 500 00:28:09,783 --> 00:28:13,653 like a random number, but a person who understands the mathematics 501 00:28:13,653 --> 00:28:15,243 behind it sees a different thing. 502 00:28:16,323 --> 00:28:19,503 The zeros act as proof of an enormous commitment to trying 503 00:28:19,503 --> 00:28:22,293 out different nonsense and trying to find a perfect match. 504 00:28:23,013 --> 00:28:26,643 If you're able to understand these huge numbers, you quickly realize that 505 00:28:26,643 --> 00:28:30,273 this number must have been created by devoting computing power to doing just 506 00:28:30,273 --> 00:28:32,973 that on an absolutely massive scale. 507 00:28:33,768 --> 00:28:35,448 The proof is in those zeros. 508 00:28:36,678 --> 00:28:40,428 If you compare just the hash rate of the top five, so-called cryptocurrencies, 509 00:28:40,848 --> 00:28:45,348 it is obvious that Bitcoin is on a different level security wise, from 510 00:28:45,348 --> 00:28:47,568 a hash rate to security perspective. 511 00:28:47,928 --> 00:28:51,794 The Ethereum blockchain is about five times as ineffective, and 512 00:28:51,794 --> 00:28:55,514 the Litecoin blockchain about 10 times as ineffective as the Bitcoin 513 00:28:55,514 --> 00:28:56,534 blockchain at the time of writing. 514 00:28:57,704 --> 00:29:02,564 This in addition to the obviously more centralized nature of these alternatives. 515 00:29:03,895 --> 00:29:06,385 Yeah, I think I'll pause there. 516 00:29:06,445 --> 00:29:10,705 Uh, I'm not, I'm not sure exactly how much we haven't covered out of, out of these. 517 00:29:10,705 --> 00:29:15,985 Of course, the little bit about the, um, shit coins is, uh, is in addition. 518 00:29:15,985 --> 00:29:18,265 But, uh, I don't know how long you wanna linger on that. 519 00:29:18,910 --> 00:29:23,410 No, but it's an important paragraph and, and maybe I, I, uh, uh, jumped 520 00:29:23,410 --> 00:29:27,670 to conclusions too early here in this chapter because it's explained here. 521 00:29:27,985 --> 00:29:32,785 but it's crucial to understand why a number beginning with zeroes is, 522 00:29:33,266 --> 00:29:36,206 Hinting at something very valuable. 523 00:29:36,656 --> 00:29:41,186 Uh, but the, the, the interesting thing about the, what I say about the 524 00:29:41,486 --> 00:29:45,986 so-called cryptocurrencies or shit coins in the end here is that, uh, 525 00:29:46,016 --> 00:29:49,271 this was written in 2019, early 2019. 526 00:29:49,911 --> 00:29:53,786 I. I believe in, it must have been in February or something. 527 00:29:54,056 --> 00:29:59,606 So, and since then, uh, this is, this has just been more and more true. 528 00:29:59,726 --> 00:30:02,816 Like today, it's, uh, it's not even comparable anymore. 529 00:30:02,816 --> 00:30:07,296 Like, Ethereum is, is such a shit show at this point. 530 00:30:07,326 --> 00:30:13,252 And unlike Coin two, like it's, uh, there's not even a comparison to be made. 531 00:30:13,902 --> 00:30:15,962 And Ethereum isn't even using proof of work anymore. 532 00:30:16,442 --> 00:30:16,892 No. 533 00:30:17,582 --> 00:30:20,912 So it has absolutely no sec security. 534 00:30:21,302 --> 00:30:25,112 Like proof of stake is provably not working. 535 00:30:25,347 --> 00:30:26,222 It, it is. 536 00:30:26,252 --> 00:30:30,662 This, the system we're living in, like central banking is proof of stake. 537 00:30:30,902 --> 00:30:37,322 So one guy gets to decide like it's, it's uh, it is by definition centralized. 538 00:30:37,677 --> 00:30:40,497 If you have more resources, you win. 539 00:30:40,707 --> 00:30:41,967 Like Bitcoin is. 540 00:30:42,387 --> 00:30:48,117 Bitcoin is only decentralized because it needs to be like decentralization 541 00:30:48,357 --> 00:30:53,547 is an unfortunate means to a greater end, and that end is an absolutely 542 00:30:53,547 --> 00:30:59,295 finite, uh, supply of the monetary token or resistance to replicability, 543 00:31:00,045 --> 00:31:01,365 something you cannot copy. 544 00:31:02,355 --> 00:31:04,875 That is the end goal, the decentralization. 545 00:31:06,230 --> 00:31:10,820 It's unfortunate that it, it's needed because we only need it because, 546 00:31:11,120 --> 00:31:13,070 uh, people cannot be trusted. 547 00:31:13,610 --> 00:31:18,650 If every, if every human being was trustworthy, we wouldn't need Bitcoin. 548 00:31:19,130 --> 00:31:22,220 We could just decide that these are the number of coins available 549 00:31:22,220 --> 00:31:23,810 and it wouldn't be inflated. 550 00:31:24,170 --> 00:31:28,940 The reason we need the, the centralization is to secure the network so that we can, 551 00:31:29,150 --> 00:31:31,310 everyone keeps everyone else in check. 552 00:31:32,300 --> 00:31:35,480 So that it's not profitable anymore to try to break the rules. 553 00:31:36,620 --> 00:31:39,980 That's the sad, the sad truth about this thing. 554 00:31:40,348 --> 00:31:44,278 but it's also what makes it so beautiful because in the end that 555 00:31:44,338 --> 00:31:46,108 don't trust, verify mentality. 556 00:31:46,108 --> 00:31:52,398 I. Leads to a society that is more trusting, like we, we humans, uh, we 557 00:31:52,398 --> 00:31:56,058 unlock something within ourselves when we become bitcoiners and it becomes 558 00:31:56,118 --> 00:32:00,768 easier to trust your fellow man, not harder because you know, that fellow man 559 00:32:00,768 --> 00:32:02,808 has no incentive to cheat you anymore. 560 00:32:03,138 --> 00:32:06,528 So, yeah, it's, it's such a beautiful system and that, that's 561 00:32:06,528 --> 00:32:07,608 why I started writing about it. 562 00:32:07,608 --> 00:32:12,318 It just mind blown by, by the whole, the whole thing and what it implies. 563 00:32:13,918 --> 00:32:14,518 Just great. 564 00:32:14,518 --> 00:32:18,554 And honestly, these, these points about why the other so-called 565 00:32:18,584 --> 00:32:21,674 cryptocurrencies just don't fit the bill. 566 00:32:22,040 --> 00:32:23,780 it's important to discuss this stuff. 567 00:32:24,320 --> 00:32:25,070 Absolutely. 568 00:32:25,580 --> 00:32:31,640 Because otherwise people are trying to get into Bitcoin, trying to figure it out, 569 00:32:32,570 --> 00:32:39,470 get led astray constantly and think that some of these things are, are legitimate 570 00:32:39,470 --> 00:32:41,360 and I have a lot of empathy for. 571 00:32:41,855 --> 00:32:44,675 People who have had their shit coin phase or who, who get into 572 00:32:44,675 --> 00:32:49,655 crypto, uh, because many of them are not there for the gambling. 573 00:32:49,655 --> 00:32:55,895 They think it's, they think it's the way out of a, of a system that is broken. 574 00:32:56,195 --> 00:32:59,825 And just think crypto is the the thing. 575 00:32:59,855 --> 00:33:03,665 It's the thing that's gonna go up and whatever it is, it's all ignorance. 576 00:33:03,665 --> 00:33:08,135 It's all from not getting directed to the right thing, which of course is Bitcoin. 577 00:33:08,840 --> 00:33:13,430 So this is why I like explaining this stuff because it, it actually is relevant. 578 00:33:13,910 --> 00:33:17,900 Um, if, if you've gotten, if you're, if you're here with us, you probably 579 00:33:17,900 --> 00:33:21,950 already have this figured out, but still it's, it bears repeating. 580 00:33:21,950 --> 00:33:22,010 I. 581 00:33:22,470 --> 00:33:23,475 I mean, still there. 582 00:33:24,890 --> 00:33:32,289 Bitcoiners shouldn't like try to forbid, shift coins or forbid Bitcoin forks. 583 00:33:32,289 --> 00:33:33,159 That's, that's. 584 00:33:33,759 --> 00:33:34,839 Very counterproductive. 585 00:33:35,019 --> 00:33:38,259 Bitcoin is what it is because we agree that it is this thing. 586 00:33:38,679 --> 00:33:44,739 Uh, but that also implies that we need alternatives to, uh, to, to, to exist, 587 00:33:44,739 --> 00:33:46,509 to figure out what the real thing is. 588 00:33:46,749 --> 00:33:49,659 But at the end of the day, it's very, very simple. 589 00:33:50,169 --> 00:33:50,979 Fiat currencies. 590 00:33:51,479 --> 00:33:56,189 one guy gets to decide, uh, uh, if we're going to print more money or not. 591 00:33:56,279 --> 00:33:59,819 So one guy can print money or one institution can print money. 592 00:34:00,359 --> 00:34:02,969 Uh, shit coins or cryptocurrencies. 593 00:34:03,569 --> 00:34:05,129 Everyone gets to print more money. 594 00:34:05,909 --> 00:34:07,049 So it's, it's up to you. 595 00:34:07,834 --> 00:34:09,779 Bitcoin, no one gets to print money. 596 00:34:10,289 --> 00:34:12,209 That's, that's the difference between the three. 597 00:34:12,904 --> 00:34:13,624 Very good point. 598 00:34:14,109 --> 00:34:18,664 I, I think that's a good summary there onto the next one. 599 00:34:19,802 --> 00:34:24,242 Some of the futurists and doomsday prophets mentioned in chapter four as 600 00:34:24,242 --> 00:34:28,052 the people most likely to warn us about the dangers of the impending artificial 601 00:34:28,052 --> 00:34:32,672 intelligence singularity, believe that we already live in a simulated reality. 602 00:34:33,602 --> 00:34:36,902 The main argument for this worldview is that since simulations and 603 00:34:36,902 --> 00:34:40,472 computer graphics seem to be getting better at an ever accelerating 604 00:34:40,472 --> 00:34:44,372 rate, we can't really know if we already live in a simulation or not. 605 00:34:45,181 --> 00:34:49,741 To put it another way, we simply have no way of knowing if we live in the matrix 606 00:34:50,101 --> 00:34:51,961 or if our perceived reality is all. 607 00:34:51,961 --> 00:34:56,521 There is really mind blowing counterargument to this theory is that 608 00:34:56,521 --> 00:35:00,361 Bitcoin's proof of work algorithm would eventually slow down the simulation 609 00:35:00,661 --> 00:35:05,821 since proof of work is verifiable and can't be simulated itself, computing 610 00:35:05,821 --> 00:35:10,201 power would have to be sacrificed by some entity somewhere regardless. 611 00:35:11,101 --> 00:35:12,631 One question remains though. 612 00:35:13,381 --> 00:35:17,851 Can the inhabitants of a simulated reality actually feel or measure a slowdown 613 00:35:17,851 --> 00:35:19,741 of the very simulation they live in? 614 00:35:20,857 --> 00:35:22,897 Interesting thought experiment and the chapter. 615 00:35:23,694 --> 00:35:26,574 Yes, it has nothing to do with the rest of the chapter, does it? 616 00:35:26,937 --> 00:35:32,277 I discussed this with Dr. Bansal and Giamo Soko on stage, on at Bitcoin Atlantis. 617 00:35:32,277 --> 00:35:33,597 I believe in Madera. 618 00:35:34,137 --> 00:35:35,337 Uh, I love this thought. 619 00:35:35,667 --> 00:35:41,457 Uh, it's, it's a very, like, uh, and this is one of those, it is just provoking. 620 00:35:42,032 --> 00:35:43,832 Thought in every way possible. 621 00:35:43,832 --> 00:35:46,682 And then, uh, I don't leave anything else. 622 00:35:46,682 --> 00:35:48,722 I don't explore the ideas with the reader. 623 00:35:48,722 --> 00:35:50,672 I just, uh, mention them. 624 00:35:51,002 --> 00:35:55,022 Uh, so I don't know why I did that in this book, really. 625 00:35:55,022 --> 00:35:59,342 But, but, uh, but the, the thought still intrigues me when, when thinking 626 00:35:59,342 --> 00:36:03,414 about this, Simulation theory thing, it's important to remember that 627 00:36:03,414 --> 00:36:05,304 simulation theory is not a new idea. 628 00:36:05,304 --> 00:36:09,924 It's been around for like 500 years, this matrixy dream, within 629 00:36:09,924 --> 00:36:11,904 a dream, within a dream concept. 630 00:36:11,904 --> 00:36:16,824 Philosophers have been battling that since forever, and, uh, It, it's sort of 631 00:36:16,824 --> 00:36:21,294 like the free will debate at, at the end of the day, it doesn't matter because 632 00:36:21,294 --> 00:36:26,004 we're in the reality we are in and we're not in the other other realities. 633 00:36:26,424 --> 00:36:27,744 Same thing with free will. 634 00:36:27,744 --> 00:36:30,294 If you have it, then there's no discussion. 635 00:36:30,294 --> 00:36:34,224 If you don't, you can't do anything about anything anyway, so, so you 636 00:36:34,224 --> 00:36:37,134 might as well like act as if you do. 637 00:36:37,634 --> 00:36:40,844 it's one of those, uh, weird, weird things. 638 00:36:40,844 --> 00:36:48,449 But, but it is interesting that a. A simulation of Earth would have to include 639 00:36:48,449 --> 00:36:54,599 a simulation of the proof of work in, in Bitcoin mining, which in itself is 640 00:36:54,599 --> 00:36:56,459 costly in terms of computing power. 641 00:36:56,609 --> 00:37:01,319 I, I just, uh, I just like that, uh, that fact, if you want, I. 642 00:37:01,777 --> 00:37:03,872 it is an interesting thought experiment, definitely. 643 00:37:03,972 --> 00:37:09,317 And well, so much as there are smart people who really think we are, in fact, 644 00:37:09,317 --> 00:37:14,214 in a simulation and all of the computing power being used for this and that, yeah, 645 00:37:14,214 --> 00:37:15,624 it's hard to square these two things. 646 00:37:15,624 --> 00:37:19,914 I guess that the, the probability that we're in a simulation to some 647 00:37:19,914 --> 00:37:21,894 people's estimation is extremely high. 648 00:37:22,764 --> 00:37:24,954 But there's all of this computing going on. 649 00:37:25,314 --> 00:37:30,924 And by the way, all of the AI stuff also is in that category, honestly, because 650 00:37:31,404 --> 00:37:33,174 they're using computing power also. 651 00:37:33,924 --> 00:37:37,764 Maybe that's less verifiable because it's not about mathematical cryptography. 652 00:37:38,364 --> 00:37:40,884 But it's still a lot of computing power. 653 00:37:40,884 --> 00:37:44,934 Maybe the AI stuff is actually more of an ev more of evidence for 654 00:37:45,174 --> 00:37:47,964 the simulation because maybe that stuff can be more easily faked. 655 00:37:48,024 --> 00:37:48,444 I don't know. 656 00:37:48,879 --> 00:37:52,779 No, but That's where the theory comes from, like the, that AI is getting so good 657 00:37:52,779 --> 00:37:54,789 and computer graphics are getting so good. 658 00:37:55,239 --> 00:37:59,139 Of course, these things are run on computers, so, so if they would 659 00:37:59,139 --> 00:38:02,229 require a lot of computing power, this is just saying that the computer 660 00:38:02,229 --> 00:38:06,189 on top, creating that reality with that thing in it would also have to 661 00:38:06,189 --> 00:38:09,999 do the proof of work algorithm, which is more computing power than anything 662 00:38:09,999 --> 00:38:12,849 else in, uh, uh, on Earth right now. 663 00:38:12,849 --> 00:38:16,119 It's still the, the, the biggest computer network there is, is 664 00:38:16,119 --> 00:38:18,309 the, the, uh, bitcoin network. 665 00:38:18,874 --> 00:38:23,584 So, no, it's, uh, it's an intriguing thought anyway, uh, by the way, 666 00:38:23,764 --> 00:38:28,744 uh, I, I looked up how many comps.com and that site is still up. 667 00:38:29,134 --> 00:38:31,684 Uh, what, what did I say in the last paragraph there? 668 00:38:31,684 --> 00:38:36,784 That, uh, Litecoin took, like, had like a fifth of the security 669 00:38:36,784 --> 00:38:37,864 of Bitcoin or something, 670 00:38:37,869 --> 00:38:38,574 You said a 10th. 671 00:38:39,179 --> 00:38:39,499 a 10th. 672 00:38:40,554 --> 00:38:44,244 Today it's the second biggest because Ethereum isn't even there anymore 673 00:38:44,244 --> 00:38:45,744 since they moved to Proof of Stake. 674 00:38:46,284 --> 00:38:49,824 And Litecoin is, uh, 11 times slower today. 675 00:38:50,364 --> 00:38:56,964 Like so for six confirmations in, in Bitcoin is equivalent to 268 Con, uh, 676 00:38:57,024 --> 00:39:01,224 uh, confirmations in on Litecoin to get to the same level of security. 677 00:39:02,034 --> 00:39:05,154 And then there's Dogecoin, and then there's Ethereum Classic. 678 00:39:05,859 --> 00:39:11,199 But yeah, the point, point stance that it's, uh, it's getting worse over time 679 00:39:11,199 --> 00:39:13,269 and not better for the share coins. 680 00:39:13,569 --> 00:39:14,679 Yeah, very good point. 681 00:39:14,709 --> 00:39:19,089 And I think the summation of this chapter, since we're done now, is 682 00:39:19,269 --> 00:39:24,039 basically that, uh, proof of work is this fundamental thing at the base 683 00:39:24,039 --> 00:39:27,819 of Bitcoin, proof of work algorithm, plus the difficulty adjustment. 684 00:39:27,819 --> 00:39:32,409 And these things are essential and explaining why they're essential I 685 00:39:32,409 --> 00:39:34,299 think is the point of this chapter. 686 00:39:34,359 --> 00:39:36,909 Do you have anything else you'd like to say in summation? 687 00:39:37,637 --> 00:39:37,857 No. 688 00:39:37,882 --> 00:39:42,022 Uh, yeah, uh, that's a good summation and uh, proof of work. 689 00:39:42,082 --> 00:39:45,412 Is very misunderstood, uh, that like. 690 00:39:46,207 --> 00:39:51,217 The, um, environmentalists who misunderstand it think that it's, uh, 691 00:39:51,217 --> 00:39:55,807 it is wasting energy, but that's the complete wrong way to, to look at it. 692 00:39:55,807 --> 00:39:57,127 It's not wasting energy. 693 00:39:57,127 --> 00:39:59,827 It's sacrificing energy for something much better. 694 00:40:00,307 --> 00:40:02,347 And what they also forget about is the. 695 00:40:02,947 --> 00:40:07,387 Consensus mechanism of fiat currencies, we've alluded to this before because the 696 00:40:07,387 --> 00:40:13,112 consensus mechanism of fiat currencies and whoever gets to decide what money a, 697 00:40:13,117 --> 00:40:19,027 a nation runs on or what gets to be the global reserve currency is world wars. 698 00:40:19,417 --> 00:40:21,007 That's the consensus mechanism. 699 00:40:21,547 --> 00:40:24,427 If that's not wasteful, I don't know what wasteful is. 700 00:40:24,817 --> 00:40:30,307 So, so they're, they're not taking into account how costly in terms of energy. 701 00:40:30,307 --> 00:40:32,497 The, the current monetary system is this. 702 00:40:33,952 --> 00:40:38,542 Uh, doing proof of work, uh, I would argue is actually the most efficient 703 00:40:38,542 --> 00:40:42,742 way of getting to a consensus of what, what is money and what is not. 704 00:40:43,282 --> 00:40:47,812 Uh, every other way that has been tried has been more costly in terms of not 705 00:40:47,812 --> 00:40:53,152 only you need world wars to come to a consensus, but of the vast number of, 706 00:40:53,302 --> 00:40:58,342 uh, first and foremost, the vast number of misallocated resources in society. 707 00:40:58,972 --> 00:41:03,854 It's like this, Example from, from previous chapters that you, you never 708 00:41:03,854 --> 00:41:08,924 get to exponential growth if you, if you, if you shoot yourself in the foot all 709 00:41:08,924 --> 00:41:14,564 the time and, and put up roadblocks to prosperity, uh, which is what monetary 710 00:41:14,564 --> 00:41:16,454 interventionists do all the time. 711 00:41:16,454 --> 00:41:19,784 Not only by taxing people, but by inflating the money supply, 712 00:41:19,994 --> 00:41:25,634 it gets harder for people to, uh, to accumulate wealth and prosper. 713 00:41:25,634 --> 00:41:25,994 And, and, and. 714 00:41:27,629 --> 00:41:30,299 Progress humanity into the future. 715 00:41:30,419 --> 00:41:36,449 Uh, everything gets, uh, is handicapped by interventionism, and that is what Bitcoin, 716 00:41:36,449 --> 00:41:38,249 that is the problem that Bitcoin solves. 717 00:41:38,249 --> 00:41:40,649 It solves the inflation problem. 718 00:41:40,709 --> 00:41:46,049 It's, it solves the abundance of money and scarcity in anything, everything else. 719 00:41:46,049 --> 00:41:47,279 So it's the other way around. 720 00:41:47,609 --> 00:41:51,299 This is Jeff Booth point, like when you have scarcity and money, you 721 00:41:51,299 --> 00:41:52,739 have abundance everywhere else. 722 00:41:53,069 --> 00:41:57,984 Uh, and People need to understand that on a deep level to to, to understand Bitcoin. 723 00:41:58,194 --> 00:42:01,494 Like I, I don't believe you can understand Bitcoin if you don't 724 00:42:01,494 --> 00:42:05,741 first, uh, understand the problem it solves and that problem is inflation. 725 00:42:06,719 --> 00:42:07,559 Absolutely love it. 726 00:42:07,559 --> 00:42:08,759 Fantastic summation. 727 00:42:09,089 --> 00:42:14,369 So I think with that, this has been the proof of work chapter from 728 00:42:14,369 --> 00:42:15,689 sovereignty through mathematics. 729 00:42:15,689 --> 00:42:20,620 And now, uh, I'll just say, hey, if you, if you've enjoyed listening to this 730 00:42:20,620 --> 00:42:23,040 episode, watching or listening, Like. 731 00:42:23,875 --> 00:42:27,585 On YouTube or on Rumble, uh, subscribe to the channel. 732 00:42:27,590 --> 00:42:31,575 It, it always helps leave a comment that really, really helps both of 733 00:42:31,575 --> 00:42:33,315 the algorithms really like that. 734 00:42:33,705 --> 00:42:36,765 Uh, leave a comment on Noster or on Twitter or something 735 00:42:36,765 --> 00:42:38,355 also when we post them there. 736 00:42:38,775 --> 00:42:41,775 Uh, and, uh, yeah, join the discussion. 737 00:42:41,775 --> 00:42:43,485 Let us know what you think about the episode. 738 00:42:43,485 --> 00:42:44,835 We, we really appreciate it. 739 00:42:44,835 --> 00:42:47,175 And of course you can go to our Geyser page. 740 00:42:48,505 --> 00:42:52,615 Slash Project slash Infiniti for full information about how you can join 741 00:42:52,615 --> 00:42:54,355 the Academy and get involved yourself. 742 00:42:55,108 --> 00:42:55,943 Yes, and you can get. 743 00:42:55,943 --> 00:43:00,653 Get all the books from, uh, bitcoin infinity.com, uh, our store where 744 00:43:00,653 --> 00:43:04,013 we have reedited all the books and made these beautiful hardcovers. 745 00:43:04,515 --> 00:43:05,865 and um, yeah. 746 00:43:05,985 --> 00:43:10,845 Um, if you buy anything off the store, you, you automatically get, uh, access to 747 00:43:10,845 --> 00:43:12,645 the base telegram group for the academy. 748 00:43:12,675 --> 00:43:14,325 So, so there's another reason to do that. 749 00:43:15,141 --> 00:43:15,951 Absolutely. 750 00:43:16,161 --> 00:43:20,721 And I think we'll, we'll also, um, uh, round this off with a, a big 751 00:43:20,721 --> 00:43:24,651 thank you to Plan B Network for sponsoring this Academy initiative. 752 00:43:24,861 --> 00:43:27,411 We're thrilled to be partnering, partnering with them. 753 00:43:27,411 --> 00:43:29,991 They're a fantastic educational resource. 754 00:43:30,261 --> 00:43:31,371 Plan b.network. 755 00:43:31,371 --> 00:43:34,371 You can go there to check out all of the courses they have available 756 00:43:34,371 --> 00:43:36,321 that are, uh, everything from. 757 00:43:36,386 --> 00:43:41,996 From newbie friendly stuff to, to more deep dives into various facets of 758 00:43:42,146 --> 00:43:45,566 Bitcoin, written by tons of different authors, and they're, they're translating 759 00:43:45,566 --> 00:43:47,066 them into tons of different languages. 760 00:43:47,066 --> 00:43:50,756 And so this, this show is really a great fit for, for them and, and we're 761 00:43:50,756 --> 00:43:51,896 thrilled to be working with them. 762 00:43:51,896 --> 00:43:56,306 We, we were Lisa, slightly condensed version of, of this, um. 763 00:43:56,696 --> 00:43:59,846 Have this show on their channel as well, which is just a little more 764 00:44:00,026 --> 00:44:01,736 directly on the educational side. 765 00:44:01,736 --> 00:44:05,426 Slightly less tangents, but check out everything they're doing and, 766 00:44:05,426 --> 00:44:08,546 uh, if you wanna support them, you can also come to the Plan B forum 767 00:44:08,546 --> 00:44:11,456 conferences in Luo or El Salvador. 768 00:44:11,456 --> 00:44:14,666 And, uh, uh, you also see us there generally, I think. 769 00:44:14,666 --> 00:44:18,236 So that's another, yet another reason to, to check out Plan B Network. 770 00:44:19,216 --> 00:44:25,431 And speaking of, uh, the, this Year's BS school is, uh, uh, uh, has started 771 00:44:25,521 --> 00:44:30,981 and, and also last year's BS school, which is a, a. Full course about 772 00:44:30,981 --> 00:44:34,401 Bitcoin and how you can implement it in business, in your business. 773 00:44:34,671 --> 00:44:35,091 Uh. 774 00:44:35,721 --> 00:44:39,831 Is, uh, the, the last year's course is now open sourced and available 775 00:44:39,831 --> 00:44:42,081 for free from the Plan B website. 776 00:44:42,081 --> 00:44:46,881 So either, uh, take the, this year's course or, uh, enroll for that thing 777 00:44:46,881 --> 00:44:50,391 or, or take less or, or listen to the lectures from last year's course. 778 00:44:50,391 --> 00:44:54,441 I highly recommended, uh, they have the, the best teacher in the world, in 779 00:44:54,441 --> 00:44:59,181 my opinion, Giamo Soka is the head chef there, so he is always entertaining 780 00:44:59,181 --> 00:45:00,351 and interesting to listen to. 781 00:45:00,351 --> 00:45:01,521 So go ahead and do that. 782 00:45:03,046 --> 00:45:03,631 Absolutely perfect. 783 00:45:03,631 --> 00:45:04,351 Tradition there? 784 00:45:04,351 --> 00:45:04,741 Yes. 785 00:45:06,141 --> 00:45:08,211 And, and also thank you to Bit Box. 786 00:45:08,211 --> 00:45:11,991 They're our favorite hardware wallet and they're a supporter of both our 787 00:45:11,991 --> 00:45:13,791 regular show and of the academy. 788 00:45:13,791 --> 00:45:15,021 So thank you to them for that. 789 00:45:15,531 --> 00:45:18,891 And they don't compromise on security, but they are really user friendly. 790 00:45:18,891 --> 00:45:22,941 So it's the, the hardware wallet that not only for you as a coiner, but your 791 00:45:22,941 --> 00:45:26,241 friends, your family, all the pre coins that we definitely recommend for that. 792 00:45:26,241 --> 00:45:31,731 So go check out Bit Box Swiss slash Infinity and get the bit box zero to 793 00:45:31,941 --> 00:45:34,281 Bitcoin only edition for a discount. 794 00:45:34,361 --> 00:45:35,741 Plus everything else on their store. 795 00:45:36,281 --> 00:45:37,136 Got some other cool stuff. 796 00:45:39,201 --> 00:45:39,861 And come to. 797 00:45:42,651 --> 00:45:46,611 The, the Bitcoin conference in Helsinki that we're co-organizing, 798 00:45:47,061 --> 00:45:48,741 uh, it's gonna be lots of fun. 799 00:45:48,741 --> 00:45:51,981 We have lots of great speakers and, uh, yeah, looking forward 800 00:45:51,981 --> 00:45:52,851 to seeing you all there. 801 00:45:52,941 --> 00:45:55,101 Or, or at any of the other conferences. 802 00:45:55,311 --> 00:45:58,251 Like if you're going to a Bitcoin conference or if you're buying 803 00:45:58,941 --> 00:46:03,111 Bitcoin paraphernalia, you should try to use code Infinity everywhere 804 00:46:03,111 --> 00:46:05,781 because we have that code with, uh. 805 00:46:06,996 --> 00:46:11,946 Most of our friends, uh, we have a lot of friends, so, uh, yes, uh, 806 00:46:11,946 --> 00:46:13,416 that's a good way to get a discount 807 00:46:13,671 --> 00:46:18,641 Definitely, and you'll see us in, uh uh, you'll see Ktin Ireland, both of us in 808 00:46:18,641 --> 00:46:21,611 Prague, both of us in Riga now, I think. 809 00:46:21,701 --> 00:46:22,331 Uh, and then. 810 00:46:22,421 --> 00:46:23,471 Of course, Helsinki. 811 00:46:23,471 --> 00:46:25,511 So, uh, Calgary. 812 00:46:25,511 --> 00:46:26,471 Yeah, I forgot about that. 813 00:46:26,501 --> 00:46:27,071 Yeah. 814 00:46:27,071 --> 00:46:27,072 Yeah. 815 00:46:27,281 --> 00:46:32,111 Um, yeah, we'll be, we'll be in, uh, tons, tons of places this, uh, this summer. 816 00:46:32,111 --> 00:46:33,641 So, so come see us somewhere. 817 00:46:33,941 --> 00:46:36,971 Uh, but if you come see us anywhere and you're, you know, 818 00:46:36,971 --> 00:46:38,261 traveling or whatever it is. 819 00:46:38,631 --> 00:46:39,411 Come to Helsinki. 820 00:46:39,711 --> 00:46:40,851 Yeah, just do that. 821 00:46:41,031 --> 00:46:41,331 Yeah. 822 00:46:41,841 --> 00:46:43,551 Um, we're, we're really excited about it. 823 00:46:43,551 --> 00:46:47,301 We're just, uh, we're just about to open a, a physical pop-up shop 824 00:46:47,301 --> 00:46:49,281 actually in, uh, in Helsinki. 825 00:46:49,281 --> 00:46:50,901 So we're, we're really excited about that. 826 00:46:50,901 --> 00:46:52,731 You'll be able to come, come see us there. 827 00:46:52,731 --> 00:46:56,391 You'll even be able to get finished Translations of, uh, of Knut's 828 00:46:56,391 --> 00:46:58,146 first two books pretty soon here. 829 00:46:58,641 --> 00:47:02,271 Uh, we're working on the third and fourth one, so, uh, uh, yeah. 830 00:47:02,421 --> 00:47:05,001 Exciting things happening in in Finland, in Helsinki. 831 00:47:05,652 --> 00:47:05,942 Yeah. 832 00:47:05,947 --> 00:47:06,717 Super cool. 833 00:47:07,099 --> 00:47:10,519 I think with that, uh, thank you very much for listening. 834 00:47:10,519 --> 00:47:12,619 This has been the Bitcoin Infinity Academy. 835 00:47:12,679 --> 00:47:13,879 Anything else to add? 836 00:47:13,879 --> 00:47:14,239 Knut. 837 00:47:16,374 --> 00:47:16,794 As usual. 838 00:47:17,024 --> 00:47:17,314 Yeah. 839 00:47:18,469 --> 00:47:19,279 Thanks for listening. 840 00:47:20,384 --> 00:47:20,604 Bye.