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2.5 hours Taking questions from chat, talking about everything.
Aug 24, 2017
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Transcript
Show
00:13
Mic Check
00:29
like
test
two
00:48
like
test
3
00:56
alright well that's about as good as
00:59
it's gonna get
00:59
so start asking me smart people stuff
01:16
all right guys we're waiting on you I'm
01:21
only half of the content here you got to
01:23
ask smart people stuff what's up with my
01:27
chair it's a reclining chair which I
01:29
uncomfortably leaned forward so that I
01:31
don't hear complaints from all of the
01:33
nice viewers about how stupid it looks
01:36
to lay back relax than a relic lining
01:38
chair yeah it does look stupid but it
01:41
feels good hard fork and nya is
01:46
basically a tragedy of the Commons
01:49
so some companies got together doing
01:52
what they thought would be best for
01:53
Bitcoin and getting it some more scale
01:55
because they wrongly well somewhat
02:00
wrongly think that we need bigger linear
02:03
scaling large blocks instead of hyper
02:07
thousand X scaling lightening blocks off
02:11
network stuff so you're never going to
02:15
be able to get the scale that you need
02:16
to serve the world or most you case use
02:19
cases that need low latency with
02:20
security using a blockchain ever okay
02:25
you to use a blockchain you need to send
02:29
your transaction to the network wait for
02:31
everyone to see it check the rolls roll
02:33
it in a block everyone else waits one or
02:36
two confirmations if you're in exchange
02:38
up to six and then they feel confident
02:41
to actually finalize the transaction
02:43
right that's a lot of lag that's more
02:46
lag than any trusted network would need
02:48
and lightning solves all that so
02:51
lightning gives you all almost all of
02:54
the security of Bitcoin much more than a
02:56
low hash rate all coin would and it's
03:00
instant so if you want instant and the
03:03
network never has to see it it's the
03:05
same it's like it's like contracts right
03:07
most contracts don't go to court because
03:09
most contracts work out fine they only
03:12
go to court when there's a problem and
03:13
transactions on the Bitcoin network
03:15
should be the same way most transactions
03:17
never see the network because they never
03:20
need an arbitrage or an arbiter or
03:22
whatever the fancy word is for judge to
03:25
decide the outcome of a contract on
03:27
wrong
03:28
so if you're transacting with a party
03:30
using an open channel on lightning you
03:33
never need to talk to the blockchain
03:34
slowly and expensively so it's pretty
03:38
neat so lightning and other tier 2
03:41
things will give you a thousandfold
03:43
capacity a millionfold capacity whereas
03:47
increasing block size only gives you
03:49
linear and the amount of increase that
03:52
we need to reach the whole world will
03:53
never be linear there's just too many
03:55
humans so lightning beats the living
03:59
crap out of bigger blocks any smart
04:03
network beats a living crap out of
04:04
bigger blocks one of the biggest
04:06
problems in Bitcoin that we have right
04:07
now is centralization and mining and you
04:12
know it's not just that they control
04:13
mining now they control enough money and
04:15
are buying enough shell followers that
04:17
they're able to control other parts of
04:19
our checks and balance consensus network
04:22
and it's a huge problem because at some
04:25
point if there's just one minor
04:27
well that's PayPal right if some point
04:30
if all the miners are on the same pole
04:32
its PayPal and if all the miners aren't
04:35
on the same pool then they get screwed
04:38
over by orphans and end up having a spy
04:40
mine and then they're effectively in the
04:43
same pool so big blocks are bad and
04:47
they're never gonna get you where you
04:49
need to go anyway maybe we could have
04:53
survived to for a maybe maybe 8 Meg
04:56
block would be survivable but why take
04:58
the risk why don't we not take the risk
05:00
now and then just scale the right way
05:03
that's thousand million times better
05:05
right so that's my opinion on large
05:09
block for a small block lightning is a
05:12
thousand times better many many many
05:16
times faster than any amount of stupid
05:19
larger blocks and by the way at some
05:23
point the value of unlimited free
05:25
storage is infinite so there has to be a
05:29
fee I mean if you can write a movie
05:32
worth of data to the Bitcoin blockchain
05:35
and then have it stored across a
05:37
thousand nodes all over the world
05:39
well you just run out of you run out of
05:41
hard drives right
05:42
I mean I'll just put a loop and I'll
05:44
just keep writing the same movie over
05:46
and over again and uncompressible one
05:48
and what are you gonna do you're gonna
05:51
have a full blockchain right so there
05:53
has to be fees I'd prefer they be low
05:55
and there's nothing that's going to be
05:57
lower than a transaction that never
05:58
needs a block because it's enlightening
06:03
waiting on questions from you guys
06:06
Ripple Alibaba rumors
06:09
I think ripples a bank shell coin you
06:13
know that was a central thing to start
06:15
with everybody the baudin's banks
06:18
there's no use case separate from it so
06:22
until someone convinces me that there's
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