The 3 Layers of Bitcoin Explained | Michael Saylor and Lex Fridman
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- Опубліковано 15 кві 2022
- Lex Fridman Podcast full episode: • Michael Saylor: Bitcoi...
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GUEST BIO:
Michael Saylor is the CEO of MicroStrategy and a prominent holder and proponent of Bitcoin.
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"What company started a 100 years ago is still relevant today? " Saylor asked. Both he and Fridman had no answer. Both Saylor and Fridman had cans of Coca-Cola in front of themselves😂
They'd better drink RedBull ... healthier.
You know you're a baller when you can put a Coke can on a piece of wood like that without a coaster and not care.
Clearly not respecters of wood
Real wood, real oil finish...quality counts
thought the sam
😂
Are u dumb? @@dan_martins
The bots…. My lord man… youtube what the hell
Google and Meta don't care anymore. There is no benefit to them to filter out spam.
@@zaboomafia but they ban you when you use rude words
@@21SpielSatsSieg21the censor me all the time for stating facts. No swearing whatsoever. Or if I say ootube is an evil corporation
The bots, me lord!
@@21SpielSatsSieg21 ban this ootubr, p hu c you biznitches
I will be forever grateful to you, you changed my entire life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Veronica Hoy.
Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, I'm in my fifth trade with her and it has been super.
She is my family's personal Broker and also a personal Broker to many families in the United states, she is a licensed broker and a FINRA AGENT in the United States.
You trade with Veronica Hoy too? Wow that woman has been a blessing to me and my family.
I'm new at this, please how can I reach her?
I was skeptical at first till I decided to try. Its huge returns is awesome. I can't say much
Layer 3 are apps like Zebedee wallet and Taro protocol layer 2 are non custodial like Muun Wallet
Saylor has become so good at using analogies for the Bit-o-verse.
Great questions
Listening to this the day after the Ramapo Fault 4.7 earthquake. Our Manhattan bedrock certainly did shake. What an experience! So it does tickle me when he compares Layer One BTC to the solidity of Manhattan Schist.😅
Something that was supposed to be a bedrock for years looks like a sponge now compared to Bitcoin Layer 1.
Michael gets one thing wrong with layer 2s. His definition of them is kind of narrow. Layers 2 can have their own token (like Optimism) , but usually also accept the Layer 1 as a gas token.
I think I almost got it
Robert Heinlein quoted!
Bots are relentless
Layer 1 is the defining character, that alone is the genius creation
Agree.
How would scheduled direct debits work on bitcoin?
Cronjob the script that makes the transaction? Would it be that easy?
You need off chain code to build the transaction and send it over to the network when the time/condition has been met.
EXCELLENT VIDEO !!! This needs to be on some kind of permanent basic educational index regarding cryptocurrency!
It is going up forever Laura
Layer 1 is the only secure way to contain value. Layer 2 and layer 3 are experimental. Layer 2 is how to transfer value efficiently with micro transactions. Nothing does this efficiently without sacrificing security and decentralization at the moment. Layer 3 is a hypothetical connected system similar to the internet. A web of connected systems that can interconnect different digital assets to value without relying on any servers, just nodes and information.
The gold in Fort knox, the money in my bank account and the dollar bills in my pocket all has different level of security. This is acceptable.
Layer 3 is like my 3 wife
yep agree, i think it's layer 1 mainly "digital gold" SOV - maybe Lightning or equivalent will succeed
“ Nothing does this efficiently without sacrificing security and decentralization at the moment”. The cryptocurrency called “Kaspa” does in fact solve the crypto trilemma. It uses the same fundamentals as the nakamoto consensus, but has upgraded it to a blockdag instead of blockchain, look into it without any bias.
Beautiful!
Came for the 3 layers, left aware of the 4 layers
It’s ethical 🤙
Beside explaining blockchain, this is the best description of Bitcoin I’ve heard so far.
250 k
Next target
Once the Layer 2 or 3 is working and your Bitcoin Account is available to the digital world, why is it not available to the political or cyber evil ?
11:26 "an armed society is a polite society!" ... Washingtin DC, Brussels, Bonn, HH, former Chancellor of BRD_DE, Moscow, Tel Aviv ... let that sink in!!!
Who thinks Bitcoin will go over $100,000 this year or next?
Sure 👍🏼
UA-cam is dead with so many bot comments...its ridiculous ZERO control
The conversation about Layer 3 was defitantly forshadowing what was to come of FTX. "Is corruption possible" ua-cam.com/video/JXdT9lQgf_Y/v-deo.html
When the big money goes in
You know
Your missing out
Not a fan of product placement, specially that red one.
It's all about the base 'bout the base, no treble
so black rock is like a layer four ETF
Those 2 coke cans sitting there......wtf....no way Saylor drinks that trash!
Not all billionaires invest in their health sadly. They should also be investing in slowing down or ending aging.
Aspar tame for your brain 🧠
😂😂
That is the reason many “billionaires” look like they have aged rapidly.
Why would ever use this? Just use Bitcoin Cash, it’s all done on layer 1
The reason that made the most sense to me is blockchain size. BCH is multiple TB vs BTC 16GB. Large blockchains make it increasingly difficult for anyone to run a node and continue to keep BTC decentralized.
@@jmd489 While Satoshi Nakamoto had set a 1MB cap in the year or so after Bitcoin’s launch, it was meant to be a temporary solution. Satoshi did at one point write online: “The eventual solution will be to not care how big it gets.” Do you research.
@@jmd489 While Satoshi Nakamoto had set a 1MB cap in the year or so after Bitcoin’s launch, it was meant to be a temporary solution. Satoshi did at one point write online: “The eventual solution will be to not care how big it gets.”
While Satoshi Nakamoto had set a 1MB cap in the year or so after Bitcoin’s launch, it was meant to be a temporary solution. Satoshi did at one point write online: “The eventual solution will be to not care how big it gets.”
@@bigsmoothgamingYou mean, like, monroe ?
It's like inception
Ergo
Ergo is terrible, especially when compared to Bitcoin. It has 1000x less energy securing it compared to Bitcoin and hardly anyone is running any ergo nodes.
@@SAL-fs1mr sure
The fact that a handful of companies (many in china) handle most of the mining is a big lol when he’s talking about integrity
It used to be true. But the Chinese government consider crypto a threat and killed the mining industry in 2021.
Most?? Lol
Dude sounds like a human computer from Dune
Mentat
Erasmus...
He really does
He's saint ))
lol. The way this guy talks always reminds me of the guy who cut is own face off in Hannibal.
OMG! That's spot on!
“Layer 1” is the innovation and the sole purpose of the invention was to eliminate the need for layers 2 and 3. But the block size limitation has made Bitcoin useless without layer 3, and this will be its undoing. It will stagnate. Everything needs to be layer 1 otherwise it has no purpose and isn’t solving much of anything. It’s still centralized and requires trusted party to exchange. The point of the blockchain was to remove the need for a trusted 3rd party and have direct peer to peer transactions. Layer 2 and 3 do away with that and re-introduce the requirement for a trusted intermediary that the blockchain was intended to remove.
Interesting thought. Probably you will get a lot of competition and this will be hard to regulate. So it will be possible to also get complete decentralized layer 2 applications.
what do you mean "still centralised" it was never centralised? Please learn about bitcoin
@@themossinator i beleive he was referring to layer 2's.
so if there's no way to make an efficient layer 1, then what?
Physical world is an absolutely secure layer 0 that can never go wrong. But people still build civilizations on top of it. Bitcoin is about swapping the layer 1 from usd to something trustless. Trust is always needed on upper levels as it’s important for the progress of the society. This fractal approach resembles the structure of the universe.
_"The benefits of Bitcoin, but the inability to withdraw it."_
The benefit of Bitcoin is owning your own money, isn't it? If you just have numbers going up and down in an app that someone else has control over, you may as well be using any other bank's currency.
First, that’s just for “layer 4” (which is pretty shitty/unneeded). Second, even on layer 4, it’s still superior to current bank currency because you can verify their underlaying assets that backs their currency-just look on the blockchain. You can’t confirm what our current institutions own today, even Fort Knox lol. It’s rehypothecation to hell, fiat turtles all the way down. 🐢🐢🐢
The more you know the more you seem to find a pyramid scheme
I think it's not the fact that you have the benefit of owning a derivative of Bitcoin which is a store of value and hedge against inflation without the added risk of potentially losing your keys or having to share them with someone before your death (just a couple of use cases). Clearing exchanges deal with those situations much easier
@@away69 _"without the added risk of potentially losing your keys or having to share them with someone before your death"_
But if the solution to the problem of potentially losing one's keys is to trust a centralized arbiter to hold all the keys while you get to hold IOUs, that sounds like it's not a solution. Like I said, I must not understand it.
@@billbadson7598 Bitcoin IOU is better than fiat IOU in the sense that at least you know the underlying asset is a hard money that is not going to be diluted. It's similar to using gold to back fiat in the old times anyway. It's just better than gold in the sense that it's much easier to claim bitcoin than to claim gold. To claim gold you need to physically move it which is more friction than bitcoin that can be claimed digitally.
He said you want layer 1 to be as stable as granite. How do you build other layers on top of btc then? It's volatile as hell
He isnt talking about price, he is talking about the technology itself and the layers of trust you have to put into the system
@@miguelpereira9859 so build a techno-money on top of US grid infrastructure? Don't get me wrong, I'd like to have an alternative to USD, but if nobody is willing to "bet the farm", who cares?
@@adammontgomery7980 I'm not getting what ur trying to say
@@miguelpereira9859 I mean even though Bitcoin technology is solid, it takes the network and power grid that it's built on for granted. Wouldn't a physical asset be better to base the economy on instead of a digital one?
@@adammontgomery7980 As human technology increases we are going to consume more and more energy, the question is, are we spending that energy wisely? In my opinion we are in fact spedning wisely with bitcoin mining, because the perks that BTC bring, the nature of the trustless system more than outweigh the energy expenditure. I'd recommend you watch the channel Bitcoin University to learn more about BTC, this stuff is pretty fascinating to read upon
strongest bitcoin argument ever: "it would really help out those poor nigerian princes"
It’s a liberating and scary proposition at the same time. There will be a lot of unforeseen consequences.
Better hurry up and understand it before it's too late. Or do you need help trying to understand the technology?
@gecn9685 Explain how you're going to force people who create, distribute, and sell the things you need every day, to use bitcoin instead of dollars. Help me understand. You're either playing a zero-sum game with a bunch of sociopaths, trying to steal from each other to get ahead (bitcoin as an "investment"), or you have a plan for forcing it down the throats of the very people who serve you and sustain your existence (bitcoin as a currency).
See how, about the lightning network, he started saying “it solves the problem..” but then changed it to, “what you want to do is…” - he stopped himself from giving financial advice in real time right there
How is saying that a certain layer 1 is slow giving financial advise? Or is he talking about another problem?
You’re being way too generous with our government officials. So interesting to see such a smart person give governments grace in your assessment. I don’t see any evidence of your theory of their why. In their deception lies the truth. They know what they are doing requires discretion vs transparency.
Three entrepreneurs in Moscow can create an app that will transfer money from the United States.
12:30 its not impossible to solve all three. Hedera Hashgraph have done it.
😂😂😂 hedera bag holder
And then Polkadot proved him completely wrong 😆
This is such bullshit. Apologizing for the poor speed and throughput 'layer 1' as a feature is a sign of the weakness of the whole model.
bitcoin is going to fail by a superior technology
i'll buy your btc if you dont want it anymore
Place your bet against BTC …and let’s revisit your decision in 5-10 years. Good luck
It's built on trust. That has to be earned. That's why Bitcoin gets stronger all the time.
I wouldn’t block you, but I ain’t a propheto
Hey Lex don't be too much drunk
I found it very hard to listen to the voice of Saylor.
I feel very sorry for you because it’s music to my ears. His message is one of the best out there and I could listen to him all day.
I found it hard to listen to the presenters voice....sounds half stoned.
Yep it's so nasal and high pitched it's horrible to listen to. Don't go applying for any job with Audible Saylor it's not gonna go well 😂
Mobile phones aren't where this is going. The mark of the beast is where this is going
We humans have the ability to create the future we want. Do you want your kids to live in the beast system?
@@btdoe3259 we're already in the beast system. It just hasn't reached it's full extent
The threr layers of BULLSHIT 😅
He way he talks about these things smells like a scam
You id10t if you can’t differentiate scam from real innovation!😂😂😂
Is Lex sick or just sleepy? He talks like that..
Explain Bitcoin Mike. "Manhattan!, Bedrock!" What a joke.
Explain bitcoin then!😂😂😂
Integrity of layer 1? The BTC system has failed, even core devs like Peter Todd say that it will die with small blocks unless they add inflation of the 21M cap. Read the whitepaper section 6 on incentives, the system runs on transaction fees after the reward subsidy drops, and that is how it runs inflation-free. With small blocks you need inflation, its not a store of value and it has no integrity, BTC is backed by lies. Do you even stop to think about how the reward is halvening every 4 years, and eventually price will do nothing to affect hash rate security? This is elementary school stuff. Lex, stop giving in to intimidation ponzi cults pushing a broken BTC system and have Dr. Craig Wright Satoshi Nakamoto on and maybe you can finally understand Bitcoin.
“Finally understand bitcoin”
You’re a fucking noob and have no idea about technology. Bitcoin maybe you watched a UA-cam video on it but. Technology you have no fucking clue what it is. Noob
On what competitor are you longing your position?
After your opinion you should add , I invest in X blockchain...
What is a better blockchain akternative? Eth is a different player , you cannot compare.
What other crypto will be a store of value , on your terms?
Pleqse enlighten us
For a low emission rate and a higher demand over the years , the asset price will go higher (against what you want to compar , you can measure it against USD , against eth , against gold or whatever)
Miners will get less btc , but more valuable . This is basic demand and offer .
I laughed hard at " small blocks you need inflation" ... Why!??? Miners can pay their bills today
If.price drop , there will be new miners with better equipment and low cost energy. Check Intel new miners for.example
Or do you remember why China use to have the most hashrate??(hint:renowable energy) Do.your research pal , you know nothing at all
Also , touching the 21m coins its not that easy. First , no one in the network will vote for that... Why? because it will kill the network (killing their incentives)
Trust will dissapear after you touch the core of any blockchain related coin. What will happen? massive selloff
Maybe you want btc to die , because you are long on the competitors
"Dr. Craig Wright Satoshi Nakamoto" As if you know anything about bitcoin.
@@dirtypure2023 It's likely a bot pushing disinformation, I won't be surprised if there's no reply.
Xrp is better
No, it's not. XRP is centralized. A single entity manages the default UNL and holds half the XRP supply. It lacks true decentralization and it lacks proof of work security.
@@SAL-fs1mr 1. Default list is a recommendation, not law.
2. All locked escrow, 1 billi released a month
3. XRPL uses POA
"PoW power is defined by energy
PoS power is defined by wealth
PoA power is defined by reputation, reliability, and free association"
@@bobdylan2843 you still need a trusted list of nodes regardless, and just about everyone on the XRP network goes to a trusted centralized source for this. so how is something that requires trusting high reputation nodes better than something that is trustless? And how is something where 1% of the supply can be dumped each month a better place to store my wealth? Where it matters, xrp is definitely not better than Bitcoin.
@@SAL-fs1mru don't get it this supply can be used to distribute it to diffrent players in a major deal making it more decentralized because that's the vision the promise and aim of ripple to have something neutral
Ur right xrp will be the winner
BTC is not BitCoin!
And Saylor Moon is just a 🤡.
#BSV #WWG1WGA #MWGA #MWO ✌️
BSV is a scam coin 😂
BitCoin: en.wikipedia.org/wiki/Bitcoin
Layer One: ?
Layer Two: en.wikipedia.org/wiki/Lightning_Network
Layer Three: ?
ONE OUT OF THREE AIN'T BAD! Maybe layer three is MTGOX???
Layer Four: YOU LOST YOUR BIT COIN!!! Sad... IMHO
Layer One: Bitcoin
Layer Two: Lightning network
Layer Three: Impervious browser
@@beefyogurt "Impervious browser" I will ask my brother about that. I bet he could hack it! I suspect: "Impervious browser"=MT GOX! IMHO