For me it's striking that the world is "run" by couple of institutions created somewhere between 1930-1950, that are largely obsolete, unfalsifiable and have to be dragged kicking and screaming into the 21st century. There is a huge disconnect between power and responsibility. The institutions want all the power, all the options but zero responsibility. The citizen is treated like an incapable child, yet when he breaks some rule, he is treated AS IF he was a fully responsible adult. This disconnect gets larger and larger every year and really the conclusion is inescapable - we have to get our competence back.
To Danny: re Ordinals: using a work-around to dump arbitrary amounts of data into the blockchain necessarily bloats the UTXO set, and puts much higher resource requirements on Nodes. Node runners are what enforce the consensus rules, not miners, therefore the more rapidly you increase the requirements of running a node, the fewer independent nodes there are in the wild, and thus the less decentralised Bitcoin becomes. Ordinals users tend to come from an Ethereum type background, where node running was already centralised, and so they tend not to consider the damage they are causing in this regard. Somebody in the third world may just about be able to aquire a 500gb/1tb harddrive, for the purposes of running a node. Asking them to upgrade to a 2/3/5TB drive, in a short space of time, might be out of the question. The same applies to bandwidth, with respect to the initial block download. And to other scenarios where hardware limitations are very real, e.g. smartphones. Ordinals transactions are not valid by design. They are valid by accident....
Good discussion but a better question is how are existing national fiat currencies not CBDCs? Is there a difference? Existing fiat could become more menacingly controlled centrally and oppressive but otherwise they are all CBDCs now. The last resistance is physical cash and bitcoin.
Bitcoin is a protocol, however, it was written from the bottom up. The Exchange of Human Empathy, is the starting rule and the other code reinforces this with the unbreakable Thermodynamics of the Universe. A the start of Bitcoin, Human Empathy alone was exchanged for 2 years. That built Empathy as the starting rule. The exchange of Bitcoin is just that, a Human Construct of Pure Empathy. Otherwise, why did you all attend and what are you speaking about!? Fin.
Brilliant conversation, thank you all!! The work on CBDCs in Europe is a little worrying. Niko Jilch interviewed an Austrian Central Banker Thomas Steiner about Bitcoin and money in general (German/Deutsch) ua-cam.com/video/WfaaJYQGKLU/v-deo.htmlsi=UXh6Wg0OuY0uuyS6 ; when they were talking about privacy on the CBDC, Steiner kept saying transactions would be private "in principle", and couldn't really give an answer to why the average european citizen would want this CBDC over what they already have.
Great job Sam, Peter and Danny. Awesome conversation.
Keep doing what you do Peter love your interviews and SO enlightening.
For me it's striking that the world is "run" by couple of institutions created somewhere between 1930-1950, that are largely obsolete, unfalsifiable and have to be dragged kicking and screaming into the 21st century.
There is a huge disconnect between power and responsibility. The institutions want all the power, all the options but zero responsibility. The citizen is treated like an incapable child, yet when he breaks some rule, he is treated AS IF he was a fully responsible adult. This disconnect gets larger and larger every year and really the conclusion is inescapable - we have to get our competence back.
Great talk. Thanks.
To Danny: re Ordinals: using a work-around to dump arbitrary amounts of data into the blockchain necessarily bloats the UTXO set, and puts much higher resource requirements on Nodes. Node runners are what enforce the consensus rules, not miners, therefore the more rapidly you increase the requirements of running a node, the fewer independent nodes there are in the wild, and thus the less decentralised Bitcoin becomes. Ordinals users tend to come from an Ethereum type background, where node running was already centralised, and so they tend not to consider the damage they are causing in this regard.
Somebody in the third world may just about be able to aquire a 500gb/1tb harddrive, for the purposes of running a node.
Asking them to upgrade to a 2/3/5TB drive, in a short space of time, might be out of the question.
The same applies to bandwidth, with respect to the initial block download.
And to other scenarios where hardware limitations are very real, e.g. smartphones.
Ordinals transactions are not valid by design. They are valid by accident....
It would be hilarious if the BIS got hacked and the attackers demanded a ransom to be paid in bitcoin
Good discussion but a better question is how are existing national fiat currencies not CBDCs? Is there a difference? Existing fiat could become more menacingly controlled centrally and oppressive but otherwise they are all CBDCs now. The last resistance is physical cash and bitcoin.
Digital ID then UBI then CBDC appears to be their plan.
Surely CBDC then UBI
You guys need to have me on your show
"Egg Ball" 1:20 LoL! Subtle Brit dis; in support of, "real" Football. (Miss- named "soccer").
The “BIZ”, what a hoot.
Go Pack Go
Bitcoin is a protocol, however, it was written from the bottom up. The Exchange of Human Empathy, is the starting rule and the other code reinforces this with the unbreakable Thermodynamics of the Universe.
A the start of Bitcoin, Human Empathy alone was exchanged for 2 years. That built Empathy as the starting rule.
The exchange of Bitcoin is just that, a Human Construct of Pure Empathy.
Otherwise, why did you all attend and what are you speaking about!?
Fin.
Guns are Bitcoin attack vector dude
You on twitter really pissed me off, you interview people what's wrong with 2 sides, wind your neck in
Brilliant conversation, thank you all!! The work on CBDCs in Europe is a little worrying. Niko Jilch interviewed an Austrian Central Banker Thomas Steiner about Bitcoin and money in general (German/Deutsch) ua-cam.com/video/WfaaJYQGKLU/v-deo.htmlsi=UXh6Wg0OuY0uuyS6 ; when they were talking about privacy on the CBDC, Steiner kept saying transactions would be private "in principle", and couldn't really give an answer to why the average european citizen would want this CBDC over what they already have.
first🫡
First.