Proof of Work | Sovereignty Through Mathematics Chapter 5 | Bitcoin Infinity Academy #6

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Welcome to the Bitcoin Infinity
Academy, brought to you by the

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Plan B Network and Bit Box.

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This is, uh, chapter five,
I believe, of, uh, Bitcoin

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Sovereignty through mathematics.

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My first book on Bitcoin, I'm Kwan and
I'm here as always with Luke De Wolf.

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How are we today, Luke?

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Oh, we are fantastic.

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Thank you for asking.

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Good.

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Good morning, and I'm excited to be here.

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How are you?

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All good.

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Uh, it's a lovely morning here.

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Oh, no, it's not a lovely morning.

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It's a shitty morning, but it's lovely.

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Anyway, because we're doing this.

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Absolutely agree with that.

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Yeah.

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It's a bit cloudy outside for me also.

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Alright, uh, shall we, uh, first
just remind our, all of our

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listeners, how you can get involved?

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You can go to our Geyer page, Geyer
Fund slash Project slash Infinity for

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all the information about how you can
join the academy and get involved.

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And as a reminder, we're also releasing
all of the chapters for free on Noster.

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So the links will be in all
of the descriptions for this

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and you can read along there.

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am I forgetting anything?

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Knu.

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I don't think so.

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So we can, uh, we can just jump into
this chapter called Proof of Work

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Here and see, see what's in this one.

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Absolutely wonderful.

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All right, let's do it.

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Proof of work.

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Zoom out of time for a while and
imagine how the antlers of a magnificent

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moose buck evolved into being.

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The main purpose of big antlers in
nature is believed to be a way for

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the buck to impress potential mates.

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They're somewhat akin to the
feathers of a peacock or the shroud

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of any male bird, for that matter.

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The animal is trying to signal that
it can thrive in its environment.

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Despite its enormous appendage.

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It's there to tell the potential
mate that this specific specimen will

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bring her strong, healthy offspring.

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These are all evolutionary metaphors.

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Of course, the animal itself is
probably unaware of signaling anything.

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For such antlers to evolve into being
a whole lot of moose will have to die

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early, or at least not get a chance to
reproduce over thousands of generations.

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In other words, a lot of resources need
to be wasted, all of this for the animal

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to prove its value to potential spouses.

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Therefore, from the surviving
moose's point of view, the

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aforementioned resources were
sacrificed rather than wasted.

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Good start.

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I see where this is going.

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And always love a moose metaphor.

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Of course you do.

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You're a cano.

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Uh, so isn't it an elk metaphor?

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No, it's a moose in, in Canada.

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Right.

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And an elk.

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So where, where, where are

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both.

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There's both.

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Okay.

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It would be reindeer though.

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If we were, if we were
talking Scandinavian.

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And is the plural of moose Meese.

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It's definitely Meese.

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Yes.

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Alright.

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And elk and many elk.

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Elk and many elk.

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Yes, that's that's correct.

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Actually, Eskimos is the
correct plural of elk.

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Uh, I believe that's, uh, Inuit, isn't

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That's politically correct.

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Okay.

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Okay then.

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Alright.

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Uh.

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We'll have some editing to
do already here, I think.

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I think we can mo leave most of that in.

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I'll right then.

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anyway, the, this is one example
of many in nature of, of proof

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of work, uh, especially in birds.

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I, if I'm, if I'm not mistaken, I mean,
I'm not a biologist by, by any stretch of

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the imagination, but from what I know of
evolutionary theory, this, this is one of

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the things that was hardest to explain,
like, uh, traits in animals and plants

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that didn't, didn't have an, an obvious.

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Survival mechanism thing attached
to them, but they figured out

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later that it's used for the, that
it's, uh, actually proof of work.

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So the, the feathers of a peacock,
for instance, or, or strange

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mating rituals in birds, they're
actually there to, to uh, um.

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for the animal to signal to the
other animal that they are capable

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of more than meets the eye.

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Uh, uh, and this is, uh, a very
good me metaphor for what's,

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what proof of work is in Bitcoin.

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I believe like You could, from a certain
perspective, you could say that it's

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actually proof of results rather than
proof of work because it's only the,

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the actual valid block that counts.

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so it's more alluding to work than
proving work because you could be super

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lucky with your bit X or something
and just find the correct block after

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having tried a handful of times.

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But, uh.

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Usually, uh, if the, if the, uh,
difficulty is high enough, it takes,

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trillions of, uh, of guesses per second
for the network to find the correct block.

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So, so this is, yeah, at the
very core of what Bitcoin is.

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The maybe also, uh, like make this
point that, um, everything in Bitcoin

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is probabilistic, so reason it takes
10 minutes to find the next block on

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average is that it's, uh, the probability
is set, uh, in such a way that, uh, it

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takes on average 10 minutes and every
two weeks It's, uh, recalibrated with

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the difficulty adjustment algorithm,
so the, the 10 minutes are dependent

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on these two weeks, and the two weeks
are dependent on the 10 minutes.

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So it's a, a loop thingy going on there.

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And it's one of, like, I've never
met a person that can accurately,

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accurately describe the difficulty
adjustment algorithm and sometimes,

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uh, and simultaneously be against
Bitcoin or have good arguments

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for why Bitcoin doesn't work.

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Because that's when it usually, when
it actually clicks, is when you get

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the difficulty adjustment algorithm.

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so, um, what else to say about that?

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Um, no, I think, I think that's it.

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That's great.

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And I mean, this chapter is
a great explanation of the

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proof of work mechanism.

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And so I think here, well, first
of all, you've, you've gone and

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dug into the actual Bitcoin parts.

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I think we'll, we'll cover it in
the upcoming I. Or paragraphs.

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But yeah, it's great.

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I mean, I, I think just first
of all, on this evolutionary

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metaphor, it's ingenious.

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I hadn't ever thought of it quite this
way myself, that that would be akin

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to this whole proof of work thing.

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That evolution over time is akin to the
proof of work versus proof of results.

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Thing like the, the result is that you get
a better chance at reproducing something

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like that, and it takes a, a long time.

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It's not an exact perfect corollary,
but it, it does have, elements of what

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evolution actually is because there's,
there's misconceptions about evolution.

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It's not necessarily exactly about this.

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You have a better chance of reproducing.

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It's also an aggregate.

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It's like you say, it's
a, it's probabilistic.

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Uh, something that maybe makes,
one individual moose, for example,

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capable of having an offspring might
mean that they don't have enough food

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to go around for the pack of meese.

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And that that little particular
subplate of meese dies out.

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Uh.

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Right, but, but it, so it's the things
that actually work over time, not in

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single generations either, which I
think is another point that's along

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the lines of what you were saying here.

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Yeah, and I think the biggest,
most common misconception about

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evolution in general is the timescale,
because these timescales are huge.

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They're enormous.

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They take like hundreds of thousands,
even millions of years for, for things

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to, to, to come into being, and, and
there is so much trial and error.

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So like it's not survival of the fittest,
it's survival of whoever survives.

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For whatever reason they may survive.

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Like, uh, and this is true on a cellular
level as well as on a, a pack level.

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Uh, so, so there's a lot of things
going on there, and it's, uh, widely

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misunderstood, but I, I think the, uh,
proof of work metaphor works really well.

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Exactly, and we, we just had a question
in the chat about how is it possible.

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For a bid x to find a block, and I
mean, the, the answer is that it's

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an extremely low probability, right?

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It's, it's extremely unlikely
that a Bid X would find a block,

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but it is possible technically.

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No, e exactly.

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Back to, uh, that's a
good question, by the way.

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And, uh, there's, uh, it's,
it's all about probabilistic.

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I mean, you could do the hash by hand
and find the correct block if you were

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really, really, really amazingly lucky.

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Uh, but the probability is so
low, so it's not worth the effort.

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And that's at the core of what Bitcoin is.

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Like.

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The, the, the only reason.

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You say that you own the Bitcoin is
that you find it very improbable that

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someone else holds the same private
key, but it's not actual ownership,

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it's just knowing a number I.

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Yep, exactly.

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Um, nothing, nothing else to add here.

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Maybe let's get into the, uh, specifics
that you, you wrote about previously.

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All right, onto the next one.

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The proof of work algorithm in
Bitcoin does a similar thing.

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It enables miners to sacrifice a lot
of electricity, a real world resource

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to find a certain number, thereby
proving that they had to commit a

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lot of time and effort to do this.

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Time, by the way, is the
scarcest of all resources.

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Because of all this, a Bitcoin
miner is very reluctant to

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sell Bitcoin at a net loss.

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The electricity has already been used
when the Bitcoin pops into existence,

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and the miner has no other means of
getting his money back then by selling

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the Bitcoin for more than the cost of
the electricity it took to produce them.

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This is assuming that the mining rig
itself has already been paid for.

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Proof of work is a way of converting
computing power into money in a sense.

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Yes, these rigs consume a lot of
energy, but the energy consumed

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correlates directly to the actual
value of the created token.

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Any decrease in the energy expenditure
would also lead to a decrease in the

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value of the token, not necessarily
in the price, but the actual value.

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This is the main reason mining
algorithms can't be less resource

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consuming or more energy efficient.

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Wasting energy is the whole point.

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No waste.

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No proof of commitment.

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Interesting.

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What are your thoughts?

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Yeah.

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Um.

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If, if you found yourself in a dark
cave, uh, and you had a, a, a flashlight

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and you, and you found a gold bar, and
you found a piece of paper with a bunch

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of zeros followed by strange letters,
like what would intrigue you the most?

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So this might sound
like a strange question.

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What, what I'm alluding to is that
anyone who understands how extremely

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hard it is to find the hash of a
Bitcoin block and a hash beginning

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without many zeros, can instantly, uh,
see how much energy must have been,

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uh, sacrificed to find the block.

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So, so that thing in itself is
like, should trigger the question

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in your mind, why, why on earth was
this person willing to sacrifice

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so much effort to find this number?

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It's weird, isn't it?

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And that should trigger all the
other questions and intrigue you

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enough to figure out what Bitcoin
is and, and come to the, holy shit,

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this is super valuable Conclusion.

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But, uh, yeah, there, there's a lot here.

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Um, some of the terms I wouldn't have
used, maybe if I wrote this now with

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the value on the price in the, in the
end here, I think the, the, there's

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a lot of bad metaphors, uh, around
for Bitcoin's scarcity or finiteness

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on how to, how to like convert.

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electricity into, you know, what,
digital energy and all of this stuff.

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I don't really like those terms
because that's not actually what it is.

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All it is is like one
specific part of a finite pie.

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Uh, and, uh, that finite pie,
it's, it's valuable because

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people think it's valuable.

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Like everything else, it's,
uh, value is subjective.

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So the value part is, uh, iffy.

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But, um, I'd say.

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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.