 Hey everyone, welcome to our webinar today. We are live with Nick Leszek. He is a product manager at Cornerstone On Demand and today he is going to be talking to us about Bitcoin, giving us an introduction to Bitcoin. So just brief background about product school. We teach product management courses, data courses, coding courses, blockchain courses in 16 locations across the US, Toronto and London. And also we've just launched our online campus. So if you're not in any of those locations, you can do our courses online as well. So you can find out more information about that at productsschool.com. But that's it about us. Let's hear it from our speaker today. Thanks so much, Nick, for joining us. Hi, thank you very much for having me. Glad to be here. All right. So with that, I'm going to go ahead and share my screen. Okay, can you see my screen? Yep, all good. All right, cool. Okay, hi everyone. I'm Nick Leszek. I am a product manager. I actually just left Cornerstone about a week ago and I'm about to start a new job at a startup in Santa Monica called Esports One. So just a heads up. And I just wanted to touch a little bit on, you know, what was said about product school. I've actually taught a substitute class there a few times. So I've had a chance to look at the curriculum and as a working product manager, I think the school has done a really good job of capturing what it means to be a product manager. The curriculum is really well thought out and really does have a lot of real world application. And at Cornerstone, we actually hired, we've hired two students from product school because we know the experience and what is taught there is just so valuable. So just wanted to call that out. Definitely worth checking out if you're interested in product management. But with that, let's talk about Bitcoin and blockchain. So who am I and why do I, you know, why should you listen to me about any of this stuff? I first got into Bitcoin and blockchain and all that stuff in 2014, so about four years ago. I was living with the IT guy who's way, way smarter than I am. And he explained it to me and I didn't really get it. But, you know, it was it was cheap at the time and I was like, okay, I'll get a little bit and see just see what happens. And then, you know, last year things kind of blew up. And, you know, I started to put more attention on to it because I was already a little bit invested into it and decided, you know, I think I should learn this stuff. And, you know, I did a lot of research, you know, read papers, watch videos and a lot of different aspects of Bitcoin. And I kind of realized that there wasn't a whole lot of good material out there for just someone who has no familiarity with the stuff at all. Because when you read about this stuff and you try to learn about it can be pretty overwhelming. There's all these like technical terms and all this jargon that it just like for me it went over my head. It took me about a solid year to really figure out what's going on here. And I figured, you know, I don't want other people to have to go through that same process. So I tried to distill what I've learned into a way that anyone can understand. And that's what we're going to be talking about today. So Bitcoin and blockchain, you've probably heard about these things, especially last year when the price went crazy. It's since, you know, gone down a significant amount since then. It's not the first time in Bitcoin's history, but what it's done is, you know, now a lot of people have heard of this stuff. And you may be interested, I'm guessing you are if you're if you're watching this. So it's something that, you know, I think is worth talking about. So what I want to do here is introduce you to Bitcoin and blockchain and what all this stuff means so that you can make some informed decisions and make your own opinions about what you think of this technology. If you decide to invest or buy some or, or not, or you just want to learn about the stuff that's fine, you know, at the end of the day, you do what you think is best. But what I'm going to do today is, is just present how the stuff works at a basic level so you can form your own opinion. So with that, let's jump right into this. So I like to start with an example of a hot dog stand because we talked about Bitcoin. We're talking about money. So if you are at a hot dog stand and you give someone a dollar and they give you a hot dog, a lot actually just happens there. You can verify you no longer have the dollar and you now have a hot dog, and they can verify that they no longer have the hot dog and they now have the dollar you transacted directly with each other and there was no middleman or anything like that you just gave them the dollar and you went on your way. Or if you separate people by 1000 miles, then things get a little more tricky if you try to do a transaction. So the way that we do transactions over long distances today is over the internet. Which for the early part of the internet history, the internet's history, sending and buying things on the internet was actually pretty dangerous. And, you know, it still is to a certain degree but there's a lot more security in place now but it was dangerous because the internet wasn't really built like at, you know, the base protocol level it wasn't built for sending transactions. So there's actually some problems with the internet that have we found ways to fix and we'll talk about in a little bit, but those main problems are two fold number one is anonymity. If you are on the internet, it's possible to be completely anonymous. That's all well and good if you're just trying to find information. If you're going on Wikipedia or whatever, but if you're trying to send someone money or make a transaction, you have to know who you're dealing with. That's a huge problem if you have no idea who it is. Or if the money's going to the right place and they don't know who you are. That would that's a huge, huge problem. So that was something called double spending. So this is just the idea that when you send an email for example and you attach a picture, you're not sending the actual original picture you're sending a copy of that picture to someone else and now they have a copy of it. So that's fine if you're sending pictures and videos and stuff like that. But if you're trying to send like a dollar. It would be a huge problem if anyone could just make a copy of that dollar and send a copy to someone else and then someone else makes a copy of that dollar. And now there's just billions and billions and trillions of dollars that anyone can can create and copy at any time. Now the dollar becomes worthless. It's it's, you know, that transaction is worthless. Bitcoin actually solves both of these problems. We'll talk about it in a second. So the way we've dealt with this before Bitcoin is we we introduced middleman to send value over the internet. So that could be payment processors like visa or PayPal or banks. And basically if we want to transact with one another over the internet, we have to go through some kind of middleman. Now you're probably saying what's the big deal. This has worked just fine for me for the last 1015 years. But there's actually a few problems with it one it's slow. So for a transaction to settle into like your bank account for example it takes days, you know for someone to to transfer money to you. It takes a long time. Also, it can get pretty expensive with fees. We may not feel that so much here in the US, but let's say you are, you have family back in a foreign country, and you want to send money back home to them through what's called a remittance. What happens today is that the money you send from one country to another bounces from bank to bank until it finally reaches its destination and each bank on the way is taking a little piece of that. In some cases by the time your money gets to where it's going 20% of it is gone. So that's a huge problem. Let's say if you're from India, and you're living in the US and you're trying to send money back to India, you know, to support your family. A lot of the money is just going to be gone by the time it gets there. Also, there is a huge population in the world that that doesn't have access to banking at all like the things that we take for granted by checking account. So most of the people in the entire continent of Africa, for example, they don't have access to these these financial services that we do. And they have to, you know, come up with their own work around so they do things like they trade phone minutes as currency. So they've had to, you know, kind of work around not having access to this stuff at all. And the last one which I think is most important is that I think we can all agree that banks haven't really earned our trust when it comes to holding on to our money. I think a good example would be in 2008 with the housing market crash. Basically, they made these, they bought up a bunch of houses and they gave out all these loans to people who they knew wouldn't be able to pay back these loans. And then they grouped all these loans together, chopped them up into tiny little pieces and lumped them in with good loans and then sold that as an asset for investors to invest in. Knowing full well that, you know, these people who originally took out the loans wouldn't be able to pay it back. Which is all well and good for them, because if these people couldn't pay it back and things were going to fall apart. They knew that the US government for example would have two choices. One is to let the banks fail and which would pretty much mean the collapse of the global economy and you know would be a disaster people could starve to death and die. Or the governments could bail them out with our taxpayer money and just by printing more money. So they did these these things, knowing that this could happen at worse. All right, at best it's just it's just negligence and irresponsibility at at worse it's willful corruption. And it was possible because we had no other choice. So our money we have to go through banks, we have to give them their money, we don't have any other option. So what Bitcoin allows us to do is to cut out these middlemen all together and allow me and you to transact directly with each other with no one in between. Okay, so with that, let's talk about how it works remember those two problems I was talking about with the internet anonymity and double spending, let's talk about the first one. Bitcoin solves this with what's called public private key cryptography and this is actually nothing new. This technology has been around for a long time, and it works like this. So imagine this is Alice here and on the table in front of her are two keys. And these keys I like to say are magical magical because anything locked by one key can only be unlocked by the other key. So that's different from a normal key right usually use the same key to lock and unlock a door for example but in this case, if you use one key to lock the door, you can't use that same key to unlock it you have to use its brother key to unlock it. Okay, so let's take one of those keys off the table and put that analysis pocket. That is her key that only she has access to we're going to call that her private key. And the other key, we're going to leave on the table for anyone to use and that's called the public key. So let's take an example where she grabs a Bitcoin puts it in the box closes it takes her private key and locks it. And now someone else can come along. This is Bob, Bob can come along pick up the key that public key off the table, unlock it, and now he can grab the Bitcoin. This is great for Bob because he knows it came from Alice and Alice only because the only way that that key could unlock that box is if it was locked to begin with, with the key that Alice has in her pocket. So that's great for Bob he knows it came from Alice. However, this isn't that great for Alice because anyone can come along, not just Bob, anyone can come along pick up that private key and unlock it and take the Bitcoin out so she's not sure if it's going to the right person. So this isn't totally complete. So let's let's reset a little bit and let's add another layer to this. So now let's imagine that Bob has his own private and public key as well. And the box that's on the table instead of having one lock, it has two locks, one for Alice, one for Bob. So now let's try this exercise again. And let's say Alice wants to send some Bitcoin to Bob. So what she's going to do is she's going to grab a Bitcoin she's going to put it in the box. It's going to shut it. And with the blue lock she's going to lock that one with her private key the one that's in her pocket she's going to lock it with her private key. And with the red one, she's going to take Bob's public key off the table, and she's going to lock the red lock and put that back on the table. Now, if Bob wants to open up this box, he is the only person in the world that has access to both of the keys required to unlock this box. So let's try to unlock this box. Well, we know it's he can't use Alice's key. First of all, it belongs to her and her only but that key was already used to lock the blue lock. If you want to unlock something it has to be with its brother key can't be the same key. And he can't use the his public key, the red key that's on the table, because Alice already use that one to lock the red lock. So what he's going to do is he's going to take his private key the one that was in his pocket, and he's going to use that to unlock the red lock. He's going to put that back in his pocket and then he's going to pick up Alice's public key off the table and use that to unlock the blue lock. Now he's the only person in the world that has access to both of the keys to unlock this box. Does anyone has access to the blue one that Alice has on the table that that public key that she has sure anyone has access to that, but he's the only one that has the red private key because that's the one in his pocket, which means he's the only person in the world that can unlock this box. So what does this mean, it means that Alice knows that the Bitcoin went to Bob, and Bob knows that the Bitcoin came from Alice, which is a huge deal so in terms of anonymity, both parties know that it went to the right place. So that problem is solved. So problem number two is double spending. And this is where Bitcoin is really, really innovative and this is where this is like a huge game changer. It's because it solves this problem in a really, really cool way. And if you remember that double spending problem is that how do I know that Alice for example isn't just making a copy of a Bitcoin and putting it in the box. How do we know it's it's the original Bitcoin that she's sending. Well this problem is solved with something that's called mining which you've probably heard of in Bitcoin. The way do I like I like to explain it is like this so imagine a soccer stadium. And at the halfway line, you have Alice and Bob with the table and everything that we just discussed and they're making, they're sending Bitcoin back and forth to each and in this stands are a bunch of accountants. So every seat in the house is just full to the brim with accountants. And what's happening is, each one of these accountants has two things. One, they have a piece of paper where they're going to write down transactions that Alice and Bob are making. And two, they have a folder full of pages and pages of transactions. Okay, so Alice and Bob are at the halfway line, and they are announcing their their transactions back and forth. Alice will say, I'm sending one Bitcoin at this time to Bob and then Bob says I'm sending half of Bitcoin to Alice at this time. And every time they they announce a transaction to the stadium, every single one of those accountants is going to write that down on their piece of paper. And they're going to keep writing these transactions one after another line after line until the page gets full. And when the page is full. What do you think they want to do, add it to the folder right. You can't not just yet what Bitcoin says if you want to add a page of transactions to your folder of transactions. You have to solve a difficult math problem first and you have to stamp that answer to the math problem on the page of transactions if you want to add it to that folder. So this transaction. So it basically as soon as so these these accountants are filling out their their page of transactions and then at the same time their their page gets full because they're all writing down the same transactions and as soon as the page is full. We begin the world of competitive accounting now all the accountants are competing to try to get the answer to that math problem. First, so that they get a prize and that math problem is called a one way function. It's actually called a cryptographic hashing algorithm, the SHA 256 cryptographic hashing algorithm which that that's one of those like technical things that is just sounds way more complicated than it is. But basically it's a one way function that that these accountants are trying to solve for. So what does that mean will a one way function means that it's very easy to get the output, given the input, but it's very difficult to get the input, given the output. I know that sounds kind of weird so the way I like to remember it is is think of an ice sculpture so we have this nice pretty ice sculpture of two swans. Every time that ice sculpture melts, it makes a puddle that looks exactly like this, every single time that ice sculpture that looks like that melts, it will make a puddle that looks like this. So if you wanted to get that puddle, it would be super easy if you had that sculpture to begin with. But let's flip this the other way. What if we had a different puddle, and I asked you well what was the sculpture that made this puddle. The only way to get that answer is to guess, and you just have to try lots of different things well let's try a sculpture of a dog or a lion or a skateboard or whatever, and you would just keep trying these out until finally you would get one that makes the puddle that looks like this. It's like trying to find a needle in a haystack, and that's what these accountants are doing. But the input and output are obviously it's not an actual ice sculpture and puddles, it's different so the input is made up of four things. First is a timestamp of when that page was created. Two is the page of transactions you know all the transactions they were writing down that's another one of the inputs. So this is actually the answer to the previous page. Remember how if you want to add a page or transactions to the folder you have to stamp it with an answer. Well one of the inputs in the math problem that they're they're dealing with is the answer to the previous page, which is important when we talk about why it's called a block chain. The last one is just a random guess. It's a number called a nonce fancy word, it just means a random guess. And those are the inputs, it gets scrambled through that that that math algorithms called a hashing algorithm, and the rules of Bitcoin for example say that, okay, whatever comes out needs to start with three zeros for example. On the left that timestamp, the page or transactions, and the answer to the previous math problem those are all going to be constant. But that question mark, they're going to be plugging in random numbers to try to get three zeros on the other side. The, the, the accounts are all trying different numbers one of them tries the number 52 and it outputs to one seven well that's not three zeros. So that's not going to work. They try this huge number, it gets scrambled and the output is three are zero that's one zero but it's not enough. So that's not going to work. And then one of them just tries the number three, it goes through the algorithm and it spits out three zeros. Awesome. That works. Remember all of those, those accountants are trying this and they're trying out these random numbers to try to get the right output, and one of them gets it and he says, Hey everyone the answers three I plugged it in and it worked for me. You guys should all try this as well and they all plug it in and sure enough it works. And as long as the majority of the accountants agree that that is the right answer. Then it can be added to the folder so the majority of the accountants go yep that's the right answer. They all stamped their page with the the answer which is three and now they can add it to the folder of pages. Oh, by the way, remember that guy who got the right answer. His reward is actually newly created Bitcoin. It just poof appears. And that's why we're calling this mining because this is actually how new Bitcoin is created. It's when these miners are these these these accountants guess the answer to that algorithm. And if they get it right and they get it first, they are rewarded with Bitcoin. And that's why it's it's called mining. And that that stamp that they're putting on, on that page of transactions. It's basically proof that they put in the work to solve that math problem which is why this this whole process is called proof of work you may have heard of that before, but that's why they call it that. Okay, so that was a lot of analogy and all that stuff so what's really happening here. I kind of gave this away already but those accountants aren't actually accountants they are computers called miners and these computers are just plugging in random numbers those nonsense into that that hashing algorithm. And by the way, if you want to add your own mining computer to the network. You don't need permission to do so all you got to do is download the Bitcoin protocol which is just a fancy word for the Bitcoin rules. All you got to do is download it to a mining computer and plug it in and and now you will start solving those those problems in the hope that you'll get some some some Bitcoin out of it. And by the way, these mining computers. You know, they take a lot of computing power, which costs, you know, electricity so it's like real resources real electricity are being converted into Bitcoin, which to me is why it has value. But, you know, that's, you know, available to open to interpretation. Those pages aren't actually pages they are blocks, which you've probably heard when you've heard the word blockchain, each block holds one megabyte worth of transactions. So it's just being filled with all these transactions until it reaches one megabyte, then the block is full and that's when that that competitive accounting starts and all the miners start trying to guess the answer to the math problem to add it to the folder. And that folder, by the way, is actually called the blockchain. Well, why blockchain will we talked about this briefly. But if we look back at our input output. One way function that we were talking about earlier. You remember one of the inputs, this one right here is the answer to the previous block. So if you tried to change something in the previous block, you would have to redo the work on the previous block, which means you'll get a different answer for the one that we're currently looking at. It's 27 now, but since that changed. Now it, it changed the output on the one we're looking at now so now we have to redo the work on this one, and the chain goes on all the way down the line so you would have to redo all the work. For every block in the chain and that's why it's called a blockchain because if you make one change anywhere in the change every or anywhere in the chain, everything after that you have to redo all the work for it starts a chain reaction. So yeah, in this case you would have to re guess that number to get three zeros. So that's blockchain. And there's not an actual physical stadium. Those minors are connected to the Bitcoin network over the internet, those mining computers. Okay, so a few more rules to talk about in this whole process so basically it's set up so that on average it takes about 10 minutes for the network of mining computers to get that answer to to add a block to the block chain. And the difficulty of solving that math problem so the second point here actually scales in relation to how much computing power is in the network so as more mining computers join the network, the difficulty of getting that math problem right right goes up. Such that the rate of new blocks being added to the blockchain remains constant at 10 minutes. So if there's only say three mining computers in the network. It would be pretty easy to get the math problem, but it will still take 10 minutes. And then as more, more mining computers are added to the that mining network. The difficulty is going to increase for everyone such that the chances across the entire network of someone getting it right will still happen about every 10 minutes. So it's just proportional, like the scale or the mining difficulty is proportional to the amount of computing power in the network, such that every 10 minutes. There's a new block being added to the blockchain. The total number of Bitcoin so remember that that reward I was talking about every time a minor gets the right answer the rewarded with bitcoins. Well, it has every four years so when Bitcoin was brand new every time someone got it right. You were awarded 50 Bitcoin, and then four years later, it was 25. Now we're at 12 and a half. And then I think in a few years it's going to go down to seven point something. But if we know that the total number if we know that the number of bitcoins that are being awarded. We know that you know new bitcoins are being minted every 10 minutes, and we know that the number is going to have every four years. We actually know that there, we actually know when the last Bitcoin will ever be mine because one of the rules in the Bitcoin network, it says, there will only ever be 21 million bitcoins. Once all those bitcoins are mined the entire network will be maintained through fees which are just they're a fraction of what the fees that we see from like banks and stuff like that. So, basically, if we know the total number of bitcoins we know how often they're being created and we know it's cut in half every four years we can actually predict exactly when the last Bitcoin will ever be mine. And it's in the year like 2140. And like I said once that last Bitcoin is mined. Basically, the network will the miners will still be incentivized to do the proof of work through fees. Okay, so let's try to break this whole system so let's say one of these these accountants one of these minors is evil and they want to manipulate the system to like give themselves more Bitcoin or or fake a transaction or something like that. Let's say remember that block chain this is what it would look like it's just a you know a series of pages or blocks with answers on them. So let's say he picks this one tries to change one of the transactions in here to favor himself. And what's going to happen is it's actually going to fork off and basically start a new chain from then on that he is saying this chain is true. But everyone else in the network is they have their own copy of the blockchain and they're and they can go. No, that's not what I have I don't think that's true. So at the end of the day you have to pick a single source of truth, and it's what the majority agree on, and it's always the longest chain. So in this case, the guy tried to change something in the past, and his chain isn't as long as everything. So, that's not going to be agreed upon as as the the right chain his chain will will become worthless. Let's not change one in the past the smart thing to do would be to try to change the latest block right. Well, remember how you have to convince over half of the minors, or the majority which is over half you have to convince the majority of the minors that your chain is correct and the only way to do that is to own more than 50% of the total computing power in the entire network. That is very, very difficult to do. And if you wanted to pull that off like if you wanted to buy all the hardware you would need to own more than half of the Bitcoin network and keep it running. It would cost you about a billion dollars. No one has been able to do it yet. Bitcoin's almost been around for a decade and it's the biggest pot of gold for any hacker out there. If you can hack Bitcoin, and you could become an immediate billionaire. No one has been able to do it because the only way to do it is to own more than half the network and it's just so cost prohibitive and as more people are add computers to the total computing power of the network. This cost just goes up. So let's say you did have a billion dollars and you did own more than 50% of the network. Well, you, you have two choices. One, you try to defraud the network, which as soon as that happens, Bitcoin becomes worthless. If no one trusts what it is anymore. It immediately becomes worthless. So if you own more than half and you try to defraud the network. You invested a billion dollars and then like a hundred thousand dollars a day just in like electricity costs, and you just flushed all that down the toilet. Or you could just participate in the network. You could just secure the network like everyone's been doing the whole time and everything keeps going smoothly because you'll just be getting more and more Bitcoin, which just increases your wealth. So like I said, it is possible. It's called a 51% attack. Sure, it's absolutely possible, but it hasn't happened yet. And it's all the odds of it happening only go down over time as more people join the network and anyone in the world is allowed to join the network. So what's the result here? Well, for the first time in history, we have a secure distributed and public ledger of transactions. There's 100% transparency with Bitcoin. You can see every single transaction because all those miners have a copy of the blockchain. And it allows us to quickly and cheaply send value directly to each other anywhere in the world. So no middleman. Instead of days, it takes minutes. And yeah, that's what you get out of this whole system. So that's a brief introduction to Bitcoin. I hope that made some sense or at least got your mind turning so you can look more into this stuff because I think it's something that we should definitely at least be aware of, but also try to learn about. So with that, I'll take some questions. Thanks so much Nick. Great presentation. And yeah, time for some questions. So we have from Kylie asking, what is a great way for someone to start to actually play in this field. From software or brand and what's a great way to start playing in the field in a safe way. Safe ish yeah. Yeah, so it this world can be a bit overwhelming right there's this whole space the blockchain cryptocurrency Bitcoin space like how do you get involved. Remember how I said you can you can transact directly to each other that without a bank. That's because everyone is their own bank. And with that comes a certain level of responsibility that you should learn about but there are easy ways to get into this. If you so choose. And by the way I always have to make the disclaimer. None of this is financial advice only put in what you're willing to lose. And that's what I did, at least, like I, I put in, I considered fleshing the stuff down the toilet because think of it, like at the end of the day, this is an experiment. And it could fail experiments fail all the time. The internet was an experiment. But I think we can all agree that that made a huge impact. So to get into this space. The, the easiest way I recommend is to, there's an app called Coinbase. It's the most popular, most secure American based. It's called an exchange, where basically you sign up for account you put in your banking information and you can trade us dollars for for cryptocurrencies like Bitcoin, they also have Bitcoin Cash, which is remember those those like chains those offshoots I was talking about Bitcoin cash is one of those. They also have another one, like coin and Ethereum. But basically, the easiest way to get into this is to just trade dollars for Bitcoin so you sign up for an exchange. So to download the Coinbase app, there's lots of different exchanges out there some are more secure than others. Coinbase, I like because it's, it's super easy, like the interface is really easy. And they're also working really closely with like the US government to make sure that it's, it's really safe, or, you know, as safe as can be. And, and yeah, I just think that's the easiest way to get into it. Although something to keep in mind when it comes to exchanges. Remember those that public private key thing I was, I was talking about. Well, if you really want to own your own Bitcoin means you need to own your own private key. When you buy through an exchange, they have the private keys, not you. So what you essentially own is a promise that they'll give you the Bitcoin if you ask for it, but you don't actually own it. So if the, if the exchange gets hacked, which Coinbase offers I think like a million dollars in insurance so it's fine but if they get hacked or let's say the exchange collapses just they don't run the business very well. So you're, you're kind of out in the cold. Yeah, so there are ways to secure it on your own. I recommend looking into something called a hardware wallet. If you Google that just Google Bitcoin hardware wallet. That's where you could start the journey of like securing this stuff yourself. So that's the easiest way to get into it. I mean, there's other things like you can sell, you can make and sell products for Bitcoin and people will just give you Bitcoin for the product that you're making. That's another way to do it. Another way. This is probably the hardest way is to, is to join the Bitcoin network as a minor. You need to have some it knowledge to be able to set that up. But yeah, so those are the three ways the easiest one I would say just download the Coinbase app, sign up, and you can just buy some. I'm going back to, you've touched on it already in your answer now and going back to the presentation. Do you want it to know why is there a need for a public key at all. Can't people just have, you know, private keys only. The public key is basically your way of saying to the world that this is anyone who uses this key means it came from me. If you gave someone your private key, you just gave them access to all of your money, which you don't want to do you want to give them something that represents your account, but isn't actually your account. And that's what the public key does for you. So you never, ever, ever, ever give anyone your private key. As soon as it's generated from the network, a lot of people actually, they'll write it down on a piece of paper, there's actually tools out there where you can have it engraved in steel and you store it offline and it never touches the internet. No one should ever have access to your private key, because that basically gives them access to all of your money. And since this, there's no like central company or government or bank that you can go to if someone steals your private key. There's nothing you can do about it, which means you need to, when you get that private key, keep it very, very safe. When people put them in, in ironically enough safety deposit boxes at a bank, which is, is, hey, it's safer than keeping it under your mattress. But yeah, never give anyone your private key, your public key is what you can use for people to send you money, they'll know that it's going to the right place and then if you send out money. It's coming from you. So that's why we need that whole public private key system. Okay, that makes sense. And related to that, we had another question asking, is there a possibility that the public key could actually be duplicated. It's possible. It's so negligible. It's not even worth thinking about the way this this system is set up is that a random public private key pair is generated when you want to make an account. And the odds of that happening so it's about the total number of atoms in the universe. The odds of that ever happening are just so infinitesimally low that they're, it, it has never happened, and it's not going to, because it's like the odds of someone finding an atom somewhere in the universe that you pointed to. That's just, it's just not going to happen like the odds are just so low and no one in their right mind worries about that. Last one, going back to the fact that, you know, by trade, you're still a product manager. So someone asked Jesse, what do you think are the responsibilities for in a product manager role, when it comes to digital currency. So what happens when we're developing coins internally integrating them or integrating blockchain authentication. As a product manager, if I was thinking of leveraging crypto currencies and things like that, I would do my research on the cryptocurrency itself. To me, you want something that is secure and to me the most secure ones are the ones with the biggest and most distributed mining network. Bitcoin is definitely up there. There's other ones like Ethereum Litecoin that are pretty distributed. You don't want any of these currencies to have a single point of failure. So like with Bitcoin, for example, it's just a community of developers that maintain the protocol, but there's no single leader. Bitcoin was actually created by someone who went under the pseudonym Satoshi Nakamoto, and this was a person or a group of people. But this, this entity made the conscious decision to build it and then step away and not lead it because they didn't want to be a single source of failure. So I would look at that. If you see like a leader for a coin, I don't think that's a good sign. Because if something, if that leader decides to make a decision in their own best interest that's not good for everyone, which I think everyone is susceptible to that could be bad for the coin. So look for something that's decentralized and secure. One thing I want to mention with Satoshi Nakamoto, a lot of people think it's really like sketchy that this this person or people don't reveal themselves, but they did it for good reason because Bitcoin actually isn't the first to try to do something like this. There was actually a company. There was a company called Egold or E-cash or something like that. That actually tried to do this, but since they were a centralized company with clear leadership, the US government saw them goes, No, you're not going to do that. We have control over the money supply. We're not going to allow you to introduce this. And they just shut them down. So this was intentionally done so that it could spread and not have to rely on a government or it can't be shut down by a government or a company or a bank. Okay, well, thanks so much for your time. Nathan, by the way, says that you are the most lucidly clear teacher he has ever known, which is here. Thanks a lot for your time. We really hope to have you back. This is already your second webinar, if I'm not mistaken. So we get to have you back for a third and a fourth and so on. So yeah, thanks a lot everyone else for watching as well. This video will be available on our YouTube channel so you can rewatch it. And of course it stays on Facebook too. And yeah, hope to see you again next week, Thursday, same time. And yeah, that's it. Have a great day everyone. Bye. Thanks everyone. Take care.