 Makes me think about We're talking about decentralization control and my understanding of the scaling and debate is that it's been locked up for three years and Big part of it is because of a political deadlock and Bitcoin has this checks and balances System within its network and what we've seen is say centralization of mining Mining manufacturer Manufacturer, it will have this issue issue where one player wants to block something like Segwit because of their own Motives so my question is Do you see that? There's need for an on-chain governance system similar to say maybe to create or say Tays losses introducing to break these deadlocks and in centralization interests within the network being a Danger point. That's that's a great question. I Think it's it's dangerous to think that Bitcoin doesn't have a governance system. It does have a governance system which holds an election every 10 minutes and That election is to decide the greatest difficulty valid chain on the blockchain But also as part of that It's also the economic activity of all the nodes who choose that chain based on their validation rules And choose to do transaction on that chain and that involves five constituencies of consensus miners developers wallets exchanges and merchants think of it as a four or five multi-sig if you try to carve your own path away from the other constituencies of consensus you get burned at a Rate of about 50 million dollars a day in terms of losses. So people can threaten and pretend and bluff and Say they're going to go against the consensus But we know how consensus works and what consensus does is it punishes those who step outside of consensus Very severely monetarily. It's a market-based system of incentives and the disincentives are pretty huge Bitcoin has a governance system. It's a governance system that That Motivates people to come to full consensus at very high levels or Maintain the status quo. So what has Bitcoin done for three years while it has failed to scale an enormous amount of innovation in protocols An understanding of how forks work much better The development of payment channels lightning networks aggregated witness soft forks user activated soft forks minor activated soft forks spoon nets spoon nets to tumble bit and a whole bunch of other technologies that came out of Frustration with lack of resolution in the scaling debate But what it also did is it proved that? No one person not even a very rich person or a person with a lot of Silicon hardware or Some of the people who are key in writing the software can impose their will on everybody else It is a system that resists takeover The problem with the governance models we see with some of the other systems is that they're not tested at scale and In order to test the system like that at scale you have to put it in an adversarial situation You have to have a big pot of money sitting in the middle of the table and everybody around the table goes Well, I like that You know, there's there's people in this world who think about things differently than perhaps I do I don't know how many would agree with me here But one of the things I love about Bitcoin is that it is a leaderless system It is a system that has no one in charge now some people go leaderless system cool human expression autonomy Self-actualization Wow and other people look at a leaderless system and go. Oh, you mean there's a vacancy at the top Where can I send the job application? and You very quickly see the human nature takeover when people like that seek to position themselves as leaders of the leaderless system It's always been a problem, especially with Anarchist communities Which is you get all of the anarchists in a room and everybody goes. Yeah, we're on our kids No, it's elected leader We really need to get organized Okay, obviously real anarchists don't do that, but they're few and far apart so Governance in systems like this is tricky. We know how to do centralized governance. We know how to do Representative democracy, we know how to do elections and these systems allow us to choose between a number of different governance models You can have governance models that are almost purely mechanical mathematical Unfeeling hard rules like Bitcoin does at the moment with proof of work and you can have systems that are softer that have more Human representation some systems that people suggest are things like proof of stake where you can vote based on the amount of money You have That has its own risks. It's not a perfect solution proof of stake systems have a tendency to make the already rich richer and Massively increase the inequality between the top percentile of the bottom percentile and not just the inequality of Financial power, but the inequality of decision-making power that then becomes financial power that then becomes decision-making power That then becomes financial power and hey look we've recreated the old system again So I'm skeptical of these governance models. I kind of like status quo. I Think we can make what we have work fine We just have to be patient and have the long view perspective this is going to happen over a period of 20 years and over maybe longer and over these two decades the Decisions we make today and the things we accept as participants in this community and the choices we each make in our Personal lives and which wallets we run and who we support with our transactions will make a huge difference 20 years down the line So let's see. I'd like to see more experimentation with things like decred and dash and other Software platforms like that and if they can do that little trick at a billion dollars. I'm interested if they can do it at five Billion dollars. I'm very interested if they can do it to 30 billion dollars. I'm fascinated But that's exactly how you test you put a bigger and bigger pot of money in the center of the table and see how long before the long knives come out And all of those hunky-dory kumbaya communities descend into main calling very quickly when there's real stuff at stake This is human nature. One of the experiences I had was being in a has anybody here run a business with partners Okay, does anybody here want a business with partners that suddenly became very successful? Okay, what's the lesson you learn the people you thought you knew change Overnight suddenly a lot of money at stake and I had friends who I thought were friends And there's a million dollars sitting on the table and suddenly greed comes in and the people You know transform overnight into people. You don't even recognize. It's terrifying and it happens to anyone So governance systems work like that Human nature is difficult to fight and just because we change the way we do money doesn't mean we remove human nature The fundamental problem with cryptocurrencies is the humans using them The system works perfectly on test that I don't know what you're asking for