 Well, you're welcome to the stage Mr. Slide do we Jimmy? Where's my slides? Welcome. We're a technology company. We're going to present a blank slate because Well, not that that's what we're actually doing, but this is what Bitcoin is right now So while I'm waiting and Jimmy's quickly actually connecting me up Bitcoin is a blank slate It is what we're going to start creating and We can do many many things with it today. I'm going to start the first of many things I've been saying soon for a long time and I'm going to start first of all telling you soon as today So we're going to start and we have started releasing papers releasing code Releasing technology and teaching people all about Bitcoin all the things that you've been told that you're meant to know Except we're going to start teaching you the truth And we're going to get you to understand that with Bitcoin The power is within The code is rich enough The network is strong enough We don't need to do half the things people tell us we need to do we don't need to rebuild it We don't need to change it. We don't need to bastardize it Bitcoin is powerful right now So let's have a look at a few things here. So we got a small world mesh networks, etc So for those who've done certain types of computer science mathematics and graph theory and whatever else You'll probably recognize a few different types of things like grids. What's strong off? Bassati Etc. So this is how graphs are really done in reality and The key is understanding Connectivity and Bitcoin is incentivized It's not what most people think it's actually very close to a biological system Bitcoin is probably and I will argue the first biologically inspired network That's the difference So we have an overlay network Everyone loves to say oh you can stop Bitcoin because it sits on top of the Internet But it doesn't just sit on top of the Internet. It sits on top of everything. We don't care whether you've got your special satellite connections that Only special people like Samson can use we don't care if you're using SMS. I don't care if you're tweeting things because with Bitcoin cash and low fees You can tweet money Tipper bot allows it Yay tipper bot so Bitcoin is not an overlay network Bitcoin is the overlay network everything anywhere If you can imagine it It's it so What we can start thinking about is? Screw the network underneath That's just how we connect what matters is all these other things start connecting and We care about the edge between the networks. Everyone keeps saying nodes nodes nodes Network graph theory It is not what you think the nodes aren't the important part the connections are If you think about real life, it's not that you know someone It's you know someone who knows someone who knows someone The old small world theory six degrees of Kevin Bacon How close can you get to someone and and as we get more connected in this world? The distance becomes smaller and that distance is important The smaller the distance the more connected we are the closer. We are to everyone Metcalf's law Everything increases Exponentially we have growth. We have development. We have an economy that becomes something special So topography I've been trying to get math out there for Ages and I've got lots of mathematical papers coming out with lots and lots of squiggles that everyone will look at and go Oh, that's too complex and go away so rather than that we're going to also do some other things and I'm going to explain the things about super node peers and in some of the things I've studied like epidemiology You end up with what we would call a giant network a giant cluster and giant clusters are those areas that are hyper connected and This is where people go wrong in an understanding of things like Bitcoin. They don't understand that hyper connectivity is not centrality It is the opposite Centrality is that one lightning node that connects to a million other nodes that if you DOS it takes out everyone Having a central group a giant cluster is resilient It's the thing that in the 60s when they tried to make DARPA net and then ARPA net etc. They wanted This is the military's wet dream because you can't blow it up. You can't take it out You can't do anything and guess what? They didn't make it We're going to have a nice simple little video Following in the next few weeks months and everything else. We're going to go much further than this and we're going to get some Hopefully not only explain it like I'm five but explain it to my grandma level videos Ones that actually take this and complex ones some simple ones some nice little animated comic ones Everything so that you can explain Bitcoin to anyone you know we're going to put them out there and Let every one of you take them and use them Let you explain anything let you build on the ideas and teach Bitcoin to the world Because that's what we're going to do. I am already involved with a university in Paris a couple of and some other ones in Australia and we're going to start masterclasses and actually try and put together some courses and Start teaching people what Bitcoin really is and Along that we're going to start with a little video and explain something about Bitcoin So Bitcoin why is it resilient? So we think the miners here and They've got those users. We've got this network structure and it sort of forms what is called a small world network as We remove and connect only to those areas. We find that the miners are actually incentivized to find a giant node connection and The users will then start connecting to miners because users aren't as incentivized to actually keep links open. So When you send a packet, this is what happens first hop second hop Bang, that's it. Every miner now has your transaction that quick That's why Bitcoin works There is nothing ever Where a hop to a hop to a hop? No miner is ever more than two hops away in Bitcoin ever if your and by minor I'm talking if you're a Pool or something like that. You're a miner even though there's a hundred thousand people sitting on you You're a mining node Miners are incentivized to do this Raspberry pies are not a Raspberry Pi will open six to eight maybe sometimes ten edges between inverters is an basically a Very low level connectivity because it takes processing power It takes memory. It takes network bandwidth to maintain all of this If you have to open up many many connections Your machine grinds to a halt and becomes slower. So all those raspberry pies out there end up slower they take 30 seconds 40 seconds to transmit a transaction and What I was showing this before I'll go back to the video again is as You send that transaction it hits all the miners and All the miners have that transaction in one to three seconds and It can get faster than that as well By the time any raspberry pie decides that's a valid transaction the miners have either accepted or rejected it Because miners are incentivized to connect to miners Every second matters to a miner Every second if you can mine one second faster verify one second faster get a block out one second faster you make money Making money makes people want to do this We use greed For good This is what Bitcoin does Bitcoin is not a system of cryptographic protocols. It uses them. It is an incentive system You can't cheat the system because if you do you lose money That's what it's about So let's go back Let's go over this again So we got resilience We have the notion that if we start taking out these connections between our miners What happens our network is still strong because when we have all these links here You have to take out many nodes if you take out a minor That minor loses money that minor is now incentivized to have DDoS protection home users aren't The minor is incentivized to have accurate transactions Others aren't now Some of the people out there say oh we need to make this stronger because we can't trust miners We can trust miners because miners care about making money They invest a lot of money in doing this I've got some people into mining over the last two years. I have a friend of mine Kelvin who's somewhere around here and His organization with CoinGeek They are mining they are spending hundreds of millions of dollars to make Bitcoin mining They care That the system is resilient if Bitcoin can be attacked the value of Bitcoin goes down That means their long-term investment goes down They are not incentivized ever to allow cheating He put out a statement the other day and other miners are going to follow if Someone double spends Your block will be rejected That simple not technical economic It's very simple if you do that and you win that block You're gonna have to win the next few blocks too because otherwise Fuck you So if you're a 10% miner Your chance of getting a collusive double spend is Zero because if you manage to get that block at your 10% chance You're orphaned That's how we trust things in Bitcoin. It's about people It's about everyone Working together It is about incentivizing people to create more So that's what we're going to be doing At end chain as well. We're going to start building an incentivizing systems not we want to go out there and do everything We want to start everyone else building a Bitcoin world So we're going to make it so that you guys can create tokens My patents my code my whatever else We're going to give it away to Bitcoin cash for the most part I say for the most part because I've got things also that have nothing to do with Bitcoin at all So don't know how we can give those away to Bitcoin cash because they have nothing to do with Bitcoin. So But that's our goal, we're going to build Bitcoin cash as an ecosystem. I don't want a fragmented system To be strong It's not that we are centralized. It's that we are a whole To be strong. We have to be unified and united This is what happened. This is what corrupted us We became split we became divided We became Ethereum we became Altcoins galore we started becoming scam coins There's even Ponzi coin which is luckily closed down because They did it as a joke and then people started sending the money. What a world now we Need to build a unified system We don't win by making a million coins The banks win with a million coins the government wins with a million coins You fragment your opponent divide and conquer and you win We Don't need them the power is inside Bitcoin now We will give you the Lego blocks not to build ERC 20 scam tokens that allow you to raise money to do nothing Not so I can go I'm gonna get a big salary and think of something Yeah Please give me 50 million dollars I'm really gonna get a big big idea one day, but if I don't I'll raise another coin No, we want to help you build real things we want to help you peg items We want to help you actually link stuff that can be used for computation as Utility devices end-to-end logistics Imagine that we have every single integrated circuit on a board Collapsed down into a hierarchy Basically a tree chain type idea with a single figure at the end that figure Cryptographically proves the entire system of everything in your laptop. You've just bought forever If someone steals a ram chip It is no longer the same if someone exchanges a hard drive. It is no longer the same Imagine that we could track it. Why would you steal something when if you steal it? Everyone knows where you stole it from ownership that follows you globally forever Proof of sale forever Imagine having brand names if you're a brand manufacturer and When there are knockoffs out there you can actually signal which one is real or not so I was talking to Jerry From SBI and he said his wife would love this because she could sit there at the table and Instagram pictures of she's got a fake bag It's fake It's not really Gucci Yeah, all that can happen not because we punish you we incentivize you Bitcoin incentivizes and It's resilient. This is the whole point Itself heals so we've got our configuration link failures happen and then we have a recovered network Bitcoin doesn't break Miners stay up because they're paid to stay up we pay them The money is inflated a little bit less every year well actually less sorry for years, but Every time that happens they get a little chunk Every fee we pay them is a little chunk and they know They're getting paid money. They're competing to get paid money They work more efficiently They work harder to try and get more money That's why they're honest because it's paying them to be honest so Perculation now I'm not going to go into too much detail here What I am going to do is I'm going to put out a whole lot of technical papers I'm going to get other people to make them less technical Because I'm really good at ELA like 58 and Unfortunately everyone wants ELA 5 so I'm learning slowly that means getting other people involved to actually help me do these things and Remove some of the squiggly lines, but explain it otherwise. So we're going to do all of the above and Some of the master classes and etc that I'm going to be teaching at places like CNAM and DaVinci in Paris will then get propagated out and etc etc videos online all the rest nodes aren't going to fail Because they don't have hops This notion that everyone puts about being able to sibil Bitcoin You can't We some of my team Releasing papers. There's some in submission right at the moment. We're going to start basically putting out Data structure etc about the network and how it works. We're going to let other academics have fun Deciding what they think the biggest flaws of Bitcoin are because that's what you do as an academic You never find anything good. You say look it's wrong It's wrong and I'm going to fix it because well, that's what I do as an academic I never say anything good because Hey All right, so initially We form a giant node why? because Miners get paid Very simple. They want to connect the bigger level of connections. They have The more connectivity they have right now most of the big miners connect to 7 to 8,000 other nodes That means you need a big computer if you spend $100 million buying Asics buying network connections buying everything else having staff having data centers Do you care that you've got to have a big computer to sit on the edge of the network? Do you care that you've had to spend point zero one percent of your money ensuring that Bitcoin safe? Really? As a home user You can run a node. I don't care. I'm not stopping you. What it will say is You don't do anything. You don't validate anything. You don't ever do anything I've had people argue with me saying oh, but what about when Bitcoin unlimited had their block that was very tiny little bit outside the Protocol spec and just slightly too big and it got rejected Well, number one That taught people a lesson When they lost money the miners there gave a shit trust me Roger I'm not sure if he's here or not, but I'm sure Roger. Did you care that you didn't get paid that day? exactly so People sit there and go. Oh, no You made a big mistake. Oh, you're ruining the network Guess what a block was found seconds later with all the real transactions in and Bitcoin just kept working Payments didn't disappear Nothing broke Roger didn't get paid So the reality is the troll the trolls out there and core should have been happy They should have been jumping up and down going suck it Roger That's the reality All the transactions in there got in as a merchant you got paid as Immersion your money is in your account as Immersion do you care that Roger didn't make money? No Don't really care at all which miner makes money. I don't care. I'm a merchant that simple So in the past we saw that propagate The spy miners were incentivized those who weren't validating fully a little bit that day Because the people who picked it up went home miners the nodes were all other miners The validation was first picked up by another miner who basically said screw you Roger I'm taking this block instead The spy miners kept mining on Roger's block for a while because they didn't validate it They lost 28 to 35 seconds 28 to 35 seconds in Bitcoin is Significant it is more than your profit margin that meant people changed behavior That's how Bitcoin works when Kelvin and Armory is going to do some things with ABC and whatever else start looking at This guy's double spent obviously because transaction transaction same address Piss easy to detect Windows XT does it already our node can do it All sorts of fun things very simple Two seconds later you go this guy cheated What do you do? Well, we're going to put both these transactions in a block. You just go bugger you We're not going to include your transaction that simple you want to cheat We drop your transaction or we make them make you wait if you buy a coffee You can get it half an hour later If it clears Meanwhile sit in the corner over there because if you don't that video camera there We're going to send the feed with signed cryptographic proof to your local policeman That's simple so I don't know about you But I'm incentivized not to spend much money trying to steal a free coffee for $5. I Mean I like my coffee, but I don't like it that much So we form a single giant component now if we remove things in normal networks What happens is we end up fractioning them. This is what everyone thinks Bitcoin does they think ha ha I can attack something No, this is what lightning does Lightning is densely connected at single points It's like the internet It's the thing that the US military got wrong as Well, do the military ever get things wrong? Yes, no Yeah, it seems to be that they're very good at this sort of stuff They understand command and control so we're going to build a highly decentralized network That has command structure built in Yay DARPA So what happens normal networks you start splitting them up it breaks into fragments There's this thing called a percolation threshold If the perfect your percolation threshold is there Then things actually reform So right at the moment in Bitcoin if you want to actually sable the network and you want to get a 1% benefit Anyone guess how many symbols you need to put in the network With 10 to 11,000 BTC nodes or 1000 and whatever Bitcoin cash ideas no approximately 100 million and You can argue that with me. I'll show you the mathematics and I'll show you the data later. They're coming out Approximately 100 million if you get 10,000 machines and BTC connected to a lot of machines Things are different even the few big miners With 10,000 connections the few non miners who are highly connected like Coinbase When they have a thousand plus connections to other machines you have to take down a lot You have to take down all of those machines to break anything on Bitcoin so if you go and you take out China and you take out Russia and You get rid of Canada and you get rid of America and I don't know what other maybe what other pick a continent someone and we blow all them up and nuke them We still have Bitcoin. That's what the internet was supposed to do That's how Bitcoin works. We blow up hubs and things. Yes, it slows down It's a real bugger because well, we've just taken out 70% of the mining hash and We've only got 30% left and now it's taking me much much longer And I'm sitting there waiting and well my transaction still zero confidence seconds But I don't get a block for ages, but that readjusts. It might take now say five or six weeks for it to readjust but less on Bitcoin cash of course and Everything just starts working again so What we really have here is a Network that people need to start understanding I've been mentioning things like seir seir is how we model things in epidemiology and Yes One of my past things was statistics and that involved medical sort of statistics and things like that So yes, I've been involved in papers involving college kids getting drunk but Hey, welcome to the world. That's what you do in statistics Not only college kids getting drunk though what we have and We're going to put out some videos Nice simple animated ones, but also we're going to have ones where we have 3d and all the rest so Some of those are being done at the moment, and I'm going to start releasing them over the next few weeks much more coming before Seoul Where I get to stand up there with core people and see if they run away and We're going to get everyone to start understanding why Bitcoin is so important it is many things you heard from Clemens who Well, I've released a few papers to do with Turing completeness Explaining that now Bitcoin is a decider or a total Turing machine That means it's actually more powerful than people think is a predicate logic system What everyone forgets Is it's not just a zero or one You have a true. You have a false But you're also a true transaction when you end with a bigger number I don't need to end with a zero or a one I can end with a zero or a 9,786 You can do things with those values We have to start rethinking Bitcoin We have to start the idea of building upon Bitcoin Everyone competing upon Bitcoin When you go to something like an Apple application You're running a web browser That's all 99% of apps out there in the App Store are they are a glorified web browser It's a world garden web browser And they get huge amounts of money to sell you advertising With Bitcoin We have something that now instead of everyone having to have what we expect to be a difficult and No offense. I use electron cash But my grandmother ain't using electron cash We need to make simple apps that sit and use the Bitcoin ledger Then We can have crypto kiddies if we want we can have gaming if we want We can have all the spam that they don't want in bdc because it adds volume volume Velocity velocity of money is where value comes in In 2009 there was this Chancellor guy in britain And if you read past the headline The bit back on page 57. I think it was Probably wrong on that one don't quite me If you look at the second part of the article The real crux wasn't the headline The chancellor in his pushing on the string theory had been pumping money to banks They changed the regulations they made it difficult They wanted The banks to flood money out because that's what quantitative easing is Except they didn't So the chancellor in britain there came up with a wonderful thing where he said to the press if the banks don't do what we tell them We're going to nationalize them Did anyone actually take the time to read the article? nationalizing a bank That was their answer You do as we say or we take you over Don't believe me Read the article It's history it's there if Governments can force banks to do things if they can force Companies to do things they control them It becomes slowly a totalitarian world Not because you have the guns which they do Because they can force you to change They can make you do things When companies can't run themselves Without a government telling them what to do They're part of the government That's the difference when we can set up something like open bazaar And we can set up anything else that's distributed And you can't take it down That's different When we can set up money that we can tokenize to anything That's different When we can have logistics tracking built into bitcoin different When we have one system that does Everything people are trying to do different And i'm going to pick on some guys i saw a token 2049 because i keep telling the story because it's funny There were people raising a Sort of new token ico because they wanted to make A coin for the sex industry Now basically i think i insulted them because i renamed it hooker coin And my point there as i've been telling people if you have hooker coin But it's more private than bitcoin And you have to go to an exchange and buy hooker coin Hi honey i've just bought and invested in hooker coin. How much do you have left? used it or Hey, will you take 10 hooker coin for your services? No, what the fuck would i want to buy i take a coin that i can only buy other hookers with I mean it might be an interesting scenario i mean This is why we need to unify We don't want hooker coin We want money One money One money that does everything Not controlled money Not the government money Money that is Fixed that doesn't change One of the reasons That the gold exchange standard didn't work and why they don't like pegged money and why they don't tell you Is because it's honest Governments can actually raise bonds against bitcoin Governments could run a kanesian system against bitcoin. They can loan money Nothing stops you learning money because you have bitcoin That simple they did it with a gold standard. It's not going to be fixed the difference is when the gold standard started They had a peg of 25 Sorry, initially it was 95 cents then by 100 years ago It was 25 cents in the dollar of the actual gold and when nixon ended it in 71 Anyone know how much of the actual gold was in the vaults 5% Yay That's gold standard because you can bullshit and lie Bitcoin You don't get to everyone can check your reserves So when the politician goes up and goes state of the nation, we're going really well guys Don't worry about this. It's only your grandkitties that are going to be screwed You know, you know, they're lying and if politicians, you know, they're lying. They're incentivized not to Bitcoin is an incentive scheme Everyone say that bitcoin is an incentive scheme That's the key. That's why it works. That's why people don't do stupid things What we want and what n-chain wants from all this and that's jimmy over there We're going to help you build So Thank you Last bit the power of bitcoin is within bitcoin the power to make it work is in us All right Okay, thank you craig. Do we have any questions worthy of the speaker? Great. Thank you for the talk craig You said that miners would orphan blocks with fraudulent double spins in the context of unconfirmed transactions I agree that would be nice But my question is are you saying that miners would do that now? Or that we can make that possible in the future by making changes And two in such a case, how do the miners know for sure? Which of the two transactions is a legitimate one? I don't give a shit Basically in two to three seconds You know You can see those transactions or you know most of the nodes have them So otherwise if it takes longer Then you can still reject the later block If someone on a small 5% pool wins something that no one's ever seen before Then screw it. We're not accepting your block. That's obviously later That is going to be happening right now So that's what kelvin announced. That's what some other groups are going to do and basically Fine. You want to double spend? We're going to punish you type thing. I mean any other questions I'll come up behind you The mic So do we want to make it better? Yes. Do we want to get more miners saying they'll do this even better? If 99% of miners come out and say this is what we're doing That last 1% is going to follow Keynesian beauty contest I have a question about the idea of Limited supply of coin 21 million of bitcoin Where Did it come from where's the ideas come from and why the supply curve and limited supply is important? Well, where do wise ideas come from? That's always an interesting question Probably for a lot of people it's probably things like alcohol other ones have illicit drugs I don't do illicit drugs myself But there's there's always alcohol alcohol and coffee always gets ideas Sometimes they're really bad ideas If it's alcohol, it's really bad ideas if there's enough of it But coffee helps Why would someone want to put a cap? Well, if you have a cap then you have an honest way of tracking and accounting something One of the problems that government have at the moment is If you have a certain amount of money People know what's happening The problem in Greece was The euro is all the same. So they can't just keep printing more They can keep loaning money And they can keep getting more and more interest to pay every year until they basically go into a debt spiral But everyone can see that and you can't cheat there Whereas you can push it off a bit further And do something like Zimbabwe did And just make bigger and bigger money until you stop making money But if you have a cap Then you actually over time can start looking at the value And money doesn't disappear from countries the way everyone says it moves between So When you have money go over to china or money go over to britain or whatever else it flows in and out of one economy But money Is not what everyone tells you it is it is liquefied trust It is a call on future goods and services And the amount of goods and services are what really dictates how much is in the world If we produce more The value of your money Actually goes up If we double production It's going to cost you less to buy something If we are more efficient Less to buy something If we stop making something It becomes more That's the bit no one wants to talk about because Well, the reality is money will flow in and out of countries around the world And if governments are doing stupid things They will lose money And you can inflate that with fear and you can push it off because One of the problems with our current Democratic system where we allow them to play with the economy is Well, if you can fiddle a little bit You can change the money you can push it out And politicians don't care 20 years I mean, it's the old kanesian bit In the long term we're all dead except we're not 20 years when I started Studying and everything I've done in uni more than 20 years ago now. I cared about my future I cared about my kid's future I care That our our boy is in college and doing stuff and I care That's long-term planning As a politician You care about the next election The end If you can push it out four years Is Someone else's problem I've solved it Totally fixed Next So Do we have a final question for the speaker today? Make it good Hi Craig We had a discussion You mentioned it would be good if none of these other coins existed With the air dropping that that are happening What do you think is a better thing to do to forget about them not touch them and just Not do anything and not give it any velocity by spending it or spending it in any way or just Just dump it Well, we're going to start Announcing things There's some big things being announced at coin geek And we're going to start releasing papers teaching people how to do things and we're going to start doing a whole lot of stuff Which might affect stuff and I can't tell you any of that because Jimmy over there will bitch slut me That's what he does But At the end of the day If you support something Then you have to support it If you want to just throw your money at everything type thing then maybe you win. Maybe you won't Your choice I'm going to put it quite simply Bitcoin Is all I work on Bitcoin is my life My next 10 20 30 years Will be involved in bitcoin In that time I want to see bitcoin grow I have one goal And very simple goal. I want five billion people using bitcoin daily No other coin will do that Everything else has decided that they don't want to be a small world graph. They want to add extra hops Lightning is a mesh Litecoin has tried to push everything out to users and made a mess Monaro has incentivized home users and other things and made a mess Ethereum has decided not to be money at all Which is a mess And we can do everything every one of them can do And more And I don't want to do it all Basically, I've got enough work on my plate I want to get all of you guys and everyone else I can find To build everything for us I want Everyone here to basically create something that is cool that people go Fuck that is good Then Everyone wins So I can tell you By bitcoin, whatever else But I'm not I'm going to say I'm going to compete I'm going to out compete Everyone and I'm going to work with people and work with companies and work with groups And we're starting to invest and we're starting to do everything Not because I want to see a big divided community like we ended up with because We are bitcoin cash And we are united All right