 Hi, thank you for your talk. So I would like to ask you what to you is the most interesting thing happening right now around Bitcoin and maybe cryptocurrencies in general and maybe if you have time What is your opinion on proof of stake because there are like people saying it's fundamentally flawed because there is nothing at stake? Well, I'm currently on a diet that reduces my preference for carbohydrates, you know, I'm trying to Prevent diabetes at an age while I still can so I am a very big believer in steak As for proof of stake, I think it's rather interesting But we only have one proof of work and since saga them the works today a Few years ago my main Work was trying to understand just how Bitcoin works at a very fundamental level and keep Understanding it at a deeper and deeper level now my main job is still understanding Bitcoin at a deeper level But also reading about all of the other things that are happening and just when I think I understand Something new comes out and I'm like blown away Five months ago. I did not know anything about segregated witness And then Peter wool pulled something out at a conference and blew my mind away And now that's that I started reading about Lightning Network six months ago. I started understanding it's about 304 months ago to a level of depth And it's blowing my mind There are dozens and dozens of dozens of projects that I know of That excites me tremendously because I can see all of this raw Creativity and and sometimes I think this is really really funny because the banks are like and the government's like We're gonna regulate Bitcoin You have no idea What is going on in this space? You have this caricature version of Bitcoin in 2009 that you're trying to regulate meanwhile Peter wool and Greg Maxwell building confidential transactions and segregated witness and payment channels and Lightning Network and God knows what else and there's thousands of people building interesting things so Yeah, good luck with that. It's it's Overwhelming how many interesting things are happening overwhelming I started writing the second edition of my book and I was like I'll just make a list of the things that are new since I wrote it two years ago or a year and a half ago That I need to add to the book That's a four-page document and I'm needing to edit now Because it won't fit right And by the time I print it I'm gonna have to start working on the third edition list because it will already Be almost obsolete right. That's the nature of putting things on dead trees I Find a lot of the new features fascinating one of the things here's I'm gonna blow your mind by Probably the end of 2016 Bitcoin will have a hybrid proof-of-work proof-of-stake system. What I Didn't see that announcement By the end of 2016 Bitcoin will have a hybrid proof-of-stake system Why and because Lightning Network is a proof-of-stake system and and people haven't yet realized that Lightning Network is a proof-of-stake system in order to set up a functioning channel on Lightning Network you have to commit money to a multi-sig address and The more money you have committed to the multi-sig address the more transaction rates it can handle and the more fees it can generate Locally and the definition of I stake money and it generates a small amount of fees while I have that money staked is a proof-of-stake system only it's a completely Trustless proof-of-stake system based on Bitcoin transactions running on top and guaranteed by Bitcoin's proof-of-work and I only realized this about six months ago That that's what lightning was and I and I then had to go to one of the developers who's writing it and go Just to make sure Am I getting this right? Is this really a proof-of-stake system? Yeah, you could call it that I'm gonna go call it that in Berlin So the thing is Bitcoin is full of surprises and proof-of-stake Could be a really important part of the consensus algorithms in our future What it does allow us to do is scale much further than proof-of-work. So That's a benefit and I think we're gonna see a lot of development