 So my question is about trust and you know I'm fully with you that you say Bitcoin one of the sort of central innovations here is that it's trustless and then it seems a little bit strange to me that you then say there's a revolution in trust because this is trustless and what a like it seems to me that a more accurate way of phrasing that might be like there's a revolution in self-reliance like you you radically trust yourself to keep your own keys secure and all of this kind of stuff and I think that you know like as a computer user you know relatively able to keep my computer secure and and use these things that's you know enormously sort of attractive to me but I wonder if it then sort of brings in issues of social scaling so not necessarily the technical but like this radical self-reliance does pose quite an issue in terms of the social scale that we're talking about right that's a really great observation I think when I say a revolution of trust what I'm talking about is that when you organize trust in a decentralized manner eventually you come to trust in the aggregate operation of a network network centric trust and the aggregate collaboration on the same consensus rules of thousands of participants you can't do the Bitcoin trust by yourself you don't trust anybody but in the end you trust the system because everybody's using the same consensus rules so you have this emergent model for trust in a network-centric games theoretical market-based security system that is massively decentralized in terms of self-reliance this is a tricky one we're at the infancy of this technology which means that today one of the biggest challenges is that it's very difficult for individuals to secure their own Bitcoin and in many cases that leads people to rely on third parties and get goxed right and concentrate all of their funds in one big shiny honey pot that is an irresistible target and you know as I like to say there are two types of centralized exchanges in this world those that have been hacked and those that will be hacked so that's a problem now you can look at that and say that's a problem that's insurmountable and write an article about it just like those journalists did in 1997 or you can say huh that's a problem that if I solve with simple to use easy to backup devices like say hardware wallets and take the cost of that down or embed it in a smartphone or build it as a trusted chip or make it into a necklace and make it so cheap that you can buy this device for a dollar now that's a billion dollar market right making Bitcoin easy to secure in an individual empowering way that doesn't require you to centralize your assets that's a billion dollar project and I think what we're seeing is the rapid development of exactly that so is it easy absolutely not most people who have Bitcoin okay let's do a quick poll how many of you who have Bitcoin are absolutely comfortable that your Bitcoin is secure I'm not raising my hand that's just asking for trouble right that's tempting karma I am reasonably certain that I have managed to maintain my security for the last five years and you know I have a master's degree which was mostly focused on information security that's not the level that most people will have so how do you make it easy for everyone how do you make it seamless how do you make it transparent how do you make it invisible there are great companies that do just that I like to tell people I sent my first email in 1989 my mother sent her first email in 2009 20 years the day after that sending my first email involved downloading mail software from the BSD distribution compiling it with a compiler on a UNIX command line firing it off setting up a mailbox attaching to a remote store and forward UCP copy server sending the email waiting three days for it to traverse the internet it laps time six hours of highly complicated computer science my mom went swish on her iPad right that's the that's the skills gap so how do we make it so that securing your Bitcoin is swish and the company that solves that and it is solvable and makes it intuitive reflexive that company is going to be very successful I think there are a lot of companies competing for exactly that so you're right we're not there yet that's why I say we're in the Internet of 1992 there's no DNS there's no web you use Archer and Gopher to get information sending an email is an exercise in frustration and you have to compile all of your software right still two years away from Netscape that's where we are and that means that for now this is not going to be a broad based phenomenon it is going to be something that it requires a lot of technical skill we are not the early adopters those of us who are involved in Bitcoin we are the lunatic fringe the early adopters of five years out right that's what it means to be involved in this space and it's okay if your friends are making fun of you you're probably doing something interesting