 There's a lot of talk about scaling Bitcoin off chain Don't you think that going that route will open it up to the challenges you've been talking about in terms of open and borderless platforms We would like to see as many Africans as possible using actual Bitcoin But there is a challenge with user experience and other blockchains like dash claim to be solved in that problem And as a result you can see the past few days That's a shut up like 400% So how will Bitcoin evolve in a way that it will remain open decentralized and borderless. Thank you That's a great question. I think there's a fundamental misunderstanding about what it means to do second-layer technologies To use an analogy It's almost as if a lot of people in this ecosystem is saying we can't do TCP We're too invested in IP and I don't want to leave the IP space and start doing this second-layer TCP stuff TCP is IP and second-layer Blockchain scaling solutions are Bitcoin if you're doing lightning network or using tumble bit or any of the other Platforms that are being suggested as second-layer channels for very rapid High-scale low-cost transactions between participants what the participants are exchanging is Bitcoin transactions Not only are they exchanging Bitcoin transactions, but these second-layer technologies are fundamentally trustless You do not need to trust the other party You do not need to trust any of the hops in between in this routed network better yet By keeping it off-chain you not only achieve scale you achieve enormous privacy Because these transactions are onion routed in such a way that every participant in the route only knows the previous hop and the next hop And they don't even know if they are the source of destination second-layer technologies offers a way to scale dramatically and They're not replacing on-chain transactions. They're magnifying the scale of on-chain transactions by a factor of a hundred or a thousand or even more and So we will need to also scale on-chain transactions Now this is hard to do and the reason it's hard to do on Bitcoin is Because no one's in charge and that's a feature not a bug if someone was in charge They could make easy changes but the consensus rules in Bitcoin act as a Constitution that requires a super super majority to modify Especially to modify the fundamentals where you won't find easy consensus That is deliberate if you had a system that could be modified with ease Then it would be co-opted and sold out parceled up Chopped up and turned into boring. There's a lot of alternative Currencies or competing currencies that are claiming That they have these scalability problems solved I Am extremely doubtful of these claims Because these scalability problems are not something you solve once They are a matter of trade-offs The fundamental trade-offs in Bitcoin are can you do at scale? Trustless because you can do trusted Third-party intermediary at scale easily we already have that it's called visa Well when I say we already have that I mean about three billion of us have that The other four and a half billion. Well, who cares they didn't qualify Why didn't they qualify Precisely because of the third-party trust right Because things like KYC and AML mean economic exclusion and the poverty trap So it's easy to say we can scale the question is can you scale without sacrificing the fundamental principle of? Trustless operation decentralized operation and neutrality and that is a difficult answer It's also the case that Bitcoin had no scaling problems in 2013 anybody remember 2013 the golden days of zero-fee transactions and no scaling problems Which is approximately the level of volume where Dash and Ethereum are today? It's like saying look My eight-year-old scored six goals in their junior league match Kike only scored two in the previous FIFA match My eight-year-old is rocking this soccer thing and is better than Kike different leagues, baby You don't have scaling problems until you have scale Right, you don't have governance problems until you have contentious governance issues and difficult trade-offs to make So it's easy to stand outside of the dance floor and say I'm the best dancer Get up and dance and when you're trying to do it on a 15 to 19 billion dollar scale Then we'll talk about who's scaling and who isn't These are not easy questions to answer and they shouldn't be minimized In this discussion because there are very important trade-offs to be made All right, let's take another question Yeah Five years dollars and the procession he was for you as well. So it didn't make sense, right? Yes Yes So I know that all the improvements on the on the software on the net are aiming at reducing these costs But I look projecting to the future. How do you see the situation playing out? So first of all you've got to understand there are no magic solutions here So systems that are cheaper today are cheaper today because mostly they haven't being used to the same level as Bitcoin And so having a robust global network is what makes it difficult to scale when they have Robust global networks and as many users as many transactions what happens is they start to run into the same problems They're following the same path. There is no magical other path Full of daisies and unicorns and puppies where no problems exist There are tough choices now they can make different choices. They can make choices like we'll keep transactions cheap But cause the network to centralize so it's easier to control and apply censorship and corporate control over it That's a choice that might be made and those might be cheaper But the more they do that the more they become like PayPal and Visa and guess what we already have PayPal and Visa They're far more efficient and will always be far more efficient as long as they exclude three or four billion people from the economic system That's not what Bitcoin is trying to do. So I Think Bitcoin is already showing its very robust for store value. It's very robust for censorship persistence It's very robust for decentralization and maintaining the consensus rules and We haven't really seen any of these systems be very seriously attacked From multiple very large organizations or governments, but we will that will happen And so we'll see if Bitcoin can survive that But I think it can also be a medium of exchange with technologies like lightning network It's not so easy to do these things. It appears easy In 2013 Bitcoin transactions were cheap and fast and everybody loved everybody in the community There were no disagreements and a lot of the other Systems the open block chains are going through that same period But as they try to get bigger and they run into these difficult questions of how do we scale without compromising the principles? Disagreements come up and the community is no longer so happy and then when you have disagreements you have governance problems So, you know, I'm not afraid of competition This is a wide-open ecosystem and every one of these open block chains is making different choices And these choices make it more or less suitable for different types of applications So let us compete. The nice thing is that the entire ecosystem of cryptocurrencies is growing very very fast And they're feeding innovation Off each other. So it's a very exciting time. You know, there is one class Of currencies that is not innovating at all that's national currencies they stopped innovating in 1650 Since then really not much innovation, right? Yeah, okay, so the it's polymer now instead of paper