CD91: Ordinal Inscriptions with Casey Rodarmor

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Transcription provided by Podhome.fm
Created: 3/17/2024 4:19:16 PM
Duration: 8250.175
Channels: 1
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Happy Bitcoin Sunday, freaks.
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It's your boy, Odell, here
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for Ciel Dispatch,
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the show focused on actionable Bitcoin and Freedom Tech discussion.
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I believe this is our 5th dispatch of the week. I hope you've been enjoying all the content.
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Don't feel any pressure
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to listen to it all at once. I just had a great crew,
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in Nashville,
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and I wanted to rip as many conversations as possible. So feel free to go through it at your leisure,
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And I'm open to other feedback in terms of that kind of as a format.
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Kinda feel like going forward, there's gonna be, like, a big week.
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Once per month, there'll be a big week where there'll be,
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you know, 3 to 5 dispatches posted.
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Then you guys can go through it at, you know, at your own speed, and then maybe, like, 1 or 2 dispatches in between those big weeks, but the majority of content will be the big week. So I'm curious on your feedback.
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Feel free to hit me up on any of my contact information. That's odell.xyz,
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lists all that stuff,
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or you can give me your feedback via boostograms, podcasting 2.0, whatnot.
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The feedback is appreciated.
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Ultimately,
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the show is nothing without you guys, so,
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let me know.
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Since this is the 5th show of the week, I'm gonna keep this intro short. Obviously,
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dispatch does not rely on,
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does not use,
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sponsors. We have no sponsors.
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You guys fund the show. The audience funds the show.
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The easiest way to do that is by going to ciel dispatch.com and clicking the donate button. We have this geyser.fund
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that lists all the donations as they're coming in.
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And you can support the show via podcasting 2.0 apps,
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such as Fountain Podcasts and Breeze and Echo LN. That's relatively simple. You just search still dispatch,
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in in that app, choose how many sats per minute you think the show is worth, and those sats stream directly to the show. There's also a feature called BoostiGrams,
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as many of you are aware, where you're able to choose how many sats
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you wanna send and include a message with that, and that you can kind of think of as a global
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comment section with stats attached.
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So that geyser.funpage
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that I was saying
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that you can find at sale of dispatch.com
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actually lists all the podcasting 2 point o streams as they're coming in. It's really cool. It's like this
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consolidated
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message board,
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leaderboard, and message board
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You can also donate just, you know, on chain Bitcoin or light like lightning Bitcoin that way.
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And then recently, on Nasr, Domus has added
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the ability to send Zaps where you send 1,000 SAP payments or whatever amount of SAP payments you wanna send, and those are all also get shown on that geyser dot fund page. So it's really cool. No matter how you donate,
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everything's there in that combined leaderboard, message board,
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and you can follow along and try and climb it and and support dispatch. I really do appreciate everyone who continues to support the show.
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Before we get started, I'm going to read the top 4 boostograms from the previous episode with Steve Lee.
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Make sure you do listen to that at some point. It was a really great episode.
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But, of course, it was only 2 days ago, but we already have a bunch of boostograms, which is really awesome to see. We have at sourcewire
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with 21,000
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sats. Absolute pleasure listening to the vast knowledge base Steve has. Love the show. Thanks to you both.
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We have athi with 8,778
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sat saying, go Chiefs. Obviously, Super Bowl Sundays today,
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and the Super Bowl will be in about 5 hours.
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Chiefs versus Eagles. Fuck the Eagles. We have at8mithrander
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with 7,777
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sats saying amazing knowledge from mister Lee, and we have at snowman
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sneaking in there with a 100 sats because the show is very new,
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saying, stacking sats in humble mode. Great advice.
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Okay. So with all that said, once again, 2 freaks,
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dispatch is also unique in that,
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we have a live audience. We have a live audience that comes in through YouTube, Twitch, Bitcoin TV, Twitter,
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and our matrix chats,
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and those that live audience allows you to comment
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and ask questions
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in the show, and those comments go directly on screen. So you are part of the show.
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The freaks that continue to join for these live shows,
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especially on short notice,
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is truly appreciated. You guys make the show unique. I'm
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I I really enjoy different perspectives that you bring to it.
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Keep us honest,
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and and, make sure we cover topics,
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that we might not have covered otherwise because, you know, it's easy to forget things. So many times, I finish
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a dispatch or a rabbit hole recap or any podcast,
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and I realized, oh, damn it. I should've covered that thing. So you guys keep us good on that.
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And then last but not least, I know it's a bear market. I know it's a recession.
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If you can't spare any sats, subscribing on your favorite platform, leaving a review,
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sharing with friends and family,
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all these things help.
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Dispatch is available on every podcast app,
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not just podcasting 2 point o apps. You just simply search Zillow Dispatch. So thank you all for the support.
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Really do appreciate it. Okay. So with all that said,
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we have a bit of a spicy conversation today.
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I'm looking forward to it.
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Before we get started
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yeah. No. We we have a we have a very spicy conversation. We have Casey Rod Armour in the house, the creator of ordinals and ordinal inscriptions.
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How's it going, Casey?
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Ordinal's founder
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is openly hostile to FNFTs at this point, now advertising a method to burn the FNFT and transfer the contents to BTC
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and writing f as a testnet.
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I take back anything nice I said about ordinals.
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These jerks wanna use fNFT folks as a seed money for their BTC NFT architecture
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in order to supplant f.
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F
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them.
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So, yeah, that's that's, that's how it's going, man. Good to be here, man. Good to be here. So that tweet was just at you. Right? I don't even know if it was at me or I think there were retweet. Bro, my my Twitter is effed. It's it's it's over. So this will be a very good conversation because Casey is is
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simultaneously
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hated by a large swath of the Bitcoin community and a large swath of the shit coin community for this creation.
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Before we get started, I want
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to just for the freaks. Freaks,
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a bunch of you asked, you know, why is this conversation relevant? This conversation is relevant to me because my men pools are filled,
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and I wanna know what they're filled with and what is going on there.
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This conversation is also interesting to me because,
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people are using Bitcoin for something, and I want to understand what they're using it for.
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And then last but not least, I take a lot of responsibility
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with my platform, with our audience.
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I've been
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I've recorded, you know, thousands of hours of Bitcoin conversations,
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and there's
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definitely
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a strong feeling on my front that I have a responsibility on who I provide a platform to and what kinda conversations happen
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on my shows.
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Casey, specifically, I have known for quite a long time,
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and
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he has not shown any
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No shit coinery?
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Yeah.
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I mean, that's there's some nuance to that. I don't know if you've shown no shit coinery, but,
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you have there's no pre mine here with you. There's no you you haven't even sold any NFTs yourself. I've I've made one. That you haven't sold? I've made that. I've made one, Literally, inscription 0. Exactly. So I I think it might be a different situation if if, you know, Casey had a big NFT collection that he was trying to dump on on people, that's where the moral moral situation really comes into play. But, anyway, just just to let you freaks know
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how I'm thinking about it, and I I you know, it's always a balance between open discussion and platforming scammers.
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I do not think Casey's a scammer.
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You know, I'm not perfect. Maybe I'm wrong, but, but that that is how I'm thinking about this as we enter this conversation. And like I said, join us in the live chat.
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There's no censorship in the live chat. Every
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every every comment you do is piped in directly into the into the feed, so anyone who's watching the video feeds can see it. Okay. So there's the intro.
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Very spicy.
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Casey, before we start, I I think it would be helpful if we do
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a little bit about yourself. But Sure. Pre preordinals,
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pre inscriptions, be before all this, you know, crazy stuff far back?
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And yeah.
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Well, I mean, I wanna talk about, like, your your Bitcoin,
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like, you and Bitcoin. Sure.
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What what is your Bitcoin journey? Yeah. Good question.
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I don't know. Yeah. Obligatory, gotta say it. I am a huge fan of this podcast, and I'm
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really excited to be talking to you. You and Marty have been,
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like, whispering in my ear about Bitcoin.
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Super, super, super long time listener. So just wanna say that it's super awesome to be sitting here.
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But yeah. So Bitcoin.
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So
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really my Bitcoin origin story,
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just starts just starts by really hating really being very anti authoritarian
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from a very, very young age,
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and,
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I grew up in Berkeley,
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in the Bay Area, and that kind of used to be a place where
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people who were very anti authoritarian could kinda fit in, you know, and you could kinda be, like, just wiling out, just kind of like a libertarian, you know, and you were kind of welcome on the left, not so much anymore, but, you know, grew up there,
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very anti authoritarian. I don't know what I really consider myself.
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A lot of my views about politics have now become
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just very pragmatic, and I'm some sort of weird,
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like competitive government governance is the thing
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that I'm most interested in. But anyways, that anti authoritarian streak led to me really disliking the government,
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as I,
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you know, learned more and more about how the government works and what it does and what the outcomes of its policies are, I just started to see it as this just totally, you know, use mostly useless parasite
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that is is is just bad. Like, I think things that are subject to market for that are not subject to market
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forces ultimately, like, have no real meaningful constraints and, like, don't wind up doing useful things, and the government is, like, a non useful and sometimes counterproductive thing that takes, like, 30% of our money.
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So that's, like, that's, yeah,
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that's kind of where this all started. And so when I saw Bitcoin,
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which was a long time ago, it was 2013,
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I
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saw it and I,
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first I ignored it. Right? I I I saw it and I was like, oh, this is like wow gold or, like, Internet money or something. Right. And I ignored it and then I,
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few months later, I saw it again, and I'm a programmer,
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and so I started reading I read the white paper.
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I didn't read the code, but I ran a node, and I sort of read everything that I could at the time. I think at the time Reddit was actually pretty high signal. Yep. Yep. And I just read,
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everything about it for
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I don't know how long it took me to be, like, fully orange filled, but it wasn't long. It was, like, it was, like, 2 months or something where I just read, and then I was, like Firehose. Yeah. Fire hose. Like, immediately became my, like, obsession. You know? And
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I was like, okay. Like, I think this is gonna work, basically. I was like, I don't really see
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how this is gonna work. And this is something that I wanna talk to you about because I think we have interesting thoughts about it, which are, like,
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we got somebody at the window.
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I hope it's not a spook. So, yeah, we we actually have interesting thoughts about this, which is, like, why why hasn't the government cracked down harder on Bitcoin and, like, are they cracking down on Bitcoin?
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But anyways, yeah, back to talk about that too. But yeah. Yeah. Back to the origin story. So, yeah, I,
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you know, I'm a programmer. I was I was working at Google at the time, which I'm sure people are gonna be like, bro, like, spook spook city. But, yeah, I was
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SRE,
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site reliability engineer, basically just keeping Google from falling over, and
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I burned out of that pretty hard.
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But so yeah. But but but I was a programmer,
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but there was kind of nothing that I really felt like I could really offer
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by working on on Bitcoin at the time. Like,
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I I've never I I I knew I could go, like, build a wallet or build an exchange. I didn't have any ideas for how to build an exchange better than anybody else.
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I think it was in
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I I'm sure I'm gonna get the dates wrong. It was, like, at a 2014 or maybe somewhere between 2014, 2017.
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I was actually, employed at Chaincode Labs,
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a open source
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Bitcoin r and d company essentially these days, like Bitcoin r and d and education company. Yep.
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In New York City, I worked,
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doing open source development on Bitcoin Core, so, like, technically
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technically, I was a core developer. I really shy away from that
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that As a title. Yeah. As a title. An appeal to authority kinda title. Yeah. And also, like, listen. Like, if Peter Willow wants to call himself a Bitcoin core developer, like, he should do that. I you look at my commits. They're, like, 16, like, little cleanups and, like, hey, I got rid of this dependency. It builds marginally faster. Right? Like, just like small shit, and so I feel like Bitcoin core Bitcoin core developers is, like, you know, there there are people. I'm, like, yeah. Yeah. Totally. Bitcoin core developer. But me, I am a,
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like, x minor
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Bitcoin core developer. Like, I'm not looking to get any, like Step above intern. Yeah. Yeah. Step Bitcoin core intern. Yeah. Yeah. That's actually honestly basically what I was. So
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and and and so at the time, I was, very heavily getting into Rust,
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the programming language, which is like a safe and user friendly alternative to c and c plus plus that's still very fast and can still be used for, like, all the hardcore system programming that you use,
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that you use c and c plus plus for. And so Bitcoin Core is a very big, very, very messy code base. It still has a lot of legacy decisions embedded in it.
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People like Carl Dong are, like, doing or I think Carl Dong is not working on Bitcoin Core anymore, but doing God's work of very, very slowly improving the code base. And so for me, that was, like, not exactly
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the right thing.
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So I I I left. In retrospect, I think I should have stayed.
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Alex Morcos and Suha Stavtour who run it and I think still mostly run it are, like, incredibly chill dudes. And if I was like, hey, I just wanna, like, not work on Bitcoin Core, but work on Bitcoin,
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then they probably woulda let me do that. And it's maybe it's good that they didn't because we maybe we'd have, ordinals a lot sooner.
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But, so yeah. And then I what did I do? Yeah. I did some I did some shit coining after that. I mean, I, like, went to
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went to Facebook, and then I was very interested in GRIN, the privacy coin. I got a lot of Bitcoiners. Yeah. I got a lot of Bitcoiners. Got a lot of Bitcoiners. And, like, it was it was useful. What I did, and I can be totally transparent about it, is
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we me and some friends were very excited about Grin, and so we started this, special purpose investment vehicle
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to allow people who wanted to buy Grin, just like give us dollars, and we would buy Grin and hold it for them on their behalf.
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So, yeah, I'm totally transparent about that. A horrible investment? Oh, yeah. Yeah. Yeah. Yeah. Yeah. Yeah. Like like like, deep deep in the red.
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So I did sort of, like, the custody side of that, you know, writing the code for custody.
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Grid like, I kind of don't one thing about me that's maybe different from sort of the, like, left curve maxis is that, like, I don't see
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Bitcoin versus altcoins as being a moral purity test. Like, I'm I'm just not interested in that. Like, if somebody wants to come, like, quote unquote cancel me for having,
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like, on had to sort of, like, to have
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honestly shitcoined and been, like, oh, I think this is cool. Like, maybe this is gonna provide some value. You know? Like, I I don't think that that's Well, I think that's the only argument in my opinion is the moral question
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because, like,
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I I don't consider shitcoins a threat to Bitcoin. I think it's a threat to people who choose to speculate on them. Sure. And so Yep. My biggest issue with shitcoins has always been has been the promoters of shitcoins and how they promote it. Sure. And if they don't disclose trade offs, which they never do. Oh, yeah. Better, faster, stronger than Bitcoin. Right? With, it was, you know, more private than Bitcoin. Yep. That that is always my issue has always been on the moral side from the promoters,
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not necessarily as, like, shitcoins,
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you know, will overtake Bitcoin or or or a threat to them technically or adoption wise. No. I'm I'm with you on that. Like, it's not really the moral part that I'm saying is important. It's the purity test part. Right?
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If you look at a a lot of sort of,
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political and cultural
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dialogue
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outside the Bitcoin space, the way that it works is that
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somebody says something that's, like, slightly wrong or perceived to be offensive, and then everybody views it as this, like, mask drop moment where, like, oh, we're seeing their true colors. Right? And
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Well, I would say in that situation, the question is, does the person double down, or do they
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do they admit you know? Like, I I think The problem is that I think this kind of like, basically, what I'm saying is that if people wanna be, like, once a shitcoiner, always a shitcoiner well, I don't know. It depends on definitely not the case. Yeah. That's that's of us went through shitcoin Yeah. That's and that's how we learned. That's essentially the thing. And I also, like I'm like, for example, like, I'm, like, we've decided that,
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the like, some shit I mean, like, some shit coinery is so egregious
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that it's, like, not welcome
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even, like, mentioning it in project spaces, on Ordinal's project spaces. Right. So in particular,
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BSV is, like, I didn't even consider that. I I don't think that somebody's involvement in that is such a strong negative signal, and we have such a high moderation burden Right. And they're attacking Bitcoin that I'm like, no. It's a very easy heuristic. Yeah. But what I'm saying is, like, oh, somebody has fucking dotf in there. Like, let me let me go back to me talking about this personally. Like, you gotta you gotta reel me in. Okay? You know this. Okay? So, like,
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I think that people should look at what I did, for example, when I worked on grid, and be like, I was honestly excited about GRIN. I was like, the privacy technology is very cool. Right? Bitcoin doesn't have privacy. It's one or the privacy on Bitcoin is very nuanced. Bitcoin doesn't have pri please note clip it.
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The privacy on Bitcoin is very nuanced. Right? You've gotta know how to use it. The tools are tricky. You don't really get, like, kinda one and done privacy. You get this privacy that you fight for
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with complicated technical
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things like on chain on like on chain swaps and, coin joins and lightning network. But anyways, Bitcoin didn't have privacy, and so I saw GRIN, and I was like, okay. Like, this is interesting. It's doing something very different from Bitcoin,
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and I,
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was, like, excited about it. Right? And if people wanna say, like, I was doing something morally wrong,
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I don't know I just didn't you know I I don't know if I would say that I made a miscalculation,
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but you might disagree with it, but I don't think it says anything
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really about my character.
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And I think that is very prominent in a lot of Bitcoin politics where you're, like, everything gets very personal very quickly
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and people are getting really nasty. But I think it's also, like, a might it's it's also Twitter. Like, it's the incentives of Twitter that don't have much nuance. Yeah. But, I mean, there are a lot of people There are a lot of influencers and promoters and then whatnot
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that
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that straight up scammed people.
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They didn't they didn't disclose trade offs. They intentionally just didn't disclose trade offs. They misled people.
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And then after they
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did that,
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they instead of having a self reflection. Right? Like, personal responsibility in this space, I think, has two sides of the coin. Right? Yep. There's personal responsibility on the influencer promoter side,
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people with audiences, and there's personal responsibility on the individuals. Right?
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You know, ultimately, it it it sucks to say it. Right? But if if you lose your money in the space, you get scammed or whatnot, that's partially your fault, and you need to have an introspection on on how you let that happen. But then it's also also the promoter's fault. Right? And we see a lot of times where the promoters go, they make a shit ton of money, then they just try and whitewash history. They don't actually have any
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introspection. They don't take any culpability or responsibility over their actions, and
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that's extremely frustrating. It's horrible to see,
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And at the end of the day, like, there's basically,
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you know, what you said. I don't like
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the left side of the bell curve.
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I don't like IQ shaming people, but there it's a very easy heuristic. On the left side of the curve is not about IQ. It's a very easy heuristic to just say that anyone who's involved is a scammer. Right? Mhmm. Because just there's been so many instances. Right? So then people jump to that to that side, and and they don't wanna actually necessarily have the hard conversations. Yeah. Yeah. Absolutely. And, like, you know, there are certain people who,
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like
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I think that the thing is is that it's not a moral purity test. I don't really care about who's a bad person,
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but and a good person? Well, no, I do a lot deeply, but, like,
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it's like if somebody runs a scam
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and then
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that it's not a moral purity test, it's not that they're, like, whatever, it's that that's such a strong negative signal
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about their character and their like what they're gonna do in the future.
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Right. Right? That's that's the issue. Right? I'm interested in preventing bad outcomes,
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not having philosophical debates about, like, what's moral and what's not. Right? So, like, there are people who like, I have
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every single shit coiner in my DMs,
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like, straight up. They're all trying to latch onto this, and they're all trying to so, like, for example, Stacks, like, Stacks is this I mean, I don't even know if we should fucking censor it because I hate signal boosting these people. Oh, yeah. They can go so they're an example of somebody fucking affinity scam. There's someone I wouldn't have on dispatch. Oh, yeah. No. Dude, you shouldn't let them in the park, bro. Yeah. Exactly. Yeah. Like, I
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mean, I'm trying to navigate this Nuance on that. Very carefully, but, like, we are thinking about having a policy that if you have a dot BTC,
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let me just explain my thoughts on Stacks.
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So
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Stacks
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claims that they are Bitcoin,
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Okay? Stacks claims that they're like a Bitcoin l two, but they have a shitcoin.
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Okay? So They have a perpetual their their way they I don't even want I don't wanna know their shit coin, bro. Perpetual ICO is the way they essentially peg into Bitcoin.
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I don't even understand this, like, bullshit. I don't wanna use their I wanna their tech with using their stupid fucking words. Like, they have some consensus mechanism that's, like, thematically related to Bitcoin, and then they go off and say that they're Bitcoin and they have dot BTC domains. Like, if ordinals is proof of anything, it's proof that you can fucking build on Bitcoin,
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and you don't need a fucking token. If I had added the token, everybody would be rightfully
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ignoring my fucking bullshit. Right? These Stacks guys, they're like, oh, we need DeFi on on Bitcoin. And instead of doing what, like, RGB and Taro and DLCs and whatever are doing, they are they decided to add a token. And
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tokens tokens my my problem I have so many problems with adding a token. Like, there's so many things wrong with it, but one of the one very practical problem is it makes shit worse.
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Your users can't just download your software and use it, They have to, like, go on an exchange and get a token.
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Like, there's so there's so many fucking problems with token. Anyways, but yeah. Like, yes. Stacks is
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I like to say it's functionally an affinity scam. I don't know what is in the Stacks people's hearts, and I don't care. Right? So I don't wanna say it's just Well, you have to separate the promoters from
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the individuals,
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I think. Oh, sure. But a lot of the promoters are not technically sophisticated at all. Like, they can't tell, like, like, they've never successfully It was, like, 2017
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again. I got into a huge fight with the Stacks people, like, 8 months ago, and then I have to read their white paper for, like, 4 hours just so that Bro, don't, like, just so that I could actively,
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like, argue properly against them. I mean, I think the way to argue properly against DAX is to say that they are thematically related to Bitcoin. Right? It's like it's like they're they're Bitcoin themed. Right? Like, if McDonald's wanted to open a new, like, fucking fast dude food joint and put the orange b on things. Right? That's one thing. And then, functionally, they're an affinity scam. People who are unsophisticated
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see it, and their branding is very confusing. They tell pea people that it's Bitcoin, but, like, they have a fucking token, and, like, that's the that's the line in the sand. You know? Okay. So let's let's let's just pull it back because we got derailed a little bit.
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You were shit coining with Grin. Yeah. Shit coining with Grin. Journey. Yeah. Shit coining with Grin.
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I had this very
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I think I wrote kind of into my contract that they couldn't fire me. And so I had this thing where they were, like, paying me. Whatever. I won't get into details. But, yeah, I I was I sort of was getting paid and, like, I didn't have to do this. Like, 2017 or something. I I The Grin hype was like I I feel like it was early 2018 maybe or something. Something like that. Yeah. Yeah. Yeah. And it it like really the lesson from that was that
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I thought the reason that I thought GRIN was cool was not because it had better tech than Bitcoin, but but because it had an interesting
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technical thing that it did that Bitcoin didn't do.
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And what that essentially GRIN was a basically, I I don't wanna say a failure because actually they still have small communities, some devs. Right? Failure. Well, price wise, it's a failure. Right? Like, nobody okay. And adoption wise, use case wise, there's no need for it.
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Sure. I mean, like,
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whatever. Like, it's it's, I would say adoption wise, it's definitely a failure. I'm very uncomfortable with, like, it's a failure. I don't know. They have a they have a small I mean, I don't I don't wanna, like, speak to to 0 in the space, so they always, like, linger around for years. Yeah. But I mean, it's like there's all like, is a small project that has let's say you you make an open source tool. Right? And you have a small number of users, and, like, it never gets any adoption.
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Right? And, like, they're still building it and, like, having fun. Like, I feel uncomfortable
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saying Okay. Fine. Fair enough. Failure. You know what I mean? Like, there's gonna be small super hyped, though. Yeah. Super hyped and And it was a lot of us who said, like, it wasn't gonna go anywhere, and it didn't go anywhere. Didn't go anywhere. Did not live up to people's expectations at all. Those these are things I'm very comfortable saying. So,
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that kinda taught me
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that having some sort of particular,
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you know, debatable technical advantage over Bitcoin doesn't make a difference. Bitcoin has so much network effect, so many developers, like so much, like,
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goodwill
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that,
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you're just not gonna ever compete with Bitcoin. And in fact, I wasn't really interested in competing with or supplanting
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Bitcoin. Right?
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So yeah. Anyways, so then I just
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kinda did my own thing for a while.
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I worked on a bunch of random projects. I've done a lot of,
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generative digital art,
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like,
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generative, like, audio reactive visuals for live music.
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Can I just freely show my website and, like, my projects that that are, like, pure Bitcoin or, like, unrelated to Bitcoin?
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Yeah. What's your website? Rotimore.com. You can see all my, like, weird ass fucking art on there,
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shit like that. So, yeah, I just did and there's, like, no shitcoin links there. So And then so what? We were, like, in, like Yeah. So and then I then I then I worked on one thing I worked on was Agora. Agora is a,
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web server.
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It's basically a file server that you pay for things with, like, a Before Agora even existed,
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you introduced me to Eric Sirion.
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I don't,
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I just yeah. I mean, that was, like, very early when Fedimint was happening. And I I just wanted I just wanna put that out there that, you know, Casey just blind Telegram messaged me, said I'm a huge fan of dispatch.
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Like, you need to talk to this guy, my buddy, Eric.
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He has this crazy idea of FEDIMIT. And, like, FEDIMIT at that point was maybe he was even calling it MiniMint at that point. It was confusing. There was a FEDIMIT protocol and a Mini Mint implementation. Like just in his it was in his head. Like, he barely even had it, like, written down or anything. It was, like, very early it was super early on, and it was what started me down the FEDIMENT rabbit hole. Yeah. So and introduced me to Eric, so it was I'm super appreciative of that. For sure.
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And then you told me about your project, Agora. Yeah. An Agora is a file server that you put some files on a computer,
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and then you,
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in a config file, say how much you want people to pay for them, in SATS,
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and then when people try to download the file, they get a paywall.
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It's all open source. It's at github.com/agoradashorg
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/agora.
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I don't,
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maintain it at all anymore. There's still some active users and people interested in it.
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I think there's a fork. I don't know if it's maintained or not, but,
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you can, like, buy and sell files for Bitcoin. Yeah. And, like, what I always wanted people to do was basically create,
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pirate Netflix. Like, the ideal use case for Agora is you get a computer somewhere,
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and you put, like
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like, you get one of those, like, you get, like, a few enterprise grade 20 terabyte hard disks, and you put every single movie that's ever been released on there, and people would pay you 10 sats a movie to download them,
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that was the plan. But
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nobody really took the bait, so,
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it just didn't get popular.
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And I did that with my friend Zunca, so shout out to Zunca, he's a g.
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And then I kind of,
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when did you start running as a bitdevs?
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Oh, that wasn't that long ago.
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Yeah. So 8 months ago,
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I was always a huge
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asset BitcoinDevs fan, so I would show up, and
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Alex Leishman at River, who is a g,
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was hosting it, and,
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it would it was kinda going he he wouldn't do it super often, like, because he's super busy.
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And every time it would go, like, 2 months without an SF bit devs, I would email him and be like, hey. Let me know if there's anything I can do to help to, like, make the meetup go faster or whatever.
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And then he was no longer able to run it due to other responsibilities.
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And, like, the last SF BitDevs that he hosted, I was there, and he just grabbed me. It was like, hey, do you wanna run the meetup? And I was like, yeah, let's go.
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And so then in collaboration
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with another with Bay Area Bitcoiners who are just like grassroots Bay Area
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meta meetup,
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there's, like,
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5 locations.
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I started hosting SF Bitcoin Devs. I think I've done it, like,
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8 8 times maybe, so I think it's been almost a year since I started hosting it.
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That's, like, a whole another thing. I I was fucking terrified the first time, like It's hard to run a BitDevs. Bro, it's crazy. Lot of responsibility.
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Yep. Very technical. The the thing that you gotta realize
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if you're a bit devs host is, like, sometimes I I bring things up, and I'm, like, you know, I read this, but I didn't understand anything.
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Does anybody have any idea, like, what this is talking about? Some, like, deep crypto wizardry.
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And then,
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I will be, like, if nobody has anything to add, we'll just move on to the next item, or somebody is, like, super
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knowledgeable on the subject, and they'll pipe up and tell everybody about it. But it's, like, you gotta you gotta understand that Bitcoin is so broad and so deep
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that you can't know everything,
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and you need to be comfortable
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with your role as a facilitator
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and not necessarily as some wizard that's gonna tell everybody
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everything. You're the QB. You don't necessarily have to know everything. Yeah. That's right. You just gotta get the ball to the right person.
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I gotta move I think a good bit devs, like, we were talking about NAS bit devs this week. It was just like, I knew it was a good bit devs because I didn't understand 50% of what was being discussed.
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Yeah. It should challenge.
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The majority of people in the room should be challenged
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Oh, yeah. If it's gonna be a good fit test. Yep. Yep. Yep.
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So
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yeah. I did that. Been doing that for 9 months.
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Bear the Bay Area has a really thriving
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meetup scene. There's, like,
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Varia Bitcoiners, there's probably, like, 1 or 2 to 3 things a week in different locations,
370
00:33:09.960 --> 00:33:19.945
and then there's there's sort of separate orgs, like, I me, and one of the very Bitcoiners run the SF Bitcoin devs, but then there's also all these other grassroots these roots groups meetups.
371
00:33:20.725 --> 00:33:21.225
So
372
00:33:21.740 --> 00:33:23.519
I guess let me, go
373
00:33:24.779 --> 00:33:36.055
I I think it's good to touch on, like, what I thought about NFTs at the time because that kind of informs, like, why I'm doing this whole thing. Okay. Yeah. So NFTs I saw NFTs in 2017,
374
00:33:37.399 --> 00:33:38.299
and I was, like,
375
00:33:39.080 --> 00:33:46.700
I thought the art I thought it was an interesting idea, but the art was, like, not very interesting to me. And so as a result, I just kinda forgot about them.
376
00:33:47.095 --> 00:33:48.635
And then I think in 2019
377
00:33:49.015 --> 00:33:49.755
or 2020,
378
00:33:51.095 --> 00:33:51.755
I saw
379
00:33:52.215 --> 00:33:52.715
some
380
00:33:53.015 --> 00:33:54.395
really amazing art.
381
00:33:55.450 --> 00:33:57.309
I sorta don't wanna name names,
382
00:33:57.770 --> 00:33:58.590
but, like,
383
00:33:59.050 --> 00:34:00.750
I think that when people see
384
00:34:01.050 --> 00:34:07.885
NFTs, they think like the like monkey JPEGs. That's what that's what everybody thinks. And that's why I wasn't loss trading
385
00:34:08.665 --> 00:34:16.259
and pump and dumps. I I yeah. Sure. Tons of scams. Tons of scams. Yeah. Yeah. And so and but I saw art, which I really liked.
386
00:34:16.640 --> 00:34:22.259
And not only was it art that I really liked, but it was exactly the kind of art that I had made in the past,
387
00:34:22.735 --> 00:34:23.235
so
388
00:34:23.615 --> 00:34:24.115
sort
389
00:34:24.495 --> 00:34:25.235
of algorithmic
390
00:34:25.775 --> 00:34:31.650
programmer art. Right. And there was a market for that, and there were real collectors who really appreciated it.
391
00:34:32.210 --> 00:34:33.589
And I thought to myself,
392
00:34:34.369 --> 00:34:35.430
this is really cool,
393
00:34:35.730 --> 00:34:36.950
like, I
394
00:34:37.730 --> 00:34:46.734
I don't I think that there are a lot of scams and maybe, like, 90 I I don't even know what the number is, but I'm Probably, like, as close to a 100% as you can get to.
395
00:34:47.035 --> 00:34:52.540
You know, I have a nuanced view on Fair enough. Yeah. That's my view. Yeah. Sure. Yeah. I I think
396
00:34:53.240 --> 00:35:04.570
sure. So I saw something that I thought that in some cases was really the moral equivalent of buying a painting and selling it, you know, especially the high end NFTs. The low end is, like,
397
00:35:05.610 --> 00:35:07.950
yeah. And and, obviously, like, there's a lot of
398
00:35:08.410 --> 00:35:10.430
well, yeah. We can get into ethical issues, but
399
00:35:10.970 --> 00:35:11.130
so,
400
00:35:12.905 --> 00:35:17.085
I saw a market develop for exactly the kind of art that I had made, and
401
00:35:17.625 --> 00:35:20.845
I I thought, okay, like, maybe I can make and sell
402
00:35:21.240 --> 00:35:22.220
ERC 721
403
00:35:22.840 --> 00:35:24.700
NFTs, which are Ethereum NFTs.
404
00:35:25.720 --> 00:35:30.985
I don't like Ethereum. I think Ethereum is completely centralized. I think their monetary policy's a joke.
405
00:35:31.545 --> 00:35:34.285
There's sort of these, like, space I think they're either, like,
406
00:35:34.905 --> 00:35:39.805
disingenuous scammers or they are these sort of, like, space cadet types who don't really understand
407
00:35:40.105 --> 00:35:42.970
the problems with the Rube Goldberg machines that they're building.
408
00:35:43.430 --> 00:35:45.210
So I'm very negative on Ethereum.
409
00:35:45.590 --> 00:35:51.154
But I was like, okay. Well, if I'm if I'm, like, making Ethereum NFTs, you know, maybe that is
410
00:35:51.454 --> 00:35:53.795
okay. Maybe that's, like, me buying and selling a painting.
411
00:35:54.095 --> 00:35:55.270
So I looked into it,
412
00:35:55.670 --> 00:36:04.085
and I started I had written some solidity for a joke ICO that, like, didn't raise any money that was just supposed to make fun of it. If you search for Synthorn,
413
00:36:04.385 --> 00:36:06.165
they're in, like, it's, like, a 2017,
414
00:36:06.705 --> 00:36:09.365
like, ICO, like, literally, I did not sell 1.
415
00:36:09.665 --> 00:36:16.180
It was a a synthetic rhino horn dick pills on the blockchain. Oof. Yep. And it was literally like a parody piece
416
00:36:16.560 --> 00:36:34.460
at the time to make fun of ICOs, and it was an ERC 20 token. And, like, there are, like, people who are, like it's kinda funny. There are people who took it seriously because everything was so insane at the time. So I'd written that solidity contract. And to be clear, I didn't that wasn't, like, a money making thing. That was literally parody. It was literally, like, code as parody.
417
00:36:34.815 --> 00:36:38.355
So then I I started looking into ERC 721 and
418
00:36:39.454 --> 00:36:42.355
looking on how NFTs on Ethereum works.
419
00:36:42.750 --> 00:36:45.970
And this is a very deep topic, but what I found was
420
00:36:46.670 --> 00:36:47.170
overwhelmingly
421
00:36:47.470 --> 00:36:47.970
negative.
422
00:36:48.430 --> 00:36:51.170
Like, overwhelmingly negative technical problems,
423
00:36:51.965 --> 00:36:54.305
overwhelmingly negative social problems,
424
00:36:54.925 --> 00:36:56.065
overwhelmingly negative,
425
00:36:56.605 --> 00:36:57.505
business practices,
426
00:36:57.885 --> 00:37:01.760
including some subtle ones that people don't really understand that I think are very important
427
00:37:02.300 --> 00:37:04.640
due to that relate to data availability,
428
00:37:05.180 --> 00:37:06.640
and I decided that, like,
429
00:37:07.635 --> 00:37:10.455
it wouldn't be a problem for me to make an NFT,
430
00:37:10.915 --> 00:37:18.920
but I could not encourage anybody to buy it from me. Like, I would have to the the the list of disclaimers would have to be so long
431
00:37:19.300 --> 00:37:26.505
where I'd be like, listen. Like, you need to understand Ethereum's security properties, which are terrible, and it's, like, development direction, which is terrible,
432
00:37:26.965 --> 00:37:32.105
in order to be an informed consumer to even pay me $10 for this, like, NFT.
433
00:37:32.800 --> 00:37:34.740
So I decided that I could not do that,
434
00:37:35.200 --> 00:37:36.340
and I didn't do it,
435
00:37:37.520 --> 00:37:38.020
like,
436
00:37:38.400 --> 00:37:59.300
I'll I'll I'll avoid, like, sucking my own dick too much, I is how can I swear? Of course you can. Okay. My grandmother asked me how I haven't gotten kicked off the radio yet because I curse so much. Okay. So because I I I won't I won't told her I have a radio show because I didn't think she could comprehend what a podcast was. Bro, that's beautiful. Your grandmother thinks you're on the radio. You must she must be so proud.
437
00:37:59.775 --> 00:38:03.795
So I won't suck my suck my own dick too much, but I will say, like, I could have made
438
00:38:04.175 --> 00:38:06.435
tens of 1,000,000 of dollars just,
439
00:38:07.040 --> 00:38:22.714
like, making Ethereum NFTs and not promising everything and just doing it on the strength of my art. Right. Like, I like, it's a very small niche, this, like, algorithmic art, you know, and there's not that many people who are so good at it, but I didn't. I decided, like, no.
440
00:38:23.150 --> 00:38:30.610
So And to be clear, like, the algorithmic art is where we see, like, these massive entity collections, right, where, like, changes depending on Massive?
441
00:38:32.985 --> 00:38:35.565
Like, how many pieces? I mean, like, the original was, like, CryptoKitties.
442
00:38:35.865 --> 00:38:40.125
Would was that is that what you mean by algorithm or not. Yeah. Yeah. Yeah. It's hard to differentiate.
443
00:38:41.100 --> 00:38:51.345
I don't I don't like naming names because Like, I don't really under I've, like Yeah. I tried to do blinders on the NFTs. Oh, yeah. Yeah. Yeah. Yeah. Understanding is, like No. No. No. Yeah. No. Not not not not like 10 k p f 10,000
444
00:38:51.805 --> 00:39:02.610
PFPs. Like, not like board AP op I'm not talking about board AP op And that, like, changes based on, like, a like a random number or something provided by Onchain, right, or something like that? Changes different heuristics of the There's
445
00:39:03.070 --> 00:39:09.250
so many different kinds. The thing the thing that I started to see that I thought was interesting was one called Art Blocks.
446
00:39:10.185 --> 00:39:10.925
So they're
447
00:39:11.385 --> 00:39:11.885
algorithmic
448
00:39:12.905 --> 00:39:18.190
generative art. They're they're usually abstract. They look like abstract paintings. Got it. Yeah. And they're,
449
00:39:18.750 --> 00:39:20.690
usually they do smaller runs
450
00:39:21.069 --> 00:39:26.849
in terms of the number of pieces in a collection because you have this algorithm that a programmer writes that generates
451
00:39:27.665 --> 00:39:31.525
abstract art, like, looks like maybe you could do one that looks like Rothko paintings,
452
00:39:31.985 --> 00:39:35.365
and then each one kinda looks like a different Rothko painting.
453
00:39:36.305 --> 00:39:36.805
And
454
00:39:37.150 --> 00:39:46.770
the best ones of those obviously, you know, there's scam examples of everything, but the best ones of those are usually, like, shorter form, like, there's, like, a 100 or there's, like, 400
455
00:39:47.215 --> 00:39:51.315
because and each one takes a random seed as input and gives you this image,
456
00:39:51.775 --> 00:39:56.675
and to be clear, this is not something that, like, needs a blockchain. You can just make these images on your computer,
457
00:39:58.160 --> 00:40:01.780
but those and they're they can be very beautiful
458
00:40:02.080 --> 00:40:04.900
to my mind, like very, like, staggeringly beautiful,
459
00:40:05.214 --> 00:40:05.954
And so
460
00:40:06.494 --> 00:40:08.515
I'm absolutely not talking about 10
461
00:40:08.815 --> 00:40:09.954
k 10 k PFPs,
462
00:40:10.815 --> 00:40:13.234
that that's, like, the when I say 10 k PFPs,
463
00:40:13.694 --> 00:40:15.930
like, it's 10,000 piece
464
00:40:16.230 --> 00:40:18.490
profile picture. Yeah. Monkey JPEGs.
465
00:40:18.790 --> 00:40:21.770
Yeah. I did not create this because I find monkey JPEGs interesting.
466
00:40:22.630 --> 00:40:26.934
There's some things I mean, like, again, nuanced opinion about a lot of things. Community is interesting,
467
00:40:27.234 --> 00:40:31.335
but, yeah, there's a lot of fucking scams and a lot of things that are just ugly and stupid looking.
468
00:40:31.760 --> 00:40:36.980
Okay. So you sucked your own dick. Yep. You've done sucking my 1,000,000 of dollars. Yeah. That's right. Right. But I didn't. Okay.
469
00:40:37.280 --> 00:40:43.815
I mean, I think that's why a lot of us have chips on our shoulders too. Right? Like, I I mean and I I just wanna say right now, freaks,
470
00:40:45.795 --> 00:40:47.415
while we're 40 minutes in already,
471
00:40:49.250 --> 00:40:58.230
You know, I've I've I've tried very hard to, you know, put a lot of effort into trying building out dispatch the the right way and and making audience funded.
472
00:40:58.704 --> 00:41:09.300
And there's been a lot of people throughout the years that, you know, I've said, you know, oh, release an NFT series or something to fund it because people will pay you way more money than you're receiving on donations. And and and I have,
473
00:41:10.880 --> 00:41:19.595
intentionally tried to make the show as radically transparent as possible, which is why you can go to geyser.fund and see all the donations. And, you know, I'm a privacy advocate, but you can see how much,
474
00:41:20.135 --> 00:41:25.355
in donations has come to dispatch because I want it to be out there. But I will unequivocally say
475
00:41:25.830 --> 00:41:27.770
that regardless of inscriptions
476
00:41:28.070 --> 00:41:33.210
being on Bitcoin, and we can get we're gonna get into all the technical specifics and stuff like, there will be no
477
00:41:33.595 --> 00:41:34.895
there will be no Odell
478
00:41:35.915 --> 00:41:37.855
NFTs being sold or no,
479
00:41:38.555 --> 00:41:42.175
dispatch NFTs being sold to fund the show, period, unequivocally.
480
00:41:42.475 --> 00:41:43.990
Okay. Cool. Let's continue.
481
00:41:44.370 --> 00:41:46.310
So yeah. So in early
482
00:41:47.490 --> 00:41:49.190
I I think early 2022,
483
00:41:50.050 --> 00:41:50.870
like, January,
484
00:41:53.005 --> 00:41:54.625
maybe earlier, maybe late
485
00:41:54.925 --> 00:41:55.425
2021,
486
00:41:56.605 --> 00:42:08.930
I just sat I was like, okay. Well, I can't do this on Ethereum. I guess I need to figure out how to do this on Bitcoin. Well, I think an interesting thing would be, like, let's can we just quickly talk about, like, the technical issues of how they have Ethereum
487
00:42:09.845 --> 00:42:16.265
NFT set up, but besides, you know, obviously, the issues with the chain Yeah. But, like Oh, sure. Just open c and
488
00:42:16.859 --> 00:42:20.559
and how it's it's basically just pointing to a link on IPFS.
489
00:42:21.019 --> 00:42:23.279
There, yeah. There's there's more than that.
490
00:42:23.795 --> 00:42:27.175
So, like, yeah. But but, yeah, like, I mean, Ethereum NFT is
491
00:42:28.835 --> 00:42:29.335
usually
492
00:42:30.355 --> 00:42:30.855
the
493
00:42:31.510 --> 00:42:35.690
the there so on a let's talk let's talk specifics. An Ethereum
494
00:42:36.310 --> 00:42:36.810
NFT
495
00:42:37.349 --> 00:42:40.089
is anything that implements the ERC 721
496
00:42:40.944 --> 00:42:41.444
spec,
497
00:42:42.865 --> 00:42:43.365
and
498
00:42:43.744 --> 00:42:45.365
if it implements the spec,
499
00:42:45.905 --> 00:42:49.045
then it has a function called token URI
500
00:42:49.849 --> 00:42:51.310
that returns a URL
501
00:42:52.329 --> 00:42:54.430
where you can fetch the metadata
502
00:42:55.290 --> 00:42:57.630
from for the NFT, and a URL
503
00:42:58.255 --> 00:43:00.675
is just something you type into your browser,
504
00:43:00.975 --> 00:43:05.395
you know, window, like htp, whatever. They can have they can point to different places.
505
00:43:05.695 --> 00:43:07.155
They can be different protocols,
506
00:43:08.079 --> 00:43:08.579
and
507
00:43:09.280 --> 00:43:10.420
many many many
508
00:43:10.720 --> 00:43:11.940
of ERC 72021
509
00:43:12.640 --> 00:43:13.140
NFTs
510
00:43:13.839 --> 00:43:14.339
point
511
00:43:14.695 --> 00:43:17.115
to just Amazon Web Servers,
512
00:43:17.495 --> 00:43:19.275
to somebody's web server. So
513
00:43:19.735 --> 00:43:19.975
you
514
00:43:22.060 --> 00:43:22.960
and one of
515
00:43:23.420 --> 00:43:25.920
my problem with this is is about transparency
516
00:43:26.859 --> 00:43:27.359
and
517
00:43:27.900 --> 00:43:28.880
consumer protection.
518
00:43:29.420 --> 00:43:29.920
Like,
519
00:43:30.684 --> 00:43:34.385
if somebody buys an NFT for 1,000 of dollars
520
00:43:35.404 --> 00:43:38.625
and you sell it to them, and they don't fully understand
521
00:43:39.180 --> 00:43:43.120
the fact that it's it's pointing on somebody's web server, and that
522
00:43:43.500 --> 00:43:49.075
that that new owner of that expensive object is relying on the good graces of a third party to
523
00:43:49.695 --> 00:43:51.875
make that object continue to function.
524
00:43:52.494 --> 00:43:54.355
I think that's completely irresponsible.
525
00:43:55.295 --> 00:43:57.935
And, like, a perfect example is we saw some people did,
526
00:43:58.800 --> 00:44:04.020
did NFT series that FTX was hosting on their servers. So when those servers got taken down in the bankruptcy,
527
00:44:05.120 --> 00:44:08.484
they literally just their image wasn't there anymore. Yeah. Exactly,
528
00:44:09.425 --> 00:44:09.925
and
529
00:44:11.665 --> 00:44:13.365
some of them also point to IPFS
530
00:44:14.704 --> 00:44:15.525
so IPFS
531
00:44:16.070 --> 00:44:18.330
is, not a well designed system.
532
00:44:18.630 --> 00:44:28.675
It's basically a very poor version of BitTorrent. Yeah. I don't understand the incentives of it at all. There are no incentives. It it has the incentives of BitTorrent. Okay. You could you could you should think of it as, a NIH
533
00:44:29.215 --> 00:44:30.435
not invented here,
534
00:44:30.735 --> 00:44:33.795
BitTorrent with technical decisions that make it worse.
535
00:44:34.170 --> 00:44:34.670
So,
536
00:44:35.770 --> 00:44:37.630
some some NFTs point to IPFS.
537
00:44:38.330 --> 00:44:46.095
That is not good either because essentially when the last anybody can seed it which makes it a little bit better than Hosting on ftx.com.
538
00:44:46.715 --> 00:44:49.055
Yeah but when the last seeder goes away
539
00:44:49.920 --> 00:44:53.859
that content is gone. And similarly, I think if you sell somebody something
540
00:44:54.240 --> 00:44:56.900
that the content is on BitTorrent hosted by other people,
541
00:44:57.694 --> 00:45:03.075
you don't you need to tell them how to do it. You need to explain this to them. You need to explain the trade offs.
542
00:45:03.694 --> 00:45:07.610
You need to you need to give them tools realistically because users are nontechnical
543
00:45:08.070 --> 00:45:08.890
to automatically
544
00:45:09.430 --> 00:45:20.735
post the young content. It can't be like, oh, yeah, go to this guide and do some crazy shit that nobody's ever gonna do. You you can't even do that. You have to make it so that it's, like, one click, you know, or or, like, they can easily
545
00:45:21.195 --> 00:45:28.940
pay somebody. So at least they understand what the economic incentives are. So I I think that's irresponsible. That's, like, one tier above just somebody's web server.
546
00:45:30.120 --> 00:45:32.615
One tier that's actually probably below both of them is,
547
00:45:33.575 --> 00:45:35.595
like, these decentralized storage platforms.
548
00:45:36.455 --> 00:45:42.155
Like, I don't even wanna name names, like, you know well, I'll just call them out, like Filecoin and Arweave. So those are those are basically
549
00:45:42.660 --> 00:45:45.480
algorithmic stablecoins that are pegged to the price of storage.
550
00:45:46.180 --> 00:45:48.520
Right? And when the price of the token
551
00:45:49.059 --> 00:45:51.480
goes goes below the price of the storage,
552
00:45:51.964 --> 00:45:52.865
the system catastrophically
553
00:45:53.244 --> 00:46:00.340
fails because nobody's willing to host content anymore because they're just getting Right. Yep. So those are probably worse than the other 2 even.
554
00:46:00.800 --> 00:46:04.340
And there are some Ethereum NFTs that do have content
555
00:46:04.640 --> 00:46:05.700
that is on chain.
556
00:46:06.160 --> 00:46:10.085
There are some, and I I like those communities a lot. But even
557
00:46:11.105 --> 00:46:13.045
then, an ERC 721
558
00:46:13.345 --> 00:46:20.760
contract is a big blob of code, and to understand and that token URI, it's not like it's hard coded and it can't change.
559
00:46:21.140 --> 00:46:22.680
It's just some code
560
00:46:23.220 --> 00:46:23.720
that,
561
00:46:25.940 --> 00:46:27.480
returns that token URI.
562
00:46:28.100 --> 00:46:28.600
And
563
00:46:29.605 --> 00:46:30.424
if there
564
00:46:30.885 --> 00:46:34.105
this is this is like the the sort of meta problem with ERC 721.
565
00:46:35.204 --> 00:46:36.265
It's an interface
566
00:46:36.840 --> 00:46:38.060
and not an implementation.
567
00:46:39.080 --> 00:46:44.860
So the interface just kinda tells you how it behaves. Right? Okay. But the but the implementation,
568
00:46:45.320 --> 00:46:46.585
what it actually does
569
00:46:47.065 --> 00:46:47.565
is
570
00:46:48.345 --> 00:46:50.845
different on a token by token basis,
571
00:46:51.145 --> 00:46:52.525
so you need to audit
572
00:46:52.984 --> 00:46:54.525
you need to audit your JPEGs.
573
00:46:56.380 --> 00:47:07.065
Don't trust verify. Yeah. If you wanna really understand I mean, even this we're not even talking about all the problems with Ethereum because it inherits all the problems of Ethereum. Right. You you for you to be a informed consumer
574
00:47:08.005 --> 00:47:10.424
of an ERC 721 token,
575
00:47:10.885 --> 00:47:12.105
you need to audit
576
00:47:12.690 --> 00:47:13.510
every single
577
00:47:13.890 --> 00:47:20.710
NFT because they're all different. They could all have backdoor keys. They could all have bugs. Right. Many of them have mutability
578
00:47:21.090 --> 00:47:34.550
built in so that you can just the the developer can just change the image. Right? Right. And this is this is completely separate from, like, the foundation of, you know, if you buy something, like, will Ethereum still be there in 10 years or 15 years or whatever? Exactly. Yeah.
579
00:47:34.930 --> 00:47:39.464
And Ethereum has already made yeah. So anyway, so so there are some on chain Ethereum
580
00:47:39.845 --> 00:47:41.145
there's there are Ethereum NFTs.
581
00:47:41.525 --> 00:47:46.905
There are ERC 720 ones that have on chain content, and they actually have these like, this is one thing I'll say about,
582
00:47:47.350 --> 00:47:49.450
like, NFTs on Ethereum. There are
583
00:47:50.230 --> 00:47:51.930
really cool artists
584
00:47:52.710 --> 00:48:03.085
and collectors who are really into the art that are there. And I think this is gonna be hard for Bitcoiners to hear, like, some Bitcoiners. I mean, like, kinda like left curve maxis. Like,
585
00:48:03.385 --> 00:48:05.085
you need to understand that, like,
586
00:48:05.420 --> 00:48:09.040
when somebody when an when there are lots of people who saw NFTs
587
00:48:09.660 --> 00:48:11.840
and it was marketed to them as
588
00:48:12.380 --> 00:48:14.960
amazing digital art that's forever on the blockchain,
589
00:48:15.325 --> 00:48:25.660
and they saw pictures that they loved and spoke to them for whatever reason, or they were artists who it's very hard to make money as an artist, they were, like, awesome. And these are unsophisticated
590
00:48:25.960 --> 00:48:30.860
people. Right? These are well, not unsophisticated, but they're not technical people. Right? They don't understand
591
00:48:31.400 --> 00:48:31.900
anything
592
00:48:32.704 --> 00:48:35.925
about solidity or whatever, that's just completely in every
593
00:48:36.305 --> 00:48:39.444
universe. So these are good people and a lot of them are creative
594
00:48:39.744 --> 00:48:52.555
and they make amazing stuff. So anyways, but, you know, this these are we're talking problems with the tech. So the problem with the tech is that there's no consumer protection. Right? It's like the Wild West, nobody knows what they're getting,
595
00:48:53.494 --> 00:48:57.035
this is really the my issue. Right? If if somehow
596
00:48:57.500 --> 00:49:00.480
you got everybody in that space to be informed consumers
597
00:49:01.340 --> 00:49:02.560
of what they're buying,
598
00:49:02.940 --> 00:49:07.725
like, whatever, go fucking crazy, like, people like to gamble, right, like, you lose money by gambling,
599
00:49:08.105 --> 00:49:10.845
but I mean, and, you know, this yeah. Moral things, like,
600
00:49:11.385 --> 00:49:13.965
if somebody is an informed roulette player,
601
00:49:14.349 --> 00:49:15.170
that's fine.
602
00:49:15.550 --> 00:49:26.995
Right? If if you're telling people that it's like but if you're, like, Ponzi scheming people and saying it's a guaranteed thing, like, that's another thing. So that there's I could go in I could go into this for days. But
603
00:49:27.695 --> 00:49:30.835
yeah. So Great time. Yeah. Lots of problems with,
604
00:49:31.510 --> 00:49:32.329
Ethereum NFTs,
605
00:49:33.030 --> 00:49:38.490
and so I just started noodling on how to do it on Bitcoin. And so I came up with first, I came up with ordinals,
606
00:49:39.455 --> 00:49:41.055
which is a way of
607
00:49:41.615 --> 00:49:47.715
it is a lens that you view the Bitcoin base layer through that lets you track individual sats.
608
00:49:48.260 --> 00:49:52.040
Normal Bitcoiners unaffected. Just ignore it. Is that an attack on fungibility?
609
00:49:52.340 --> 00:49:52.840
No.
610
00:49:53.780 --> 00:49:55.240
You gotta be more specific.
611
00:49:57.385 --> 00:50:03.540
I mean, I see, like, people, like, buying, like, a set for, like, 10,000,000 sets or something. Does that affect you?
612
00:50:05.460 --> 00:50:08.040
I mean, one set equals 1 set. Right? Yeah.
613
00:50:08.900 --> 00:50:20.125
I mean, at the protocol level, it doesn't change anything. No. Okay. What I'm saying is that people I think I knew the answer to that question, but I have you on here and I Yeah. I mean, so I think that To me, the ordinal stuff is just, like, complete
614
00:50:21.329 --> 00:50:21.829
nonsense.
615
00:50:22.130 --> 00:50:32.655
That's fine. That's that's where I want clear. Bitcoin is to be. Like Okay. Yeah. Like like Like, you first told me about it, like, 9 months ago or something like that. You're like, Matt, don't be mad at me. I'm doing this thing.
616
00:50:33.755 --> 00:50:39.839
I was so scared to tell Matt about ordinals because he's, like, a big privacy guy, and I feel like it's easy
617
00:50:40.700 --> 00:50:47.145
to think that it has a negative effect on privacy. But let me say specifically what you said. Is this an attack on fungibility?
618
00:50:47.765 --> 00:50:51.305
And you said and I said, like, well, what's the specific issue?
619
00:50:52.085 --> 00:51:01.820
1 sat equals 1 sat. No. No. That's not you didn't what's the problem? If if if somebody over there wants to pay 10 sat for their shiny rare Pokemon sat, like, what's what's the problem?
620
00:51:04.045 --> 00:51:04.945
Yeah. I mean,
621
00:51:05.245 --> 00:51:05.745
I,
622
00:51:06.525 --> 00:51:12.970
yeah, I I guess that is their prerogative. I I guess I guess the the concern I have with the scheme is is that,
623
00:51:14.630 --> 00:51:18.410
maybe it goes back to promoters again. So maybe that's not even a fungibility
624
00:51:19.095 --> 00:51:47.210
concern. I totally agree with those concerns about We're, like, seeing, like, influencers and stuff being, like, buy my SAT for 10,000,000 SATs. You know? Well, can When it's the same set. Well, sure. But, I mean, you've gotta say, can somebody make and sell a painting? Is that, like, a legitimate thing to do? Yeah. I think people can make and sell paintings. Yeah. Okay. That that's now we're going to that's if we go into some descriptions, which I want the majority of conversation to be, on Oh, well, there are rare and rare and exotic sats that people might wish to collect that are, like
625
00:51:48.390 --> 00:51:51.565
but I don't think, I mean, it's only through, like, this, like, theology
626
00:51:52.025 --> 00:51:56.025
kind of created. Like, you've, like, kind of, like, created, like, this almost, like, religion level
627
00:51:56.690 --> 00:52:04.950
Well, I would say that it's ordering scheme. Yeah. I'd say that it's or lens. What are you calling it? A lens, Yeah. Yeah. Yeah. Yeah. So, I mean, things are arbitrary.
628
00:52:05.375 --> 00:52:06.915
Isn't Bitcoin pretty arbitrary?
629
00:52:07.934 --> 00:52:12.355
In a lot of ways, yeah. So but a lot of people like it and use it. Right?
630
00:52:13.220 --> 00:52:15.720
Yeah. And that kinda makes it not arbitrary anymore.
631
00:52:17.140 --> 00:52:21.640
Right. So things can be arbitrary So, I mean, so what if what if we had, like,
632
00:52:23.375 --> 00:52:26.755
maybe maybe it's not a useful theoretical or whatever, but
633
00:52:27.695 --> 00:52:30.195
we had a a ordinal like scheme
634
00:52:30.690 --> 00:52:44.085
where instead of so, like, my basic very rude because I tried just to be clear, Freaks, and if you listen to Rabbit Hole recap, you've heard me say it. Like, when Casey first In one ear out, not the other is what I heard. Well, when Casey first told me about it, I was hoping I could just ignore it
635
00:52:44.385 --> 00:52:48.460
and just never talk about it, it, period. Never look into it. Never talk about it.
636
00:52:49.240 --> 00:52:50.300
But here we are.
637
00:52:50.600 --> 00:52:52.140
My mempool is full.
638
00:52:52.520 --> 00:52:55.020
But what's how many stats to get into the next block?
639
00:52:55.485 --> 00:52:58.865
We have mempool dot space up on the screen right now. It looks
640
00:52:59.245 --> 00:53:13.625
like 3. Wow. That's weird. Mempool's full. 3 sets to get into next block. What's going on? Yeah. There's a lot of 1 set providers. Seems seems pretty chill if you ask. For now. I think things are gonna heat up, but but we can get into that conversation separately. But okay.
641
00:53:14.165 --> 00:53:15.365
So the the way my basic,
642
00:53:17.285 --> 00:53:19.704
left side of the curve understanding here is
643
00:53:20.550 --> 00:53:21.050
that,
644
00:53:21.830 --> 00:53:23.450
you know, it's based on, like,
645
00:53:24.070 --> 00:53:37.555
if if it's the first side of a new block or first side of a new difficulty adjustment, like, that's where, like, the quote unquote rarity comes from on the individual ordinal sats. Yeah. If it's so there's But you could have a scheme where it's, like Mhmm.
646
00:53:37.990 --> 00:53:39.690
If it's a KYC UTXO
647
00:53:40.150 --> 00:53:40.650
Uh-huh.
648
00:53:41.109 --> 00:53:42.250
Like, if it's, like,
649
00:53:42.630 --> 00:53:50.635
a, you know, a whitelisted Bitcoin UTXO or whatever. Right? Mhmm. A cut Bitcoin UTXO, then it's more valuable than if it's a,
650
00:53:52.055 --> 00:53:56.780
you know, post coin join UTXO or something like that. And then all of a sudden, you have
651
00:53:58.200 --> 00:53:59.740
that would be an attack on fungibility.
652
00:54:00.120 --> 00:54:02.060
Yeah. But I'm not doing that. Right.
653
00:54:02.875 --> 00:54:08.655
How does CoinJoin mix into this whole thing? Like, all my UTXOs are have collaborative transaction history.
654
00:54:10.390 --> 00:54:11.610
Does that mean I
655
00:54:12.150 --> 00:54:12.650
I,
656
00:54:14.070 --> 00:54:15.530
lost my my
657
00:54:16.230 --> 00:54:20.355
my rare stats from, like, post difficulty adjustments and stuff? I don't think so.
658
00:54:20.815 --> 00:54:24.275
The way that coin joins work is that when you put I mean,
659
00:54:25.055 --> 00:54:31.700
ordinal theory is deep and wide. But when you put SATs into a coin join, when you put UTXOs into a coin join,
660
00:54:32.240 --> 00:54:36.960
first off, like, it doesn't really it doesn't change anything from a privacy perspective. If you're a
661
00:54:37.745 --> 00:54:49.840
so you basically get you put in some sats with particular ordinal numbers on one side, and you get back sats that are the same or different ordinal numbers on the other side just arbitrarily from the inputs. So
662
00:54:50.460 --> 00:54:52.800
you get some random sats that
663
00:54:53.635 --> 00:55:07.370
I'm still trying to figure this out if it's confusing for me to say you get random sats or maybe I should say only you get random ordinals to make it clear that, like, really sats are destroyed in every transaction and new ones are created. And to another because you really have UTXOs
664
00:55:07.670 --> 00:55:11.275
and there's the UTXOs are destroyed and created. Right. But, yeah,
665
00:55:11.575 --> 00:55:21.530
the the terminology is still whatever. But, like You haven't fully written your bible yet? No. Absolutely not. So, like, it's we're still in the early apostles. Could it incentivize,
666
00:55:21.990 --> 00:55:22.490
like
667
00:55:22.790 --> 00:55:28.185
Could it it could, yeah, it could incentivize people to join coin join rounds because they wanna try and get They wanna skim off rare
668
00:55:28.665 --> 00:55:31.325
sats. Yeah. So Well, that's good. We could use some incentivization
669
00:55:31.625 --> 00:55:35.200
on that front. Yeah. And it also incentivizes people to,
670
00:55:35.760 --> 00:55:39.060
on that's probably good if they wanna join CoinJoin rounds.
671
00:55:39.839 --> 00:55:43.940
It incentivizes people to deposit and exchange hot wallets and then withdraw.
672
00:55:45.955 --> 00:55:47.495
That's not a great incentive.
673
00:55:48.115 --> 00:55:55.230
I don't know. Like, yeah, that's not great. I guess they're using the chain in that situation at least. Right? Yeah. At least they know how to get their coins off in exchange.
674
00:55:55.770 --> 00:55:58.190
Right. Because they get random sats out.
675
00:55:58.945 --> 00:55:59.445
So,
676
00:55:59.745 --> 00:56:04.945
yeah, I think it's really understand this sort of more stuff at all. You can get it. It's no big deal. It's just, like,
677
00:56:05.585 --> 00:56:07.605
each each each block creates,
678
00:56:08.410 --> 00:56:10.190
each block mines some number of sats.
679
00:56:11.370 --> 00:56:20.635
Each block, those sats have an ordinal number. Ordinal number is assigned in the order in which they're mined. First block, 0 to 50,000,000,000. I can see Matt Matthew's eyes glazing over
680
00:56:21.015 --> 00:56:24.475
there. 1st block, 0 to 5,000,000,000. 2nd block, 5 to 10,000,000,000.
681
00:56:24.840 --> 00:56:27.900
And this is like, you know, this is a fantasy. This is Pokemon. Okay?
682
00:56:28.360 --> 00:56:28.840
And then,
683
00:56:29.480 --> 00:56:32.300
when those sats go into a transaction,
684
00:56:33.805 --> 00:56:35.505
when they're like in that UTXO,
685
00:56:36.285 --> 00:56:38.305
and when they when they go into a transaction,
686
00:56:38.605 --> 00:56:41.745
they're sort of we pretend that they're in a list
687
00:56:42.119 --> 00:56:44.619
essentially, in each UTXO, in a little stack,
688
00:56:45.000 --> 00:56:49.420
and then they just go over like this from the inputs to the outputs. So the first
689
00:56:50.185 --> 00:56:52.125
SAT in the first input
690
00:56:52.585 --> 00:56:53.085
becomes
691
00:56:53.385 --> 00:56:54.445
the first SAT
692
00:56:55.065 --> 00:56:56.685
first SAT in the first input
693
00:56:57.310 --> 00:56:57.970
is destroyed,
694
00:56:58.590 --> 00:57:01.170
and then its ordinal number is assigned
695
00:57:01.710 --> 00:57:08.805
to the first sat of the first output. Right? It's like that, You know? And they just kinda split. You know the mempool dot space
696
00:57:09.345 --> 00:57:16.420
flow diagrams? Yeah. It's exactly like that, except they put the fee on the top. I take the fee out of the bottom. Okay. I think I think ordinals,
697
00:57:18.640 --> 00:57:33.800
we can I I can at least personally safely ignore? They're just a complete external lens on Bitcoin Sure. That I just don't have to prescribe to. Yep. And I can just continue to do my own thing. Absolutely. Just continue to stay on the stacking sets regardless of their order number. That's
698
00:57:34.100 --> 00:57:43.825
entirely correct. Now inscriptions, I don't think I can ignore. Inscriptions, this idea of of writing arbitrary data, any data you really want into the Bitcoin chain,
699
00:57:44.605 --> 00:57:48.224
and propagating it throughout the network. So let's jump into inscriptions.
700
00:57:49.150 --> 00:57:52.770
Yeah. So it's important to note that any for any shared resource,
701
00:57:53.870 --> 00:57:56.530
multiple people won't will wanna use that shared resource.
702
00:57:57.035 --> 00:58:02.335
So you ride the bus, other people wanna ride the bus, the bus gets full, and you have to wait.
703
00:58:02.715 --> 00:58:03.215
Right.
704
00:58:03.970 --> 00:58:13.109
That's, like, the deal. Because buses don't have a fee market. You can't just, like, pay more and then someone gets kicked off the bus. Well, if, we had some private private market buses,
705
00:58:13.565 --> 00:58:16.785
then, we would have a fee market for buses. It's called capitalism.
706
00:58:17.165 --> 00:58:19.265
Right. So we would have more entrepreneurs,
707
00:58:20.685 --> 00:58:21.825
building more buses,
708
00:58:22.390 --> 00:58:27.210
and people find, like, you know, maybe somebody could have a way that you don't actually need to,
709
00:58:27.830 --> 00:58:34.285
you know, get on the bus or, like, you only need to get on the bus once, and then the bus can take you a bunch of different places,
710
00:58:34.665 --> 00:58:40.925
and then you you then get off the bus when you're done, but you've gone to all these different places, and we could call this the lightning bus,
711
00:58:41.950 --> 00:58:44.690
and different people would find ways to use things more efficiently.
712
00:58:45.150 --> 00:58:49.250
So, yeah, there could easily be a fee the fee market fee markets exist
713
00:58:49.605 --> 00:58:55.385
in regular markets. Right? When when a lot of people want something, price goes up, so common mechanism.
714
00:58:56.325 --> 00:58:59.640
But, yeah, Bitcoin, shared resource. When other people wanna use it,
715
00:59:00.100 --> 00:59:02.840
you gotta pay more. And that's always been the intention
716
00:59:03.300 --> 00:59:17.060
and the plan for Bitcoin. Like, that's how it's always known that it's gonna work. Right? Yeah. Like There'll be full blocks, and then people will pay pay a fee if if they wanna be included or not. That's right. And that fee will change based on market dynamics. Yeah. And,
717
00:59:18.320 --> 00:59:19.859
people are gonna use
718
00:59:20.455 --> 00:59:21.595
Bitcoin the asset
719
00:59:22.055 --> 00:59:23.435
for things that you don't
720
00:59:24.855 --> 00:59:25.355
understand.
721
00:59:26.375 --> 00:59:30.200
Right? Like, they're gonna wanna go buy, a bunch of, like,
722
00:59:31.240 --> 00:59:45.075
I don't know, like, Femboy Fox, you know, like, Femboy Fox posters or something. You know? And, like, you're not into Femboy Foxes, but other people are gonna wanna use Bitcoin for that. So kind of from your point of view, if you think that inscriptions are spam,
723
00:59:45.375 --> 00:59:47.955
I think you kind of also have to argue that these other
724
00:59:48.369 --> 00:59:55.670
uses of Bitcoin that you don't care about or aren't involved with, it's it it would be consistent for you to say that those are spam as well.
725
00:59:57.105 --> 01:00:03.685
Right? That's, like, that's the way that Bitcoin works is people use it for things that you don't know about and you don't care about.
726
01:00:04.385 --> 01:00:05.285
And if you
727
01:00:05.740 --> 01:00:08.480
want them not to do that, well, you can try to push for censorship.
728
01:00:09.020 --> 01:00:12.240
But, yeah, that's kinda that's kinda the deal with Bitcoin. You know?
729
01:00:13.180 --> 01:00:14.240
Okay. So
730
01:00:14.795 --> 01:00:15.295
inscriptions.
731
01:00:15.595 --> 01:00:16.095
Yep.
732
01:00:17.515 --> 01:00:18.415
What are they?
733
01:00:18.795 --> 01:00:19.295
So,
734
01:00:20.955 --> 01:00:24.130
I mean, do you want me to talk about this through the lens of
735
01:00:24.990 --> 01:00:27.410
ordinal theory or in the normal BitCorner?
736
01:00:28.885 --> 01:00:31.305
I mean, I don't I the latter.
737
01:00:32.245 --> 01:00:35.945
Normal Bitcoiner. I think the ordinal theory stuff just confuses everything.
738
01:00:36.580 --> 01:00:49.704
Well, I I At the end of the day, there's people writing arbitrary data on the chain. So when you say everybody, I think it includes some people, but some people wanna use this, and they need to understand how it works. And so metaphors are a very important way of teaching people.
739
01:00:50.165 --> 01:00:51.464
Go. Okay. So,
740
01:00:52.565 --> 01:00:56.359
I'll do normal Bitcoiner. So people make transactions where they make big,
741
01:00:56.740 --> 01:01:05.315
they have transactions with large witnesses. They put a lot of these transactions of very large witnesses. That's the normie, but kind of way of putting it. Right.
742
01:01:05.695 --> 01:01:06.755
It's kinda it.
743
01:01:08.175 --> 01:01:10.515
Right. So let let's just go let's
744
01:01:10.960 --> 01:01:14.019
pull it back for a second. What is the the witness portion?
745
01:01:14.480 --> 01:01:14.980
So
746
01:01:15.599 --> 01:01:16.500
in SegWit,
747
01:01:17.119 --> 01:01:20.099
for a variety of reasons, it was decided that
748
01:01:20.625 --> 01:01:21.605
certain kinds of data
749
01:01:22.465 --> 01:01:24.005
certain kinds of transaction data
750
01:01:24.385 --> 01:01:28.005
in in an individual transaction should be moved outside of the
751
01:01:28.339 --> 01:01:31.000
sort of what had been the main transaction,
752
01:01:31.780 --> 01:01:34.119
and this included things like signatures and scripts.
753
01:01:34.900 --> 01:01:35.400
And
754
01:01:36.205 --> 01:01:39.405
what this this was done for a number of reasons that we can get into, and,
755
01:01:40.845 --> 01:01:42.145
you know, they
756
01:01:42.605 --> 01:01:47.290
did this for a large number of reasons, and they created this extra additional data structure called the witness
757
01:01:48.150 --> 01:01:52.970
that Bitcoin kind of has these 2 Merkle trees. It has the transaction Merkle tree,
758
01:01:53.595 --> 01:01:58.494
And then in a coinbase output, op return, it has a commitment to this other Merkle tree of witnesses
759
01:01:59.275 --> 01:02:03.520
and new new types of Bitcoin addresses,
760
01:02:04.940 --> 01:02:06.560
like Taproot and SegWit,
761
01:02:08.060 --> 01:02:11.600
they put all their signatures and all their scripts and all this stuff
762
01:02:12.045 --> 01:02:12.545
in
763
01:02:13.085 --> 01:02:13.825
this witness.
764
01:02:14.204 --> 01:02:15.744
Right. So, basically, we had
765
01:02:16.285 --> 01:02:17.984
a block size of 1 meg,
766
01:02:18.285 --> 01:02:20.305
and then we added this witness portion
767
01:02:21.070 --> 01:02:21.570
that
768
01:02:21.950 --> 01:02:25.890
essentially allowed us to increase the block size to 4 megs,
769
01:02:27.070 --> 01:02:31.255
more or less. Well, the way I think I mean, it's no. It's like,
770
01:02:31.795 --> 01:02:32.295
you
771
01:02:33.795 --> 01:02:37.740
you are allowed to in a block, you can have up to 4000000
772
01:02:39.079 --> 01:02:40.539
bytes of witness data,
773
01:02:41.480 --> 01:02:43.180
and then you must subtract
774
01:02:44.145 --> 01:02:45.685
every non witness byte
775
01:02:46.224 --> 01:02:50.005
multiplied by 4 from that budget. So you have a 4000000
776
01:02:50.945 --> 01:02:51.925
byte limit,
777
01:02:52.559 --> 01:02:54.819
and each witness byte counts for 1
778
01:02:55.119 --> 01:03:02.099
when you're ticking down that limit, and then each non witness byte, essentially all the old bytes Yeah. That counts for
779
01:03:02.475 --> 01:03:02.975
4.
780
01:03:03.355 --> 01:03:06.495
So the witness bytes tick that tick that down
781
01:03:06.955 --> 01:03:07.455
slower,
782
01:03:07.755 --> 01:03:19.619
and a non only have a 4 meg block if it's all witness data. Yeah. Yeah. Yeah. And we've we've we've seen a 4 meg block. Right. But but We call them a 4 megger. But in practice in practice, it allowed a soft fork block size increase.
783
01:03:20.845 --> 01:03:23.984
Yes. And and and also it was done for a variety of
784
01:03:24.285 --> 01:03:27.424
other, like, beneficial reasons that fixed transaction malleability,
785
01:03:28.210 --> 01:03:29.750
It encouraged people to use,
786
01:03:31.170 --> 01:03:32.150
clean up their UTXOs,
787
01:03:32.610 --> 01:03:35.190
and at the time, a block size inquiry started. But to me, I
788
01:03:35.490 --> 01:03:40.125
I wanna, like, pack I just wanted to, like, be very clear in here because to me,
789
01:03:41.385 --> 01:03:44.684
to to people that are concerned that we will have
790
01:03:46.720 --> 01:03:53.299
essentially 4 MEG blocks going forward or maybe slightly less depending on, you know, how much nonwitness status in there as well,
791
01:03:54.535 --> 01:04:06.710
And and the implications of the the general implications of why you don't wanna have more data is is is mostly bandwidth constraints. This idea that the more data that's being shared around the network,
792
01:04:07.650 --> 01:04:09.590
makes it more expensive to run a node,
793
01:04:10.130 --> 01:04:13.830
and also centralizes miners to a degree. It gives large miners
794
01:04:15.315 --> 01:04:16.135
an advantage,
795
01:04:17.155 --> 01:04:17.975
and so
796
01:04:18.515 --> 01:04:23.300
because of block propagation. Right? So if they have a large amount of hash, they are able to,
797
01:04:24.080 --> 01:04:33.935
essentially have a head start on the next block and solving the next block. And this is why block size increases in Bitcoin have always been you know, relatively conservative, relatively taboo.
798
01:04:34.795 --> 01:04:36.655
But if that's the concern,
799
01:04:37.755 --> 01:04:40.175
the original sin was Segwit
800
01:04:40.780 --> 01:04:41.920
increasing the size
801
01:04:42.380 --> 01:04:51.275
because the assumption at that point should always be and was for a lot of us was that those blocks would be full going forward and fee market would
802
01:04:51.655 --> 01:04:51.895
develop.
803
01:04:52.535 --> 01:04:54.555
Yeah. We we signed up for for,
804
01:04:55.095 --> 01:05:04.050
Formag blocks when we when we did some. Was the original sin. I would If that if that's the concern use the word sin. But if that's if that's the concern That's right. If the concern is
805
01:05:04.430 --> 01:05:12.335
is increased bandwidth requirements. Yep. Well, there's actually multiple concerns, like IBD, initial block download. Right. There's verifying signatures,
806
01:05:12.795 --> 01:05:16.015
so and that's actually On the compute side. Yeah. On the compute side, CPU.
807
01:05:16.875 --> 01:05:17.375
So
808
01:05:18.220 --> 01:05:20.400
you verifying signature is very expensive,
809
01:05:20.940 --> 01:05:36.540
make up a lot of the time of IBD, even if you have once you have a once you're sort of if you have a very slow connection, first thing you're limited by is just downloading the data. But once you once you get a fat fat connection and you're downloading, like, gigs a second, you're no longer that's no longer your limitation,
810
01:05:37.320 --> 01:05:39.740
and actually way earlier that's no longer your limitation.
811
01:05:40.280 --> 01:05:42.940
Your next limitation is things like signature verification.
812
01:05:43.575 --> 01:05:44.075
Right?
813
01:05:44.455 --> 01:05:46.234
So signature verification is expensive.
814
01:05:47.015 --> 01:05:49.515
People like Peter Welle are doing God's work,
815
01:05:49.895 --> 01:05:50.955
making it faster,
816
01:05:52.300 --> 01:05:54.560
And then there's even more than that. So,
817
01:05:55.500 --> 01:05:59.360
the that's like these are short term. That's like CPU and
818
01:05:59.820 --> 01:06:00.720
and bandwidth.
819
01:06:01.295 --> 01:06:07.315
But then in the long term, bigger blocks mean that the UTXO set size can grow at a larger rate.
820
01:06:08.550 --> 01:06:10.890
Right. Right? If we had if we
821
01:06:11.350 --> 01:06:15.770
had comedy's 4 4 gig size blocks like the BSVers are
822
01:06:16.230 --> 01:06:21.095
are are fucking around with, like, the UTXO set size could grow at an enormous rate until
823
01:06:21.395 --> 01:06:22.935
you had to have a computer
824
01:06:23.315 --> 01:06:23.955
with, like,
825
01:06:24.915 --> 01:06:40.905
sort of, like, 64 gigs of RAM. Right. Right? So there's actually a lot of subtle issues with raising the block sense, not just the sort of minor And there's a natural incentive for people to not have many UTXOs in a, like, a sustained high fee market. That's right. So in a way,
826
01:06:41.445 --> 01:06:45.790
actually, And you saw that, like, when the 2017 spam attacks were happening. Yeah.
827
01:06:46.430 --> 01:06:51.570
Like, there was massive UTXO consolidation because fees were going up and people didn't wanna get stuck with unspendable
828
01:06:52.190 --> 01:06:52.690
outputs.
829
01:06:53.125 --> 01:06:54.265
Yeah. That's right.
830
01:06:55.765 --> 01:07:00.984
So for a lot of reasons, we did this Segwit thing, and now we have this thing called the witness.
831
01:07:01.480 --> 01:07:03.740
Does not allow for arbitrary data storage.
832
01:07:04.280 --> 01:07:19.085
It gets a discount, but I would argue that that discount, you know, that discount in that it it ticks down. Right. I would not it ticks down the the the 4,000,000 byte budget slower than other bytes, but those were done for a wide variety of technical
833
01:07:19.750 --> 01:07:20.970
reasons that benefit,
834
01:07:22.309 --> 01:07:24.410
financially dense Bitcoin transactions,
835
01:07:25.349 --> 01:07:25.849
and
836
01:07:26.975 --> 01:07:28.595
so that was what
837
01:07:28.975 --> 01:07:34.675
opened the door in a way, but let me be clear, ordinals would have worked on Satoshi's day 1 client,
838
01:07:35.320 --> 01:07:44.300
and, inscriptions would also have worked. I could have figured out a way. If I had if I had really started noodling on this and I was as far along in my Bitcoin journey
839
01:07:44.765 --> 01:07:51.025
in 2009 where I I wasn't even aware of it, like, I could have written this on day 1. Like Got it. Day 1. Yeah.
840
01:07:51.484 --> 01:07:51.885
So
841
01:07:52.460 --> 01:07:56.960
yeah. So for normal Bitcoiners and an inscription so an inscription is what But they would have been much smaller?
842
01:07:57.740 --> 01:08:06.535
No. They would have been much larger on day 1 because of the original block limit was, like, actually, like, 4 gigs or something. Right. Yeah. Yeah. So And then Satoshi lowered it. Yeah. It's quietly.
843
01:08:06.835 --> 01:08:08.035
Back when we used to get,
844
01:08:08.595 --> 01:08:17.980
quiet upgrades to Bitcoin that nobody disagreed about. They shipped an update. Yep. Yeah. So yeah. So yeah. Actually, you're lucky I didn't think of it. You're lucky I wasn't on the Cypherpunks mailing list.
845
01:08:18.520 --> 01:08:19.020
So,
846
01:08:20.745 --> 01:08:51.560
although I should really be clear, I'm not a big blocker, and I've been telling everybody I will resist any sort of talk of a block size in increase. I as far as I know, it hasn't been a problem on our Discord, but if there was people on our Discord who wanted to start talking about a block size increase, I'd be like, that's off topic, and I would start silencing I'd start timing out people and banning them. Like, that's that's not something I'm interested in. So you believe in censorship in that level? Yes. Yeah. Yeah. Yeah. I mean, like, you choose who to have on, so you believe on censorship. They could have their own discord or whatever. Like, you censor do you censor people when you don't have them on,
847
01:08:52.215 --> 01:08:53.115
social dispatch?
848
01:08:53.655 --> 01:09:08.020
Yeah. If that sense if that's if that's it's that censorship, then, yeah. It's like, do you wanna let Craig Wright come into your, like, into your living room and take a shit on your couch? Craig can go fuck himself. Yeah. Exactly. So if if not having Craig and if if moderating personal spaces and censorship
849
01:09:08.345 --> 01:09:18.890
is censorship, then yes, I believe in censorship. Okay. Yep. Okay. Let's continue. Yeah. Yeah. So, So you so you could have technically done it pre segwit. Yep. It would have been kinda shittier.
850
01:09:19.590 --> 01:09:20.570
Would have been weird.
851
01:09:21.030 --> 01:09:34.640
I could have done it pre taproot. It would have been weird. Let's say we're 2 months before segwit. We're 2 months let's just go through this. Sure. Yeah. Yeah. Yeah. Yeah. We're 2 months before SegWit. SegWit doesn't exist yet Yep. And you do it at that point. Yeah. It would be less data that you could put in.
852
01:09:35.180 --> 01:09:47.954
No. I think you could figure out ways to put in arbitrary amounts of data. Like, you could you could you could do pay to pay to script hash and do that and put it in the script, and then you could put it in weird multisigs, and you could spread it across multiple inputs.
853
01:09:49.054 --> 01:10:01.815
Then these are things that I kinda wouldn't wanna do. Like, if if it had been really inelegant, I probably wouldn't have done it, or if it had had been sort of, like, more hacky, I would have been like, meh. But yeah. Yeah. I and, actually, I there could have been 1 meg blocks
854
01:10:03.015 --> 01:10:04.635
fat, redolent with inscriptions,
855
01:10:05.574 --> 01:10:07.915
pre pre segued. Yep. Okay. Yep.
856
01:10:09.060 --> 01:10:14.600
Got it. Okay. So then Taproot comes into play. Mhmm. We add Taproot. How does that change things?
857
01:10:15.140 --> 01:10:15.640
So
858
01:10:16.525 --> 01:10:17.425
pre Taproot,
859
01:10:18.125 --> 01:10:19.745
there were a lot of limits
860
01:10:20.125 --> 01:10:20.625
on
861
01:10:23.085 --> 01:10:24.225
on script sizes.
862
01:10:24.830 --> 01:10:26.610
On on there were limits on the witness.
863
01:10:27.470 --> 01:10:29.890
SegWit Witnesses had a bunch of weird limitations
864
01:10:30.830 --> 01:10:37.155
on script size and other things that I don't fully understand. I looked at them in a while ago, but they've since, like, fallen out of my brain, and,
865
01:10:39.390 --> 01:10:48.450
yeah, it had these weird, you know, things, and these things were never there, these, like, these sort of, like, checks, these I think they're all standardness rules, like, not consensus standardness,
866
01:10:48.755 --> 01:10:50.054
not consensus policy.
867
01:10:50.835 --> 01:10:52.855
So they had all these weird checks,
868
01:10:53.474 --> 01:10:53.974
and
869
01:10:55.635 --> 01:10:59.750
they were not there to prevent users from putting arbitrary data in the chain.
870
01:11:00.290 --> 01:11:02.710
They were there for specific technical reasons,
871
01:11:03.410 --> 01:11:09.784
and then when Taproot came along, those specific technical reasons were no longer an issue, and they got lifted.
872
01:11:10.645 --> 01:11:11.145
So
873
01:11:11.685 --> 01:11:14.425
the the devs who were doing this stuff,
874
01:11:15.090 --> 01:11:15.590
people
875
01:11:16.050 --> 01:11:17.030
are asked saying,
876
01:11:17.650 --> 01:11:18.150
like,
877
01:11:19.330 --> 01:11:21.670
oh, we need to review things more carefully.
878
01:11:22.365 --> 01:11:25.825
Like, listen, if you're not paying attention, like, you're not gonna be part of the conversation,
879
01:11:26.365 --> 01:11:28.225
and these devs who were doing it
880
01:11:28.845 --> 01:11:34.770
put limitations in place to avoid things other than arbitrary data storage, and then they lifted them for reasons
881
01:11:35.790 --> 01:11:37.330
those those Unrelated. Unrelated.
882
01:11:37.790 --> 01:11:40.690
So if you're confused about how Bitcoin works, like,
883
01:11:41.065 --> 01:11:56.420
yeah, you need to pay more attention. And if you're very concerned about arbitrary data storage, maybe you should have been paying attention at that time because that wasn't even, like, these limits were lifted in public. You know? This is something I'm learning about as as a as a open source dev
884
01:11:56.935 --> 01:11:58.635
is I work completely in public.
885
01:11:59.015 --> 01:12:02.235
I work on GitHub. Me and Raf, my second,
886
01:12:02.775 --> 01:12:03.595
paid apprentice
887
01:12:04.230 --> 01:12:04.970
work in,
888
01:12:05.510 --> 01:12:08.650
on in GitHub in in Discord. We've literally been pair programming
889
01:12:09.350 --> 01:12:09.850
inscriptions,
890
01:12:10.310 --> 01:12:29.835
like, 4 to 6 hours a day in an empty Discord video chat room that anybody could join, and I've been telling everybody about this shit. And people, like, act like this is blind blindsiding them. Right? Like, I I've been telling every like, you know this. I've been telling wouldn't fucking shut up about it. Yeah. I wouldn't fucking shut up about it for the last, like, 10 months. Yeah. Yeah. Yeah. Yeah.
891
01:12:30.375 --> 01:12:40.190
Absolutely. So, yeah, this, like, blindsided thing. Listen, guys. Like, devs are out here trying to engage you and trying to help you educate yourself, and it's it's it's I mean,
892
01:12:40.650 --> 01:12:46.454
I I think I have a huge responsibility. I think every dev has a huge responsibility to educate users,
893
01:12:46.755 --> 01:12:50.775
but users kinda need to pick up the, like, the last mile of that education
894
01:12:51.395 --> 01:12:55.970
and engage with technical topics. Right? You can lead a horse to water, but you can't make him drink.
895
01:12:56.350 --> 01:12:57.890
So, I mean, you mentioned,
896
01:12:58.750 --> 01:12:59.890
devs and Taproot.
897
01:13:01.105 --> 01:13:05.205
Andrew Polstra, which who is one of the leading minds behind Taproot and,
898
01:13:06.465 --> 01:13:07.765
and our Taproot implementation,
899
01:13:09.210 --> 01:13:14.030
commented on this on, the mailing list, and I just wanna read his post real quick.
900
01:13:16.465 --> 01:13:22.885
Unfortunately, as near as I can tell, there is no sensible way to prevent people from storing arbitrary data and witnesses without incentivizing
901
01:13:23.185 --> 01:13:25.045
even worse behavior and or breaking
902
01:13:25.370 --> 01:13:26.030
legitimate use
903
01:13:26.330 --> 01:13:33.950
cases. If we ban useless data, then it would be easy for would be data stores to instead embed their data inside useful data, such as dummy signatures
904
01:13:34.375 --> 01:13:35.035
or public
905
01:13:35.574 --> 01:13:41.035
keys. Doing so would incur incur a 2 x cost to them. But if 2 x is enough to disincentivize
906
01:13:41.735 --> 01:13:48.120
storage, then there's no need to have this discussion because they will be forced to stop due to fee market competition anyway.
907
01:13:48.580 --> 01:13:57.265
And if not, it means there's little demand for Bitcoin block space. So what's the problem with paying miners to fill it with data that validators don't even need to perform real computation on?
908
01:13:57.885 --> 01:14:09.679
But if we were to ban useful data, for example, saying that a witness can't have more than 20 signatures in it, then we are into the same problem we had pre TAPR, that it is effectively impossible to construct signing policies
909
01:14:10.115 --> 01:14:17.175
in a general and composable way because any software that does so will need to account for multiple independent limits. We will deliberately
910
01:14:18.870 --> 01:14:25.450
we deliberately replace such limits with, you need to pay 50 weight for each signature to make this sort of analysis tractable.
911
01:14:26.045 --> 01:14:46.395
There's a reasonable argument that this sort of data is toxic to the network since even though the market is willing to bear the price of scarce block space, if people were storing NFTs and other crap on the chain, then the Bitcoin fee market would become entangled with the random pump and dump markets undermining legitimate use cases and potentially preventing new technology like Lightning from gaining a strong foothold.
912
01:14:46.695 --> 01:14:52.790
But from a technical point of view, I don't see any principal way to stop this. Andrew Polster, director of research Blockstream.
913
01:14:56.210 --> 01:14:59.110
This is, Andrew Polster in one concise
914
01:15:00.835 --> 01:15:01.895
mailing list mail,
915
01:15:02.835 --> 01:15:04.615
like, working through and summarizing,
916
01:15:06.115 --> 01:15:11.300
something that took me, like, 12 months to, like, noodle through. So, like, yeah, shout out to Andrew.
917
01:15:11.920 --> 01:15:13.539
Yeah. Seems seems right.
918
01:15:14.960 --> 01:15:17.219
Yeah. That's why I felt like it was important to
919
01:15:17.655 --> 01:15:23.035
to read that. Yeah. I'm I'm, I'm pretty optimistic about the concerns that he
920
01:15:23.975 --> 01:15:24.875
lists about,
921
01:15:26.510 --> 01:15:29.250
you know, sort of the fee market getting messy.
922
01:15:30.670 --> 01:15:37.445
It's a different source of it's a different, I certainly hope that there aren't a lot of pump and dumps, and in fact, we can talk about how
923
01:15:37.985 --> 01:15:41.844
inscriptions are designed to be a bit hostile to pump and dumps
924
01:15:42.190 --> 01:15:51.010
and a bit hostile to some of the kinds of speculation that happens in Ethereum NFTs. Actually, why don't I just say it? So on Ethereum, because of this, like, pointer
925
01:15:51.465 --> 01:15:56.765
convention where you point to off chain data, you can mint a collection of 1 monkey picture
926
01:15:57.625 --> 01:16:04.620
and a collection of of a 1000000000 monkey pictures for the same cost. Right? Right. So with inscriptions,
927
01:16:05.560 --> 01:16:07.900
you actually have to pay for every byte
928
01:16:08.285 --> 01:16:09.425
of every pixel
929
01:16:09.725 --> 01:16:10.705
of every monkey.
930
01:16:11.645 --> 01:16:15.905
Right? Right. Because the data is actually being stored on chain. That's right. Yeah. So,
931
01:16:17.090 --> 01:16:19.829
you kinda have to pay this upfront cost
932
01:16:20.289 --> 01:16:21.269
to make anything.
933
01:16:21.809 --> 01:16:22.309
Right?
934
01:16:23.010 --> 01:16:24.070
And I think that
935
01:16:25.335 --> 01:16:27.995
pump and dumps are a sort of a form of speculation.
936
01:16:28.855 --> 01:16:34.750
They are an attempt to create to easily create a large number of assets, which are,
937
01:16:36.570 --> 01:16:38.110
you know, dubious value
938
01:16:38.490 --> 01:16:40.190
and then try to push that on the market.
939
01:16:40.490 --> 01:16:47.554
And I closely hold the majority of them, but give the appearance that there's liquidity or Yeah. But if somebody wants to go to, like, a quarry
940
01:16:48.094 --> 01:16:49.475
and spend, like, a year,
941
01:16:50.040 --> 01:16:51.020
like, carving
942
01:16:51.320 --> 01:16:54.380
spheres of rock out of the stone at great personal expense
943
01:16:54.760 --> 01:17:00.715
and then try to sell it, like, that's kind of, like, what inscriptions are like. Right. Like, you have to pay for every bite of everything.
944
01:17:01.094 --> 01:17:02.375
And so I'm actually
945
01:17:02.935 --> 01:17:07.540
There's still gonna be pump and dumps, but Yeah. But in general, I'm pretty sanguine about the
946
01:17:08.100 --> 01:17:09.239
you know, how this
947
01:17:09.700 --> 01:17:11.719
how this affects the Bitcoin fee market.
948
01:17:12.420 --> 01:17:28.989
But but, yeah, Andrew's Andrew's right. Like, so I do wanna go into the fee market at some point, but Oh, yeah. We can continue I think we're, like, at the at the basis of inscriptions. Right? So Yep. So for normal Bitcoin users, inscriptions are just these transactions with big witnesses with data that looks like, it's not really that important.
949
01:17:30.165 --> 01:17:30.665
For,
950
01:17:32.325 --> 01:17:34.505
people who wanna And that is all text.
951
01:17:34.805 --> 01:17:40.580
No. It's not text. It's binary. Right. Yep. Because there's binary formats. There's, you know, you can do
952
01:17:40.960 --> 01:17:43.460
any web format you can put in an inscription.
953
01:17:44.239 --> 01:17:48.365
So no. It's all binary, but, essentially, it's it's it's an op false,
954
01:17:48.745 --> 01:17:56.045
op if, lies glazing over, stay with me, Matty. I'm listening. And then a bunch of data pushes. That's it. Okay.
955
01:17:56.345 --> 01:17:59.140
That's it. Got it. It's and I call it an envelope.
956
01:17:59.840 --> 01:18:00.740
And so
957
01:18:01.200 --> 01:18:08.465
because of the op false, op if, and then data pushes, and then op end if, this the contents of the envelope, the script, the the bush push opcodes
958
01:18:08.925 --> 01:18:13.745
don't even get executed by Bitcoin Core. They just get skipped. It's it's actually
959
01:18:14.830 --> 01:18:19.970
I don't know how I could have designed it in a in a lower impact way.
960
01:18:21.230 --> 01:18:24.370
Like, I literally think I mean, unless somebody has an idea,
961
01:18:24.735 --> 01:18:27.635
like, this was designed so that Bitcoin core nodes
962
01:18:28.175 --> 01:18:32.835
just ignore them, and there's actually an argument that this will make it
963
01:18:33.510 --> 01:18:34.010
cheaper,
964
01:18:34.949 --> 01:18:39.290
not more expensive to make this run a full node to run a full node for complicated reasons.
965
01:18:39.670 --> 01:18:44.195
You wanna go into that real quick? Or Sure. First off, like, yeah, maybe you're a SegWit disrespector.
966
01:18:45.215 --> 01:18:47.395
That's cool, man. You know, complicated upgrade.
967
01:18:48.175 --> 01:18:55.040
Why don't you run a node that doesn't have SegWit on it? You don't like those 4 meg blocks? Sweet. Now
968
01:18:55.420 --> 01:18:55.920
because
969
01:18:56.540 --> 01:18:57.040
the,
970
01:18:58.225 --> 01:19:02.005
these witnesses that many users are putting their transactions,
971
01:19:02.784 --> 01:19:05.284
those, tick down that that sort of
972
01:19:06.430 --> 01:19:07.490
that that limit.
973
01:19:08.030 --> 01:19:09.010
You will see
974
01:19:09.630 --> 01:19:10.610
smaller blocks
975
01:19:11.230 --> 01:19:12.770
the more inscriptions there are.
976
01:19:13.364 --> 01:19:13.864
Right.
977
01:19:14.324 --> 01:19:14.824
So,
978
01:19:15.338 --> 01:19:19.144
Luke because you don't even see the witness data. No. So if you're Luke De Sheer
979
01:19:19.605 --> 01:19:36.045
and you feel like users are lying and tricking the code That's a new pronunciation. Continue. That's the correct pronunciation. Okay. Yeah. Everybody thinks it's Luke Dash junior. And then I've heard Luke Dasher. No. It's Luke Deshir. Luke Dash I don't know. Actually, no. Maybe maybe I'm I don't know if it's which one. Yeah. There's, like, a little bit of French to it. Yeah. Yeah. Bonjour.
980
01:19:36.985 --> 01:19:37.485
Bonjour.
981
01:19:37.865 --> 01:19:38.130
Just
982
01:19:39.090 --> 01:19:46.150
But if you're running pre segued note, you don't even see it. Yeah. So Luc Deshir has talked about, a 3 maybe 300 k blocks.
983
01:19:46.675 --> 01:19:47.175
Right?
984
01:19:47.795 --> 01:19:52.935
Some people are into that, talk to some people at Right. At Green Park about that. If you want 300,
985
01:19:53.395 --> 01:20:08.095
kilobyte blocks, maybe you can get that today and just run pre segwit. Right? And if you wanna run you wanna make Bitcoin like bunker coin where you, like, broadcast blocks over, like, a fucking ham radio. Well, yeah. MBK said at 300 kilobyte blocks, we can do AM,
986
01:20:09.115 --> 01:20:21.120
AM broadcasting on AM radio waves. Bro, maybe So you can just, like, connect a radio and then sync your node that way. Wouldn't that be cool if there was if you could run a pre segwit node and run it over AM radio?
987
01:20:22.094 --> 01:20:25.155
Yeah. That'd be awesome. So I think maybe you can do that.
988
01:20:25.695 --> 01:20:30.594
Well, well, I guess we'll find out. Yep. Then I guess the other what's the argue the other argument is that
989
01:20:32.370 --> 01:20:35.350
is what? If you're running a if
990
01:20:36.130 --> 01:20:41.915
do you have an argument for it improves IBD IBD if you're running a post app root node? Yep.
991
01:20:42.375 --> 01:20:43.675
So if you,
992
01:20:44.614 --> 01:20:51.410
IBD, by the way, is when your initial block download. It's like you're you're spinning up a node for the first time. Distinct from from IBS.
993
01:20:52.670 --> 01:20:55.730
So when you're downloading a block, a node block okay. So
994
01:20:56.175 --> 01:21:04.659
a lot of nodes run well, let me say one thing is it gives us a really interesting if you're running an if you're running a pruned node with assume
995
01:21:05.559 --> 01:21:06.059
valid,
996
01:21:06.960 --> 01:21:10.099
and assume a pruned node is a node that that
997
01:21:10.480 --> 01:21:12.900
that verifies transactions but doesn't save them,
998
01:21:13.475 --> 01:21:13.975
and
999
01:21:14.435 --> 01:21:17.335
a node with assume valid is a node that doesn't run
1000
01:21:18.034 --> 01:21:19.094
doesn't check
1001
01:21:19.955 --> 01:21:22.375
transactions that are buried too deep in the chain.
1002
01:21:23.460 --> 01:21:25.240
If you're running that kind of node,
1003
01:21:27.380 --> 01:21:30.040
then this would be a very simple patch to Bitcoin Core.
1004
01:21:30.815 --> 01:21:31.955
PR is always welcome.
1005
01:21:32.655 --> 01:21:37.715
You could not even download these old transactions in the first place,
1006
01:21:38.760 --> 01:21:45.739
or or not not even download the old witnesses, let me say, very specifically. And most of it's in the witness for the descriptions.
1007
01:21:46.199 --> 01:21:47.020
Yeah. So,
1008
01:21:48.145 --> 01:21:49.764
this gives us a very nice
1009
01:21:50.304 --> 01:21:58.820
option for running very nice security trade off for running a Bitcoin node where you run a prune node with assume valid, and assume assume valid is turned on by default.
1010
01:21:59.280 --> 01:22:03.380
Pruning is not turned on by default, but many users do that to save space,
1011
01:22:04.079 --> 01:22:04.579
and
1012
01:22:05.345 --> 01:22:07.525
when when eventually Bitcoin Core
1013
01:22:07.985 --> 01:22:14.930
makes a new release, and assume valid goes the assume valid height goes, like, above this block height with these inscriptions,
1014
01:22:15.390 --> 01:22:20.610
then you've got this very lean stretch of the chain where you don't even have to download these witnesses.
1015
01:22:22.804 --> 01:22:29.465
Because they what they're crowd they're crowding out other transactions, but they're using the witness, so it's They're not crowding out transactions.
1016
01:22:30.710 --> 01:22:33.530
I would say they're crowd crowding out non witness data.
1017
01:22:34.950 --> 01:22:37.450
Okay. Yep. So and then you're only downloading
1018
01:22:38.230 --> 01:22:38.730
the
1019
01:22:39.975 --> 01:22:43.595
transactions and not the witnesses. So we have filter Maxi in the comments.
1020
01:22:44.855 --> 01:22:46.635
He's really mad at you,
1021
01:22:47.095 --> 01:22:49.680
and I think he's mad at me too. He says
1022
01:22:50.220 --> 01:22:53.360
but this comment, I'm curious on your take.
1023
01:22:54.060 --> 01:22:56.320
In that situation, you're not fully validating.
1024
01:22:57.565 --> 01:22:59.185
Like, should that be a concern for?
1025
01:22:59.485 --> 01:22:59.645
Or
1026
01:23:01.485 --> 01:23:03.505
well, I think they need to
1027
01:23:05.080 --> 01:23:05.580
understand
1028
01:23:06.360 --> 01:23:11.740
what assume valid does. It it sounds like and by the way, I love I love I love all the Bitcoiners,
1029
01:23:12.494 --> 01:23:17.315
even the even the haters, even the ordinal disrespectors. Like, it's all love. I wanna keep things really
1030
01:23:17.934 --> 01:23:22.160
avoid making things personal, and and I really appreciate the the people who have done that.
1031
01:23:22.960 --> 01:23:27.140
So be mad at the code, nod nod at me, and definitely nod at at Matthew.
1032
01:23:27.840 --> 01:23:31.895
So, yeah, I think that sounds I think maybe it would be good
1033
01:23:32.595 --> 01:23:35.415
to for people to understand what AssumeValid does
1034
01:23:35.875 --> 01:23:36.375
and
1035
01:23:37.310 --> 01:23:38.450
to decide
1036
01:23:38.990 --> 01:23:41.730
for themselves whether running with assumevalid
1037
01:23:42.030 --> 01:23:46.690
is a full node or not. Right. Right? Like like, there's many different trade offs,
1038
01:23:47.785 --> 01:23:50.205
that you can make when you run Bitcoin.
1039
01:23:50.665 --> 01:23:53.085
You can build from source, you cannot build from source.
1040
01:23:54.450 --> 01:23:56.710
Pruning isn't really a security trade off,
1041
01:23:57.810 --> 01:23:59.350
but assume valid is,
1042
01:23:59.810 --> 01:24:00.310
and
1043
01:24:00.770 --> 01:24:01.990
there are many valid
1044
01:24:02.370 --> 01:24:06.465
security trade offs. Right? Like, if you if you, like, run a full note at home
1045
01:24:07.805 --> 01:24:11.344
and or or not, and you're comfortable with an SPV wallet,
1046
01:24:11.720 --> 01:24:25.804
then that is a security trade off. So pre inscriptions, why don't you go through the argument for why assume valid exists and why it was chosen to begin with? Sure. So the way that assume valid works, and please correct me if I'm wrong, I'm not a Bitcoin core dev.
1047
01:24:26.585 --> 01:24:30.970
Whenever the Bitcoin core developers cut a new release of Bitcoin core,
1048
01:24:31.770 --> 01:24:32.590
there's this
1049
01:24:33.690 --> 01:24:35.470
block hash, I think,
1050
01:24:36.410 --> 01:24:36.910
that
1051
01:24:37.930 --> 01:24:40.110
is hard coded into the code,
1052
01:24:41.165 --> 01:24:41.665
and
1053
01:24:43.885 --> 01:24:47.665
that blockhash is a block that is very deep in the chain,
1054
01:24:48.350 --> 01:24:49.490
and it's a blockhash
1055
01:24:50.030 --> 01:24:50.530
that
1056
01:24:50.910 --> 01:24:52.290
the Bitcoin core devs
1057
01:24:53.310 --> 01:25:02.795
and community members, because everybody can can see can verify this, that they think is a valid block, and and and everything's already been validated in it. And then they every release,
1058
01:25:03.175 --> 01:25:05.594
I think they include this block hash
1059
01:25:06.260 --> 01:25:07.480
in Bitcoin Core,
1060
01:25:08.020 --> 01:25:09.080
and then they,
1061
01:25:10.260 --> 01:25:13.640
I don't think they they don't, like, update every release. Right? It's just
1062
01:25:14.205 --> 01:25:25.080
some releases, they update it. That might be it. I don't know. So Essentially, like, a checkpoint. Yeah. No. No. No. No. No. No. Because there's another thing called a checkpoint which works very differently. Okay. And this is actually way better.
1063
01:25:25.700 --> 01:25:37.195
So And it's meant to speed up IBD, right, so you don't have to validate everything before that point? Well, you validate a lot of things, but so you don't have to do signature checking primarily. Okay. You still validate that
1064
01:25:37.575 --> 01:25:43.949
the work is in the headers, that the transaction puts output match, all that stuff. All you do is you just skip the witnesses.
1065
01:25:44.250 --> 01:25:44.750
Okay.
1066
01:25:45.130 --> 01:25:50.715
So or the or the or the sig or this script or the script SIGs, if they're pre segued. So,
1067
01:25:54.775 --> 01:26:01.730
the reason that this is believed by the Bitcoin core developers and many community members to be a acceptable security trade off
1068
01:26:02.270 --> 01:26:07.170
is that a lot of people just download and run Bitcoin Core without reading the code.
1069
01:26:07.835 --> 01:26:12.815
And they're like, okay. Well and and listen. I I'm gonna get things wrong, so the Bitcoin Core developers should please
1070
01:26:13.275 --> 01:26:14.735
correct me for my misinterpretations
1071
01:26:15.114 --> 01:26:20.620
of the things that they're doing. But they're basically, like, okay. Well, like, if you're, like, if you're, like, running our code,
1072
01:26:21.000 --> 01:26:23.660
you're assuming that our code is right.
1073
01:26:24.344 --> 01:26:25.005
And so
1074
01:26:25.784 --> 01:26:29.244
our code, many people have already run our code on the blockchain
1075
01:26:29.945 --> 01:26:33.485
on Bitcoin and said that, okay, this this block at this height is valid.
1076
01:26:34.170 --> 01:26:42.270
So we're just gonna, in a new release, say, yeah. This is, like, buried. It's kinda been verified. Everybody agrees that the code in Bitcoin Core
1077
01:26:42.685 --> 01:26:44.704
validates this block correctly,
1078
01:26:45.485 --> 01:26:51.905
and so we're just gonna hard code it. And it's not a checkpoint, because if there was another longer chain from Genesis
1079
01:26:52.510 --> 01:26:53.010
somehow
1080
01:26:53.469 --> 01:27:06.485
or another fork that was below this point, Bitcoin Core would actually follow that fork even if it's, like, even if the if the if the assume valid block is not in that fork. Right. It's not a hard coded block. It's a hard coded,
1081
01:27:07.910 --> 01:27:10.330
or it's a pointer that says you don't have to
1082
01:27:11.190 --> 01:27:12.090
Yeah. Validate.
1083
01:27:12.470 --> 01:27:14.650
Yeah. It doesn't it just doesn't influence
1084
01:27:14.950 --> 01:27:20.025
fork choice. Got it. So That's the differentiation there. Yeah. And so I think, like,
1085
01:27:20.885 --> 01:27:32.949
people get really hung up on what is and isn't We could technically have a reorg past that point. Yeah. Yeah. So people get really hung up on what is and isn't a full node, and it becomes almost like a spiritual question.
1086
01:27:33.625 --> 01:27:35.885
Like, what it like, a philosophical question.
1087
01:27:36.344 --> 01:27:41.324
So I wanna stay out of that and say there are many different security trade offs that people already make,
1088
01:27:41.730 --> 01:27:46.710
and you should figure out which security trade offs are acceptable to you, and you should understand them.
1089
01:27:47.170 --> 01:27:47.670
And
1090
01:27:48.130 --> 01:27:49.590
I have completely forgotten
1091
01:27:50.115 --> 01:27:52.215
how this started. Well, we were talking about inscriptions.
1092
01:27:54.835 --> 01:28:06.810
We were talking about arbitrary data. No. It was like it was like full node trade offs, like, do wouldn't this make it harder to run a full node? Oh, yeah. If you're running a pruned node with assume valid, is that a full node?
1093
01:28:07.155 --> 01:28:10.935
Right. And that's, like, just a spear question that only you and god know.
1094
01:28:11.955 --> 01:28:14.135
Like, your definition of what a full node is.
1095
01:28:14.580 --> 01:28:17.960
Right. I mean, I would say that's not a full node. Okay. Yeah.
1096
01:28:21.060 --> 01:28:22.440
Because you don't have everything.
1097
01:28:24.615 --> 01:28:25.995
Do you run assume valid?
1098
01:28:26.615 --> 01:28:27.835
Yeah. I mean, presumably.
1099
01:28:28.375 --> 01:28:32.600
It's it's the default. Right? Yeah. It's the default. So Yes. Do you not run a full node?
1100
01:28:33.080 --> 01:28:39.340
Do you have any full nodes? I mean, I don't prune. I think the pruning is the Wait. What's the point in downloading shit you're never gonna verify?
1101
01:28:40.495 --> 01:28:48.835
Is that I just I have it, and I can basically seed it out to the rest of the network. Correct? That's an archival node. Yeah. So you don't run any full nodes according to the definition you just gave me.
1102
01:28:50.510 --> 01:28:52.530
Well, I I don't know if assume valid.
1103
01:28:52.909 --> 01:28:57.489
I would I I I don't fucking know. That's what I mean about definitions being kinda silly.
1104
01:28:58.525 --> 01:29:05.165
Yeah. I mean, I feel like you gaslit me a little bit there, but No. I'm just, like accept it. I'm just coming with We talked about censorship earlier. I don't
1105
01:29:06.500 --> 01:29:09.880
I might choose who's comes on the show, but once the show gets going,
1106
01:29:10.980 --> 01:29:15.560
there's I it's intentionally a live unedited show. It intentionally has interactive,
1107
01:29:16.295 --> 01:29:21.755
Like, Filter Maxi gets to say everything he wants to say, and then it's live chat, and everyone's gonna see it forever.
1108
01:29:23.480 --> 01:29:26.060
Not not trying to gaslight. I I really think that these
1109
01:29:26.440 --> 01:29:31.260
definitions are tricky, and when people come down really hard on one side or another of a definition,
1110
01:29:31.960 --> 01:29:41.670
it means that there's other things that they might think that are that become inconsistent. Well, it's a dicier topic, I think, because we've spent so many years essentially,
1111
01:29:42.610 --> 01:29:45.510
debating the Ethereum community on what a full node is.
1112
01:29:46.370 --> 01:29:53.015
Nobody runs Ethereum full nodes. Yeah. There's not there's there's, like, one. Then what's a full node? Right? No. No. No. That this this thing, I'm pretty confident
1113
01:29:53.395 --> 01:29:55.335
in the definition. I don't know where the line
1114
01:29:55.715 --> 01:30:02.190
in Bitcoin is for full nodes, but I know that It's way before Ethereum. Ethereum is so far off in the fucking stratosphere.
1115
01:30:02.570 --> 01:30:08.625
Like, in terms of that line, they're another fucking planet. I don't know I don't know if there's an Ethereum full node on Earth. So Inscriptions,
1116
01:30:09.165 --> 01:30:11.264
you can put arbitrary data in the chain.
1117
01:30:14.330 --> 01:30:17.870
The the the main use case so far has been, you know,
1118
01:30:18.330 --> 01:30:20.750
image files. Yeah. But you can do
1119
01:30:21.465 --> 01:30:27.165
3 d models. I added support for STL files. But this is just, like, what does ordinals.com
1120
01:30:28.025 --> 01:30:34.270
display. Right? Well, no. I mean, anybody can put anything in in an envelope, in a ordinal protocol envelope.
1121
01:30:34.730 --> 01:30:40.605
Right. And then use that, reference that for at any time at any purpose. You could just put a
1122
01:30:41.224 --> 01:30:49.790
let's say you wanna build a FGC 9 and Right. 3 d printed gun. 3 d printed gun. Great design. Very innovative design. And you wanna go to a,
1123
01:30:50.750 --> 01:30:59.585
some place, and you can't take anything with you, and they're gonna search you. But maybe you can write down a transaction ID somewhere. So you make a transaction,
1124
01:31:00.340 --> 01:31:03.320
it's got this witness, in the witness, there's this envelope,
1125
01:31:03.860 --> 01:31:07.639
and in the envelope, there is the plans for the FGC 9.
1126
01:31:08.205 --> 01:31:09.265
Go to another country,
1127
01:31:09.885 --> 01:31:13.105
downloading a full node. A lot of people run full nodes. Nothing suspicious
1128
01:31:13.645 --> 01:31:16.065
about that. You get your full node going.
1129
01:31:16.450 --> 01:31:20.790
You have this transaction ID. You have the plans for the FGC 9.
1130
01:31:21.330 --> 01:31:24.469
And let's say you're not a terrorist, let's say, or visiting Myanmar You download
1131
01:31:24.770 --> 01:31:29.525
and then have to decode it. Right? You essentially I say I think decode is the wrong word because
1132
01:31:29.825 --> 01:31:33.445
it's it's like it's not a code. I mean, you do have to decode it. It's not encrypted.
1133
01:31:33.820 --> 01:31:44.545
Right. But it's you have to, like, you have to find it in the transaction, and then you have to concatenate these data pushes. Let's say you're visiting Myanmar on vacation, but they got a lot of rebels, you know, and you wanna help them
1134
01:31:44.925 --> 01:31:53.400
out. So then you go there. Right? And now you have a way that using software, which, like, is is not so is very freely available, Bitcoin,
1135
01:31:53.780 --> 01:31:54.680
to get that
1136
01:31:55.060 --> 01:32:00.165
get those plans. So you can use it for for anything. You can use inscriptions to for anything.
1137
01:32:01.845 --> 01:32:08.825
Right. I mean, can you and presumably, you can it can be encrypted data too. Sure. Yeah. You can have an encrypted blob,
1138
01:32:09.740 --> 01:32:17.375
encrypted with a password. Take, like, a multi state key and then encrypt it, write it to the chain. There's tricky things with that because because because,
1139
01:32:18.335 --> 01:32:23.315
yeah. Yeah. Yeah. Yeah. Yeah. You could. Yeah. You could do any kinda any kind of encryption. Yeah. Put it in there.
1140
01:32:26.230 --> 01:32:28.410
So it could be useful for, like, dead man switches.
1141
01:32:29.510 --> 01:32:31.770
Sure. Yeah. For sure. Dead man switch.
1142
01:32:32.310 --> 01:32:35.805
The you could you could have, you know, somebody knows,
1143
01:32:36.345 --> 01:32:42.445
yeah, 2 multisigs that then they can come together, they can scan the chain for this data.
1144
01:32:43.960 --> 01:32:47.420
Also, I would encourage people who are thinking about doing
1145
01:32:47.960 --> 01:32:49.020
envelope level
1146
01:32:49.320 --> 01:32:50.380
protocol development
1147
01:32:50.935 --> 01:32:53.835
to try to improve inscriptions with these use cases.
1148
01:32:54.375 --> 01:33:00.860
I'm very open to these use cases, and I'm trying to figure out how to make them work. But if you don't want to, the first data push
1149
01:33:01.320 --> 01:33:04.699
in an inscription envelope is the characters,
1150
01:33:05.080 --> 01:33:05.980
o r d,
1151
01:33:06.325 --> 01:33:07.145
and this means
1152
01:33:07.845 --> 01:33:08.425
that it
1153
01:33:08.885 --> 01:33:12.345
it says that, like, this is an inscription, so if you'd like to design
1154
01:33:13.125 --> 01:33:14.105
different protocols
1155
01:33:14.800 --> 01:33:19.060
that require arbitrary data in Bitcoin transactions, you can you can do that
1156
01:33:19.520 --> 01:33:29.935
by just picking your own string, and then you're off to the races. Got it. And I get people are, like, uploading audio files. I saw MP 3, PNG, WebP,
1157
01:33:31.275 --> 01:33:31.775
SVG,
1158
01:33:32.580 --> 01:33:39.320
all all HTML and SVGs with which normally can access arbitrary web resell or web web resources
1159
01:33:40.155 --> 01:33:41.215
are fastidiously
1160
01:33:41.755 --> 01:33:42.255
sandboxed,
1161
01:33:43.115 --> 01:33:47.535
so they can't access anything that's not on chain. So everything you see on ordinals.com,
1162
01:33:48.315 --> 01:33:49.455
that's, like, kind of
1163
01:33:49.930 --> 01:33:50.430
not
1164
01:33:51.210 --> 01:33:52.590
the not the front end,
1165
01:33:52.890 --> 01:33:54.110
but is actual content
1166
01:33:54.650 --> 01:33:56.510
is on chain. Even when you see
1167
01:33:56.810 --> 01:33:57.630
these, like,
1168
01:33:58.235 --> 01:34:02.895
you know, games, somebody put a doom clone in there, so you put snake game,
1169
01:34:04.235 --> 01:34:08.270
all those things are sandboxed, so they're fully on chain. Got it.
1170
01:34:12.010 --> 01:34:13.470
Okay. Where do we go next?
1171
01:34:14.250 --> 01:34:15.870
So so these transactions
1172
01:34:16.330 --> 01:34:19.864
are there's there's seems like there's a lot of momentum.
1173
01:34:21.125 --> 01:34:23.625
Before we get there, let's quickly talk about
1174
01:34:24.780 --> 01:34:26.080
let's talk about this,
1175
01:34:27.100 --> 01:34:29.520
teleburned thing you came up with yesterday,
1176
01:34:30.460 --> 01:34:34.265
2 days ago? Bro, Bitcoin Park is such a bad influence on me.
1177
01:34:35.285 --> 01:34:39.705
Don't put that on us. No. No. No. What I mean is, like, I try to be pretty diplomatic.
1178
01:34:40.770 --> 01:34:41.510
You know?
1179
01:34:41.969 --> 01:34:43.270
You'll see, like, my
1180
01:34:43.810 --> 01:34:54.805
you know, I'll go on NFT podcasts because I wanna reach artists, and I wanna tell them how these things are great. And while I'm there, if somebody asks me about Ethereum, I'll probably say, I'm not really interested in it.
1181
01:34:55.505 --> 01:34:57.925
But, Bitcoin Park has a lot of hardcore
1182
01:34:58.590 --> 01:35:00.610
Bitcoiners. That's true. And,
1183
01:35:01.470 --> 01:35:02.370
a lot of them
1184
01:35:02.910 --> 01:35:04.930
won't name names, but they love inscriptions.
1185
01:35:05.975 --> 01:35:06.295
And,
1186
01:35:06.935 --> 01:35:08.395
so when they're like, hey,
1187
01:35:08.935 --> 01:35:12.795
you know, maybe people would like to burn their monkey JPEGs on Ethereum
1188
01:35:13.250 --> 01:35:15.909
and send them in a on a one way space trip
1189
01:35:16.210 --> 01:35:16.869
to Bitcoin,
1190
01:35:18.769 --> 01:35:23.114
and they have an idea for that. We get that working, you know, basically, like,
1191
01:35:24.375 --> 01:35:27.435
I always wanna keep things positive on a personal level,
1192
01:35:27.929 --> 01:35:31.710
but on a technical level, I'm always willing to choose violence,
1193
01:35:32.170 --> 01:35:34.090
and Bitcoin Park and the,
1194
01:35:34.570 --> 01:35:36.270
hardcore Bitcoiners here,
1195
01:35:37.145 --> 01:35:39.565
make me push me make me choose violence.
1196
01:35:40.345 --> 01:35:52.750
So so let's so so so what what is this? What so right now, people are essentially and I guess you Somebody torched a half milli Bored Ape on Ethereum. So they they probably burn it,
1197
01:35:56.705 --> 01:35:57.825
and then it gets
1198
01:35:59.105 --> 01:36:02.165
and then they they add that data to the Bitcoin chain.
1199
01:36:02.860 --> 01:36:09.679
Well, it kinda works in in a different order. Like, work work us through this. Yeah. So, like, let's say you have, let's say you have a CryptoPunk.
1200
01:36:10.135 --> 01:36:13.435
Okay. So this is an Ethereum NFT. Yeah. Highest value,
1201
01:36:13.975 --> 01:36:15.035
1,000,000 of dollars.
1202
01:36:15.735 --> 01:36:19.115
So let's say you would rather have that CryptoPunk on Bitcoin.
1203
01:36:19.630 --> 01:36:22.050
So what you do is you first create an inscription
1204
01:36:22.830 --> 01:36:27.090
that represents that CryptoPunk. You create that first? Yeah. You create that first.
1205
01:36:27.905 --> 01:36:30.165
And then you maybe use the same the CryptoPunk
1206
01:36:30.545 --> 01:36:37.240
art is on the chain. Yeah. You've you've essentially made a duplicate of the art. Yep. You just copy past the art into an inscription,
1207
01:36:37.700 --> 01:36:41.720
and that's in your Bitcoin wallet. Maybe you have it, on a stats card,
1208
01:36:42.260 --> 01:36:43.855
or you have it on an open dime.
1209
01:36:44.735 --> 01:36:50.755
And then on then you use ord, the ordinals ordinal theory utility,
1210
01:36:51.775 --> 01:36:52.675
and you
1211
01:36:53.190 --> 01:36:54.810
type ord teleburn
1212
01:36:55.270 --> 01:36:57.050
and then that inscription ID.
1213
01:36:57.990 --> 01:36:59.450
And it spits out
1214
01:37:00.045 --> 01:37:01.185
a JSON blob,
1215
01:37:01.805 --> 01:37:04.305
and that JSON blob has a field called Ethereum,
1216
01:37:04.765 --> 01:37:06.625
and it gives you an Ethereum address.
1217
01:37:07.909 --> 01:37:08.969
And that address
1218
01:37:10.789 --> 01:37:11.449
is cryptographically
1219
01:37:11.909 --> 01:37:12.809
you can prove
1220
01:37:13.590 --> 01:37:16.525
that it commits in the cryptographic sense
1221
01:37:17.145 --> 01:37:17.645
to
1222
01:37:18.025 --> 01:37:18.765
a particular
1223
01:37:19.545 --> 01:37:20.045
inscription.
1224
01:37:20.505 --> 01:37:24.685
Right. This copy that you have. Yep. And then you go to ledger,
1225
01:37:25.290 --> 01:37:27.389
I did this yesterday for the first time,
1226
01:37:27.929 --> 01:37:28.989
and you
1227
01:37:29.690 --> 01:37:34.715
select the NFT in the ledger interface that you would prefer to have on Bitcoin,
1228
01:37:35.495 --> 01:37:46.030
and you send it to this If you're storing the NFT on a ledger device. Yeah. Yeah. Or whatever you're doing, MetaMask or whatever. You send it to the address that Org spit out for you. Yep. The Teleburn address.
1229
01:37:46.570 --> 01:37:48.510
And this address, you can prove
1230
01:37:48.985 --> 01:37:50.925
both that there is with
1231
01:37:51.385 --> 01:37:55.085
overwhelmingly likelihood not a corresponding private key,
1232
01:37:55.465 --> 01:38:03.040
which means that it can never be moved because you can never make a signature that is valid for this address, and you can prove that it commits to the
1233
01:38:03.980 --> 01:38:04.480
inscription.
1234
01:38:05.420 --> 01:38:05.920
And
1235
01:38:07.074 --> 01:38:10.295
now this gets into social layer conventions,
1236
01:38:10.995 --> 01:38:16.949
but the way that people are encouraged to interpret this as is that the original owner of the NFT,
1237
01:38:18.050 --> 01:38:21.830
would like to liberate it for Oranger Pastures.
1238
01:38:22.625 --> 01:38:32.870
Right. So they wanna move they wanna move to an actual immutable chain. Mhmm. And they want their data not to be a pointer somewhere. Instead of it be on IPFS Or Arweave or this other shit.
1239
01:38:33.310 --> 01:38:35.090
It's on the Bitcoin chain. Yep.
1240
01:38:35.470 --> 01:38:36.770
And there's this
1241
01:38:37.385 --> 01:38:37.885
crazy,
1242
01:38:38.265 --> 01:38:42.445
almost, like, game theory element to it where, like, these are all collector people.
1243
01:38:43.065 --> 01:38:46.590
And the sooner you do that Who wants the 10th? The more valuable
1244
01:38:47.690 --> 01:38:52.110
your NFT is. So now we have all these shit corners that are essentially rushing to burn
1245
01:38:52.555 --> 01:38:53.695
their shitcoin NFTs
1246
01:38:54.315 --> 01:38:56.015
and then move them over to Bitcoin.
1247
01:38:56.795 --> 01:39:08.650
And it's it seems like over the last 2 days, like, people are making clients for, like, all the change, like, Solana and Tezos and Oh, yeah. I mean, for this, I gotta say, like, this I'm I'm I'm being reckless here. Like, I
1248
01:39:09.005 --> 01:39:11.985
have not I I have not merged this into Ord.
1249
01:39:12.605 --> 01:39:19.090
This is a draft PR, which is my way of saying, like, yo, this code is, like, scrolled on, like, construction paper. So
1250
01:39:20.349 --> 01:39:20.849
I
1251
01:39:21.150 --> 01:39:27.969
am you should not do this unless you fully understand the consequences of what you're doing and and literally that you've reviewed the code at this point.
1252
01:39:28.595 --> 01:39:32.375
Right? So it's that kind of thing. Disclosure. Disclosure. Disclosure. Disclaimer. Disclaimer.
1253
01:39:32.755 --> 01:39:36.135
Disclaimer. Well, part of it is because I'm running a Bitcoin project,
1254
01:39:36.760 --> 01:39:49.655
and I wanna You don't wanna pay attention to the specifics of how Solana people are transferring it over or whatever. Oh, no. I'll figure out how to fucking burn that shit. But, no, what I'm saying is that I wanna hold myself to the Bitcoin standard
1255
01:39:50.195 --> 01:39:53.094
and not to the to the to the shipping standard for development.
1256
01:39:53.890 --> 01:39:54.710
Right? Like,
1257
01:39:55.410 --> 01:40:02.870
when I open a PR, I don't just hit merge, even though I, like, understand this code base better than anyone else on Earth, I wait for another review
1258
01:40:03.285 --> 01:40:05.545
from a from from a team member or community member.
1259
01:40:06.005 --> 01:40:21.860
So Right. I saw you fucked up the date on your most recent release, and then you blamed Rob Hamilton because He acted. He fucking acted that shit, bro. Don't act if you Personal responsibility. It's on both of you. Yeah. Yeah. Yeah. Yeah. Yeah. Yeah. Yeah. Yeah. Well, and on anybody who's not fucking who thinks that I'm that the latest version was released in 2022.
1260
01:40:22.755 --> 01:40:33.340
It but, like, you know, somebody somebody was able to I mean, not call me out, but, like, jokingly be like, yo, Casey, what fucking year is this? I saw that. Okay. So So, yeah. So anyways, but but to be clear, like, I I take my responsibilities
1261
01:40:33.719 --> 01:40:34.380
to both
1262
01:40:34.920 --> 01:40:36.619
to people who use my software
1263
01:40:36.920 --> 01:40:37.420
seriously,
1264
01:40:38.025 --> 01:40:43.565
and I wanna hold myself to that higher standard, and so I kinda consider what I've done here with Teleburn a little reckless,
1265
01:40:44.025 --> 01:40:44.525
but
1266
01:40:45.120 --> 01:40:48.260
somebody had, somebody had an ape on the chopping block,
1267
01:40:48.639 --> 01:40:50.260
and they were ready to pull the trigger,
1268
01:40:50.960 --> 01:40:55.224
and I wanted to make sure that that ape was not destroyed, but was able to
1269
01:40:55.605 --> 01:41:14.165
rocket into the order verse successfully. But not so fast beat that person anyway. No. They got, like, the Milady in first or whatever. No. Fucking I don't I can't believe I'm talking about that. I'm sorry. I think I think not so fast is second. I think the was first. Okay. Yeah. But, anyway, so the shit corners are rushing to put their move their NFTs to Bitcoin.
1270
01:41:14.545 --> 01:41:25.585
Not move. I mean, like, fucking they're ready to torch that shit. D gens are ready to torch 1,000,000,000 of dollars of value That's why the shit on other chains. Hate you right now. Yeah. They can get fucked. Because it's almost like,
1271
01:41:27.164 --> 01:41:31.585
the to go back to that game theory. Like, the people who move first might be incentivized
1272
01:41:32.520 --> 01:41:41.820
because this makes it more rare of a collectible Well, one with air quotes. And then one one thing I'll say for these people who are all rushing is, like, you know, wait, you know, understand what you're doing, and,
1273
01:41:42.825 --> 01:41:45.325
one thing you could do is you could create the inscription
1274
01:41:46.185 --> 01:41:46.685
first,
1275
01:41:47.065 --> 01:41:57.730
and then the inscription would have a very low number. And you can always point to it in the future. Yeah. So maybe what you wanna do is you wanna That doesn't count. You have to rush and burn now. No. Well, I know why you're saying that,
1276
01:41:59.195 --> 01:42:00.015
but you don't.
1277
01:42:00.555 --> 01:42:11.620
I think having the low inscription is good enough, but that's social layer shit. But, no, if you wanna, like, listen, towards that shit, You wanna fucking you got some you got some dumbass wait. Wait. Let me say you got some dumbass shit on another chain,
1278
01:42:12.000 --> 01:42:23.215
fucking teleburn it and send it to inscription 0, which is mine, the only one I've made. And then I can have all this dog shit on other chain. 1st inscription? Yeah. Inscription 0. Yeah.
1279
01:42:23.860 --> 01:42:32.520
Well, no. The I mean but the reason I say I mean, look. I don't I know what goes through collector's minds. I think most Bitcoiners have some kind of collectible
1280
01:42:33.165 --> 01:42:42.545
past issue. Mhmm. I don't, so I need this shit explained to me. So, like, I'm a domain hoarder, obviously. Yeah. Same. My favorite one of mine is black market dot money. It just says Bitcoin.
1281
01:42:42.990 --> 01:42:43.810
That's great.
1282
01:42:44.590 --> 01:42:45.810
I'm a domain hoarder.
1283
01:42:46.670 --> 01:42:55.114
My previous life, you know, I really like sports collectibles, like signature, you know, autographs and Bro, this is all for you. This is also you could teach that out. Me.
1284
01:42:56.935 --> 01:42:57.494
But, I,
1285
01:42:58.375 --> 01:43:00.875
so, anyway, I mean, the reason I say that though is because
1286
01:43:01.600 --> 01:43:18.120
just because you have a low inscription number, like, everyone knows at what, like, Ethereum block you burnt it out as well. So Not necessarily. Ethereum is doing crazy shit where they insist on protocol level amnesia where you're not even gonna know what fucking block heights some fucking transaction on salon. I don't know. No. Solana is even worse. Solana has had,
1287
01:43:18.680 --> 01:43:22.840
like, 2 brain cells to rub together from day 1. People who move quicker will have the rarest shit.
1288
01:43:23.720 --> 01:43:37.065
So just burn all your shit. But, anyway, the that's not the point. The point is Be careful. Where Bitcoin is over here. The point is the point is, shit corners are rushing to or a bunch of shit corners are moving their NFTs over through this burn process,
1289
01:43:37.510 --> 01:43:44.890
And then a bunch are creating new NFTs through Inscriptions. Right? So there's this massive demand that we're seeing kind of happen. Yeah.
1290
01:43:47.675 --> 01:43:56.290
And, you know, the the tooling is still relatively basic and stuff, and you're still seeing Basic is generous. Yeah. You're still seeing this massive this massive demand. Right? Like,
1291
01:43:57.250 --> 01:44:27.574
people have to run their own Somebody told me that we're having the largest influx of new of new people running full nodes, like, in a long time. They're running full nodes. And this is this is intentional on my part. I I'm I haven't made a light client. You wanna do this shit for the foreseeable future, you're gonna need to sync Bitcoin core node with TX index, no pruning. Like, that's what you need. That those are table stakes. Right. So they you have to run a full node and then you have to run ord attached to it, and then ord needs to index. So, like, there's a lot of friction to doing it, but there's still a lot of demand. So Yep. So that goes discord.gg/ordinals
1292
01:44:28.835 --> 01:44:39.755
is the place to get tech tech support. I'm inundated by tech support requests on all sides. I'm also inundated by essentially tech support requests from other Bitcoin developers
1293
01:44:40.055 --> 01:44:44.215
where these new users are using things like, Sparo Wallet. Right.
1294
01:44:44.775 --> 01:44:47.850
So, like, let Craig Raw, like, do his thing,
1295
01:44:49.270 --> 01:44:58.824
and just go I love that they're using Sparrow because Sparrow actually has coins like We recommended it because of that. Yeah. If you wanna if you wanna make a a a if you wanna transfer an inscription
1296
01:45:00.405 --> 01:45:00.905
safely
1297
01:45:01.364 --> 01:45:09.949
with an with with a wallet other than Ord, it needs coin selection. And Sparrow also has very good labeling. Yep. So you could actually label each one of your UTXOs
1298
01:45:10.410 --> 01:45:10.910
manually
1299
01:45:11.355 --> 01:45:29.315
with the inscription I've been trying to make I've been trying to encourage Bitcoin to seize coin control and labeling for years now. Bro. The dot e It's all a sigh up to get the rare Pepe degens to run Bitcoin core nodes and learn about coin selection. So the point I was going to is is so now mempools are incredibly full.
1300
01:45:30.015 --> 01:45:33.155
They call me Casey full blocks, baby. Satoshi Nakadashi.
1301
01:45:33.695 --> 01:45:35.875
Mempools are because I fill them up.
1302
01:45:36.400 --> 01:45:37.060
Let's talk about,
1303
01:45:39.760 --> 01:45:41.780
these let's talk about how,
1304
01:45:43.040 --> 01:45:49.165
like, how that impacts people who are trying to make, quote, unquote regular Bitcoin transactions. I'm just trying to buy,
1305
01:45:50.105 --> 01:46:00.230
you know, a t shirt Yep. With a Bitcoin on chain transaction, and now mempools are completely full. I have to pay a higher fee. Yeah. Well, I mean, what's what fee do you have to pay?
1306
01:46:00.610 --> 01:46:01.910
Right now, I have to pay
1307
01:46:02.705 --> 01:46:11.105
double what I had to pay 2 weeks ago. I have to pay 2 sats per bite to get into the next block. Wow, man. You must be hurting. No. But I think this is a forward looking conversation. I think
1308
01:46:11.750 --> 01:46:24.235
I just but I I wanna focus on the fact that, like, listen, the molecule is rocking at 6 stats per v byte to get into the next block. I have a provocative Keep in mind that this is a forward looking conversation, not a problem now. I have a provocative question because
1309
01:46:24.695 --> 01:46:28.155
I got a lot of pie on my face previously, and I said I was never gonna do this again.
1310
01:46:29.760 --> 01:46:32.180
But, you know, this time is different PM,
1311
01:46:33.280 --> 01:46:36.215
because fucking Casey just Leroy Jenkins the show.
1312
01:46:38.775 --> 01:46:39.435
Leroy Jenkins.
1313
01:46:43.094 --> 01:46:50.489
There's a possibility that mempool is never clear again. It's not a possibility. We've entered a new free fee regime, and it's never gonna change. Okay. So that's
1314
01:46:51.050 --> 01:46:55.310
I mean, we're fully in forward looking, like, speculation, like, no. It's fucking over for the mempool.
1315
01:46:56.725 --> 01:46:59.864
Just that I mean, I wouldn't go that far. Obviously, mempools
1316
01:47:00.804 --> 01:47:14.125
are designed to handle this type of type of situation. Yeah. Yeah. And this is all in Bitcoin's game theory. This is all in Bitcoin's incentives. What I mean is that But the real that that that we the default mempool size is 300 megabytes,
1317
01:47:14.745 --> 01:47:16.445
and there's a very real possibility
1318
01:47:17.065 --> 01:47:21.245
that it will never be empty ever again. Yeah. I mean, right now,
1319
01:47:22.800 --> 01:47:24.980
we're actually not that high over. We're, like, 3325
1320
01:47:25.440 --> 01:47:26.099
or something.
1321
01:47:26.960 --> 01:47:28.980
That's what's crazy is, like,
1322
01:47:30.079 --> 01:47:30.579
the
1323
01:47:32.785 --> 01:47:36.405
the the fee to get into the next block is 2 sets per byte,
1324
01:47:36.785 --> 01:47:43.420
but the purge is 1.8 sets per byte. Any chance under 1.8 sets per byte gets knocked out of most mempools.
1325
01:47:46.595 --> 01:47:48.935
Yeah. I guess we're, like, slightly over.
1326
01:47:50.515 --> 01:47:54.375
We have 15,000 unconfirmed 14,000 unconfirmed transactions.
1327
01:47:56.010 --> 01:47:58.429
It looks like now it looks like mempool.space
1328
01:47:58.810 --> 01:48:02.270
is saying we're under 300 megs for the average mempool,
1329
01:48:03.335 --> 01:48:07.115
But it also says purging, so you might have broken mempool dot space.
1330
01:48:07.815 --> 01:48:08.555
But, anyway,
1331
01:48:09.415 --> 01:48:16.380
the the point I was trying to make is I feel like 2 sats per byte to get into the next block right now is irrelevant because I think,
1332
01:48:18.280 --> 01:48:19.980
you know, right now, you don't have
1333
01:48:21.335 --> 01:48:27.600
you don't have, like, RBF. You don't have child pace or parent Once I add RBF stuff. And people start trying to rescue those, like, one sat per
1334
01:48:28.880 --> 01:48:41.125
per view by So there's a bunch of 1 sat per byte. Yeah. That are just that that, like entities that just haven't confirmed. Yeah. And they all opt into RBF. Then just to be clear, this is all the 1 sat per view by transactions generated by the Org software. They all opt into RBF, and I haven't added,
1335
01:48:41.585 --> 01:48:46.165
fee bumping support. Pretty easy. I think maybe you can even fee bump with I don't know.
1336
01:48:46.625 --> 01:48:51.200
But, yeah, when I do that, there's gonna be a rush of people trying to save money. Efficient
1337
01:48:51.980 --> 01:48:56.080
fee market on the subscription side right now because you don't have those tools.
1338
01:48:58.355 --> 01:49:09.620
Full it's not fully efficient is like an understatement. Right. Okay? But my point is is, like, presumably, this is gonna start the fee the the fees are gonna go up as a result of this. Right? Yeah. And also, I mean, like,
1339
01:49:10.340 --> 01:49:10.840
as
1340
01:49:11.460 --> 01:49:18.574
Bitcoiners who maybe have taken a principal stand against NFTs in the past want to create their own Bitcoin native digital artifacts,
1341
01:49:19.275 --> 01:49:24.975
that maybe they wanna put their pet on the time chain. I consider this to be one of the most based use of inscriptions.
1342
01:49:26.120 --> 01:49:30.620
Maybe Bitcoiners will wanna do this, and more and more people wanna do this, and it won't just be
1343
01:49:31.000 --> 01:49:31.980
NFT degens.
1344
01:49:32.440 --> 01:49:37.805
And I think that this I kind of want to I wanna put out a friendly challenge
1345
01:49:38.185 --> 01:49:38.685
to,
1346
01:49:40.025 --> 01:49:41.165
inscription disrespectors,
1347
01:49:42.265 --> 01:49:42.765
that
1348
01:49:43.250 --> 01:49:44.710
one thing that they can do
1349
01:49:45.170 --> 01:49:47.270
is that they can make Bitcoin better
1350
01:49:47.650 --> 01:49:49.750
for financial use cases,
1351
01:49:50.284 --> 01:49:54.385
Right? For these financially dense use cases, they can build out the lightning network,
1352
01:49:55.005 --> 01:49:56.304
improve lightning network,
1353
01:49:56.925 --> 01:49:58.625
you can start using Bitcoin,
1354
01:49:59.140 --> 01:50:02.760
and as Bitcoin becomes better and more used for these economically
1355
01:50:03.620 --> 01:50:05.800
these these pure financial transactions,
1356
01:50:07.344 --> 01:50:10.005
it will naturally crowd out inscriptions.
1357
01:50:10.705 --> 01:50:13.925
So if you don't like inscriptions, you actually have a free market,
1358
01:50:14.304 --> 01:50:15.364
Mad Max Capitalism
1359
01:50:16.219 --> 01:50:17.440
way of fighting them,
1360
01:50:17.900 --> 01:50:25.679
you can, just make Bitcoin better for the uses that you think it's better for, and you can just ignore inscriptions. Why would I crowd out inscriptions?
1361
01:50:26.284 --> 01:50:26.784
Because,
1362
01:50:27.164 --> 01:50:29.824
an inscription is very large. It's like this big
1363
01:50:30.445 --> 01:50:30.945
waterlogged
1364
01:50:31.644 --> 01:50:42.520
thing, you know, and these pure financial transactions. Like shit in a pool, like, just floats to the top. Yeah. Do you know what the Bristol scale is? No. Okay. It's like a it's a it's like a medical scale of shit.
1365
01:50:43.365 --> 01:50:49.660
So the inscriptions are listen, let's not go there. So the inscription, the financial transactions are very, very dense.
1366
01:50:50.060 --> 01:50:52.640
Right? They're they're very small compared to inscriptions,
1367
01:50:53.500 --> 01:50:57.200
and financially speaking, they're very dense. Now a big inscription,
1368
01:50:58.125 --> 01:51:04.065
how sort of financially dense it is depends on, like, how much the person who wants to make it is willing to pay, but,
1369
01:51:06.219 --> 01:51:07.599
it it's very large.
1370
01:51:07.900 --> 01:51:08.639
And so
1371
01:51:09.020 --> 01:51:17.265
let's say you wanna get into the next block and you wanna pay 2 sats for vbyte or whatever it is. If you're doing a financial transaction, yeah, you have to pay 2 sets per vbyte,
1372
01:51:17.725 --> 01:51:19.585
but your transaction is very small
1373
01:51:20.125 --> 01:51:38.725
and so the absolute size of the fee is relatively small. So you have a 200 byte transaction or, like, a, let's say, a 1,000 byte transaction. Right. That's gonna cost you let's say it's all it's no witness You're literally paying on how much data you're storing. Yeah. Yeah. Let's say you have a you have a pure financial Bitcoin transaction that's a hun that's a 1,000 bytes.
1374
01:51:39.665 --> 01:51:40.565
To outbid
1375
01:51:41.105 --> 01:51:43.410
in fee rate terms a 400
1376
01:51:43.950 --> 01:51:44.450
kilobyte,
1377
01:51:45.150 --> 01:51:45.650
inscription,
1378
01:51:46.270 --> 01:51:53.415
you have to pay a higher fee rate, but your your bid your your the absolute size of your bid is still very small
1379
01:51:53.875 --> 01:51:55.494
relative to the massive amount
1380
01:51:55.955 --> 01:51:59.655
that the inscription the inscriber has to make to outbid you.
1381
01:52:01.780 --> 01:52:03.640
But at the end of the day, you're paying
1382
01:52:04.180 --> 01:52:06.420
the same fee rate for the number of bytes that you're
1383
01:52:07.215 --> 01:52:09.715
You are, but you have a smaller number of bytes.
1384
01:52:10.975 --> 01:52:16.980
Right. And so you're paying much less in absolute terms. Yeah. You have to pay 2 sats per b byte, but you're
1385
01:52:17.280 --> 01:52:21.540
paying a 1,000 sats or 2,000 sats instead of, you know,
1386
01:52:22.080 --> 01:52:22.520
400,000
1387
01:52:23.040 --> 01:52:41.630
start to get kinda ridiculous as if the feed market when the feed market continues. I fucking love Shinobi. Shinobi's been like Shinobi's been like, you guys are so fucking stupid. This shit is gonna get priced out so fucking quick, And I don't know if it's gonna get priced out. When we hit, like, 20 sats per byte. Yeah. 20 sats per v byte. I mean, it's gonna have to get pretty high to stop the inscribers.
1388
01:52:42.505 --> 01:52:52.830
We're going we're going there. But listen, like, people are gonna start people wanna do who wanna do pure financial transactions are gonna have to start bidding closer to what it's actually worth it to them.
1389
01:52:53.930 --> 01:52:54.430
Right.
1390
01:52:57.530 --> 01:52:58.030
Right.
1391
01:53:00.494 --> 01:53:01.395
Yeah. I mean,
1392
01:53:04.094 --> 01:53:05.155
I just wonder
1393
01:53:06.940 --> 01:53:08.240
if people will be
1394
01:53:11.340 --> 01:53:14.480
it's just crazy that Freedom Money is competing against fucking
1395
01:53:15.020 --> 01:53:16.080
NFT degens.
1396
01:53:16.595 --> 01:53:18.855
Freedom Money is competing against Freedom Information.
1397
01:53:20.595 --> 01:53:22.775
But that's the thing. So, like, you mentioned, like, the
1398
01:53:23.610 --> 01:53:33.554
ghost gun files or, like, I mentioned, like, an encrypted payload for, like, a dead man switch or stuff. Like, these are the type of things that I could imagine people paying very high fees like, willing to pay very high fees for. Right.
1399
01:53:35.235 --> 01:53:43.220
And I guess people are just gonna ultimately make a decision on on what they think is worth it and what they don't think is worth it. The market decides. So we
1400
01:53:43.520 --> 01:53:44.020
have,
1401
01:53:44.560 --> 01:53:59.715
ride or die freak, Filter Maxi here. How come you never call me a ride or die freak? Well, you know, may you gotta join the live chat. Fuck. Okay. I'll do it. The I re I reward the people who who come in and and contribute to the live shows. Fuck. Call them out.
1402
01:54:00.100 --> 01:54:13.015
Well, the best was once I we have ride or die free, Carlos, and then he said he liked the morning rips, and I don't like the morning rips so that I formally ride or die free, and now he's back to ride or die. But, anyway, Filter Maxi is asking you can tell by his name.
1403
01:54:13.635 --> 01:54:17.255
He said, or you can filter them out with your note. How do you feel about this
1404
01:54:17.790 --> 01:54:19.150
concept of people running
1405
01:54:19.710 --> 01:54:21.410
I guess, Luke Dachier
1406
01:54:21.950 --> 01:54:24.690
came up with this filter idea. Right? Sort of.
1407
01:54:27.015 --> 01:54:28.355
So Luc Desheer
1408
01:54:28.735 --> 01:54:29.795
doesn't like inscriptions.
1409
01:54:30.495 --> 01:54:31.395
Luc Desheer.
1410
01:54:33.590 --> 01:54:38.730
He doesn't like inscriptions and so he was, like, well, you know, somebody should write a filter,
1411
01:54:39.429 --> 01:54:44.525
and somebody helpfully responded to his tweet with some information about how to
1412
01:54:45.145 --> 01:54:46.205
filter those transactions.
1413
01:54:46.505 --> 01:54:56.210
Basically, the tweet the response was, hey. You know you know, op false, op if, like, o r d, you know, and then you can just block them all.
1414
01:54:56.750 --> 01:54:59.170
This helpful person, his name was Casey Rodemore.
1415
01:55:00.315 --> 01:55:02.975
I told Luke DeShir how to write this patch
1416
01:55:03.595 --> 01:55:05.535
to filter them from his mempool.
1417
01:55:06.555 --> 01:55:08.735
So I really encourage any node
1418
01:55:19.805 --> 01:55:20.465
inscription signature,
1419
01:55:21.005 --> 01:55:32.679
so you might actually be blindsiding yourself if you so that is trying to commit a double spend will intentionally hide it. Yeah. By including an inscription and you know you're running this patch, so I don't actually I think it's, again,
1420
01:55:33.035 --> 01:55:33.855
personal responsibility,
1421
01:55:34.395 --> 01:55:35.215
gotta understand
1422
01:55:35.675 --> 01:55:38.975
what you're run, but, yeah, I encourage everybody who,
1423
01:55:40.210 --> 01:55:41.830
you know, doesn't like these things,
1424
01:55:42.290 --> 01:55:44.949
to filter them out of your mempool if you understand the consequences,
1425
01:55:45.730 --> 01:55:52.925
and I encourage everybody who would like to see the JPEGs flow freely over the network. They can, just run unmodified Bitcoin Core,
1426
01:55:53.225 --> 01:55:55.325
and I kinda suspect that there are so many,
1427
01:55:56.360 --> 01:56:02.300
inscribing degens out there that we already form a fully connected subgraph that's that's peering with minors,
1428
01:56:02.760 --> 01:56:14.915
and that any attempt at relay level censorship is is ultimately futile. Have a direct incentive to see all these transactions because they wanna get paid the most money possible. Right? But I don't even think that the miners need to do anything. I think there's so many,
1429
01:56:15.860 --> 01:56:25.715
like, so many degens just running a a default full node that will never run this patch. So many inscribers. Gotta stop calling them degens, they're my people. So many so many inscribers
1430
01:56:26.094 --> 01:56:31.315
who want these things to flow across the network, they're just running this patch and probably randomly
1431
01:56:32.100 --> 01:56:35.880
because there's so many of them, they already form a fully connected
1432
01:56:36.340 --> 01:56:37.640
network within a network.
1433
01:56:38.100 --> 01:56:38.600
And
1434
01:56:39.015 --> 01:56:44.635
some of them are probably randomly connected to miners. Miners probably run nodes with very high peering just by default.
1435
01:56:45.094 --> 01:56:55.370
And so, like, I think the pro the relay level battle is already lost. So you can run this patch, but it's not gonna do anything. I love this because Filter Maxi is essentially a cohost for the show.
1436
01:56:55.985 --> 01:57:06.520
He said it's not about It's about reducing his liability for his node. He just doesn't wanna see it. So that's, I mean, that's the strongest argument for it. Oh, yeah. I don't think there's any liability. I think that's a legal nonissue.
1437
01:57:06.980 --> 01:57:09.640
Oh, is it so we have a separate comment from
1438
01:57:12.715 --> 01:57:13.614
Mark Russat.
1439
01:57:16.395 --> 01:57:17.295
That is basically,
1440
01:57:18.635 --> 01:57:29.415
to sum it up, how likely is a state attack is, and how could it look if CSAM gets onto the time chain after all its totalitarian's favorite justification to attack FreedomTech? For example, they may use it as excuse to only allow license
1441
01:57:29.795 --> 01:57:35.255
cleared, blessed by the state big corporate entities to legally run a full node, forcing ISP ISPs,
1442
01:57:35.960 --> 01:57:43.340
VPNs to do enforcement, effectively trying to see achieve the same outcome as bit block big blocks were meant to achieve. So, basically,
1443
01:57:44.395 --> 01:57:48.015
what are your thoughts on on when, you know, illegal data starts,
1444
01:57:48.955 --> 01:57:50.335
you know, ultimate obviously
1445
01:57:51.114 --> 01:57:51.614
Inevitably.
1446
01:57:52.395 --> 01:58:02.515
Yeah. I mean, we're talking about ghost gun files. Ghost gun files are illegal in a lot of places. If if if some state if some government agent sends you a letter, are you gonna stop running your node?
1447
01:58:04.275 --> 01:58:05.415
I mean, I'm not.
1448
01:58:05.715 --> 01:58:06.215
Okay.
1449
01:58:08.675 --> 01:58:10.115
But so do you think that's
1450
01:58:11.140 --> 01:58:14.040
I mean but, I mean, like, we showed up here to fight the government. Right?
1451
01:58:14.740 --> 01:58:17.160
Like, as Bitcoiners to resist the state.
1452
01:58:18.020 --> 01:58:19.640
Now you sound like a spook.
1453
01:58:20.485 --> 01:58:23.145
No. This is these are my deeply held beliefs.
1454
01:58:24.405 --> 01:58:26.745
I I said I did this because I hate the government.
1455
01:58:27.739 --> 01:58:29.600
Yeah. But I think there's yeah.
1456
01:58:30.219 --> 01:58:32.800
I mean, there's different there's different lines. Right?
1457
01:58:33.739 --> 01:58:36.239
We're taking away their ability to print money,
1458
01:58:37.345 --> 01:58:38.165
collect taxes,
1459
01:58:38.865 --> 01:58:39.845
and issue debt.
1460
01:58:40.305 --> 01:58:54.715
I mean, you can still collect taxes in a in a post Bitcoin world. Gets listen. Lightning is a big mix mix net. Yeah. But, I mean, they collected taxes in a massive cash based economy before, you know, everyone was just doing digital surveillance money. They just gotta
1461
01:58:55.595 --> 01:58:57.295
I think the, in America,
1462
01:58:59.435 --> 01:59:05.630
the tax rates in those cash based economies were much low. But, anyway, I think I think there's a decent argument that it makes
1463
01:59:07.925 --> 01:59:12.025
it definitely paints a bigger target on Bitcoin's back because it's more than just
1464
01:59:12.405 --> 01:59:14.025
financial freedom. It's also
1465
01:59:14.460 --> 01:59:19.120
freedom of speech stuff. And and when you start getting into the freedom of speech stuff, it gets very
1466
01:59:20.780 --> 01:59:23.760
it can get very dicey very quickly. I actually disagree.
1467
01:59:24.155 --> 01:59:26.335
So in America, we have the first amendment,
1468
01:59:26.875 --> 01:59:32.175
which vigorously protects free speech, and there have been many times historically where the state
1469
01:59:32.730 --> 01:59:36.670
or a yeah. The state or a private individual has wanted to limit speech,
1470
01:59:37.290 --> 01:59:37.790
and,
1471
01:59:38.810 --> 01:59:40.830
the state has the courts
1472
01:59:41.585 --> 01:59:42.565
have protected
1473
01:59:42.945 --> 01:59:43.685
free speech,
1474
01:59:44.225 --> 01:59:46.405
so I actually see the intermingling
1475
01:59:47.105 --> 01:59:47.605
of
1476
01:59:48.305 --> 01:59:49.365
free speech issues
1477
01:59:50.110 --> 01:59:50.850
and Bitcoin
1478
01:59:51.630 --> 01:59:52.930
as being a positive.
1479
01:59:53.550 --> 01:59:55.490
Many people have said Bitcoin is speech.
1480
01:59:55.950 --> 01:59:59.775
I personally believe that, but I've always thought that it will not hold up in court
1481
02:00:00.335 --> 02:00:05.074
because I think that judges will look at Bitcoin and say Bitcoin is money. But the argument is code of speech.
1482
02:00:05.534 --> 02:00:08.195
Sure. But, like, you know, this this this is,
1483
02:00:08.940 --> 02:00:19.135
you know, judges sit in courts, and then they make judgments. Right. I mean, you can go, yeah. So so but let me finish my thought. But people have already made
1484
02:00:19.595 --> 02:00:20.895
personal, artistic,
1485
02:00:21.435 --> 02:00:32.590
and political speech using inscriptions. Right. Tank man is good example. Tank man. Someone put I fucking retweeted the Taiwanese flag that I retweeted. Fucking Taiwan number 1. Right. In China, that is that could
1486
02:00:32.985 --> 02:00:36.605
like, be a little cold. In mainland Taiwan Right. Okay?
1487
02:00:36.905 --> 02:00:38.125
They don't like it.
1488
02:00:38.745 --> 02:00:39.245
Okay?
1489
02:00:40.505 --> 02:00:41.005
So,
1490
02:00:41.860 --> 02:00:43.559
yeah, this But most Americans,
1491
02:00:43.940 --> 02:00:45.559
I would think, would say that,
1492
02:00:45.860 --> 02:00:49.960
it's a noble cause to Yes. Taiwan is a beautiful country,
1493
02:00:50.465 --> 02:01:03.219
and it is a sovereign nation, and everybody who thinks otherwise is deeply confused. Powers, like, anti CCP speech, like, anti communist Chinese parties. And that party is a that that that's a deeply the the CCP is a deeply censorious regime.
1494
02:01:04.160 --> 02:01:04.900
So anyways,
1495
02:01:06.320 --> 02:01:08.180
inscriptions that have already been made
1496
02:01:08.755 --> 02:01:11.655
are exactly the kind of speech that's protected under the first amendment,
1497
02:01:12.195 --> 02:01:16.375
and this turns Bitcoin into not only a platform for financial transactions but also
1498
02:01:16.755 --> 02:01:17.895
a publishing platform
1499
02:01:18.280 --> 02:01:20.700
where you can pay money to publish your ideas
1500
02:01:21.240 --> 02:01:22.460
in the public square.
1501
02:01:22.920 --> 02:01:24.780
And this gives a argument,
1502
02:01:25.160 --> 02:01:25.660
a
1503
02:01:26.425 --> 02:01:28.925
sophisticated argument that judges will understand
1504
02:01:29.864 --> 02:01:35.885
that says that Bitcoin is speech and that somebody who wants to access this public square and pay money to speak,
1505
02:01:36.890 --> 02:01:39.070
must be allowed to do so.
1506
02:01:47.065 --> 02:01:48.844
I mean, that's an interesting perspective.
1507
02:01:50.985 --> 02:01:53.680
We've been 2 hours. Do where do you wanna go from here?
1508
02:01:54.400 --> 02:02:09.485
I I think it's up to you. I mean, I wanna talk about you. What do you what do you wanna talk about? What was that, what what was the thing that we we were talking about in the beginning that you said we were gonna go back to? I completely forgot. There's no way I'm gonna remember that. Yeah. It's all a haze. I don't know if anyone in the comments remembers.
1509
02:02:15.630 --> 02:02:16.530
Is there
1510
02:02:18.235 --> 02:02:19.855
I'm curious from your opinion.
1511
02:02:20.155 --> 02:02:26.015
There's a bunch of different big corners that would would prefer if they can, like, press a big red button and that just
1512
02:02:26.630 --> 02:02:27.130
just
1513
02:02:28.150 --> 02:02:29.130
this never happened.
1514
02:02:31.030 --> 02:02:33.370
Obviously, that that button doesn't exist,
1515
02:02:35.335 --> 02:02:38.475
and the key value prop of Bitcoin is extremely hard to change.
1516
02:02:39.335 --> 02:02:46.300
I think descriptions and ordinals are already have a reasonable claim to being decentralized due to the nature of the protocol
1517
02:02:46.679 --> 02:02:54.985
and due to the fact that there's full node runners and the fact that anybody can run the software. So I'm kinda not If you were in that camp and you were trying to stop Yeah. Inscriptions
1518
02:02:55.445 --> 02:02:57.385
Yep. How would you stop Inscriptions?
1519
02:02:57.844 --> 02:03:01.145
So I I kinda gave you, like, yeah, I'd I'd just work on Lightning.
1520
02:03:02.910 --> 02:03:18.285
And then just try and crowd out. Yeah. If Lightning becomes the dominant, like, Visa scale payment network network of the world, maybe even above Visa scale. And then fees just rise to the point where people the majority of people are just not prescribing things. Yeah. You wanna you wanna you wanna you wanna you wanna rip a formager
1521
02:03:18.880 --> 02:03:20.980
or you wanna, open and close,
1522
02:03:22.079 --> 02:03:23.380
you know, a 1000
1523
02:03:23.920 --> 02:03:24.900
Lightning channels
1524
02:03:25.599 --> 02:03:27.355
that collectively can do
1525
02:03:27.815 --> 02:03:30.955
each channel can do a Visa scale of payments, each one.
1526
02:03:31.335 --> 02:03:34.535
You think the person with the fucking formager, even if it's,
1527
02:03:35.520 --> 02:03:36.500
like, a awesome
1528
02:03:37.120 --> 02:03:41.380
fucking HTML generative art, you think they're gonna be able to pay higher fees than you?
1529
02:03:43.185 --> 02:03:46.485
Right. No. That makes sense to me. The fee market crowds it out.
1530
02:03:47.025 --> 02:03:51.765
And and crowd out most of it. Yeah. And then the other thing also, by the way, just, like,
1531
02:03:52.260 --> 02:04:02.305
on the on the topic of illegal content not to bring it back. No. No. For sure. Like, the way Bitcoin works, I mean, it's it's, like, relatively easy to track. So, like, if you're
1532
02:04:02.765 --> 02:04:07.985
Don't probably not, like, the best place to post illegal content. Don't think very carefully about,
1533
02:04:08.360 --> 02:04:08.860
like,
1534
02:04:09.240 --> 02:04:11.900
your personal safety level and security
1535
02:04:12.600 --> 02:04:16.060
before making a possibly trackable on chain transaction
1536
02:04:16.760 --> 02:04:17.740
that can be
1537
02:04:18.745 --> 02:04:28.840
that's gonna be there forever. Right. There's all these different privacy implications when you're Yeah. Yeah. Doing inscriptions. Yep. Yep. So it's not a great place to post illegal content. Yeah.
1538
02:04:31.300 --> 02:04:31.800
Cool.
1539
02:04:32.179 --> 02:04:34.520
I mean, I think this has been a pretty great conversation.
1540
02:04:35.215 --> 02:04:36.195
Thank you for
1541
02:04:37.215 --> 02:04:38.995
spending some time with us here.
1542
02:04:39.775 --> 02:04:42.195
I hope the freaks found it helpful. Yeah.
1543
02:04:42.619 --> 02:04:56.885
It's been 2 hours. We do have yeah. Go on. I need to I need to learn to loosen up on podcasts. You know, I start off, and I'm, like, very nervous, and then I'm, like, like and I'm, like, Well, that's why I also like that dispatch is well, we're trying to do mostly in person, but also that it's no video.
1544
02:04:57.265 --> 02:05:05.400
Yeah. I think that's important. It's harder to loosen up. Yeah. I can just sit over here and, like, vape and drink my Monster and, like, just, like, chill. There you go. Exactly.
1545
02:05:06.820 --> 02:05:07.880
It's vape day.
1546
02:05:08.705 --> 02:05:10.565
Do you think there's anything we should cover?
1547
02:05:10.865 --> 02:05:13.455
I had a I put a question in the chat.
1548
02:05:16.200 --> 02:05:22.700
We have we have Ben Price here in the live audience. Ben Price, legendary beard. Where'd you which chat did you put it in?
1549
02:05:24.225 --> 02:05:25.685
Okay. My question was, like,
1550
02:05:26.785 --> 02:05:29.605
aren't minors, like so I understand the whole pool metaphor.
1551
02:05:30.305 --> 02:05:36.870
Yeah. Uh-huh. As long as Wait. We have to say this question out loud. Like 80% of the block would have theoretically been underwater.
1552
02:05:37.330 --> 02:05:41.830
Like, won't Wait. Wait. Ben, come over here. Come come over here and just say it into the mic.
1553
02:05:43.170 --> 02:05:44.595
This This is what I wrote in the chat.
1554
02:05:46.255 --> 02:05:50.035
Aren't miners potentially still incentivized to leave out economic transactions
1555
02:05:51.090 --> 02:05:54.550
if the block would otherwise be full with monetary transactions.
1556
02:05:55.810 --> 02:05:59.350
So, like, example, the block is, like, 30% full with, like, standard
1557
02:05:59.965 --> 02:06:05.105
high dense normal transactions. Mhmm. And then there's 1 yeah. 3 megabyte inscription
1558
02:06:05.565 --> 02:06:08.705
that would take up, you know, a little more than the remaining space
1559
02:06:09.460 --> 02:06:16.120
as long as, like, there there's still a level there where you would include the inscription and push out some normal transactions.
1560
02:06:16.500 --> 02:06:23.035
Again, this is, I think, this is moot if we would have full blocks with dense transactions, but we don't. Mhmm. But
1561
02:06:23.655 --> 02:06:24.510
wondering if you can
1562
02:06:26.510 --> 02:06:27.809
explain that. That's, yeah, that's actually an awesome, awesome question.
1563
02:06:29.710 --> 02:06:30.210
So
1564
02:06:31.550 --> 02:06:35.195
the idea is that every time a miner makes a block,
1565
02:06:36.135 --> 02:06:38.395
they're kinda packing it like a Tetris game.
1566
02:06:38.934 --> 02:06:43.450
You know? They have all these different transactions, and they're all like Right. They all have the same shape,
1567
02:06:43.990 --> 02:06:44.490
but
1568
02:06:44.870 --> 02:06:46.410
you look at you look at mempool.space,
1569
02:06:47.030 --> 02:06:51.210
you know, and sometimes it's, like, packed very elegantly with all these small transactions.
1570
02:06:52.055 --> 02:06:56.635
And then in recent times, it's been, like, kinda jumbled up. You know?
1571
02:06:57.015 --> 02:06:59.755
And so if you have this one big transaction,
1572
02:07:00.770 --> 02:07:05.830
you might kind of be in this, like, all or nothing situation, like for example, like if you have a
1573
02:07:07.090 --> 02:07:08.469
4 meg inscription,
1574
02:07:09.325 --> 02:07:12.625
and then you've got, like, a bunch of transactions that just barely pay
1575
02:07:14.285 --> 02:07:17.870
less than less than the total fees of that for
1576
02:07:18.650 --> 02:07:20.990
MEGR, and then, like, the mempool is kinda empty.
1577
02:07:21.610 --> 02:07:28.815
So, yeah, it is true that you couldn't be forced to make an all or nothing decision. Some people got really freaked out about this, and they called it a stall attack.
1578
02:07:29.595 --> 02:07:36.190
I think that people are kinda confused, like, because you could just do this by putting anything in a in a witness, and it doesn't need to be an inscription.
1579
02:07:37.130 --> 02:07:40.349
But, yeah, like, there's certain cases, especially when
1580
02:07:41.825 --> 02:07:46.245
the mempool is empty and you're kinda choosing between 1 big,
1581
02:07:48.225 --> 02:07:50.165
not financially dense inscription
1582
02:07:50.880 --> 02:07:53.780
or a bunch of small financially dense transactions.
1583
02:07:54.400 --> 02:07:58.960
And, yeah, there are some cases where, yeah, at that in that case, okay, well, you know, we
1584
02:08:07.890 --> 02:08:08.390
is,
1585
02:08:09.330 --> 02:08:09.990
is higher,
1586
02:08:10.370 --> 02:08:17.745
and so we choose the the 4 mega. State we live in right now, like, in the future with block space is full. Blocks are full.
1587
02:08:18.205 --> 02:08:23.185
It's it's it's gonna it's hard for the listeners when you respond over there. Yeah. Come over here. Come over here.
1588
02:08:23.630 --> 02:08:24.870
You you know, you still want
1589
02:08:25.310 --> 02:08:29.570
But, yeah, it's like, I mean, blocks are full right now, and so inscriptions kinda fixes this. Well,
1590
02:08:31.385 --> 02:08:32.765
thank god for inscriptions.
1591
02:08:36.265 --> 02:08:37.965
You're an exhausting individual.
1592
02:08:38.585 --> 02:08:40.125
Bro, you're coming at me.
1593
02:08:43.300 --> 02:08:47.560
I mean, this is the the new world we live in. Yeah. Welcome, guys. Have fun.
1594
02:08:49.165 --> 02:08:50.205
I just can't believe
1595
02:08:50.925 --> 02:08:56.545
You ever you think that when I was, like, 10 months ago when I was, like, hey, Matt, do you wanna, like, I made rare stats,
1596
02:08:57.030 --> 02:09:00.969
We'd be sitting here. No. I did not. Even, like, a month ago.
1597
02:09:03.909 --> 02:09:04.409
But,
1598
02:09:05.325 --> 02:09:06.225
yeah, we have innocuous
1599
02:09:06.605 --> 02:09:08.545
ride or die ride or die,
1600
02:09:09.005 --> 02:09:19.290
innocuous finch in the audience saying someone take away his monster drink. It's done, man. He's emptied. He keeps trying to, like, get the last couple drops out of it. The last bits of monster juice, man.
1601
02:09:20.295 --> 02:09:23.195
I think this is a great great 2 hour rep
1602
02:09:24.935 --> 02:09:32.720
on something that I needed to know more about, so I like doing it on air so that the freaks can learn more as well. That that's one thing I'm really learning is that,
1603
02:09:33.520 --> 02:09:34.500
so many people
1604
02:09:34.960 --> 02:09:36.900
want to learn about this or are curious,
1605
02:09:37.680 --> 02:09:38.420
and so
1606
02:09:39.035 --> 02:09:54.030
any private conversation is just between me and another person. Doesn't scale well. Doesn't scale. And I'm always down to help my friends. My friends need help doing stuff, like, that's most important. But anytime I can have these conversations in public where a bunch of people can benefit from them, that's,
1607
02:09:54.650 --> 02:10:03.385
really great. But where I was going with this is I'm sure we'll have a follow-up in the future because I do not think inscriptions are gonna disappear anytime soon. Anytime, Matthew.
1608
02:10:04.020 --> 02:10:04.500
And,
1609
02:10:04.820 --> 02:10:11.320
it's interesting that you agree with me that mempools will never clear again because I was been wrestling with whether or not I was gonna say that publicly.
1610
02:10:12.225 --> 02:10:15.605
I guess I said it on nostril yesterday. Listen. Once that per v bite
1611
02:10:16.065 --> 02:10:18.165
listen. You gotta you gotta pony up.
1612
02:10:18.705 --> 02:10:20.200
Yeah. I mean, it's gonna get
1613
02:10:20.600 --> 02:10:22.140
it's gonna get crazy out there.
1614
02:10:23.000 --> 02:10:30.405
Yeah. So we'll do a follow-up conversation at some point when more questions come up and more implications kinda get exposed. There's probably a bunch of different
1615
02:10:30.785 --> 02:10:36.485
things that, like, we can't even really comprehend about what happens next now that this, like, base protocol is out there. Yep.
1616
02:10:38.429 --> 02:10:43.409
And we have the Social layer. Bringing the social layer to Bitcoin. So I assume a bunch of people will be
1617
02:10:44.165 --> 02:10:50.025
rushing to their Super Bowl parties and whatnot. So, before we wrap up, just hit the freaks with some final thoughts.
1618
02:10:51.040 --> 02:10:56.739
Oh, sure. Thank you for joining us. Yeah, man, thank you for having me. It's a real pleasure, it's literally an honor.
1619
02:10:57.600 --> 02:10:58.100
I
1620
02:10:58.715 --> 02:11:01.535
hope that people go out there and learn more.
1621
02:11:03.035 --> 02:11:03.915
There's some great,
1622
02:11:05.355 --> 02:11:08.980
ordinals critics out there. Sometimes I have an alt with 0 followers,
1623
02:11:09.520 --> 02:11:12.739
and I just go hang out on mute in ordinal disrespector
1624
02:11:13.745 --> 02:11:14.485
Twitter spaces.
1625
02:11:15.505 --> 02:11:18.245
God, I forgot. Is it code codologist on Twitter?
1626
02:11:19.105 --> 02:11:24.050
His name's like Brian, I think. I have no idea who that is. Okay. Sorry if I'm butchering your name, man.
1627
02:11:24.449 --> 02:11:25.590
Go listen to him.
1628
02:11:28.505 --> 02:11:30.605
Take personal responsibility. Learn.
1629
02:11:32.665 --> 02:11:40.260
Me, personally, I would love it if you did that by joining our Discord, which, like, I'm now the the mod, the the the admin of a
1630
02:11:40.719 --> 02:11:44.820
15,000 person Discord, so I'm trying to scale that up with basically
1631
02:11:45.435 --> 02:11:46.974
volunteer mods at this point.
1632
02:11:48.715 --> 02:11:49.215
Discord.gg/ordinals
1633
02:11:50.315 --> 02:11:52.974
is where you can do that. I would love it if you contributed
1634
02:11:53.514 --> 02:11:54.014
code
1635
02:11:54.700 --> 02:11:55.200
to
1636
02:11:55.740 --> 02:12:00.640
to ordinals or anywhere else in the Bitcoin ecosystem, like, it's not
1637
02:12:00.940 --> 02:12:04.605
really important, just write some code and learn how to write some code.
1638
02:12:05.225 --> 02:12:07.324
If you don't code, you can write docs.
1639
02:12:08.585 --> 02:12:11.965
If you can write code but can't write your own code, you can review.
1640
02:12:12.920 --> 02:12:13.820
Review burden
1641
02:12:14.199 --> 02:12:15.900
is often a a bottlenecking
1642
02:12:16.920 --> 02:12:18.619
sort of feature of open source projects.
1643
02:12:19.159 --> 02:12:21.260
So if you can get enough to
1644
02:12:21.625 --> 02:12:26.445
the most helpful thing is if somebody if I have something or any open source developer has
1645
02:12:27.465 --> 02:12:36.560
an issue or a code and you find a bug in it and you just say, hey, bro, bug on this line, that's so valuable. That's, like, worth its weight in gold. So there's all these ways to contribute
1646
02:12:37.375 --> 02:12:41.555
Education, docs, doesn't matter if you do it to ord, like, if you wanna go to github.com/casey/ord
1647
02:12:43.855 --> 02:12:45.315
and contribute, that's awesome.
1648
02:12:45.710 --> 02:12:49.889
But if you want to go anywhere else in the Bitcoin ecosystem, Lightning,
1649
02:12:50.829 --> 02:12:51.809
Bitcoin Core,
1650
02:12:52.670 --> 02:12:53.170
wallets,
1651
02:12:54.355 --> 02:12:56.855
libraries, gotta shout out Rust Bitcoin.
1652
02:12:57.795 --> 02:12:59.655
Rust Bitcoin is a is a Bitcoin
1653
02:13:00.275 --> 02:13:01.815
Rust library maintained
1654
02:13:02.210 --> 02:13:08.070
by Andrew Polstra at all, and it's it's without, you know, Ord integrate uses it heavily.
1655
02:13:08.449 --> 02:13:12.725
When we make changes that we need to it, we try to contribute them to,
1656
02:13:13.345 --> 02:13:15.845
upstream. We upstream it. That's the open source term.
1657
02:13:17.505 --> 02:13:18.565
If you don't code,
1658
02:13:19.260 --> 02:13:26.239
learn how to get handy with a terminal. Right? You can be part of these conversations in a much more material way if you are out there,
1659
02:13:26.540 --> 02:13:33.095
like, you know, running the code and you have the ability to run the code and you have the ability you understand what your config files are doing.
1660
02:13:35.050 --> 02:13:35.869
Don't overcomplicate
1661
02:13:36.170 --> 02:13:39.389
things. See, a lot of people overcomplicate things with weird setups.
1662
02:13:39.929 --> 02:13:43.095
You can go to an Apple Store and open the terminal,
1663
02:13:43.795 --> 02:13:57.900
and I don't know if they have the permissions locked down, but install Bitcoin Core in, like, one line and run a Bitcoin Core node on an Apple Store computer and just leave it there. So a lot of the time when people are having trouble getting set up, it's because they're doing some weird non non,
1664
02:13:58.360 --> 02:14:01.739
like, custom thing. They have the node on a different thing, their perm's weird.
1665
02:14:02.735 --> 02:14:05.875
So, like, all this stuff, Bitcoin Core is enormously easy to run,
1666
02:14:06.575 --> 02:14:09.315
because the Bitcoin Core developers have done a lot of work.
1667
02:14:10.015 --> 02:14:11.395
Once you, like,
1668
02:14:11.860 --> 02:14:17.960
if if you have a computer and you have that one file, you can just say Bitcoin d, and then it just goes.
1669
02:14:18.420 --> 02:14:21.240
And that's the first step to, like, all of this.
1670
02:14:21.845 --> 02:14:22.345
So
1671
02:14:23.285 --> 02:14:26.505
do that. That's that's my my closing thought.
1672
02:14:28.460 --> 02:14:32.380
Awesome, Casey. You wanna shill your podcast really quick? Fuck yes. Hell many
1673
02:14:33.099 --> 02:14:34.400
hell money podcast,
1674
02:14:34.860 --> 02:14:37.579
if you want. This is like this is like this,
1675
02:14:38.765 --> 02:14:43.745
Citadel Dispatch is like the serious adult podcast for, like, the fucking hardcore Bitcoiners.
1676
02:14:44.285 --> 02:14:48.100
If you wanna see me and my friend, Aaron, just be ridiculous
1677
02:14:48.800 --> 02:14:51.380
for, like, an hour and talk about Bitcoin inscriptions
1678
02:14:51.680 --> 02:14:54.020
and Bitcoin's natal chart and Bitcoin astrology,
1679
02:14:54.640 --> 02:14:59.065
you can find us at wherever Matthew told me this, wherever you listen to podcasts,
1680
02:14:59.605 --> 02:15:02.585
and you can sign up. Also on YouTube, we do a video.
1681
02:15:03.660 --> 02:15:09.520
Erin is going hard in the paint, trying to bring the hose to Bitcoin. So she's doing God's work, guys.
1682
02:15:10.060 --> 02:15:13.445
Maybe we can get the gender ratio a little better sometime in the future.
1683
02:15:13.985 --> 02:15:19.205
So, yeah, help podcast dot money. Yeah. Absolutely. And latest episode is a fucking banger,
1684
02:15:19.950 --> 02:15:31.325
video episode, ordinals dot guy goes to therapy. It's fucking hilarious. Just laying on the couch and shit. You should watch it. It's good. Yeah. Clutching a Pusheen. I saw it. Yeah. Yo. You watched it? Yeah. Yeah. Got him.
1685
02:15:32.665 --> 02:15:37.225
I knew you were gonna regret not mentioning that. Thanks, man. Thank you. Just a quick,
1686
02:15:38.790 --> 02:15:47.995
huge fuck you to NVK for saying on Nostra that I don't run any full nodes. Bro, your own definition. Sorry, bro. I I think Hoisted on his own petard.
1687
02:15:49.815 --> 02:15:58.540
If assume valid is on, it's still a full node. We're gonna go with that, and everybody's a liar. I agree. Everyone's a scammer. No. No. No. No. No. I run many full nodes.
1688
02:15:59.800 --> 02:16:05.260
Thank you, Casey, for joining us. Huge shout out to the Freaks, for making it through this long week of content.
1689
02:16:05.985 --> 02:16:09.364
Not only all the dispatches, but, obviously, we also had rabbit hole recap.
1690
02:16:10.545 --> 02:16:11.045
And
1691
02:16:11.585 --> 02:16:13.720
the new episode of Freedom Money just dropped,
1692
02:16:14.120 --> 02:16:21.740
this week as well with Roya. She's really inspiring, amazing person, so search Freedom Money in in YouTube to to find that episode.
1693
02:16:23.185 --> 02:16:25.765
That was in partnership with the Bitcoin Magazine team.
1694
02:16:27.665 --> 02:16:31.845
Yeah. It's been a great week. I look forward to talking to all your freaks again soon.
1695
02:16:32.360 --> 02:16:44.455
Like I said, feedback always appreciated. Can I say just one other thing? Yeah. Like, Twitter, the the discourse on Twitter is so dumb. Like, even the Bitcoiners who think that inscriptions are fucking dumb, in person, they're like, it's it's
1696
02:16:45.314 --> 02:16:49.820
it's all love. You know? Like and especially at Bitcoin Park in Nashville,
1697
02:16:50.200 --> 02:16:51.740
rapidly becoming the home,
1698
02:16:52.280 --> 02:16:55.900
the Bitcoin's beating heart. That's all I'll say. Oh, I appreciate that.
1699
02:16:56.426 --> 02:16:57.405
Bitcoin Park
1700
02:16:57.785 --> 02:17:01.165
is is a special place. Yeah. Yeah. Oh, yeah. I I mean, I was here,
1701
02:17:02.665 --> 02:17:12.340
like, 4 months ago or, like Yeah. Like, super early on. Yeah. Yeah. It's awesome. It's rad. Grassroots. You're here for grassroots Bitcoin? Yeah. Yeah. Yeah. Yeah. Yeah. Yeah. It's a good event. That's event only for meetup organizers.
1702
02:17:12.795 --> 02:17:15.135
We have them all coming from around the country.
1703
02:17:18.075 --> 02:17:20.280
And with all that said, I love you, freaks.
1704
02:17:20.681 --> 02:17:24.940
Feedback is appreciated. Your support is appreciated. Sharing with friends and family is appreciated.
1705
02:17:26.040 --> 02:17:29.181
We will talk soon. Stay humble, Stack Sats. Peace.