As a core developer of bitcoin and you know it says straight away that hes so furious with this big coin whats going on there that hes took a new job at a new start up 2nd to last paragraph before they tell you its or 3 i was reading the article thinking like he was joining a new innovative start of something more exciting and then you get are 3 my god thats like the big j. P. Morgan write. About really a little bit about our theories on addiction right before all 3 and now blocked chain and what theyre doing to be innovative they took. They hired him they offered him oversee a very competitive package compared to what he could get. No doubt but thats my guess. And right before he left he puts a bloke out there saying big has failed its over now the real story is transaction volume is going higher than ever there was a Conference Call skating big going and all the miners all the developers called together you were there together i was there and they put together Incredible Solutions with some of the greatest minds and togaf in the world yeah of how theyre going to scale because were now a phase where this is really big but my current wasnt there he didnt attend and he had tried big queen x. He wanted bigger block size because remember we enter 2016 with all the banks entering this space as block chain not big coin and there are some people in the big Clean Community like mike hearn who was a big quinn court developer for 5 years at this point that wanted to compete with visa master card pay pal j. P. Morgan Goldman Sachs they wanted to compete with that and there was a big debate raging about block size. The block size is a security parameter in big quine it constrains some of the throughput of the network but all of this has to do with the consensus rules and so theres a whole bunch at stake when you try to change Something Like that basically there will so group of people that they were thinking they would want to scale bitcoin increasing the block size so that they could we could actually run more transactions per 2nd the problem is that randomly changing the block size without fixing and improving the Underlying Technology actually doesnt scale very well and the main problem is that the story in computer industry is obviously getting cheaper so the size is not such a problem but the problem is the distribution of the blogs where you have joe graphics where. You just dont want to have like blogs because that would cause bake latency some big problems on the network on the one side it was people advocating for a hard fork and that forced upgrade of everybody on the network in order to increase transaction capacity. And transaction capacity matters for method of payment but not so much for storage. So for those people method of payment was important enough that they would be willing to force an upgrade to everybody on the network and of course you cant force an upgrade on every one on the network because its the essential if you could do that then it would by definition be centralized so in a sense it was you know giving up the baby in order to keep the bathwater it was trying to. You know get this new feature but throw away what makes it really interesting which is that its essential as the general seer city that if you want a fast and cheap then you have to centralize the system because centralized system are fast and cheap but. Politically speaking well of the simplest system are very unsafe politically speaking but the usual is low and expensive because theyre decentralized so when people started to realize that there were magically to there was there were a fraction user that wonder started to study understand i mean painfully understand the tradeoffs and understand that not not everything was easy and somebody would just attributed the tradeoffs to some kind of conspiracy like. Our choices in life dont exist because of technical reason but because because somebody some every conspiracy is creating an artificial. Choice to make just in order to to her doesnt for some secret agenda i think the block size war was mostly a. People not trusting in bitcoins consensus and wanting to pursue their own agenda of what they thought bitcoin was it was the mentality of well i know better and if the majority of the people dont believe me than i have to make them or i will show them and to me the block size war was about the control of the underlying protocol by people that thought they knew better. For me it became very interesting because i interacted personally with roger there and jihan and a lot of these other players and i even warned them like you dont want to do this still probably lose a lot of money like if we have war between these block chains well we just saw the bit man laid off over 90 percent of their staff. The economics and the game theory they go behind big colin are really not that difficult to understand but if you want to bang your head against them you can lose a lot of money and so big question is just a brutal in allocating the gains and losses to people based on personal responsibility that individuals take if you dont take personal responsibility and hold your own private keys if you dont take personal responsibility and run your own form note youre going to get rest its just a matter of time and if you think that your indispensable the bitcoin. Youre going to get wrecked too so toshi is a great example he left the project he hasnt come back he. Is letting us determine what happens with this on our own he might even still be among us but hes not appealing to authority in so thats a very important lesson i think that we learned from the block size wars is that even when you think that you matter or even when you have a bunch of people who you think that matter and youre all together youre still fighting a big uphill battle i mean we had 90 percent of the hash rate a bunch of the Venture Capital funded companies deciding to declare war on the users of bitcoin and all of them got wrecked. Like it shows the sheer economic substance of the hardware of last resort 2016 point prices 437. 00 a bit you were a number one of. The monogamous yahoo news. Out of its your number one of the 3 for formerly. Gone it will be still called the sort of just anything cant remember you cannot control big queen its not just one guy can control it not even a handful of guys not even a handful of billionaires can control big point its the entire community its the miners its the know its the users everybody has control of bitcoin and he cant convince them he cant persuade them to increase the block size yes you need to persuade people look back when protocol is a masterpiece you know and you look at the mona lisa in the loop museum and you might be tempted to change the smile because you think you know what i could do better and you go try to change it but you know its a masterpiece as it is theres no changing it it is what it is and no matter how strongly you feel about the aesthetic you are going to be rejected because the genius of the protocol was perfect. In the birth of it and so you can go against it you can rage against the machine and rage against it and quit and not need it in a quit i mean i think my current thought that he was essential in invaluable to the project that if he quit that this would somehow put kobashi on the project and very quickly it was figured out that no you know anyone can quit quit all you want doesnt matter this train this Freight Train of protocol is not going to stop. Live. Leg. Leg. Length. Leg. Play. Live live. Live. Live. Live. Please. Live. Live. And very well might continue watching us inside. China is not a partner of number one for us yet steel. And e. U. Countries are trade partners number one with us and. I cannot share the. Those who are those who say that its the turn of russia he supports no russia i hope will never turn eastwards you know russian egoless is looking to both sides west towards a nice towards. So in 2016 were seeing the block size wars unfold. And porton question to this is what is cash what does cash mean some in the community decide that cash means credit cards that youre competing with master card and visa because it is nowhere near being able to transact the 10s of thousands of transactions per 2nd visa cat then there are those who are had lawyers and they want a store of value they want to hold something that is secure they want the block chain to be as secure as possible some people are willing to sacrifice security for more transactions per 2nd but this is a war in which were finding out who all the players are that big queen has brought to the table people misinterpret the word cache and they think its about big blocks amazon surprising that a bunch of guys sitting around trying to compare block size right its a bit narcissistic and egocentric and my blocks bigger than your block but it turns out that thats the secret sauce thats not what makes it work and when you try to anyway your way into supremacy you get rejected by the consensus algorithm design yeah its unfortunate what has happened to the meaning of the term cash particularly amongst some factions of the bitcoin well no longer in the biz quite well most of the time for the effect of the term cash historically refers to money that is a bear or the money that is nobodys liability if it does not depend on somebody paying off somebody elses debt and there was a check or a. Any kind of bank hold contains with the element of risk of the bank issuing it might default and so therefore thats what distinguishes it from cash so thats why i really what the cash refers to is an instrument that doesnt have counterpart to the money and that is accepted and so historically if you read old austrian economists book the term cash refer to gold and gold and to be interchangeable the 1st problem linguistically happened with the term. Started referring as well to government money. Paper notes backed by gold they became referred to as well as cash and then when these notes stopped being backed by gold the notes themselves kept the kept the name cash even though theyre not actually cash because they are essentially just pieces of paper from from central bank they are contingent in their value upon the central bank maintaining their supply in some limit where as you know gold doesnt have that contingency because even if anybody wants to increase the supply of gold they just cant because its very hard to do it and now. According to many people in the formerly of the between space and the term cash refers to the money that you use for making your small purchases every day and so therefore for them when they hear the term bitcoin electronic cash in the white paper that means you know that means we have to go and use that to buy a coffee with it however if you understand the term cash as spoken in the 19th century when you know words had real meanings and money was gold and things made sense and the world was an order. Back then the term cash referred to the gold which was usually in bank vaults so it was an exam and you know it wasnt being used for the small payments the payments would be done with instruments the backed by physical gold so its not about the small payment its about the fact that its a its a monetary assets that doesnt have any liability attached to it and doesnt require anybody else to perform a function write the white paper or state explicitly that its a peer to peer electronic cash and this i think gave rise to a lot of misinterpretation of the white paper because some thought that cash. Payments and others looked at the history of the cypherpunks on the. History of the protocol and realize that cash meant anonymous value transfer as in gold you could just as easily say the white paper should read peer to peer electronic gold if you insert gold for the word cash in the white paper all questions are answered all disputes are resolved and we can move forward beyond the block size debate cash in the instance of the white paper means gold coin its just like when youre spending with cash on the markets you have the money and youre giving it out to the merchants whereas for example in credit cards just on them heres my critic or number and pull busy the money out of my account so you really just think as vic one as a as a cash transaction over the internet its much more private and also it can be censored theres nobody in the middle of a cash transaction its just you and the person youre transacting with that are involved right if you look at the history cypherpunks you understand what they thought about cash it means lack of counterparty risk in the context of cypherpunks it means a lack of having your money go through a regulator or a government this is the slow that theyve been working to overcome throughout the entire history of cyber punk dumb and so big calling for phils cash as no counterparty risk no 3rd party trying to get into the mix because they want money to be free just like they want speech to be free and because it is text and therefore it is speech and therefore its guaranteed free speech. So my current has raged hes a bit quick or developer big queen is dead once again the block size worries are raging and miners know it operators users theyre all debating whether or not to increase the block size whether or not to accept segregated witness who is right who is wrong and february 26th seen influential members of the big Queen Community met in hong kong to discuss a Development Plan is scheduled. Queen scaling the closed door meeting included more than 30 People Service providers and between Core Developers and was intended to address issues related to the block size discussion so this is the beginning of the emergence of a Certain Group of very powerful early adopters who are kind of wealthy at this point and they feel they know best for bitcoin and this is the 1st of a few secret meetings or closed door meetings certainly they werent necessarily secret but they were discussing what is best for a big coin the hong kong closed door meeting with 30 bigwigs in the big going space is taken right out of adam smith in terms of his characterization that whenever you have markets and free markets you will have a cobol price fixers emerge and this is an attempt to fix prices to influence the block chain influence because in a way that satisfies the requirements of corporatists and one uplifts and its completely against the east because. Just like my current they were rejected because not only is no individual key to the consensus of the no group of corporatists is key to the consensus other of them either. Welcome back to the kaiser report on max kaiser we had scheduled john tonus to come tell us his side of the crypto soap opera in which an australian dude named craig wright outed himself as the inventor of bitcoin. Yet refuse to provide any crypto proof. But as john stands by his assertion that craig is backed out following this shambolic melodrama were going to a guy who knows all about bitcoin theyre a meal of d y n e dot org well you know this to be sure because itis mine to be your problem right now you know theres a large amount because its in the hands of people that are trying to manipulate the Community Behind it but i think we should go forward there are being fired because that knowledge is out to see anything ology and absurd in fact in the community is actually able to center with sense. And that i think beyond even be calling itself is a proof of how open source of research this worker or the editor and thinks are and who are right now and even us its from us financial point of view wed be actually all about other people that we used to speculate in the liberated downbeat going on were seeing that there is a community that is ready to move the kobes base ready to actually carry on beyond equations and sees into what its doing something useful for either or i think that worries a lot of the financial that hands behind it must be car earth because you see that is exactly what these people are from the beat Faith Foundation wanted to do they want to do money late these technologies into being serving just the interests of the nation is tree is not the case actually disband the range of usefulness of can go way beyond that and hes demonstrated by developments that many other developers that are less in their lives all these newspapers and headlines are wired always or who are journalists that just set the bridge that did it before me off into this discard. Our d. D. s all of these people that are working and are in our we are really gaining trust from the community so if anything it has tested the mettle of the open source character of bitcoin but as you point out there are still a 1000000 or so coins that are held by the soto she or soto she is plural that could come onto the market at any time that people are thinking could have disruptive. An effect what it whats your thought there now why that holds as a fact i believe that on the coast side this is not the 1st episode of manipulation and hes sorry off to be caught or tracing it back 220092010 he said interesting experience we have people like getting ourselves self proclaimed chief scientists big buy to be kind of phony out of these actors or has been pushed out from the bright asses code of be quick or so we have people who dont have played a turf war since the beginning bullying our father to the hearse which were also a reference for it could mean the people who for instance they were bullied by these people and then. The last 5 to 6 years we see that these people are actively trying to steer top down as it shifts saturdays the face off beat going into this disorder of. Star system of egos that are trying to say i am says all she is trying to say my control be quiet now and they are trying to say yeah we have to work for the financial industry exactly the industry that we rebelled against where we own created and or where its an issue that it needs you know to be fair again in the s. And vironment weve just gone through a year of. Bankers dominating the messaging on bit coin it was block chain not bitcoin and there was this fear that big queen itself was being removed from the equation and we needed to be more professional we needed to get away from the hackers and the sort of participant who goes and fights isis we need to get away from that image of bitcoin then in july 2016 the bitcoin having these sort of events are when prices leading up to that were of course soaring so the big block reward fell from 25. 00 to 12. 00 and a half per block right to have it came in remember because it is a social justice hard money democracy guaranteeing platform disguised as a get rich quick scheme so when the having pops through the system it triggers foma fear of missing out and it triggers the greed gene and thats what you need to get hatchery up which secures the network and makes it immutable and impregnable so the aga rhythm it seems as though the creators of the big coin protocol hacks societys weakest link and that is the need by some to be greedy extremists by appealing to those folks it actually turns the weakness of humans into a strength because they more they try to gobble it up the more they try to monopolize it with their secret behind closed doors meetings or their rage quitting the security goes up so its ingenious genius that takes me actually into philosophy because in philosophy on enron redefined what greed is and i mean runs selfishness and greed are beautiful things as selfishness is loving yourself and greed is pursuing your selfishness and so thats i think shown in the in the big coin realm where were encouraging greed. Youre helping the system we end 2016 and honey badger dont care that my current quit because it coyness still going up and up and up. Facebook and google started with a great idea and great ideals unfortunately it was also a very dark side. They are constructing a profile of you and that profile is real its detailed and it never goes away turns out that google is manipulating your opinions from the very 1st character that you type into the search bar it will always favor one dog food over another one comparative Shopping Service over another and one candidate over another they can suppress certain types of results on what they think you should be see if they have this kind of power then democracy is an illusion the free and Fair Election doesnt exist the more growth we give them the sooner we all. Who. Much of those who heard the believe you. Will go. With me. Will show you. More. Good girls. Grow your shoes from a blue cube assume you believe it or you do the issue go. To the studs to the world and some to the 2 need to fill it with the little one wished theyd still look at is it. Confession understands just used to mash strong. Mr president please introduce more to me tonight. As we have to choose to go to school to snoop or come up with new yorkers are those the girls who are with you or your supporters to whom she shouldnt feel you should cook all from the one whose do you would be. Known. I got a lot. 1 more. If. The Israeli Army Launches Airstrikes on syrian territory killing 3 soldiers the i. D. F. Claimed it was in response to an earlier attack by syria. And among the stories that shaped the week a u. N. Expert on torture says the way Julian Assange has been treated in recent years amounts to psychological torture he suddenly came a day after a silence failed to appear in court due to ill health. Mistral some troops in pursuit of her typical to proceed with has been exposed to psychological torture over command troops kind of. Case closed all sides get something from the special counsel robert millers final say on the trumpet russia collusion are up