00:00:00 ◼ ► yoko is jeopardy things when they I got my speech I super nice guy just I was [<a href="https://overcast.fm/+Btux7aqNI/0">TS</a>]
00:00:08 ◼ ► hating the fact that people give him all this crap for actually playing the game [<a href="https://overcast.fm/+Btux7aqNI/8">TS</a>]
00:00:11 ◼ ► well if you see the backlash I have actually seen this where he is or are [<a href="https://overcast.fm/+Btux7aqNI/11">TS</a>]
00:00:17 ◼ ► this is actually interesting yeah he's sort of like a Moneyball you know hehehe [<a href="https://overcast.fm/+Btux7aqNI/17">TS</a>]
00:00:22 ◼ ► jeopardy like Moneyball is to baseball yeah alright I asked him I was like how [<a href="https://overcast.fm/+Btux7aqNI/22">TS</a>]
00:00:27 ◼ ► much did you spend on strategy how much memorizing her time is like totally [<a href="https://overcast.fm/+Btux7aqNI/27">TS</a>]
00:00:31 ◼ ► strategy like ed memorize some stuff but he basically figured out how to play [<a href="https://overcast.fm/+Btux7aqNI/31">TS</a>]
00:00:35 ◼ ► daily doubles during the games which is the people miss that you can win during [<a href="https://overcast.fm/+Btux7aqNI/35">TS</a>]
00:00:41 ◼ ► the game you don't get Final Jeopardy and so you basically wins during the [<a href="https://overcast.fm/+Btux7aqNI/41">TS</a>]
00:00:44 ◼ ► game and the most the highest grossing winners have also played the game that [<a href="https://overcast.fm/+Btux7aqNI/44">TS</a>]
00:00:50 ◼ ► way I mean Ken Jennings was a little different but he was early after the [<a href="https://overcast.fm/+Btux7aqNI/50">TS</a>]
00:00:54 ◼ ► change some of the rules and yeah but I actually who's the new guys name [<a href="https://overcast.fm/+Btux7aqNI/54">TS</a>]
00:00:57 ◼ ► what's-his-name our third shoe r32 I actually became aware of him cuz I saw a [<a href="https://overcast.fm/+Btux7aqNI/57">TS</a>]
00:01:02 ◼ ► piece that Jennings Road about him defend you is great it was really nice [<a href="https://overcast.fm/+Btux7aqNI/62">TS</a>]
00:01:06 ◼ ► so they do sort of like the traditional way to play jeopardy the gentleman style [<a href="https://overcast.fm/+Btux7aqNI/66">TS</a>]
00:01:13 ◼ ► is you you pick a category if you have control of the board you pick a category [<a href="https://overcast.fm/+Btux7aqNI/73">TS</a>]
00:01:17 ◼ ► that appeals to you and you pick the the lowest tonight you know go from the top [<a href="https://overcast.fm/+Btux7aqNI/77">TS</a>]
00:01:23 ◼ ► down so in the first round your pic $200 than the $400 if you keep getting it [<a href="https://overcast.fm/+Btux7aqNI/83">TS</a>]
00:01:28 ◼ ► right and work your way down to the wire money and you know I guess there's some [<a href="https://overcast.fm/+Btux7aqNI/88">TS</a>]
00:01:33 ◼ ► correlation between higher money and harder questions [<a href="https://overcast.fm/+Btux7aqNI/93">TS</a>]
00:01:37 ◼ ► well little bit I think the actually we are they do make the they do make the [<a href="https://overcast.fm/+Btux7aqNI/97">TS</a>]
00:01:42 ◼ ► questions a little harder as it goes down as it goes down the board not [<a href="https://overcast.fm/+Btux7aqNI/102">TS</a>]
00:01:45 ◼ ► always but typically and the producers asked you to go from top to bottom and [<a href="https://overcast.fm/+Btux7aqNI/105">TS</a>]
00:01:49 ◼ ► they don't tell you to do instead of rule but they say look most people do [<a href="https://overcast.fm/+Btux7aqNI/109">TS</a>]
00:01:53 ◼ ► best this way it's less confusing the audience prefers a [<a href="https://overcast.fm/+Btux7aqNI/113">TS</a>]
00:01:57 ◼ ► it's probably a better way to play we're gonna make you do it and it's just in [<a href="https://overcast.fm/+Btux7aqNI/117">TS</a>]
00:02:01 ◼ ► the heat of the moment it's very hard to make the right judgment but daily [<a href="https://overcast.fm/+Btux7aqNI/121">TS</a>]
00:02:04 ◼ ► doubles are occur predominantly unpredictable locations right they're [<a href="https://overcast.fm/+Btux7aqNI/124">TS</a>]
00:02:09 ◼ ► not randomly located that there is if you study the game and look at where [<a href="https://overcast.fm/+Btux7aqNI/129">TS</a>]
00:02:14 ◼ ► you can you know there's some spots that are higher percentage significantly [<a href="https://overcast.fm/+Btux7aqNI/134">TS</a>]
00:02:18 ◼ ► higher percentage chance of being a daily Double than others and its if you [<a href="https://overcast.fm/+Btux7aqNI/138">TS</a>]
00:02:22 ◼ ► have control of the board it is to your advantage to 200 yeah he's he's got the [<a href="https://overcast.fm/+Btux7aqNI/142">TS</a>]
00:02:28 ◼ ► right combination of buzzer timing domain knowledge it's fairly broad and [<a href="https://overcast.fm/+Btux7aqNI/148">TS</a>]
00:02:33 ◼ ► deep in like trivia categories and the strategy I think he's winning against [<a href="https://overcast.fm/+Btux7aqNI/153">TS</a>]
00:02:38 ◼ ► sometimes stronger overall players who can master the strategy that's very [<a href="https://overcast.fm/+Btux7aqNI/158">TS</a>]
00:02:42 ◼ ► Moneyball it's and it's great and I think the thing is he comes across as a [<a href="https://overcast.fm/+Btux7aqNI/162">TS</a>]
00:02:46 ◼ ► feckless on-screen because you know I do this when I'm thinking really hard I go [<a href="https://overcast.fm/+Btux7aqNI/166">TS</a>]
00:02:51 ◼ ► slack is playing the game so there is this like this geeky at all tonight [<a href="https://overcast.fm/+Btux7aqNI/171">TS</a>]
00:02:56 ◼ ► Asian guys as bentsen racism is is winning the game it's like really is [<a href="https://overcast.fm/+Btux7aqNI/176">TS</a>]
00:03:01 ◼ ► very funny so is his Twitter handle is Arthur underscore a theft and I think [<a href="https://overcast.fm/+Btux7aqNI/181">TS</a>]
00:03:07 ◼ ► it's hilarious because he's clearly making fun of like the effortless thing [<a href="https://overcast.fm/+Btux7aqNI/187">TS</a>]
00:03:11 ◼ ► about it is very funny on Twitter he's very personable in the interview and I [<a href="https://overcast.fm/+Btux7aqNI/191">TS</a>]
00:03:16 ◼ ► know for all we know is just one like 20 more games because it's right [<a href="https://overcast.fm/+Btux7aqNI/196">TS</a>]
00:03:20 ◼ ► tape months ago so you can talk about it but it is very enjoyable I just like [<a href="https://overcast.fm/+Btux7aqNI/200">TS</a>]
00:03:24 ◼ ► playing the game always like to point of the game is to win is not to you at home [<a href="https://overcast.fm/+Btux7aqNI/204">TS</a>]
00:03:30 ◼ ► may not like what he's doing great right thing they can Jennings pointed out in [<a href="https://overcast.fm/+Btux7aqNI/210">TS</a>]
00:03:34 ◼ ► his piece on him is in addition to the fact that it's to your advantage to get [<a href="https://overcast.fm/+Btux7aqNI/214">TS</a>]
00:03:38 ◼ ► the debt huge advantage to get the daily doubles it also by skipping around the [<a href="https://overcast.fm/+Btux7aqNI/218">TS</a>]
00:03:46 ◼ ► board from category the category it gives you an advantage over opponents [<a href="https://overcast.fm/+Btux7aqNI/226">TS</a>]
00:03:49 ◼ ► because you know if you get it right where you're going next [<a href="https://overcast.fm/+Btux7aqNI/229">TS</a>]
00:03:53 ◼ ► and you are ready for that category where is your opponents are don't even [<a href="https://overcast.fm/+Btux7aqNI/233">TS</a>]
00:03:56 ◼ ► know which category to be thinking about whereas if you play that traditional way [<a href="https://overcast.fm/+Btux7aqNI/236">TS</a>]
00:04:00 ◼ ► and somebody picks you know potent quotables for 200 even if you don't [<a href="https://overcast.fm/+Btux7aqNI/240">TS</a>]
00:04:05 ◼ ► doesn't get it you're ready for the next one to be potent quotables for 400 yeah [<a href="https://overcast.fm/+Btux7aqNI/245">TS</a>]
00:04:10 ◼ ► it's totally true with so it's a bit since I think it plays into the game [<a href="https://overcast.fm/+Btux7aqNI/250">TS</a>]
00:04:13 ◼ ► theory thing and and people have their own preset notions about what they they [<a href="https://overcast.fm/+Btux7aqNI/253">TS</a>]
00:04:18 ◼ ► want but you know I am enjoying enjoying watching my boys and I watch them play [<a href="https://overcast.fm/+Btux7aqNI/258">TS</a>]
00:04:23 ◼ ► it's very fun yeah it reminds me anything with game 3 but like one of my [<a href="https://overcast.fm/+Btux7aqNI/263">TS</a>]
00:04:28 ◼ ► favorites is the history of blackjack yeah we're blackjack it's kind of funny [<a href="https://overcast.fm/+Btux7aqNI/268">TS</a>]
00:04:37 ◼ ► because it's like the rules date at least back to the 1800's and were [<a href="https://overcast.fm/+Btux7aqNI/277">TS</a>]
00:04:44 ◼ ► apparently you know came about without the help of any sort of computer [<a href="https://overcast.fm/+Btux7aqNI/284">TS</a>]
00:04:48 ◼ ► modeling whatsoever and without computer modeling there's really no way to tell [<a href="https://overcast.fm/+Btux7aqNI/288">TS</a>]
00:04:52 ◼ ► what perfect strategy is and whether the house actually has an advantage or not [<a href="https://overcast.fm/+Btux7aqNI/292">TS</a>]
00:05:01 ◼ ► decades and decades you know through the until the 1960's typical players in a [<a href="https://overcast.fm/+Btux7aqNI/301">TS</a>]
00:05:07 ◼ ► casino like what was considered here's the right way to play actually we're [<a href="https://overcast.fm/+Btux7aqNI/307">TS</a>]
00:05:11 ◼ ► playing at a tremendous disadvantage to the house the basic gist of the way most [<a href="https://overcast.fm/+Btux7aqNI/311">TS</a>]
00:05:17 ◼ ► people played in a casino and and if you you know and if you sat down and were [<a href="https://overcast.fm/+Btux7aqNI/317">TS</a>]
00:05:21 ◼ ► unfamiliar with the game and we're sitting next to somebody who was you [<a href="https://overcast.fm/+Btux7aqNI/321">TS</a>]
00:05:25 ◼ ► know clearly a season blackjack player in and ask for help from this is the way [<a href="https://overcast.fm/+Btux7aqNI/325">TS</a>]
00:05:29 ◼ ► you would learn to play is that you should never dust whenever you get to 12 [<a href="https://overcast.fm/+Btux7aqNI/329">TS</a>]
00:05:35 ◼ ► or 13 you just stop because you could bust and busting is an automatic loss [<a href="https://overcast.fm/+Btux7aqNI/335">TS</a>]
00:05:40 ◼ ► and it's you know you know the dealer just takes your chips and it doesn't [<a href="https://overcast.fm/+Btux7aqNI/340">TS</a>]
00:05:44 ◼ ► matter what the dealer does you know that's part of what makes the game a [<a href="https://overcast.fm/+Btux7aqNI/344">TS</a>]
00:05:49 ◼ ► if you bust the dealer takes your bad and it's gone and even if the dealer [<a href="https://overcast.fm/+Btux7aqNI/349">TS</a>]
00:05:53 ◼ ► subsequently goes on to bust you don't you know there's no time in that [<a href="https://overcast.fm/+Btux7aqNI/353">TS</a>]
00:05:56 ◼ ► situation even though in theory it's a tie because you both busted and so [<a href="https://overcast.fm/+Btux7aqNI/356">TS</a>]
00:06:02 ◼ ► that's so devastating that the players you know developed this strategy never [<a href="https://overcast.fm/+Btux7aqNI/362">TS</a>]
00:06:08 ◼ ► never never take a card if you can bust with the pot you know and in some people [<a href="https://overcast.fm/+Btux7aqNI/368">TS</a>]
00:06:12 ◼ ► would play well maybe if they had a 12 maybe they would hit on 12 because [<a href="https://overcast.fm/+Btux7aqNI/372">TS</a>]
00:06:16 ◼ ► attend the bus but it ends up that so horrendous horrendous strategy for the [<a href="https://overcast.fm/+Btux7aqNI/376">TS</a>]
00:06:21 ◼ ► player in this case ya edwards who worked at I think IBM is he was the [<a href="https://overcast.fm/+Btux7aqNI/381">TS</a>]
00:06:26 ◼ ► first guy to beat the game and he did it with not by like working it out through [<a href="https://overcast.fm/+Btux7aqNI/386">TS</a>]
00:06:32 ◼ ► formulas but just through brute force computation that he just programmed in a [<a href="https://overcast.fm/+Btux7aqNI/392">TS</a>]
00:06:37 ◼ ► simple game of blackjack and just ran it millions and millions of times you know [<a href="https://overcast.fm/+Btux7aqNI/397">TS</a>]
00:06:42 ◼ ► given this hand you know if you play this way what you know what happened and [<a href="https://overcast.fm/+Btux7aqNI/402">TS</a>]
00:06:46 ◼ ► came up with you know the basic strategy and it's you know it's very different [<a href="https://overcast.fm/+Btux7aqNI/406">TS</a>]
00:06:50 ◼ ► from that but what happened then is players who would read the book and [<a href="https://overcast.fm/+Btux7aqNI/410">TS</a>]
00:06:54 ◼ ► Thorpe also invented card counting which gave the play actually gave the player [<a href="https://overcast.fm/+Btux7aqNI/414">TS</a>]
00:06:59 ◼ ► you know an advantage of 23 percent which is which is huge but even without [<a href="https://overcast.fm/+Btux7aqNI/419">TS</a>]
00:07:03 ◼ ► the county park even just the basic strategy where you could just learn [<a href="https://overcast.fm/+Btux7aqNI/423">TS</a>]
00:07:07 ◼ ► these simple rules if you have a fourteen and the dealer has a 16 you [<a href="https://overcast.fm/+Btux7aqNI/427">TS</a>]
00:07:11 ◼ ► stay if you have a 15 in the dealer has 10 cards showing you have to hit the [<a href="https://overcast.fm/+Btux7aqNI/431">TS</a>]
00:07:18 ◼ ► players who had that strategy would do very well and before the casino sort of [<a href="https://overcast.fm/+Btux7aqNI/438">TS</a>]
00:07:21 ◼ ► adjusted the game you could maybe even have a slight advantage in the in like [<a href="https://overcast.fm/+Btux7aqNI/441">TS</a>]
00:07:25 ◼ ► the sixties you can actually play the game without counting cards have a [<a href="https://overcast.fm/+Btux7aqNI/445">TS</a>]
00:07:28 ◼ ► slight advantage but it was like a social thing though where where if these [<a href="https://overcast.fm/+Btux7aqNI/448">TS</a>]
00:07:33 ◼ ► other guys at the table we're playing the traditional way and then there's a [<a href="https://overcast.fm/+Btux7aqNI/453">TS</a>]
00:07:37 ◼ ► guy who's actually playing the mathematically right way they they would [<a href="https://overcast.fm/+Btux7aqNI/457">TS</a>]
00:07:41 ◼ ► some of them would get angry you know they'd be like what the hell you doin [<a href="https://overcast.fm/+Btux7aqNI/461">TS</a>]
00:07:45 ◼ ► because it would seem to be random it would seem to be counter-intuitive it [<a href="https://overcast.fm/+Btux7aqNI/465">TS</a>]
00:07:49 ◼ ► seems like you're playing the game wrong even though I mean this is this is the [<a href="https://overcast.fm/+Btux7aqNI/469">TS</a>]
00:07:53 ◼ ► the Indiana Jones moment when he shoots the guy we just got the whip like you're [<a href="https://overcast.fm/+Btux7aqNI/473">TS</a>]
00:07:58 ◼ ► like wait a minute that's not fair 2008 the point is it's not you're there to [<a href="https://overcast.fm/+Btux7aqNI/478">TS</a>]
00:08:04 ◼ ► play the game this is reality TV now I want some seasons of survivor and that [<a href="https://overcast.fm/+Btux7aqNI/484">TS</a>]
00:08:08 ◼ ► was the thing that was fascinating I think it all developed into a pattern [<a href="https://overcast.fm/+Btux7aqNI/488">TS</a>]
00:08:11 ◼ ► eventually but it was passing it was something like Boston Rob who is much [<a href="https://overcast.fm/+Btux7aqNI/491">TS</a>]
00:08:15 ◼ ► reviled he figured out a new way to play the game a few seasons in and it [<a href="https://overcast.fm/+Btux7aqNI/495">TS</a>]
00:08:19 ◼ ► transformed the game dynamics and everyone watching him how to play the [<a href="https://overcast.fm/+Btux7aqNI/499">TS</a>]
00:08:22 ◼ ► game differently after that but it pisses you off if you're in the middle [<a href="https://overcast.fm/+Btux7aqNI/502">TS</a>]
00:08:26 ◼ ► of the situation because it's an evolving game dynamic in which [<a href="https://overcast.fm/+Btux7aqNI/506">TS</a>]
00:08:29 ◼ ► everything in your head that you built your strategy around the suddenly wrong [<a href="https://overcast.fm/+Btux7aqNI/509">TS</a>]
00:08:33 ◼ ► and you hate that other person because they've changed your not playing the [<a href="https://overcast.fm/+Btux7aqNI/513">TS</a>]
00:08:37 ◼ ► yeah because I watched survivor in a couple years but I did watch first [<a href="https://overcast.fm/+Btux7aqNI/517">TS</a>]
00:08:41 ◼ ► couple of years and then I do remember Boston Rob he was great he was the best [<a href="https://overcast.fm/+Btux7aqNI/521">TS</a>]
00:08:46 ◼ ► villain he was exactly who he was and I think of all the people and i think i [<a href="https://overcast.fm/+Btux7aqNI/526">TS</a>]
00:08:50 ◼ ► watch for five seasons like the guy on the very first season [<a href="https://overcast.fm/+Btux7aqNI/530">TS</a>]
00:08:56 ◼ ► Richard Hatch Richard Hatch who he really thought I'd take the plea deal he [<a href="https://overcast.fm/+Btux7aqNI/536">TS</a>]
00:09:03 ◼ ► went to jail because he thought he was sprayed on larry is unlike its [<a href="https://overcast.fm/+Btux7aqNI/543">TS</a>]
00:09:06 ◼ ► straightforward tax situation but I bet he as the winner of the first series and [<a href="https://overcast.fm/+Btux7aqNI/546">TS</a>]
00:09:12 ◼ ► you know seemingly played it pretty smart became like the one that's how you [<a href="https://overcast.fm/+Btux7aqNI/552">TS</a>]
00:09:18 ◼ ► yeah you know Richard Hadlee then he came back in the day whatever the [<a href="https://overcast.fm/+Btux7aqNI/558">TS</a>]
00:09:22 ◼ ► tournament was the all-stars thing a few seasons into it he comes back he tries [<a href="https://overcast.fm/+Btux7aqNI/562">TS</a>]
00:09:27 ◼ ► to play the game the same way and he is not like a few days in his favor [<a href="https://overcast.fm/+Btux7aqNI/567">TS</a>]
00:09:33 ◼ ► statement was I was bamboozled there is a game changer you're out but the kids [<a href="https://overcast.fm/+Btux7aqNI/573">TS</a>]
00:09:38 ◼ ► walk around with your wang wang looking at people and we'll get right well and [<a href="https://overcast.fm/+Btux7aqNI/578">TS</a>]
00:09:43 ◼ ► the other thing he seemed unprepared for the fact that the first season [<a href="https://overcast.fm/+Btux7aqNI/583">TS</a>]
00:09:47 ◼ ► nobody knew a nobody knew the game and be nobody knew what he was doing [<a href="https://overcast.fm/+Btux7aqNI/587">TS</a>]
00:09:52 ◼ ► where else when he came back for the you know what was it like the jeopardy [<a href="https://overcast.fm/+Btux7aqNI/592">TS</a>]
00:09:57 ◼ ► champions champions it was clearly everybody there you know as a survivor [<a href="https://overcast.fm/+Btux7aqNI/597">TS</a>]
00:10:02 ◼ ► player had watched the first season of Survivor aware of is you know he really [<a href="https://overcast.fm/+Btux7aqNI/602">TS</a>]
00:10:08 ◼ ► needed like a new strategy and you know there's a thing called the Markov chain [<a href="https://overcast.fm/+Btux7aqNI/608">TS</a>]
00:10:13 ◼ ► and I talked I found out about it because of the game chutes and ladders [<a href="https://overcast.fm/+Btux7aqNI/613">TS</a>]
00:10:16 ◼ ► of all things to someone wrote this whole area [<a href="https://overcast.fm/+Btux7aqNI/616">TS</a>]
00:10:18 ◼ ► shoots and ladders are snakes or is called stakes letters someone years ago [<a href="https://overcast.fm/+Btux7aqNI/618">TS</a>]
00:10:22 ◼ ► wrote this hilarious review / analysis of that kids came looking at it from [<a href="https://overcast.fm/+Btux7aqNI/622">TS</a>]
00:10:27 ◼ ► this mathematical standpoint a Markov chain is a mathematical system that [<a href="https://overcast.fm/+Btux7aqNI/627">TS</a>]
00:10:34 ◼ ► undergoes transitions from one state to another in the state gonna state space [<a href="https://overcast.fm/+Btux7aqNI/634">TS</a>]
00:10:38 ◼ ► it's random things so it's the next action is not followed up on it because [<a href="https://overcast.fm/+Btux7aqNI/638">TS</a>]
00:10:43 ◼ ► of the previous action and there are games that are the games are most [<a href="https://overcast.fm/+Btux7aqNI/643">TS</a>]
00:10:49 ◼ ► interesting are the ones in which it is there's not a predictable outcome based [<a href="https://overcast.fm/+Btux7aqNI/649">TS</a>]
00:10:53 ◼ ► on the sequence of things in which you do so chutes and ladders the diced are [<a href="https://overcast.fm/+Btux7aqNI/653">TS</a>]
00:10:58 ◼ ► everything it's really a game that teaches kids how to play games but in [<a href="https://overcast.fm/+Btux7aqNI/658">TS</a>]
00:11:01 ◼ ► poker the number of possibilities are two huge outdoor crowd counting they [<a href="https://overcast.fm/+Btux7aqNI/661">TS</a>]
00:11:07 ◼ ► still become too huge to be predictable as an outcome from starting states and [<a href="https://overcast.fm/+Btux7aqNI/667">TS</a>]
00:11:12 ◼ ► so there's this issue about the tension between games that have Markovian [<a href="https://overcast.fm/+Btux7aqNI/672">TS</a>]
00:11:16 ◼ ► properties and non Markovian properties about which ones are fun or not because [<a href="https://overcast.fm/+Btux7aqNI/676">TS</a>]
00:11:20 ◼ ► you know as a parent you know shits about her socks and Candyland sucks [<a href="https://overcast.fm/+Btux7aqNI/680">TS</a>]
00:11:27 ◼ ► chain on Marco V and the worst Candyland isn't even really a game because it's [<a href="https://overcast.fm/+Btux7aqNI/687">TS</a>]
00:11:34 ◼ ► entirely deterministic you know that there's a deck of cards once the cards [<a href="https://overcast.fm/+Btux7aqNI/694">TS</a>]
00:11:38 ◼ ► have been shuffled in you've decided what order the players gonna play in it [<a href="https://overcast.fm/+Btux7aqNI/698">TS</a>]
00:11:42 ◼ ► the outcome is already determined that there's a day spa component to it which [<a href="https://overcast.fm/+Btux7aqNI/702">TS</a>]
00:11:46 ◼ ► is ostensibly Markovian but the chain Markovian [<a href="https://overcast.fm/+Btux7aqNI/706">TS</a>]
00:11:49 ◼ ► each car's plate and sequence so it's just it is horrible but it teaches kids [<a href="https://overcast.fm/+Btux7aqNI/709">TS</a>]
00:11:55 ◼ ► how to its simple method he just kids how to play rules and follow the game [<a href="https://overcast.fm/+Btux7aqNI/715">TS</a>]
00:11:59 ◼ ► and there's winners I don't think I don't think you can get a lot of his [<a href="https://overcast.fm/+Btux7aqNI/719">TS</a>]
00:12:05 ◼ ► lessons whenever we lucked out Jonas ever play for cancer too long but now [<a href="https://overcast.fm/+Btux7aqNI/725">TS</a>]
00:12:11 ◼ ► we're to sellers of Catan which is much better if anything Candyland it you have [<a href="https://overcast.fm/+Btux7aqNI/731">TS</a>]
00:12:18 ◼ ► no choices and there are devastating you know bad cards you know they get the [<a href="https://overcast.fm/+Btux7aqNI/738">TS</a>]
00:12:27 ◼ ► candy cane and send you all the way back to the beginning like you know I don't [<a href="https://overcast.fm/+Btux7aqNI/747">TS</a>]
00:12:32 ◼ ► know it doesn't seem like you get any good lessons out of it you don't learn [<a href="https://overcast.fm/+Btux7aqNI/752">TS</a>]
00:12:35 ◼ ► any strategy and you learn that you know something terrible happened to you at [<a href="https://overcast.fm/+Btux7aqNI/755">TS</a>]
00:12:41 ◼ ► any moment he teaches you the essential hopelessness of life or not the working [<a href="https://overcast.fm/+Btux7aqNI/761">TS</a>]
00:12:45 ◼ ► world is like as well yeah it's it's sort of a full of philosophical [<a href="https://overcast.fm/+Btux7aqNI/765">TS</a>]
00:12:52 ◼ ► depressing game because it's sort of like you know it's like going back to [<a href="https://overcast.fm/+Btux7aqNI/772">TS</a>]
00:12:58 ◼ ► philosophy 101 and you know do you is there such a thing as free choice you [<a href="https://overcast.fm/+Btux7aqNI/778">TS</a>]
00:13:02 ◼ ► know in Candyland there is there is no free choice it's reinforces the [<a href="https://overcast.fm/+Btux7aqNI/782">TS</a>]
00:13:06 ◼ ► elementary school and college and the job and there's the house near ticky [<a href="https://overcast.fm/+Btux7aqNI/786">TS</a>]
00:13:11 ◼ ► tacky about it but the hill is your life did this is the future you know like [<a href="https://overcast.fm/+Btux7aqNI/791">TS</a>]
00:13:17 ◼ ► with sufficient knowledge you can already you know you could predict [<a href="https://overcast.fm/+Btux7aqNI/797">TS</a>]
00:13:20 ◼ ► exactly when and where you're going to die and you're never gonna get the [<a href="https://overcast.fm/+Btux7aqNI/800">TS</a>]
00:13:23 ◼ ► governor only piece of paper given play blackjack game [<a href="https://overcast.fm/+Btux7aqNI/803">TS</a>]
00:13:31 ◼ ► a little bit I like the elected instincts you want to win now it's [<a href="https://overcast.fm/+Btux7aqNI/811">TS</a>]
00:13:36 ◼ ► actually but I just lose inches like I don't have any I don't have any playing [<a href="https://overcast.fm/+Btux7aqNI/816">TS</a>]
00:13:42 ◼ ► jeopardy jeopardy is a different kind of battle but I I just never happen don't [<a href="https://overcast.fm/+Btux7aqNI/822">TS</a>]
00:13:46 ◼ ► have the I can't stick to wander off and look at the other things ready for some [<a href="https://overcast.fm/+Btux7aqNI/826">TS</a>]
00:13:52 ◼ ► reason when you were on Jeopardy did you do to get daily doubles yeah I think i'd [<a href="https://overcast.fm/+Btux7aqNI/832">TS</a>]
00:13:59 ◼ ► i'd never I didn't get a lock I was I was so IBM researchers know Watson one [<a href="https://overcast.fm/+Btux7aqNI/839">TS</a>]
00:14:06 ◼ ► of things they do they did this one group in all this game theory and [<a href="https://overcast.fm/+Btux7aqNI/846">TS</a>]
00:14:09 ◼ ► analysis and they found that people who were in jeopardy if in three categories [<a href="https://overcast.fm/+Btux7aqNI/849">TS</a>]
00:14:13 ◼ ► are sort of regular Champions masters in Grand Masters and I was clearly in the [<a href="https://overcast.fm/+Btux7aqNI/853">TS</a>]
00:14:18 ◼ ► regular I eat out a couple wins I'm happy that I want but I wasn't like a [<a href="https://overcast.fm/+Btux7aqNI/858">TS</a>]
00:14:24 ◼ ► natural player like some people are so I did I did ok that's the Daily Double [<a href="https://overcast.fm/+Btux7aqNI/864">TS</a>]
00:14:30 ◼ ► you know it ties in with blackjack as it is is the one part of jeopardy thats [<a href="https://overcast.fm/+Btux7aqNI/870">TS</a>]
00:14:35 ◼ ► well the final Jeopardy is a bit of a gamble but you know it's a gamble where [<a href="https://overcast.fm/+Btux7aqNI/875">TS</a>]
00:14:39 ◼ ► where you don't know the question you know where is the regular questions it's [<a href="https://overcast.fm/+Btux7aqNI/879">TS</a>]
00:14:44 ◼ ► it's a combination of skill like your actual ability to recall the answer [<a href="https://overcast.fm/+Btux7aqNI/884">TS</a>]
00:14:49 ◼ ► know the answer and physically to hit the buzzer first but you do you know you [<a href="https://overcast.fm/+Btux7aqNI/889">TS</a>]
00:14:55 ◼ ► get the question so it's not your not gambling i mean you do in n you can [<a href="https://overcast.fm/+Btux7aqNI/895">TS</a>]
00:14:59 ◼ ► maybe see you are if you only have certain of the answer and you get a buzz [<a href="https://overcast.fm/+Btux7aqNI/899">TS</a>]
00:15:04 ◼ ► in any way and take a chance you got it right as you lose the money if you get [<a href="https://overcast.fm/+Btux7aqNI/904">TS</a>]
00:15:08 ◼ ► it wrong in the daily challenges never buzzing when you don't know the answer [<a href="https://overcast.fm/+Btux7aqNI/908">TS</a>]
00:15:11 ◼ ► for sure because you lose the money you have in someone else's most likely get [<a href="https://overcast.fm/+Btux7aqNI/911">TS</a>]
00:15:16 ◼ ► it right and he backs you must double the different cuz you they've had it [<a href="https://overcast.fm/+Btux7aqNI/916">TS</a>]
00:15:19 ◼ ► they've had the time to think about someone misspoke and then the other [<a href="https://overcast.fm/+Btux7aqNI/919">TS</a>]
00:15:24 ◼ ► person disposed and got it and they need said almost exactly the right thing I [<a href="https://overcast.fm/+Btux7aqNI/924">TS</a>]
00:15:27 ◼ ► remember as a kid when it was newer when when [<a href="https://overcast.fm/+Btux7aqNI/927">TS</a>]
00:15:30 ◼ ► you know when it wasn't so ingrained in the culture of marijuana regularly [<a href="https://overcast.fm/+Btux7aqNI/930">TS</a>]
00:15:34 ◼ ► anymore but it's been years since I've seen one where somebody forgot to put [<a href="https://overcast.fm/+Btux7aqNI/934">TS</a>]
00:15:38 ◼ ► the answer in the form of a question is when I was a kid that happened fairly [<a href="https://overcast.fm/+Btux7aqNI/938">TS</a>]
00:15:41 ◼ ► regularly and inevitably somebody else would buzz in with the same answer in [<a href="https://overcast.fm/+Btux7aqNI/941">TS</a>]
00:15:47 ◼ ► the question to take the dollars there's actually a tiny rule which is in regular [<a href="https://overcast.fm/+Btux7aqNI/947">TS</a>]
00:15:53 ◼ ► jeopardy in the first half of the game they will alert you and you can we [<a href="https://overcast.fm/+Btux7aqNI/953">TS</a>]
00:15:57 ◼ ► stayed in double jeopardy you cannot if you say it without being questioned its [<a href="https://overcast.fm/+Btux7aqNI/957">TS</a>]
00:16:02 ◼ ► automatic wrong is that a new role I don't remember a couple years I've got a [<a href="https://overcast.fm/+Btux7aqNI/962">TS</a>]
00:16:07 ◼ ► couple years ago I know it's funny they just because the second half he later [<a href="https://overcast.fm/+Btux7aqNI/967">TS</a>]
00:16:11 ◼ ► became get it but that's your problem doesn't and you have to have the heart [<a href="https://overcast.fm/+Btux7aqNI/971">TS</a>]
00:16:16 ◼ ► of a gambler to the really play aggressively on the daily doubles like [<a href="https://overcast.fm/+Btux7aqNI/976">TS</a>]
00:16:20 ◼ ► this is it richard too hard to see you [<a href="https://overcast.fm/+Btux7aqNI/980">TS</a>]
00:16:24 ◼ ► yeah he's in cuz you if you can it's more likely you are to know the category [<a href="https://overcast.fm/+Btux7aqNI/984">TS</a>]
00:16:27 ◼ ► you may have answered questions in the category C you know the kind of [<a href="https://overcast.fm/+Btux7aqNI/987">TS</a>]
00:16:30 ◼ ► direction they're taking and then you can go all out and so Roger Craig who is [<a href="https://overcast.fm/+Btux7aqNI/990">TS</a>]
00:16:35 ◼ ► now the number that for where authors display stand so far [<a href="https://overcast.fm/+Btux7aqNI/995">TS</a>]
00:16:39 ◼ ► number four all-time regular-season winner Roger Craig he won $77,000 in one [<a href="https://overcast.fm/+Btux7aqNI/999">TS</a>]
00:16:46 ◼ ► and they got another and it made sense because he knew the category and he [<a href="https://overcast.fm/+Btux7aqNI/1006">TS</a>]
00:16:51 ◼ ► could have lost but daily doubles twice in a row but it didn't it's funny it [<a href="https://overcast.fm/+Btux7aqNI/1011">TS</a>]
00:16:57 ◼ ► didn't I don't think it was a bad game decision because he was competent enough [<a href="https://overcast.fm/+Btux7aqNI/1017">TS</a>]
00:17:02 ◼ ► and he could have much money at that point so there's a point where you've [<a href="https://overcast.fm/+Btux7aqNI/1022">TS</a>]
00:17:06 ◼ ► already won enough money when enough days like you know you're gonna be in [<a href="https://overcast.fm/+Btux7aqNI/1026">TS</a>]
00:17:09 ◼ ► the term Tournament of Champions [<a href="https://overcast.fm/+Btux7aqNI/1029">TS</a>]
00:17:11 ◼ ► you have to psychologically want to win more than you were afraid to lose you [<a href="https://overcast.fm/+Btux7aqNI/1031">TS</a>]
00:17:18 ◼ ► have that's exactly right and do something about that like we're sitting [<a href="https://overcast.fm/+Btux7aqNI/1038">TS</a>]
00:17:21 ◼ ► position and you're like I could get the highest score writer like let's say [<a href="https://overcast.fm/+Btux7aqNI/1041">TS</a>]
00:17:24 ◼ ► you've got thirteen thousand and I've got eight thousand [<a href="https://overcast.fm/+Btux7aqNI/1044">TS</a>]
00:17:28 ◼ ► and you get the daily WTO and normal conservative person is gonna think we'll [<a href="https://overcast.fm/+Btux7aqNI/1048">TS</a>]
00:17:33 ◼ ► have all i'm up by five thousand already I don't want to risk it I wanna stay up [<a href="https://overcast.fm/+Btux7aqNI/1053">TS</a>]
00:17:37 ◼ ► even if I get it wrong whereas it's probably a better game theory strategy [<a href="https://overcast.fm/+Btux7aqNI/1057">TS</a>]
00:17:41 ◼ ► to just go for it you know you know the other players play you know you're doing [<a href="https://overcast.fm/+Btux7aqNI/1061">TS</a>]
00:17:47 ◼ ► you look at the board if there's time left because you can win the game right [<a href="https://overcast.fm/+Btux7aqNI/1067">TS</a>]
00:17:51 ◼ ► yeah I mean I lost I did at Wrigley Doublemint the game and I thought I lost [<a href="https://overcast.fm/+Btux7aqNI/1071">TS</a>]
00:17:55 ◼ ► at five grams and I was going close the enemies of terrible game we're all [<a href="https://overcast.fm/+Btux7aqNI/1075">TS</a>]
00:17:58 ◼ ► playing we're all off my debt all five grand and I said George Sand's instead [<a href="https://overcast.fm/+Btux7aqNI/1078">TS</a>]
00:18:03 ◼ ► of George Sand I will never forget you know also tall but I still came back [<a href="https://overcast.fm/+Btux7aqNI/1083">TS</a>]
00:18:07 ◼ ► after a bit I got another daily double doubles in a row and if I had said [<a href="https://overcast.fm/+Btux7aqNI/1087">TS</a>]
00:18:12 ◼ ► saying I would have won the game so it was the right choice it was a category I [<a href="https://overcast.fm/+Btux7aqNI/1092">TS</a>]
00:18:16 ◼ ► knew I'd answered I think the other three or four questions correctly so is [<a href="https://overcast.fm/+Btux7aqNI/1096">TS</a>]
00:18:20 ◼ ► absolutely right choice and I lost in exactly the right way to lose the thing [<a href="https://overcast.fm/+Btux7aqNI/1100">TS</a>]
00:18:33 ◼ ► they just finished the five minutes ago a black day the thing that drives the [<a href="https://overcast.fm/+Btux7aqNI/1113">TS</a>]
00:18:40 ◼ ► blackjack players not if they think that they know the right way to play somebody [<a href="https://overcast.fm/+Btux7aqNI/1120">TS</a>]
00:18:44 ◼ ► else is playing differently is that then after the guy plays wrong according to [<a href="https://overcast.fm/+Btux7aqNI/1124">TS</a>]
00:18:51 ◼ ► them whether it's the modern era if you don't play the mathematical basic [<a href="https://overcast.fm/+Btux7aqNI/1131">TS</a>]
00:18:55 ◼ ► strategy are back in the sixties when people started to and then the next card [<a href="https://overcast.fm/+Btux7aqNI/1135">TS</a>]
00:18:59 ◼ ► comes out and if it had been the other way around would have you know busted [<a href="https://overcast.fm/+Btux7aqNI/1139">TS</a>]
00:19:04 ◼ ► the dealer and everybody would have won or whatever they blame the player as [<a href="https://overcast.fm/+Btux7aqNI/1144">TS</a>]
00:19:08 ◼ ► opposed to as opposed to excite you know like so you know let's say I've got a [<a href="https://overcast.fm/+Btux7aqNI/1148">TS</a>]
00:19:16 ◼ ► fifteen on the last player to go I've got a fifteen and the dealer as it [<a href="https://overcast.fm/+Btux7aqNI/1156">TS</a>]
00:19:21 ◼ ► twenty and its 1968 and everybody thinks I should just stay because I could bust [<a href="https://overcast.fm/+Btux7aqNI/1161">TS</a>]
00:19:25 ◼ ► but I know that I should what I should do is hit because 15 against it dealers [<a href="https://overcast.fm/+Btux7aqNI/1165">TS</a>]
00:19:30 ◼ ► 10 I'm probably gonna lose anyway to terrible hand but I'm gonna lose less if [<a href="https://overcast.fm/+Btux7aqNI/1170">TS</a>]
00:19:35 ◼ ► I hit lose less out of a play the same here and a thousand times [<a href="https://overcast.fm/+Btux7aqNI/1175">TS</a>]
00:19:39 ◼ ► I'll lose fewer time so I hit and I take let's say seven and I bus 22 now then [<a href="https://overcast.fm/+Btux7aqNI/1179">TS</a>]
00:19:47 ◼ ► the dealer turns over their cards and and updated the dealer has 16 and [<a href="https://overcast.fm/+Btux7aqNI/1187">TS</a>]
00:19:53 ◼ ► they're so the DRS to hit and pulls a 42 have 20 and the dealer wins whereas if I [<a href="https://overcast.fm/+Btux7aqNI/1193">TS</a>]
00:19:58 ◼ ► had just done what everybody thought I should do and stay on this particular [<a href="https://overcast.fm/+Btux7aqNI/1198">TS</a>]
00:20:02 ◼ ► hand the dealer would have busted and everybody else who is still in the game [<a href="https://overcast.fm/+Btux7aqNI/1202">TS</a>]
00:20:06 ◼ ► with a 10 ICC statistically gonna annoy people because that's going to happen [<a href="https://overcast.fm/+Btux7aqNI/1206">TS</a>]
00:20:09 ◼ ► frequently enough so you come out ahead right and in specific games are going to [<a href="https://overcast.fm/+Btux7aqNI/1209">TS</a>]
00:20:13 ◼ ► be leaving people and most people don't you know they they don't have any [<a href="https://overcast.fm/+Btux7aqNI/1213">TS</a>]
00:20:18 ◼ ► concept of you know statistical what's the what's the phrase at large enough [<a href="https://overcast.fm/+Btux7aqNI/1218">TS</a>]
00:20:25 ◼ ► sample said to be statistically valid right now you know one hand anything [<a href="https://overcast.fm/+Btux7aqNI/1225">TS</a>]
00:20:30 ◼ ► could happen right some asshole could have it twenty and hit and get an ace to [<a href="https://overcast.fm/+Btux7aqNI/1230">TS</a>]
00:20:34 ◼ ► make 21 mean it's like the stupidest thing you could do but you know [<a href="https://overcast.fm/+Btux7aqNI/1234">TS</a>]
00:20:37 ◼ ► sometimes it's gonna work right when I was 13 cards in the deck is an ace it [<a href="https://overcast.fm/+Btux7aqNI/1237">TS</a>]
00:20:43 ◼ ► doesn't make the right play but then somebody will say we'll see if you won [<a href="https://overcast.fm/+Btux7aqNI/1243">TS</a>]
00:20:46 ◼ ► its proof that you did the right thing and if you lost its own [<a href="https://overcast.fm/+Btux7aqNI/1246">TS</a>]
00:20:50 ◼ ► into insanity is people develop their theories in the areas of their not [<a href="https://overcast.fm/+Btux7aqNI/1250">TS</a>]
00:20:54 ◼ ► statistically valid I mean gets back to the Moneyball thing right Moneyball is a [<a href="https://overcast.fm/+Btux7aqNI/1254">TS</a>]
00:20:58 ◼ ► battle between people going by their gut which is often wrong and by the [<a href="https://overcast.fm/+Btux7aqNI/1258">TS</a>]
00:21:02 ◼ ► statistics which which are statistically you know we're in this piece the [<a href="https://overcast.fm/+Btux7aqNI/1262">TS</a>]
00:21:07 ◼ ► magazine and Michaels wrote a great article called three strikes you shot [<a href="https://overcast.fm/+Btux7aqNI/1267">TS</a>]
00:21:12 ◼ ► about ten years after Moneyball and what it changed in baseball and there's tons [<a href="https://overcast.fm/+Btux7aqNI/1272">TS</a>]
00:21:17 ◼ ► of people who still reject ten years later watching the results of it they [<a href="https://overcast.fm/+Btux7aqNI/1277">TS</a>]
00:21:21 ◼ ► still think everything is a flu shots right there in the big game you know the [<a href="https://overcast.fm/+Btux7aqNI/1281">TS</a>]
00:21:24 ◼ ► big show they know what's going on and so you obviously don't know cause you to [<a href="https://overcast.fm/+Btux7aqNI/1284">TS</a>]
00:21:29 ◼ ► play baseball in whatever it's like I'm sorry the statistics are right they are [<a href="https://overcast.fm/+Btux7aqNI/1289">TS</a>]
00:21:32 ◼ ► and it kind of sucks but they are actually correct yeah absolutely [<a href="https://overcast.fm/+Btux7aqNI/1292">TS</a>]
00:21:39 ◼ ► statistics yeah you still hear about that they're still like old-time [<a href="https://overcast.fm/+Btux7aqNI/1299">TS</a>]
00:21:42 ◼ ► baseball scouts who just you know don't look at the numbers and just look at how [<a href="https://overcast.fm/+Btux7aqNI/1302">TS</a>]
00:21:46 ◼ ► the guy looks you know judge eventually they will be and there's a there's a [<a href="https://overcast.fm/+Btux7aqNI/1306">TS</a>]
00:21:52 ◼ ► little things to like there's a surprising you know it's one of those [<a href="https://overcast.fm/+Btux7aqNI/1312">TS</a>]
00:21:55 ◼ ► things it's kind of hard to measure because it's it's effectively subjective [<a href="https://overcast.fm/+Btux7aqNI/1315">TS</a>]
00:22:00 ◼ ► but that better-looking players handsomer young men tend to be scouted [<a href="https://overcast.fm/+Btux7aqNI/1320">TS</a>]
00:22:06 ◼ ► hired then home layer players sure right and that's you know just you know one of [<a href="https://overcast.fm/+Btux7aqNI/1326">TS</a>]
00:22:12 ◼ ► those ways you know that good-looking people just have you know better fortune [<a href="https://overcast.fm/+Btux7aqNI/1332">TS</a>]
00:22:18 ◼ ► in all aspects of life but even in like sports they end up getting better [<a href="https://overcast.fm/+Btux7aqNI/1338">TS</a>]
00:22:22 ◼ ► scouting reports then players this is a cross I haven't been forced to bear [<a href="https://overcast.fm/+Btux7aqNI/1342">TS</a>]
00:22:27 ◼ ► there's a site called jeopardy hotties but i wanna tell you what's funny about [<a href="https://overcast.fm/+Btux7aqNI/1347">TS</a>]
00:22:33 ◼ ► it is it is it is I went to this site and I was like I'm not on it so boring [<a href="https://overcast.fm/+Btux7aqNI/1353">TS</a>]
00:22:40 ◼ ► boring article which is funny I was no picture of me there's a link to me but I [<a href="https://overcast.fm/+Btux7aqNI/1360">TS</a>]
00:22:44 ◼ ► look through it I gotta say things about it was non hetero normative and it was [<a href="https://overcast.fm/+Btux7aqNI/1364">TS</a>]
00:22:49 ◼ ► not on gender normative so the people that the person who had posted these [<a href="https://overcast.fm/+Btux7aqNI/1369">TS</a>]
00:22:53 ◼ ► pictures for years and years it is not like I only like certain aspects of [<a href="https://overcast.fm/+Btux7aqNI/1373">TS</a>]
00:23:01 ◼ ► society attractive blonde women it's all kinds of people and I agree the men the [<a href="https://overcast.fm/+Btux7aqNI/1381">TS</a>]
00:23:07 ◼ ► women the people of different you know [<a href="https://overcast.fm/+Btux7aqNI/1387">TS</a>]
00:23:09 ◼ ► orientations and so forth like it's also next is a celebration of his duty across [<a href="https://overcast.fm/+Btux7aqNI/1389">TS</a>]
00:23:15 ◼ ► the lot of different storms but I'm not so terrible analyst of talk show the [<a href="https://overcast.fm/+Btux7aqNI/1395">TS</a>]
00:23:23 ◼ ► talk shows so we're talking about mark off and all these statistics whatever I [<a href="https://overcast.fm/+Btux7aqNI/1403">TS</a>]
00:23:30 ◼ ► know you and some questions we hinted around yeah let me do the first sponsor [<a href="https://overcast.fm/+Btux7aqNI/1410">TS</a>]
00:23:36 ◼ ► in that will get dig into it because that's really why I feel like it's the [<a href="https://overcast.fm/+Btux7aqNI/1416">TS</a>]
00:23:41 ◼ ► whole bit clinton has reached a breaking point and then build up we have to [<a href="https://overcast.fm/+Btux7aqNI/1421">TS</a>]
00:23:48 ◼ ► this kind of related as the Laughing Man so there's a lot of gambling our first [<a href="https://overcast.fm/+Btux7aqNI/1428">TS</a>]
00:23:54 ◼ ► sponsors are good friends at igloo igloo is an internet you'll actually like I [<a href="https://overcast.fm/+Btux7aqNI/1434">TS</a>]
00:24:00 ◼ ► love that too looking to build with easy to use apps that help you work with your [<a href="https://overcast.fm/+Btux7aqNI/1440">TS</a>]
00:24:04 ◼ ► teams shared calendars private twitter-like microblogs microblogs file [<a href="https://overcast.fm/+Btux7aqNI/1444">TS</a>]
00:24:12 ◼ ► sharing and more on our website you can go check it out but where they might [<a href="https://overcast.fm/+Btux7aqNI/1452">TS</a>]
00:24:17 ◼ ► need to talk to you about his SharePoint so igloo partnered with Osterman [<a href="https://overcast.fm/+Btux7aqNI/1457">TS</a>]
00:24:22 ◼ ► research to study the challenges businesses face when implementing [<a href="https://overcast.fm/+Btux7aqNI/1462">TS</a>]
00:24:26 ◼ ► SharePoint SharePoint is Microsoft Internet product that dates to like 1983 [<a href="https://overcast.fm/+Btux7aqNI/1466">TS</a>]
00:24:33 ◼ ► or something to build a whole page about it you can go see it go to this site [<a href="https://overcast.fm/+Btux7aqNI/1473">TS</a>]
00:24:37 ◼ ► includes software dot com slash the talk show and he came from the show and then [<a href="https://overcast.fm/+Btux7aqNI/1477">TS</a>]
00:24:43 ◼ ► they have the way people are linked to their new research but there's five main [<a href="https://overcast.fm/+Btux7aqNI/1483">TS</a>]
00:24:47 ◼ ► points that they got from the research number one SharePoint doesn't work well [<a href="https://overcast.fm/+Btux7aqNI/1487">TS</a>]
00:24:50 ◼ ► on mobile igloo has responsive web pages for all the aspects of it so everything [<a href="https://overcast.fm/+Btux7aqNI/1490">TS</a>]
00:24:58 ◼ ► looks great on any kind of mobile device [<a href="https://overcast.fm/+Btux7aqNI/1498">TS</a>]
00:25:00 ◼ ► any kind of cell phone with a WebKit browsers gonna work great with sure with [<a href="https://overcast.fm/+Btux7aqNI/1500">TS</a>]
00:25:06 ◼ ► seconding SharePoint is too expensive [<a href="https://overcast.fm/+Btux7aqNI/1506">TS</a>]
00:25:11 ◼ ► third it requires too many people got a license of a lot of people just to get [<a href="https://overcast.fm/+Btux7aqNI/1511">TS</a>]
00:25:16 ◼ ► started using it and then the last point is that ends up no one no one actually [<a href="https://overcast.fm/+Btux7aqNI/1516">TS</a>]
00:25:22 ◼ ► use it it gets put into place in you know from top down [<a href="https://overcast.fm/+Btux7aqNI/1522">TS</a>]
00:25:27 ◼ ► orders from I T department and then with such a pain in the ass to use what [<a href="https://overcast.fm/+Btux7aqNI/1527">TS</a>]
00:25:31 ◼ ► happens is the team's end up using other products anyway are going you know [<a href="https://overcast.fm/+Btux7aqNI/1531">TS</a>]
00:25:35 ◼ ► around the system to share just to get stuff done cuz nobody actually use it [<a href="https://overcast.fm/+Btux7aqNI/1535">TS</a>]
00:25:41 ◼ ► lou is a thin layer team will actually use they show you their website does [<a href="https://overcast.fm/+Btux7aqNI/1541">TS</a>]
00:25:47 ◼ ► show you exactly how they do these things better with actual case studies [<a href="https://overcast.fm/+Btux7aqNI/1547">TS</a>]
00:25:52 ◼ ► from actual customers and reports from analysts they just one product [<a href="https://overcast.fm/+Btux7aqNI/1552">TS</a>]
00:25:59 ◼ ► Leadership Award from Frost and Sullivan and IDC picked include a power their own [<a href="https://overcast.fm/+Btux7aqNI/1559">TS</a>]
00:26:03 ◼ ► customer community so go check them out here is the last thing you need to know [<a href="https://overcast.fm/+Btux7aqNI/1563">TS</a>]
00:26:07 ◼ ► it's free to use with up to 10 people and very affordable after that so you [<a href="https://overcast.fm/+Btux7aqNI/1567">TS</a>]
00:26:14 ◼ ► can get started tried out with up to 10 people if you only have fewer than 10 [<a href="https://overcast.fm/+Btux7aqNI/1574">TS</a>]
00:26:18 ◼ ► people you can just keep using it for free [<a href="https://overcast.fm/+Btux7aqNI/1578">TS</a>]
00:26:21 ◼ ► amazing so go to English software dot com slash the talk show and and check [<a href="https://overcast.fm/+Btux7aqNI/1581">TS</a>]
00:26:28 ◼ ► so I've been putting it off I am vaguely familiar with it but I need you to do I [<a href="https://overcast.fm/+Btux7aqNI/1588">TS</a>]
00:26:36 ◼ ► really do I need you to explain this to me because I kinda am and I you know and [<a href="https://overcast.fm/+Btux7aqNI/1596">TS</a>]
00:26:42 ◼ ► I was good at math I really you know more mathematically that kind of kind of [<a href="https://overcast.fm/+Btux7aqNI/1602">TS</a>]
00:26:47 ◼ ► get the basics of math but I don't know I feel like and it's it clearly I mean [<a href="https://overcast.fm/+Btux7aqNI/1607">TS</a>]
00:26:57 ◼ ► it's maybe even with the the criminal stuff going on at the Mount dioxin the [<a href="https://overcast.fm/+Btux7aqNI/1617">TS</a>]
00:27:01 ◼ ► other place now it would still be in the news more and more you know it seems [<a href="https://overcast.fm/+Btux7aqNI/1621">TS</a>]
00:27:08 ◼ ► like it's a rising tide regardless of those things but then you know what I [<a href="https://overcast.fm/+Btux7aqNI/1628">TS</a>]
00:27:15 ◼ ► want that too so we'll start from the top [<a href="https://overcast.fm/+Btux7aqNI/1635">TS</a>]
00:27:18 ◼ ► ok I think there's three things you break it down to three things that you [<a href="https://overcast.fm/+Btux7aqNI/1638">TS</a>]
00:27:23 ◼ ► have to understand all of which are relatively easy to understand [<a href="https://overcast.fm/+Btux7aqNI/1643">TS</a>]
00:27:26 ◼ ► ok so big queen has like I guess it's three different aspects one is that the [<a href="https://overcast.fm/+Btux7aqNI/1646">TS</a>]
00:27:34 ◼ ► bitcoins themselves are just a bundle of cryptographic information of which the [<a href="https://overcast.fm/+Btux7aqNI/1654">TS</a>]
00:27:38 ◼ ► person who possesses it's sensibly has a secret that only they know about [<a href="https://overcast.fm/+Btux7aqNI/1658">TS</a>]
00:27:43 ◼ ► whatever quantity of bitcoins are in a particular address as it's called the [<a href="https://overcast.fm/+Btux7aqNI/1663">TS</a>]
00:27:49 ◼ ► second is that only transfer bitcoins other people you don't receive them you [<a href="https://overcast.fm/+Btux7aqNI/1669">TS</a>]
00:27:54 ◼ ► only send them and that is again a cryptographically signed transaction and [<a href="https://overcast.fm/+Btux7aqNI/1674">TS</a>]
00:27:59 ◼ ► that he becomes permanent in a way that I could talk about so you have a Bitcoin [<a href="https://overcast.fm/+Btux7aqNI/1679">TS</a>]
00:28:04 ◼ ► in you wanna give it to me so I never receive it [<a href="https://overcast.fm/+Btux7aqNI/1684">TS</a>]
00:28:07 ◼ ► you not technically what's interesting is a transactions are all one way only a [<a href="https://overcast.fm/+Btux7aqNI/1687">TS</a>]
00:28:12 ◼ ► transaction sends money from one addressed to another and the big wedding [<a href="https://overcast.fm/+Btux7aqNI/1692">TS</a>]
00:28:16 ◼ ► dresses and wallets are interchangeable terms like the address is this like the [<a href="https://overcast.fm/+Btux7aqNI/1696">TS</a>]
00:28:20 ◼ ► destination it contains some some of bitcoins from you once at OC which is [<a href="https://overcast.fm/+Btux7aqNI/1700">TS</a>]
00:28:25 ◼ ► the tiniest up to whatever quantity have so so I've got an address and you send [<a href="https://overcast.fm/+Btux7aqNI/1705">TS</a>]
00:28:33 ◼ ► me money and I send you money but I don't receive money per se so there's [<a href="https://overcast.fm/+Btux7aqNI/1713">TS</a>]
00:28:40 ◼ ► there's a transaction and then there's the issue of how transactions become [<a href="https://overcast.fm/+Btux7aqNI/1720">TS</a>]
00:28:45 ◼ ► permanent which is Bitcoin mining those are sort of the three pieces think each [<a href="https://overcast.fm/+Btux7aqNI/1725">TS</a>]
00:28:50 ◼ ► of them like when you lump it all together it's like what the hell so [<a href="https://overcast.fm/+Btux7aqNI/1730">TS</a>]
00:28:54 ◼ ► fundamentally what between is about is decentralized trust so no two parties in [<a href="https://overcast.fm/+Btux7aqNI/1734">TS</a>]
00:29:01 ◼ ► a bit quiet transaction or in any aspect the big quake was system need to have [<a href="https://overcast.fm/+Btux7aqNI/1741">TS</a>]
00:29:06 ◼ ► any implicit trust in each other like the system itself handles trust by using [<a href="https://overcast.fm/+Btux7aqNI/1746">TS</a>]
00:29:11 ◼ ► public key cryptography which essentially assures that once you create [<a href="https://overcast.fm/+Btux7aqNI/1751">TS</a>]
00:29:16 ◼ ► a secret a public keep it publicly peer uses one of multiple different formulas [<a href="https://overcast.fm/+Btux7aqNI/1756">TS</a>]
00:29:21 ◼ ► but let's say uses a diff is one that people as the diffie-hellman key that [<a href="https://overcast.fm/+Btux7aqNI/1761">TS</a>]
00:29:28 ◼ ► works and what would you do when you create public-private key pair is using [<a href="https://overcast.fm/+Btux7aqNI/1768">TS</a>]
00:29:31 ◼ ► very very large prime numbers and you went with two pieces at the end so I [<a href="https://overcast.fm/+Btux7aqNI/1771">TS</a>]
00:29:36 ◼ ► don't have to I mean you can look up the details of what he wanted her to pieces [<a href="https://overcast.fm/+Btux7aqNI/1776">TS</a>]
00:29:39 ◼ ► in one piece is a private key that you possess and you keep it absolutely [<a href="https://overcast.fm/+Btux7aqNI/1779">TS</a>]
00:29:44 ◼ ► secret no one else may never have access to it onto store anywhere has access [<a href="https://overcast.fm/+Btux7aqNI/1784">TS</a>]
00:29:48 ◼ ► because this private key proves your identity [<a href="https://overcast.fm/+Btux7aqNI/1788">TS</a>]
00:29:51 ◼ ► the possession or in the possession part of it like you being able to deploy the [<a href="https://overcast.fm/+Btux7aqNI/1791">TS</a>]
00:29:55 ◼ ► key gives you all the power over a transactions that involve that [<a href="https://overcast.fm/+Btux7aqNI/1795">TS</a>]
00:30:00 ◼ ► particular public key public-private key pair of you if you got your hands on my [<a href="https://overcast.fm/+Btux7aqNI/1800">TS</a>]
00:30:06 ◼ ► private key you could send my bitcoins to somebody else [<a href="https://overcast.fm/+Btux7aqNI/1806">TS</a>]
00:30:13 ◼ ► exactly and this is truly public key cryptography is used all over the place [<a href="https://overcast.fm/+Btux7aqNI/1813">TS</a>]
00:30:17 ◼ ► as the basis of SSL TLS used for web encryption is used in age transactions [<a href="https://overcast.fm/+Btux7aqNI/1817">TS</a>]
00:30:23 ◼ ► in the same way so for example to if you had my private keys for SSH [<a href="https://overcast.fm/+Btux7aqNI/1823">TS</a>]
00:30:28 ◼ ► you could log into during fireball over SSH exactly can't get on the command [<a href="https://overcast.fm/+Btux7aqNI/1828">TS</a>]
00:30:35 ◼ ► line on daring fireball done that if you had my private keys yeah and the notion [<a href="https://overcast.fm/+Btux7aqNI/1835">TS</a>]
00:30:40 ◼ ► with public key cryptography is that the public part of this you can be freely [<a href="https://overcast.fm/+Btux7aqNI/1840">TS</a>]
00:30:44 ◼ ► distribute it and no one can of computation power in the world over I [<a href="https://overcast.fm/+Btux7aqNI/1844">TS</a>]
00:30:50 ◼ ► forget how many years of its the heat death of the universe [<a href="https://overcast.fm/+Btux7aqNI/1850">TS</a>]
00:30:52 ◼ ► or not that would allow you to use any known technique to reverse engineer [<a href="https://overcast.fm/+Btux7aqNI/1852">TS</a>]
00:30:59 ◼ ► brute force attack and recovered the private key so resistant it's an [<a href="https://overcast.fm/+Btux7aqNI/1859">TS</a>]
00:31:03 ◼ ► asymmetrical key system and so the public he gets used broadly I get any [<a href="https://overcast.fm/+Btux7aqNI/1863">TS</a>]
00:31:08 ◼ ► system this is this is how you can sign something with the public case you take [<a href="https://overcast.fm/+Btux7aqNI/1868">TS</a>]
00:31:14 ◼ ► your data and you sign up with the public hearing results result is a [<a href="https://overcast.fm/+Btux7aqNI/1874">TS</a>]
00:31:19 ◼ ► cryptographic hash that only the recipient with the private key ally [<a href="https://overcast.fm/+Btux7aqNI/1879">TS</a>]
00:31:24 ◼ ► owner the private key can decrypt that so it's a way for a one-way method for [<a href="https://overcast.fm/+Btux7aqNI/1884">TS</a>]
00:31:28 ◼ ► someone to send you something securely that only you are the possessor that [<a href="https://overcast.fm/+Btux7aqNI/1888">TS</a>]
00:31:32 ◼ ► private he can read that's how it gets used you know a lot of time it's true of [<a href="https://overcast.fm/+Btux7aqNI/1892">TS</a>]
00:31:36 ◼ ► web pages when you do a web transaction the first thing that happens asshole [<a href="https://overcast.fm/+Btux7aqNI/1896">TS</a>]
00:31:40 ◼ ► digital certificate thing of which we've now found that was recently last three [<a href="https://overcast.fm/+Btux7aqNI/1900">TS</a>]
00:31:45 ◼ ► not just go to fail but there's a new one that dates back many years and is [<a href="https://overcast.fm/+Btux7aqNI/1905">TS</a>]
00:31:48 ◼ ► also suspicious and how safe that says let's keep that in mind let's come back [<a href="https://overcast.fm/+Btux7aqNI/1908">TS</a>]
00:31:57 ◼ ► you have information you want to pass in general the way cryptography is used to [<a href="https://overcast.fm/+Btux7aqNI/1917">TS</a>]
00:32:02 ◼ ► secure a secret in in Bitcoin it's not securing a secret it's proving ownership [<a href="https://overcast.fm/+Btux7aqNI/1922">TS</a>]
00:32:07 ◼ ► and identity so in the Bitcoin system you know there is no inherent value [<a href="https://overcast.fm/+Btux7aqNI/1927">TS</a>]
00:32:13 ◼ ► what's the value is that a set of numbers representing some quantity of [<a href="https://overcast.fm/+Btux7aqNI/1933">TS</a>]
00:32:18 ◼ ► bitcoins can only provably belong to a person who owns the private key that [<a href="https://overcast.fm/+Btux7aqNI/1938">TS</a>]
00:32:23 ◼ ► corresponds to that address that contains a number of bitcoins so nobody [<a href="https://overcast.fm/+Btux7aqNI/1943">TS</a>]
00:32:28 ◼ ► else so no one else can do anything with those crazy cannot prove ownership [<a href="https://overcast.fm/+Btux7aqNI/1948">TS</a>]
00:32:33 ◼ ► because they cannot because the private key can be used to sign transactions [<a href="https://overcast.fm/+Btux7aqNI/1953">TS</a>]
00:32:39 ◼ ► that by using the publicly available he can be proven to only have been signed [<a href="https://overcast.fm/+Btux7aqNI/1959">TS</a>]
00:32:44 ◼ ► by someone who possesses a private key so there's an absolute way to prove that [<a href="https://overcast.fm/+Btux7aqNI/1964">TS</a>]
00:32:48 ◼ ► you own a thing because you have the private key and there's I don't think [<a href="https://overcast.fm/+Btux7aqNI/1968">TS</a>]
00:32:52 ◼ ► any other systems things that are parallel but there's no method in the [<a href="https://overcast.fm/+Btux7aqNI/1972">TS</a>]
00:32:57 ◼ ► real world that corresponds that there's no physical method you know biometric [<a href="https://overcast.fm/+Btux7aqNI/1977">TS</a>]
00:33:03 ◼ ► identification is one of things but there are ways to fool that [<a href="https://overcast.fm/+Btux7aqNI/1983">TS</a>]
00:33:05 ◼ ► and you know to the curve I got nothin cutting off and pickling people and so [<a href="https://overcast.fm/+Btux7aqNI/1985">TS</a>]
00:33:10 ◼ ► joked about the iPhone 5s so big queen the idea that there is no way to because [<a href="https://overcast.fm/+Btux7aqNI/1990">TS</a>]
00:33:18 ◼ ► of the process by which they're made there's no way to forge a Bitcoin you [<a href="https://overcast.fm/+Btux7aqNI/1998">TS</a>]
00:33:22 ◼ ► can't counterfeit and you can't fraudulently transferred from one party [<a href="https://overcast.fm/+Btux7aqNI/2002">TS</a>]
00:33:27 ◼ ► to another with the access to that first parties private key so that'll be [<a href="https://overcast.fm/+Btux7aqNI/2007">TS</a>]
00:33:34 ◼ ► surprised if I had a copy of a Bitcoin belong to you now have the I can copy [<a href="https://overcast.fm/+Btux7aqNI/2014">TS</a>]
00:33:41 ◼ ► the Bitcoin and I can have it on my my computer I can't do anything with it [<a href="https://overcast.fm/+Btux7aqNI/2021">TS</a>]
00:33:45 ◼ ► because i dont have you were private key that's right what's weird is big claims [<a href="https://overcast.fm/+Btux7aqNI/2025">TS</a>]
00:33:50 ◼ ► are not store any where some level at the weird thing is let's get to the [<a href="https://overcast.fm/+Btux7aqNI/2030">TS</a>]
00:33:54 ◼ ► transaction work this explains the next thing so so big win at some level is [<a href="https://overcast.fm/+Btux7aqNI/2034">TS</a>]
00:33:59 ◼ ► it's a series of transactions is not actually late term banking system is [<a href="https://overcast.fm/+Btux7aqNI/2039">TS</a>]
00:34:06 ◼ ► ridiculous of course but so you know I do things as weird as like when I was [<a href="https://overcast.fm/+Btux7aqNI/2046">TS</a>]
00:34:10 ◼ ► serving office space with Jeff Carlson he would send me rent check I paid the [<a href="https://overcast.fm/+Btux7aqNI/2050">TS</a>]
00:34:14 ◼ ► rent for the whole office and he would go to our credit union he would fill out [<a href="https://overcast.fm/+Btux7aqNI/2054">TS</a>]
00:34:17 ◼ ► a thing it would make a check and ship it from the Midwest in an envelope it [<a href="https://overcast.fm/+Btux7aqNI/2057">TS</a>]
00:34:22 ◼ ► would wind up at the office I would take it I would scan the check and a scanner [<a href="https://overcast.fm/+Btux7aqNI/2062">TS</a>]
00:34:25 ◼ ► electronically deposited destroy the check and that's our banking system [<a href="https://overcast.fm/+Btux7aqNI/2065">TS</a>]
00:34:29 ◼ ► right like that's the USA USA USA as I mean people are our listeners in europe [<a href="https://overcast.fm/+Btux7aqNI/2069">TS</a>]
00:34:35 ◼ ► like what I don't think most people in Europe I i most people our age in Europe [<a href="https://overcast.fm/+Btux7aqNI/2075">TS</a>]
00:34:41 ◼ ► have never even like sent it check yes exactly like checks in in this is [<a href="https://overcast.fm/+Btux7aqNI/2081">TS</a>]
00:34:46 ◼ ► America checks of now the volume of texts gone way way down because a whole [<a href="https://overcast.fm/+Btux7aqNI/2086">TS</a>]
00:34:52 ◼ ► bunch of reasons including electronic deposit but so let's to wire transfers [<a href="https://overcast.fm/+Btux7aqNI/2092">TS</a>]
00:34:59 ◼ ► easier case so because my my my credit union has added three wire transfers a [<a href="https://overcast.fm/+Btux7aqNI/2099">TS</a>]
00:35:04 ◼ ► couple years ago from person to person stuff so when I don't wire transfer you [<a href="https://overcast.fm/+Btux7aqNI/2104">TS</a>]
00:35:08 ◼ ► know it's a ledger transactions my bank has a record that its story know it owns [<a href="https://overcast.fm/+Btux7aqNI/2108">TS</a>]
00:35:13 ◼ ► a certain amount of money and it transfers at another bank of that bank [<a href="https://overcast.fm/+Btux7aqNI/2113">TS</a>]
00:35:16 ◼ ► agrees that you know yes and that value is transferred forgetting the federal [<a href="https://overcast.fm/+Btux7aqNI/2116">TS</a>]
00:35:20 ◼ ► the Federal Reserve involved forget there's like some weird thing but like [<a href="https://overcast.fm/+Btux7aqNI/2120">TS</a>]
00:35:25 ◼ ► they're just transferring money in numbers around but there's no security [<a href="https://overcast.fm/+Btux7aqNI/2125">TS</a>]
00:35:27 ◼ ► in that process and it's abused all the time you hear all the stories about [<a href="https://overcast.fm/+Btux7aqNI/2127">TS</a>]
00:35:30 ◼ ► money being transferred out people's bank accounts Ashley companies being [<a href="https://overcast.fm/+Btux7aqNI/2130">TS</a>]
00:35:34 ◼ ► happy money being transferred in Western Union things and checks being cut the [<a href="https://overcast.fm/+Btux7aqNI/2134">TS</a>]
00:35:38 ◼ ► system is a secure but in essence it is just that is it is a decrement occurs in [<a href="https://overcast.fm/+Btux7aqNI/2138">TS</a>]
00:35:44 ◼ ► one banks ledger increment occurs in another that's the transaction between [<a href="https://overcast.fm/+Btux7aqNI/2144">TS</a>]
00:35:48 ◼ ► doesn't work that way but Quinn has this thing called the public block chain in [<a href="https://overcast.fm/+Btux7aqNI/2148">TS</a>]
00:35:52 ◼ ► this is distributed worldwide and its gigabytes in size now it is a record of [<a href="https://overcast.fm/+Btux7aqNI/2152">TS</a>]
00:35:57 ◼ ► every single transaction has occurred since Bitcoin went live like for over 45 [<a href="https://overcast.fm/+Btux7aqNI/2157">TS</a>]
00:36:02 ◼ ► years ago now and the transaction ledger if you wanna figure who owns a Bitcoin [<a href="https://overcast.fm/+Btux7aqNI/2162">TS</a>]
00:36:07 ◼ ► you can trace back the address to its origin and the most the current owner is [<a href="https://overcast.fm/+Btux7aqNI/2167">TS</a>]
00:36:12 ◼ ► the person who is most recently signed it with their private key they've they [<a href="https://overcast.fm/+Btux7aqNI/2172">TS</a>]
00:36:15 ◼ ► are versatile person who is most recently received it by virtue of the [<a href="https://overcast.fm/+Btux7aqNI/2175">TS</a>]
00:36:20 ◼ ► Queen being signed over with the previous owners private key so and so I [<a href="https://overcast.fm/+Btux7aqNI/2180">TS</a>]
00:36:27 ◼ ► have an address addresses you know one-two-three-four a be CDF right and [<a href="https://overcast.fm/+Btux7aqNI/2187">TS</a>]
00:36:32 ◼ ► you can transfer money to me at that address by signing a set of bitcoins [<a href="https://overcast.fm/+Btux7aqNI/2192">TS</a>]
00:36:38 ◼ ► with your private key that corresponds to this but Quins that transaction [<a href="https://overcast.fm/+Btux7aqNI/2198">TS</a>]
00:36:43 ◼ ► occurs it's locked into the block and i own those there's no transfer from 2.22 [<a href="https://overcast.fm/+Btux7aqNI/2203">TS</a>]
00:36:49 ◼ ► recognized globally by analyzing the chain that I now possess those and have [<a href="https://overcast.fm/+Btux7aqNI/2209">TS</a>]
00:36:53 ◼ ► the authority to spend them in some way and that's why all this very very [<a href="https://overcast.fm/+Btux7aqNI/2213">TS</a>]
00:36:56 ◼ ► different than any monetary system or transaction basis before and it's [<a href="https://overcast.fm/+Btux7aqNI/2216">TS</a>]
00:37:01 ◼ ► definitely novel yeah it's almost like a central ledger except that it's not [<a href="https://overcast.fm/+Btux7aqNI/2221">TS</a>]
00:37:07 ◼ ► transfers and that's what's baffling so you have to [<a href="https://overcast.fm/+Btux7aqNI/2227">TS</a>]
00:37:09 ◼ ► entire sequence of transfers and the most recent transfer winds essentially a [<a href="https://overcast.fm/+Btux7aqNI/2229">TS</a>]
00:37:14 ◼ ► surprise ownership so this is where you get into the third part which is like [<a href="https://overcast.fm/+Btux7aqNI/2234">TS</a>]
00:37:17 ◼ ► our transfers made permanent how do they become a permanent record and that's [<a href="https://overcast.fm/+Btux7aqNI/2237">TS</a>]
00:37:22 ◼ ► where you get to Bitcoin mining which defeats some people because it seems [<a href="https://overcast.fm/+Btux7aqNI/2242">TS</a>]
00:37:25 ◼ ► it's so we are at some level mining is the process of finding a so so miners [<a href="https://overcast.fm/+Btux7aqNI/2245">TS</a>]
00:37:33 ◼ ► run extremely specialized hardware that all they do is they generate tons of [<a href="https://overcast.fm/+Btux7aqNI/2253">TS</a>]
00:37:37 ◼ ► shock one cryptographic hashes based on specific numbers so the system works [<a href="https://overcast.fm/+Btux7aqNI/2257">TS</a>]
00:37:46 ◼ ► people are constantly engaged in between transactions and they generate these [<a href="https://overcast.fm/+Btux7aqNI/2266">TS</a>]
00:37:52 ◼ ► transactions to say johnnie the city one bit quiet so I use my software its signs [<a href="https://overcast.fm/+Btux7aqNI/2272">TS</a>]
00:37:57 ◼ ► over 120 your public-address sign in with my private key that transaction is [<a href="https://overcast.fm/+Btux7aqNI/2277">TS</a>]
00:38:03 ◼ ► then broadcast on the global set of peer to peer nodes and are used by Bitcoin [<a href="https://overcast.fm/+Btux7aqNI/2283">TS</a>]
00:38:08 ◼ ► miners and other people involved in ecosystem miners are constantly grabbing [<a href="https://overcast.fm/+Btux7aqNI/2288">TS</a>]
00:38:12 ◼ ► a set of transactions and they get a small fee small to large be sometimes no [<a href="https://overcast.fm/+Btux7aqNI/2292">TS</a>]
00:38:17 ◼ ► fee for each transaction that they grabbed still take let's save the number [<a href="https://overcast.fm/+Btux7aqNI/2297">TS</a>]
00:38:20 ◼ ► of thousands transactions they'll take those and they combine that with some [<a href="https://overcast.fm/+Btux7aqNI/2300">TS</a>]
00:38:26 ◼ ► other information that's unique to me it's randomly generated and they start [<a href="https://overcast.fm/+Btux7aqNI/2306">TS</a>]
00:38:30 ◼ ► churning away on creating Shah one shoes so a shot one hash hash is where you [<a href="https://overcast.fm/+Btux7aqNI/2310">TS</a>]
00:38:37 ◼ ► take input it runs algorithm that performs a number of transformations on [<a href="https://overcast.fm/+Btux7aqNI/2317">TS</a>]
00:38:42 ◼ ► it and the number that comes out the end is predictable it's always the same [<a href="https://overcast.fm/+Btux7aqNI/2322">TS</a>]
00:38:45 ◼ ► based on the same input but any change to the input no matter how slight [<a href="https://overcast.fm/+Btux7aqNI/2325">TS</a>]
00:38:50 ◼ ► results in a non deterministic Lee highly variant outwards so if I put in [<a href="https://overcast.fm/+Btux7aqNI/2330">TS</a>]
00:38:57 ◼ ► John Gruber into child when I get one thing if I put johnnie Graber the result [<a href="https://overcast.fm/+Btux7aqNI/2337">TS</a>]
00:39:02 ◼ ► is you cannot predict what will be will be so vastly different and there is no [<a href="https://overcast.fm/+Btux7aqNI/2342">TS</a>]
00:39:09 ◼ ► to reproduce the same hash from different input so i cant just create a [<a href="https://overcast.fm/+Btux7aqNI/2349">TS</a>]
00:39:13 ◼ ► slightly different record the same hash so the actor hashing proves that I did [<a href="https://overcast.fm/+Btux7aqNI/2353">TS</a>]
00:39:19 ◼ ► it because you can take the same inputs run into the same algorithm and produce [<a href="https://overcast.fm/+Btux7aqNI/2359">TS</a>]
00:39:23 ◼ ► the same results so here's what mining is mining is you're trying to find a [<a href="https://overcast.fm/+Btux7aqNI/2363">TS</a>]
00:39:30 ◼ ► certain hash but you don't know how to create a hash that match that pattern [<a href="https://overcast.fm/+Btux7aqNI/2370">TS</a>]
00:39:33 ◼ ► you just have to create billions upon billions of them in Bitcoin you're [<a href="https://overcast.fm/+Btux7aqNI/2373">TS</a>]
00:39:37 ◼ ► looking for a house that has a certain number of an starting zeros and the more [<a href="https://overcast.fm/+Btux7aqNI/2377">TS</a>]
00:39:42 ◼ ► computation power that enters into the Bitcoin ecosystem because it's now a [<a href="https://overcast.fm/+Btux7aqNI/2382">TS</a>]
00:39:47 ◼ ► ridiculous amount the harder the level of finding that number is a keep [<a href="https://overcast.fm/+Btux7aqNI/2387">TS</a>]
00:39:51 ◼ ► increasing the difficulty is a dynamic thing that's reset every two weeks by [<a href="https://overcast.fm/+Btux7aqNI/2391">TS</a>]
00:39:54 ◼ ► the system and you have to find like like a hash that's less than you know [<a href="https://overcast.fm/+Btux7aqNI/2394">TS</a>]
00:39:59 ◼ ► the numbers incredibly long as her meet its long you have to find a half that [<a href="https://overcast.fm/+Btux7aqNI/2399">TS</a>]
00:40:04 ◼ ► has a certain number of leading zeros and you could churn for you know you [<a href="https://overcast.fm/+Btux7aqNI/2404">TS</a>]
00:40:09 ◼ ► could run through a trillion transactions and you might not find one [<a href="https://overcast.fm/+Btux7aqNI/2409">TS</a>]
00:40:13 ◼ ► III since I think so I've heard it described not mathematically similar but [<a href="https://overcast.fm/+Btux7aqNI/2413">TS</a>]
00:40:20 ◼ ► in layman's terms similar to looking for prime numbers it's a needle in a [<a href="https://overcast.fm/+Btux7aqNI/2420">TS</a>]
00:40:25 ◼ ► haystack search you're looking for prime numbers each one gets harder and harder [<a href="https://overcast.fm/+Btux7aqNI/2425">TS</a>]
00:40:31 ◼ ► to find because he has accepted this is random is the problem prime numbers you [<a href="https://overcast.fm/+Btux7aqNI/2431">TS</a>]
00:40:36 ◼ ► know what you're looking for and you don't there's no I think at this point [<a href="https://overcast.fm/+Btux7aqNI/2436">TS</a>]
00:40:40 ◼ ► they don't know where the next prime numbers right there's no prime number [<a href="https://overcast.fm/+Btux7aqNI/2440">TS</a>]
00:40:44 ◼ ► space in this case there's a space of all possible hashes and because you [<a href="https://overcast.fm/+Btux7aqNI/2444">TS</a>]
00:40:48 ◼ ► don't know which inputs will these two parameters one is you don't know which [<a href="https://overcast.fm/+Btux7aqNI/2448">TS</a>]
00:40:52 ◼ ► inputs produce which crashed so you don't know how to predict getting one [<a href="https://overcast.fm/+Btux7aqNI/2452">TS</a>]
00:40:55 ◼ ► with a bunch of zeros and the other is that you're taking up a whole bunch of [<a href="https://overcast.fm/+Btux7aqNI/2455">TS</a>]
00:40:59 ◼ ► material as a minor and sticking it together it has to be that material [<a href="https://overcast.fm/+Btux7aqNI/2459">TS</a>]
00:41:03 ◼ ► isn't set by you can't define the starting point of the transactions that [<a href="https://overcast.fm/+Btux7aqNI/2463">TS</a>]
00:41:07 ◼ ► your mining so but involves a real amount of computational power the last [<a href="https://overcast.fm/+Btux7aqNI/2467">TS</a>]
00:41:14 ◼ ► time I checked it was I think it was two hundred times the computation power of [<a href="https://overcast.fm/+Btux7aqNI/2474">TS</a>]
00:41:18 ◼ ► the top 500 supercomputers in the world to find to mind but claims worldwide and [<a href="https://overcast.fm/+Btux7aqNI/2478">TS</a>]
00:41:26 ◼ ► at this point I've read that it it's much more expensive to power the [<a href="https://overcast.fm/+Btux7aqNI/2486">TS</a>]
00:41:36 ◼ ► computer that's doing like you said most of the people doing now have specialized [<a href="https://overcast.fm/+Btux7aqNI/2496">TS</a>]
00:41:40 ◼ ► hardware if I just put software on my side like a brand new Mac and just had [<a href="https://overcast.fm/+Btux7aqNI/2500">TS</a>]
00:41:46 ◼ ► it start mining for bitcoins I my expectation is that I would spend more [<a href="https://overcast.fm/+Btux7aqNI/2506">TS</a>]
00:41:51 ◼ ► on electricity running a computer than the value of the Bitcoin might [<a href="https://overcast.fm/+Btux7aqNI/2511">TS</a>]
00:41:54 ◼ ► eventually trying that's that's right I don't know what it is exactly the same [<a href="https://overcast.fm/+Btux7aqNI/2514">TS</a>]
00:41:58 ◼ ► exact price a bit fallen but this thing about difficulty lake so big queen [<a href="https://overcast.fm/+Btux7aqNI/2518">TS</a>]
00:42:03 ◼ ► started on PCs right and then people got more powerful PCs in stock more the [<a href="https://overcast.fm/+Btux7aqNI/2523">TS</a>]
00:42:07 ◼ ► mining and so I stuck more processors and then they started using graphical [<a href="https://overcast.fm/+Btux7aqNI/2527">TS</a>]
00:42:11 ◼ ► processing units of course GPUs are very efficient at certain kinds of [<a href="https://overcast.fm/+Btux7aqNI/2531">TS</a>]
00:42:15 ◼ ► calculations then they started using these things for programmable gate [<a href="https://overcast.fm/+Btux7aqNI/2535">TS</a>]
00:42:19 ◼ ► arrays I think I forgot the name from there is a specialized term there like a [<a href="https://overcast.fm/+Btux7aqNI/2539">TS</a>]
00:42:23 ◼ ► programmable chip that you can program even more speed then they went to a 60 [<a href="https://overcast.fm/+Btux7aqNI/2543">TS</a>]
00:42:29 ◼ ► which are custom circuitry designed specifically to do char one calculations [<a href="https://overcast.fm/+Btux7aqNI/2549">TS</a>]
00:42:35 ◼ ► a 600 and 1000 metre process to I think they're down 28 29 or something to a [<a href="https://overcast.fm/+Btux7aqNI/2555">TS</a>]
00:42:40 ◼ ► financial crisis now whatever the smallest things at that level it speeds [<a href="https://overcast.fm/+Btux7aqNI/2560">TS</a>]
00:42:44 ◼ ► up in speeds up the tab the efficiency ratio of power to calculations not only [<a href="https://overcast.fm/+Btux7aqNI/2564">TS</a>]
00:42:49 ◼ ► can you calculate faster but the power for calculation get slower you cannot [<a href="https://overcast.fm/+Btux7aqNI/2569">TS</a>]
00:42:54 ◼ ► compete on a PC or even a field programmable gate array it is called [<a href="https://overcast.fm/+Btux7aqNI/2574">TS</a>]
00:43:01 ◼ ► dynamometer race in other words though that in just four years we've we've gone [<a href="https://overcast.fm/+Btux7aqNI/2581">TS</a>]
00:43:09 ◼ ► of Computer Engineering hardware computer engineering [<a href="https://overcast.fm/+Btux7aqNI/2589">TS</a>]
00:43:14 ◼ ► devoted specifically to Bitcoin mining year and it's it's not generalizable to [<a href="https://overcast.fm/+Btux7aqNI/2594">TS</a>]
00:43:21 ◼ ► modernizing hardware for this one specific so here I just found the number [<a href="https://overcast.fm/+Btux7aqNI/2601">TS</a>]
00:43:26 ◼ ► here's the numbers at this exact second there are three hundred and fifty-five [<a href="https://overcast.fm/+Btux7aqNI/2606">TS</a>]
00:43:30 ◼ ► thousand had a flops trillion that's quadrillion operations per second [<a href="https://overcast.fm/+Btux7aqNI/2610">TS</a>]
00:43:38 ◼ ► 355 Quinn chilean floating point operations per second are being used [<a href="https://overcast.fm/+Btux7aqNI/2618">TS</a>]
00:43:43 ◼ ► globally to mine bitcoins and the top supercomputer in the world has what is [<a href="https://overcast.fm/+Btux7aqNI/2623">TS</a>]
00:43:50 ◼ ► it has like under a hundred terrified so this is this is here to add them all [<a href="https://overcast.fm/+Btux7aqNI/2630">TS</a>]
00:43:56 ◼ ► together the 500 or not 3000 teraflops this is hundreds of times more than the [<a href="https://overcast.fm/+Btux7aqNI/2636">TS</a>]
00:44:03 ◼ ► top 500 supercomputers in the world combined being used for the specialized [<a href="https://overcast.fm/+Btux7aqNI/2643">TS</a>]
00:44:07 ◼ ► purpose consuming god knows how many gigawatts energy just to find this [<a href="https://overcast.fm/+Btux7aqNI/2647">TS</a>]
00:44:13 ◼ ► needle in the haystack that lets them in a kind so when when a minor Mensa coin [<a href="https://overcast.fm/+Btux7aqNI/2653">TS</a>]
00:44:17 ◼ ► when they find this number they broadcast their solution there proof of [<a href="https://overcast.fm/+Btux7aqNI/2657">TS</a>]
00:44:20 ◼ ► work worldwide across the peer-to-peer network it happens on average in less [<a href="https://overcast.fm/+Btux7aqNI/2660">TS</a>]
00:44:25 ◼ ► than 10 minutes every 10 minutes every 10 minutes a new Bitcoin is found on [<a href="https://overcast.fm/+Btux7aqNI/2665">TS</a>]
00:44:29 ◼ ► average somebody finds in fact there are these concerns because it was too hard [<a href="https://overcast.fm/+Btux7aqNI/2669">TS</a>]
00:44:33 ◼ ► for any individual to bear this so there are groups of minors worldwide that band [<a href="https://overcast.fm/+Btux7aqNI/2673">TS</a>]
00:44:37 ◼ ► together no one of which has more than I think still twenty or thirty percent as [<a href="https://overcast.fm/+Btux7aqNI/2677">TS</a>]
00:44:41 ◼ ► a concession all worldwide capacity which is a whole other issue there and [<a href="https://overcast.fm/+Btux7aqNI/2681">TS</a>]
00:44:47 ◼ ► so some minor in this construction is found in the broadcasting it out there [<a href="https://overcast.fm/+Btux7aqNI/2687">TS</a>]
00:44:51 ◼ ► to get out there as fast as possible [<a href="https://overcast.fm/+Btux7aqNI/2691">TS</a>]
00:44:54 ◼ ► someone else and the next microsecond might find a different needle in the [<a href="https://overcast.fm/+Btux7aqNI/2694">TS</a>]
00:44:57 ◼ ► haystack the moment that's broadcast it gets a broadcaster block and the block [<a href="https://overcast.fm/+Btux7aqNI/2697">TS</a>]
00:45:03 ◼ ► is a break that that's placed on top of the ball or more during the break [<a href="https://overcast.fm/+Btux7aqNI/2703">TS</a>]
00:45:07 ◼ ► includes a reward to you as a minor which is 25 bitcoins and that still [<a href="https://overcast.fm/+Btux7aqNI/2707">TS</a>]
00:45:13 ◼ ► horrible right now thats whats exchanges like 600 bucks where's that she get 25 [<a href="https://overcast.fm/+Btux7aqNI/2713">TS</a>]
00:45:19 ◼ ► of them when you finally every four years on average that that we would have [<a href="https://overcast.fm/+Btux7aqNI/2719">TS</a>]
00:45:26 ◼ ► so was fifty bitcoins for the first four years or so and I was 25 it'll be twelve [<a href="https://overcast.fm/+Btux7aqNI/2726">TS</a>]
00:45:30 ◼ ► and a half in a few years and this is part of the decreasing money supply is a [<a href="https://overcast.fm/+Btux7aqNI/2730">TS</a>]
00:45:34 ◼ ► finite number of bitcoins I will ever be mined in the current protocol system [<a href="https://overcast.fm/+Btux7aqNI/2734">TS</a>]
00:45:38 ◼ ► about 21 million so you're a minor you go boom I found one but that's still you [<a href="https://overcast.fm/+Btux7aqNI/2738">TS</a>]
00:45:43 ◼ ► don't win you don't win when you find a Bitcoin it's great but you then you have [<a href="https://overcast.fm/+Btux7aqNI/2743">TS</a>]
00:45:47 ◼ ► to broadcast this out your blog that has all the transactions that are in your [<a href="https://overcast.fm/+Btux7aqNI/2747">TS</a>]
00:45:52 ◼ ► block and some other numbers and information in it has to be accepted by [<a href="https://overcast.fm/+Btux7aqNI/2752">TS</a>]
00:45:58 ◼ ► notes all over the world who thin immediately begin calculating the next [<a href="https://overcast.fm/+Btux7aqNI/2758">TS</a>]
00:46:02 ◼ ► block in each block is cryptographically tied to the one before it [<a href="https://overcast.fm/+Btux7aqNI/2762">TS</a>]
00:46:06 ◼ ► this is the wonderful secret sauce of Bitcoin this is actually almost more [<a href="https://overcast.fm/+Btux7aqNI/2766">TS</a>]
00:46:10 ◼ ► important than the public key cryptography lets you protect each [<a href="https://overcast.fm/+Btux7aqNI/2770">TS</a>]
00:46:14 ◼ ► Bitcoin quantities identity and and ownership the block chaining is it [<a href="https://overcast.fm/+Btux7aqNI/2774">TS</a>]
00:46:21 ◼ ► builds upon each transaction each block so if you so what can happen in this [<a href="https://overcast.fm/+Btux7aqNI/2781">TS</a>]
00:46:27 ◼ ► happens frequently is minor in yo Africa [<a href="https://overcast.fm/+Btux7aqNI/2787">TS</a>]
00:46:32 ◼ ► finds a pic when they transmit their block out and its worldwide [<a href="https://overcast.fm/+Btux7aqNI/2792">TS</a>]
00:46:35 ◼ ► simultaneously within some short period time another minor has also found based [<a href="https://overcast.fm/+Btux7aqNI/2795">TS</a>]
00:46:40 ◼ ► on the same previous block they have found a new a new magic number eight and [<a href="https://overcast.fm/+Btux7aqNI/2800">TS</a>]
00:46:45 ◼ ► they broadcast Thurs so now you have two different chains which have each have [<a href="https://overcast.fm/+Btux7aqNI/2805">TS</a>]
00:46:50 ◼ ► different ending blocks all the rest of the same going back to 2009 and initial [<a href="https://overcast.fm/+Btux7aqNI/2810">TS</a>]
00:46:55 ◼ ► deployment but this the variance in what could happen though is different nodes [<a href="https://overcast.fm/+Btux7aqNI/2815">TS</a>]
00:46:59 ◼ ► on the Bitcoin network because they're still centralized hit accept different [<a href="https://overcast.fm/+Btux7aqNI/2819">TS</a>]
00:47:04 ◼ ► chains so you can have two different chains that are growing parallel but one [<a href="https://overcast.fm/+Btux7aqNI/2824">TS</a>]
00:47:08 ◼ ► of them but they don't have the same information for the last block in this [<a href="https://overcast.fm/+Btux7aqNI/2828">TS</a>]
00:47:12 ◼ ► can go on sometimes for one or two blocks and at a certain point one of [<a href="https://overcast.fm/+Btux7aqNI/2832">TS</a>]
00:47:15 ◼ ► them has probably shown to do more work like it's clear that it happened faster [<a href="https://overcast.fm/+Btux7aqNI/2835">TS</a>]
00:47:22 ◼ ► and then they'll be this reconciliation which I believe is automatic in which [<a href="https://overcast.fm/+Btux7aqNI/2842">TS</a>]
00:47:26 ◼ ► all the nodes in the world except the longer chain that is the chain that has [<a href="https://overcast.fm/+Btux7aqNI/2846">TS</a>]
00:47:30 ◼ ► more blocks on it faster when that happens all the variants chains which [<a href="https://overcast.fm/+Btux7aqNI/2850">TS</a>]
00:47:35 ◼ ► may have one or two blocks that are not the same as the one that's been accepted [<a href="https://overcast.fm/+Btux7aqNI/2855">TS</a>]
00:47:40 ◼ ► those are discarded all the transactions that were exclusively in those blocks [<a href="https://overcast.fm/+Btux7aqNI/2860">TS</a>]
00:47:45 ◼ ► and did not get minted into these new blocks have to be committed against New [<a href="https://overcast.fm/+Btux7aqNI/2865">TS</a>]
00:47:51 ◼ ► blocks and you see why this gets complicated so somebody who founded [<a href="https://overcast.fm/+Btux7aqNI/2871">TS</a>]
00:47:55 ◼ ► found one of those blocks ends up with with nothing because I expected because [<a href="https://overcast.fm/+Btux7aqNI/2875">TS</a>]
00:47:59 ◼ ► it was a smaller chains precisely and this is a is a process that's that's [<a href="https://overcast.fm/+Btux7aqNI/2879">TS</a>]
00:48:05 ◼ ► actually this is part of the elegance of you know it's a little crazy at one [<a href="https://overcast.fm/+Btux7aqNI/2885">TS</a>]
00:48:09 ◼ ► level but it is also a really beautiful idea that then no one has to agree on [<a href="https://overcast.fm/+Btux7aqNI/2889">TS</a>]
00:48:14 ◼ ► anything you don't have to go into a reconciliation bill which block whatever [<a href="https://overcast.fm/+Btux7aqNI/2894">TS</a>]
00:48:17 ◼ ► it's no longer block wins and I think yeah I think whatever anybody would [<a href="https://overcast.fm/+Btux7aqNI/2897">TS</a>]
00:48:21 ◼ ► think about Bitcoin whether you think it's really super is going to [<a href="https://overcast.fm/+Btux7aqNI/2901">TS</a>]
00:48:24 ◼ ► revolutionize all of digital commerce in may be real world commerce and that it's [<a href="https://overcast.fm/+Btux7aqNI/2904">TS</a>]
00:48:29 ◼ ► maybe you think it's a great even with the recent stuff it's a great place to [<a href="https://overcast.fm/+Btux7aqNI/2909">TS</a>]
00:48:33 ◼ ► invest your money or you think the whole thing has gotten ridiculous scam I think [<a href="https://overcast.fm/+Btux7aqNI/2913">TS</a>]
00:48:41 ◼ ► everybody would agree that mathematically it's beautiful it's a [<a href="https://overcast.fm/+Btux7aqNI/2921">TS</a>]
00:48:44 ◼ ► beautiful system it's it's gorgeously designed if you disregard any the [<a href="https://overcast.fm/+Btux7aqNI/2924">TS</a>]
00:48:49 ◼ ► currency speculation part of it I just admire in the paper that you know [<a href="https://overcast.fm/+Btux7aqNI/2929">TS</a>]
00:48:53 ◼ ► so-called photo she is maybe a composite multiple people but is still preserved [<a href="https://overcast.fm/+Btux7aqNI/2933">TS</a>]
00:49:00 ◼ ► anonymity that paper is actually incredibly legible I've read it and I am [<a href="https://overcast.fm/+Btux7aqNI/2940">TS</a>]
00:49:05 ◼ ► NOT a I'm not a cryptographer and I my math background is not deep enough to [<a href="https://overcast.fm/+Btux7aqNI/2945">TS</a>]
00:49:10 ◼ ► really really get it but it's actually model of clarity about what's going [<a href="https://overcast.fm/+Btux7aqNI/2950">TS</a>]
00:49:15 ◼ ► about what the antennas and how it works and all of the [<a href="https://overcast.fm/+Btux7aqNI/2955">TS</a>]
00:49:19 ◼ ► attributes and that people have have persisted and the idea so so you know [<a href="https://overcast.fm/+Btux7aqNI/2959">TS</a>]
00:49:23 ◼ ► this is you understand but this has been quite as you have a quantity of currency [<a href="https://overcast.fm/+Btux7aqNI/2963">TS</a>]
00:49:29 ◼ ► that's protected in a public key which we all understand how public-private [<a href="https://overcast.fm/+Btux7aqNI/2969">TS</a>]
00:49:33 ◼ ► he's working so only the owner private he can do it [<a href="https://overcast.fm/+Btux7aqNI/2973">TS</a>]
00:49:35 ◼ ► a transaction transfers value from one party to another miners make their money [<a href="https://overcast.fm/+Btux7aqNI/2975">TS</a>]
00:49:40 ◼ ► by doing these fiendishly large number of calculations but they have to be on [<a href="https://overcast.fm/+Btux7aqNI/2980">TS</a>]
00:49:46 ◼ ► the winning side if multiple blocks are being minted it once the longest chain [<a href="https://overcast.fm/+Btux7aqNI/2986">TS</a>]
00:49:51 ◼ ► for it to be perfect so here's the other part is beautiful and again doesn't [<a href="https://overcast.fm/+Btux7aqNI/2991">TS</a>]
00:49:55 ◼ ► really relate to whether it's valid as a currency or anything else but it is a [<a href="https://overcast.fm/+Btux7aqNI/2995">TS</a>]
00:50:00 ◼ ► fantastic transaction system if you don't care about the value at all [<a href="https://overcast.fm/+Btux7aqNI/3000">TS</a>]
00:50:03 ◼ ► there's no contradicting is a beautiful transit system so here's the deal the [<a href="https://overcast.fm/+Btux7aqNI/3003">TS</a>]
00:50:08 ◼ ► amount of computation I described is ridiculous right after a few blocks go [<a href="https://overcast.fm/+Btux7aqNI/3008">TS</a>]
00:50:13 ◼ ► by you would need more computational power than exists in the Bitcoin network [<a href="https://overcast.fm/+Btux7aqNI/3013">TS</a>]
00:50:18 ◼ ► to go back a few blocks and create a new chain so if the longer chain always wins [<a href="https://overcast.fm/+Btux7aqNI/3018">TS</a>]
00:50:23 ◼ ► if any entity like a consortium controlled more than 50% in some people [<a href="https://overcast.fm/+Btux7aqNI/3023">TS</a>]
00:50:28 ◼ ► say the threshold is lower but let's say just at the Dr practical level but the [<a href="https://overcast.fm/+Btux7aqNI/3028">TS</a>]
00:50:33 ◼ ► theory is if you own under control more than 50% of the bit Queen mining [<a href="https://overcast.fm/+Btux7aqNI/3033">TS</a>]
00:50:40 ◼ ► capacity worldwide you will always win you will always have the longest chain [<a href="https://overcast.fm/+Btux7aqNI/3040">TS</a>]
00:50:44 ◼ ► because you can always calculate faster you can outpace everyone else put [<a href="https://overcast.fm/+Btux7aqNI/3044">TS</a>]
00:50:48 ◼ ► together so this would let you do things like to start the system and double [<a href="https://overcast.fm/+Btux7aqNI/3048">TS</a>]
00:50:51 ◼ ► spend in a mess of transactions you could do all kinds of bad things the [<a href="https://overcast.fm/+Btux7aqNI/3051">TS</a>]
00:50:55 ◼ ► Consorzio don't like this and so when anyone consortium has reached a point [<a href="https://overcast.fm/+Btux7aqNI/3055">TS</a>]
00:51:00 ◼ ► where they're worried about having too much capacity they voluntarily split off [<a href="https://overcast.fm/+Btux7aqNI/3060">TS</a>]
00:51:05 ◼ ► the breakdown hope things are do all sorts of stuff because it's not in the [<a href="https://overcast.fm/+Btux7aqNI/3065">TS</a>]
00:51:09 ◼ ► benefit of the system's integrity even for them to real that much control it [<a href="https://overcast.fm/+Btux7aqNI/3069">TS</a>]
00:51:15 ◼ ► the validity of the system but it also means that it's a government entity [<a href="https://overcast.fm/+Btux7aqNI/3075">TS</a>]
00:51:19 ◼ ► let's see iraq says we hate between Russia primary simple says it's going to [<a href="https://overcast.fm/+Btux7aqNI/3079">TS</a>]
00:51:25 ◼ ► stay W us destroy Bitcoin and you know Putin maybe he's got whatever they would [<a href="https://overcast.fm/+Btux7aqNI/3085">TS</a>]
00:51:29 ◼ ► have to spend an enormous amount of money ridiculous amount of money to [<a href="https://overcast.fm/+Btux7aqNI/3089">TS</a>]
00:51:33 ◼ ► build up the capacity just to match the current system then they would have to [<a href="https://overcast.fm/+Btux7aqNI/3093">TS</a>]
00:51:37 ◼ ► be out there meeting like crazy in you know and be able to overtake everyone [<a href="https://overcast.fm/+Btux7aqNI/3097">TS</a>]
00:51:42 ◼ ► else in the world and continue their free time and also people would notice [<a href="https://overcast.fm/+Btux7aqNI/3102">TS</a>]
00:51:47 ◼ ► this is an anonymous process they know where the traffic coming from the know [<a href="https://overcast.fm/+Btux7aqNI/3107">TS</a>]
00:51:50 ◼ ► what the addresses are so there's really it's not that there's no way for someone [<a href="https://overcast.fm/+Btux7aqNI/3110">TS</a>]
00:51:55 ◼ ► to subvert the system by gaining control of more than 50% or even a lower [<a href="https://overcast.fm/+Btux7aqNI/3115">TS</a>]
00:51:59 ◼ ► threshold of mining capacity more that the bar is so high and so expensive now [<a href="https://overcast.fm/+Btux7aqNI/3119">TS</a>]
00:52:03 ◼ ► it's just very very unlikely one lie I wanna keep gone but here's one last [<a href="https://overcast.fm/+Btux7aqNI/3123">TS</a>]
00:52:11 ◼ ► question I have about this before we do thanks a bunch of break which is that my [<a href="https://overcast.fm/+Btux7aqNI/3131">TS</a>]
00:52:16 ◼ ► understanding of its common knowledge that one of the other things about the [<a href="https://overcast.fm/+Btux7aqNI/3136">TS</a>]
00:52:23 ◼ ► Bitcoin system from the get-go is that there's an upper bound on the eventual [<a href="https://overcast.fm/+Btux7aqNI/3143">TS</a>]
00:52:28 ◼ ► total global bitcoins that will exist that at a certain point that's it [<a href="https://overcast.fm/+Btux7aqNI/3148">TS</a>]
00:52:33 ◼ ► the last Bitcoin block will be mind is a trait yeah this is this is the the [<a href="https://overcast.fm/+Btux7aqNI/3153">TS</a>]
00:52:40 ◼ ► twenty its 21 is approximately 21 million it's just below 21 million and [<a href="https://overcast.fm/+Btux7aqNI/3160">TS</a>]
00:52:45 ◼ ► this is big queen is clearly influenced by Ludvig when he says that he was the [<a href="https://overcast.fm/+Btux7aqNI/3165">TS</a>]
00:52:50 ◼ ► Austrian economist that affects a lot of people with specific economic views and [<a href="https://overcast.fm/+Btux7aqNI/3170">TS</a>]
00:52:56 ◼ ► one level is a test of economic theory by not allowing there's no inflation [<a href="https://overcast.fm/+Btux7aqNI/3176">TS</a>]
00:53:03 ◼ ► Bitcoin per say you can't print new money the money gets released at regular [<a href="https://overcast.fm/+Btux7aqNI/3183">TS</a>]
00:53:08 ◼ ► intervals by the by the minors and we should also point out there's this thing [<a href="https://overcast.fm/+Btux7aqNI/3188">TS</a>]
00:53:14 ◼ ► I was mentioning that as as more computational capacity enters the system [<a href="https://overcast.fm/+Btux7aqNI/3194">TS</a>]
00:53:18 ◼ ► the difficulty factors adjusted because it's the system rebalances to try to [<a href="https://overcast.fm/+Btux7aqNI/3198">TS</a>]
00:53:23 ◼ ► take about 10 minutes between each block being rented [<a href="https://overcast.fm/+Btux7aqNI/3203">TS</a>]
00:53:26 ◼ ► and if because she's been increasing so fast it's more like seven or eight [<a href="https://overcast.fm/+Btux7aqNI/3206">TS</a>]
00:53:33 ◼ ► minutes but if for instance like everybody involved in this is stupid 99% [<a href="https://overcast.fm/+Btux7aqNI/3213">TS</a>]
00:53:39 ◼ ► of people got their equipment off the difficulty factor then reduces so [<a href="https://overcast.fm/+Btux7aqNI/3219">TS</a>]
00:53:44 ◼ ► everyone could be using CPUs again or whatever so you're not you not dependent [<a href="https://overcast.fm/+Btux7aqNI/3224">TS</a>]
00:53:48 ◼ ► on ever increasing computational papers pencils [<a href="https://overcast.fm/+Btux7aqNI/3228">TS</a>]
00:53:51 ◼ ► there because a shot one thing by hand so I mention that in part because the [<a href="https://overcast.fm/+Btux7aqNI/3231">TS</a>]
00:53:57 ◼ ► the Queen creation isn't a factor of computation the computation is intended [<a href="https://overcast.fm/+Btux7aqNI/3237">TS</a>]
00:54:03 ◼ ► to keep production at a steady pace instead of having inflationary thing [<a href="https://overcast.fm/+Btux7aqNI/3243">TS</a>]
00:54:08 ◼ ► where someone could certainly be green Queens every five seconds is also the [<a href="https://overcast.fm/+Btux7aqNI/3248">TS</a>]
00:54:12 ◼ ► system is there a layman's explanation for how there can be an upper limit like [<a href="https://overcast.fm/+Btux7aqNI/3252">TS</a>]
00:54:17 ◼ ► how there can be a last but Quinn mind yet they do them of the algorithm [<a href="https://overcast.fm/+Btux7aqNI/3257">TS</a>]
00:54:22 ◼ ► actually should say that there's there's the original paper that she wrote [<a href="https://overcast.fm/+Btux7aqNI/3262">TS</a>]
00:54:26 ◼ ► there's an implementation that he or they created in the first couple of [<a href="https://overcast.fm/+Btux7aqNI/3266">TS</a>]
00:54:32 ◼ ► years I understands very deeply involved before he disappeared and then there's [<a href="https://overcast.fm/+Btux7aqNI/3272">TS</a>]
00:54:36 ◼ ► the Bitcoin foundation other parties that engage in saudi and protocol [<a href="https://overcast.fm/+Btux7aqNI/3276">TS</a>]
00:54:39 ◼ ► improvements and software updates so the nodes the big cleanup workers have to [<a href="https://overcast.fm/+Btux7aqNI/3279">TS</a>]
00:54:49 ◼ ► agree to a software upgrade in the roll it out and deprecated previous version [<a href="https://overcast.fm/+Btux7aqNI/3289">TS</a>]
00:54:53 ◼ ► so there have been changes and improvements over time so right now the [<a href="https://overcast.fm/+Btux7aqNI/3293">TS</a>]
00:54:58 ◼ ► way the protocol works is that mining delivers 25 bitcoins every 10 say 10 [<a href="https://overcast.fm/+Btux7aqNI/3298">TS</a>]
00:55:04 ◼ ► minutes on average less and the protocol states that on a certain point after a [<a href="https://overcast.fm/+Btux7aqNI/3304">TS</a>]
00:55:09 ◼ ► certain number of coins are generated and you can see a table you go to Lake [<a href="https://overcast.fm/+Btux7aqNI/3309">TS</a>]
00:55:12 ◼ ► Oahe PTAs a table of it will show you what the point is actually estimate the [<a href="https://overcast.fm/+Btux7aqNI/3312">TS</a>]
00:55:16 ◼ ► date for when this happens suddenly instead of 25 twelve and a half and then [<a href="https://overcast.fm/+Btux7aqNI/3316">TS</a>]
00:55:21 ◼ ► in the equivalent of roughly four years or a certain number of blocks blocks [<a href="https://overcast.fm/+Btux7aqNI/3321">TS</a>]
00:55:25 ◼ ► go by it'll be 6.25 and then it will be three point you know 125 and down yeah [<a href="https://overcast.fm/+Btux7aqNI/3325">TS</a>]
00:55:33 ◼ ► exactly so you'll you'll get closer and closer to 21 million never quite achieve [<a href="https://overcast.fm/+Btux7aqNI/3333">TS</a>]
00:55:37 ◼ ► it but most coins we mind within I think it was at 12 or 16 years almost all the [<a href="https://overcast.fm/+Btux7aqNI/3337">TS</a>]
00:55:42 ◼ ► Queen's will be mind and I'll show in other words it's sort of like a calculus [<a href="https://overcast.fm/+Btux7aqNI/3342">TS</a>]
00:55:45 ◼ ► thing where you know they're never may never exactly be a blast Bitcoin but [<a href="https://overcast.fm/+Btux7aqNI/3345">TS</a>]
00:55:50 ◼ ► eventually it'll approach this limit of 20 1,000,000 and get ever and ever [<a href="https://overcast.fm/+Btux7aqNI/3350">TS</a>]
00:55:55 ◼ ► closer and and there'll be ever so fractionally less value in getting a new [<a href="https://overcast.fm/+Btux7aqNI/3355">TS</a>]
00:56:03 ◼ ► here's the last thing free response but here's the thing that what's good what [<a href="https://overcast.fm/+Btux7aqNI/3363">TS</a>]
00:56:06 ◼ ► this system the system suspect will happen every transaction can have a [<a href="https://overcast.fm/+Btux7aqNI/3366">TS</a>]
00:56:12 ◼ ► mining fee attached I think some must have a mining fee attached and others [<a href="https://overcast.fm/+Btux7aqNI/3372">TS</a>]
00:56:17 ◼ ► however miners preferentially take transactions that have these attached [<a href="https://overcast.fm/+Btux7aqNI/3377">TS</a>]
00:56:21 ◼ ► they're not required to take empty transactions are typically those get cue [<a href="https://overcast.fm/+Btux7aqNI/3381">TS</a>]
00:56:25 ◼ ► to me wait longer before their Premier League committed so this is an [<a href="https://overcast.fm/+Btux7aqNI/3385">TS</a>]
00:56:28 ◼ ► interesting bit of microeconomics microphones Bishop of like a microscale [<a href="https://overcast.fm/+Btux7aqNI/3388">TS</a>]
00:56:33 ◼ ► thing that goes on his arms in your money john but i dont wanna be a mining [<a href="https://overcast.fm/+Btux7aqNI/3393">TS</a>]
00:56:36 ◼ ► fees I mark 0 on that it might take like a couple hours worked to get big dinner [<a href="https://overcast.fm/+Btux7aqNI/3396">TS</a>]
00:56:42 ◼ ► maybe longer sometimes and until it's peaked in then more blocks oriented [<a href="https://overcast.fm/+Btux7aqNI/3402">TS</a>]
00:56:46 ◼ ► after its not really permanent so that idea of instantaneous transfer his true [<a href="https://overcast.fm/+Btux7aqNI/3406">TS</a>]
00:56:51 ◼ ► except that until the transaction is permanently baked into a block and at [<a href="https://overcast.fm/+Btux7aqNI/3411">TS</a>]
00:56:56 ◼ ► least a few blocks of it added after it to ensure that the chain is the correct [<a href="https://overcast.fm/+Btux7aqNI/3416">TS</a>]
00:57:00 ◼ ► chain we we can't really count that it's true there are some ways around in some [<a href="https://overcast.fm/+Btux7aqNI/3420">TS</a>]
00:57:04 ◼ ► predictability for it but what the idea that over time those mining fees will [<a href="https://overcast.fm/+Btux7aqNI/3424">TS</a>]
00:57:08 ◼ ► increase so that as the or decreases people have to pay more per transaction [<a href="https://overcast.fm/+Btux7aqNI/3428">TS</a>]
00:57:14 ◼ ► fee which right now is calm the argument that the transaction fees it does not [<a href="https://overcast.fm/+Btux7aqNI/3434">TS</a>]
00:57:19 ◼ ► have required ones most cases but transaction fees will be likely much [<a href="https://overcast.fm/+Btux7aqNI/3439">TS</a>]
00:57:24 ◼ ► smaller compared to say credit card transaction fees or wire transfers or [<a href="https://overcast.fm/+Btux7aqNI/3444">TS</a>]
00:57:28 ◼ ► other especially international money transfer that they will be increasing [<a href="https://overcast.fm/+Btux7aqNI/3448">TS</a>]
00:57:32 ◼ ► that are given to minors to keep them actually engaged in the system and [<a href="https://overcast.fm/+Btux7aqNI/3452">TS</a>]
00:57:36 ◼ ► making new blocks even when we were disappointed 00001 Bitcoin you get a [<a href="https://overcast.fm/+Btux7aqNI/3456">TS</a>]
00:57:44 ◼ ► working example of free market economics yeah because if you can't get your [<a href="https://overcast.fm/+Btux7aqNI/3464">TS</a>]
00:57:50 ◼ ► transaction notice your blog mandatories no mandatory you can just put it out [<a href="https://overcast.fm/+Btux7aqNI/3470">TS</a>]
00:57:56 ◼ ► there and somebody wants to they can verify it put in the chain for free or [<a href="https://overcast.fm/+Btux7aqNI/3476">TS</a>]
00:58:00 ◼ ► no fee but if you want to motivate people to prioritize your transaction [<a href="https://overcast.fm/+Btux7aqNI/3480">TS</a>]
00:58:08 ◼ ► you can offer them yeah and if it's high enough they'll choose to do it and then [<a href="https://overcast.fm/+Btux7aqNI/3488">TS</a>]
00:58:12 ◼ ► you really will be some there will be some mandatory fees very likely but [<a href="https://overcast.fm/+Btux7aqNI/3492">TS</a>]
00:58:17 ◼ ► they'll be exceedingly tiny the mandatory ones when those and this this [<a href="https://overcast.fm/+Btux7aqNI/3497">TS</a>]
00:58:21 ◼ ► sort of pure free market economics at work you could see how this draws [<a href="https://overcast.fm/+Btux7aqNI/3501">TS</a>]
00:58:28 ◼ ► libertarian minded people to the whole Bitcoin world yes we take a break we'll [<a href="https://overcast.fm/+Btux7aqNI/3508">TS</a>]
00:58:37 ◼ ► come back and is more I wanna talk about it quite well I do thank our second [<a href="https://overcast.fm/+Btux7aqNI/3517">TS</a>]
00:58:41 ◼ ► sponsoring our good friends at over 80 [<a href="https://overcast.fm/+Btux7aqNI/3521">TS</a>]
00:58:45 ◼ ► are however quite simply is the best way to buy and manage domain names you have [<a href="https://overcast.fm/+Btux7aqNI/3525">TS</a>]
00:58:53 ◼ ► a great idea to get a domain name for it catchy memorable domain name however [<a href="https://overcast.fm/+Btux7aqNI/3533">TS</a>]
00:58:59 ◼ ► gives you everything you need to get the job done research they have a whole [<a href="https://overcast.fm/+Btux7aqNI/3539">TS</a>]
00:59:03 ◼ ► bunch of top-level domains to choose from [<a href="https://overcast.fm/+Btux7aqNI/3543">TS</a>]
00:59:07 ◼ ► help you find that mean you're looking for maybe give you suggestions on [<a href="https://overcast.fm/+Btux7aqNI/3547">TS</a>]
00:59:12 ◼ ► everybody knows it's hard to find a good one hundred makes it easy [<a href="https://overcast.fm/+Btux7aqNI/3552">TS</a>]
00:59:17 ◼ ► all sorts of domain registrars of course have searched like that the difference [<a href="https://overcast.fm/+Btux7aqNI/3557">TS</a>]
00:59:24 ◼ ► between Harbor and typical domain registrars you do you just have to see [<a href="https://overcast.fm/+Btux7aqNI/3564">TS</a>]
00:59:27 ◼ ► it to believe it because everybody else they're they're trying to make money [<a href="https://overcast.fm/+Btux7aqNI/3567">TS</a>]
00:59:30 ◼ ► every other way other than just by selling you the domain names up cells [<a href="https://overcast.fm/+Btux7aqNI/3570">TS</a>]
00:59:35 ◼ ► and also to scare me stuff checkboxes you have to uncheck to get out of these [<a href="https://overcast.fm/+Btux7aqNI/3575">TS</a>]
00:59:40 ◼ ► add-ons and follow-ups all sorts of nonsense the worst sort of business just [<a href="https://overcast.fm/+Btux7aqNI/3580">TS</a>]
00:59:47 ◼ ► a lot of scams policy and anybody who's ever used them however is just straight [<a href="https://overcast.fm/+Btux7aqNI/3587">TS</a>]
00:59:54 ◼ ► forward I mean just go check out their website and you'll see right away that [<a href="https://overcast.fm/+Btux7aqNI/3594">TS</a>]
00:59:58 ◼ ► they just doesn't even look like other domain registrars no nonsense they make [<a href="https://overcast.fm/+Btux7aqNI/3598">TS</a>]
01:00:04 ◼ ► money by charging you for domain names and that's it [<a href="https://overcast.fm/+Btux7aqNI/3604">TS</a>]
01:00:07 ◼ ► they have great great great customer support including something called [<a href="https://overcast.fm/+Btux7aqNI/3607">TS</a>]
01:00:12 ◼ ► phthalates transfer service so if you've already got a domain and another [<a href="https://overcast.fm/+Btux7aqNI/3612">TS</a>]
01:00:17 ◼ ► registrar and you're unsatisfied with that registrar and there's a very good [<a href="https://overcast.fm/+Btux7aqNI/3617">TS</a>]
01:00:21 ◼ ► chance that you are because most register stink you can go to hover sign [<a href="https://overcast.fm/+Btux7aqNI/3621">TS</a>]
01:00:26 ◼ ► up and they're Valley transfer service will help you or just do the work for [<a href="https://overcast.fm/+Btux7aqNI/3626">TS</a>]
01:00:32 ◼ ► you you just give them access to the registrar and they'll take care of all [<a href="https://overcast.fm/+Btux7aqNI/3632">TS</a>]
01:00:36 ◼ ► the DNS stuff all the stuff we need to do to move a transfer registered domains [<a href="https://overcast.fm/+Btux7aqNI/3636">TS</a>]
01:00:41 ◼ ► from one store to another it's a great service and for most of us it's you know [<a href="https://overcast.fm/+Btux7aqNI/3641">TS</a>]
01:00:48 ◼ ► it's because we're not experts even I have a bunch of domain names but I [<a href="https://overcast.fm/+Btux7aqNI/3648">TS</a>]
01:00:52 ◼ ► almost never moved them or change anything to do with them so I'm not a [<a href="https://overcast.fm/+Btux7aqNI/3652">TS</a>]
01:00:56 ◼ ► the people that however are this is what they do all day every day so you're in [<a href="https://overcast.fm/+Btux7aqNI/3656">TS</a>]
01:01:03 ◼ ► everybody I know and I know a bunch of friends abuses rally service they swear [<a href="https://overcast.fm/+Btux7aqNI/3663">TS</a>]
01:01:07 ◼ ► by it they just it sounds too good to be true that you just sign up and let them [<a href="https://overcast.fm/+Btux7aqNI/3667">TS</a>]
01:01:11 ◼ ► do all the work for you but it actually that's actually how it works where do [<a href="https://overcast.fm/+Btux7aqNI/3671">TS</a>]
01:01:16 ◼ ► you go to find out more easy going to hover dot com H O R dot com slash talk [<a href="https://overcast.fm/+Btux7aqNI/3676">TS</a>]
01:01:23 ◼ ► show and I know you came from the show so happy to have him as a sponsored [<a href="https://overcast.fm/+Btux7aqNI/3683">TS</a>]
01:01:31 ◼ ► really just go check them out and you'll be happy to back to be a couple of [<a href="https://overcast.fm/+Btux7aqNI/3691">TS</a>]
01:01:43 ◼ ► things I want to ask you about we should talk about why I wanted to but yeah I [<a href="https://overcast.fm/+Btux7aqNI/3703">TS</a>]
01:01:50 ◼ ► tell me about it so you may not even be one individual names said the credit for [<a href="https://overcast.fm/+Btux7aqNI/3710">TS</a>]
01:02:03 ◼ ► creating Bitcoin goes to a Japanese mathematician named said Toshi [<a href="https://overcast.fm/+Btux7aqNI/3723">TS</a>]
01:02:12 ◼ ► Nakamoto nobody knows an end the very least it's a pseudonym if it is one [<a href="https://overcast.fm/+Btux7aqNI/3732">TS</a>]
01:02:21 ◼ ► person if it is the work of one person it's Santoshi Nakamoto is apparently a [<a href="https://overcast.fm/+Btux7aqNI/3741">TS</a>]
01:02:25 ◼ ► pseudonym yeah it's i mean that's the way it's weird because you're not [<a href="https://overcast.fm/+Btux7aqNI/3745">TS</a>]
01:02:31 ◼ ► anonymous I guess it has to be sitting there is no one has no one has proved [<a href="https://overcast.fm/+Btux7aqNI/3751">TS</a>]
01:02:36 ◼ ► proven who this person is or if a single person today there's a suspicion and you [<a href="https://overcast.fm/+Btux7aqNI/3756">TS</a>]
01:02:42 ◼ ► know when you read stuff you know is often when it's the work of one person [<a href="https://overcast.fm/+Btux7aqNI/3762">TS</a>]
01:02:45 ◼ ► that way it's written and read the paper the paper reads like one person wrote it [<a href="https://overcast.fm/+Btux7aqNI/3765">TS</a>]
01:02:50 ◼ ► so it's a group one person drafted it does not have the feel is a very [<a href="https://overcast.fm/+Btux7aqNI/3770">TS</a>]
01:02:54 ◼ ► specific style doesn't have a feeling of a committee yeah I mean it's not a [<a href="https://overcast.fm/+Btux7aqNI/3774">TS</a>]
01:02:58 ◼ ► citizen in the statement of a very specific there's a style to his person [<a href="https://overcast.fm/+Btux7aqNI/3778">TS</a>]
01:03:01 ◼ ► posted prob someone as expected to be just an individual because this person [<a href="https://overcast.fm/+Btux7aqNI/3781">TS</a>]
01:03:07 ◼ ► was actively participating in the early between us [<a href="https://overcast.fm/+Btux7aqNI/3787">TS</a>]
01:03:09 ◼ ► sessions for years and you know there's a typical things would happen with the [<a href="https://overcast.fm/+Btux7aqNI/3789">TS</a>]
01:03:13 ◼ ► guy who was arrested for Silk Road the Silk Road Silk Road was arrested in the [<a href="https://overcast.fm/+Btux7aqNI/3793">TS</a>]
01:03:21 ◼ ► Bay Area he had posted something I know but you know in this is putting this is [<a href="https://overcast.fm/+Btux7aqNI/3801">TS</a>]
01:03:27 ◼ ► like this is a purely a very common friend 62 forensics technique and I [<a href="https://overcast.fm/+Btux7aqNI/3807">TS</a>]
01:03:31 ◼ ► heard about like oh this is so brilliant white you know I shoulda guessed what [<a href="https://overcast.fm/+Btux7aqNI/3811">TS</a>]
01:03:36 ◼ ► they do is they look at the first time someone post under an identity on some [<a href="https://overcast.fm/+Btux7aqNI/3816">TS</a>]
01:03:40 ◼ ► online thing and they traced back and see who fucks who follow them on Twitter [<a href="https://overcast.fm/+Btux7aqNI/3820">TS</a>]
01:03:44 ◼ ► who reference them who link to a website who favorite like so they went back and [<a href="https://overcast.fm/+Btux7aqNI/3824">TS</a>]
01:03:49 ◼ ► they found the Silk Road guy because they were fingerprints all over him [<a href="https://overcast.fm/+Btux7aqNI/3829">TS</a>]
01:03:52 ◼ ► pointing to the entity that you know he eventually became so that's really a big [<a href="https://overcast.fm/+Btux7aqNI/3832">TS</a>]
01:03:58 ◼ ► part of how they found it and you have to be very careful about so anyway that [<a href="https://overcast.fm/+Btux7aqNI/3838">TS</a>]
01:04:03 ◼ ► no ones found that kind of pain was with you know they even though the guy posted [<a href="https://overcast.fm/+Btux7aqNI/3843">TS</a>]
01:04:09 ◼ ► a guy probably another in other words you're saying like if somebody wanted to [<a href="https://overcast.fm/+Btux7aqNI/3849">TS</a>]
01:04:13 ◼ ► uncover the Mac elope goin actually think predates Twitter but I say or [<a href="https://overcast.fm/+Btux7aqNI/3853">TS</a>]
01:04:19 ◼ ► somebody else created a Mac elope like you know pseudonymous colin is the first [<a href="https://overcast.fm/+Btux7aqNI/3859">TS</a>]
01:04:25 ◼ ► person who retweeted it linked to it did you go to Tumblr and in favor of it love [<a href="https://overcast.fm/+Btux7aqNI/3865">TS</a>]
01:04:30 ◼ ► it under which is very clever so no one has found his fingerprints and a lot of [<a href="https://overcast.fm/+Btux7aqNI/3870">TS</a>]
01:04:34 ◼ ► people have looked in some very clever journalists have looked after get there [<a href="https://overcast.fm/+Btux7aqNI/3874">TS</a>]
01:04:38 ◼ ► is it wired someone did a piece with a look through a lot of likely subjects [<a href="https://overcast.fm/+Btux7aqNI/3878">TS</a>]
01:04:41 ◼ ► they talked to a ton of people and they're pretty sure it might be this one [<a href="https://overcast.fm/+Btux7aqNI/3881">TS</a>]
01:04:45 ◼ ► person but it's just there's not enough evidence to show that is the reason [<a href="https://overcast.fm/+Btux7aqNI/3885">TS</a>]
01:04:51 ◼ ► people care who Satoshi Nakamoto is is because Satoshi Nakamoto has like five [<a href="https://overcast.fm/+Btux7aqNI/3891">TS</a>]
01:04:55 ◼ ► million bitcoins I think it's it's it's a 45 percent of the outstanding but [<a href="https://overcast.fm/+Btux7aqNI/3895">TS</a>]
01:05:01 ◼ ► Quins it's a huge number because they were the only person mining initially [<a href="https://overcast.fm/+Btux7aqNI/3901">TS</a>]
01:05:05 ◼ ► and so whoever that is tryna money even with the current you know the drop to 50 [<a href="https://overcast.fm/+Btux7aqNI/3905">TS</a>]
01:05:12 ◼ ► dollars Bitcoin this person conceivably has like I don't know what it's like a [<a href="https://overcast.fm/+Btux7aqNI/3912">TS</a>]
01:05:16 ◼ ► billion dollars eight hundred million dollars it's a huge amount of money if [<a href="https://overcast.fm/+Btux7aqNI/3916">TS</a>]
01:05:19 ◼ ► they wanted to convert it slowly [<a href="https://overcast.fm/+Btux7aqNI/3919">TS</a>]
01:05:21 ◼ ► cash now because between all the addresses are public people now watch [<a href="https://overcast.fm/+Btux7aqNI/3921">TS</a>]
01:05:26 ◼ ► those early bitcoins and see if they get transferred you know to get two [<a href="https://overcast.fm/+Btux7aqNI/3926">TS</a>]
01:05:30 ◼ ► exchanges are cashed out are used for things and apparently they're all very [<a href="https://overcast.fm/+Btux7aqNI/3930">TS</a>]
01:05:33 ◼ ► static so that's another aspect of bitcoins that all the transactions are [<a href="https://overcast.fm/+Btux7aqNI/3933">TS</a>]
01:05:37 ◼ ► done in public the identities are not tied to the bitcoins a person's identity [<a href="https://overcast.fm/+Btux7aqNI/3937">TS</a>]
01:05:41 ◼ ► isn't but the big coins you can see them move through time and that's an aspect [<a href="https://overcast.fm/+Btux7aqNI/3941">TS</a>]
01:05:47 ◼ ► of both like and hate about it so you can get somebody who owned like you said [<a href="https://overcast.fm/+Btux7aqNI/3947">TS</a>]
01:05:54 ◼ ► maybe some five million maybe five million probably too big a number of [<a href="https://overcast.fm/+Btux7aqNI/3954">TS</a>]
01:05:56 ◼ ► these only 21 it's a big percentage though let's just call it a million [<a href="https://overcast.fm/+Btux7aqNI/3956">TS</a>]
01:06:04 ◼ ► a lot of money somebody can watch those a million you know look at the Beverly [<a href="https://overcast.fm/+Btux7aqNI/3964">TS</a>]
01:06:08 ◼ ► bitcoins and if a bunch of them start moving you could you could safely assume [<a href="https://overcast.fm/+Btux7aqNI/3968">TS</a>]
01:06:13 ◼ ► that it's no wonder whether Nakamoto is a group of some sort of entity or [<a href="https://overcast.fm/+Btux7aqNI/3973">TS</a>]
01:06:20 ◼ ► something like that but this is the part that to me makes it seem most like a [<a href="https://overcast.fm/+Btux7aqNI/3980">TS</a>]
01:06:26 ◼ ► science fiction film probably a novel because I think the math is not his [<a href="https://overcast.fm/+Btux7aqNI/3986">TS</a>]
01:06:32 ◼ ► cinematic is you know but either way it's like a science fiction story is [<a href="https://overcast.fm/+Btux7aqNI/3992">TS</a>]
01:06:39 ◼ ► that there's a a sort of heroic mystery figure at the top of it you know an [<a href="https://overcast.fm/+Btux7aqNI/3999">TS</a>]
01:06:47 ◼ ► individual who wrote this paper and made this system and then disappeared very [<a href="https://overcast.fm/+Btux7aqNI/4007">TS</a>]
01:06:53 ◼ ► cinematic in that sense and it's almost now like a mythic figure yeah not to [<a href="https://overcast.fm/+Btux7aqNI/4013">TS</a>]
01:07:02 ◼ ► exaggerate in the least right that there's this mythic figure who created [<a href="https://overcast.fm/+Btux7aqNI/4022">TS</a>]
01:07:05 ◼ ► this beautiful system stands to be enriched personally tremendously by if [<a href="https://overcast.fm/+Btux7aqNI/4025">TS</a>]
01:07:14 ◼ ► and then and and was very very very active at the outset and I wasn't just [<a href="https://overcast.fm/+Btux7aqNI/4034">TS</a>]
01:07:20 ◼ ► like the white paper dropped in the system within the place there's you know [<a href="https://overcast.fm/+Btux7aqNI/4040">TS</a>]
01:07:24 ◼ ► I guess was it mailing lists I don't know but there's a lot of online [<a href="https://overcast.fm/+Btux7aqNI/4044">TS</a>]
01:07:28 ◼ ► communication from Satoshi Nakamoto [<a href="https://overcast.fm/+Btux7aqNI/4048">TS</a>]
01:07:33 ◼ ► just disappeared and the dog did he did he write like ok I or did he just like a [<a href="https://overcast.fm/+Btux7aqNI/4053">TS</a>]
01:07:43 ◼ ► goodbye letter now and I enjoy her number I think they just stopped hosting [<a href="https://overcast.fm/+Btux7aqNI/4063">TS</a>]
01:07:49 ◼ ► is not funny I you know that I think that they just don't think they actually [<a href="https://overcast.fm/+Btux7aqNI/4069">TS</a>]
01:07:59 ◼ ► say goodbye they basically stopped posting and then but an anointed was [<a href="https://overcast.fm/+Btux7aqNI/4079">TS</a>]
01:08:05 ◼ ► somebody the person is Gavin Edwards something was the head of the bed queen [<a href="https://overcast.fm/+Btux7aqNI/4085">TS</a>]
01:08:11 ◼ ► foundation Gavin and Andreessen scientists at the Bitcoin foundations [<a href="https://overcast.fm/+Btux7aqNI/4091">TS</a>]
01:08:16 ◼ ► again very soon as I understand I believe he was sort of anointed as the [<a href="https://overcast.fm/+Btux7aqNI/4096">TS</a>]
01:08:20 ◼ ► person to carry on the software work but my recollection is that is that it [<a href="https://overcast.fm/+Btux7aqNI/4100">TS</a>]
01:08:26 ◼ ► wasn't like okay and now I've done my work and I'm leaving was more like like [<a href="https://overcast.fm/+Btux7aqNI/4106">TS</a>]
01:08:31 ◼ ► just stop posting and I found the numbers 1.5 million coins and so that's [<a href="https://overcast.fm/+Btux7aqNI/4111">TS</a>]
01:08:36 ◼ ► like eight hundred million dollars in today's exchange rate of 5% of the ones [<a href="https://overcast.fm/+Btux7aqNI/4116">TS</a>]
01:08:41 ◼ ► outstanding it's about 5% of the ones that will ever exist a little a little [<a href="https://overcast.fm/+Btux7aqNI/4121">TS</a>]
01:08:45 ◼ ► more so it's it's a it's a big chunk and there's still one of the rumors is that [<a href="https://overcast.fm/+Btux7aqNI/4125">TS</a>]
01:08:52 ◼ ► a so here's the thing with bitcoins you have to keep that private key secure but [<a href="https://overcast.fm/+Btux7aqNI/4132">TS</a>]
01:08:57 ◼ ► if you lose the Prodigy put coins are gone forever [<a href="https://overcast.fm/+Btux7aqNI/4137">TS</a>]
01:09:01 ◼ ► you can't spend that we can transfer them I'm in a Bitcoin miner and he were [<a href="https://overcast.fm/+Btux7aqNI/4141">TS</a>]
01:09:05 ◼ ► chatting and two interesting things one is I did not know initially but he was a [<a href="https://overcast.fm/+Btux7aqNI/4145">TS</a>]
01:09:11 ◼ ► few months before he and I met he was generating a significant single-digit [<a href="https://overcast.fm/+Btux7aqNI/4151">TS</a>]
01:09:15 ◼ ► percentage of all homes worldwide which was interesting and the other was he [<a href="https://overcast.fm/+Btux7aqNI/4155">TS</a>]
01:09:20 ◼ ► said I've gotta drive over there it's completely dead it is for you [<a href="https://overcast.fm/+Btux7aqNI/4160">TS</a>]
01:09:24 ◼ ► never recover those and I was at a time when I think it was $100 like a drive [<a href="https://overcast.fm/+Btux7aqNI/4164">TS</a>]
01:09:29 ◼ ► that has a two million dollars tried everything he could spending $1,000 on [<a href="https://overcast.fm/+Btux7aqNI/4169">TS</a>]
01:09:36 ◼ ► Dr savers or whatever and so when you lose the key they're not a sponsor this [<a href="https://overcast.fm/+Btux7aqNI/4176">TS</a>]
01:09:43 ◼ ► week but talking about you too bad Backblaze is hard drives people you know [<a href="https://overcast.fm/+Btux7aqNI/4183">TS</a>]
01:09:51 ◼ ► there are there issues about storing private keys for Bitcoin so there's [<a href="https://overcast.fm/+Btux7aqNI/4191">TS</a>]
01:09:57 ◼ ► something called cold storage and you transfer your private key either you've [<a href="https://overcast.fm/+Btux7aqNI/4197">TS</a>]
01:10:01 ◼ ► never had an internet-connected machine you sign on your transactions on a not [<a href="https://overcast.fm/+Btux7aqNI/4201">TS</a>]
01:10:06 ◼ ► ever connected you know glue and the USB port WiFi radio removed whatever your [<a href="https://overcast.fm/+Btux7aqNI/4206">TS</a>]
01:10:14 ◼ ► stuff on a non connected machine and then you signed transactions and you see [<a href="https://overcast.fm/+Btux7aqNI/4214">TS</a>]
01:10:19 ◼ ► them out but you're extremely careful you move those the public Internet and [<a href="https://overcast.fm/+Btux7aqNI/4219">TS</a>]
01:10:24 ◼ ► this is critical because if your private key stolen as as happened on a mass [<a href="https://overcast.fm/+Btux7aqNI/4224">TS</a>]
01:10:29 ◼ ► scale over the last few years at multiple online wallet services and [<a href="https://overcast.fm/+Btux7aqNI/4229">TS</a>]
01:10:33 ◼ ► exchanges if someone steals your private key they can transfer the money to [<a href="https://overcast.fm/+Btux7aqNI/4233">TS</a>]
01:10:37 ◼ ► anywhere they want to and in the same thing so the cold storages are some [<a href="https://overcast.fm/+Btux7aqNI/4237">TS</a>]
01:10:41 ◼ ► places I understand someone actually printed out the key information is like [<a href="https://overcast.fm/+Btux7aqNI/4241">TS</a>]
01:10:46 ◼ ► a pile of paper as an additional backup in case the spinning media hora sixties [<a href="https://overcast.fm/+Btux7aqNI/4246">TS</a>]
01:10:51 ◼ ► makes sense so there is no one you know one of the coin services went down and [<a href="https://overcast.fm/+Btux7aqNI/4251">TS</a>]
01:10:57 ◼ ► forgetting which one another one [<a href="https://overcast.fm/+Btux7aqNI/4257">TS</a>]
01:10:59 ◼ ► shut down and they did lose some number of coins but they said almost all of the [<a href="https://overcast.fm/+Btux7aqNI/4259">TS</a>]
01:11:03 ◼ ► coins were in cold storage and they will be transferring them back to their [<a href="https://overcast.fm/+Btux7aqNI/4263">TS</a>]
01:11:07 ◼ ► the ones they lost their lives storage was modest and those are gone forever [<a href="https://overcast.fm/+Btux7aqNI/4267">TS</a>]
01:11:10 ◼ ► for whatever reason but the ones that are cold storage are totally preserved [<a href="https://overcast.fm/+Btux7aqNI/4270">TS</a>]
01:11:15 ◼ ► ok so tell me about these exchanges wow what is it what what's the point of this [<a href="https://overcast.fm/+Btux7aqNI/4275">TS</a>]
01:11:25 ◼ ► gets in the basic nature of like you know since I lose money if you try to [<a href="https://overcast.fm/+Btux7aqNI/4285">TS</a>]
01:11:29 ◼ ► explain this to join unlike a generous and he said as he said to you and he's [<a href="https://overcast.fm/+Btux7aqNI/4289">TS</a>]
01:11:34 ◼ ► like what is actually money i transfer my kids sometimes you know and they know [<a href="https://overcast.fm/+Btux7aqNI/4294">TS</a>]
01:11:39 ◼ ► that money buys things they can be exchanged for a great line from there is [<a href="https://overcast.fm/+Btux7aqNI/4299">TS</a>]
01:11:43 ◼ ► a beatles parody group called the rebels that Eric Idle and some other people [<a href="https://overcast.fm/+Btux7aqNI/4303">TS</a>]
01:11:47 ◼ ► involved in someone said you're just in it for the money and their joke [<a href="https://overcast.fm/+Btux7aqNI/4307">TS</a>]
01:11:51 ◼ ► responses no no we're not in it for the money so much as the the goods and [<a href="https://overcast.fm/+Btux7aqNI/4311">TS</a>]
01:11:56 ◼ ► you know it's Jonas is still at the point where money is like gravity and [<a href="https://overcast.fm/+Btux7aqNI/4316">TS</a>]
01:12:02 ◼ ► it's something he accepts and understands the gist of but that it's [<a href="https://overcast.fm/+Btux7aqNI/4322">TS</a>]
01:12:09 ◼ ► sort of it's at the bottom of you know those why you know kids are so it's the [<a href="https://overcast.fm/+Btux7aqNI/4329">TS</a>]
01:12:19 ◼ ► greatest thing about childhood is is the natural inclination of almost all [<a href="https://overcast.fm/+Btux7aqNI/4339">TS</a>]
01:12:23 ◼ ► children to just keep asking why why why they get you know parents of course you [<a href="https://overcast.fm/+Btux7aqNI/4343">TS</a>]
01:12:28 ◼ ► know you get sick of it but it's actually it you know it shows how what a [<a href="https://overcast.fm/+Btux7aqNI/4348">TS</a>]
01:12:34 ◼ ► fantastic state their brains are in their trust seeking answers you know and [<a href="https://overcast.fm/+Btux7aqNI/4354">TS</a>]
01:12:38 ◼ ► they're coming up at the you know whyyy gravity is one of those things that he's [<a href="https://overcast.fm/+Btux7aqNI/4358">TS</a>]
01:12:41 ◼ ► never he's never asked me about how exactly is it that we stick to the earth [<a href="https://overcast.fm/+Btux7aqNI/4361">TS</a>]
01:12:47 ◼ ► and money i think is exactly the same sort of thing it's just there and he [<a href="https://overcast.fm/+Btux7aqNI/4367">TS</a>]
01:12:52 ◼ ► accepts it and never has gotten to the point where you wonder why I still think [<a href="https://overcast.fm/+Btux7aqNI/4372">TS</a>]
01:12:57 ◼ ► I'm not sure the kids ask her we volunteer we like to the series of [<a href="https://overcast.fm/+Btux7aqNI/4377">TS</a>]
01:13:01 ◼ ► parenting lectures at some point came up it was like I tried to explain it and [<a href="https://overcast.fm/+Btux7aqNI/4381">TS</a>]
01:13:07 ◼ ► sounds ridiculous when you explain it why does this piece of paper I'm giving [<a href="https://overcast.fm/+Btux7aqNI/4387">TS</a>]
01:13:11 ◼ ► you peace of paper with George Washington case on it and you can go [<a href="https://overcast.fm/+Btux7aqNI/4391">TS</a>]
01:13:14 ◼ ► anywhere and exchange it for something and people always accepted as legitimate [<a href="https://overcast.fm/+Btux7aqNI/4394">TS</a>]
01:13:18 ◼ ► and that's ridiculous it's completely ridiculous right so when you start to [<a href="https://overcast.fm/+Btux7aqNI/4398">TS</a>]
01:13:23 ◼ ► explain but according to people why there's value in it you're like this is [<a href="https://overcast.fm/+Btux7aqNI/4403">TS</a>]
01:13:27 ◼ ► just crazy and it was easier than money is crazy to is a little bit less crazy [<a href="https://overcast.fm/+Btux7aqNI/4407">TS</a>]
01:13:32 ◼ ► and I you know again that to get into the political aspects event I guarantee [<a href="https://overcast.fm/+Btux7aqNI/4412">TS</a>]
01:13:37 ◼ ► you with technical minded show somebody out there is gonna be offended by what [<a href="https://overcast.fm/+Btux7aqNI/4417">TS</a>]
01:13:42 ◼ ► but it it was a lot easier to explain when the EUS was on the gold standard [<a href="https://overcast.fm/+Btux7aqNI/4422">TS</a>]
01:13:48 ◼ ► yes you could say a correspondent to a specific amount of gold that had an XP [<a href="https://overcast.fm/+Btux7aqNI/4428">TS</a>]
01:13:53 ◼ ► USA government-owned a tremendous still does own it but I found this tremendous [<a href="https://overcast.fm/+Btux7aqNI/4433">TS</a>]
01:13:57 ◼ ► amount of gold gold has no true value real value on you know because it's a [<a href="https://overcast.fm/+Btux7aqNI/4437">TS</a>]
01:14:03 ◼ ► rare mineral that people consider to be beautiful and etc and dollar bill was [<a href="https://overcast.fm/+Btux7aqNI/4443">TS</a>]
01:14:09 ◼ ► the us- government promising that this dollar bill represented dollars worth of [<a href="https://overcast.fm/+Btux7aqNI/4449">TS</a>]
01:14:15 ◼ ► exchanges if you wanted to hear that and that I am i understand you know there's [<a href="https://overcast.fm/+Btux7aqNI/4455">TS</a>]
01:14:20 ◼ ► a whole bunch of there's always been a political political friends that thinks [<a href="https://overcast.fm/+Btux7aqNI/4460">TS</a>]
01:14:24 ◼ ► the US-made a true mistake getting off the gold standard get back onto it and I [<a href="https://overcast.fm/+Btux7aqNI/4464">TS</a>]
01:14:29 ◼ ► owe it not that I think that that's actually a good economic theory I think [<a href="https://overcast.fm/+Btux7aqNI/4469">TS</a>]
01:14:32 ◼ ► the explanation is that it appeals to many people because it's understandable [<a href="https://overcast.fm/+Btux7aqNI/4472">TS</a>]
01:14:36 ◼ ► and was its supposedly prevents inflation there's a lot of reasons why [<a href="https://overcast.fm/+Btux7aqNI/4476">TS</a>]
01:14:40 ◼ ► people like its inflation it's a real thing it prevents printing money it [<a href="https://overcast.fm/+Btux7aqNI/4480">TS</a>]
01:14:44 ◼ ► controls governments women's game go to war is usually necessarily because they [<a href="https://overcast.fm/+Btux7aqNI/4484">TS</a>]
01:14:48 ◼ ► can't do all these things that a lot of people here and they think that the gold [<a href="https://overcast.fm/+Btux7aqNI/4488">TS</a>]
01:14:53 ◼ ► standard answer to them returning to it having the route I just think a big part [<a href="https://overcast.fm/+Btux7aqNI/4493">TS</a>]
01:14:58 ◼ ► of the appeal is that it's there's no dot dot dot step in which is what you [<a href="https://overcast.fm/+Btux7aqNI/4498">TS</a>]
01:15:06 ◼ ► have with our current system here so here's the thing that would [<a href="https://overcast.fm/+Btux7aqNI/4506">TS</a>]
01:15:10 ◼ ► fundamentally what fiat currency or like it was like a 1000 cash money what money [<a href="https://overcast.fm/+Btux7aqNI/4510">TS</a>]
01:15:15 ◼ ► proved by governments backed by governments has is that you can pay your [<a href="https://overcast.fm/+Btux7aqNI/4515">TS</a>]
01:15:19 ◼ ► taxes in it and the government pays its bills and it was doing the economist [<a href="https://overcast.fm/+Btux7aqNI/4519">TS</a>]
01:15:25 ◼ ► articles about becoming and fundamentally that's what a lot of them [<a href="https://overcast.fm/+Btux7aqNI/4525">TS</a>]
01:15:28 ◼ ► said was was it's the government to use of legal tender as a means of exchange [<a href="https://overcast.fm/+Btux7aqNI/4528">TS</a>]
01:15:33 ◼ ► not just that it establishes value you know and there's there's the extra angle [<a href="https://overcast.fm/+Btux7aqNI/4533">TS</a>]
01:15:38 ◼ ► that some people that talk about coercion the recent weeks that money is [<a href="https://overcast.fm/+Btux7aqNI/4538">TS</a>]
01:15:41 ◼ ► because you know governments have militaries in the forces to if you [<a href="https://overcast.fm/+Btux7aqNI/4541">TS</a>]
01:15:44 ◼ ► didn't accept money you know they're backed by the police say the body of the [<a href="https://overcast.fm/+Btux7aqNI/4544">TS</a>]
01:15:49 ◼ ► you go to jail there's a penalty you know for how you use it so there you can [<a href="https://overcast.fm/+Btux7aqNI/4549">TS</a>]
01:15:54 ◼ ► get to a political argument about that but fundamentally it's when you pay the [<a href="https://overcast.fm/+Btux7aqNI/4554">TS</a>]
01:16:00 ◼ ► american government most governments you have to pay in the currency that they [<a href="https://overcast.fm/+Btux7aqNI/4560">TS</a>]
01:16:04 ◼ ► accepted the issue that currency to pay all of their bills and so that starts a [<a href="https://overcast.fm/+Btux7aqNI/4564">TS</a>]
01:16:09 ◼ ► virtuous cycle that gives it value right it's a barter system in which the [<a href="https://overcast.fm/+Btux7aqNI/4569">TS</a>]
01:16:13 ◼ ► government is the dollar bills are is a former barter we just accept the value [<a href="https://overcast.fm/+Btux7aqNI/4573">TS</a>]
01:16:18 ◼ ► of the government puts on it and the USA government least with some intervention [<a href="https://overcast.fm/+Btux7aqNI/4578">TS</a>]
01:16:22 ◼ ► allows the dollar to flow to represent what the market actually thinks it's [<a href="https://overcast.fm/+Btux7aqNI/4582">TS</a>]
01:16:25 ◼ ► worth is a means of exchange so pick which is weird because that's where you [<a href="https://overcast.fm/+Btux7aqNI/4585">TS</a>]
01:16:30 ◼ ► get them out of the box and these other exchanges as one aspect of the ecosystem [<a href="https://overcast.fm/+Btux7aqNI/4590">TS</a>]
01:16:34 ◼ ► is that is moving money in and out of it clean so it's one thing if you are a [<a href="https://overcast.fm/+Btux7aqNI/4594">TS</a>]
01:16:38 ◼ ► minor in the early days you could run like you can running like a Mac Pro and [<a href="https://overcast.fm/+Btux7aqNI/4598">TS</a>]
01:16:42 ◼ ► making coins are actually having coin suspended they might not have been worth [<a href="https://overcast.fm/+Btux7aqNI/4602">TS</a>]
01:16:46 ◼ ► damage each but you know there was some people accepting them they were you can [<a href="https://overcast.fm/+Btux7aqNI/4606">TS</a>]
01:16:50 ◼ ► use it to exchange that's what some people but you need to move money in and [<a href="https://overcast.fm/+Btux7aqNI/4610">TS</a>]
01:16:53 ◼ ► out of the system has no inherent value as more and more merchants accept [<a href="https://overcast.fm/+Btux7aqNI/4613">TS</a>]
01:16:57 ◼ ► Bitcoin which is still going on Overstock will accept Bitcoin through [<a href="https://overcast.fm/+Btux7aqNI/4617">TS</a>]
01:17:01 ◼ ► intermediaries that establishes value for it but the more you can buy within [<a href="https://overcast.fm/+Btux7aqNI/4621">TS</a>]
01:17:07 ◼ ► the system less you have to transact in and help but the exchanges exist as a [<a href="https://overcast.fm/+Btux7aqNI/4627">TS</a>]
01:17:10 ◼ ► way to take dollars and turn them into bitcoins in and vice versa up with some [<a href="https://overcast.fm/+Btux7aqNI/4630">TS</a>]
01:17:16 ◼ ► good reason I had this one or two mark andreessen [<a href="https://overcast.fm/+Btux7aqNI/4636">TS</a>]
01:17:19 ◼ ► netscape really interesting guy guy I think was was seen has not very break [<a href="https://overcast.fm/+Btux7aqNI/4639">TS</a>]
01:17:25 ◼ ► for a while about how we invest in what he did and then it all started to pay [<a href="https://overcast.fm/+Btux7aqNI/4645">TS</a>]
01:17:28 ◼ ► off and then everyone thinks he's brilliant I think he's brilliant I think [<a href="https://overcast.fm/+Btux7aqNI/4648">TS</a>]
01:17:32 ◼ ► he was so far ahead of his time as investor that it took a lot like with [<a href="https://overcast.fm/+Btux7aqNI/4652">TS</a>]
01:17:37 ◼ ► Paul Allen where everyone thought pollen was an idiot for about a decade and that [<a href="https://overcast.fm/+Btux7aqNI/4657">TS</a>]
01:17:40 ◼ ► everything he thought would happen happened you know satellite television [<a href="https://overcast.fm/+Btux7aqNI/4660">TS</a>]
01:17:44 ◼ ► and everything just about so he'll the Seahawks even won a Super Bowl so back [<a href="https://overcast.fm/+Btux7aqNI/4664">TS</a>]
01:17:55 ◼ ► to like 1985 and people that the Seattle Seahawks are gonna [<a href="https://overcast.fm/+Btux7aqNI/4675">TS</a>]
01:17:59 ◼ ► so you can see you can see that you could say look in two thousand people [<a href="https://overcast.fm/+Btux7aqNI/4679">TS</a>]
01:18:02 ◼ ► but Marc Andreessen upon we're not very smart in 2014 like in terms of where [<a href="https://overcast.fm/+Btux7aqNI/4682">TS</a>]
01:18:09 ◼ ► technology when and how they make money so Marc Andreessen wrote this piece cuz [<a href="https://overcast.fm/+Btux7aqNI/4689">TS</a>]
01:18:12 ◼ ► he's involved with base he's his Andreessen Horowitz they invest in [<a href="https://overcast.fm/+Btux7aqNI/4692">TS</a>]
01:18:19 ◼ ► between companies and it's part of part of their you know what they're into and [<a href="https://overcast.fm/+Btux7aqNI/4699">TS</a>]
01:18:24 ◼ ► I think it's it's a pretty sure it's using Vista I hate to see the wrong [<a href="https://overcast.fm/+Btux7aqNI/4704">TS</a>]
01:18:28 ◼ ► companies are so many bit because we acquit based Andreessen Horowitz put in [<a href="https://overcast.fm/+Btux7aqNI/4708">TS</a>]
01:18:33 ◼ ► twenty five million dollars as part of the show that was part of the lead [<a href="https://overcast.fm/+Btux7aqNI/4713">TS</a>]
01:18:38 ◼ ► investor with them but when $5,000,000 few months ago so I go to Queen base and [<a href="https://overcast.fm/+Btux7aqNI/4718">TS</a>]
01:18:42 ◼ ► I say I want to buy $50 with the Bitcoin and the late great ok verifies [<a href="https://overcast.fm/+Btux7aqNI/4722">TS</a>]
01:18:46 ◼ ► information do this will text you this thing you should I say I'm like this is [<a href="https://overcast.fm/+Btux7aqNI/4726">TS</a>]
01:18:51 ◼ ► okay it's like setting up a banking thing or whatever and they're like your [<a href="https://overcast.fm/+Btux7aqNI/4731">TS</a>]
01:18:54 ◼ ► bitcoins will be available like three to five business days like this its sister [<a href="https://overcast.fm/+Btux7aqNI/4734">TS</a>]
01:19:00 ◼ ► what's going on in the problem is Bitcoin despite a lot of claims I hear [<a href="https://overcast.fm/+Btux7aqNI/4740">TS</a>]
01:19:05 ◼ ► this from people who say it's incredibly liquid is not very liquid when you want [<a href="https://overcast.fm/+Btux7aqNI/4745">TS</a>]
01:19:09 ◼ ► to go into legal tender and so exchanges exist to make that happen but between [<a href="https://overcast.fm/+Btux7aqNI/4749">TS</a>]
01:19:15 ◼ ► banking regulation where a lot of these exchanges amount Cox fell afoul this [<a href="https://overcast.fm/+Btux7aqNI/4755">TS</a>]
01:19:19 ◼ ► they have to actually have to deal with certain banking laws in some cases not [<a href="https://overcast.fm/+Btux7aqNI/4759">TS</a>]
01:19:23 ◼ ► all depends how they construct themselves and there's like reporting [<a href="https://overcast.fm/+Btux7aqNI/4763">TS</a>]
01:19:26 ◼ ► requirements and whatever between that and just some aspects of like how many [<a href="https://overcast.fm/+Btux7aqNI/4766">TS</a>]
01:19:31 ◼ ► people participate in the system how you move the coins around to be able to [<a href="https://overcast.fm/+Btux7aqNI/4771">TS</a>]
01:19:35 ◼ ► exchange value without being too heavily [<a href="https://overcast.fm/+Btux7aqNI/4775">TS</a>]
01:19:39 ◼ ► exchange can't take so many bitcoins MPs so much you don't have actual legal [<a href="https://overcast.fm/+Btux7aqNI/4779">TS</a>]
01:19:43 ◼ ► tender and that would be bad change in the volatile place a bit quiet and they [<a href="https://overcast.fm/+Btux7aqNI/4783">TS</a>]
01:19:49 ◼ ► could be quite sure and maybe a run on the exchange which has happened [<a href="https://overcast.fm/+Btux7aqNI/4789">TS</a>]
01:19:51 ◼ ► essentially the same way a divided state law says that a casino must have the [<a href="https://overcast.fm/+Btux7aqNI/4791">TS</a>]
01:20:02 ◼ ► as they have casino chips in circulation which makes sense right [<a href="https://overcast.fm/+Btux7aqNI/4802">TS</a>]
01:20:08 ◼ ► perfect sense if everybody in the casino all at once wanted to cash in the chips [<a href="https://overcast.fm/+Btux7aqNI/4808">TS</a>]
01:20:15 ◼ ► casinos legally obligated have enough cash to cover and this is why the [<a href="https://overcast.fm/+Btux7aqNI/4815">TS</a>]
01:20:19 ◼ ► wonderful the FDIC is one of the best agencies we have in america I'm [<a href="https://overcast.fm/+Btux7aqNI/4819">TS</a>]
01:20:25 ◼ ► confident the former head of the FDIC I'm confident even though she did not [<a href="https://overcast.fm/+Btux7aqNI/4825">TS</a>]
01:20:29 ◼ ► get her role extolled as much she was not one of the boys in the room [<a href="https://overcast.fm/+Btux7aqNI/4829">TS</a>]
01:20:32 ◼ ► Sheila she is the reason that the entire American economy Sheila Bair which has [<a href="https://overcast.fm/+Btux7aqNI/4832">TS</a>]
01:20:40 ◼ ► left the FDIC she cut deals that prevented the USS economy from falling [<a href="https://overcast.fm/+Btux7aqNI/4840">TS</a>]
01:20:44 ◼ ► apart by keeping banks open and she made that happen and the FDIC's [<a href="https://overcast.fm/+Btux7aqNI/4844">TS</a>]
01:20:49 ◼ ► 2002 and 2008 right she she display everyone talking about all these other [<a href="https://overcast.fm/+Btux7aqNI/4849">TS</a>]
01:20:56 ◼ ► people she is actually the reason our economy did not collapse and we do not [<a href="https://overcast.fm/+Btux7aqNI/4856">TS</a>]
01:21:01 ◼ ► actually go into depression I'm confident history will prove that [<a href="https://overcast.fm/+Btux7aqNI/4861">TS</a>]
01:21:03 ◼ ► because the top of the people in the top name all these guys are crapping shit so [<a href="https://overcast.fm/+Btux7aqNI/4863">TS</a>]
01:21:11 ◼ ► anyway the FDIC exists as an entity because we had bank runs in the regular [<a href="https://overcast.fm/+Btux7aqNI/4871">TS</a>]
01:21:15 ◼ ► the depression happen thanks did not have enough money your money is in he [<a href="https://overcast.fm/+Btux7aqNI/4875">TS</a>]
01:21:18 ◼ ► wrote mr Thompson's house and it's it's it's the Bailey savings and loan the [<a href="https://overcast.fm/+Btux7aqNI/4878">TS</a>]
01:21:23 ◼ ► scene so what's my money doing over there so when you have a run to the bank [<a href="https://overcast.fm/+Btux7aqNI/4883">TS</a>]
01:21:27 ◼ ► banks are not obliged to keep a hundred percent of their deposits on hand they [<a href="https://overcast.fm/+Btux7aqNI/4887">TS</a>]
01:21:30 ◼ ► lend them out and make money the FDIC is the backstop and see the Federal Deposit [<a href="https://overcast.fm/+Btux7aqNI/4890">TS</a>]
01:21:37 ◼ ► Insurance Commission they said they take premiums from banks and they use that to [<a href="https://overcast.fm/+Btux7aqNI/4897">TS</a>]
01:21:41 ◼ ► have a fund that backstops certain amount of loss thanks go under and the [<a href="https://overcast.fm/+Btux7aqNI/4901">TS</a>]
01:21:46 ◼ ► FDIC's out their clothes in Bankstown it's kind of cool if you've heard the [<a href="https://overcast.fm/+Btux7aqNI/4906">TS</a>]
01:21:49 ◼ ► FDIC no it's cool I think Planet Money do they basically they show up on a [<a href="https://overcast.fm/+Btux7aqNI/4909">TS</a>]
01:21:57 ◼ ► Friday they're all dressed in plain clothes and they show off their [<a href="https://overcast.fm/+Btux7aqNI/4917">TS</a>]
01:22:01 ◼ ► credentials and they shut down and they take it over and no one of the bank has [<a href="https://overcast.fm/+Btux7aqNI/4921">TS</a>]
01:22:04 ◼ ► allowed to talk about it they spend the weekend on the books whatever it opens [<a href="https://overcast.fm/+Btux7aqNI/4924">TS</a>]
01:22:07 ◼ ► on Monday it's like is like it is like a spy operation because they do not want [<a href="https://overcast.fm/+Btux7aqNI/4927">TS</a>]
01:22:14 ◼ ► they'll come into town I understand the rent rooms in hotels now the same hotel [<a href="https://overcast.fm/+Btux7aqNI/4934">TS</a>]
01:22:17 ◼ ► they do people that do not want to run on the bank is the accounting version of [<a href="https://overcast.fm/+Btux7aqNI/4937">TS</a>]
01:22:22 ◼ ► gangster movie called the cleaner and that's what they do they do it I tell in [<a href="https://overcast.fm/+Btux7aqNI/4942">TS</a>]
01:22:30 ◼ ► pulp fiction right yeah you know we all sit here and I don't want any attention [<a href="https://overcast.fm/+Btux7aqNI/4950">TS</a>]
01:22:35 ◼ ► and no no no not Reservoir Dogs Pulp Fiction when they go look we just want [<a href="https://overcast.fm/+Btux7aqNI/4955">TS</a>]
01:22:41 ◼ ► nobody's gonna know the better right but it's it's a 10 numbers are alleging the [<a href="https://overcast.fm/+Btux7aqNI/4961">TS</a>]
01:22:48 ◼ ► bank apart into small pieces in the top so I don't make sure but the FDIC [<a href="https://overcast.fm/+Btux7aqNI/4968">TS</a>]
01:22:56 ◼ ► backstops banks of banks don't have enough money on hand the FDIC is there [<a href="https://overcast.fm/+Btux7aqNI/4976">TS</a>]
01:23:00 ◼ ► to pay depositors up to a certain amount which is you know you're so small [<a href="https://overcast.fm/+Btux7aqNI/4980">TS</a>]
01:23:05 ◼ ► depositors never get and so people don't panic don't know we don't runs on the [<a href="https://overcast.fm/+Btux7aqNI/4985">TS</a>]
01:23:10 ◼ ► bank because people believe that the US government in the form of the FDIC will [<a href="https://overcast.fm/+Btux7aqNI/4990">TS</a>]
01:23:15 ◼ ► backstop thanks and we saw that in the 2008 crisis there is no FDIC for Bitcoin [<a href="https://overcast.fm/+Btux7aqNI/4995">TS</a>]
01:23:20 ◼ ► and maybe one will be created but when when there's a run on an operation [<a href="https://overcast.fm/+Btux7aqNI/5000">TS</a>]
01:23:25 ◼ ► exchange has some of the big win some money cash and they cannot cash [<a href="https://overcast.fm/+Btux7aqNI/5005">TS</a>]
01:23:28 ◼ ► everything out once and are not obliged to the way they run so let's get down [<a href="https://overcast.fm/+Btux7aqNI/5008">TS</a>]
01:23:34 ◼ ► like you said that the government you know and it really does annoy me in [<a href="https://overcast.fm/+Btux7aqNI/5014">TS</a>]
01:23:38 ◼ ► Marco had a good piece this week about it doesn't make any sense to talk about [<a href="https://overcast.fm/+Btux7aqNI/5018">TS</a>]
01:23:42 ◼ ► the government as a single entity and complain that the government is also the [<a href="https://overcast.fm/+Btux7aqNI/5022">TS</a>]
01:23:46 ◼ ► government is you know is comprised of of thousands of individual organizations [<a href="https://overcast.fm/+Btux7aqNI/5026">TS</a>]
01:23:54 ◼ ► from the federal to the state level FDIC is a great example of the government [<a href="https://overcast.fm/+Btux7aqNI/5034">TS</a>]
01:23:59 ◼ ► work because the main point of it is if you had to see a bank and you see that [<a href="https://overcast.fm/+Btux7aqNI/5039">TS</a>]
01:24:04 ◼ ► the bank is in the ICU and I believe it's probably not even legal they open a [<a href="https://overcast.fm/+Btux7aqNI/5044">TS</a>]
01:24:09 ◼ ► bank that part of the FDIC you can't do it like it is open I think tank that's [<a href="https://overcast.fm/+Btux7aqNI/5049">TS</a>]
01:24:15 ◼ ► all you have to do is to be like a governing regulator there's different [<a href="https://overcast.fm/+Btux7aqNI/5055">TS</a>]
01:24:18 ◼ ► choices the FDIC insurance but it seems that all of us every single citizen [<a href="https://overcast.fm/+Btux7aqNI/5058">TS</a>]
01:24:23 ◼ ► can just you don't have to worry about doing the research and figuring out is [<a href="https://overcast.fm/+Btux7aqNI/5063">TS</a>]
01:24:27 ◼ ► this bank legit is you know if I go in there and put my paycheck in deposit you [<a href="https://overcast.fm/+Btux7aqNI/5067">TS</a>]
01:24:32 ◼ ► know created checking account and put my whole paycheck in there is that money [<a href="https://overcast.fm/+Btux7aqNI/5072">TS</a>]
01:24:36 ◼ ► safe you have to worry about it just is you really mean I have to do is have [<a href="https://overcast.fm/+Btux7aqNI/5076">TS</a>]
01:24:40 ◼ ► faith in the USA government and at one point you remember for a long time the [<a href="https://overcast.fm/+Btux7aqNI/5080">TS</a>]
01:24:44 ◼ ► FDIC said she noted by the commercial on TV for bank deposits are insured up to [<a href="https://overcast.fm/+Btux7aqNI/5084">TS</a>]
01:24:48 ◼ ► the maximum $100,000 by the FDIC and then during the crisis they lifted that [<a href="https://overcast.fm/+Btux7aqNI/5088">TS</a>]
01:24:53 ◼ ► amount of forget to 19 Oakland now because there are enough people who like [<a href="https://overcast.fm/+Btux7aqNI/5093">TS</a>]
01:24:58 ◼ ► you know you're my parents other house and hundreds of thousands of dollars in [<a href="https://overcast.fm/+Btux7aqNI/5098">TS</a>]
01:25:02 ◼ ► the house which they plan to live on for the slides in the bank and more than a [<a href="https://overcast.fm/+Btux7aqNI/5102">TS</a>]
01:25:06 ◼ ► hundred grand in one account and if a bank fails you only ensured in some [<a href="https://overcast.fm/+Btux7aqNI/5106">TS</a>]
01:25:11 ◼ ► other countries they immediately lifted it to unlimited because they did not [<a href="https://overcast.fm/+Btux7aqNI/5111">TS</a>]
01:25:14 ◼ ► want any depositors to not be made whole they felt it was a better risk to [<a href="https://overcast.fm/+Btux7aqNI/5114">TS</a>]
01:25:19 ◼ ► prevent a run on the bank especially by high net worth individuals who might [<a href="https://overcast.fm/+Btux7aqNI/5119">TS</a>]
01:25:22 ◼ ► have a million bucks and then to worry about the problem of reclaiming my later [<a href="https://overcast.fm/+Btux7aqNI/5122">TS</a>]
01:25:28 ◼ ► it worked out and the limit I think that that limit was pretty old it you know it [<a href="https://overcast.fm/+Btux7aqNI/5128">TS</a>]
01:25:36 ◼ ► was like a hundred thousand dollars in nineteen fifty dollars I don't know [<a href="https://overcast.fm/+Btux7aqNI/5136">TS</a>]
01:25:41 ◼ ► which you know is a far cry from $100,000 in 2008 it's very easy for [<a href="https://overcast.fm/+Btux7aqNI/5141">TS</a>]
01:25:47 ◼ ► people who are in the age range from like 50 to 80 to 100 grand in the bank [<a href="https://overcast.fm/+Btux7aqNI/5147">TS</a>]
01:25:52 ◼ ► because of house sales basically they downsize people's parents lived in the [<a href="https://overcast.fm/+Btux7aqNI/5152">TS</a>]
01:25:57 ◼ ► Bay Area and they've got a million dollars for their house they never [<a href="https://overcast.fm/+Btux7aqNI/5157">TS</a>]
01:26:00 ◼ ► expected windfall and they might have like a tiny pension whatever they don't [<a href="https://overcast.fm/+Btux7aqNI/5160">TS</a>]
01:26:05 ◼ ► even know how to handle it so there is nothing there's no backstop and so with [<a href="https://overcast.fm/+Btux7aqNI/5165">TS</a>]
01:26:09 ◼ ► mount gods so bangkok's has all kinds of weird things you may know it started as [<a href="https://overcast.fm/+Btux7aqNI/5169">TS</a>]
01:26:13 ◼ ► they called Magic the Gathering online exchange teach you know that I did yes [<a href="https://overcast.fm/+Btux7aqNI/5173">TS</a>]
01:26:22 ◼ ► so they thought they were going to be a man and what I read the other day [<a href="https://overcast.fm/+Btux7aqNI/5182">TS</a>]
01:26:27 ◼ ► pointed out that if they'd actually invested in Magic the Gathering coins [<a href="https://overcast.fm/+Btux7aqNI/5187">TS</a>]
01:26:30 ◼ ► back when they started they would [<a href="https://overcast.fm/+Btux7aqNI/5190">TS</a>]
01:26:32 ◼ ► cards rather they would probably have a better return than what's happened if [<a href="https://overcast.fm/+Btux7aqNI/5192">TS</a>]
01:26:36 ◼ ► some cards are worth like to that so many cocks people been documenting for [<a href="https://overcast.fm/+Btux7aqNI/5196">TS</a>]
01:26:43 ◼ ► years the deficiencies in their programming their security their [<a href="https://overcast.fm/+Btux7aqNI/5203">TS</a>]
01:26:47 ◼ ► response they they had they didn't find the right paperwork her acting the way [<a href="https://overcast.fm/+Btux7aqNI/5207">TS</a>]
01:26:52 ◼ ► in the united states and the USS see is that it was five million dollars from [<a href="https://overcast.fm/+Btux7aqNI/5212">TS</a>]
01:26:56 ◼ ► them because they didn't have they were operating as essentially a kind of [<a href="https://overcast.fm/+Btux7aqNI/5216">TS</a>]
01:27:00 ◼ ► entity that they were in and they just didn't do the right work like I think [<a href="https://overcast.fm/+Btux7aqNI/5220">TS</a>]
01:27:03 ◼ ► they could have been operating as identity there are between exchanges of [<a href="https://overcast.fm/+Btux7aqNI/5223">TS</a>]
01:27:06 ◼ ► operated states that have filed the paperwork correctly so the the earth's [<a href="https://overcast.fm/+Btux7aqNI/5226">TS</a>]
01:27:13 ◼ ► tilt whole unclear what happened because they have a release enough information [<a href="https://overcast.fm/+Btux7aqNI/5233">TS</a>]
01:27:19 ◼ ► they claim they've lost what was the number it's a crazy number it's like [<a href="https://overcast.fm/+Btux7aqNI/5239">TS</a>]
01:27:23 ◼ ► seven percent of all outstanding bitcoins is $750,000 in Queens owned by [<a href="https://overcast.fm/+Btux7aqNI/5243">TS</a>]
01:27:33 ◼ ► its users and a hundred thousand its own and the issue is we don't know what lost [<a href="https://overcast.fm/+Btux7aqNI/5253">TS</a>]
01:27:37 ◼ ► means yet because we haven't done a forensics thing in Japan there are based [<a href="https://overcast.fm/+Btux7aqNI/5257">TS</a>]
01:27:41 ◼ ► in Japan for their offices where it could be they lost all the private keys [<a href="https://overcast.fm/+Btux7aqNI/5261">TS</a>]
01:27:45 ◼ ► they didn't do a good job and they didn't recover gone from the system [<a href="https://overcast.fm/+Btux7aqNI/5265">TS</a>]
01:27:49 ◼ ► right and there's some suspicion that there are potentially hundreds of [<a href="https://overcast.fm/+Btux7aqNI/5269">TS</a>]
01:27:53 ◼ ► thousands or maybe even as many as millions of bitcoins that will never be [<a href="https://overcast.fm/+Btux7aqNI/5273">TS</a>]
01:27:57 ◼ ► recovered because the private keys are lost there's no recovery process where [<a href="https://overcast.fm/+Btux7aqNI/5277">TS</a>]
01:28:01 ◼ ► they can be reclaimed so that's one concern the other is it might have been [<a href="https://overcast.fm/+Btux7aqNI/5281">TS</a>]
01:28:04 ◼ ► left someone got access one party was saying is article recently couple days [<a href="https://overcast.fm/+Btux7aqNI/5284">TS</a>]
01:28:09 ◼ ► ago about how included all the SSH he is like its private keys in its server code [<a href="https://overcast.fm/+Btux7aqNI/5289">TS</a>]
01:28:17 ◼ ► and things like that so so it's crazy so like theirs they just are not you know [<a href="https://overcast.fm/+Btux7aqNI/5297">TS</a>]
01:28:25 ◼ ► they clearly without you know alleging anything it's clear they were not [<a href="https://overcast.fm/+Btux7aqNI/5305">TS</a>]
01:28:30 ◼ ► rigorously technically technically they were not competent the other thing is [<a href="https://overcast.fm/+Btux7aqNI/5310">TS</a>]
01:28:36 ◼ ► always that and again I can verify but I saw the other day that they apparently [<a href="https://overcast.fm/+Btux7aqNI/5316">TS</a>]
01:28:40 ◼ ► the whole system that computer system they were not using any sort of source [<a href="https://overcast.fm/+Btux7aqNI/5320">TS</a>]
01:28:46 ◼ ► control software was like so so there's that save all kinds of technical [<a href="https://overcast.fm/+Btux7aqNI/5326">TS</a>]
01:28:53 ◼ ► deficiency but so one suspicion is there's a problem call transaction [<a href="https://overcast.fm/+Btux7aqNI/5333">TS</a>]
01:28:57 ◼ ► malleability that is suspected might be the cause of a really good analysis [<a href="https://overcast.fm/+Btux7aqNI/5337">TS</a>]
01:29:02 ◼ ► couple days ago that that suggested that the scale what happened it couldn't be [<a href="https://overcast.fm/+Btux7aqNI/5342">TS</a>]
01:29:06 ◼ ► so there is a flaw in between in the big Queens software clients and some of the [<a href="https://overcast.fm/+Btux7aqNI/5346">TS</a>]
01:29:12 ◼ ► implementations I understand it's not a protocol but well she said so this [<a href="https://overcast.fm/+Btux7aqNI/5352">TS</a>]
01:29:18 ◼ ► transaction thing I was talking about what should happen is I am sending you [<a href="https://overcast.fm/+Btux7aqNI/5358">TS</a>]
01:29:22 ◼ ► one between John and the transaction that my software generates which [<a href="https://overcast.fm/+Btux7aqNI/5362">TS</a>]
01:29:26 ◼ ► probably is a standard between library that the Bitcoin foundation essentially [<a href="https://overcast.fm/+Btux7aqNI/5366">TS</a>]
01:29:30 ◼ ► maintains its open source that Transocean transaction has a transaction [<a href="https://overcast.fm/+Btux7aqNI/5370">TS</a>]
01:29:34 ◼ ► and even some unique information I signed it and boom so what should be [<a href="https://overcast.fm/+Btux7aqNI/5374">TS</a>]
01:29:38 ◼ ► impossible for someone else to generate a transaction that is looks like mine [<a href="https://overcast.fm/+Btux7aqNI/5378">TS</a>]
01:29:43 ◼ ► and validated and even has the same destination so it doesn't hijack who the [<a href="https://overcast.fm/+Btux7aqNI/5383">TS</a>]
01:29:49 ◼ ► money is going to rate it just looks valid and has the same recipients under [<a href="https://overcast.fm/+Btux7aqNI/5389">TS</a>]
01:29:54 ◼ ► that should not be possible and it is in fact possible to create fake [<a href="https://overcast.fm/+Btux7aqNI/5394">TS</a>]
01:30:00 ◼ ► after a legitimate one is created so other parties can allegedly create bad [<a href="https://overcast.fm/+Btux7aqNI/5400">TS</a>]
01:30:05 ◼ ► transactions in there have even been denial of service attempts were many bad [<a href="https://overcast.fm/+Btux7aqNI/5405">TS</a>]
01:30:09 ◼ ► transactions are created for each good one if the bad transactions are taken up [<a href="https://overcast.fm/+Btux7aqNI/5409">TS</a>]
01:30:13 ◼ ► first they get back into the record and the problem is some software didn't [<a href="https://overcast.fm/+Btux7aqNI/5413">TS</a>]
01:30:20 ◼ ► validate whether the transaction I D had changed and if they know dorothy was [<a href="https://overcast.fm/+Btux7aqNI/5420">TS</a>]
01:30:24 ◼ ► just the idea if they notice it had changed it would have invalidated that [<a href="https://overcast.fm/+Btux7aqNI/5424">TS</a>]
01:30:29 ◼ ► transaction or some other aspect there like so so the coins are actually [<a href="https://overcast.fm/+Btux7aqNI/5429">TS</a>]
01:30:33 ◼ ► transferred but the exchange for instance this case would not recognize [<a href="https://overcast.fm/+Btux7aqNI/5433">TS</a>]
01:30:38 ◼ ► it because the transaction I D didn't match so I've done everything right I've [<a href="https://overcast.fm/+Btux7aqNI/5438">TS</a>]
01:30:42 ◼ ► sent you a coin you say never got it [<a href="https://overcast.fm/+Btux7aqNI/5442">TS</a>]
01:30:45 ◼ ► exchange say it says in go through and I look and I'm like my software says it [<a href="https://overcast.fm/+Btux7aqNI/5445">TS</a>]
01:30:49 ◼ ► doesn't look in the block the block says it was minted and you say no my chances [<a href="https://overcast.fm/+Btux7aqNI/5449">TS</a>]
01:30:53 ◼ ► never went through an ego and mount box apparently had an automated system that [<a href="https://overcast.fm/+Btux7aqNI/5453">TS</a>]
01:30:58 ◼ ► when a transaction appear to not go through they would send it again it's [<a href="https://overcast.fm/+Btux7aqNI/5458">TS</a>]
01:31:02 ◼ ► unclear how often would send it again so if you were a malicious party you could [<a href="https://overcast.fm/+Btux7aqNI/5462">TS</a>]
01:31:06 ◼ ► concoct away in transactions with Matt mountain gods to create false ones and [<a href="https://overcast.fm/+Btux7aqNI/5466">TS</a>]
01:31:11 ◼ ► get the same money multiple times but because you can't change all the [<a href="https://overcast.fm/+Btux7aqNI/5471">TS</a>]
01:31:14 ◼ ► printers you can't the seal the coins it's more away to leak money out from [<a href="https://overcast.fm/+Btux7aqNI/5474">TS</a>]
01:31:18 ◼ ► transactions that are that had some legitimate basis to start with and then [<a href="https://overcast.fm/+Btux7aqNI/5478">TS</a>]
01:31:22 ◼ ► you can sort of suck money out or people intentionally send more money than they [<a href="https://overcast.fm/+Btux7aqNI/5482">TS</a>]
01:31:27 ◼ ► meant to end the recipient doesn't even know that more money was sent so that [<a href="https://overcast.fm/+Btux7aqNI/5487">TS</a>]
01:31:31 ◼ ► was one suspicious does not appear like that the scale of it would make sense [<a href="https://overcast.fm/+Btux7aqNI/5491">TS</a>]
01:31:34 ◼ ► it's more likely they're bad security led to someone still hold the private [<a href="https://overcast.fm/+Btux7aqNI/5494">TS</a>]
01:31:39 ◼ ► well what's the solution to this [<a href="https://overcast.fm/+Btux7aqNI/5499">TS</a>]
01:31:42 ◼ ► you know how if somebody wanted to get involved [<a href="https://overcast.fm/+Btux7aqNI/5502">TS</a>]
01:31:45 ◼ ► and buy some bitcoins in have these [<a href="https://overcast.fm/+Btux7aqNI/5505">TS</a>]
01:31:49 ◼ ► I mean I guess the solution is to find a reputable and technically competent [<a href="https://overcast.fm/+Btux7aqNI/5509">TS</a>]
01:31:53 ◼ ► exchange but how how how is a normal person supposed to figure out to [<a href="https://overcast.fm/+Btux7aqNI/5513">TS</a>]
01:31:58 ◼ ► determine what is a reputable and technically competent exchange well I [<a href="https://overcast.fm/+Btux7aqNI/5518">TS</a>]
01:32:04 ◼ ► think this is what the market trying to do now is you know even though the [<a href="https://overcast.fm/+Btux7aqNI/5524">TS</a>]
01:32:08 ◼ ► valuation of bitcoins arbitrators enough people involved the system using it that [<a href="https://overcast.fm/+Btux7aqNI/5528">TS</a>]
01:32:12 ◼ ► even with Matt Cox failure and and all this stuff happening value has not we're [<a href="https://overcast.fm/+Btux7aqNI/5532">TS</a>]
01:32:19 ◼ ► talking right now to see those 60 hasn't crashed I'm talking and 20 but but the [<a href="https://overcast.fm/+Btux7aqNI/5539">TS</a>]
01:32:28 ◼ ► the the market and go from $1,000 a Bitcoin 220 you know it went from [<a href="https://overcast.fm/+Btux7aqNI/5548">TS</a>]
01:32:33 ◼ ► looking right now the current standard as we talk is somewhere in the $600 [<a href="https://overcast.fm/+Btux7aqNI/5553">TS</a>]
01:32:38 ◼ ► range I actually think and again I am Bitcoin dummy but as you know I've never [<a href="https://overcast.fm/+Btux7aqNI/5558">TS</a>]
01:32:46 ◼ ► put a nickel into it and then still not tempted to but this is a curious [<a href="https://overcast.fm/+Btux7aqNI/5566">TS</a>]
01:32:51 ◼ ► observer I would actually say that that what's happened to the value of between [<a href="https://overcast.fm/+Btux7aqNI/5571">TS</a>]
01:32:55 ◼ ► in the last few weeks actually shows a significant amount of stability you know [<a href="https://overcast.fm/+Btux7aqNI/5575">TS</a>]
01:33:00 ◼ ► like going from a thousand to 600 is a pretty significant crash but not what I [<a href="https://overcast.fm/+Btux7aqNI/5580">TS</a>]
01:33:05 ◼ ► would have expected when I first heard about the mailbox and I thought well [<a href="https://overcast.fm/+Btux7aqNI/5585">TS</a>]
01:33:08 ◼ ► there goes that's the toilet flush you know bitcoins gonna drop down to $25 a [<a href="https://overcast.fm/+Btux7aqNI/5588">TS</a>]
01:33:14 ◼ ► Bitcoin should have happened if it actually made a fatal event or near [<a href="https://overcast.fm/+Btux7aqNI/5594">TS</a>]
01:33:18 ◼ ► field event is the value should have just gone off by like 50 percent what [<a href="https://overcast.fm/+Btux7aqNI/5598">TS</a>]
01:33:22 ◼ ► should happen is people will be trying to get liquidity out of it they would [<a href="https://overcast.fm/+Btux7aqNI/5602">TS</a>]
01:33:25 ◼ ► have been unable to and they would have accepted lower lower amounts until it [<a href="https://overcast.fm/+Btux7aqNI/5605">TS</a>]
01:33:28 ◼ ► was like $10 a Bitcoin and in the market collapse instead it went down like a [<a href="https://overcast.fm/+Btux7aqNI/5608">TS</a>]
01:33:33 ◼ ► five hundred and it's rebounded a bit which means that there are people who [<a href="https://overcast.fm/+Btux7aqNI/5613">TS</a>]
01:33:37 ◼ ► believe they have enough value in the system and retaining their big win in [<a href="https://overcast.fm/+Btux7aqNI/5617">TS</a>]
01:33:40 ◼ ► the system that they weren't panicked and tried to exchange around 900 and [<a href="https://overcast.fm/+Btux7aqNI/5620">TS</a>]
01:33:45 ◼ ► I've sort of avoided linking to a lot of the Big Concept they just don't [<a href="https://overcast.fm/+Btux7aqNI/5625">TS</a>]
01:33:48 ◼ ► understand it but I know that there's a lot [<a href="https://overcast.fm/+Btux7aqNI/5628">TS</a>]
01:33:50 ◼ ► of you know sort of hey this is actually a good thing for Bitcoin and then [<a href="https://overcast.fm/+Btux7aqNI/5630">TS</a>]
01:33:55 ◼ ► there's the skeptics which I kind of agree with this is no this is not now [<a href="https://overcast.fm/+Btux7aqNI/5635">TS</a>]
01:33:59 ◼ ► cops is not a good thing for Bitcoin you can argue that I I think it's it's sort [<a href="https://overcast.fm/+Btux7aqNI/5639">TS</a>]
01:34:04 ◼ ► of halfway in the middle which is no its not good that it happened i mean and no [<a href="https://overcast.fm/+Btux7aqNI/5644">TS</a>]
01:34:08 ◼ ► matter whether it was crime or just incompetent it bad either way but the [<a href="https://overcast.fm/+Btux7aqNI/5648">TS</a>]
01:34:11 ◼ ► fact that after this bad thing happened which was bad that it was relatively [<a href="https://overcast.fm/+Btux7aqNI/5651">TS</a>]
01:34:17 ◼ ► stable value wise I think should is a good thing it shows that you know [<a href="https://overcast.fm/+Btux7aqNI/5657">TS</a>]
01:34:22 ◼ ► there's a certain stability to it you have to all the volatility I think this [<a href="https://overcast.fm/+Btux7aqNI/5662">TS</a>]
01:34:27 ◼ ► was actually pretty remarkable in some of that comes now because you have [<a href="https://overcast.fm/+Btux7aqNI/5667">TS</a>]
01:34:30 ◼ ► people like the the Winklevoss twins who have put a pile of money in and they own [<a href="https://overcast.fm/+Btux7aqNI/5670">TS</a>]
01:34:35 ◼ ► it is a on a single digit percentage of their other parties and so this is one [<a href="https://overcast.fm/+Btux7aqNI/5675">TS</a>]
01:34:42 ◼ ► of the things that came out the other day I think it was a few hundred people [<a href="https://overcast.fm/+Btux7aqNI/5682">TS</a>]
01:34:47 ◼ ► on fifty percent of all the coins in which is an undue strain were big [<a href="https://overcast.fm/+Btux7aqNI/5687">TS</a>]
01:34:52 ◼ ► winners of democratizing you're like ok you know and then like he was like a few [<a href="https://overcast.fm/+Btux7aqNI/5692">TS</a>]
01:34:56 ◼ ► thousand people on 75 percent so there's this issue about always mentioned [<a href="https://overcast.fm/+Btux7aqNI/5696">TS</a>]
01:35:03 ◼ ► earlier samarkand rhesus 01 the company's you can look at and I have no [<a href="https://overcast.fm/+Btux7aqNI/5703">TS</a>]
01:35:06 ◼ ► connection to it in fact might even be seen as a skeptic because I had all this [<a href="https://overcast.fm/+Btux7aqNI/5706">TS</a>]
01:35:10 ◼ ► back and forth with Marc Andreessen who is incredibly funny on Twitter in a [<a href="https://overcast.fm/+Btux7aqNI/5710">TS</a>]
01:35:13 ◼ ► really great sparring partner by the way is really a good sport and we'll talk [<a href="https://overcast.fm/+Btux7aqNI/5713">TS</a>]
01:35:17 ◼ ► about all this stuff which is impressive as most people who have piles of money [<a href="https://overcast.fm/+Btux7aqNI/5717">TS</a>]
01:35:21 ◼ ► and think there were no everything and they don't want to talk to you but they [<a href="https://overcast.fm/+Btux7aqNI/5721">TS</a>]
01:35:24 ◼ ► don't listen he listened to the talks he's very funny and so he wrote the [<a href="https://overcast.fm/+Btux7aqNI/5724">TS</a>]
01:35:27 ◼ ► op-ed piece for The New York Times that the deal book section about why the [<a href="https://overcast.fm/+Btux7aqNI/5727">TS</a>]
01:35:32 ◼ ► Queen was so wonderful because it reduced transaction fees to practically [<a href="https://overcast.fm/+Btux7aqNI/5732">TS</a>]
01:35:36 ◼ ► nothing or nothing it would be a great thing for all these parties I i disagree [<a href="https://overcast.fm/+Btux7aqNI/5736">TS</a>]
01:35:39 ◼ ► with a bunch of his statements I rode along thinking he and I went back for [<a href="https://overcast.fm/+Btux7aqNI/5739">TS</a>]
01:35:42 ◼ ► that it was very it was elusive to me his thinking about how you make between [<a href="https://overcast.fm/+Btux7aqNI/5742">TS</a>]
01:35:47 ◼ ► the two a stable thing that this becomes part of the international banking system [<a href="https://overcast.fm/+Btux7aqNI/5747">TS</a>]
01:35:52 ◼ ► like he is not a political rabble rouser what he wants in the wake of Aussie [<a href="https://overcast.fm/+Btux7aqNI/5752">TS</a>]
01:35:57 ◼ ► him and the rest of the folks who are trying to make this work is they want a [<a href="https://overcast.fm/+Btux7aqNI/5757">TS</a>]
01:36:02 ◼ ► system that's outside the inefficiencies that had known as the security of [<a href="https://overcast.fm/+Btux7aqNI/5762">TS</a>]
01:36:05 ◼ ► Bitcoin is outside of the inefficiency the banking system but doesn't need to [<a href="https://overcast.fm/+Btux7aqNI/5765">TS</a>]
01:36:09 ◼ ► be above the law and not subject to regulation scrutiny they basically want [<a href="https://overcast.fm/+Btux7aqNI/5769">TS</a>]
01:36:13 ◼ ► something that makes money move as fast as email and I get that there's a reason [<a href="https://overcast.fm/+Btux7aqNI/5773">TS</a>]
01:36:18 ◼ ► so marks invested in his base that's where I put 50 bucks in no way between [<a href="https://overcast.fm/+Btux7aqNI/5778">TS</a>]
01:36:23 ◼ ► dropped in value health because I put 50 bucks worth $25 my faults like washing [<a href="https://overcast.fm/+Btux7aqNI/5783">TS</a>]
01:36:28 ◼ ► your car so corn-based is clearly a place to start because they're trying to [<a href="https://overcast.fm/+Btux7aqNI/5788">TS</a>]
01:36:33 ◼ ► do everything right and they're not trying to be chartered in a boat off the [<a href="https://overcast.fm/+Btux7aqNI/5793">TS</a>]
01:36:38 ◼ ► coast of Iceland and under somali law they're trying to do it so it's [<a href="https://overcast.fm/+Btux7aqNI/5798">TS</a>]
01:36:42 ◼ ► interesting place to start from a group that's trying to see how they can comply [<a href="https://overcast.fm/+Btux7aqNI/5802">TS</a>]
01:36:47 ◼ ► Quentin hardy wrote this piece based partly on market my exchange rate this [<a href="https://overcast.fm/+Btux7aqNI/5807">TS</a>]
01:36:54 ◼ ► thing for the new york times I recommend reading in which he talked about the [<a href="https://overcast.fm/+Btux7aqNI/5814">TS</a>]
01:36:57 ◼ ► rise of a kind of super rich transnational class he said I threw down [<a href="https://overcast.fm/+Btux7aqNI/5817">TS</a>]
01:37:02 ◼ ► he said he was sitting with some very very wealthy people he said if I threw [<a href="https://overcast.fm/+Btux7aqNI/5822">TS</a>]
01:37:05 ◼ ► down passports from was three or five countries all them stay like singapore [<a href="https://overcast.fm/+Btux7aqNI/5825">TS</a>]
01:37:09 ◼ ► united states whatever which one would you pick up and the guy started the [<a href="https://overcast.fm/+Btux7aqNI/5829">TS</a>]
01:37:12 ◼ ► debate which one they didn't say the country that I from the Tamil [<a href="https://overcast.fm/+Btux7aqNI/5832">TS</a>]
01:37:14 ◼ ► nationalist influence he worries in part that pic when less people become it [<a href="https://overcast.fm/+Btux7aqNI/5834">TS</a>]
01:37:20 ◼ ► takes money outside of the spirit of national influence and make it lets [<a href="https://overcast.fm/+Btux7aqNI/5840">TS</a>]
01:37:24 ◼ ► people were extremely wealthy sort of live in a cloud above the world so there [<a href="https://overcast.fm/+Btux7aqNI/5844">TS</a>]
01:37:28 ◼ ► is some of that thinking especially when you see that you know between is [<a href="https://overcast.fm/+Btux7aqNI/5848">TS</a>]
01:37:32 ◼ ► controlled by relatively small number of people there controlled by a relatively [<a href="https://overcast.fm/+Btux7aqNI/5852">TS</a>]
01:37:36 ◼ ► small number of people is one reason why the currency remains stable because they [<a href="https://overcast.fm/+Btux7aqNI/5856">TS</a>]
01:37:39 ◼ ► have the economic wherewithal to not need to pull them out of the system at [<a href="https://overcast.fm/+Btux7aqNI/5859">TS</a>]
01:37:44 ◼ ► I would say this though I mean who knows where them and you'll value of it is [<a href="https://overcast.fm/+Btux7aqNI/5864">TS</a>]
01:37:48 ◼ ► going to go right now though $600 Bitcoin if there's a limited 21 million [<a href="https://overcast.fm/+Btux7aqNI/5868">TS</a>]
01:37:55 ◼ ► that's somewhere around 12 billion dollars for ivory Bitcoin there could [<a href="https://overcast.fm/+Btux7aqNI/5875">TS</a>]
01:38:01 ◼ ► ever be human if you double that or triple it you're talking 2550 billion [<a href="https://overcast.fm/+Btux7aqNI/5881">TS</a>]
01:38:08 ◼ ► dollars now who knows maybe it'll go up tenfold twenty-fold 30 fold and then [<a href="https://overcast.fm/+Btux7aqNI/5888">TS</a>]
01:38:12 ◼ ► become more and more but as it stands a tired the entirety of Bitcoin is only [<a href="https://overcast.fm/+Btux7aqNI/5892">TS</a>]
01:38:20 ◼ ► worth ten twenty thirty billion dollars I don't see that as a global dis I can [<a href="https://overcast.fm/+Btux7aqNI/5900">TS</a>]
01:38:30 ◼ ► see why governments are in that ready to jump in and try to regulate [<a href="https://overcast.fm/+Btux7aqNI/5910">TS</a>]
01:38:35 ◼ ► brake inflation within the Bitcoin system to make the coins liable enough [<a href="https://overcast.fm/+Btux7aqNI/5915">TS</a>]
01:38:40 ◼ ► individually they can divide them into tiny pieces explain to me the actual [<a href="https://overcast.fm/+Btux7aqNI/5920">TS</a>]
01:38:45 ◼ ► bitcoins how is that how can you put $50 in the coin base and have anything [<a href="https://overcast.fm/+Btux7aqNI/5925">TS</a>]
01:38:50 ◼ ► a Bitcoin 600 bucks this is the ridiculous part so it's almost like [<a href="https://overcast.fm/+Btux7aqNI/5930">TS</a>]
01:38:55 ◼ ► owning a fraction of a share of stock at some level because be queens are only [<a href="https://overcast.fm/+Btux7aqNI/5935">TS</a>]
01:38:59 ◼ ► essentially therefore transactions I can only send you money so if I have 50 [<a href="https://overcast.fm/+Btux7aqNI/5939">TS</a>]
01:39:05 ◼ ► bitcoins in a in my wallet and I want to send you 49 I have to do exchange [<a href="https://overcast.fm/+Btux7aqNI/5945">TS</a>]
01:39:12 ◼ ► transactions I actually seen you 49 and I sent myself one and this is the way [<a href="https://overcast.fm/+Btux7aqNI/5952">TS</a>]
01:39:17 ◼ ► the fact that I have to send changed myself there's a flaw in most current [<a href="https://overcast.fm/+Btux7aqNI/5957">TS</a>]
01:39:21 ◼ ► clients that makes those transactions essentially trackable and researchers [<a href="https://overcast.fm/+Btux7aqNI/5961">TS</a>]
01:39:25 ◼ ► have shown they can do this thing that even after hundreds of transactions they [<a href="https://overcast.fm/+Btux7aqNI/5965">TS</a>]
01:39:29 ◼ ► can actually trackback between city origin by unappealing all these change [<a href="https://overcast.fm/+Btux7aqNI/5969">TS</a>]
01:39:33 ◼ ► transactions see where the money went so I can send you a tiny tiny amount of [<a href="https://overcast.fm/+Btux7aqNI/5973">TS</a>]
01:39:38 ◼ ► curse of the current smallest unit is one times tend to the negative 88001 [<a href="https://overcast.fm/+Btux7aqNI/5978">TS</a>]
01:39:45 ◼ ► that's called a set of sheets the basic and the protocol could easily be adapted [<a href="https://overcast.fm/+Btux7aqNI/5985">TS</a>]
01:39:51 ◼ ► to have smaller fractions or even reverses one between his ass Atocha or [<a href="https://overcast.fm/+Btux7aqNI/5991">TS</a>]
01:39:57 ◼ ► something there's no there's nothing that prevents that from happening [<a href="https://overcast.fm/+Btux7aqNI/5997">TS</a>]
01:40:00 ◼ ► without lets me send tiny amounts of money but I sent essentially the things [<a href="https://overcast.fm/+Btux7aqNI/6000">TS</a>]
01:40:06 ◼ ► people can wind up with all these wallets like you can have piles of [<a href="https://overcast.fm/+Btux7aqNI/6006">TS</a>]
01:40:10 ◼ ► Bitcoin addresses and then eventually may consolidate them so you take one [<a href="https://overcast.fm/+Btux7aqNI/6010">TS</a>]
01:40:13 ◼ ► addresses got 43 but there is one of those points 05 and you essentially pay [<a href="https://overcast.fm/+Btux7aqNI/6013">TS</a>]
01:40:18 ◼ ► yourself all of the small ones he wanted one address and has you know 750,000 so [<a href="https://overcast.fm/+Btux7aqNI/6018">TS</a>]
01:40:25 ◼ ► there is a lot of mucking around and people typically use client software [<a href="https://overcast.fm/+Btux7aqNI/6025">TS</a>]
01:40:29 ◼ ► that handles the details but the client software masks a lot of transaction that [<a href="https://overcast.fm/+Btux7aqNI/6029">TS</a>]
01:40:33 ◼ ► can leak some of the anonymity and there's also even talk about those coin [<a href="https://overcast.fm/+Btux7aqNI/6033">TS</a>]
01:40:40 ◼ ► I've heard of it i dont getting so and Ars Technica just launched our Scorpio [<a href="https://overcast.fm/+Btux7aqNI/6040">TS</a>]
01:40:47 ◼ ► dozed Wednesday oge coin yeah it's real thing it's a real thing actually is [<a href="https://overcast.fm/+Btux7aqNI/6047">TS</a>]
01:40:53 ◼ ► has value and it was a parody was launched two months ago in December 31 [<a href="https://overcast.fm/+Btux7aqNI/6053">TS</a>]
01:40:58 ◼ ► three months ago december and people are investing it's big it's got different [<a href="https://overcast.fm/+Btux7aqNI/6058">TS</a>]
01:41:05 ◼ ► properties then it's it's a code for it from Bitcoin which is open source it is [<a href="https://overcast.fm/+Btux7aqNI/6065">TS</a>]
01:41:10 ◼ ► different properties including mining technique that is not consumed [<a href="https://overcast.fm/+Btux7aqNI/6070">TS</a>]
01:41:13 ◼ ► eventually the power of our son occupations it's got a non scaling [<a href="https://overcast.fm/+Btux7aqNI/6073">TS</a>]
01:41:20 ◼ ► discuss whatever is using it using something that does not require the [<a href="https://overcast.fm/+Btux7aqNI/6080">TS</a>]
01:41:26 ◼ ► scaling capabilities you need to do [<a href="https://overcast.fm/+Btux7aqNI/6086">TS</a>]
01:41:28 ◼ ► engines actions and and there's late coin which is a different standard [<a href="https://overcast.fm/+Btux7aqNI/6088">TS</a>]
01:41:33 ◼ ► standard there's something called 0 coin where one guy who's a researcher who [<a href="https://overcast.fm/+Btux7aqNI/6093">TS</a>]
01:41:38 ◼ ► wanted to create pure anonymity that you could put into Bitcoin after being sort [<a href="https://overcast.fm/+Btux7aqNI/6098">TS</a>]
01:41:44 ◼ ► of rebuffed about embedding inside that claimed he and other folks are going to [<a href="https://overcast.fm/+Btux7aqNI/6104">TS</a>]
01:41:48 ◼ ► launch a Bitcoin like currency that will allow Bitcoin like coins and totally [<a href="https://overcast.fm/+Btux7aqNI/6108">TS</a>]
01:41:53 ◼ ► anonymous coins that no two transactions can be connected to one another to be [<a href="https://overcast.fm/+Btux7aqNI/6113">TS</a>]
01:41:58 ◼ ► exchanged in so there's always an explosion of crypto currency as well [<a href="https://overcast.fm/+Btux7aqNI/6118">TS</a>]
01:42:02 ◼ ► those quite as the funniest one but has it it's real people started as a parody [<a href="https://overcast.fm/+Btux7aqNI/6122">TS</a>]
01:42:08 ◼ ► yeah and it turns out that like it's actually got some properties people like [<a href="https://overcast.fm/+Btux7aqNI/6128">TS</a>]
01:42:12 ◼ ► including the initial it's the number of very funny just like the initially a [<a href="https://overcast.fm/+Btux7aqNI/6132">TS</a>]
01:42:18 ◼ ► hundred billion coins can be mined by the end of this year but there is a [<a href="https://overcast.fm/+Btux7aqNI/6138">TS</a>]
01:42:22 ◼ ► fixed rate of five billion coins after that so there's a built-in inflation and [<a href="https://overcast.fm/+Btux7aqNI/6142">TS</a>]
01:42:25 ◼ ► it does not shrink over time you're losing me well if it is no time limit on [<a href="https://overcast.fm/+Btux7aqNI/6145">TS</a>]
01:42:34 ◼ ► how many those coins can IC IC I know it's crazy but crazy love it it's sort [<a href="https://overcast.fm/+Btux7aqNI/6154">TS</a>]
01:42:40 ◼ ► of funny and it's sort of weird but it's back to I think some of the points you [<a href="https://overcast.fm/+Btux7aqNI/6160">TS</a>]
01:42:44 ◼ ► had earlier in is that is why I like to make sure everyone listening to this no [<a href="https://overcast.fm/+Btux7aqNI/6164">TS</a>]
01:42:52 ◼ ► matter whether you're in Europe or America banking is ridiculous bank is [<a href="https://overcast.fm/+Btux7aqNI/6172">TS</a>]
01:42:56 ◼ ► ridiculous banks existed to the bank's existing structure fees from us and they [<a href="https://overcast.fm/+Btux7aqNI/6176">TS</a>]
01:43:01 ◼ ► run the most insecure system in the world the booths care system i think is [<a href="https://overcast.fm/+Btux7aqNI/6181">TS</a>]
01:43:05 ◼ ► like chip and pin is actually and why he's here but that's great for doing [<a href="https://overcast.fm/+Btux7aqNI/6185">TS</a>]
01:43:08 ◼ ► that kind of transaction but like wire transfers are totally unsecured as its [<a href="https://overcast.fm/+Btux7aqNI/6188">TS</a>]
01:43:12 ◼ ► past in the clear ATM has the ATMs have certain kinds of encryption and security [<a href="https://overcast.fm/+Btux7aqNI/6192">TS</a>]
01:43:17 ◼ ► they're really good others at a ridiculous so you can't you know when [<a href="https://overcast.fm/+Btux7aqNI/6197">TS</a>]
01:43:21 ◼ ► you can add a dollar bill you don't know if it's real what percentage of some [<a href="https://overcast.fm/+Btux7aqNI/6201">TS</a>]
01:43:24 ◼ ► number about the percentage of $100 bills and circulation the world that are [<a href="https://overcast.fm/+Btux7aqNI/6204">TS</a>]
01:43:28 ◼ ► counterfeit fraudulent yeah so the the fact is Bitcoin in systems like the [<a href="https://overcast.fm/+Btux7aqNI/6208">TS</a>]
01:43:35 ◼ ► something like it will get incorporated into the banking and transaction system [<a href="https://overcast.fm/+Btux7aqNI/6215">TS</a>]
01:43:39 ◼ ► if not into our currency system because of this property that because that the [<a href="https://overcast.fm/+Btux7aqNI/6219">TS</a>]
01:43:46 ◼ ► cryptographic nature of it prevents a whole bunch of bad behavior [<a href="https://overcast.fm/+Btux7aqNI/6226">TS</a>]
01:43:50 ◼ ► France doubles spending Prince counterfeiting it prevents legitimacy [<a href="https://overcast.fm/+Btux7aqNI/6230">TS</a>]
01:43:55 ◼ ► and ownership it's very hard I mean so people have to these exchanges and [<a href="https://overcast.fm/+Btux7aqNI/6235">TS</a>]
01:44:00 ◼ ► wallet services in stolen private keys but if you do security correctly which [<a href="https://overcast.fm/+Btux7aqNI/6240">TS</a>]
01:44:04 ◼ ► people can do then it doesn't matter she get hacked into the keys are still [<a href="https://overcast.fm/+Btux7aqNI/6244">TS</a>]
01:44:09 ◼ ► protected by another layer of passphrase and their unrecoverable by the thief so [<a href="https://overcast.fm/+Btux7aqNI/6249">TS</a>]
01:44:13 ◼ ► there's ways to do it correctly it so there is a way where instead of doing a [<a href="https://overcast.fm/+Btux7aqNI/6253">TS</a>]
01:44:17 ◼ ► credit card transaction the way we do now which is you know ridiculously [<a href="https://overcast.fm/+Btux7aqNI/6257">TS</a>]
01:44:20 ◼ ► unsecured and just do the numbers and times to do it over the phone that you [<a href="https://overcast.fm/+Btux7aqNI/6260">TS</a>]
01:44:26 ◼ ► be able to see ya so what if you know what if he's released a web based you [<a href="https://overcast.fm/+Btux7aqNI/6266">TS</a>]
01:44:31 ◼ ► know signing thing that used that let you use permit was very much like [<a href="https://overcast.fm/+Btux7aqNI/6271">TS</a>]
01:44:36 ◼ ► Bitcoin but was entirely on their system you'd love it because you said [<a href="https://overcast.fm/+Btux7aqNI/6276">TS</a>]
01:44:40 ◼ ► Verified by Visa which i think is still in use you go to the merger would pop up [<a href="https://overcast.fm/+Btux7aqNI/6280">TS</a>]
01:44:44 ◼ ► the visa window and you can check that was a secure connection and you punch [<a href="https://overcast.fm/+Btux7aqNI/6284">TS</a>]
01:44:49 ◼ ► your password into visa site and it would then confirming you are legitimate [<a href="https://overcast.fm/+Btux7aqNI/6289">TS</a>]
01:44:52 ◼ ► but your password never went to was like an extra step in that was it's [<a href="https://overcast.fm/+Btux7aqNI/6292">TS</a>]
01:44:56 ◼ ► reasonable to me that you we could change the credit card system so that [<a href="https://overcast.fm/+Btux7aqNI/6296">TS</a>]
01:45:00 ◼ ► you couldn't do a transaction over the phone in the same way that we accept you [<a href="https://overcast.fm/+Btux7aqNI/6300">TS</a>]
01:45:07 ◼ ► can't send cash over the phone right like a vial you 25 bucks I there's no [<a href="https://overcast.fm/+Btux7aqNI/6307">TS</a>]
01:45:12 ◼ ► way that I can do it right now talking to you over Skype there's no number I [<a href="https://overcast.fm/+Btux7aqNI/6312">TS</a>]
01:45:15 ◼ ► can read to you that could do it [<a href="https://overcast.fm/+Btux7aqNI/6315">TS</a>]
01:45:17 ◼ ► I think it's reasonable that we would lose the ability to call somebody over [<a href="https://overcast.fm/+Btux7aqNI/6317">TS</a>]
01:45:21 ◼ ► the phone and give them a credit card number and have it count because our [<a href="https://overcast.fm/+Btux7aqNI/6321">TS</a>]
01:45:25 ◼ ► phones more and more are computers with an IP connection that you can run a nap [<a href="https://overcast.fm/+Btux7aqNI/6325">TS</a>]
01:45:32 ◼ ► or connect to a website and do cryptographic communication will be as [<a href="https://overcast.fm/+Btux7aqNI/6332">TS</a>]
01:45:39 ◼ ► simple as you know like to factor kind of thing is I could be registered with [<a href="https://overcast.fm/+Btux7aqNI/6339">TS</a>]
01:45:43 ◼ ► different coins systems or credit card systems in my phone and I call to make a [<a href="https://overcast.fm/+Btux7aqNI/6343">TS</a>]
01:45:47 ◼ ► transaction that like great ok we like to process that can you read us the six [<a href="https://overcast.fm/+Btux7aqNI/6347">TS</a>]
01:45:51 ◼ ► digit number that's just been texted to your phone or burundi [<a href="https://overcast.fm/+Btux7aqNI/6351">TS</a>]
01:45:54 ◼ ► obese authenticator app and you pulled up and you go it's improbable blood and [<a href="https://overcast.fm/+Btux7aqNI/6354">TS</a>]
01:45:58 ◼ ► that verifies my identity or at least five stolen information is still a lot [<a href="https://overcast.fm/+Btux7aqNI/6358">TS</a>]
01:46:02 ◼ ► of information from somebody is not just a routine drive by credit card theft and [<a href="https://overcast.fm/+Btux7aqNI/6362">TS</a>]
01:46:07 ◼ ► but so there's lots of aspects of Bitcoin that I believe this is why you [<a href="https://overcast.fm/+Btux7aqNI/6367">TS</a>]
01:46:11 ◼ ► know they had a congress held hearings last year about Bitcoin in a friend of [<a href="https://overcast.fm/+Btux7aqNI/6371">TS</a>]
01:46:16 ◼ ► mine attended them and he was stunned in in the coverage indicated this is well [<a href="https://overcast.fm/+Btux7aqNI/6376">TS</a>]
01:46:19 ◼ ► how positive in interested senators instead staffers worrying and [<a href="https://overcast.fm/+Btux7aqNI/6379">TS</a>]
01:46:24 ◼ ► congressmen and women were about the positive aspects of it and the banks are [<a href="https://overcast.fm/+Btux7aqNI/6384">TS</a>]
01:46:30 ◼ ► very very interested in the regulators are interested in it they don't just [<a href="https://overcast.fm/+Btux7aqNI/6390">TS</a>]
01:46:32 ◼ ► want to prevent activity or captured taxol that's certainly part of it it's [<a href="https://overcast.fm/+Btux7aqNI/6392">TS</a>]
01:46:38 ◼ ► also that they do actually see the positive parts of having a [<a href="https://overcast.fm/+Btux7aqNI/6398">TS</a>]
01:46:43 ◼ ► cryptographically robust I didn't eat secured system that we don't have now [<a href="https://overcast.fm/+Btux7aqNI/6403">TS</a>]
01:46:48 ◼ ► into those kinda cool I did not expect to see that much openness the people who [<a href="https://overcast.fm/+Btux7aqNI/6408">TS</a>]
01:46:52 ◼ ► work or between users he the notion typically the government would get [<a href="https://overcast.fm/+Btux7aqNI/6412">TS</a>]
01:46:55 ◼ ► involved the new people coming in like andreessen the Winklevoss and so forth [<a href="https://overcast.fm/+Btux7aqNI/6415">TS</a>]
01:46:59 ◼ ► they're much more than having government involvement at a certain level to [<a href="https://overcast.fm/+Btux7aqNI/6419">TS</a>]
01:47:04 ◼ ► provide both like trust and to remove more the criminal element as well I mean [<a href="https://overcast.fm/+Btux7aqNI/6424">TS</a>]
01:47:08 ◼ ► I think like any government regulation is like almost everything in life [<a href="https://overcast.fm/+Btux7aqNI/6428">TS</a>]
01:47:13 ◼ ► everything where you know moderation is the key [<a href="https://overcast.fm/+Btux7aqNI/6433">TS</a>]
01:47:17 ◼ ► you know there's too little and there's too much and so on and the polar ends of [<a href="https://overcast.fm/+Btux7aqNI/6437">TS</a>]
01:47:22 ◼ ► politics there's always going to be people [<a href="https://overcast.fm/+Btux7aqNI/6442">TS</a>]
01:47:24 ◼ ► pushing for the extreme you know do it true you know almost anarchist [<a href="https://overcast.fm/+Btux7aqNI/6444">TS</a>]
01:47:28 ◼ ► libertarians who want almost no government regulation over every any [<a href="https://overcast.fm/+Btux7aqNI/6448">TS</a>]
01:47:34 ◼ ► aspect of life period and on the other end people you know who push for too [<a href="https://overcast.fm/+Btux7aqNI/6454">TS</a>]
01:47:39 ◼ ► much and I think you know I think Bitcoin and government regulation over [<a href="https://overcast.fm/+Btux7aqNI/6459">TS</a>]
01:47:46 ◼ ► these sort of Bitcoin in other things like it is no regard for the right [<a href="https://overcast.fm/+Btux7aqNI/6466">TS</a>]
01:47:52 ◼ ► amount of government regulation is not zero if you've ever tried to pay [<a href="https://overcast.fm/+Btux7aqNI/6472">TS</a>]
01:47:58 ◼ ► anything except through Paypal which has its own issues and problems and its [<a href="https://overcast.fm/+Btux7aqNI/6478">TS</a>]
01:48:04 ◼ ► weird actually PayPal works as well yeah because every other method is horrible [<a href="https://overcast.fm/+Btux7aqNI/6484">TS</a>]
01:48:09 ◼ ► to pay you have to pay huge piece or it's impossible takes a long time never [<a href="https://overcast.fm/+Btux7aqNI/6489">TS</a>]
01:48:13 ◼ ► gets there and there's some there's a huge thing about remittances this is one [<a href="https://overcast.fm/+Btux7aqNI/6493">TS</a>]
01:48:16 ◼ ► thing that increasing mentioned I think it's worth bringing up is that there is [<a href="https://overcast.fm/+Btux7aqNI/6496">TS</a>]
01:48:19 ◼ ► a potential benefit for poor people for the poorest people the world especially [<a href="https://overcast.fm/+Btux7aqNI/6499">TS</a>]
01:48:23 ◼ ► immigrants who live in far-flung countries from other parts of family [<a href="https://overcast.fm/+Btux7aqNI/6503">TS</a>]
01:48:27 ◼ ► there's a huge amount of money extracted when if you live in America and you say [<a href="https://overcast.fm/+Btux7aqNI/6507">TS</a>]
01:48:32 ◼ ► money back to you on something like this there's a huge fee that comes out this [<a href="https://overcast.fm/+Btux7aqNI/6512">TS</a>]
01:48:36 ◼ ► and it's it's not 10 percent I think it's typically multiple percentage [<a href="https://overcast.fm/+Btux7aqNI/6516">TS</a>]
01:48:40 ◼ ► points and then there's often banks have remittance and other views [<a href="https://overcast.fm/+Btux7aqNI/6520">TS</a>]
01:48:43 ◼ ► plus the government me take a child as well for incoming money so just like [<a href="https://overcast.fm/+Btux7aqNI/6523">TS</a>]
01:48:47 ◼ ► Voice over IP at the crack earliest Lake 1200 bps dial-up you could still get a [<a href="https://overcast.fm/+Btux7aqNI/6527">TS</a>]
01:48:53 ◼ ► voice over it or whatever like the minute Voice over IP became a real thing [<a href="https://overcast.fm/+Btux7aqNI/6533">TS</a>]
01:48:57 ◼ ► that changed the relationship between all these far-flung people and people [<a href="https://overcast.fm/+Btux7aqNI/6537">TS</a>]
01:49:02 ◼ ► were able to talk to the family and then Skype video even at low bandwidth let [<a href="https://overcast.fm/+Btux7aqNI/6542">TS</a>]
01:49:06 ◼ ► them see their families again and so there's as hundreds of billions of [<a href="https://overcast.fm/+Btux7aqNI/6546">TS</a>]
01:49:10 ◼ ► dollars in the system that are that are sucked out because each year hundreds of [<a href="https://overcast.fm/+Btux7aqNI/6550">TS</a>]
01:49:14 ◼ ► billions dollars are transferred among countries by poor people essentially [<a href="https://overcast.fm/+Btux7aqNI/6554">TS</a>]
01:49:17 ◼ ► sending money back home and there is an advantage there and in just in for a [<a href="https://overcast.fm/+Btux7aqNI/6557">TS</a>]
01:49:20 ◼ ► buddy in the show you in the middle class and above or you know things like [<a href="https://overcast.fm/+Btux7aqNI/6560">TS</a>]
01:49:23 ◼ ► the unbanked and the non-bank the people who can't or the unbanked unless bank or [<a href="https://overcast.fm/+Btux7aqNI/6563">TS</a>]
01:49:30 ◼ ► people have a hard time having a bank account because of the chemical [<a href="https://overcast.fm/+Btux7aqNI/6570">TS</a>]
01:49:33 ◼ ► imbalance or because they didn't leave that doesn't have bank right like this [<a href="https://overcast.fm/+Btux7aqNI/6573">TS</a>]
01:49:38 ◼ ► food deserts push in the us- what's your name from the great senator from [<a href="https://overcast.fm/+Btux7aqNI/6578">TS</a>]
01:49:46 ◼ ► Massachusetts has brought this up to push to turn post offices in the bank's [<a href="https://overcast.fm/+Btux7aqNI/6586">TS</a>]
01:49:55 ◼ ► let people do simple simple banking at the post offices because there is a Post [<a href="https://overcast.fm/+Btux7aqNI/6595">TS</a>]
01:50:01 ◼ ► Office accessible to everybody in low-income urban areas so it's only [<a href="https://overcast.fm/+Btux7aqNI/6601">TS</a>]
01:50:10 ◼ ► three people opposed to her existing banks commercial it's it's expensive to [<a href="https://overcast.fm/+Btux7aqNI/6610">TS</a>]
01:50:16 ◼ ► this is a horrible thing if you're the working poor it's one the most expensive [<a href="https://overcast.fm/+Btux7aqNI/6616">TS</a>]
01:50:19 ◼ ► things one was expensive ways of life because you have to check cashing [<a href="https://overcast.fm/+Btux7aqNI/6619">TS</a>]
01:50:25 ◼ ► excessive fees because you don't qualify for the level of things don't have fees [<a href="https://overcast.fm/+Btux7aqNI/6625">TS</a>]
01:50:28 ◼ ► you pay subprime mortgages you pay like every part of the system is designed to [<a href="https://overcast.fm/+Btux7aqNI/6628">TS</a>]
01:50:32 ◼ ► keep you down and say it's unintentional it may just be systematic is systemic [<a href="https://overcast.fm/+Btux7aqNI/6632">TS</a>]
01:50:37 ◼ ► but there's all this predatory action it's and it's it's actually a time gone [<a href="https://overcast.fm/+Btux7aqNI/6637">TS</a>]
01:50:44 ◼ ► long but the us- post offices anybody's curies Google in read about it's [<a href="https://overcast.fm/+Btux7aqNI/6644">TS</a>]
01:50:50 ◼ ► actually pretty clever because it works two ways one it would help a lot of [<a href="https://overcast.fm/+Btux7aqNI/6650">TS</a>]
01:50:54 ◼ ► people who don't have access like you said underbanked non-bank people to it [<a href="https://overcast.fm/+Btux7aqNI/6654">TS</a>]
01:50:59 ◼ ► would actually help the post office because the post office is [<a href="https://overcast.fm/+Btux7aqNI/6659">TS</a>]
01:51:03 ◼ ► self-sufficient financially they r operate on the postage that they sell a [<a href="https://overcast.fm/+Btux7aqNI/6663">TS</a>]
01:51:10 ◼ ► lot of people who are sort of opposed to the post office that day you know should [<a href="https://overcast.fm/+Btux7aqNI/6670">TS</a>]
01:51:13 ◼ ► just go private or whatever because they think it's sucking up tax money but it's [<a href="https://overcast.fm/+Btux7aqNI/6673">TS</a>]
01:51:18 ◼ ► but the problem they're running into is that as the world goes digital the [<a href="https://overcast.fm/+Btux7aqNI/6678">TS</a>]
01:51:22 ◼ ► people are sending less unless mail and so that you know it's getting harder for [<a href="https://overcast.fm/+Btux7aqNI/6682">TS</a>]
01:51:27 ◼ ► them to keep postage rates low and stay in the black if they got into banking it [<a href="https://overcast.fm/+Btux7aqNI/6687">TS</a>]
01:51:32 ◼ ► would be it would infuse them with you know funds to be solving sure you know [<a href="https://overcast.fm/+Btux7aqNI/6692">TS</a>]
01:51:40 ◼ ► the post office not to get too deep to the post of a scam is that the congress [<a href="https://overcast.fm/+Btux7aqNI/6700">TS</a>]
01:51:43 ◼ ► even though it's essentially a private agency run its own funds congress forces [<a href="https://overcast.fm/+Btux7aqNI/6703">TS</a>]
01:51:48 ◼ ► them to find their pension at a level that is so far ahead the post office [<a href="https://overcast.fm/+Btux7aqNI/6708">TS</a>]
01:51:53 ◼ ► required to contribute a level that's far I have solvency and essentially no [<a href="https://overcast.fm/+Btux7aqNI/6713">TS</a>]
01:51:57 ◼ ► corporation no other part of government no steady state or federal is required [<a href="https://overcast.fm/+Btux7aqNI/6717">TS</a>]
01:52:01 ◼ ► to fund the pensions their way into the post office actually in better shape [<a href="https://overcast.fm/+Btux7aqNI/6721">TS</a>]
01:52:05 ◼ ► than it seems accepted obligated to put money away that it does not need to it's [<a href="https://overcast.fm/+Btux7aqNI/6725">TS</a>]
01:52:09 ◼ ► the weirdest thing it's it's part of the it's it's a longstanding political [<a href="https://overcast.fm/+Btux7aqNI/6729">TS</a>]
01:52:13 ◼ ► problem but but yeah be great for us to far-field there but it's there are great [<a href="https://overcast.fm/+Btux7aqNI/6733">TS</a>]
01:52:18 ◼ ► benefits to something like Bitcoin that relies on that doesn't rely on using [<a href="https://overcast.fm/+Btux7aqNI/6738">TS</a>]
01:52:22 ◼ ► physical pieces of paper or parts of the banking system that are designed to [<a href="https://overcast.fm/+Btux7aqNI/6742">TS</a>]
01:52:26 ◼ ► extract money at every step that the bars are putting the way not to not for [<a href="https://overcast.fm/+Btux7aqNI/6746">TS</a>]
01:52:31 ◼ ► sensible reasons like reducing fraud or reducing I don't know the country's know [<a href="https://overcast.fm/+Btux7aqNI/6751">TS</a>]
01:52:38 ◼ ► where my is moving to pay tax at these things in place for that but a lot of [<a href="https://overcast.fm/+Btux7aqNI/6758">TS</a>]
01:52:41 ◼ ► the banking system the private banking system is set up for the purpose of [<a href="https://overcast.fm/+Btux7aqNI/6761">TS</a>]
01:52:44 ◼ ► extracting the most bees from the most people as banks make massive profits off [<a href="https://overcast.fm/+Btux7aqNI/6764">TS</a>]
01:52:49 ◼ ► typical banking operations so bitcoins potential or things like big way would [<a href="https://overcast.fm/+Btux7aqNI/6769">TS</a>]
01:52:54 ◼ ► be to break some of the monopoly of banks holding money so you know about [<a href="https://overcast.fm/+Btux7aqNI/6774">TS</a>]
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01:53:06 ◼ ► very long haul is a system a chain wala is then it's it's sure you've heard [<a href="https://overcast.fm/+Btux7aqNI/6786">TS</a>]
01:53:15 ◼ ► about the system it's it's it's not the storm system but it's originated a lot [<a href="https://overcast.fm/+Btux7aqNI/6795">TS</a>]
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01:54:05 ◼ ► based on you know there's some sort of feel like that $101 to send $100 yeah [<a href="https://overcast.fm/+Btux7aqNI/6845">TS</a>]
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01:54:30 ◼ ► lot of trust because there are huge consequences because they're based on [<a href="https://overcast.fm/+Btux7aqNI/6870">TS</a>]
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01:54:39 ◼ ► you violate the system other countries it's not clear to go to jail or not but [<a href="https://overcast.fm/+Btux7aqNI/6879">TS</a>]
01:54:43 ◼ ► outcasts lost your life from your entire community you would never be able to do [<a href="https://overcast.fm/+Btux7aqNI/6883">TS</a>]
01:54:47 ◼ ► anything so there's a social component but declined as hawala it's just done [<a href="https://overcast.fm/+Btux7aqNI/6887">TS</a>]
01:54:52 ◼ ► cryptographically so there's no trusted you can work with untrusted so there is [<a href="https://overcast.fm/+Btux7aqNI/6892">TS</a>]
01:54:56 ◼ ► a model for this actually has existed just without the cryptographic component [<a href="https://overcast.fm/+Btux7aqNI/6896">TS</a>]
01:55:00 ◼ ► a lot of people point to halt as something that's a way to bypass banks [<a href="https://overcast.fm/+Btux7aqNI/6900">TS</a>]
01:55:04 ◼ ► you bypass there are fees but you bypass all the infrastructure put in place and [<a href="https://overcast.fm/+Btux7aqNI/6904">TS</a>]
01:55:08 ◼ ► as a sort of existence proof that the system could work [<a href="https://overcast.fm/+Btux7aqNI/6908">TS</a>]
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01:56:49 ◼ ► ostensibly to look back I was just written a just-released think about a [<a href="https://overcast.fm/+Btux7aqNI/7009">TS</a>]
01:56:53 ◼ ► month ago maybe six weeks ago so it's a new book looking back at the 1985 Bears [<a href="https://overcast.fm/+Btux7aqNI/7013">TS</a>]
01:56:58 ◼ ► anybody who grew up in the eighties you remember the 1985 Bears they won the [<a href="https://overcast.fm/+Btux7aqNI/7018">TS</a>]
01:57:02 ◼ ► Super Bowl but there was more than just a football team that was the team had [<a href="https://overcast.fm/+Btux7aqNI/7022">TS</a>]
01:57:06 ◼ ► the Super Bowl shuffle that Klein oh yeah there was a great day they had a [<a href="https://overcast.fm/+Btux7aqNI/7026">TS</a>]
01:57:12 ◼ ► video that was like it was like a number one video on MTV they were in a made it [<a href="https://overcast.fm/+Btux7aqNI/7032">TS</a>]
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01:57:27 ◼ ► any given handoffs when they needed one yard because he was so big he could [<a href="https://overcast.fm/+Btux7aqNI/7047">TS</a>]
01:57:31 ◼ ► never fail not to get one yard huge number of colorful characters just as it [<a href="https://overcast.fm/+Btux7aqNI/7051">TS</a>]
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01:58:09 ◼ ► book really really interesting book and and it's it's just one of those things [<a href="https://overcast.fm/+Btux7aqNI/7089">TS</a>]
01:58:13 ◼ ► where I was 12 when the 85 Bears were around in it I just took him for granted [<a href="https://overcast.fm/+Btux7aqNI/7093">TS</a>]
01:58:17 ◼ ► but now hindsight in reading the book it's like it's a recall what an oddball [<a href="https://overcast.fm/+Btux7aqNI/7097">TS</a>]
01:58:24 ◼ ► crazy ass team that they were and they were also tremendously successful that's [<a href="https://overcast.fm/+Btux7aqNI/7104">TS</a>]
01:58:30 ◼ ► my recommendation they've got the unabridged version of it on audible [<a href="https://overcast.fm/+Btux7aqNI/7110">TS</a>]
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01:59:07 ◼ ► could talk about before we sign off is no go to fail [<a href="https://overcast.fm/+Btux7aqNI/7147">TS</a>]
01:59:11 ◼ ► situation which is interesting in and of itself because it's a really i mean you [<a href="https://overcast.fm/+Btux7aqNI/7151">TS</a>]
01:59:17 ◼ ► know all security updates and security problems in the in a popular OS are [<a href="https://overcast.fm/+Btux7aqNI/7157">TS</a>]
01:59:21 ◼ ► important but this is a pretty bad and it's also so just he would be bad no [<a href="https://overcast.fm/+Btux7aqNI/7161">TS</a>]
01:59:27 ◼ ► matter what the actual nature of the bugless but the fact that the nature of [<a href="https://overcast.fm/+Btux7aqNI/7167">TS</a>]
01:59:32 ◼ ► the bug was it's superfluous line of code that said go to fail is almost [<a href="https://overcast.fm/+Btux7aqNI/7172">TS</a>]
01:59:40 ◼ ► unimaginably it is too neat rate like if you put that in a movie be like oh come [<a href="https://overcast.fm/+Btux7aqNI/7180">TS</a>]
01:59:46 ◼ ► on go to fail my initial reaction was this is absolutely a plant rate Marco [<a href="https://overcast.fm/+Btux7aqNI/7186">TS</a>]
01:59:56 ◼ ► army has to the good question which was if Apple employee I don't exactly this [<a href="https://overcast.fm/+Btux7aqNI/7196">TS</a>]
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02:00:09 ◼ ► whatever but the SAU go you not gonna do when they come with the government is my [<a href="https://overcast.fm/+Btux7aqNI/7209">TS</a>]
02:00:14 ◼ ► whatever you can we talk and you can talk about this because I would be a [<a href="https://overcast.fm/+Btux7aqNI/7214">TS</a>]
02:00:19 ◼ ► national security violation you go to jail for a huge Matt I'm a huge penalty [<a href="https://overcast.fm/+Btux7aqNI/7219">TS</a>]
02:00:23 ◼ ► felony in fact you might actually be reminded or we know god knows what I [<a href="https://overcast.fm/+Btux7aqNI/7223">TS</a>]
02:00:26 ◼ ► couldn't even though american citizens are or disappeared but more like there [<a href="https://overcast.fm/+Btux7aqNI/7226">TS</a>]
02:00:30 ◼ ► are rules now that we don't totally understand about under which people are [<a href="https://overcast.fm/+Btux7aqNI/7230">TS</a>]
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02:00:58 ◼ ► it but what I've read is that the way that the NSA goes about this and it's [<a href="https://overcast.fm/+Btux7aqNI/7258">TS</a>]
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02:01:20 ◼ ► identify them I don't know but there they do and who knows maybe you know in [<a href="https://overcast.fm/+Btux7aqNI/7280">TS</a>]
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02:02:09 ◼ ► gonna make a stand because they'd find people who are very tricky though for [<a href="https://overcast.fm/+Btux7aqNI/7329">TS</a>]
02:02:14 ◼ ► the NSA spying but it makes sense to appeal to their patriotism see here's [<a href="https://overcast.fm/+Btux7aqNI/7334">TS</a>]
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02:03:07 ◼ ► deal and Stephen relevant to his blog he was the longtime Peter science professor [<a href="https://overcast.fm/+Btux7aqNI/7387">TS</a>]
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02:03:52 ◼ ► or something is that it's so it's a weird thing so I'm testing which is why [<a href="https://overcast.fm/+Btux7aqNI/7432">TS</a>]
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02:04:09 ◼ ► key for the session was signed by that certificate so you had UK so the key can [<a href="https://overcast.fm/+Btux7aqNI/7449">TS</a>]
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02:04:20 ◼ ► certificate stuff and everyone's happy with that they need to send a key signed [<a href="https://overcast.fm/+Btux7aqNI/7460">TS</a>]
02:04:23 ◼ ► by something else and he goes through that's very very weird exploit its very [<a href="https://overcast.fm/+Btux7aqNI/7463">TS</a>]
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02:04:46 ◼ ► you do some deep analysis we figure there's actually a flaw in the degree of [<a href="https://overcast.fm/+Btux7aqNI/7486">TS</a>]
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02:04:55 ◼ ► a back door that they have the key to not that they would put in a back door [<a href="https://overcast.fm/+Btux7aqNI/7495">TS</a>]
02:04:59 ◼ ► that doesn't have a working walk they don't want everyone I mean you know I do [<a href="https://overcast.fm/+Btux7aqNI/7499">TS</a>]
02:05:04 ◼ ► actually believe that their mission I think from their standpoint [<a href="https://overcast.fm/+Btux7aqNI/7504">TS</a>]
02:05:07 ◼ ► their mission is not just to its both offensive and defensive is like they may [<a href="https://overcast.fm/+Btux7aqNI/7507">TS</a>]
02:05:11 ◼ ► want back doors but they don't want government something like this would [<a href="https://overcast.fm/+Btux7aqNI/7511">TS</a>]
02:05:16 ◼ ► seem like bill so I yeah I don't think that the goto fail bug in Apple's SSL [<a href="https://overcast.fm/+Btux7aqNI/7516">TS</a>]
02:05:23 ◼ ► was planted by the NSA buying anything I do they did a very likely that they do [<a href="https://overcast.fm/+Btux7aqNI/7523">TS</a>]
02:05:30 ◼ ► have morals I don't think this is one because it's a you said they expect you [<a href="https://overcast.fm/+Btux7aqNI/7530">TS</a>]
02:05:34 ◼ ► think I do I do think that the end and say you said you know it's the sort of [<a href="https://overcast.fm/+Btux7aqNI/7534">TS</a>]
02:05:40 ◼ ► bug when you look at the source code where if you're not looking for bugs [<a href="https://overcast.fm/+Btux7aqNI/7540">TS</a>]
02:05:43 ◼ ► it's real I can see how you overlook and it's again like I I blogged about what I [<a href="https://overcast.fm/+Btux7aqNI/7543">TS</a>]
02:05:48 ◼ ► wrote about it and not to get an argument about C coding style but it's [<a href="https://overcast.fm/+Btux7aqNI/7548">TS</a>]
02:05:52 ◼ ► why I think that the no braces if statement the basic gist of if [<a href="https://overcast.fm/+Btux7aqNI/7552">TS</a>]
02:05:57 ◼ ► statements and see is if you say if this then if there's only one statement you [<a href="https://overcast.fm/+Btux7aqNI/7557">TS</a>]
02:06:02 ◼ ► don't need to Brabin curly braces and if there is more than one then you have to [<a href="https://overcast.fm/+Btux7aqNI/7562">TS</a>]
02:06:06 ◼ ► put curly braces to begin and end the block of what's going to happen if that [<a href="https://overcast.fm/+Btux7aqNI/7566">TS</a>]
02:06:11 ◼ ► conditional is true and I've always felt having been bitten about bitten by that [<a href="https://overcast.fm/+Btux7aqNI/7571">TS</a>]
02:06:15 ◼ ► laziness and almost gonna do one thing but you invented and then you come back [<a href="https://overcast.fm/+Btux7aqNI/7575">TS</a>]
02:06:20 ◼ ► to the code a week two weeks later and you've you just quick hit return your [<a href="https://overcast.fm/+Btux7aqNI/7580">TS</a>]
02:06:27 ◼ ► text editor auto indent and you write the next line it's easy to make that bug [<a href="https://overcast.fm/+Btux7aqNI/7587">TS</a>]
02:06:33 ◼ ► and once the bug is in there it's easy to overlook it but if you're looking for [<a href="https://overcast.fm/+Btux7aqNI/7593">TS</a>]
02:06:39 ◼ ► bugs that really jumps out the go to go to everybody like when it when this came [<a href="https://overcast.fm/+Btux7aqNI/7599">TS</a>]
02:06:43 ◼ ► out everybody who can program even a little bit is i whoa how would that ever [<a href="https://overcast.fm/+Btux7aqNI/7603">TS</a>]
02:06:47 ◼ ► get in there like if you're actually looking for a bug it its glaring there's [<a href="https://overcast.fm/+Btux7aqNI/7607">TS</a>]
02:06:51 ◼ ► nothing clever million reviewed it auto merge tool created this problem and no [<a href="https://overcast.fm/+Btux7aqNI/7611">TS</a>]
02:06:56 ◼ ► one looked yeah and that's the thing is I cannot comes raisin razor argument [<a href="https://overcast.fm/+Btux7aqNI/7616">TS</a>]
02:07:02 ◼ ► where that's the sort of thing that happens from a diff gone bad you know [<a href="https://overcast.fm/+Btux7aqNI/7622">TS</a>]
02:07:06 ◼ ► that it when they emerged you know the diff told gets confused by the two [<a href="https://overcast.fm/+Btux7aqNI/7626">TS</a>]
02:07:13 ◼ ► versions it's trying to merge together a lot of times you'll get a duplicate line [<a href="https://overcast.fm/+Btux7aqNI/7633">TS</a>]
02:07:17 ◼ ► like that and it just so happened but I do think I do think and it's just just [<a href="https://overcast.fm/+Btux7aqNI/7637">TS</a>]
02:07:23 ◼ ► based on the way Apple wrote the bug up in a way that they they fixed it [<a href="https://overcast.fm/+Btux7aqNI/7643">TS</a>]
02:07:29 ◼ ► during or shortly not days before but a week or two Iowa 7.1 was gonna come out [<a href="https://overcast.fm/+Btux7aqNI/7649">TS</a>]
02:07:37 ◼ ► anyway I really do think I think that Apple founded in an audit and figured [<a href="https://overcast.fm/+Btux7aqNI/7657">TS</a>]
02:07:43 ◼ ► you know figured out that it explains how the NSA was claiming to do what they [<a href="https://overcast.fm/+Btux7aqNI/7663">TS</a>]
02:07:49 ◼ ► were doing the timing is that time you suspicious though like you see the [<a href="https://overcast.fm/+Btux7aqNI/7669">TS</a>]
02:07:53 ◼ ► PowerPoint thing Apple says we are gonna go through every line coach this is what [<a href="https://overcast.fm/+Btux7aqNI/7673">TS</a>]
02:07:58 ◼ ► you really the Microsoft to this one of the reasons that Vista actually had a [<a href="https://overcast.fm/+Btux7aqNI/7678">TS</a>]
02:08:01 ◼ ► superior security model 22 Windows XP was not time it was because Bill Gates [<a href="https://overcast.fm/+Btux7aqNI/7681">TS</a>]
02:08:09 ◼ ► heat you know everything the company was doing for months to go through it on it [<a href="https://overcast.fm/+Btux7aqNI/7689">TS</a>]
02:08:13 ◼ ► and it worked because Windows Vista was much more secure allow the XP stuff and [<a href="https://overcast.fm/+Btux7aqNI/7693">TS</a>]
02:08:17 ◼ ► he never sense and it's actually outpaces Apple typically and that's why [<a href="https://overcast.fm/+Btux7aqNI/7697">TS</a>]
02:08:22 ◼ ► they're one of the reasons that exploits have moved to new applications and weak [<a href="https://overcast.fm/+Btux7aqNI/7702">TS</a>]
02:08:26 ◼ ► points like flash and things like that because Windows is more secure so you [<a href="https://overcast.fm/+Btux7aqNI/7706">TS</a>]
02:08:31 ◼ ► know in so here's another bit of time in which is interesting as well as [<a href="https://overcast.fm/+Btux7aqNI/7711">TS</a>]
02:08:33 ◼ ► researchers just found I think it's like while recording this that like there's [<a href="https://overcast.fm/+Btux7aqNI/7713">TS</a>]
02:08:37 ◼ ► another cryptographic flaw that can be exploited involves client certificates [<a href="https://overcast.fm/+Btux7aqNI/7717">TS</a>]
02:08:43 ◼ ► and TLS SLT last transaction so if you connect to web server and you have a [<a href="https://overcast.fm/+Btux7aqNI/7723">TS</a>]
02:08:47 ◼ ► client certificate which most people do not you know you get issued a client [<a href="https://overcast.fm/+Btux7aqNI/7727">TS</a>]
02:08:52 ◼ ► certificate when you log in this specific way so like a normal [<a href="https://overcast.fm/+Btux7aqNI/7732">TS</a>]
02:08:56 ◼ ► transaction you just going to get the server certificate your browser [<a href="https://overcast.fm/+Btux7aqNI/7736">TS</a>]
02:09:00 ◼ ► validates that it's accurate to make a secure connection but if you get issued [<a href="https://overcast.fm/+Btux7aqNI/7740">TS</a>]
02:09:04 ◼ ► one that stored in your browser that brought that certificate apparently bu [<a href="https://overcast.fm/+Btux7aqNI/7744">TS</a>]
02:09:08 ◼ ► reused by other people and let's be impersonated things like any other [<a href="https://overcast.fm/+Btux7aqNI/7748">TS</a>]
02:09:14 ◼ ► website in which the same certificates used they can they can use that [<a href="https://overcast.fm/+Btux7aqNI/7754">TS</a>]
02:09:20 ◼ ► certificate she wears that what what system has this but everything is parts [<a href="https://overcast.fm/+Btux7aqNI/7760">TS</a>]
02:09:25 ◼ ► actually if I know it's horrible to its a protocol layer flaw that apparently [<a href="https://overcast.fm/+Btux7aqNI/7765">TS</a>]
02:09:30 ◼ ► will not be difficult to fix but then it's gotta be rolled out but the deal is [<a href="https://overcast.fm/+Btux7aqNI/7770">TS</a>]
02:09:34 ◼ ► that there are only specific cases in which a client certificates use of some [<a href="https://overcast.fm/+Btux7aqNI/7774">TS</a>]
02:09:41 ◼ ► you know you take your username and password to login over WiFi throughout [<a href="https://overcast.fm/+Btux7aqNI/7781">TS</a>]
02:09:45 ◼ ► 80221 X all those those systems are using corporations that they've got a [<a href="https://overcast.fm/+Btux7aqNI/7785">TS</a>]
02:09:50 ◼ ► flaw so it's not like a general problem using my bank but it's in the case [<a href="https://overcast.fm/+Btux7aqNI/7790">TS</a>]
02:09:54 ◼ ► especially in the enterprise where you may be out in the wild you making a [<a href="https://overcast.fm/+Btux7aqNI/7794">TS</a>]
02:09:58 ◼ ► secure connection using a client certificate that actually is the [<a href="https://overcast.fm/+Btux7aqNI/7798">TS</a>]
02:10:01 ◼ ► opportunity for Melissa's malicious interception in a way that would let [<a href="https://overcast.fm/+Btux7aqNI/7801">TS</a>]
02:10:05 ◼ ► that man the middle use your credentials elsewhere and so a lot of enterprise [<a href="https://overcast.fm/+Btux7aqNI/7805">TS</a>]
02:10:11 ◼ ► software will need to get fixed as well as web servers just to be on the safe [<a href="https://overcast.fm/+Btux7aqNI/7811">TS</a>]
02:10:14 ◼ ► side but the enterprise people will probably on it pretty fast but some [<a href="https://overcast.fm/+Btux7aqNI/7814">TS</a>]
02:10:17 ◼ ► weird again you're like did somebody in all the NSA stuff they got released it [<a href="https://overcast.fm/+Btux7aqNI/7817">TS</a>]
02:10:22 ◼ ► someone notice it seems like they have a way to do something that seems to be [<a href="https://overcast.fm/+Btux7aqNI/7822">TS</a>]
02:10:26 ◼ ► implying client certificates maybe we should go back to the protocol and then [<a href="https://overcast.fm/+Btux7aqNI/7826">TS</a>]
02:10:29 ◼ ► boom something that dates back to think they're saying 2005 and affects the [<a href="https://overcast.fm/+Btux7aqNI/7829">TS</a>]
02:10:34 ◼ ► entire protocol I know there's a lot of people out there who really do think [<a href="https://overcast.fm/+Btux7aqNI/7834">TS</a>]
02:10:37 ◼ ► that these big companies are all in cahoots that when the NSA came knocking [<a href="https://overcast.fm/+Btux7aqNI/7837">TS</a>]
02:10:40 ◼ ► and say can we come in your data center this sure come on and do it every one [<a href="https://overcast.fm/+Btux7aqNI/7840">TS</a>]
02:10:44 ◼ ► and it is not you know there's no way to disprove it right and it's good in some [<a href="https://overcast.fm/+Btux7aqNI/7844">TS</a>]
02:10:49 ◼ ► sense it's good that there's some people who are skeptical like that right but I [<a href="https://overcast.fm/+Btux7aqNI/7849">TS</a>]
02:10:53 ◼ ► I don't think it's true I actually take these companies at their words when they [<a href="https://overcast.fm/+Btux7aqNI/7853">TS</a>]
02:10:57 ◼ ► say things like no we did not allow the NSA literally physically into our data [<a href="https://overcast.fm/+Btux7aqNI/7857">TS</a>]
02:11:03 ◼ ► center and the main reason why and it's not just Apple I believe all of these [<a href="https://overcast.fm/+Btux7aqNI/7863">TS</a>]
02:11:08 ◼ ► companies is that it's it's not in their interests to lie about it if they had [<a href="https://overcast.fm/+Btux7aqNI/7868">TS</a>]
02:11:13 ◼ ► done it they could just say nothing and they could even say we're not even [<a href="https://overcast.fm/+Btux7aqNI/7873">TS</a>]
02:11:18 ◼ ► allowed to say we can answer yes or no [<a href="https://overcast.fm/+Btux7aqNI/7878">TS</a>]
02:11:20 ◼ ► they could just say that and you know and then and then leave it at that [<a href="https://overcast.fm/+Btux7aqNI/7880">TS</a>]
02:11:24 ◼ ► but by saying by denying it if they're lying about that it opens them up to it [<a href="https://overcast.fm/+Btux7aqNI/7884">TS</a>]
02:11:30 ◼ ► profound in tremendous loss of trust if it ever turns out otherwise and as we've [<a href="https://overcast.fm/+Btux7aqNI/7890">TS</a>]
02:11:37 ◼ ► seen with the Snowdon thing anything you know can leak you know there's no just [<a href="https://overcast.fm/+Btux7aqNI/7897">TS</a>]
02:11:41 ◼ ► because the NSA says you can lie about it will you can trust us you can't trust [<a href="https://overcast.fm/+Btux7aqNI/7901">TS</a>]
02:11:48 ◼ ► so I just don't see why anybody would lie about it really don't and I think it [<a href="https://overcast.fm/+Btux7aqNI/7908">TS</a>]
02:11:52 ◼ ► makes sense with the odds with what we're seeing uncovered is what they've [<a href="https://overcast.fm/+Btux7aqNI/7912">TS</a>]
02:11:55 ◼ ► done is said ok we didn't let them they say they can do it how how is that even [<a href="https://overcast.fm/+Btux7aqNI/7915">TS</a>]
02:12:01 ◼ ► part where do we need to audit to see that it would be possible for them to do [<a href="https://overcast.fm/+Btux7aqNI/7921">TS</a>]
02:12:06 ◼ ► it behind our backs without our help to do this I think that's most likely [<a href="https://overcast.fm/+Btux7aqNI/7926">TS</a>]
02:12:10 ◼ ► because if you got the NSA what they did clearly in let you know it's funny it's [<a href="https://overcast.fm/+Btux7aqNI/7930">TS</a>]
02:12:16 ◼ ► like as much as I may just like they did this is kind of this is what they've [<a href="https://overcast.fm/+Btux7aqNI/7936">TS</a>]
02:12:20 ◼ ► been tasked with doing as they went through to find all the flaws in like in [<a href="https://overcast.fm/+Btux7aqNI/7940">TS</a>]
02:12:23 ◼ ► an ideal world what would have happened since he would have found flaws and they [<a href="https://overcast.fm/+Btux7aqNI/7943">TS</a>]
02:12:27 ◼ ► would have gone through work privately with every american company to replace [<a href="https://overcast.fm/+Btux7aqNI/7947">TS</a>]
02:12:31 ◼ ► them and eventually stuff would have trickled out like something like that [<a href="https://overcast.fm/+Btux7aqNI/7951">TS</a>]
02:12:34 ◼ ► that actually would have been a really great cyber strategy was to not [<a href="https://overcast.fm/+Btux7aqNI/7954">TS</a>]
02:12:38 ◼ ► implement flaws but he working assiduously to find them maybe exploit [<a href="https://overcast.fm/+Btux7aqNI/7958">TS</a>]
02:12:41 ◼ ► them at times but also be working to repair them because that would actually [<a href="https://overcast.fm/+Btux7aqNI/7961">TS</a>]
02:12:45 ◼ ► be good for the country and for what do you make of the one that just came out [<a href="https://overcast.fm/+Btux7aqNI/7965">TS</a>]
02:12:51 ◼ ► the other day yesterday the day before where it was a very similar to Apple's [<a href="https://overcast.fm/+Btux7aqNI/7971">TS</a>]
02:12:56 ◼ ► but in the new code oh that's the way this is this is another TLS thing right [<a href="https://overcast.fm/+Btux7aqNI/7976">TS</a>]
02:13:02 ◼ ► now you don't even see I miss them so the client certificate one what is this [<a href="https://overcast.fm/+Btux7aqNI/7982">TS</a>]
02:13:07 ◼ ► one said you know that people are looking at its oddly so much more see [<a href="https://overcast.fm/+Btux7aqNI/7987">TS</a>]
02:13:13 ◼ ► her for this is the thing that makes me wonder though about them all because [<a href="https://overcast.fm/+Btux7aqNI/7993">TS</a>]
02:13:17 ◼ ► it's oddly similar to Apple's even involves goto statements but it's a lot [<a href="https://overcast.fm/+Btux7aqNI/7997">TS</a>]
02:13:24 ◼ ► it's looking at the code it's a lot more subtle though it's not as glaring as you [<a href="https://overcast.fm/+Btux7aqNI/8004">TS</a>]
02:13:33 ◼ ► can create a certificate that would be accepted even though it shouldn't be [<a href="https://overcast.fm/+Btux7aqNI/8013">TS</a>]
02:13:36 ◼ ► that funny yeah I mean I think I think what it comes down to is that there may [<a href="https://overcast.fm/+Btux7aqNI/8016">TS</a>]
02:13:42 ◼ ► be a new one it seems really bad me because Apple one I forget how many [<a href="https://overcast.fm/+Btux7aqNI/8022">TS</a>]
02:13:48 ◼ ► people have already upgraded to 7.2 iOS devices are already on 706 below is one [<a href="https://overcast.fm/+Btux7aqNI/8028">TS</a>]
02:13:55 ◼ ► networks showed that is something like forty percent of iOS devices were [<a href="https://overcast.fm/+Btux7aqNI/8035">TS</a>]
02:14:00 ◼ ► already on 70 sex is just a tremendous uptake whereas so much stuff is embedded [<a href="https://overcast.fm/+Btux7aqNI/8040">TS</a>]
02:14:09 ◼ ► systems and routers you know all these things that don't get software updates [<a href="https://overcast.fm/+Btux7aqNI/8049">TS</a>]
02:14:14 ◼ ► are running this code and will they give you think the Fortune thing is that I [<a href="https://overcast.fm/+Btux7aqNI/8054">TS</a>]
02:14:18 ◼ ► don't think they're gonna run that code until the until the Howard you know it's [<a href="https://overcast.fm/+Btux7aqNI/8058">TS</a>]
02:14:25 ◼ ► the AC adapter burns out it's true but the new one like the click the [<a href="https://overcast.fm/+Btux7aqNI/8065">TS</a>]
02:14:29 ◼ ► fundamental one that was just found two is it has to do with his client [<a href="https://overcast.fm/+Btux7aqNI/8069">TS</a>]
02:14:34 ◼ ► certificate so it's only in specific cases where like a server in this case [<a href="https://overcast.fm/+Btux7aqNI/8074">TS</a>]
02:14:40 ◼ ► like the new one a server would accept a certificate should not so you can attack [<a href="https://overcast.fm/+Btux7aqNI/8080">TS</a>]
02:14:46 ◼ ► a site if it was running the new and you knew it so that's a symmetrical and that [<a href="https://overcast.fm/+Btux7aqNI/8086">TS</a>]
02:14:50 ◼ ► there's fewer servers update then added Linux devices and the same thing like [<a href="https://overcast.fm/+Btux7aqNI/8090">TS</a>]
02:14:54 ◼ ► client the client certificate for all of that can be fixed in a few different [<a href="https://overcast.fm/+Btux7aqNI/8094">TS</a>]
02:14:57 ◼ ► ways the Apple what is particularly horrible because you could have any [<a href="https://overcast.fm/+Btux7aqNI/8097">TS</a>]
02:15:02 ◼ ► point of intersection though like right you can create a fake session key by [<a href="https://overcast.fm/+Btux7aqNI/8102">TS</a>]
02:15:06 ◼ ► being a man the middle you can put software to router matters [<a href="https://overcast.fm/+Btux7aqNI/8106">TS</a>]
02:15:11 ◼ ► hundreds of thousands or you know if you presume that the NSA while they don't [<a href="https://overcast.fm/+Btux7aqNI/8111">TS</a>]
02:15:16 ◼ ► have access to Apple's data center or Google's let's say but let's say Apple [<a href="https://overcast.fm/+Btux7aqNI/8116">TS</a>]
02:15:20 ◼ ► AAPL has written this book so they're not and apples building at all but if [<a href="https://overcast.fm/+Btux7aqNI/8120">TS</a>]
02:15:26 ◼ ► there anywhere on the Internet backbone between that remote device like that [<a href="https://overcast.fm/+Btux7aqNI/8126">TS</a>]
02:15:33 ◼ ► your iPhone and Apple's data center anywhere in that backbone in between [<a href="https://overcast.fm/+Btux7aqNI/8133">TS</a>]
02:15:40 ◼ ► this bug opens it up for them to you know it's like a classic man [<a href="https://overcast.fm/+Btux7aqNI/8140">TS</a>]
02:15:45 ◼ ► man-in-the-middle attack right and you could do it in the country wide basis of [<a href="https://overcast.fm/+Btux7aqNI/8145">TS</a>]
02:15:48 ◼ ► your iraq someone with an Apple device and whatever you could have been [<a href="https://overcast.fm/+Btux7aqNI/8148">TS</a>]
02:15:56 ◼ ► well I think about how centralized the internet isn't China yeah exactly right [<a href="https://overcast.fm/+Btux7aqNI/8156">TS</a>]
02:16:00 ◼ ► so this is this is when these things it's like it's not a back [<a href="https://overcast.fm/+Btux7aqNI/8160">TS</a>]
02:16:03 ◼ ► you know I don't I think the Sunni where it was an error [<a href="https://overcast.fm/+Btux7aqNI/8163">TS</a>]
02:16:07 ◼ ► it's it's a sweet I think with this highlights I think what's going to [<a href="https://overcast.fm/+Btux7aqNI/8167">TS</a>]
02:16:11 ◼ ► happen is you see a lot more bizarre testing I'm surprised that [<a href="https://overcast.fm/+Btux7aqNI/8171">TS</a>]
02:16:15 ◼ ► implementations are in more thoroughly tested them in certain things like the [<a href="https://overcast.fm/+Btux7aqNI/8175">TS</a>]
02:16:20 ◼ ► idea to create a malformed client certificate of a certain type of that's [<a href="https://overcast.fm/+Btux7aqNI/8180">TS</a>]
02:16:25 ◼ ► one weird thing like you can't test every kind of ticket but Apple's one in [<a href="https://overcast.fm/+Btux7aqNI/8185">TS</a>]
02:16:30 ◼ ► particular its like I would have thought the test we would have checked to make [<a href="https://overcast.fm/+Btux7aqNI/8190">TS</a>]
02:16:33 ◼ ► sure that when you sent into session he wasn't signed by the same certificate [<a href="https://overcast.fm/+Btux7aqNI/8193">TS</a>]
02:16:37 ◼ ► that it failed because they test for like self-signed certificates they test [<a href="https://overcast.fm/+Btux7aqNI/8197">TS</a>]
02:16:41 ◼ ► for lots of kinds of failures and someone asked on Twitter even though [<a href="https://overcast.fm/+Btux7aqNI/8201">TS</a>]
02:16:45 ◼ ► Chris pepper you know the proper proof reader in an extraordinary program are [<a href="https://overcast.fm/+Btux7aqNI/8205">TS</a>]
02:16:49 ◼ ► crisp was like will should may also sign certificates pass the test has [<a href="https://overcast.fm/+Btux7aqNI/8209">TS</a>]
02:16:55 ◼ ► acknowledged leader in the process but that was a good point is if the soup in [<a href="https://overcast.fm/+Btux7aqNI/8215">TS</a>]
02:16:58 ◼ ► a flaw in a certificate validation tons of programmers would have said why did [<a href="https://overcast.fm/+Btux7aqNI/8218">TS</a>]
02:17:02 ◼ ► my self signed certificate not generate an error there [<a href="https://overcast.fm/+Btux7aqNI/8222">TS</a>]
02:17:05 ◼ ► require signing or approvals so this one was a just the point at which most [<a href="https://overcast.fm/+Btux7aqNI/8225">TS</a>]
02:17:10 ◼ ► people who test this kind of thing or work with security didn't see it and [<a href="https://overcast.fm/+Btux7aqNI/8230">TS</a>]
02:17:14 ◼ ► that's that may be dubious but it is why I think it went underground for so long [<a href="https://overcast.fm/+Btux7aqNI/8234">TS</a>]
02:17:19 ◼ ► and clearly there gonna be some apple everyone else the world will be beefing [<a href="https://overcast.fm/+Btux7aqNI/8239">TS</a>]
02:17:23 ◼ ► up the kinds of automated testing they do whenever they make change libraries [<a href="https://overcast.fm/+Btux7aqNI/8243">TS</a>]
02:17:28 ◼ ► yeah I definitely think so i think you know I think everybody like you said [<a href="https://overcast.fm/+Btux7aqNI/8248">TS</a>]
02:17:33 ◼ ► this is what the NSA is tasked with so you know in some sense nothing has been [<a href="https://overcast.fm/+Btux7aqNI/8253">TS</a>]
02:17:38 ◼ ► surprising with all of the NSA related leaks [<a href="https://overcast.fm/+Btux7aqNI/8258">TS</a>]
02:17:42 ◼ ► but on the other hand and knowing in your bag a reminder dennis is doing [<a href="https://overcast.fm/+Btux7aqNI/8262">TS</a>]
02:17:48 ◼ ► something like this is different than getting seen these slides it say here's [<a href="https://overcast.fm/+Btux7aqNI/8268">TS</a>]
02:17:51 ◼ ► exactly what they're doing and then you know I don't know it somehow they could [<a href="https://overcast.fm/+Btux7aqNI/8271">TS</a>]
02:17:56 ◼ ► jolt everybody system and I don't think there's any doubt that you know for [<a href="https://overcast.fm/+Btux7aqNI/8276">TS</a>]
02:18:02 ◼ ► better or for worse and I'll even and play both sides of the coin here and say [<a href="https://overcast.fm/+Btux7aqNI/8282">TS</a>]
02:18:06 ◼ ► you know there's obviously there could be some downsides to this general I i [<a href="https://overcast.fm/+Btux7aqNI/8286">TS</a>]
02:18:10 ◼ ► think that it's good news that we've woken up to this but you know who knows [<a href="https://overcast.fm/+Btux7aqNI/8290">TS</a>]
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