Surprise AMA 08/14/2020

00:00 to 2:03:11

good evening everybody this is charles hoskinson live from warm sunny colorado it is friday the 14th it's a good day a little bit better than friday the 13th i'd gather although some people like that day and it is august lovely lovely august and this is another one of those surprise amas i love making them you guys love watching them they're a lot of fun aren't they well welcome welcome welcome it's been a hell of a week we shipped uh the a lot of software we've had some fights some ups and downs uh the centralization metric went from one to point nine uh and people actually started making blocks for the first time in the history of the cardano project uh i signed some new grants for various things like the mune project uh to bring imperative plutus to plutus and there's probably 500 other updates but uh you know that's for another time blog posts are coming check the ihk blog a lot of code i've actually got to dig into the scala code again for the first time in a long time because of the recent uh debate in etc community which i've also now included in the live amas so if you're an etc member welcome we do these quite often it's a wonderful vehicle for people to ask any questions that they want and nothing is off limits you ask it and everybody can see it i choose to answer it or not so that's the rule i i looked at the mantis code base just read through all that scala code boy there's a lot of it and it's good stuff and it's gonna be fun to see that resurrected but anyway skipping the usual update let us get to your questions all right let's see what you guys got anyone know when your ios will be ready you know given their development cadence i'd say probably about two to four weeks is my estimate but i'm not a core developer of uh uroi uh that's done by emergo so they have their own release schedule and uh timing and so forth and i think that's the most difficult of all of the platforms they're deployed to the browser is the easiest android than ios so give seba some time he knows what he's doing but boy they could use an extra hand here and there although the products are quite high quality okay why is it so important for you to save etc if you have kids you'd understand it's the first major cryptocurrency i worked on i uh left bet shares too early and etc is ethereum it's the original chain i don't want to see the original chain die i started that project with vitalik and gavin back in 2013 and uh you know it's uh one thing for it to have its own leadership and direction and be doing its own thing it's another thing to find it under a bridge like with a heroin needle in the arm slowly dying and it's like you got to save it you got to be there you got to help people out and unfortunately it's in a very bad spot right now 51 attacks usually end up killing cryptocurrencies if you have too many of them because they cause this cascading death spiral of confidence and so uh basically after the first one exchanges get a little shaky the second the third etc they get really shaky they start delisting they start delisting people stop mining the price goes down and if the price goes down you have more 51 percent attacks because there's less hash rate so then more people lose confidence you see that feedback loop it ends up destroying the entire system uh so this is a do or die situation for etc and i don't want to see it die because we put a lot of work into it a lot of other people put work into it and it's overall a good community you know cardano the third pillar of a third generation cryptocurrency is interoperability the whole point of cardano is it's useful to everybody not just people but other ecosystems for example we proposed the litecoin the concept of wrapped ada excuse me wrapped litecoin so that they could send litecoin into cardano and use it as a governance stack exact same thing can be done for ethereum classic litany of other options as well so it's in our best interest to build an internet of blockchains and get lots of different projects to work around the rules of the game are that if we're gonna go work on a different blockchain it has to have a separate development team from the cardano team there's never going to be a case where i reach into that team and pull resources out of it and put it somewhere else those people work on cardano cardano only and the etc team has always been independent they have their own product management their own project management they each sleep and breathe etc all day long and they write different code it's scala it's not haskell it's a totally different way of thinking about things and they're just different developers they have their different timelines and different project management they have the different software development methodology they don't use quite formal methods there we do on the cardano side it's still very good code but it's just a completely different product line so they're just living on separate sides of the world but that team that mantis team has always wanted to see that product come to fruition and they never had a chance to do that unfortunately and so it'd be nice to see if we can make that happen but you know worst case scenario uh our time there will be ephemeral and just help them get through that 51 attack and hopefully they can get back on the right road to get to where they need to go and perhaps they implement a treasury and if they do we'd love to build a beautiful road map to go and take some of those miners from ethereum as they transition because guess what they're not coming to cardano we're proof of stake coin we don't need any of that bull huey but ethereum classic will always be a proof of work coin and there's always going to be a market and a demographic that believes in that and that demographic is never going to believe in proof of stake it's a different religion okay and that means you can have both tents comfortably and they can be independent ecosystems and do their own thing but they can trade with each other and they can work with each other for mutual benefit and you always look at that the other thing is that by playing in the ethereum world it gives us a great degree of knowledge and expertise with solidity in the evm which is the primary competitive language to cardano it's almost like apple developing applications on windows it gives them a real good sense of what microsoft does and how they do it and what that experience is like so when they go and build a apple product they can build better and more competitive against the microsoft product well similarly by working on the evm and understanding all of its sins it gives us a really deep understanding of where we need to be better and more competitive for cardona and this actually paid huge dividends we're one of the few companies in the entire industry that's actually hand written an evm there's only like five or six companies that have done that hand written it not forked it but actually wrote one from scratch and you can validate that because we wrote it in scala and it's the only scholar implementation in the entire industry so there was no one to copy for that language that's why we're there and i hope it ends up all working out for everybody um you know it's always a risk with these things you roll the dice but i'm an entrepreneur that's how that works and at the end of the day i feel responsible for all these things and i'd like to have a good outcome for everybody okay so let's see your next question any any update on from bids in africa yeah the digital vouchers program we're probably going to work with kathia on that it looks like they won because they underbid us by a substantial amount we're not exactly sure how they're going to service the contract with any degree of profit with what they bid unless it's like 5 cents a farmer we're not exactly sure how that works we have some suspicions that perhaps a revision will occur somewhere in the negotiating process but they did proactively reach out to us and ask us to partner with them so we'll probably come in as a subcontractor so it's going to be great to work with them in the ata and we have about four or five other projects that we're actively bidding on it's a game of numbers and you know we'll make announcements uh reuters did reach out to us and said hey keep us in the loop and when you have something juicy we'll write about it so look for reuters article when we actually do have one of these things locked down but it's a great environment to be in there's certainly no slowdown in government projects there okay all right i like how people are asking questions charles questions like he's actually going to read the comments i do read the comments i read yours farley all right hi charles are you still in talks with charlie lee about working with litecoin yes we are actually we talked to charlie and um the other guy schwartz um at um the litecoin foundation and right now there's back and forth between our cross chain team and uh charlie's guys about exactly what nepa pals do and how they work uh that's really the first step and once they have a pretty good understanding of it we're gonna write a lip a litecoin improvement proposal and then we're gonna talk with them about what would be required to do a hard fork to bring that in if maybe they can even get away with doing it with a soft fork and something we even have a structure called a velvet fork that was invented specifically for bitcoin which may work there's a spectrum of implementation options there but that'd be really cool and our hope is to get that lip written before the native asset standard comes out and then when the native asset standard comes we can start talking about wrapping of assets the first wrapping that'll be done will likely be done with uh you know likely be done with a stable coin uh for a variety of d5 reasons but yeah we're working on it what else we got here are you allowed to call me charlie you call me anything you want fat guy and a little coat me someone else all right i'm fearful if i ask a question here involving cardano etc i'll trigger an event okay guys are both welcome it's all one big family surprise shelley is released it is released been out for a while now since july 29th people making blocks one percent pool was the first to make a block we already have 100 stake pools different stake pools that have made blocks this epic and every epic more and more will make it and we're on the road to full decentralization it's uh actually not a bad road it's pretty got flowers on the side little koi pond little bamboo you'll like it you should walk on it it's very pretty doesn't have any snakes when will colorado be able to withdraw from bittrex so i got a report this morning that bittrex has everything running and i think they're in the final stages of qa so i think that's going to happen very soon but obviously that organization has to speak for itself but they worked really hard and we worked really hard with them and it was a herculean effort to get a lot done because there was a very old wallet that had a lot of addresses in it and it was following the old sarah kell stuff and there was a ton of stuff that needed to be done to kind of unwind this ball of yarn that was very nasty and tangled but they got through it and i think we'll be in a really good position just they have to announce it but uh everything's looking pretty green there so i wouldn't be surprised if it's imminent uh maybe next week maybe this weekend who knows exchanges are exchanges and they have their own internal qa structure but we're of course available 247 including the weekend for comments because they're a tier one exchange can you tell us about the new shopify repository on github that surprised me too i'm going to find out more about it on monday i saw it on the reddit rick but that'd be really exciting if we could accept data through shopify any projects you're worried about not really we got a huge lead on a lot of people so i'm not super worried the three molten tar monsters have been very quiet since shelley yet don't say yeah don't say they have been daedalus takes about 20 minutes to open on my mac you are not the only one me too uh we are fixing a lot of that with 1.19 so next week uh there's an update coming and it should take 20 to like three maybe even two and there'll be future performance updates coming as well so look for that i'm sorry that we couldn't quite get all those performance improvements in the initial launch of shelley but you know you have to cut somewhere when you do a release and we thought it would be better to get everything feature complete and then do the performance improvements later on because it doesn't impact the security it's just a user experience issue and now we're on the other side of it so now we worry about better user experience so that'll get uh that'll get cleaned up the next few updates and there's a pretty big one coming next week that'll make it a lot faster and i told the team keep going it's not good enough you have to really make it awesome so uh it's a big target and we spend a non-trivial amount of time on that and there's some great people who work on that team like tim shears for example and uh nick clark and so forth and they just do some amazing work there what is mantis mantis is a full node for ethereum classic we built it any update on ledger nano x my ada is hostage with them now no it's not you can use ada light and you can also use your roy i believe and very soon you'll be able to use daedalus so you have at least one perhaps two really good options uh to use uh ledger with will let your life have staking capabilities i i believe we will support ledger live but that's a foundation issue and there's some discussions about getting all that stuff where it needs to go it takes a little bit of time christine love i know this may sound soppy but i want to write a fan letter to you many people do and when they send them to me i actually read them out thoughts on yam that's why we use formal methods [Laughter] i keep saying it keep saying it maybe one day people are gonna listen charles what happened in cambodia with the rpg the tank in the three days of walking that's a story that's a very fun story there's a few of them in my life one in mongolia one in cambodia there's an africa story too i should be dead ah your roi plus treasure is good to go ledger is not yet available with your royal okay so you'll have to use eta light i i remember that treasurer was working with uh with uroy but um that's because amergo uses tresor and so they they are able to test that first but yeah ledger is coming very shortly any interest in projects migrating is the rc-20 converter we're going to start work on the erc20 converter as soon as we finalize the native asset standard and we're likely going to farm that out as a fixed cost contract i with a reasonable time frame to build one to two months for the prototype and then when we have the native asset test net running then uh one of the kpis will be their ability to parse the ethereum blockchain and port all those tokens over so when we're a little further along we'll do a demo for you guys probably in one of the product updates and actually what would be really cool is that we'll also showcase the multi-asset wallet for dead list and then if you happen to hold one of those erc20 tokens that gets copied over you can actually restore your wallet in daedalus and play around with those tokens that previously were on ethereum uh so we'll uh we'll have more to say in a bit but that we're not quite ready to um to roll it out because we have to finalize the native asset standard and uh paulina and rob cohen are part of the people working on that along with uh jared some good people on that when can you do a cold pledge for a pool i would love to push that into um ledger's firmware we're right now bidding out and building business requirements for an update for ledger and we call in trezor and we call this the stake pool operators update because we actually want to make it a device that spos can use to have an all included security for their operations because it's hard to get all these things where they need to go i keep seeing high returns on d5 is that all bs remember for every buyer there's a seller so who's buying from you think about that how's the ranch running pretty good when k increase we're going to do a blog post about that we're uh we're modeling that real hard don't you worry about the decentralization the centralization being at risk with uh when many of the top staking pools are run by iowa k remember we only run 20 of the 1000 pools that are registered and yeah we do have some ada but more than 70 of the ada has not been staked i believe or actually a little less than 70 percent has not been staked yet a lot of that's in japan so this early days and what'll end up happening is well we have a kind of a nice piece of the pie today as more and more of that steak comes online our pie piece of pie shrinks a bit but it is a nice thing for all those chicos and these other molten tar monsters when they say we sold all of our ada it's like we're staking it so we still have it don't we ah you know we held and now everybody can see that in a very explicit way who will construct the spo testing certification standard courses i suspect it's going to be a combination of the cardano foundation and if organizations like spakra ever get off the ground we'll have a marketplace of credentials that form it is in my view that it'd be really good idea to have the foundation have some sort of certification program for spos and if they do that what we can do is actually load that into through by by prism into deadlifts and actually show slightly different presentation of the tiles maybe change their color a little bit just as a credentialing standard to say that they met a certain level of operating competency it'd be really cool to do all that and have all those credentials on the blockchain but that'd be fun what programming language do you recommend for the absolute beginner i would recommend python and alan dowdy wrote a great book called think python it's a good starting point very easy to get into and it's very uh there's just great pedagogy around python do you have your own pool i will set up a pool i'm not going to tell your name because somebody's going to take that name but i will announce the name of the pool and all the metadata as soon as i've set it up i just have not had the time what do you think of ethereum fees right now they're too damn high it's a broken system this is why they're building f2 to replace ethereum because it's outlived its shelf life and it needs to be replaced what do you think of sharding it's shark tacular are you still friends without a back after what he said about cardona being a ponzi scheme you know i never was friends with adam back i he was an acquaintance i knew my we've talked over the phone and uh we've met each other many times at different conferences from japan to mexico and uh occasionally we have conversations now and then but it's different generation different culture different person uh i had a cordial relationship where we never had a fight in person and there were friendly conversations and it was incredibly surprising to me that he would say that i'm conducting a ponzi scheme i think adam and a lot of these maximalists are frankly terrified of the proof-of-stake revolution because their whole argument against proof-of-stake is it doesn't work and it's impossible and if large cap cryptocurrencies in the industry as a whole moves to proof of stake uh proof of work under the bitcoin regime is unsustainable so they lose their moral mandate very quickly and that means they're market cap very quickly and i think he's terrified that his life's work and the work of block stream could be undone in three to five years and that's why i think we've seen a renewed wave of maximalism uh because you know the flipping could actually occur within three to five years and i think adam's trying desperately to cling to the past it lives in the past it's a bright guy block stream is a bright company and they could accomplish so much more if they were willing to work with people and collaborate with people as opposed to tearing people down and you know history is littered with a lot of people who like tearing other people down and they seldom become great men and they're seldom remembered when rogan rogan after gogan any plans for acquisitions uh not really there's a few that we've looked at i'd love to see more collaboration between cardona horizon i know you and rob work uh great together anything already in discussion you know we always talk to rob from time to time and you know the horizon team is just a phenomenal team they're an example of a great project a great team and great people and they have been relentless and building a good product i and no matter what happens in the market or what needs to happen they just keep investing and working at it they've dealt certainly with some ups and downs and some personnel changes here and there but the fact that they were able to survive that is a phenomenal example of the tenacity of rob and his team and i think he's uh he's one of the best guys in the space and so i love working with him i really do and it'd be wonderful to do a project with him at some point when shave date yeah i gotta clean that up why is cardano so stagnant we lost shelley we go up 700 percent we're killing our kpis we're just knocking it all out of the park a thousand stake pools we had six months worth of inflation that went live and the price didn't even go down and then you got these speculator children who show up no clue about anything they can't find their head from their ass and they say why is the price stalled why is everything stalled out oh my lord this face this space is great it is the um it's the most unrealistic insanity i've ever seen in my life building real value takes time and we've certainly constructed a lot of it and we certainly have preserved a lot of it and we're showing constant amazing growth in the ecosystem that's the metric to follow whether the markets go up or down is completely dependent on bitcoin and macro factors and these other things it's just a meaningless metric it's a measuring comp test that people have you need to say if i leave for three years and i come back are you still there are you better in three years in the prior three years that's the metric you look at and look at where we launched in september of 2017 and look at where we're at today and ask yourself are we better today or are we better than great ecosystems that's an easy answer and that's what cardinal does we are going to be completely decentralized end to end the first federated cryptocurrency in in the history of the space to do that at this scale and we're going to do that in less than five months it looks like at this current rate of decay so that alone is a colossal accomplishment i mean people like ripple waking up one day and say we're moving to proof of stake they'd have to go through the exact same thing we went through and they would have just as much pain you know and to do it at this kind of scale you guys saw how hard we had to work with the exchanges and what we've had to do there it's a mommy mental accomplishment uh and generally speaking there's always a pullback after the event there wasn't for us so that's a good indicator of things to come and we got a lot more on the roadmap to deliver so guys calm down you know just relax life is good the ecosystem is good utility is here and we have delivered on some of the biggest promises ever made in the industry the ability to do hard forks with the hard four combinator and preserve the entire history and validate both systems you know why your dead list slows down so much when you hit 98 percent it's because you go from validating byron rules to switching over to validate shelley rules and those aren't optimized that's why you have that little tail synchronization issue it's an annoyance but it's actually a good case study we're not running one set of rules we're actually running two chains at once there's no one else who's done that in this respect it's a completely new concept and we had to invent it out of thin air and implement and bring it in and if you do it for two you can do it for n which means that for the rest of time we have much easier hard forks than anyone else and that's one of a thousand things that's inside that code base that we accomplished and built as a project uh that will be here now forever and has a massive competitive advantage over bitcoin ethereum tazos or other systems so that's the key is you have those things and then you invest in those things and you build into those things and then developers see that and they say wow that's an incredible platform i want my token living there i want my app living there and we built cardona for getting to a billion people that's what we want and so it'll take a long time to do that lots of upgrades to get there new protocols to get there but we're building on granite okay and so that's the vision and every three years when you look back you say it's just unbelievable the progress that's been made uh if you're a speculator don't play in our tank don't don't come here go to tron go to small cap coins do those things and go play in that pond because they cater to those people the only thing they sell is appreciation and speculation and promises of get rich quick because they can't sell what we're selling which is use and utility and a vision and this concept that this platform can replace the world financial system with the way it evolves okay we're talking a different game here than what they're talking and so if you're just in it to make money and get rich go somewhere else there's much better people for you if you're in it to change the world and you're in it to give an economic identity to the billions of people who don't have it grab a shovel grab a pick as those state pool operators just did recently and the ambassadors did before them and rick and philippe did with the cardano effect and start digging there's a lot of work to do and it's going to take years to realize that dream that's what this project is about and i understand if that's not your thing that's okay it's a big ecosystem didn't the wall street journal attend the summit yeah i believe they did have a journalist there and there's usually a latency when that occurs uh reuters attended wsj attended forbes and fortune attended we did get a forbes article i think we did get a fortune i'd have to check on that but i know we got a forbes article that's pretty common what happened to the air pollution energy pilot we did do some air pollution work in um mongolia but we haven't really made any progress on that and there was some stalling and then when we were going to come back to it coronavirus hit and that shut down every opportunity because there was some stuff that had to be done in person and we couldn't physically send people into the country uh the good news is that the air quality well good and bad news the air quality is still terrible and ooh and botter so there's always an opportunity to do that so we will get back to it and that's not going to be a problem how's your goose doing i have geese strings and wings two not one two you always have to get pairs of keys because they keep each other company and they never leave each other's sides they always run around greetings from bosnia beautiful country hi hoss sexy arena network set up in japan on our nationwide isp using our light we are forking the code should cost a lot less to build out a global network do you think we could apply for a c fund or dc fund definitely dc fund that's actually really cool and actually i highly encourage you to talk to neil uh neil is one of the scientists that work with us and he runs a company called predictable network solutions and he's kind of the in-house arena domain expert but uh if you ping me over twitter i'd be happy to set up a meeting and actually have you guys chat i'm always curious to see commercial deployments arena we have rena light concepts in the cardano network stack but we never implemented full stack arena yeah because you can't really realize arena unless you have hard work for it finance staking they did reach out to us to talk about that and we'll uh we'll keep pushing that charles please explain candidates so key adidas is basically a marketplace for deduction so uh basically it gives you the ability to take a mathematical statement and so a mathematical statement is a series of logical statements they're called and they can be expressed as what are called well-formed formulas and they carry truth values and they're connected to each other and then they basically sum up to a conclusion and if the argument is logically valid then you've proven something hopefully the right thing okay so you can have a very simplistic statement like there are infinitely many prime numbers and the canonical proof there is uh proof by contradiction so you assume it's there are finite many and then you show a contradiction with that assumption and therefore the con the the the opposite is true there are infinitely many uh and what mechanization is about is use a language like or agda or lean or mizar or auto math to basically express that statement in a way that a computer can understand and then basically agree that it's true given that you have the right set of axioms so you have to build an environment you have to set a set of axioms and then the basically you can construct a proof in almost like programming and if it compiles and there's no bugs hopefully you've actually shown that the statement is correct now this is super appealing in a certain respect for mathematicians because certain proofs are so complicated that proof assistance can be used to help take some of the trickier areas and express those trickier errors in a way that you can get some certainty that what you're looking at is right we even use this in the computer science sense uh we do this for example with auroboris the forkable string theory that we had in the original or wars paper a team out of cambridge university led by lawrence paulsen took and wrote over 10 000 lines of isabel code which is another one of those special languages for this to check the forkable string theory and verify that it is indeed correct the downside is that these proofs tend to be very hard to write they follow a branch called constructive mathematics and they're not super satisfying for how a normal mathematician will write a proof there's a bit of a disconnect between normal math and this weird computer math that people do so q adidas is a project which wants to create a marketplace for deduction to actually incentivize mathematicians to write proofs in a way computers can understand and then pay you if you can solve and prove things so it's a really cool idea and it's going to force the evolution of proof of assistance and actually the way in my view to make it work is the re is to move from zfc set theory to a different foundation of mathematics i think homo topi type theory is the way to go because that's very well expressible in a way computers can understand loft was really the first big mover there but then you have like voivodsky and other people who've done seminal work so it's a very complicated product and it's very specialized for mathematicians not for normal people but it's a very useful product because if you can get the incentives right then you can do thousands of man years of math mechanizing the great tree of mathematics to a point where computers can understand a lot about it then if you have enough of it you can apply ai and you can apply other things to it to assist in mathematical research because you can kind of get around how these mechanized proofs are going to work and you can understand a lot about how a field works like number theory and then you can potentially allow the computer to help imagine and dream with the mathematician and help the computer go back and forth on hypotheses and patterns and these types of things which are the bread and butter of a lot of ai programming so you need a certain foundation to be constructed and a certain level of understandability for on a computer side before you can actually do interesting useful things to get to that level require thousands of man years of formalization and constructive mathematics so you need to create an incentive system to pay people to do that work it's almost like auto turk from mathematicians and that's what q adidas could potentially facilitate is an economic layer to get that done and crowdsource the automation of all mathematics so it's a project i'll start next year and i'll likely launch it as a token on cardano and um it'll have an off chain component that runs all the proof logic and other such things and there's a lot of really super technical things that we need to do and there's likely going to be um some strong opinions we're going to have to bring to the table like maybe we resurrect the mizar project and build that up or maybe we do some core development work in acta or perhaps if lien four ever comes out we can do some things with it so there's a lot of things to think about there please tell us the story of the gladiator repeat painting uh on your right shoulder so that's a jean lia jean and what i love most about that painting is that you see the the gladiator who's uh standing on the other guy's neck and the guy is doing this to surrender that's a typical thing in roman lore but normally the gladiator who's vanquished the other gladiator the one who's standing on the gladiator would look to the emperor and the emperor is sitting in the stands and that purple robe and you'll notice that the gladiator instead is looking to the audience not the emperor and the audience they're all giving the thumbs down and the emperor is very angry he's just like looking like wait a minute you're disrespecting me and this is a a great reminder about hubris and i i think he captured it as you only own captured it so beautifully in this painting where you have this guy who's obviously at the apex of his ability so he's a legendary gladiator and he can defeat anyone within his domain and as a consequence it gets to his head and he starts thinking that he's a big guy outside of his domain he's there to please the crowd on behalf of the emperor he's not there to please the crowd including the emperor so he should always look to the emperor and not to the crowd but the fact that he's looking to the crowd means that his days are numbered his hubris will be as undoing and it's a good reminder for anybody who finds their way into wealth and power and it's a good reminder for anybody who finds their way into a degree of prominence that no matter how great you think you are or what you've accomplished if you look to the wrong person or to the wrong crowd it will be your undoing so don't uh don't fall in love with those who fall in love with you know your place and never forget that i've been making real progress and learning around your security fundamentals video almost done thanks for that i'm going to do a follow-up pretty soon everything that video is great i'm just a little concerned about the backup on the ub key so i'm going to show an alternative way of doing that and i recommend you rotate your keys and verify that that backup works the backup that i generated in the video i can't restore it for some reason it can read the key but it won't restore and i'm looking into that it's just one of those weird quirks that exists with cleopatra and i'm not sure why it didn't create a proper backup it created a gpg nut which is normally an encrypted file as opposed to a asc file so uh everything else is great just be advised that you the backup for that key might not actually be there and because you can lose that key that's a problem so my recommendation is just use single pgp encryption with your hotkey until uh until i resolve the yubikey thing and then i'll show you a way of generating the keys and then transferring them using a command line called key to card and then you know for a fact that backup is uh restorable and then you store that backup on the apricorn secure drive and everything should be fine but other than that a lot of people like that video um what happens to cardano if your contract isn't extended we'll always be in the cardano ecosystem it's just we'd like to be part of the court of elements set because we feel that that's awesome but the point of decentralization is always embracing the possibility that our time is finite so we never take it as a guarantee the community will make a decision what is the best path forward and we will make a case for a pass forward and the community will ultimately decide and if they decide that they want to go in a different direction well then that's the direction and we'll still build on it because we think cardano's the best platform uh and we're not going anywhere and i think there's a lot more work to do there's at least five to ten five to ten years of more research development other things to really get us to a point where i feel comfortable say yeah this can service a billion people and i think people are going to be super excited with what we propose in 2021 it's really innovative and insanely great but i can't tell you about it now it was like steve jobs and bill gates when they were being interviewed together at all things deep by walt mossberg back in 2007 and steve was like oh yeah the phone we're building is so incredible and so amazing but i can't tell you anything about it so he was talking about the iphone and walt's like come on you bastard tell me more about this iphone thing it seems like no no i can't say anything about it but all i can tell you is it's revolutionary and game changing and insanely great and bill gates is just sitting there with that little smile on his face like oh steve i've seen you do this since 1984 with the mcintosh it can't be that great and steve's like it's great you're gonna like it one of the best interviews you guys will ever watch in your life if you google if you go to youtube and you just type in 2007 steve jobs bill gates walt mossberg and watch that whole interview it's about an hour or so long it's absolutely extraordinary and it's just a piece of history and it's amazing to see these two titans of industry who were just such fierce competitors and they had evolved to friends sit down and talk in such a frank and open way and college humor did a beautiful recut of it uh where they took clips from that hour plus interview and they made it like bill gates and steve jobs were in a gay marriage so watch both of those watch the interview first and then watch the uh the college humor uh steve jobs bill gates clip it's amazing [Laughter] uh walt's a good guy chain link is worth two billion more than cardona do you think this makes sense microsoft was worth more than apple i mean tesla's worth more than ford and gm together and toyota markets are markets they're weird sometimes you don't look at today you look at the average over a long period of time after people have had a sense to properly price things everybody has their time in the sun question using vrf introduced a large probability of block collision and forks and chain how does cardona migrate this issue you're a clever questioner that's a very difficult problem so i would encourage you to go to youtube and to the i which kate youtube channel and we actually have a 30-40 minute video presentation on orbor's prayers p-r-a-o-s which is the current protocol in production in cardano and actually um accolos casas our chief scientist spends quite a bit of time on just that question about how do you get from a source of semi-dirty randomness a protocol where you can get rid of adaptive corruption so you have adaptive security so multiple people could contextually make blocks at the same time and you have these micro forks but the protocol can converge and those micro forks aren't a problem and it kind of goes through that whole um conversation it's pretty involved and pretty technical and it's not really suitable for an ama like this but i'd highly encourage you to watch that video and it explains it very specifically and then if you're not convinced then read the prayers paper itself and there's a very rigorous mathematical argument specifically on this matter uh al grant also uses a vrf in a somewhat similar way so there's multiple proof of stake protocols that look along those lines uh there's certainly things you can do to improve the vrf like we are looking at a blending of a vdf with a vrf uh and then we've also been talking about potentially creating a post-quantum vrf us in an anticipation of a post-quantum agenda that's one of the pillars of that and you can use other cryptographic beacons like you can even use the proof of work as a way of generating a cryptographic beacon uh so you just have to you have to be careful about that and the original orbor's protocol were worth classic uh we used an npc protocol based on a crypto 99 paper and that's been superseded with the vrf that we're using but it's great question how about an account with zero programming experience learn to create a depth smart contract for cardano scotty that's why we created marlow marlo is paint by numbers you have these little blocks you drag them and click them together and it designs a smart contract visually with no programming experience required you just have to think about the logic of what you're doing and then auto generates the code so look at marlow m-a-r-l-o-w and we actually have a whole course on udemy explaining how to use that domain-specific languages are how you bring domain experts like accountants and lawyers into a technical ecosystem uh because they have a great degree of knowledge in their domain but they're not professional programmers so you give them a simple language to build things like lego bricks in their domain and they know it's right because it matches their understanding of the domain and the computer will figure out how to implement that you know it's called declarative programming and it's a really good idea you tell the computer what you want instead of telling the computer how to do it and by the way marlo is already implemented and ready to go so when we launch gogan marlow's coming along right with it and it was built from the ground app specifically for financial products to avoid a lot of mistakes that people make when they build complex financial products so you don't have all these d5 things blow up in your face because you screwed something up in solidity do you ever scroll through 4chan or biz i have a screen a um a spider a web spider scraper excuse me that i i've wrote years ago in python that i run every day and it pulls up a report on a lot of different keywords some with my name some with cardano and then other key search terms that i get and then i look at the output report every morning and occasionally it picks up things in 4chan so um and those are always just horrible uh okay every now and then they say i'm a chad but usually i'm a soy boy which is extraordinary because i like live on a 50-acre farm grow my own food i drive a lamborghini i do what the i want to do i say whatever the hell i want to say i thought that's pretty chat but you know i guess 4chan thinks differently because we're not to other people it's a cesspool and it's what happens when you have no accountability for what people say they basically just activate their id and they just say whatever is on their mind regardless of what it is so you take it for what it is you don't really think about it don't let it bother you you know i mean would you let random thoughts in your mind bother you i can't believe i thought that oh well no you just let it pass it's almost like meditation one of the first things you learn when you learn to meditate is to be aware of your thoughts but not get bothered by them you watch them as a dispassionate observer i've heard it described as there's a busy road and you get yourself a nice lawn chair and you're just sitting there with your beer watching the cars come by and those are your thoughts those are the things so you're aware of the cars you see them you experience them but you don't react to them okay because they're just driving by you're not connected to that and 4chan is that it's the cars these bizarre things are going to be driving by and you're aware of it but you don't react to it okay never react i'm gonna start painting here pretty soon i bought the bob ross book i'm gonna i'm gonna bob roth the out of it and actually if i get good i am so gonna resurrect the joy of painting okay i got the animals i got the farm you know i gotta look at the birds and the squirrels and the dogs and everything so i can do i can just so pull up bob ross it's gonna be great and uh every saturday i'll just like do a podcast and i'll say like okay we're gonna paint pretty little tree it's gonna be great it'll be super therapeutic you guys are going to watch it i guarantee you what functionality do you want to add to daedalus multi-sig secure qr codes uh to transfer credentials and restore wallet the voting center the hardware wallet center we already have the stake center huzzah yeah all right that's nice right and obviously all the mechanics for smart contracts including a command line the ability to submit smart contracts to the blockchain read them etc etc so there's a lot there and then new account creation to make it simpler performance improvements better user experience we even hired a user experience expert we're going to reskin some things so there's a huge amount of stuff to do on that backlog we're actually going to scale up the team so that we can do that um you need to grow a fro then well i got the beard maybe i'll just comb the beard over to the head uh can you make an nft of your paintings please you know what i'll do is if i make those beautiful little paintings is that um i'll hold competitions for ada holders and i'll just give them all away so every time i do an ama or something then i'll come up with some lottery style system that's on the um cardonal blockchain and then somebody will be able to win and prove that they've won and then they can get the painting or something like that so it's a good way to distribute it it's really sad what happened a lot of uh bob ross paintings i just wonder how big of the irish k team we actually have 250 people as for the united states 20 or 30 people in the us i can't remember the exact amount we're all around different aggregation points what's your favorite type of beer well it's a dry year but when i do drink my favorite beer to drink is in greece i go to this little diner called god's restaurant it's right next to the acropolis museum it's like one of those tourist traps and they have this mythos beard to serve these big mugs it's just really really good incredibly i'm not a big beer guy but that's such good beer the second best beer is the cronin hall over in uh no not the crocodile the zoid hassler or something it's a it's another one of those tourist trap restaurants they have a sausage on a sword it's in zurich nearby the bonhoeff and they have these giant mugs of beer they serve and you just ask for the local stuff the local swiss stuff it comes out it's amazing drink the whole thing you're drunk off your ass and you're eating your wiener schnitzel and sausage you're having a good night um japanese whiskey or versus american whiskey that's not even a question japanese whiskey versus scottish whiskey that's a question don't even think about america it's like i'm sorry just don't do that you guys are crazy i love america i'm the most patriotic guy in the world but we did not win the whiskey war we didn't it's the scots or the japs or the irish kabiki or yamazaki and of course you'll have some hipster with the man bun being like no no no no this off-label brand no one's ever heard about it it's far better than anything else you drink oh you you know you drink macallan 30 you're gonna tell me your little hipster thing is great better than that it's like everybody has to be you know like contrarian everybody has to have this off label boutique thing that's like so amazing and so great my shoes are made of hemp ma yeah i'm an accountant who just learned pa php and basic web stack and we'll be learning the curve of pluto's be easy like learning php it'll be harder because it's a functional programming language but we are building an imperative version i just signed a contract today to begin exploring that and if we did it right it may actually be easier to get from php to there uh but it going from parity to functional is a little bit of a transition and i want to see if i find a way to smooth that as much as possible but it's not impossible it's certainly possible it just takes a few weeks of patience to get over a certain bit of a learning curve and then once you're familiar with that you go there so maybe like javascript to ramda and then once you've done that then you go to plutus and that's a good path i don't know if just going purely functional is the way to go we'll think about it you know the part of acid is figuring out dev adoption and that's just not functional developers but also transitioning imperative developers into our ecosystem and we will develop a pedagogy that fits well with that but congratulations getting through it hypertext pre-processing is cool stuff mark zuckerberg built facebook with it loved it so much he created hack yeah damn hipsters indeed you guys keep asking about polka dot i really don't care about polka dots it's like gaps thing okay do your stuff yeah i don't really view them as a competitor i don't really view them as a bad project they're just a project like many others the same with cosmos and i don't i don't worry about that stuff don't keep me up at all i wake up every day and i say how do i build something a billion people can use and make it useful for them and get it to a point a billion people do use that you know if you're so obsessed with your competitors you're looking behind you you should be looking ahead of you into the trails you want to blaze and the innovations you have to bring to beat uh them to uh to the market and then they all follow you we were the first to talk about third generation cryptocurrency a lot of people copied us and a lot of people are going to copy cardano here on out and pretend like they were of course there but we all know what the og is you should share your web scraper you know i might actually do a course and teach people how to write it and show people how to write a web scraper i used scrapey which is a nice library for that thoughts on the lebanon explosion my understanding it was just a bunch of fertilizer that was sitting way too long cheryl's one hawaiian shirt i lived in hawaii this man needs a pr agent no i don't my life is good for me come on now and i lived in hawaii for over 10 years i have tons of shirts if you live in hawaii you're born in hawaii you're allowed to wear hawaiian shirts your grandfather did my wife ran away with my best friend and i miss him well why what makes hydra better than charting there are complementary solutions and hydra is much easier to implement in an existing system without the trade-offs of sharding so you don't lower security but you still get a lot of performance and throughput new contract with gregory coming yeah we gotta figure that out do you like dodge no no especially the ram i hate all of them i hate all of them no dodge ram ah the hell cats are nice but no nothing i will never buy a dodge ever very traumatized with that whole brand there there's bad blood with me in dodge man bad blood and that that brand is dead visibly makes me sick to my stomach when i think of the dodge ram i have gmc trucks 2500 and a 1500 2500 diesel allison transmission yeah duramax engine way to go my wife is jealous when i watch your videos instead of her tick tock videos your wife uses tick tock michael i have some concerns there get her off that platform corvette fan have you seen the mid-engine corvette it looks like my lamborghini heaven sex i never thought i'd see the day that they had a mid-engine corvette it's pretty crazy how do you eat your steak medium rare dry aged 30 days with salt a pool with a hundred and sixteen thousand steak made a block how about that rick man you know by the way this is just the early days for incentives and we're going to work really hard to continue trying to make it more fair and more egalitarian and to promote decentralization so we're going to think about alternatives and additional incentives and rewards models especially for the little guy so while we did our best to get an initial system out by no means is it the final system and we're going to keep pushing really hard for the little guy because nothing makes me happier than what i hear about a guy with a hundred and sixteen thousand ada making the block that's awesome you know it doesn't take a lot to contribute and i wanna build a world where people like that can contribute and hopefully the majority of blocks are built that way the problem is the science is super hard and it requires a lot of thought but the good news is that we now have spos contributing financial mathematicians contributing the oxford algo game theory people contributing the regular cryptographers contributing and the broader ecosystem with everybody who's doing staking contributing so there's a great marketplace of ideas there and with just the right leadership and a lot of aggressive research we can make those models better over time was dan larimer correct about his comment about cardano not being able to handle non-d5 applications we have higher performance and lower latency than ethereum does and ethereum is the dominant non-d5 and d5 platform in the space so for faster and better than ethereum and ethereum has all those apps how is dan correct and saying we can't run them does anybody think i mean it's like they just listen to this guy it's like okay wrap your head around free transactions and the consequences of that it's craziness it's absolute craziness fountain pen nib size medium my current satoshi no bubba made a block with 261 000 stick yeah congratulations guys would you invest in tesla um i had a chance to invest in the ipo it was around 19 i didn't do it uh no it's well well overpriced now it's a bubble suppose etc recognizes the value of taking card out of his help what does cardona look like after that we're in a strategic partnership and we do things to work with each other and i still wake up every single day with the same dream the mission of my company is to help the billions of people who don't have economic identity get it through innovations and value identity and governance that's our mission and we don't stop till we get it done and cardano is the dominant platform for that because it's a financial operating system so it's a very different thing from a highly principled code as law platform they're they're different things so there are services and values we can provide them and there's potentially some things they can provide cardano so if we somehow get a treasury system in and stick around long term we'll innovate there and it'll hurt ethereum probably more than hurts any other ecosystem we'll get some of their developers but cardano's going to grow in a different way with a different demographic and it's going to change the world it's the biggest project i've ever been on in my life and to be frank nothing means more to me than cardano as a project i love ethereum and it's a certainly a big part of my life and i will always be there wearing what i can to help out the real ethereum ethereum classic if it needs it uh and i'll of course be able to innovate there and really do some great things there but let's be clear here cardano is cardano i spent five years of my life with cardano every day waking up actually more than five years every day waking up pushing and pushing and pushing and building teams and doing science and thinking carefully about how do we get things done and all these people tried to kill it along the way relentless criticism relentless attacks threats of this threats of that division strife michael parsons this and that this and that this and that and we survived all that you don't walk away from that you become a fanatic you have to be a fanatic to be able to survive all of that and get through it and get to the other side and now at the dawn of shelley we actually see the fruits of those laborers where even small stake pools are making blocks as i speak that's the beginning what happens when we have native assets and smart contracts and hundreds of thousands of dabs and thousands of assets on our system and millions of users do we walk away no because we say how do we get this to a billion how do we get this to 2 billion to 3 billion how do we change the entire world financial system to be this because this is right it's moral and it's pure that's the trajectory that i'm on and we work on other things i do work in agriculture with uh you know things like that uh you know aquaculture and controlled environment agriculture i'm very happy to explore that and spawn my own fish and grow all kinds of cool things in greenhouses i building a game development studio for legends of valor i drive really fast cars and go racing you know i skydive stuff all these things okay uh wing suits you know those are hobbies and they're fun and some are side businesses and they're fun side businesses and within those domains you can innovate and do really cool things but your primary camera if you're going to live a good life it has to be a life of meaning like what victor frankel said in his book man search for meaning the whole field of logo therapy find meaning in life something worth fighting for that you are willing to die for and you will never work a day in your life if you're on that path if that's the purpose of your existence and no matter what criticism you get you just don't care because the end of the day it's like you know who you are and why you do what you do and if you're successful or not successful the very act of doing it is what gives you happiness uh it's the concept of ikigai you know the the art of life the practice of life or cordowari was another japanese concept it means the relentless pursuit of perfection uh and so these are very complementary concepts in that respect uh and so the key to living a good life is find a mission so inspiring you'd want to do it every single day and you're relentless about doing it better every single day you wake up the next day and say how do i do even more and i can be even better than before we have a thousand stake pools how do i wake up the next day and get to 1100 stick pools we're pretty decentralized more so than anybody else how do i be the most decentralized ever how do i get more resilience i'm resistant against classical computation how do i get resistant against quantum computation because i can future proof the system how do we make the treasury system better how do we get another partner for this that's the relentless pursuit of perfection you never achieve it and no matter what you get there's always the next step and there's the next day but there's joy in that it's like pushing a boulder up a hill you never have to get it to the top of the hill can roll all the way back down like albert can move story of sisyphus go all the way back down the bottom of the hill you grab the boulder you push it up and the game then is let's push it better and faster and with more confidence than the first time that i pushed it up and it rolls back down you go do it again and the third time let's do it better than the second time this inductive increase in the ability and if you can truly find happiness in that you're unstoppable because no matter what happens you have clarity of purpose and i found that with cardano we do everything we have the governance we have the identity we have the value we think about all these fundamental domains and we can walk into any room systems theory people scientists economists business people politicians medical people supply chain people lawyers today i had a phenomenal conversation with a senior partner at a new york law firm and we spent an hour talking about detailed intricate things about regulation no matter who you talk to you have something to contribute because the system touches all of that in a nutshell that is a damn good life and that's what cardano gives me is to be at the center of that all those things and to be able to have an opinion about all those things and how they synthesize together to a grand whole system and then share that with everybody else we recognize that security is hard so i get to make a security video and then hundreds of people all around the internet wake up and tell me how to make that video better and i read their comments and they say maybe we should switch from yubikey to nitro key maybe we should use bit wharton over uh blastpass or this or that and those are opinions and i look at them i think about them and i think some are good some are bad you know what the next video is better than the last one it took me five tries to make the video that i released the sixth one will be far better than any of the five that i made and i'll wake up one day it'll be the 12th one which will be far better than the 11th and the act of doing that is what is the meaning of life for me so it's a summary is cardano is the life's work it will never be done and i'll probably never stop working on it i'm always going to be doing that it's always there and it's a life well spent best japanese whiskey ever tasted a hibiki 25 year old anniversary edition that i had at a cigar bar in tokyo in shibuya really good stuff you might fool these ada holders charles but to anyone with life experience you're nothing but a fraud see these are the kinds of comments i love they actually get me up the horn they say you're a fraud you're a fraud you're a fraud it's like tell them what you're gonna do we're gonna build the world's best proof of stake system do it we launched shelley tell them what you did how do you guys like shelly anybody make a block i'm a fraud right and why is my economic system any worse than the economic systems built by my peers or by the past tell me how long does it take to send a wire transfer yeah why do we need custodians why do we need the existing settlement clearing systems and middlemen for payment processors is it easy to get a loan are you honestly confident that everybody has access to credit can you manage your risk really well can everybody manage the risk really well is there a lot of innovation in insurance markets securities markets working really well how much money does it cost to do a securities offering and who's that available to how many poor people do we have in the world why are all the people protesting in the streets about occupy wall street and then later on blm and these other things and one of the core things they keep talking about is class disparity why is it when our economy in the united states goes down 30 the billionaires make 600 billion dollars of excess money is that fair is there something right in that economy why is it that productivity has got up 400 percent or last 30 years but people work more hours today than my grandfather worked and make less he raised seven kids by himself with his stay-at-home wife and retired a millionaire off a lineman's salary on my mom's side nowadays both parents have to work and they retire in debt with no savings something's wrong there the economic system is rigged and it's rigged against the middle class and the poor people the point of our industry is to rebalance the scales and build a new system that doesn't just benefit a small group of people and enslave the rest the point of the system is to take all that wealth that's been created and make it a little bit more fair without undoing the world economy rather the opposite create new wealth and new businesses the very system i created put new people in business there are people waking up every day and they have a job title stake pool operator before cardano existed that was not a job now it is just like ebay power seller is how is that a fraud you tell me if it works it's better than the past and people are participating at the scale of hundreds of thousands soon to be millions doesn't that seem like a new economy and if it's voluntary and people came into that new economy and they participate in that new economy provides real value and utility to them so people get their livelihoods from that a new economy how is that fraudulent what seems fraudulent to me is a system that enslaves people and then uses propaganda and violence to keep itself in power which is the system that we have today and that system needs to die and it'll either kill itself because it'll get so terrible and so bad it will bankrupt the entire world and collapse it to anarchy and chaos or people will wake up opt out of it get into a new system that's why bitcoin was created magic internet money and it's worth hundreds of billions of dollars today just 11 years after it was created that's not a bubble that is an example of a movement leaving the system of our forefathers which happens to be corrupt and evil and entering into a system that has integrity and the more people who do it the more powerful that system becomes and eventually that will be the dominant system not the one of the past and the one of the paths will wither away on the vine that's fraudulent i don't want to be right i'd rather be a fraudster hey charles how does someone apply for a project to the c fund we are in the process of building the fund with the partner and we're waiting for some regulatory stuff and um the lawyers to get everything done uh once that's done a website will come up and then a formal thesis and all this other stuff and there'll be an email address in the interim we've set up a temporary email address invest at iohk.io send everything over i can't guarantee we'll read it but we're busy but we'll have a formal page and all those things ready to go once that's done we're getting it set up though just takes a little bit of time fraud is pumping up the aid of market cap of 35 billion you know the market did that we didn't do anything it's called 2017 son happened to everybody rising tide second little to no code written it was a fully finished product byron existed it was a federated product like ripple okay people had it had liquidity we never sold any ada we never participated in any trading but yet we're fraudulent because you say so think about that you see this is what people do scam fraud dishonest bad not like nothing all the things you've done are invalidated because one thing happened i didn't like et cetera et cetera you know it's a thought process and it's a cognitive loop that could get stuck on and then they say you're just bad guy all you ato holders you're just stupid you're unwashed masses you're here because you read the papers all those papers don't exist you're here because you looked at the code no that code doesn't exist you're here because you're doing something with it no you couldn't possibly be doing something with it because oh well it doesn't exist it's not real there are still people today that think cardano doesn't have any code there are still people today who think that we haven't written any code since february because cryptomiso refuses to update the repos and as a result they're showing a deprecated repo we no longer commit code to there are still people today that think shelley hasn't shipped and you can tell them they'll just ignore you it's like those people who think the earth is only six thousand years old no burden of evidence no burden of science you apply to show them that will ever convince them otherwise they're fanatics in that respect people don't like being wrong and they'll go to enormous lengths to justify their beliefs right or wrong and that's how it is and uh you know is this a good industry no it's a neutral industry there's a huge amount of up and there's a huge amount of down because it's a human industry and humans aren't good humans are neutral they do good things they do bad things they hurt people they help people they're sinners and saints and the same people so if this industry reflects them it is a mirror that shows us the inconvenient truth of human nature and this is the beautiful juxtaposition of cryptocurrencies in a third race back they show you your sins and you may not want to admit them but they show them to you it's why ethereum classic exists it's why bitcoin exists they are symbols to when decisions were made that contradict what you intended them to be in the case of bitcoin we said the world financial system has to work in a particular way and it decided it didn't have to and bailout culture began too big the fail began so bitcoin was created on the back of that and right in the very first block was a reference to the bailouts the case of ethereum classic a promise of legality was given code is law you can't change the code the code doesn't care the system doesn't care about the consequences of the code it runs it's a neutral party but this particular case for the greater good let's intervene and change things so now ethereum classic exists you see these are mirrors and they're inconvenient because they show you when you've made a mistake as a society or lied to people or built a deceptive system you need these things to get better you need to see yourself naked in the mirror and see the fat and the ugliness and then be honest about it and when you see it then you say okay i'll go on the diet okay i'll go start exercising if you don't see these things you don't have a problem it's it's like delusion you can just put a cloak on and pretend it's not a problem until it kills you and that's the world we live in right now social media allows us to see all the sins of other people and that we can harshly criticize them but then we pretend like we have none it allows us to express bizarre opinions and then live in echo chambers and pretend and all the enlightened reasonable people hold those opinions and everyone else is wrong and then we silo out and then we judge people for not having our enlightened opinion cryptocurrencies don't care about any of that blockchains don't care about any of that they don't care about how you feel they are the least fraudulent of all things humanity has ever constructed and the closest thing we have to an economic law of physics and by the way money this is an interesting question why do you like talking about fraud are you self-conscious that all money is fraught in a certain respect it is money is a collective delusion why is it a piece of paper is worth anything it has a dead president on it here you go 20 bill here's your andrew jackson why is that worth anything because some other people told you that and you believe that somebody's going to accept that so when i pay you you think you can take that note and go and buy something with it that's why you accept it today great story when i first moved to switzerland years ago with ethereum project we had this consultant who worked with us his name was herbert sturchie and herbert standard swiss guy uh mr fix it everything's great everything's unbelievable i'm here for you blah blah super helpful then when it came time to pay him we said can we pay you with bitcoin and he said i don't know about that i i need swiss francs fine fine fine and then we said hey can you give us a ride to bitcoin suites it was uh an exchange very small at the time now it's quite large it's uh nicholas is a great guy he runs bitcoin squeeze quite well and we go and we exchange some bitcoin for swiss francs and it was a large amount we got like 20 or 30 000 francs or something i can't remember the exact amount and we go through the whole process and everything checks our passports and all this stuff and herman's just watching this where we just on our phone send these weird bitcoin things he's never heard of before to this guy we exchange it out we have all these franks great and then when herbert's driving back he says you know you can pay me in bitcoin now it's okay why because he knows he can exchange it to something that he knows has value so now bitcoin has value because he saw that he witnessed it and his belief changed and that's the nature of money look at the island of yap with rye stones that's another great example of it the chinese used to use tea as money and they break it off they actually had these little divots and they break them into units okay money is social consensus the death camp stalag used to use cigarettes as a uh as a currency source an economist who was there wrote a paper about it while he was waiting to get out of the camp uh so money doesn't exist it's not real but because we believe it's real it is real that's the bizarre nature of money and human beings when they can believe in abstractions whether it be religions money corporations political power like trump is the president when he got elected the president did we somehow change his dna did somehow you wake up the next day and he got a third arm is he a cyborg now with like robotic powers and things like no we've just bestowed upon him a social consensus that somehow makes him powerful he can now pardon people and pick up the phone and order a military to do something but if you ever ask yourself what if the social consensus falls apart what if people just wake up and say well we just won't don't want this guy to be president anymore will they listen to him will they act on his orders no they don't really have to it's the same for a corporation i'm the ceo of iog and i call my employer up say you need to do this and they say yes but what if they wake up and they said yeah just not gonna do it technically have the legal right but that's an abstraction too it's all abstractions it's all fiction if you think about it power is a fiction it's reciprocal money is a fiction religion is a fiction and these are fictions of convenience that we believe stories that we believe as a society to build and preserve society it is in our best interest emotionally safety physically survival to believe in fictions and hierarchies and power dynamics and magic people in the sky and so forth and if your fiction is particularly powerful you can run an empire if your fiction's particularly powerful you can compel people to do great things like go to the moon okay or to win a war or start a war terrible things uh so never forget that greatest author in the world to enumerate and elaborate this is javal harari and his book sapiens and homo deus both those books they really get to the root cause of all of it so you know you think about fraud and it's like it's one of those things that it's a value situation and in many cases especially when you deal with money why is one money good over another money you know uh why is the zimbabwean dollar any better than the us dollar or worse than the u.s dollar well because it's volatile why is it volatile because of belief in markets ultimately and why is bitcoin valuable because markets made it valuable but why did markets do that because people believe it they believe that tomorrow all the miners are going to show up and continue mining why do the miners show up tomorrow and continue mining they believe because the coins they make they can sell is there any guarantee is there any law of physics like gravity to make that happen no all the exchanges tomorrow could just wake up and say you know it we're going to shut them down stop we're going to go fishing all the infrastructure could be turned off technically there's nothing in the way the world works to keep it on but it stays on and because it stays on the miners know that when they wake up tomorrow they can sell so they leave the devices on overnight and because they left the devices on overnight the network appears to be successful and secure so then people believe the price is justified this is beautiful reciprocity and all of that and it just holds itself all together like some magnetic force magical invisible hand it's an extraordinary thing and it's what truly has made the human race so powerful is our ability to fantasize and create narratives abstractions and then build collectively from those abstractions and yield collective power through abstractions the rich are renouncing citizenships and leaving the country with the money what are your thoughts on this i will never leave the united states i'm going to die here it's my country right here in colorado i'm not leaving i know a lot of rich people who have they keep trying to get me to move to puerto rico because i don't pay taxes if i do that i say push off that's my country my home i'll pay taxes i live here you know born in the united states everything you are saying except for our illegal and societal is backed up by the threat of force yeah but even the uh the threat of force you think about that you ask yourself where does that threat of force come from there's the belief that you can threaten force so like the general can order his army to do something but what if the army says no then can the general actually enforce the threat of force we saw this with the soviet union super powerful right big armies and terrifying and gulags but somewhere along the way the communist party lost the mandate and so when they tried to go get their secret police and their armies to go and do stuff they just stopped following orders they stopped holding up the regime and then eventually that threat of force went just turned into dust faded away and uh that's the reciprocity of these things and any social structure you'll get wealth if you do this well the wealth doesn't really exist the threat of force it may exist but only exists if other people consent to do that force maybe they will maybe they won't great movie sicario too uh when at the very end the movie the guy who's in the cia he flies down on a helicopter and kills all the mexican gangsters and he was ordered by his bosses to kill the girl who was kind of the mcguffin for the whole plot and instead he decides to just save her life he disobeyed a direct order gets back on the helicopter flies away you can do that it's always an option you can be ordered to do something just not do it so threats of force are only as good as the people that order them and the people who follow through the more inoculated people become the more libertarian people become the more critical people think the less force becomes an option which is why governments to maintain power and control trying to make their population as dumb as possible and divided as possible and radical as possible and fanatical as possible because they're much more inclined than to think simplistically and just follow orders if given a well-informed population is the most damaging and damning thing to dictatorship and total tolarianism when people think critically and have the freedom to have a voice they will never succumb to the the greater evils of society they always overcome that that's why all dictators burn the books control the media and control the education systems so why was the deadliest nut wallet not working properly works just fine yeah this jonas rocker guy he's uh he's got a corn cob up his ass all right no more questions from you son i gave you a chance you're just a troll you know we're uh you're not quite at the molten tar monster level you know so we can't really give you that but you know maybe a humunculus of the molten tar monster we'll call you your monkey humonkey one for enough for enough money someone will but what if the money doesn't exist what if you don't believe in the money think about that how much venezuelan money will you take how many boulevards 40 years ago you'd probably do a lot for that today it's not even worth the paper it's printed on all right charles any plans for cardano pool software with gooey yeah we're looking into that and there's going to be really tough competition the state pool operators themselves have actually built their own gui uh and they're doing some cool stuff with beautiful dashboards that's true michael seven years ago the boulevard was worth something and then they elected a crazy socialist maybe we should elect people like that hmm uh-huh does cardano need oracles yes we'll get there do i like socialism no i think it's one of the greatest evils mankind has invented it's just degrees of it same for communism you don't have the rights to the fruits of other men's labors no matter how tempting they are it always leads the path to hell still got those flashy shoes saw it on twitter i do actually really cool shoes let me see i got them right here let me turn them on [Music] and they come different colors that's red kind of a greenish color that's blue this one's yellow that's another kind of blue purple that's a slight sea foam and this is kind of like rave flash and this is alternate which is my favorite because you get a little bit of everything ah those blinky shoes disqualify you from childhood the very fact that i can wear those blinky shoes and pull it off makes me the most chat of all let me know what the a chat is i see those chad virgin things like those cross comparison i'm not really sure where did it even come from what's the entomology of chatham you guys know thoughts on ben shapiro new media he'll eventually kill fox news and those like him uh i hate to be morbid but if you get hit by a bus is there someone that could replace you yes i have a yellow folder i call it the succession plan and it's ready to go in the event that i die good people top people top men and women um headlines tomorrow flashy shoe is a fraud not real lights yes it was all very expensive cgi instead of buying an 11 shoe made in china i spent twenty thousand dollars having special cgi made to superimpose light shows on a shoe to randomly impress you obviously that is the more expensive of the two sides of things when were you introduced to cryptography i took an introduction to modern crypto course from a mathematician named um sooyoung e dr e at c boulder and uh i learned an enormous amount from that i loved it so much i kept studying the topic and unfortunately the textbook was terrible we had a book from silverman who was su young yi's advisor when he went to brown and so he was very loyal yeah korean academics are like that they always follow their advisor to the to the edges of the cliff uh so he used a substandard textbook unfortunately um about the only thing that was useful in that book was the explanation of rsa and how it worked under the hood but i mean silverman is a famous number theorist so it's no coincidence that he got very excited explaining rsa uh but there's a much much much better textbook from john katz called introduction to modern crypto and that's kind of the canonical book to read if you're interested in cryptography long time ago how can you hate socialism while at the same time have a primary objective of pulling the least of us out of poverty by creating economic systems for people to pull themselves out of poverty it wasn't the invention of socialism that solved the problems of extreme hunger and feeding billions of people and building the world modern economy it was the advent of capitalism and all the wealth that was constructed from capitalism and all the systems that were built from capitalism and in the wake of that it was the single greatest invention of humanity and it was the invention of communism that devastated a third of the entire world there is no greater example of that than looking at north korea versus south korea look at a satellite image during the night time of the amount of light in north korea versus south korea two systems same population same people you know it's the greatest control you could ever have between communism and capitalism and what goes on there i'm sorry building a system where you steal from peter to pay paul and you take the fruits of someone else's labors or have the state take over the factors of production for the greater good it never works out well because the people who are in charge of that inevitably use this to enrich themselves not the greater good of society and they basically try to make everybody equal in poverty except for the masters who lured over poverty it's always going to be my opinion reasonable people can disagree and that's fair i mean there's strong arguments to make and academics certainly love making them especially political theorists telling us how we who love capitalism are always so wrong but it's always the socialist who spends the capitalist money um okay hmm are you worried about the election not being free and fair uh no one has any interest in a proper election uh it's easy to solve doesn't cost a lot of money and no one wants to solve the problem because they like the division and discord it has nothing to do with the fair election that time has passed or choice for that matter all you democrats like joe biden that that the real choice there that was the one you were hoping for and we were going to get jeb bush on the other side there was an escape hatch that was trump and that's not any better but it was something different and then that had to be managed that's why rince priebus and mike pence happened to have been there i just love that we're gonna change the last 12 years eight of those last 12 years i was the vice president and for 50 years i've been in politics but i'm the change candidate i will fight this status quo which i helped construct and benefited from for 50 years here have kamal harris now you're happy yeah [Laughter] it's a theater it's all a joke it's a sick joke and uh the punchline is that we now have to wear muzzles everywhere yeah guys it has to change and the only way you change is through economics you can't change it at the ballot box hmm yes sonny i do exercise my second amendment rights while i still have them are we live yes we are live from warm sunny colorado and almost about done come on give me something are you into physics no mathematicians never are we hate physics we're like too applied do you have a coach no i don't play any sports why would i have a coach are you a glock guy i do have a glock but i am an fn man um leave politics out of business bro our business is the business of politics we're building election systems and property systems and things that inevitably topple governments you think this isn't political that's the most political thing you can do in the world when you get close to the money politics gets deeply involved you don't believe me look at libra mark zuckerberg poked the bear just a little bit not a lot just a little bit and it was the equivalent of coating himself in honey stripping naked going into the bear's den grabbing the cub and running with the cub as the mama bear chases him and i remember at the time i said run honeyman run because that's uh they're coming for you you went for the us dollar now they're coming for you everything we do is political you build a system for change you're gonna piss people off you're gonna get slandered attacked potentially imprisoned maybe killed that's what happens when the stakes are really high look what they did to gaddafi the minute he thought about building a gold-backed currency in libya everybody was cool with that dude when he was in secret prisons and state police and genocide and all kinds of horrible things being just a whack job for 40 years the minute he started with the world financial order he's an evil dictator that needs to be removed okay when you change things you take a risk and yes it's political it's how it is it's always been that way the point of a revolution is that it's sufficiently large it's like a cloud of locus or cicada no matter how bad people want to take you down they can't kill all the locusts it just strips the land and it moves on and that's what we're doing cardano is being built in a way to grow to a point where it becomes unstoppable because it's composed of millions of faceless people and it's resilient and it can't be censored or taken down and it carries with it an economic philosophy a political philosophy power being pushed to the edges a way of inoculating itself from middlemen and cults of personality belief in first principles like the scientific method proof and evidence ability to protect itself from propaganda and change this counterproductive built-in governance system with voltaire where every person expects to have a voice and the minute they see anything that's unfair spakra appears the minute they see anything that's unfair they talk about it immediately without fear of recourse or reprisal that's the culture we've constructed and that culture will reinforce and get stronger and stronger and stronger and become so big and so vast it's impossible as a unit to break it doesn't matter what happens to me the foundations of these things were irrelevant to the swarm and it will eventually transform and overcome society i'm so tired of the way things are i really am i'm tired of my monuments being burned to the ground by stupid children we have no clue what they're doing that are being puppeteered and controlled by masters behind them for political purposes i'm tired of a master class of people being able to run the world economy and tell us what to think and what to do and a small group of people controlling the media and every element making arbitrary decisions of who gets to win and who gets the liu's who gets to run for office who gets to win in office what choices i have i didn't sign up for any of this none of the american people did i'm tired of it they're tired of it and we keep saying change change change and i went to the ballot box with ron paul people on the other political side of the spectrum went to the ballot box with bernie sanders and 16 collective years of effort and where did that get us where did it get us mitt romney john mccain on their side hillary clinton joe biden what will change nothing absolutely nothing the only way to win is economics so yeah it's political it's always been political the name of the game isn't to make money that's just as i said a fiction to control people to convince people to get along to keep power structures in place for the greater good of a small group the way to change things is to become a swarm of locusts that you cannot eradicate and sweep through the land changing everything as you go change the landscape as you go permanently that's what we're doing that's what cryptocurrencies have always been about there are a revolution a peaceful revolution of hearts and minds and society to make everything better a new way of doing things it carries with it new sets of problems but it also carries with it a set of solutions to older problems that we are not getting solved if that's not what you signed up for then you really have to reevaluate why you're in crypto go buy tesla stock go buy something else there's plenty of high risk high return assets out there and volatile things out there this industry is not about making you rich this industry is about transcending the money you have to replace it with new money this industry is not about making a fortune 500 business 12 percent more efficient this industry is about getting rid of the fortune 500 company and replacing it with structures that are bottom-up as opposed to top-down hierarchical and controlled by a small group of people who dominate and stick around forever this industry is about transforming the way that people vote work together and collaborate if these things aren't interested to you and you love this system as it is and do you think that system's great or you have to be paid by the old system then be advised that you happen to be inside the system that's going to get rid of the system you like okay so abort and go somewhere else politics isn't everything we do it's in the dna of everything we do and the first lesson you learn is that politics today is theater it's fiction to control people learn that first and then the second lesson you learn is that the only way to affect real change is through economics that's what brought the soviet union down not 60 years of shadow wars and spy craft and the threat of nuclear war and satellite conflicts in vietnam and afghanistan and all these things it was economics and you can never avoid that one universal truth so this is at the root of all change and it will get us everything we failed to get in the ballot box what do you think of unity 2020 as unity ticket where they had uh admiral mcraven with um yang i think that was the proposal from weinstein idealism again you don't you don't elect your way out it's a rig system best books for leadership start with jordan peterson's 12 rules for life it's a good starting point work on yourself before you can work on other people make yourself make your own house good be a good person thoughts on four dimensional space there's a great book written in the 19th century by a mathematician called flat land read about it and it gives you a great perspective it's as if a creature exists in a two-dimensional space and it explains the rules of the system and how a two-dimensional creature lives and the the simplest creatures are lines and then you know after that they have you know triangles and rectangles and eventually get the polygons and the kings of that world the high priests of flatlander circles so uh the uh this is uh an amazing book because you then start thinking what does a two-dimensional world actually look like and how does that work and then when you go to the 3d world uh the character in flatlands is square and it's elevated out of the two-dimensional world by a sphere and by the way a sphere appears as a circle in a two-dimensional world right just a cross-section of it now going up and down the plane the circle changes ch its um radius but it's a circle when you cut a cross-section so then you're in a three-dimensional world and you're in the square is like oh my god this is so crazy and of course nobody believes the square inside flatland and what this is nice is that it's an analogy to the fourth dimension so we're three-dimensional and you go to the fourth dimension we'd actually be hollow we'd have an open dimension so we appear closed just like to a two dimensional object a house would appear closed but if you're 3d you can look into it from the top right well similarly we would appear open to a 4d object so that's a great book to read because it really provokes the thought of what is the fourth dimension what would that be all about rudy rucker also wrote a wonderful book on hypergeometry and i highly recommend it okay times arrow is great as well yeah there you go go to contract and the ihk website gives the hong kongers yeah because that's the address for our hong kong subsidiary when we rebuild the iohk website we'll um include the wyoming address because we're now io global we just did the rebrand could nipopos be created for cardano proofs of state side chains does exist for cardano google proof of stakes side chains peter gagie and agolus gyasis and explains how to use that scheme it's different from me papaws ugh aldous huxley's the doors of perception is that that uh that lsd book that was mentioned by michael pollan and how to change your mind good try there do you like tarantino or corn brothers movies i like them both they're both awesome cohen brothers more so what's up with your game still working on it guys cardano is my highest priority my video game that i'm building is just like you know way way way down here it's a it's a passion project you work on passion projects when you're not working on your primary project usually on the weekends i haven't had a weekend a long time i've worked 11 days straight so long been very long are you afraid of gretzel yes uh he's going to do something with us at some point but we're just figuring it out he's a good guy i like ben a lot he's an extremely fun guy to talk to have you ever been to albania i've looked at it from corfu favorite ernest hemingway book was it for the whom the bells toll i think that was a hemingway book thoughts about doing something with alex with celsius oh we'll do something with alex that's a metallica song the metallica song was based on the book rah what's the kanye west coin i heard about a while ago you guys are giving me cancer now come on oh come on come on come on come on give me something good to end this on got one minute left clip it at two hours perception of reality michael pollan's book how to change your mind really opened up things a lot for me um i didn't really think much about psychedelics until i'd read his book and it's just fascinating about how to think differently and engage your brain differently and it gave me a love of isolation tanks and i'm actually buying finally my own flotation chamber because they shut down the center that i use and i've developed a great love of that so that really did change my perception on a lot of things you sold all your ada for btc well good for you enjoy it is dan lammer lying about cardano i think dan larimer believes the statements he's saying whether they're true statements or not doesn't really matter to him he believes them and if he believes it it's true to him and why do you care about what he thinks why what's the point bear in the woods what's that matter to you it's like leave the bear alone just do your thing you'll do your thing we all get along it's big woods what's up with the one million dollar bounty in the shielded qr code when we get that feature done we'll announce something about that i want to do it it's going to be a lot of fun i built that gaming pc it's done deal it's already completely constructed and it's running just fine sir heidegger nietzsche humor hegel um probably nietzsche if i had to choose on that list all right kids nothing good here we're gonna clip it there thank you so much this was fun as always i love friday night the mood is right oh what a night uh and uh i hope you guys have a great weekend it was a good week for me i'm gonna go get some sleep goodnight.