Bitcoin is Forking: UASF – Educate & Prepare – Montreal

it’s not finished in Montreal we start again in September and I see a lot of new faces so that’s that’s pretty cool actually that’s really nice so tonight we’re going to see Francis that’s going to pitch about forces the confounder of Catholics in it’s going to pitch about USF and sigrid with compound whom is church at Concordia University focusing on become and I’m gonna give you give you hi everyone thank you for being here I’m Khalil on the marketing and communications manager at district 3 I’m very curious to know just by a show of hands who here came to district 3 for the first time great so welcome to district 3 it’s really a pleasure to have you so for those of you who don’t know what we do we’re basically in an Innovation Center based at Concordia University and we really help entrepreneurs develop their startup we felt over 350 startups over the past four years and the beauty of it is although the arc particle quarter university were open to everyone so you don’t have to be a Concordia alumni or a current student in order to participate in our programs and by joining our programs you get the benefit of having coaching so we have a lot of experienced coaches who have built successful companies in the past and they are able to give you guidance and support throughout your journey as well as you get to learn all the different methodologies and all the tools that you need in order for you to succeed we have one example here you know Arthur presented this morning now and he runs one of the starters called severance they do a block to neck identity and so you know a lot of the benefit here is as you can see it’s an open space it’s an open community for people to be able to share between each other and to be able to share insights and skills in order for them to succeed so if you’d like to learn more you can visit our website at e3 Center dot CA I hope you have a wonderful evening you get to learn a lot of the insightful things about blockchain tonight and thank you yeah let’s talk [Applause] so are you ready just in a second just a second all right so tonight is going to be in two parts the first part the big technical so fully guys will follow and then the second part it’s going to be about networking try to get to know each other and we have also some pretty cool announcements so try to stick around right about 45 minutes an hour 45 minute presentation 15 min Q&A and in an hour we’ll do some I don’t smoke ready yeah it’s so small I can’t such a system when you see guys are you able to see all right miss toy miss Kazue Thank You Arthur I’m gonna do the presentation in English thank you very much district 3 for hosting us and helping us set up all the logistics for this event so we don’t have a lot of time and this is a really important really complicated topic so we’re gonna just so the agenda for tonight is I’m gonna do a more formal lecture type of presentation as was written on the meetup this is going to be very technically advanced it’s going to be confusing if you’re new to Bitcoin even if you’re a Bitcoin user a lot of those concepts you might not spend a lot of time thinking about and but if you try to go as as easy as we can as a professor like as we can this is a university after all so it’s going to be really an education session where my goal is to give you some kind of conceptual tools some knowledge and some insights and some of my personal opinions and that’s going to be very clear when when it’s my personal opinion or not regarding the upcoming Bitcoin fork on August 1st and regarding a potential other upcoming Bitcoin Forks and just scaling debates in general so just as a way to couch the audience who in the audience knows what this means yo ASF so is aware and please do raise your hand if you do know okay so that’s really really good really good so for people who are on a video we’re streaming the slide by the way so for those of you that’s about two-thirds of the room who here knows what this is but don’t don’t shout it if you know what this is assert zero but it is you know what it is okay so this is a good gauge of the audience perfect so I’ll tell what it is later okay so let’s start with a little disclaimer first so nobody understands that coin and that’s okay so this is a really good quote that I like from a guy called Jameson Locke he’s a I’ve been coin and engineer and he’s a fair well-known person to space a thought leader in this debate the point is that what I’m about to tell you is self-taught knowledge I don’t have that experience background in currency or distributive system so oh this is something I learned over the last three years of research we have content here which is a little more logical than me which K is gonna chip in for the more technical parts and which is supposed to stop me if I say something that’s wrong so that’s his main job for tonight why is Bitcoin so hard to understand it specifically we’re going to be talking about Bitcoin protocol upgrades procedures and the big boys came debate so it’s pretty at the barn while you’re starting to talk about how the consensus works in Bitcoin and understanding that you’re already pretty deep in there so it’s hard because it’s this nexus of a lot of different fields and we require little knowledge from different fields and also a certain frame of mind so economic theory monetary science cryptography game theory is usually the place where some people get lost is really not hard to grasp computer networking it’s a it’s a paradigm shift the governance model of Bitcoin cannot be compared to anything that exists Nakamoto consensus democracy’s autocracy it’s really hard doesn’t have any kind of mental references so at some point people do get this aha moment and people get I got it twice I got that aha moment when I find is to pick one and I got the ha moments when I understood really the consensus for it so what we’re talking about today and this really mean yes okay so I understand now like how the blockchain works but still as we can see ya mister when you get into Bitcoin so you start out thinking that you know nothing because you know nothing and then you know you’re an expert and then at some point you go so deep because the rabbit-hole never ends as you know it’s impossible to to claim to have full there’s there’s a hundred people maybe in the world that can really claim to be true full-blown experts so that’s my long disclaimer let’s start so this presentation is about governance challenges so governance challenges the challenges in upgrading the blockchain but there’s another challenge that big core attempts to solve is the centralized consensus so when we talk about what’s the point of Bitcoin what are we trying to achieve with the system it’s again anonymous competing interested parties to agree in an open and hostile environment so obviously that’s not an easy task to to challenge so before we do that we’re gonna be talking a lot tonight about notes mining nodes we’ll know economic nodes also some knows their social networks so let’s just go over a quick recap of what these are so my point is structured as a peer-to-peer network architecture on top of the Internet there’s no server there’s no centralized service there’s no hierarchy within the network nodes both provide and consume resources at the same time this is true for most beautiful networks if you’ve ever run a BitTorrent client to download a movie legally of course you saw that it had Cedars and leechers so Cedars it provide resources to the network which is the ESA’s of data and features they’re liters so the Bitcoin network when we’re talking about the Bitcoin network we’re talking about this collection of notes that you see there so here what we’re talking about nodes there’s different types of formats of notes of different functions that they are all equal so a node is a computer program that you download on your computer that’ll new server that you’re running which is fully validating transactions in a block almost all full notes accepts have the network by accepting transactions and blocks from other full notes or reeling them and most importantly as we’ll see you later the full nodes the validates those transactions and blogs and they also validate them against the rules of Bitcoin so suggestive reading for this is mastering Bitcoin address analysis book chapter 6 the Bitcoin network so moving from moving on specific type of node economic notes so what are in economic notes we hear a lot about this term and it doesn’t mean much so I’ll just call it economic nodes are participants in the Bitcoin economy and so these are participants they can be individuals like very large wealthy holders or traders and stuff like that usually we’re talking about companies I see there’s platforms that allow the point users to engage in price discovery such as exchanges trading platforms they allow a Fiat to enter and leave and a blockchain and so they are the on-ramp off-ramp such as just bales the chests coinbase such as like there are all the stuff the economic nodes they provide the usefulness and value to a blockchain so they can decrease these nodes can decrease or increase demand for cryptocurrency as the direct result of their actions and policies and those nodes are drivers of network effect so these are institutions around with around which users will revolve for instance in the case of a big node coinbase a lot of the users are kind of stuck in this ecosystem they’re revolving around that and coinbase drives the network effect of Bitcoin with that by using Bitcoin so these economic nodes can also be delegated some responsibilities bye-bye Bitcoin users as well see a bit later and the distinction is that some nodes are more equal than in Bitcoin although in the protocol level they’re all the same notes so if I’m holding one Bitcoin or if I’m running coinbase there’s no difference between our two notes from an architecture point of view but one of them is clearly more important together because that note is is routing traffic is broadcasting traffic and is accepting traffic from billions and billions of dollars so it’s much more important in the economics of big one than a regular note what doesn’t mean that have any special privilege whatsoever of course excuse me okay okay so delegated super notes this is a oh right so a list of economic notes I’ll just go through a list holders are really big economic notes so people that hold Bitcoin on a node and decide not to dump and they signed up to sell they give value to that blog chain so holders are supporting economic notes exchanges payment processors and know theses like Bitcoin ATMs and they offer an on-ramp for most of the users which don’t know which chained in transacting on you know Bitcoin ATM operator it’s probably one of the most important players in the debate right now because ultimately when someone goes to put cash in there she’s going to decide you know which points he said to this person and claiming to be Bitcoin and the most important function of economic notes as far as I’m concerned is determining which chain is Bitcoin right so if you’re cracking or cone base and your powers to say well you know this is Bitcoin and this is Bitcoin to X this is Bitcoin usf this is legacy corn or not so the name the brand name Bitcoin ultimately the businesses that are selling Bitcoin and buying Bitcoin will be saying well I consider this significant or not and there will be it a I guess a market consensus that will spontaneously emerge around one definition or not but it’s very possible that two different types of different jurisdictions for example we might see somewhere near somewhere where people have just different presentations of which chain is Bitcoin according to what them make changes decide to do so this is a term that doesn’t exist in textbooks I’m still trying to figure out how to frame it but you can some nodes are not economic notes per se but they’re more important because a lot of users delegate crucial pass to them you can think of mycelium my student wallets that’s not necessarily an economic notice just a wallet but you are connecting to my students node and you’re delegating a lot of pass to mycelium for example the validation of the blocks and so forth blood showing that info blog explorers these don’t necessarily increase the gap on rep off-ramp of a Bitcoin but there are nonetheless more equal than others because for example if function of age Bo the world’s most used block Explorer decides to say that you know one chain is another or decides to feed some information to the users well they have a they have a big way to although they’re not necessarily an exchange excuse me [Music] sorry but [Music] okay so what’s the objective of this whole thing what’s the goal we’re trying to achieve its which forms a consensus rule so the governance model of Bitcoin lesson number one is neck Emoto consensus is the process by which donors participants in a decentralized spirit appear system something you see agree on a history of continuous efficient store transactions ledger this is kind of a definition that I made up using a few definitions so it’s a very interesting governance model because the goal is to agree on something and we’re interested parties and there’s this whole system by which we coordinate our actions in order to agree spontaneously on this thing or not any coercion involved so that’s why it’s relatively unique and what’s unique about total consensus is that it works right Bitcoin has been running for eight years now and we have seen in action and and we we know that this is something that actually works so what Bitcoin does is that the system does essentially is we’re channeling market forces and we’re fostering competition with incentive structures built in directly in the cryptographic protocols and we always assume that everyone will act out of self-interest so the genius of Satoshi one of the geniuses of Satoshi was to make sure that the incentive structure was such that if people always act in their self-interest always kind of entering this spontaneous order and cooperating so it’s a system of checks and balances which ensures the centralization and participation so in a big part governance process there’s multiple stakeholders that all have a lot of skin in the game so how it works is that miners use their vote to texts and transactions in two blocks to prevent double spending which is you know the goal of Bitcoin they exercise this vote by providing a proof of work so the proof that they did some work which was derived from a very computationally expensive repetition of hashing functions essentially so the miners they basically do math and the math and this is what makes the corn work we never give the ledger is ultimately preserved by the ability of all the participants to independently validate whether each vote followed the rules so this is how this is the recipe so like how the blockchain is made essentially so the blockchain and this is just a this is just a kind of a language issue but um I don’t necessarily agree with the idea that the blockchain is a technology behind Bitcoin that specific quote it’s really weird to me because the blood chain is the result of the outputs of the nodes response it spontaneously have dreamed together using Nakamoto consensus on which transactions and blocks are valid and this is what makes Bitcoin and blockchain really awesome so we have governance challenges in Bitcoin and it is introducing new features designed by users so it’s kind of a chicken and egg problem because we’re using you know the consensus rules that we have to change the contentious rules that we have to determine you know how the future the consensus is going to work so a good analogy to upgrading Bitcoin is upgrading an aircraft in flight because this aircraft is you know big noise carrying about 40 billion dollars of people’s money and when you if you want to you know tweak it you know you’re going to be aware that there’s a significant amount of people that are depending on you know their their survival right so in the case the passenger right and this is particularly true and we’re gonna be doing a case study today on a particularly change which is which is a proposal called segue alright so before we go into the contentious changes to Bitcoin to talk about these it’s not about the changes to make on that are not contentious and then they’re happening every time you upgrade your client because if you’re using Bitcoin you’ll see that there’s regularly on the software updates so this is done by a team called Bitcoin core so the core core is a team which maintains and builds one client of Bitcoin called Bitcoin core which is called the reference implementation because traditionally people always use the consensus rules of Bakura has the real consensus rules so if you want to you know big mark or is Bitcoin is the direct descendants of the Satoshi Nakamoto client and it is the official Bitcoin that we know today so it’s a team of I’d say more than a hundred developers with about a 10-15 core group which is really active with three maintainer that are very independent individual soul anymore underline which basically decides at the end of the day with its merge or not and with a Jonas Nellie and Marco fuck with a group of other developers which are kind of them the wise the scientists masters of Bitcoin and what’s very interesting if you look at open source development specific in this and that is this institution a bit more core which is the result of spontaneous collaboration there’s no just immersion of nowhere there was a beginning nobody was really sure how they were gonna organize themselves but it emerged basically from the ground up there’s a strong culture around the respective procedures and it’s a very conservative these are custodians of the code so they they are very conservative people they are mostly volunteers some of them are paid by their bosses by their companies basically to work on Bitcoin but most of them are volunteers there is also a sense of values and ethics associated to Bitcoin which tends towards decentralization forever since especially resistance so obviously Bitcoin core as a team is you know proven consistent delivery they are the top blockchain experts in the world by by by a mile and cross block chains they are the best in the world esteem and they’re kind of the informal scientific abhi which is a kind of studying Bitcoin and testing different upgrades and so forth so it’s really there’s two difference right there’s two different pieces there is the wallets of Bitcoin core which is just a wallet and there’s many other implementations in Bitcoin there’s Bitcoin core and then there’s you know some built on top of that like bit corner there’s live Bitcoin which is completely separate which is not big one core but whose consensus rules are mirrored on the course so it works be going BTC deep in my notes and what’s contentious and what creates potentially a split versus just upgrades for example new upgrades appear in Bitcoin all the time which make a you know propagating blogs more efficient then which which create a lot of efficiencies all the time so these are not consensus critical they don’t need to split so what’s consensus critical is basically changing essentially like what gauge goes into the block how the block is shaped what kind of scripts were putting in this block kind of some cool rules like the limit of coins and any change basically it’s it’s it’s not hard it’s not easy to describe exactly what the what defines consensus code I’ve not done for me but basically any change into like how the blockchain is built not necessarily how your wallet behaves or or broadcast blogs for one wallet to another it’s really like how the blockchain is crafted like the recipe of the blockchain basically okay so assuming that’s and this is this is a graph I did some kind of help everyone understand the changes in Bitcoin how they work and how I think they I think they work or how I think from at least the planning perspective it was gonna you know design Bitcoin from whatever observe this seems to be how it works okay so the users usually start with requirements this is not always true because the developers always know often know what the users would want in advance and as the pretty consistent but normally requirements for Bitcoin come from the users right so I want this I want that I want more privacy I want more decentralization and what lower fees is brought requirements that come from the users and the user is the delegate the enforcement of this rules change you know they want to change the rules but they delegates this decision-making to the economic nodes en that they’re using unless they are user notes so if you your user and you run your own notes you’re independent in this process you’re making your own choices but if you’re like most users then using a blog Explorer and using my city of rigged wallet or anything like that you’re dedicating that to either another note or survey or a business right so the users they communicate those requirements to the businesses that are trying to make money off of them and that is they kind of make majority now the economic majority will try to get the consensus around okay so are your users saying that my users are saying that your users are saying that so okay so we’ve got a kind of a consensus that this is a requirement that’s legit and that you know has some you know some potential to be implemented and then um the economic notes are to consult the miners and the exchanges should you run tables and all that together I feel you know for what the priority is a big one should be and then they would tend that to the Bitcoin core team they will say hey before we want this right and the core will say the first have this kind of this is not how it happens but conceptually that this kind of checklist so developers in the core quarter they’re not going to propose a change that doesn’t have a potential to have consensus so they look at the miners industry dance you really like and business this to state their their opinions and they look at what users are saying trying to figure out if this is a good idea or not if people want that um so essentially once there’s this idea that this is a good change you know then the developers will create code and they’ll say okay so this is you know we were thought that you might want this so this is code that will do this and if you want if you want to use that and it’s up to you to run it so the developers can’t force anybody to do anything they’re just proposing suggestions um what we see here also is the epidemic nodes they enforce the rules of Bitcoin by validating blogs because exchanges are notes and you know it’s what they provide you know they’ll basically say like if you’re in exchange I’ll say well I’m not gonna accept this Bitcoin for another you know I just pick one off of you this is not a Bitcoin I want another Bitcoin so because it has different rules you’re on different blogging so economic notes we do that and essentially what we’re looking at here is that at the center of the consensus process and you have you know users themselves or you have users I have delegated some responsibilities to the notes that are kind of driving the consensus so we’ll see you later it doesn’t start or end with the miners not at all but let’s say that we have a grunt agreement I guess on which changes we want now the problem is that is if you get a nick problem because the miners The Oprah new boss blocks with the new rules that are going to be accepted by the majority but the majority basically the size which blocks are valid and also who starts first to activate right so the idea is that we all like to be at the same time but there is a power struggle to whom for who yet to activate the changes so this is again just an essay this is not exactly the official process okay so let’s talk about the current role map that we have in mid Concord so the broad requirements by the users as I have observed them myself through my interactions with users decentralization open participation so you know kyc to go in the bunch Arab a corner stuff like that security stability or you want your bitcoins to always either privacy censorship resistance you only anybody will be able to stop your transactions they’re going to be cold but people won’t make one want some smart contracts which essentially means more advanced scripting yet language not drink and bleed but we can talk about stuff like a payment channel when my name network is a form of our contract side chains are kind of you can consider forms of smart contracts or a multi signature is a form of contract second layer solutions and recently as we’ve seen they want the users want low transaction fees not all users but most users tend to be biased towards paying less money to the miners and more transaction throughputs or more transactions per second so these are the requirements now big more court-issued a road map about two years ago which as you can see they already ticked off load the boxes there let’s go through that remember specifically alright so basically the road map has been signed by like 80 developers 90 developers in Bitcoin core so it’s not you know a set of rules it’s just a gonna have a priority list and general principles so it’s the official road map of Bitcoin core although obviously the specifics people it’s not a there’s no entity in Bitcoin core it’s just a group of volunteers so nobody decides step one is to optimize everything so exist the corn already works in a certain way let’s make it better let’s make the block really better let’s make the signature libraries better let’s make sure we use less data let’s make sure that it takes you know six hours instead of a week to download the corn like they’ve done recently then step two is segues we’ll get into that later segment is an architectural change to the way that Bitcoin transactions are crafted transmitted in sport it’s a soft fork it’s a non intrusive change and it opens up for a lot of possibilities so this was for the last two years the item that was is being blocked or is been done recently but this was a stepping stone of the scaling romantic with is absolutely crucial for it step three in the official in Concord roadmap is potentially hard Forks there’s already a lot of proposals by big more core developers too too harsh works and one of them is specifically interesting component by dr. Johnson Lau a big record developer so it’s not true that the core is against hard for anything like that it is on the official timeline but at the same time at the same time we’re looking at these work for research and how we can make it happen and specifically making a wish list because if you’ve got a hug for you may want a hard work with a lot of stuff in there that needs to be fixed anyway like you know some some maintenance that needs to be done anything with it but I can only be done by a heart fork specifically for example the the nonce area and the blog header that is would be a metaphor but it’s kind of a trivial change that you know nobody would argue against so this is the road map that were that was supposed to basically happen so segue this on the road map is number two in this hard for bit number three so it’s you don’t have a recap about what those things are so in Bitcoin a most long chains the way you introduce a consensus level changes or changes is either with itself for girl hook for this might be quite specific but or some all points based on the conduit like that as well so very simply it’s actually not that hard to understand a coin soft fork is an upgrade mechanism whereas the heart for groups like so replace the mechanism and we’ll see that for example they soft work it adds rules or tightens them so it doesn’t and you’re basically making how the blockchain can be changed in a more restrictive not exactly you’re basically making the rules more restrictive whereas in a heart form you’re making the rules looser or or or you’re removing them for example the the blood size limits in bitcoin is the way that is determines how the block is created so it’s a consensus level change and if basically you move the block size from one megabyte to 500 kilobytes that would be a soft for it but if you put it from one to two it’s a hard fork because the rules are more loose the main difference is that the old software will accept the new blocks so it’s backwards compatible whereas this artwork it’s the whole software will reject a new blogs so from the point of view have an on for the point of view an event of an upgraded node so no that’s been its business in a soft work the new rules are good and the old rules are bad if you haven’t upgraded and you’re in a soft fork well all the rules are good also the new ones and if you’re not upgraded note in a hard fork then the new rules are bad and only the old rules are good so they’re rejecting the new changes if you haven’t upgraded really important vocabulary distinction if fork is not a chain split a chance plate it’s not necessarily a fork why because and then will try to split this vocabulary and say a fork will be a software upgrades so something that’s kind of deliberate and a chain split is a result potentially have a software upgrade or for example of something out for example you can insult for Bitcoin and not have a chain State and you can have a chain split without an upgrade for example in happening Bitcoin core 0.8 in 2013 that was temporarily really an accidental split but it wasn’t because of a new software it was just a bug right okay so it is going to stick with because this is what we’re fighting over so with is an architectural change to Bitcoin it’s a software which is backwards compatible what are they going to much in the details but basically what it does is that epic per transaction contains inputs and the signatures of all those inputs so if you receive for example 51 bit Africa let’s say you receive 51 Bitcoin transactions and you’re spending you know 50 Bitcoin in one transactions basically that transaction will have 50 signatures of all the inputs you received the goal of Segway is to change the way transactions are done by removing some of the unnecessary data and segregating it outside of the transaction using a new special status which is called a witness and what’s important is that not all the nodes have to keep this data you can if you want to be sure to have more security to have more control more validation but you don’t necessarily have to so this this data has a discounting weights basically the way that brawls are created without the prior radiation size to block weights and what this says is that there you can put more transactions into a block essentially transactions are then smaller and you could put them through the blog so analogy it’s kind of like if you’re shipping you know a container a maslow and make sure everything fits in the first container instead of messy container it has a lot of benefits scalability is not the intention of segments it is just a stepping stone and a side-effect the object of Segway is to fix transaction malleability which is a bargain Bitcoin has been bugging us for a long time it makes some of the changes that stuck with making sure that we can implement the changes in the future much easily for example store signatures which will dramatically reduce the size the signatures again and allow for summary score scripts thanks this quadratic hashing it’s increases security for multi sake increases security for Hardware wallets they’ll pretty much everybody benefits in some way or another it has a lot of good benefits so sequitas designed by the developers to be activated using a big tip is a bitcoin improvement proposal big one for 141 and the mechanism for activating well bitcoin is big 141 in the mechanism tracking activating big 141 is 59 at this point I’m gonna just stir over to accounting and ask a thing is there anything you would like to add before we’re going to define the stuff that I’ve said before Corrections or comments or additions that’s gonna yet and you want to talk about them a little bit 141 and yeah so know me variability a way to deploy simultaneously multiple so forth so what it does is it’s like my nerves have to follow some rules in order to deploy a football so to do that I should say in the chain of it if you block it up of the of each block to say okay so I’m like to actually like this rule and so you full of two steps and at the end you actually support so I don’t need to detail our big nine work gives like thank you so few steps to tradition we shall be today the softphone old blog that no not respecting the new rules exactly so big 9 was a an introduction to Bitcoin which is a 2012-13 I think maybe something like 2015 actually so it’s a relatively new addition to Bitcoin which I made by this guy right who says I’m sorry it’s my fault and so I go off at midnight and he’s sorry about that um why because bit 9 was this getaway for miners to ear effectively show their support no another support sorry initially was the technical readiness so you would signal for a soft fork if you are technically ready to do so which gives the users the signal that ok the miners have not upgraded they know this change and we can feel free to you know activate this or exactly this because the miners are ready so it can be it can be I guess characterized as miner voting although it was supposed to be voting for signalling readiness which was the terminology and the problem was with that is that nobody thought that segment would not pass because there doesn’t seem to be a lot of downsides to segue the threshold was 95% so basically bit 141 which is sec width would activate then once the 95% of the miners would signal for that using midnight and then moon else was change and price of bitcoins would double and we would get an amazing new Bitcoin which is much better than the previous one and a lot of the old coins would lose steam and you know everybody thought that this would be great for everyone but the problem is that the miners have not been signaling and there’s a deadline right so there was one year the miners had a year four and this is what rusty Linux kernel developer who built the said is that you know we just put one year because we thought you know it’s you know if it’s bad then it’s just gonna go away and if it’s good it’s good except it really fast did not think at all that the miners were going to be using that is the users but I thought that the point of Bitcoin was that the miners book with their hashes so the miners should get 2 votes as a democracy on what changes are put into Bitcoin well this is a missed misunderstanding it’s actually mistake the miners vote on which transaction is going to ledger and in which order but they do not necessarily vote and know where the white paper says that they vote on that protocol pries actually the first changes to to Bitcoin I love the changes to Bitcoin have been you know user active in soft work just saying you know we’re just going to change the software at this date and you know everybody upgrade so it is a fallacy to believe that because miners have the ability to signal their readiness for something because the developers will kindly come back for them and because the the miners do actually votes for which transactions both of you actually about there it is a misunderstanding to believe that they vote for what software and it’s activated then I’ll show you why so this has been updated so this is the this was a card for proposal called the corn limited we should have here which a lot of the miners are signaling for at this point in time it was about 40% is probably around the same right now and you have the other core other core knows that about 57% but if you look at this here what you see is that you have all these nodes which are Bitcoin core nodes and these are the Bitcoin up and limited notes and we’ll see what happens if the miners thing that they can vote in new changes to Bitcoin so this is what happened so full notes in Bitcoin have a lot of power they validates the transactions they validate the blocks that the miners feed them for example Roger which is a very prominent opponents to segways for reasons that are hard to understand accidentally with his money pool Karina LeBlanc which was not one megabyte because he was probably using Bitcoin unlimited which is funky software and he actually created a blog that was more than one megabyte and what happened is that his pool started to propagate it and the Bitcoin unlimited knows they received that they also propagated it but all the Bitcoin core note said and not passing not only this block is not valid for about the note that fed us an invalid plug because you know once I try to cheat the rules of Bitcoin so the book was rejected and as you can see the block is kind of floating away disintegrating it was rejected by the network along with the block reward and all the work that went into it so the full nodes will not accept and relay blocks that are not valid so unless you convince other nodes to upgrade then you can do whatever you want but do blocks are just not going to get accepted by my note so I don’t know what that is that’s not Bitcoin this obviously happens automatically for those who weren’t conscious of that this is just the client which is running which is doing everything so in in a fork scenario the businesses for example was a very hostile hard fork with very bad intentions and bad code so this actually is a this is a buggy limited search zero which caused all the nodes in the network to go down or most of them for a bit of time and this is what they were trying to sneak into our wallets so we were really not happy with that short with that change and a lot of us weren’t happy with that change so when we’re thinking about governance we got together as businesses and we said you know what you can feed us miners those nodes but we are letting you know that we’re going to be enforcing our rights according to the protocol we have the ability to not automate those rules we won’t accept them I said we made it really really clear that we wouldn’t list that we would extend that and we didn’t I don’t think you had a meaningful impact because it was a lot of small businesses from people that I know but this is the kind of stuff that economic notes should be doing for protocol governance and scaling a big one so who’s opposed to same words and why is it contentious that’s a really good question so let’s get into some name-dropping so some large mining manufacturers like big main is the main opponent to set with it main producers anywhere between a 60 70 50 % of all the hardware in the world for mining that we know of we don’t know that but that’s that’s these are claims so as one of the monopolies might have actually I think they they’re they’re kind of a mountain but monopoly on my effect or you know very close to they had a lot of the leverage over the miners themselves and over the pool so some of the large mining pools some of them are bit me I run directly by between or as a known proxy some of them are go they used to be run by big name but most of them are getting their equipment from hitman some large others and investors in prominent personalities are against segment Roger Ferris against tech we robbed River believe that if we get sick wit he will lose his leverage to get bigger blocks which is what he wants and this is also the the argument of and there’s a lot of communities that are supposedly a active communities online that are we can call them some of them are trolls over they were genuine but there’s a lot of activity online for against segue for though as well see this is not reflected at all in the businesses which all support segue so why are they opposed to to segue well a segue this kind of a midnight is their only leverage it’s the only leverage they have right they’re not supposed to be using that leverage right is supposed to be a kind of a formality but they’re using it as leverage for other changes bigger blocks why did we want to grow blocks I don’t know maybe they want more Jeanette’s actions maybe they want to centralize bit quite a bit more who’s to say another another repost potential reason is AZ boost that’s very controversial easy boost is I’m going to deepen that but let’s just say that some miners are believed to have secretive messages that are rendered useless with the adventists sequence so kind of arena that she’s not necessarily cheating in those debates whether it’s really cheating or not but um some miners might have a secret advantage which kind of skews the game theory and that we we weren’t aware of before and we didn’t plan for that they would have a secret advantage that stick which would stop and that they have for example an amazing boost for you know supposed to give that was good and there’s genuine opposition by some people who think probably sure they’re genuine we’re gonna go a little bit faster so roll McNown basically choosing which bitcoin is the valid bitcoin and putting some value into that everybody almost everybody wants to say in on one chain and then people can fork off a bitcoin at any time they can do so when the balancers or without the balances it can for the code or their history but we’re fighting for the name of bitcoin and for the network effect of bitcoin the people that really don’t want segments to pass for example a Qualcomm whereas the cord artwork is before court so we can see that this is a battle for the network effect which is you know what it’s about in block chains generally so consensus failure is a governance failure it’s it’s it’s not good it’s really bad ether Fork was really bad a lot of people lost a lot of money recently in Canada and exchange lost twelve million dollars as a result of the fork because of problem is playing a bit quality theorem when you later so that’s something we really want to avoid so there are four proposals some of which will lead to a split so much which will not need to explain okay so this is the point where we get a little bit more into what’s gonna happen in the next few weeks anyway we have all this context well it 141 minor that can be a soft word for stuck with at 95% everybody wants that to happen everybody wants have to happen except a very very very very small minority the miners have about 60 blocks 50 40 bucks left at this time I think maybe not even is even too late right so this has been an opportunity for them to activate separate for a year and that they have about 30 blocks left to do that and if they don’t do that through the next 30 blocks which is pretty clear it’s not gonna happen then we won’t get second before August first that’s for sure v 91 it’s basically this is similar to make 141 but here R is less an activation threshold and as well see you later this whole thing is getting you know kind of ridiculous and complicated all the schemes that these people are doing not to use this one for you whenever very strange and very heavy but basically big 1/4 91 is a way for say with 2 X to be compatible with the existing signaling of 141 if you don’t know what that means welcome to the club bit 148 you ESS is the most important one the one we’re here today because it will happen it will happen on August 1st there’s no scenario in which the soft work does not happen that is a guarantee why because I at least me I will be using that client so I will be forking off of software so it will happen I might be the only one I’m not it will happen at this point in time so bit 148 when it does it’s not ok we’ll get to those later segue to X so this is not part of Bitcoin core although it’s based off of weakened core this is the coin core this is the core core this is a kind of a patch after said with 2x or at the same time was created segment 2 X is not Bitcoin core it’s another client and it’s basically a bundle of a soft fork and a hard fork at the same time it was rushed out as a response to the August 1st deadline arriving and it was nobody really is there’s no speculation as to why but it is a safe face stating move for a lot of people to kind of you know accept that separate is happening in a way but not accept that SEC what is happening by giving into what they disagreed on and when they oppose and Bitcoin ABC the we’ll get to that a little bit later which is the secrets a Bitcoin client prepared by a big main sponsor secrets it’s a think it’s open but in case the big 148 soft for come yeah so it’s yeah it’s a perfect client but they’re gonna use for secret mining so if 148 you a SF is successful or is nearing success one it’s and why in a minute that is my big name has decided to to fork that chain won’t once and why in just a moment so this is the fine line thanks to our environment we’re de marrón if you’re watching thank you very much for this so we are by 14 so today’s the is that the deadline for [Music] because we need to have a full of difficulty adjustment period of BIP 141 before it’s activated and the next difficulty adjustment period is like in 30 blocks and there won’t be a second one a full one before August 1st so that’s you know let’s forget that that’s that unfortunately that was the easy way for everyone so um the BTC one is the sec week to explain which is about by Jeff Karthik so this is kind of like a minor plus large business idea which is rejected by the entirety of the big more core team and which is rejected by a lot of users very badly although a lot of the big businesses kind of got together in a in a kind of Bilderberg meeting and decided to do that make that happen but it’s you know it’s a lot of effort but I you know so basically this business client needs to just start to be released tomorrow and we don’t have a lot of time because it needs to start tomorrow and then on on July 21st after they’ve had one week they’re supposed to implement 91 so start signaling basically before that’s 80% second thing and then potentially getting that locked in after two hundred and sixty nine blocks yeah and then getting that activated potentially we did segues after another three hundred and thirty six blocks sounds like six hundred blocks I think you’re sitting in that right and then okay so this is this is a if we get that before the first of August then there’s no chance play on August 1st and the deadline for this is on August 1st we activate bit 148 and what’s going to happen at that time just gonna what’s gonna happen on August 1st is that some some users are running a client which is called the user activates off for client and essentially what it does is that when we when we run this client we will be rejecting the blocks of miners that do not signal it 41 so miners are supposed to be signalling right now that they’re ready for a segment and this is the queue that we’ve programmed into Bitcoin that once 95 percent of the miners agree to segue this was the rule we all upgrade at the same time some of them are not sitting on their readiness even though we know they’re ready so all their blocks we’re going to consider them invalid we’re gonna orphan them so it’s like you know you go to the restaurants they want to become you know they would add meat to the menu yeah I’m not gonna I’m gonna think you should put meat in it you know or I you know I want something else and then if you don’t feed me what I’m being you’re for because the miners are paying the users are paying the miners with fees and inflation you know we just won’t accept your Brock we don’t want it it’s an economic boycotts that’s what it does it just says that if you just signal segments on your blog I will accept it so this is what’s that’s happening on August 1st is that everybody that has this client will start orphanage or rejecting the blocks by the miners so 8 point 48 was proposed by an anonymous according like would develop it while shoveling fry that’s it over here it allows users to require so it’s a tool that you can opt into which requires miners to signal their anus to implement psoriatic goodness and it doesn’t mean that they have to run segments it just means that they have to say that they’re technically able to do so miners are allowed still to mine on second thoughts and are only required to not mine non-standard Lots that’s in segue transactions so basically sure II don’t want segue for any reason just signal your readiness for it and don’t use it um so right so the rationale is that the miners work for the users we treat them with these and affections I just said and they are essentially providing a service for us and we want to be served that better.we users with our nose we validates the blogs and we checked if the rules are valid so big word footnotes and the users we are responsible for enforcing the rules dick 148 is only an activation method it’s not like sacred texts not like Bitcoin ABC is gonna see it’s basically a way to activate make 141 which is with contested by two years by the smartest people in the world I kid you not the team that work on segments is the greatest financial engineering effort probably have open-source development ever just Segway I may be paid for obviously once it so she did by himself miners are maliciously I believe so disclaimer this is starting to be my personal opinion now I believe the miners are being malicious enacting bit nine against the interest of the network and and to a degree which is previously unseen by an actor in Bitcoin so the degree to which they are jeopardizing the progress of McCord is really heavy and it is it not by the bulk or cut system you can’t coerce anybody into doing anything so it’s a peaceful way for us to stop paying certain miners until the signals that they are ready to feed us the blocks that we ask for so victory scenarios for a big one forty eight so what would it be a victory for us that are that are proposing or that are implementing and advocating for this change well you know if in the next few hours the miners at 8.40 one that’s a victory there’s no chance lit if miners block in segments to explains so if they lock in basically the big ninety one right and signal for fifth one forty one as a result because basically what’s funny is that the fifth ninety one is the same thing as that one forty eight in a way because miners that’s when you when you achieve this eighty percent signaling of bid ninety one you don’t get segments you start to orphan blonds that are not singling one for anyone so it’s this whole this whole thing is it’s really complicated for nothing this was really easy so if we do get segment before and everybody singling this anyway then it doesn’t matter you if you’re running anyways I’ve known and if this works and nothing happens it looks like if some miners go on the mid-14th chain after one hundred blocks because the miners cannot spend a block for 100 bucks after 100 blocks if a miner finds a bid 148 walk the tingles live and scenario would be that at an increasing rate the miners will start to mind the usf chain until we reach over 51% consistently up 60% there which would need which would lead to either no split or a quick rework we’ll get to that a quickly or of the legacy chain with some user loss of funds not the 148 users the ones that they have upgrade and we’re transacting as usual but ideally it’s fast a few hours and it’s not a huge deal a favorite victory so a victory for you for segue but to the detriment kind of like you know sliding your face I couldn’t your nose to spite your face kind of thing is that the BIP 1:48 chain guess gets the assistance 60% after a few these are a few weeks than a few hours and I’ll tell you what reorge means they’ll make more sense and in which case the legacy chain is reorg into the legacy chain as the people that are running bit more cord and not the us have changed so the people that just stayed on there on the old chain and didn’t upgrade after a few days there will be a reorg that means that as we’ll see there’s going to be severe loss of funds for a lot of users so that’s a very sad very sad victory indeed the failure scenarios actually go to the reorg right now again make more sense every organ is a chain a reorganization is when a Bitcoin client so the software that you’re running it discovers a new longest chain with valid rules so the rule in Bitcoin is that your client will always follow the longest solid chain but what happens if out of nowhere your client discovers a new longest valid chain well that’s because you know the SEC the usf chain if it gets longer because it’s a soft fork and the rules are stricter it is valid so if the big one from you chain get it’s it’s longer than the legacy chain then all of the clients can network I’m going to switch it over to this chain and all the transactions that happened on the legacy chain before so you know I’ll get this son very simple this is the legacy chain and then these miners starts building on top of the legacy chain but we on the 48 chain we start building some other blocks and this one gets always longer longer longer but at this point this one will get longer and all of this transaction history will disappear and this is a one-way deal that means that the 148th chain cannot this disappear only the legacy chain can disappear so this is a huge impact on obviously the game theory elements of this this protocol upgrade and this is what you need to fear the most when you interfere is you need to fear that you’ve transacted on this side and then it disappears after this is the worst scenario that can happen to you yeah so the box that contained your transactions that you saw confirms on your clients will disappear ergo your transaction will also disappear and that you lost that money so from a minor point of view I’ll go back a little bit yeah so a failure scenario is that users they don’t actively adopt bit point 48 I need their do businesses and miners and in that case the blocks would not confirmed there would be no miners it would be no economic activity and it would just die in that case most businesses like mine but would just say well we tried we failed we’ll try again and we’ll go back to the legacy chain when it gets it’s kind of an all-or-nothing scenario where this very interesting is that if the miners adopt tip 148 with less than 13 percent hash rates and right now the problem is we don’t know because miners have no way to signal the kiss signal pinpoint 48 but we don’t know exactly I think there’s like 1% now that are that are signaling or something but we might be surprised but if we get 13 percent of bit 148 miners because bit 1 bit point 48 only activates mid 141 and make 141 has a deadline on November 15th if we get lower than 13 percent hash rate just using math we know that because the difficulty adjustment is going to come in such a long time that we’re not going to be able to do it in time for November 15th so this is the magic number in which this just expires and it’s nothing it’s no longer good all right I meant to I meant to put here maybe 148 okay big 148 it activates and I’m sorry big 141 activates on the bit 148 chain before the deadline which is amazing which before November 15th but with no market support and you know first up maybe it was 15% of the miners that there’s no market support and the coin the chain has abandoned and you still have the big 148 points but there was nothing I mean that if you try to sell them a collection of I’d buy them for a few cents but no one will buy those clothes off of you another failure scenario is that okay so you can all see that the big problem is that if you’re on the legacy for a fork you’re a champ you’re a chain of a rework and if you’re on the us left side you’re a you have the risk that your coin is going to go to zero it’s not gonna have any value so–but main said well there’s a way we can change that change the dynamics is that if there’s a dip 1:48 some pork and the legacy chain is at risk of a rework of having their transactions appear we can hard fork that legacy chain to make a third Bitcoin the ABC Bitcoin the big name Bitcoin which is not at a risk of a reorg because it was hard forth specifically for this reason in that case the legacy chain would obviously just either disappear have a really low value we don’t know what happened but you know it would still be at risk of disappearing the big main you know Beijing minor fork and everybody’s is very that are their secret demining on the anyway they plan to do a lot of bad stuff on that on there but if I’m totally wrong and people like that they can go to that chain and they will not be at a risk of a New York so if you if you want to do that you can protect yourself that way if they go through with your plan and also as failure scenario is that if the miners they consistency attack the big 148 chain by basically creating empty blocks essentially just blocking everything from happening in that case you know making transactions they’re just work there’s a snow blocks on there so you know your blood change it’s not happening and in that case you abandoned myth 148 or the nuclear option is that I will say right now I personally do not condone this and I don’t consider that to be a viable option and I would not do that but it is an option is that if the Bitcoin ABC bit Mein Kampf attacks the pic 148 chain the big 148th ecosystem can decide to resist and push a change of perform work on that chain with a hard fork that would immediately render useless all of it mains miners and you could only mine a Bitcoin with another hashing algorithm which doesn’t work for anyone’s miners but this is true for all of the miners so all the miners would would lose their millions of dollars of investments that they invested in to secure the blockchain and it would be revocable e41 48 has not Bitcoin obviously would become an outpoint it would become some kind of like corn or something but that has a shared history with Bitcoin before the forum so from the miners point of view if we’re trying to be empathic here and we’re going over time I’m sorry everyone for the miners point of view this could be considered an attack because it doesn’t force anyone to do anything but it does put you in front of an ultimatum and people are boycotting your product for you know for four reasons so I mean it is it can be construed as as an attack although that’s how Bitcoin works some miners may want to take the opportunity and profit because writers compete with each other miners are users miners are not it’s abstract I’m a miner you know told the miner what’s trying to be a my hair so we’re all you know those miners but you know some miners might want to you know take the opportunity to upset the balance of power they’ve always been on the losing in and big Mane’s always been on the win again so they might want to you know switch over to us F right away you know what if a few big money pools that you know called each other and said you know let’s do this you know this it’s a big big lose some money and let’s make some money at the same time so miners can choose to really fork at the legacy chain and we can choose to attack the UN subsidy have a lot of options everybody has a lot moment so change spread scenarios and strategies very big disclaimer I am just someone which is researching this just like you guys so this is not a recommendation none of this is a recommendation by the way there is enforcement of this thing by myself but I don’t recommend necessarily based on my recommendation research but okay so graphical cribs first things first is get all the big coins on the one in control and where you all we and we’re only you have access with every keys this is more important than ever because if your bitcoins are in coinbase coinbase will decide for you what happens make sure you are able to detect the chain that you’re on that you have access to some tools that can tell you if you receive that bit point for a Bitcoin or legacy Bitcoin and it just so happens I don’t want don’t work for you guys with the help of the magnificent roses within which is somewhere in this room it should read your hand know ounces bananas a local developer he prepare for us so if you go to USF explore a super calm this is a you ESF Bitcoin buckets for will only detect transactions on this chain and not on the legacy chain and you can use a regular block explored for that you can choose to connect to a specific node obviously run your will note if you can but you can choose to connect to a specific note that you trust will remain on the USS chain so the best way to know for example I’m running two notes and like I see in a USF no I’m running in electro server which if you have electrum all you have to do is go into settings you can connect to my server if you trust me what you’ll see is this thing you’ll see a BGP signed message from me saying I promise pinkie swear to leave it on the on the USF chain although this is not standard practice you’ll want to trust me but if you can’t run your own server and you want to use electrum I mean you can if you want to trust me this is a sign message for me you can connect you can use your regular wallets like samurai bread wallet a Confederate connect to an IP know just like that IP of the knowns that you know is running us F for yourself or buddy of yours so this is like if you have air bits you can select my electrum server in air bits and then you will be on the usf change so collection plus dr. Shakur calm if you look at let’s just run your note if you really want to be short so these are practical tips so strategies risk averse for your coins do nothing if you hold your coins and you do nothing you do not transact while there is a chain split you have no chance to lose at least you know one of the two chains the wedding science big ones you will won the one once one side wins you will have your balance intact on that side so wait to see where the wind blows wait for this for the chain split to stop for there to be a rework or for what to go to zero but be aware that there will always be a New York risk forever unless there’s a heart fork on the legacy chain so really if you hold your coins you do not transact your good so if you want to just wait you know wait this one out there’s a business in Canada called coin cards and they said we haven’t had a vacation in years taking a vacation August 1st your week no problem with that mother rate strategy moderate risk you can split your coins when the Shan occurs when the shin splint occurs and you can sell your legacy bitcoins the ones that you had before for fiat and keep that in and this is always depending on the price of the coin right this change is going to the price Bitcoin but you can sell your bitcoins for fiat and keep them and keep them in Fiat right so if you had 10 grand wants at the coin say the price doesn’t drop it will but they say it doesn’t go up that much you have 9 grand worth of Bitcoin or whatever get that net grant and you just keep it at yet but you keep the bit 148 coins because it basically got them for free you don’t trans like or don’t do anything you wait to see what happens and either you buy back the legacy chain if it wins with the fat you have doubled on you basically double it bitcoins then you double down with the few gods and you buy the they won’t for a bit or is it another official Bitcoin however be aware that if one site losing in one side winning it will happen in a snowballing effect so the price at which you can sell your legacy coin basically if there’s a rework about that happen the price of the legacy coin will gradually tend towards zero as inevitably the transactions happen to disappear as less and less people who want to buy it unless they don’t know what’s happening or they just like you have to keep your beak on because for anything we do they go yeah so you can opt to give the exchange the choice to decide how they manage the stage for you but you need to make sure that the exchange has a policy which specifically says how they was planned and like how it’s gonna work because if you don’t have a specific policy before they’re just gonna choose whatever is worse between you know reputational loss and just closing down if they lose your money so you can’t do that you can leave them on an exchange but in that case you are you know you have a less chance to screw up but but you’re you’re powerless as to take changes decision so this is a way to – this is a way to hide yourself essentially and possibly to profit so there’s a very risky options so you can try to sell your Bitcoin 40 coins to some company like bails bills will be accepting pin point 48 points one of the business that would do that you can spend only your big 148 coins convinced it’s never going to work them them to someone you think is an idiot and you can buy some legacy coins with the big 140 coins that you just made and then you can double your legacy coins which are still at risk of the reorg or you can keep the skinhead yourself of course if you’re risk yourself you’re going all-in you sell your liquor see coin you go all-in on 148 and you risk the value of every one of your assets to go to zero but you have a more chance to basically buy cheap it 148 coins that will become the real Bitcoin this is the way it would make the most money if you were going to be very very risky but also you know you were everything went to zero I personally will be using probably the moderate strategy this is not an endorsement this is just a statement how to split the coins there’s not a lot of tools available actually there’s minimal amount tools available you can probably do it if with Bitcoin usf and Bitcoin core running hopefully electrum which is the best wallets in the space the best light wallet space they’re supposed to in the 2.9 release which is called independence for a reason you will have the ability to specifically select on which chain you’re transacting automatically because normally what you need to do is need to commit 1.1 blockchain to avoid a replay attack because if you spend for example on the legacy chain that transaction will be replayed on any chain where that transaction is you know relayed so you want to stop this replay prediction I know this is a bit complicated but basically if you spend the coins you can basically send on both chains at the same time and you know you don’t want to do that because you want to you know at least get a chance to you know to choose which one you’re sending so basically if you chain if you send a transaction on the 148th chain it will only be seen on the big 148 chain because into yourself right and in that case because the legacy chain will not have seen it won’t be in that block chain so your bitcoins your pin point for a bit coins could be consecrated once they’re confirmed on that chain with this regretted confirmation so this is very hard and the stuff there’s enough and I haven’t checked it out yet so you can email me if you want to do this I will be doing one room session where we will be spinning with coins but I can’t do that I’m very sorry wasn’t likelihood it’s gonna happen extremely hard to gauge a lot of people are very loudly supporting like myself a lot of people are quiet so we don’t know it’s kind of a poker game and we’re the last river card and we’ve been looking for a long time and now it’s just revealed there’s nothing else than reveal for sure lot of transactions will happen on electron one a bit more before you change that will happen because if you’re using electro and you’re not scare –fill you might be red my note transaction on a bit more for a chain if you don’t want to treasure offers the option seminar wallet offers the option by the fault I think so you seminar wallet to make sure you are aware you’re using the Bitcoin for you chain by default sorry some of this is incorrect people should check that and there’s almost a thousand notes that are running Bitcoin USF this is a list of developers that are supporting bit more 48 which then passed it 140 everyone for and this is the point 48 so these are big core core developer so second best in terms of consensus and this is their amount of developers which are accepting the segment UNIX proposal no and these are some of the businesses that are accepting or not one of these proposals so there’s not a lot of businesses that are signed up for this there’s a lot of developers that are send the first so this is the amount of notes signaling USF so as you can see now thousand bills so this meetup is sponsored by my starter bill so Bill’s we will be accepting Bitcoin for eight coins only after the chain split we will not be accepting your coins that are vulnerable to York I don’t want them I may offer to buy them and a discounted price for example 10% of the price of Bitcoin at the time and I reserve the right to stop accepting bit more for you cause any time which is what any exchange should do to you know and in a losing chain if if it’s worth what it’s at the moment don’t send this legacy bitcoins I still haven’t decided if I’m going to be buying them off at a fix like 10% of the Bitcoin price rate or just keep them or refund them but don’t send me legacy bitcoins please I want to deal with that and if the usf chain does not work we will abandon it hopefully would be the last ones to abandon it since we take a lot in employing this and will try again with bit 149 which is another and yet another proposal in the future so on this it’s been almost an hour and a half I’m really sorry we went over time this was educational or informational we will take some questions but questions only about this presentation please so about scaling and Bitcoin you NSF and so forth so after all had you doing [Music] thank you guys for attention so we’re gonna have maybe a 10-minute you a this was the bunker just for it so we have about 50 or 400 people online so we might take actually if you guys want to get involved maybe to ask your question and maybe or something yeah yeah let’s just yeah there so – two questions to three questions to three questions this is a time a quick question is for wallet such as mycelium is that option available to choose which I I don’t think so I think I should check that usually some the settings you can use air bits you can use samurai wallet to choose your note Green address you can choose your note read wallet now just just made it available a few of those ones and it’s really just just switch your balance from Maya cilium to another one if you want to select it’s not a problem Jaime well not even electrum just just hold your private keys and don’t transact until the chain splits has been resolved or until you’re sufficiently confident that one shade has no chance ever a big one for each a chain has no chance whatsoever of getting New York I don’t wanna get specific times but you know after a week or two like all of this should have blown over and if it hasn’t then we’re in from something really nasty weather or hard for weather really nice New York or something like that so you know there’s no but like there’s not like date you just wait for the split to be over or like just I’ll probably be announcing you know what I’m doing at some point it won’t be obvious at some point yeah oh great perfect thank you very much so check the coin morgue for the network status to be aware of what’s going on yes sir so that’s a great question if you want to support us F I suggest you if you are able to running an electro server that’s great yeah you can run a No you get rid of all no run a full note that’s the minimum run a full note that you’re using because if you’re not using that full node and it’s just standing there reeling that’s so good so good but you’re not getting the full benefits you can go right to your exchange and as them what their policy is if you support it tell them to list at least both so people can speculate that Myers can make a good decision on which came to follow right because we need to have the two prices competing for miners to be able to make their decision that’s pretty much it on Twitter on social media and promote it and say that just tell people that you’re going to do it because we don’t know who’s doing it until that neighbor bill so if we put ourselves out there we give confidence to other people know someone’s ever seen that video where there’s a guy dancing alone for like a minute and then people start to dance around him and that’s around him well this is what happening right so he should go out there and start dancing and show people that you know you’re with the flow and other people will join and forcing me 104 not because so you can go to USS of CO or the concept of work is okay yes he goes yeah okay the last question guys yes do you think excellent question and we still don’t know what’s going to happen because a lot of this depends on whether or not the segment to X camp delivers the code in time and as it m works and it’s tested for a week and then 80% of people run that the loggers run that they activate the bit 141 no actually 91 sorry and if that happens there’s no chance with that’s the wild card yeah yeah well no today’s an event if we’re going to be a split or knots for sure all right so if 91 is not logged in by July 29 there will be a chance if anyone is not activated by July 29th has been locked in all right because they already signalling for a bit point 41 okay correct yes thank you absolutely so needs to be locked in so that takes two weeks to log in and there is July 13th but there will be a soft pork for sure James but we still don’t you have a question no my question just um hi my name is Tom bass I just was streamed live on my youtube channel so if you want to rewatch this presentation I don’t know if you can pull up the YouTube channel to show people but otherwise what putting on the meetup link yeah well put on a meet-up link tone based on t-bone and Eve last name da YS if you just google me you’ll find my YouTube channel and this video will be up there and thank you all for coming out I drove up here from New York it was great setup for me for the middle wonderful picture guys I know that most long as I don’t want to make [Music]


Genesis Mining Cloud Mining 2017

Genesis Mining Cloud Mining 2017

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