bram cohen creator of bit torrent described my current hissy fit upon quitting as a developer of bitcoin to join up with the private blogs being created by the 40 biggest banks on earth. yeah the guy's a traitor and he's a rage quitter and stacey what's a big queen believe crisis of faith here is the article about my current quitting as a core developer of bitcoin and it says straight away that he's so furious with this big coin what's going on there that he's took a new job at a new start up 2nd to last paragraph before they tell you it's or 3 i was reading the article thinking like he was joining a new innovative start of something more exciting and then you get are 3 my god that's like the big j.p. morgan. are really a little bit about arthritis on addiction right before all 3 and now the book chain

what they're doing to be innovative they took mike. they hired him they offered him oversee a very competitive package compared to what he could get. no doubt but that's my guess. and right before he left he puts a book out there saying big queen has failed it's over now the real story is transaction volume is going higher than a there was a conference call skating big and all the miners all the developers call together you were there together i was there and they put together incredible solutions with some of the greatest minds and togaf in the world yeah of how they're going to scale because we're now a phase where this is really big but my current wasn't there he didn't attend and he had tried be queen x. he wanted bigger block size because remember we enter 2016 with all the banks entering this space as block chain not big queen and there are some people in the big clean community like mike hearn who was a big quinn court developer for 5 years at this point that wanted to compete with

visa master card pay pal j.p. morgan goldman sachs they wanted to compete with that and there was a big debate raging about block size. the block size is a security parameter in that quine it constrains some of the throughput of the network but all of this has to do with the consensus rules and so there's a whole bunch at stake when you try to change something like that basically there will so group of people that they were thinking they would want to scale bitcoin increasing the block size so that they could we could actually run more transactions per 2nd the problem is that randomly changing the block size without fixing and improving the underlying technology actually doesn't scale very well and the main problem is that the story in computer industry is obviously

getting cheaper so the size is not such a problem but the problem is the distribution of the blogs where you have joe graphics where. you just don't want to have like you go by blogs because that would cause they clayton see some big problems on the network on the one side it was people advocating for a hard fork and that forced upgrade of everybody on the network in order to increase transaction capacity. and transaction capacity matters for method of payment but not so much for storage. so for those people method of payment was important enough that they would be willing to force an upgrade to everybody on the network and of course you can't force an upgrade on every one on the network because it's the centralized if you could do

that then it would by definition be centralized so in a sense it was you know giving up the baby in order to keep the bathwater it was trying to. you know get this new feature but throw away what makes it really interesting which is that it's essential as digital seer city that if you want a fast and cheap then you have to centralize the system because centralized system are fast and cheap but they are friends politically speaking well of this into a system are very unsafe politically speaking but the usual is low and expensive because they're decentralized so when people started to realize that there were magically to there was there were a fraction user that wonder started to study understand mean painfully understand the tradeoffs and understand that not not everything was easy and somebody would just attributed the tradeoffs to some kind of conspiracy like. our

choices in life don't exist because of technical reason but because because somebody some every conspiracy is creating an artificial. choice to make just in order to to her doesn't for some secret agenda i think a block size war was mostly a by. people not trusting in bitcoins consensus and wanting to pursue their own agenda of what they thought because of was it was the mentality of well i know better. and if the majority of the people don't believe me than i have to make them or i will show them. and to me the block size war was about the control of the underlying protocol by people that thought they knew better. for me it became very interesting because i interacted personally with roger there and jihan and

a lot of these other players and i even warned them like you don't want to do tests you know probably lose a lot of money like if we have war between these block chains well we just saw the bit man laid off over 90 percent of their staff the economics and the game theory they go behind big colin are really not that difficult to understand but if you want to bang your head against them you can lose a lot of money and so big quinn is just a brutal in allocating the gains and losses to people based on the personal responsibility that individuals take if you don't take personal responsibility and hold your own private keys if you don't take personal responsibility and run your own form note you're going to get rest it's just a matter of time and if you think that your indispensable the bitcoin you're going

to get wrecked too so toshi is a great example he left the project he hasn't come back he'd. is letting us the term and what happens with this on our own he might even still be among us but he's not appealing to authority in so that's a very important lesson i think that we learned from the block size wars. is that even when you think that you matter or even when you have a bunch of people who you think that matter and you're all together you're still fighting a big uphill battle i mean we had 90 percent of the hash rate a bunch of the venture capital funded companies deciding to declare war on the users of bitcoin and all of them got racked. like it shows the sheer economic substance of the hardware of last resort 2016 point prices

$437.00 a bit you were a number one of. the monogamous yahoo news. because . of its your number one of the 3 quotes for forming the. wrong it was still called the sort of just anything can't remember you cannot control big queen it's not just one guy can control it not even a handful of guys not even a handful of billionaires can control big point it's the entire community it's the miners it's the know it's the users everybody has control of bitcoin and he can't convince them he can't persuade them to increase the block size yes you need to persuade people to look back when protocol is a masterpiece you know and you look at the mona lisa in the loop museum and you might be tempted to change the smile because you think you know what i could do better and you go try to change it but you know it's a masterpiece as it is there's no changing it is what it is and no matter how

strongly you feel about the aesthetic you are going to be rejected because the genius of the protocol was perfect. in the birth of it and so you can go against it you can rage against the machine and rage against it and quit and not need it in a quit i mean i think my current thought that he was essential in invaluable to the project that if he quit that this would somehow put kobashi on the project and very quickly it was figured out that no you know anyone can quit quit all you want doesn't matter this train is freight train of protocol is not going to stop. unique because there's a tribal lands i'm normally off limits to the public eric's allowed in because he's

this is personal don't. people here know him simply as don't to eric he's rich and famous some always on the move sailing yacht some flying in a croft. it's. own. he's considered one of the best neurosurgeons in brazil. that's happening amazon. allergies so says going out of the busy doing nothing is going to do the population because it's going to people mamas on.

the project was good if you give up on your breath for the likes of you misses it or don't blame people but. the response from all people suv in the indoor. pool is i assure you i'm older to beasts of. the field nope must you you presume this link i'm going to use you must feel a medium used to both of us and us though in an evening continue posting bonine isn't in the very least you kind of see fit. you can. just reach your eyes because it's. as you move to you or your more you.

international economic forum is a unique. business world. over the last 21 years the forum has become a leading global platform for discussing the key to economic issues facing russia emerging markets the world thousands of business community members to address today's vital issues. special forum coverage on r.t. . oh. so in 2016 we're seeing the block size wars unfold.

and porton question to this is what is cash what does cash mean some in the community decide that cash means credit cards that you're competing with master card and visa because it is nowhere near being able to transact the 10s of thousands of transactions per 2nd visa cat then there are those who are had lawyers and they want a store of value they want to hold something that is secure they want the block chain to be as secure as possible some people are willing to sacrifice security for more transactions per 2nd but this is a war in which we're finding out who all the players are that big queen has brought to the table people misinterpret the word cache and they think it's about big blocks amazon surprising that a bunch of guys sitting around trying to compare block size right it's a bit narcissistic and egocentric and my blocks bigger than your block but it turns out that that's the secret sauce that's not what makes it work and when you try to

anyway your way into supremacy you get rejected by the consensus algorithm design yeah it's unfortunate what has happened to the meaning of the term cash particularly amongst some factions of the bitcoin well no longer in the big court world most of the time for the effects of the term cash historically refers to money that is a bear or the money that is nobody's liability if it does not depend on somebody paying off somebody else's debt in other words a check or a. any kind of bank notes contains with the element of risk of the bank issuing its might default and so therefore that's what distinguishes it from cash so that's why the what the cash refers to is an instrument that doesn't have counterpart to the money and that is accepted and so historically if you read old austrian economists book the term cash refer to gold and gold and to be interchangeable the 1st problem

linguistically happened with the term. started referring as well to government money. paper notes backed by gold they became referred to as well as cash and then when these notes stopped being backed by gold the notes themselves kept the kept the name cash even though they're not actually cash because they are essentially just pieces of paper from central bank they are contingent in their value upon the central bank maintaining their supply in some limit where as you know gold doesn't have that contingency because even if anybody wants to increase the supply of gold they just can't because it's very hard to do it and now. according to many people in the formerly of the between space the term cash refers to the money that you use for making your small purchases every day and so therefore for them when they hear the term bitcoin electronic cash in the white

paper that means you know that means we have to go and use that to buy a coffee with it however if you understand the term cash as spoken in the 19th century when you know words had real meanings and money was gold and things made sense and the world was an order. back then the term cash referred to the gold which was usually in bank vaults so it was an exemption you know it wasn't being used for the small payments the payments would be done with instruments the backed by physical gold so it's not about the small payment it's about the fact that it's a monetary assets that doesn't have any liability attached to it and doesn't require anybody else to perform a function write the white paper or state explicitly that it's a peer to peer electronic cash and this i think gave rise to a lot of misinterpretation of the white paper because some thought that cash. payments and others looked at the history of the cypherpunks on the. astray other

protocol and realize that cash meant anonymous value transfer as in gold you could just as easily say the white paper should read peer to peer electronic gold if you insert gold for the word cash in the white paper all questions are answered all disputes are resolved and we can move forward beyond the block size debate cash in the instance of the white paper means gold coin it's just like when you're spending with cash on the markets you have the money and you're giving it out to the merchants whereas for example in credit cards just on them here's my critic or number and pull busy the money out of my account so you really just think as. a cash transaction over the internet it's much more private and also it can be censored there's nobody in the middle of a cash transaction is just you and the person you're transacting with are involved right if you look at the history cypherpunks you understand what they thought about cash it means lack of counterparty risk in the context of cypherpunks it means

a lack of having your money go through a regulator or a government this is the slow that they've been working to overcome throughout the entire history of cyberpunk dumb and so big calling for phil's cash as no counter party risk no 3rd party trying to get into the mix because they want money to be free just like they want speech to be free and because it is text and therefore it is speech and therefore it's guaranteed free speech. so my current has raged he's a bit quick or developer big queen is dead once again the block size worries are raging and miners know it operators users they're all debating whether or not to increase the block size whether or not to accept segregated witness who is right who is wrong and february 26th seen influential members of the big queen community met in hong kong to discuss

a development plan is scheduled. queen scaling the closed door meeting included more than 30 people service providers and between core developers and was intended to address issues related to the block size discussion so this is the beginning of the emergence of a certain group of very powerful early adopters who are kind of wealthy at this point and they feel they know best for bitcoin and this is the 1st of a few secret meetings or closed door meetings certainly they weren't necessarily secret but they were discussing what is best for a big coin the hong kong closed door meeting with 30 bigwigs in the big going space is taken right out of adam smith in terms of his characterization that whenever you have markets and free markets you will have a cobol price fixers emerge and this is an attempt to fix prices to influence the block chain influence because in a way that satisfies the requirements of corporatists and one uplifts and it's

completely against the east because. just like my current they were rejected because not only is no individual key to the consensus of the no group of corporatists is key to the consensus other of them either. welcome back to the kaiser report on max kaiser we had scheduled john tonus to come tell us his side of the crypto soap opera in which an australian dude named craig wright outed himself as the inventor of bitcoin. yet refuse to provide any proof. but as john stands by his assertion that craig is backed out following this shambolic melodrama we're going to a guy who knows all about bitcoin they're

a meal of d y n e dot org well you know this to be should be caught it's my problem right now you know there's a large amount because it's in the hands of people that are trying to manipulate the community behind it but i think we should go forward there are being fired because that knowledge is out to see anything ology and absurd in fact and the community is actually able to center with sense. and that i think beyond even be calling itself us to prove how open source of this work or or the editor and thinks are and who are right now and even if he did us it's from us financial point of view we'd be actually although by other people that we used to speculate that he liberated downbeat going on we're seeing that there is a community that is ready to mandate kobe's base ready to actually carry on beyond equations and sees into what it's doing something useful for who or i think that

worries about the financial that hands behind it must be to be car earth because you see that is exactly where these people are from to beat faith foundation wanted to do they want to do money late these technologies into being serving just the interests of the nation is 3 is not the case actually disband the range of usefulness of can go way beyond that and he's demonstrated by developments and many other developers that less in their lives all these newspapers and headlines are wired always or who are journalists that. did it before me off into this the scary or d d s all of these people that are working and are now we are really gaining trust from the community so if anything it has tested the mettle of the open source character of bitcoin but as you point out there are still

a 1000000 or so coins that are held by the soto she or soto she is plural that could come onto the market at any time that people are thinking could have disruptive. an effect what it what's your thought there now why that holds as a fact i believe that on the coast side this is not the 1st absolute of manipulation and he's already off because of tracing it back 220092010 he said interesting experience we have before i get another sense self proclaimed chief scientist big buy to be kind of funny that out of these actors or has been pushed out from the right axis to decode be quick or so we have people who don't play the tar who are since the beginning bullying our father to the hearse which we're also a reference for it could mean the people who for instance they were bullied by

these people and then only know the last 5 to 6 years we see that these people are actively trying to steer top down as it shifts saturdays the face off beat going into his disorder of. star system of egos that are trying to say i am says all she is trying to say my control be quiet now and they're trying to say yeah we have to work for the financial industry exactly the industry that we rebelled against where we own created and or where it's an issue that it needs you know to be fair again in the s. and vironment we've just gone through a year of. bankers dominating the messaging on bit coin it was blocked chain not bitcoin and there was this fear that big queen itself was being removed from the equation and we needed to be more professional we needed to get away from the hackers and the sort of participant who goes and fights isis we need to get away

from that image of bitcoin and then in july 26th seen the bitcoin having these sort of events are when prices leading up to that were of course soaring so the big block reward fell from $25.00 to $12.00 and a half queen per block right to have it came in remember because it is a social justice hard money democracy guaranteeing platform disguised as a get rich quick scheme so when they have a thing pops through the system it triggers foma fear of missing out and it triggers the greed gene and that's what you need to get hatchery up which secures the network and makes it immutable and impregnable so the aga rhythm it seems as though the creators of the big coin protocol hacks society's weakest link and that is the need by some to be greedy extremists by appealing to those folks it actually turns the weakness of humans

into a strength because they more they try to gobble it up the more they try to monopolize it with their secret behind closed doors meetings or their rage quitting the security goes up so it's ingenious genius that takes me actually into philosophy because in philosophy i mean wronged redefined what greed is and i mean runs selfishness and greed are beautiful things as selfishness is loving yourself and greed is pursuing your selfishness and so that's i think shown in the in the big coin realm where we're encouraging greed. you're helping the system we end 2016 and honey badger don't care that my current quit because it coyness still going up and up and up.

and facebook and google started with a great idea and great ideals unfortunately it was also a very dark side. they are constructing a profile of you and that profile is real it's detailed and it never goes away turns out that google is manipulating your opinions from the very 1st character that you type into the search bar it will always favor one dog food over another one comparative shopping service over another and one candidate over another they can suppress certain types of results on what they think you should be see if they have this kind of power then democracy is an illusion the free and fair election doesn't exist the more growth we give them the sooner we are all.

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truck mr president and please introduce my constituents. as we have produced a toast listening to snoop come up when you have because those are the girls who would swing your supporters to your shoe station shouldn't for you should cook dorothy one was do you do the impulse to. thank me to be out. of politics. that's there in a skirt. is it good for their answer.

was done no. among stories that show the u.n. expert on torture says that the way junior songes been treated in recent years of psychological torture is testament came a day after science failed to appear in court if you will help. with all the symptoms that we're looking for a person that has been exposed to psychological crew over a long period of time. probably impeachment case closed schools side to get something from special counsel robert miller's final say on the trump russia collusion with. redrawing the map of the e.u. election see anti establishment parties may.