YouSaid · the spoken record

BTC Sessions

lines on the record: 50
first: 2021-10-06
most recent: 2021-10-06
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“You guys enjoyed this conversation, be sure to follow the show on whatever podcast application you use. Just search for We Study Billionaires, the Bitcoin-specific shows come out every Wednesday, and I'd love to have you as a regular listener. If you enjoyed the show or you learned something new or you found it valuable, if you can leave a review, we would really appreciate that. And it's something that helps others find the interview in the search algorithm. So anything you can do to help out with a review, we would just greatly appreciate. And with that, thanks for listening and I'll catch you again next week.”
2021-10-06 · We Study Billionaires · BTC046: Bitcoin Full Nodes & Instant Settlement on the Lightning Network w/ BTC Sessions (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Sessions. Thank you for coming on. Thank you for making time and thank you for teaching me so many different concepts and ideas. I really appreciate it.”
2021-10-06 · We Study Billionaires · BTC046: Bitcoin Full Nodes & Instant Settlement on the Lightning Network w/ BTC Sessions (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I mean, just so helpful. I can't agree with you more. Your conviction will go through the roof after you start using the applications, you're seeing the mempool. I mean, you're like, you're totally in, man. It's a little hard to. Unsee some of this.”
2021-10-06 · We Study Billionaires · BTC046: Bitcoin Full Nodes & Instant Settlement on the Lightning Network w/ BTC Sessions (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I have an umbrella running right now. I'm going to stand up another one. And so this is the case that I got that going. Yeah.”
2021-10-06 · We Study Billionaires · BTC046: Bitcoin Full Nodes & Instant Settlement on the Lightning Network w/ BTC Sessions (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Give people a handoff to your YouTube channel, anything else you want to highlight. I'm telling you right now, I'm a stalker on your YouTube channel. I'm like watching everything you put out there. I'm building. I'm there doing it right there with you. I mean, literally, here on my desk, here I'll just show you. Sitting on my desk is a shell with a, you know, a little fan for me to run my”
2021-10-06 · We Study Billionaires · BTC046: Bitcoin Full Nodes & Instant Settlement on the Lightning Network w/ BTC Sessions (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Imagine paying for the Wall Street Journal or Bloomberg or something like that based on your dwell time. Like if you could set up a rate. You would stream stats for the dwell time of like. Reviewing the page. Me, because there's many pages on them there for maybe a second. I'm like, this is”
2021-10-06 · We Study Billionaires · BTC046: Bitcoin Full Nodes & Instant Settlement on the Lightning Network w/ BTC Sessions (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And it's also important that if a person's listening and they stop listening five minutes in, right, because the content was terrible. Content creator is not going to make any money, and they're going to be incentivized to stop doing what they're doing.”
2021-10-06 · We Study Billionaires · BTC046: Bitcoin Full Nodes & Instant Settlement on the Lightning Network w/ BTC Sessions (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Love that point. It's not that everybody has to do it, it's that everybody can do it from the hardware to making the hardware to running the software to all of it. It's just, there's just, I don't know what it was, but there was just such a feeling of self-sovereignty and just like release from the old system just today for me for whatever reason, like just sending people, here's a dollar, here's I sent Luke Groman five cents, right? All five cents went to him and it came from my full node. And I don't know what it was just this feeling of just like, wow, this is the future instantly with no one's permission. Insane, man. It's exciting. It's beyond exciting”
2021-10-06 · We Study Billionaires · BTC046: Bitcoin Full Nodes & Instant Settlement on the Lightning Network w/ BTC Sessions (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I just look at, like, if I'm trying to demo it to a friend, I'll just be like, hey, take out your phone, download Blue Wallet, and they do it and it immediately hits their, you know, their phone. And I'll say, okay, see this right here. Name what you want your wallet to be called and then click lightning and then create and then it creates and I said, okay, well, type in a thousand sats invoice, create the invoice, and then I reach over with my phone and I scan the little QR code that's there and I push send and they get it. And that's like it happened in like a minute. And it's like, okay, now you got Bitcoin on your phone. And like, there you go. You're up and running, right?”
2021-10-06 · We Study Billionaires · BTC046: Bitcoin Full Nodes & Instant Settlement on the Lightning Network w/ BTC Sessions (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“That's what they're thinking. If you have a newbie that's listening, they're just shaking their head and they're saying there's no way Your 40 year old person who knows nothing about finance is going to be setting up this node at their house and doing all these activities and everything else. And obviously, this is true. Talk to us about what does this look like five years from now for the common person who's not going to set up their full node at their house and they're just going to trust something. Some other person in order to just use Bitcoin. What does that world look like? And then talk us through the mechanics of like how that's enabled.”
2021-10-06 · We Study Billionaires · BTC046: Bitcoin Full Nodes & Instant Settlement on the Lightning Network w/ BTC Sessions (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“It's been crazy how much inbound liquidity I've received and how much how well it's balanced with my outbound liquidity. The node is, I mean, it's crazy. It's crushing it Now, what I want to emphasize for people that are listening to this, so if no one's ever had their own node, they don't even know what we're talking about. This just sounds very techie. They might be listening to this and saying, all right, I don't think anybody, I don't think there's any way this scales for the common person to have to go through all this.”
2021-10-06 · We Study Billionaires · BTC046: Bitcoin Full Nodes & Instant Settlement on the Lightning Network w/ BTC Sessions (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I can honestly say when you pointed this source to me, I mean, you just pointed me to this source a couple days ago. It's been...”
2021-10-06 · We Study Billionaires · BTC046: Bitcoin Full Nodes & Instant Settlement on the Lightning Network w/ BTC Sessions (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So going back to just to conclude what you were saying there, the fact that Lightning Labs inserts themselves to basically complete as a closed loop system between you, Wallet of Satoshi Lightning Labs, your liquidity never runs dry. Is that what you're getting at with that? Channel never gets completely set. All the sats are pushed over to Wallet of Satoshi. It's constantly balancing itself in that closed loop system.”
2021-10-06 · We Study Billionaires · BTC046: Bitcoin Full Nodes & Instant Settlement on the Lightning Network w/ BTC Sessions (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Talk to us a little bit about how you think about opening up channels. So, for a person who's listening to this, let's say they just downloaded an umbral full node, they've got it set up and they're like, okay, I'm going to open a channel. How much value should they open? How many channels should they open for your common person who's just wanting to tinker around with this?”
2021-10-06 · We Study Billionaires · BTC046: Bitcoin Full Nodes & Instant Settlement on the Lightning Network w/ BTC Sessions (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“With that, so on the smaller side of transactions, it's very, very cheap to do tiny, tiny transactions on the lightning network. And then if you want to do very, very large transactions, right now, it's still not bad, but that's where the fees come in there is if you're going to drain a billion dollar channel in the future.”
2021-10-06 · We Study Billionaires · BTC046: Bitcoin Full Nodes & Instant Settlement on the Lightning Network w/ BTC Sessions (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Is data? Is how much data are you using in a particular block of transactions? There's only so much data that can be put through the network every 10 minutes on average. And so that's the scarcest resource. If you're doing a lot of stuff on the base layer, it's not how much economic value are you transmitting because we've seen billion dollar transactions for a dollar. So we've seen that happen. It's how many transactions are you putting, how much data are those transactions taking up? With Lightning, it's the opposite. It's the scarce resource is liquidity. And so if somebody, like you said, is locking up their Bitcoin to provide these liquidity lines and you're draining channels in one direction or the other so they need to go and tinker and rebalance and do things with that liquidity. There's a cost associated.”
2021-10-06 · We Study Billionaires · BTC046: Bitcoin Full Nodes & Instant Settlement on the Lightning Network w/ BTC Sessions (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I just can't imagine because when you're looking, and these are 2018, 2019 numbers, you're looking at how many transactions in a day are going through the Visa, Union Pay, MasterCard, and the rest. In 2018, the number was 368.9 billion on an annualized basis. So that's almost a billion a day in liquidity that's flowing through the pipes for micro, small transactions. And then when you think about the fees that are on top of that, the fees are they're out of this universe relative to Bitcoin, which is pretty much free. There's a fee, but it's so small. It's way less than like a tenth of a penny or something like that, right? So like it's meaningless. You don't see it. There's an interesting dynamic here too, contrasting base layer and lightning as to how the fees are equated. Because on the base layer, the scarce resource.”
2021-10-06 · We Study Billionaires · BTC046: Bitcoin Full Nodes & Instant Settlement on the Lightning Network w/ BTC Sessions (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“You're using real Bitcoin. It's locked in these kind of liquidity swabs or these liquidity lines. And it can be settled at any time. Provably, one for one, it's not like debt-based. It's amazing. I love it. And yes, you're right that if they're using that as capital just to lock up back and forth, there's less on the open market for people to purchase.”
2021-10-06 · We Study Billionaires · BTC046: Bitcoin Full Nodes & Instant Settlement on the Lightning Network w/ BTC Sessions (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“It pulls liquidity from exchanges, obviously. And it's interesting because they could do it too as the market cap of Bitcoin grows. Yeah, I could support that. But just in terms of infrastructure, like let's say the market cap supported them coming in, like we hit such a point where there was enough capital in it where they were like, yeah, we could just buy up and lock up a ton of Bitcoin and establish this. There would be no issue with them routing payments because the limitation on a transaction per second, which I love this because it eviscerates the altcoin we're faster and faster and cheaper narrative, the only limitation on them using the network is bandwidth. Like it's effectively millions of transactions per second. It blows everything out of the water because you”
2021-10-06 · We Study Billionaires · BTC046: Bitcoin Full Nodes & Instant Settlement on the Lightning Network w/ BTC Sessions (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Transactional throughput. Here's the one that just really makes my mind explode. What if MasterCard Visa and whatever major credit card company out there says, you know what? We don't want to use the Rube Goldberg machine of clearing anymore that currently exists within our confined networks and we want to actually harness the power of this technology and we want to open up a billion dollar channel with Amazon or we want to open up a whatever channel with you name it like other large cap billion dollar company. And in order to do that based on what you just said, we have to lock up Bitcoin on layer one to open the channel.”
2021-10-06 · We Study Billionaires · BTC046: Bitcoin Full Nodes & Instant Settlement on the Lightning Network w/ BTC Sessions (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“To the investor in me, when I hear locked up, gets very excited. And when you say it makes sense to keep a channel open forever, as long as the liquidity is kind of flowing back and forth, then I think about El Salvador using Bitcoin as legal tender for transactions that require immediate settlement. Like you're not doing layer one transactions when you go into a McDonald's or a Burger King in El Salvador right now. You're using layer two lightning Bitcoin that's using this IOU abacus type thing that's immediately settling. So when we pull the thread on that idea and we think about like where is this going? As far as locking up coins, right? What if another country adopts it that's larger and doing more?”
2021-10-06 · We Study Billionaires · BTC046: Bitcoin Full Nodes & Instant Settlement on the Lightning Network w/ BTC Sessions (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Representation that you had on your channel. And it's impossible to establish network that does not exist on the base layer of Bitcoin. So that's important for people to realize this isn't like a representation or like a PEG's token or anything. It is actual Bitcoin locked in channels between peers that is verifiable at all times on the base layer. It's just locked up in a way where you can easily spend back and forth and be sure that the capital is actually there.”
2021-10-06 · We Study Billionaires · BTC046: Bitcoin Full Nodes & Instant Settlement on the Lightning Network w/ BTC Sessions (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
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2021-10-06 · We Study Billionaires · BTC046: Bitcoin Full Nodes & Instant Settlement on the Lightning Network w/ BTC Sessions (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
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2021-10-06 · We Study Billionaires · BTC046: Bitcoin Full Nodes & Instant Settlement on the Lightning Network w/ BTC Sessions (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
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2021-10-06 · We Study Billionaires · BTC046: Bitcoin Full Nodes & Instant Settlement on the Lightning Network w/ BTC Sessions (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Imagine that every person has multiple channels open to multiple other people and you've got thousands and thousands of lightning nodes with, I think it's up to, I can't recall how many Bitcoin are now locked up in the Lightning network, but it's a lot. And so you've now, instead of having these difficult to find pathways to people, it's just this giant pool of liquidity that can be kind of split up and can flow wherever it needs to flow. It's pretty amazing because you don't need to close channels as long as they're functioning and capital is flowing to and fro. You can leave them. You can earn small fees from doing it, although right now it's negligible. But you can effectively provide liquidity to other people in the network. It's pretty incredible what has been established there and it prevents us from bogging down the”
2021-10-06 · We Study Billionaires · BTC046: Bitcoin Full Nodes & Instant Settlement on the Lightning Network w/ BTC Sessions (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“One Bitcoin to Jack Dorsey, we can effectively, again, kind of, in this case, not six degrees of Kevin Bacon, but the same idea. I can plunk a Bitcoin over to your side of the channel and you do the same to Jack so that you end up with the same amount of Bitcoin. You still got 10 Bitcoins sitting there, but you've also pushed one of the other side of the other channel. So he gets one. So I'm using you as kind of a relay to reach Jack. And we're using these liquidity lines to bump Bitcoin down the line. In my video where I show how to set up a Lightning Node, there's a cool graphic. It kind of looks like beads on an abacus. And you see it slide along and bump into the next node and then the next Bitcoin slides along and bumps down to the next part in the line. So it kind of shows how you can have these lines of liquidity and find pathways to peers. Now, if you imagine”
2021-10-06 · We Study Billionaires · BTC046: Bitcoin Full Nodes & Instant Settlement on the Lightning Network w/ BTC Sessions (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“You, the pre approved signed transaction saying, hey, if you want to at any point, you can now close this channel and have one of the 10 Bitcoins sitting here and I'll be left with nine. And either one of us can do that at any point. And so we're able to transact back and forth with these pre-approved signatures and transactions, these settlement transactions, without ever interacting with the Bitcoin blockchain beyond the initial setup of that channel. So it removes the need to constantly refer to the main chain and put data on it and bog it down with all of that information if we're going to be transacting with each other regularly. You can extrapolate that out. So let's say you have a channel with somebody else, with Jack Dorsey. You have a channel with Jack Dorsey. If I've got a 10 Bitcoin channel with you and you've got a 10 Bitcoin channel with him, if I want to send.”
2021-10-06 · We Study Billionaires · BTC046: Bitcoin Full Nodes & Instant Settlement on the Lightning Network w/ BTC Sessions (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“two keys to unlock that money, but it's locked up and every time I send you a payment, what I'm actually sending is a pre-approved transaction that could be executed at any time and settled to the Bitcoin blockchain. So you receive effectively, let's say just for easy numbers, let's say this would be a massive channel, but we have a 10 Bitcoin channel between us. And I send you a payment for one Bitcoin. What I'm doing is when we establish the channel, if I'm the one who opened it, I have 10 Bitcoin on my side and there's zero on your side. And if we close the channel at any point, which either of us can opt to do, that results in me getting my 10 Bitcoin back and you getting nothing back. But then when I AU a Bitcoin, I'm sending.”
2021-10-06 · We Study Billionaires · BTC046: Bitcoin Full Nodes & Instant Settlement on the Lightning Network w/ BTC Sessions (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“It's insane. So it's like, hey, Jack Dorsey has not rolled out the interface, right? But it's already plumbed. It's all there. Like you don't need him to roll it out. Like you can do this right now with just screen capturing whatever, a QR code and posting it on Twitter. Like it's crazy. Beautiful. It is. So talk to us about layer two. So what we're talking about is layer two Bitcoin. So people that are hearing this start thinking, okay, well, how's it happening instantly? I've heard it's 10 minutes, right? So talk to us just about the basics of layer two lightning. We call it lightning Bitcoin. What's going on here? I guess let's talk about what a lightning channel is and then we'll kind of extrapolate out to how that then has liquidity around the planet effectively. If I were to create a lightning channel between myself and you, what I'm doing is I'm locking up capital.”
2021-10-06 · We Study Billionaires · BTC046: Bitcoin Full Nodes & Instant Settlement on the Lightning Network w/ BTC Sessions (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And they posted an invoice on Twitter in the comments section, and I was able to pay it. It's crazy, crazy, which you're talking about when you say self-sovereign. It's unbelievable. And, like you're saying, as we're still kind of on that node idea, when you're running a full node, you can then also run all of these great applications alongside your full node. Like you just referenced a Lightning node, which allows for instant settlement for basically no fees or like very negligible fees. You can send microtransactions. And the beautiful part about that, again, you're running the protocol yourself. You're holding your self-sovereign wealth, which is unconfiscatable, and you're sending it in a millisecond across the world with liquidity lines that you yourself established with peers and is doing a six degrees of Kevin Bacon and landing in London in an instant. It's insane.”
2021-10-06 · We Study Billionaires · BTC046: Bitcoin Full Nodes & Instant Settlement on the Lightning Network w/ BTC Sessions (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Posting these $1 invoices with their wallet on their smartphone. And here's the beauty. I was just scanning it with my smartphone on my desktop computer. And I was pushing send, which was linked to my full node where I had opened however many channels based on all the videos that you taught me. The feeling to know, and then the people were when they were receiving it instantly, the one dollar that I sent to wherever. I could have been five cents. It could have been one penny. It could have been one penny. And then they're posting the receipt and they're like, oh my God, you just paid me a dollar. I'm in London. Like, how did that happen? And in my mind, I'm thinking, this is coming off of the node. I need nobody's permission. Absolutely nobody. No bank. No Bank of America. I have no idea what the bank is in Europe or wherever it even went. I mean, the person could be in China. The person could be wherever.”
2021-10-06 · We Study Billionaires · BTC046: Bitcoin Full Nodes & Instant Settlement on the Lightning Network w/ BTC Sessions (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“That can use the strike application on the receive side. So, like the little icon's not showing up on just tons of people's accounts on Twitter. Most people, I would say 90% plus, don't even have this. Well, I made a comment about how powerful this is, how it's instant settlement and finality and all that kind of stuff that we talk about. And I got a bunch of people in the comments that said, well, not here in London or not here in New York where strike's not enabled and like all these comments from all over the planet. And so I made the comment. I said, well, how about this? Download your MUN wallet or download blue wallet on your smartphone and post the invoice. Take a screenshot of the invoice and post it here on Twitter. I'm going to show you that it works on Twitter. So these people were posting, and I don't know how many I paid today, probably 30 or whatever. There's these people.”
2021-10-06 · We Study Billionaires · BTC046: Bitcoin Full Nodes & Instant Settlement on the Lightning Network w/ BTC Sessions (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I think it's such a great learning opportunity to actually truly understand what you own because you get to see, oh, I can run this thing. I can put it on a little computer for a couple hundred bucks and connect my wallets to it. And not only am I self-sovereign in holding the keys to my money, which if I store them properly, my wealth can't be confiscated, but people can't even screw with the protocol that I'm using. It's truly liberating. I got to tell you this story. So today on Twitter, you know, most of the people that are listening to this are listening to this from the future. So Twitter just recently rolled out this tipping portion on their website where you can click the button and then you can provide a tip over Bitcoin to whoever has it enabled on their site. Well, the way that Twitter is rolling this out is it's only been enabled on a few people's computers. Anybody who's state size.”
2021-10-06 · We Study Billionaires · BTC046: Bitcoin Full Nodes & Instant Settlement on the Lightning Network w/ BTC Sessions (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Sure, we'll get into lightning later too, but it's the difference is night and day from the first time I tried lightning to today. And the same thing can be said of running a node. Like now, I currently run a node called Umbral. You can buy some cheap parts on Amazon. I think I put it together for like 200 bucks. And then you put some software on an SD card and you plug it in. You're running a copy of the Bitcoin blockchain. Every transaction that's ever occurred. It's on a little device that takes next to no power. It takes a little bit of bandwidth initially when you're downloading the blockchain. But then after that, block size is minimal and you got to re-upload to peers in the network. But it's really not that much bandwidth and cost to run. And then you can link all your wallets to it. So you're eliminating trust. And for those that are just that just buy Bitcoin and they just hold it.”
2021-10-06 · We Study Billionaires · BTC046: Bitcoin Full Nodes & Instant Settlement on the Lightning Network w/ BTC Sessions (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Wants to change, it's like voting for my favorite political party and them losing. And I still get to follow their policies moving forward. That's a great way to frame it. That's what 2017 established was hey, running a node is important because it prevents attacks of all kind, whether it be state or whether it be corporate or whatever the case may be, you get to decide what Bitcoin is and it becomes kind of a, it is consensus. It's a consensus mechanism amongst everybody. My first foray into running a node was in 2017. It was much more difficult back then. I wasn't fully understanding what I was doing. I wasn't understanding that I needed to connect wallets. And that was hard to do. It has become incredibly easy in these past couple years. It is insane. And the innovation, which is still difficult for some of us.”
2021-10-06 · We Study Billionaires · BTC046: Bitcoin Full Nodes & Instant Settlement on the Lightning Network w/ BTC Sessions (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Apart from some financial futures markets that were tracking what the value of said coin would be was also the fact that people were running nodes. And in running a node, when you have an, what I consider an attack like that, where somebody wants to change the protocol, your node effectively ignores that. It ignores that change. You get to say, this is what I see Bitcoin as this is the software I'm running. And if you try to change that protocol on me, my wallets are all referencing my own node and it will ignore anything that you try to do. So in Trace Mayer was the metaphor of that's your vote was kind of true, but it's better than a vote because in a vote if you're in the minority, you can still lose with my node. It doesn't matter if 80% of the network.”
2021-10-06 · We Study Billionaires · BTC046: Bitcoin Full Nodes & Instant Settlement on the Lightning Network w/ BTC Sessions (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Since that time may not be privy to SegWit 2x and what was effectively an attempt to, whether altruistically or maliciously, it's irrelevant, overtake the protocol, right? It was 80% of the miners. It was the top 50 companies in the space, which was effectively everybody, all came together and said, hey, we're going to change the protocol in a non-backwards compatible way so everybody, if you know, we're going to say that this is Bitcoin. If you don't upgrade, you're not using Bitcoin. And we're going to actually boot out the team of developers that has been voluntarily maintaining this protocol for years now. And we're going to install our own set of devs, which actually was just like one dude. And they said, okay, well, this is what it's going to be. The reason that that failed so spectacularly.”
2021-10-06 · We Study Billionaires · BTC046: Bitcoin Full Nodes & Instant Settlement on the Lightning Network w/ BTC Sessions (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“You reference somebody else's copy of the node, you're trusting that the information they're feeding you is accurate rather than running and hosting that information yourself. And you're also kind of trading off some privacy there. So when you call to somebody else's node, they can effectively see your transactions, in some cases, depending on the wallet, your IP address. Therefore, your location, all of the addresses associated with said wallet, what software are you running, all of those things kind of get given up as you reference other people's nodes. And hopefully it's not a malicious one, right? Hopefully it's not chain analysis trying to track everything and keeping a record of it because that's a honeypot as well. So you regain that privacy by running and referencing your own node. There's a couple other things to consider too. You just referenced 2017. And those that have kind of come.”
2021-10-06 · We Study Billionaires · BTC046: Bitcoin Full Nodes & Instant Settlement on the Lightning Network w/ BTC Sessions (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And so explain some of those differences for people that are maybe new to the space and then talk about your own like the first time you stood up a full node and just kind of like what it meant to you I'll preface this by saying if you own Bitcoin in a wallet you know if even if it's not with a custodian if it's sitting in your own Bitcoin wallet or your own hardware wallet, whatever the case may be, if you're also not currently running a node, you're trusting somebody else to run one for you. So you're referencing somebody else's node. And so people have the question, well, what's the benefit of a node? Why might I do that? So a node basically hosts a copy of every Bitcoin transaction that has ever existed since the dawn of Bitcoin back in 2009 and a copy of the rules that effectively govern the protocol. So when”
2021-10-06 · We Study Billionaires · BTC046: Bitcoin Full Nodes & Instant Settlement on the Lightning Network w/ BTC Sessions (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“The thing I remember, you know, I was following Trace Mayer at the time really closely. Trace just kept beating this drum. You know, you need to run a full node. That's your vote. Your vote is the full node. And it just didn't really make sense to me at the moment because you're looking at the whole mining side of things. Then this guy's over here talking about a full node. I'm thinking like, well, how is that different than a mining rig? It just didn't make sense.”
2021-10-06 · We Study Billionaires · BTC046: Bitcoin Full Nodes & Instant Settlement on the Lightning Network w/ BTC Sessions (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I'm going to start a channel. I'll make one video per week about whatever I feel like covering. And I literally have not stopped for five years. And I've upped the number of videos I'm doing. So here I am. The show's been around since June of 2016. And there's been about 5 million views across my various tutorials and stuff. So I'm just happy to be here. I'm very happy to say that this is now what I do full time. I just do the channel and it's great. Incredible. The thing that I'll tell you is it's not amateur hour. Like you're there, it is so professional. It's so easy to follow. Talk to us about running a full node because this is the thing that I've really kind of grown to appreciate in a major way. My personal story, just to kind of tell you, I remember in 2017 when we were going through this big debate on the Segwit update.”
2021-10-06 · We Study Billionaires · BTC046: Bitcoin Full Nodes & Instant Settlement on the Lightning Network w/ BTC Sessions (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Message boards with instructions, but it was effectively trial and error for a long time. And at about the two-year mark, I was like, well, I've done some basic video editing for vacations and stuff that I've gone on. I previously used to perform. So I sang in an a cappella group and I used to teach little kids how to break dance for a decade. So that was my, I want to learn how to do a windmill. I'll teach you a backflip. How about that? But yeah, so that was kind of my background I had. I guess there was the element of education there, right? I spent 10 years teaching breaking down complex dance moves for school-age children, which is very, very similar to breaking down complex technology for adults. As long as you understand what you're doing, you can then, if you have the ability to explain anything, then you can explain anything that you understand. And so I figured, hey,”
2021-10-06 · We Study Billionaires · BTC046: Bitcoin Full Nodes & Instant Settlement on the Lightning Network w/ BTC Sessions (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So it was like pandemonium, and like I was lucky enough that I took those few months of reading to kind of understand what the hell was going on because otherwise it would have just panicked and laughed. But I had a good enough understanding at that point to realize, well, hey, this is just a poorly run company that didn't know how to secure people's money and nothing has changed with the protocol itself. So I just kind of, I kept going. I kept learning. And, you know, I had friends kind of making fun of me at the time. I spent a good two years just on my own trying to absorb whatever I could. I noticed that it was difficult to learn basic concepts. Like there was no, I learned visually. And so I was looking for videos of people saying, okay, do this, do this, plug this in, type this. And there was very little, if any, most of it was like people were nice enough to, you know, write blog posts or put stuff on.”
2021-10-06 · We Study Billionaires · BTC046: Bitcoin Full Nodes & Instant Settlement on the Lightning Network w/ BTC Sessions (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Tell us your story. Tell us how did you find Bitcoin? Like, what got you into this? I had the typical number go up attraction early on. I had a few touch points through 2013 noticing it. You see, oh one day it's 10 bucks and then a few months later you see it and it's 100 bucks and you see it a few months later and it's a thousand bucks and you're like every step of the way you're thinking oh I missed the boat I missed the boat I missed the boat and so you know I had very much that story right around that peak, I didn't immediately, this was 2013's peak of around 1200. I didn't immediately say, oh, I'm going to, I'm going all in. I said, well, maybe there's something here. It's either a massive Ponzi scheme or there's something more. And so I ended up spending two, three months trying to read and learn about it and everything. And then I got up the guts to make my first purchase on a Canadian exchange and get it into a wallet. But I bought the same week that Mt. Gox collapsed.”
2021-10-06 · We Study Billionaires · BTC046: Bitcoin Full Nodes & Instant Settlement on the Lightning Network w/ BTC Sessions (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“When I was doing this, I was like, Oh my God, this is so much work. And then I discovered podcasting, and I was like, all right, so I can just like record conversations. I don't have to do like any video content or like moving things around so people can graphically understand what I'm talking about. Like there's so much more value in the video base because you can graphically see what's happening. But creating content-wise, like audio was just way easier and like just kind of fit my schedule better and whatnot. And so I just went into the podcasting space and kind of abandoned video. And so I just have such an appreciation for like what you're doing is so involved and requires so much trial and error. So bravo to you and great to have you here. Well, thanks, man. It's been a work in progress, but I feel like I've been able to streamline it a little bit five years in. I've had enough screw ups and corrections that you kind of eventually get a handle on it.”
2021-10-06 · We Study Billionaires · BTC046: Bitcoin Full Nodes & Instant Settlement on the Lightning Network w/ BTC Sessions (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“To have you dude, thank you for having me. And I'm going to start off right away by telling you a secret. What you don't see is me doing it once and screwing up masterfully and then doing it one more time with Gusto in a camera. That's kind of the secret there. No, it just takes so much work. It's funny because when I started, people might not know this, but I started this website years ago. I mean, almost like a decade ago. The website taught people how to do value investing. It was all about Warren Buffett's style of investing. And I had these online videos that were instructional, kind of like what you do.”
2021-10-06 · We Study Billionaires · BTC046: Bitcoin Full Nodes & Instant Settlement on the Lightning Network w/ BTC Sessions (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So, like I said in the introduction, I'm here with BTC sessions. Great to have you on, which you don't realize is I'm pretty much a stalker on your YouTube profile. I mean, I have a little bit of a tech understanding of like what's happening, but I mean, it's just, it's the basics, man. And your videos online are just incredibly professional. You go step by step and you frame them up for people like me that just don't have any clue what we're doing when we're building a full node like literally like buying the different hardware components, putting them together, then running the software and like all this kind of stuff. Like you're going step by step and you're doing it in a way that's just so accessible. I mean, I'm a fan. I'm a huge fan.”
2021-10-06 · We Study Billionaires · BTC046: Bitcoin Full Nodes & Instant Settlement on the Lightning Network w/ BTC Sessions (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“A Twitter post, so we know you heard this discussion. So, without further delay, enjoy this awesome chat with the talented BTC sessions. You are listening to Bitcoin Fundamentals by the Investors Podcast Network. Now for your host, Preston Pish.”
2021-10-06 · We Study Billionaires · BTC046: Bitcoin Full Nodes & Instant Settlement on the Lightning Network w/ BTC Sessions (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“You're listening to TIP. Hey, everyone, welcome to this Wednesday's release of the podcast where I'm talking about Bitcoin. If you've noticed that my voice sounds a little bit different, that's because this is what I sound like when I'm on vacation and forgot to record the intro to the show with my professional sound equipment. But hey, the show was recorded with the proper gear and the guest is an absolute beast of technical knowledge and competence when it comes to Bitcoin. My guess goes by the handle BTC sessions and he's going to break down the differences between Bitcoin mining and running a full node. He'll also describe why many people listening to this show might want to run their own full node of their own. We get into what it means to be opening channels on the second layer of Bitcoin and how it enables immediate, permissionless transactions to anyone in the world. We cover these ideas in much, much more, and as a final note, if this episode inspires you to run your own full node, please be sure to tag BTC sessions and myself.”
2021-10-06 · We Study Billionaires · BTC046: Bitcoin Full Nodes & Instant Settlement on the Lightning Network w/ BTC Sessions (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT