YouSaid · the spoken record

Jason Lowery

lines on the record: 139
first: 2022-10-05
most recent: 2022-10-05
sittings or episodes: 1
sources: podcast

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“And I appreciate all of the honest feedback. It's extremely helpful. And I hope you can see that I have been incorporating that. Thank you. Thanks for talking to me so long. Sorry. Oh, no, God”
2022-10-05 · We Study Billionaires · BTC098: Proof of Stake (PoS) Versus Proof of Work (PoW) w/ Jason Lowery (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, just on Twitter. I mean, I just use Twitter to Jason P. Lowry, L-O-W-E-R-Y. I just use that as my interface to engage with what I believe are the subject matter experts in here, which is just Bitcoin Twitter. I mean, it's such a bowl of knowledge that I can drink up every day.”
2022-10-05 · We Study Billionaires · BTC098: Proof of Stake (PoS) Versus Proof of Work (PoW) w/ Jason Lowery (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“You should take it extremely seriously from a national strategic standpoint. And the last thing you should do is be too quick to kick it out of your country or disenfranchise it or condemn it because you could be handing the keys to the kingdom over the next 500 years to someone you don't want to hand it to. And so like this is a very serious matter if you consider it from the perspective of national strategic defense, not as a monetary system, but of a globally global physical defense system.”
2022-10-05 · We Study Billionaires · BTC098: Proof of Stake (PoS) Versus Proof of Work (PoW) w/ Jason Lowery (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And so I guess my advice to people is like, if this is a power projection technology, if this is a wholly new way for people to defend themselves there, or particularly their property, better take.”
2022-10-05 · We Study Billionaires · BTC098: Proof of Stake (PoS) Versus Proof of Work (PoW) w/ Jason Lowery (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I totally agree with you. But the problem is China's very authoritarian. And so once they figured out that they messed up, they can pivot quickly too. They can pivot quickly back into Bitcoin.”
2022-10-05 · We Study Billionaires · BTC098: Proof of Stake (PoS) Versus Proof of Work (PoW) w/ Jason Lowery (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And it definitely is because, I mean, To your point earlier, if you've created the most secure system ever, it's going to double as a great thing to monetize, to secure your money. Yeah. Right. So it's like, but just, you know, people also monetize black powder. That doesn't mean that, you know, so you just have to be careful here because of the second point, which is anytime any new power projection technology has emerged throughout history to include black powder, to include torpedoes, to include aircraft, to include nuclear weapons or whatever. Anytime a new power projection technology emerges, it becomes a strategic shelling point. And there's many examples in history where bad things happen because countries don't appreciate its strategic importance soon enough. China just made this mistake, in my opinion, at epic scale.”
2022-10-05 · We Study Billionaires · BTC098: Proof of Stake (PoS) Versus Proof of Work (PoW) w/ Jason Lowery (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“That's silly. It's like listening to doctors about the technical merits of Black powder just because they call it medicine. That”
2022-10-05 · We Study Billionaires · BTC098: Proof of Stake (PoS) Versus Proof of Work (PoW) w/ Jason Lowery (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Because the very obvious incentives, like we heard Diamond talks about. So like the last people qualified to be talking about the national strategic security implications of this power projection technology is the United States Treasury Department is any bank. And so who's running the conversation about the National Strategic Security impacts of Bitcoin right now and why and what qualifications do they have? Because from my perspective, from a guy who actually spends all his time studying power projection technology, I do not think they're qualified to be talking about the technical merits of this technology, at least not about Bitcoin specifically or anything that uses like the proof of work protocol. And so my recommendation to any policymaker that might be listening to this is like the last people you should be listening to are bankers and financiers.”
2022-10-05 · We Study Billionaires · BTC098: Proof of Stake (PoS) Versus Proof of Work (PoW) w/ Jason Lowery (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And so imagine how ridiculous it would be to go to like the United States Postal Office and ask for their technical inputs about the technical merits of Bitstamp just because it was arbitrarily called Stamp. Or imagine how ridiculous it would be to ask a meteorologist about the technical merit of that stuff that stores your emails just because it's called a cloud. So just because we happen to call this power projection system, this massive scale physical defense system that people are using to secure their property, a coin doesn't automatically make it the case that the United States Treasury Department or the United States Federal Reserve is qualified to be talking about the technical merits of this technology. Least of all is the freaking bankers because of the perversity.”
2022-10-05 · We Study Billionaires · BTC098: Proof of Stake (PoS) Versus Proof of Work (PoW) w/ Jason Lowery (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And I say that because like we keep on saying software is an abstraction. What proof of work really represents is a cybersecurity system, specifically a system where people are learning how to defend themselves, learning how to defend the access to their property that they freely value or to defend their policy against systemic exploitation and abuse or just to figure out how to use this thing for all sorts of new cybersecurity reasons. And it was call the coin and people act like it's a coin, but that's just one of many use cases of this thing. And so like, you know, Adam Beck, I talked to him about when he first invented the hash function and he first called the receipt for solving the hash function.”
2022-10-05 · We Study Billionaires · BTC098: Proof of Stake (PoS) Versus Proof of Work (PoW) w/ Jason Lowery (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“A couple things. So this is an example I like to use. When gunpowder was first invented, when black powder was first invented, for more than 200 years, it was considered to be medicine and it was monetized and traded as medicine. So they invented this new power projection technology and they called it medicine for essentially no other reason than the fact that the doctor who invented it was intended to build medicine and named it medicine. And so for that reason, they just called it medicine and treated it as medicine, called it fire medicine. And they noticed that it was quick to hold a flame. They weren't quite sure what medicinal purposes that could be used for, but whatever. The point is, it was a power projection technology. And you could have gone to doctors and you could have said, you know, you could have asked doctors for their professional opinion on how good this black powder stuff is as medicine. But it wouldn't have”
2022-10-05 · We Study Billionaires · BTC098: Proof of Stake (PoS) Versus Proof of Work (PoW) w/ Jason Lowery (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, it's a very tough systemic problem that is multidisciplinary. It combines computer science, it combines anthropology, it combines political history, it combines military strategy, and it combines money. And then you have to be able to like just zoom out and see what the big pictures, like what is the so what. And I think what the so what is for the first time in agrarian society, we figured out how to use a power-based control structure to manage resources and to achieve consensus on the legitimate state of custody of property and to physically defend ourselves in and from through cyberspace. And we've done all these things at the same time and we've done it non-lethally. And it's like, that's huge. This is going to be so much bigger than money if people start using this thing beyond just money. And I think it's going to start happening. And so like that's the message I'm trying to get out.”
2022-10-05 · We Study Billionaires · BTC098: Proof of Stake (PoS) Versus Proof of Work (PoW) w/ Jason Lowery (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“You could use it to defend your against emails. And it's like only a matter of time. So people are going to start using the Lightning protocol and they're going to start using Bitcoin to as like basically a cyberdome to protect people using this physical power infrastructure. They're going to figure it out. It's only a matter of time. And I wouldn't be surprised that it emerges in the next couple years. And it's like, that is such a, in my opinion, like a bigger deal and more importantly and more inevitable deal like of course that's going to be something that happens. Like of course we're going to start figuring out how to use protocols to physically defend ourselves through cyberspace. And for whatever reason, that's just missing. Like people just aren't thinking about that. Maybe that's because people don't think about it often and maybe because I'm the guy that measures watts and because I'm the military guy. I'm just more inclined to see that sooner.”
2022-10-05 · We Study Billionaires · BTC098: Proof of Stake (PoS) Versus Proof of Work (PoW) w/ Jason Lowery (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I guess my point is you could have called Bitcoin anything. It could have been called bit unicorn or just anything. It doesn't matter what it's called. Whatever it was called, it would have still been a major leap in the field of computer science and cybersecurity. Like it's just such a dramatically different way of doing things that is so completely unique and different than no matter what you call it. And it's just that we happen to call it money and we happen to use the first use case for which we started to secure this was as a peer-to-peer cash system. People just get obsessed with this idea as Bitcoin only being a monetary system. It's like, no, what we have done is we've created a giant global scale physical defense infrastructure that people are using to physically defend their what they value, include not just the money and energy.”
2022-10-05 · We Study Billionaires · BTC098: Proof of Stake (PoS) Versus Proof of Work (PoW) w/ Jason Lowery (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“If we've already done it in land, we've already done it in sea, we've already done it in space, you know, of course we're going to do it in the air. Of course, we're going to do it in cyberspace. And so you have to just be looking out like what's it going to be? There's going to be a protocol that people use to impose physically prohibited costs on people in front through cyberspace. And that's clearly Bitcoin. And that was clearly the original intent of Bitcoin. It's supposed to be a denial service countermeasure or a countermeasure against systemic exploitation of software. That's how it started. That's how they talked about it. Yes, Satoshi took it and framed it as a cache, but like we said before, that just happens to be a great use case. One of many use cases that this type of technology could be used to secure, but it isn't limited to just cash. And so I'm in the same boat. It's so frustrating for people to just, especially at big institutions like at MIT, for people just to.”
2022-10-05 · We Study Billionaires · BTC098: Proof of Stake (PoS) Versus Proof of Work (PoW) w/ Jason Lowery (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So, what attracted me to Bitcoin was this like this idea that, of course, of course it's going to be the case that we are going to figure out a way to use Watts to impose physically prohibitive costs on people in and from and through cyberspace to defend ourselves and from and through cyberspace, especially our property, our cyber property, and especially our policies, our rule sets and the software that we use. So like the missing ingredient of cyberspace is the ability to impose physically prohibitive costs in from through cyberspace using Watts. Obviously, we're going to that feature. It doesn't make any sense. Like, I don't understand how anyone can think that we wouldn't go to that future.”
2022-10-05 · We Study Billionaires · BTC098: Proof of Stake (PoS) Versus Proof of Work (PoW) w/ Jason Lowery (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“How do we impose physically prohibitive costs in a completely new domain? So what I'm saying is I know a lot about the use of Watts of Watts for achieving security and the question of how do you start using Watts in a new domain to secure the stuff that you care about.”
2022-10-05 · We Study Billionaires · BTC098: Proof of Stake (PoS) Versus Proof of Work (PoW) w/ Jason Lowery (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And I vent on this real fast. So you came in from the financial perspective. My first job in the military was as a blast and ballistics research engineer where I literally measured the watts of bombs that go off and bullets that go off. So I'm like literally measuring the ability to impose physically prohibitive costs on people in watts. My second job in the military was as a subject matter expert in electronic warfare, specifically directed energy weapons. So once again, using Watts as a measure to impose severe physical prohibited costs for the sake of securing something. Okay, then I transitioned into the world of space, became an astronautical engineer, learned how to use and design spacecraft, and then I was part of the founding team of officers that stood up U.S. Space Command and also U.S. Space Force, which was essentially a question of, well,”
2022-10-05 · We Study Billionaires · BTC098: Proof of Stake (PoS) Versus Proof of Work (PoW) w/ Jason Lowery (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And so far it's going well. I mean, I won't know if it's successful until I publish next year, but man, she's just awesome. She's actually, like I said, she's like one of the world leading experts in system security and Ethereum developers have been starting to go to her conferences. So it's just kind of funny. It's like anytime an Ethereum developer signs up or whatever, she's like, hey, check this out.”
2022-10-05 · We Study Billionaires · BTC098: Proof of Stake (PoS) Versus Proof of Work (PoW) w/ Jason Lowery (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Of the line of thinking with the business school people here, they're just so into Web3 and crypto right now. It's just kind of hopeless. I don't even try to talk to them now. I found the expert in software security and software system security. I found the expert with 40 years of knowledge and started, like literally wrote the book on system security that the whole world uses. And I found her. And she was like, she was also skeptical. She's like, I think it's all a scam. But I was like, okay, then you should be my advisor and let me prove to you using your own area of expertise why Bitcoin is the exception. If I can convince you using your own area expertise of why Bitcoin actually is a major new change in cybersecurity, then wouldn't that be a good thesis? And she was like, okay, cool. So I found her as my advisor.”
2022-10-05 · We Study Billionaires · BTC098: Proof of Stake (PoS) Versus Proof of Work (PoW) w/ Jason Lowery (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“All cryptocurrency research. There's people in the business school, there's people in engineering school, there's people in the computer science school, and they can all, you pretty much have like freedom of action. And so what I did was I found I deliberately steered away from the professors. You're right, I do kind of clash with most.”
2022-10-05 · We Study Billionaires · BTC098: Proof of Stake (PoS) Versus Proof of Work (PoW) w/ Jason Lowery (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Important to me to do this publicly because of my job and the reason why I'm at MIT. I am a U.S. National Defense Fellow. I am an active duty officer. I am researching the national strategic implications of Bitcoin. And I am going to send this straight to the Joint Chiefs once I finish it, right? And I am going to be advising senior policymakers, and I already do. And so I don't want that to be secret. I want that to be an open conversation. And I want to be as fully transparent as possible. In terms of how people at MIT react to it, I have seen the same thing you've seen, which is this like obsession with proof of stake. Like there's that MIT article that talks about like it's such a big deal. And I get in lots of fights with those people. But luckily, the way MIT structured is there's different schools and no one really has any claim over like any particular subject. So there's like not one department that gets, you know, to claim all Bitcoin research.”
2022-10-05 · We Study Billionaires · BTC098: Proof of Stake (PoS) Versus Proof of Work (PoW) w/ Jason Lowery (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And it's true. And then they're going to have a cartoon as their profile picture with laser eyes. But those people have enormous technical knowledge, way more so than you could get from any professors here, or, you know, not all of them, but like most people in any institution, just because this field is so new. And so my approach to this thesis was a grounded theory methodology where I engage in unstructured interviews with the public or with anyone I could find and then just have intellectual debates on them. And then I use their feedback. And that's just the grounded theory methodology is you just use their core concepts and you improve and prove and prove and prove and try to get to what's called saturation. And so yeah, no, like I owe every, all my ideas to the something like 70,000 comments that I've replied to in the last year. Okay, sorry. I just wanted to address that because I do really appreciate all the help and all the people like you that I get to meet that can help kind of shape this.”
2022-10-05 · We Study Billionaires · BTC098: Proof of Stake (PoS) Versus Proof of Work (PoW) w/ Jason Lowery (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, right, there's no such thing as an expert in this field yet. It's too new. And so if you want to find the most knowledgeable people, they're going to be on LinkedIn. Or they're, no, sorry, not LinkedIn, God, no, not on LinkedIn, on Twitter. They're going to be on Twitter.”
2022-10-05 · We Study Billionaires · BTC098: Proof of Stake (PoS) Versus Proof of Work (PoW) w/ Jason Lowery (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I was so afraid to come to Twitter. And I was like, I'm going to say something that gets me in trouble. And sure enough, day one, I say something. The grounded theory methodology. So I'm using a grounded theory methodology, which is essentially you try to interviews, you just talk to people as much as you can. Preferably talking to people who are knowledgeable in your subject matter area. Well, there ain't no such thing as an expert in cryptocurrency. As much as people on LinkedIn like to put it on their profile, right? Like no one ever.”
2022-10-05 · We Study Billionaires · BTC098: Proof of Stake (PoS) Versus Proof of Work (PoW) w/ Jason Lowery (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, so I got invited here. I forgot that's how I got famous is through the bashing of suits on LinkedIn. I forgot about that. Greg Foss, yeah, he was like, GD, you got to come to Twitter. Like, your people are here.”
2022-10-05 · We Study Billionaires · BTC098: Proof of Stake (PoS) Versus Proof of Work (PoW) w/ Jason Lowery (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“God king abstract power building 101 right there is convince people that their physical to forfeit their physical power and the physical constraints protecting them”
2022-10-05 · We Study Billionaires · BTC098: Proof of Stake (PoS) Versus Proof of Work (PoW) w/ Jason Lowery (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I've already been arguing with people on Twitter about it. And they weren't buying it. And so I was like starting to feel insecure. I was like, I don't know if this is the right angle to take. And then Vitalik just flat out says it. He flat out makes the assertion that he can remove the physical constraints, replace it in a virtualized environment. And he's claiming that it will be more secure.”
2022-10-05 · We Study Billionaires · BTC098: Proof of Stake (PoS) Versus Proof of Work (PoW) w/ Jason Lowery (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And so this is a common problem. It's something that software developers do for some reason is they think that for whatever, like they don't realize that system security is a complex emergent behavior and they result of often the result of physical constraints that cannot be replicated in a virtual environment where nothing physically exists. And it was so refreshing to hear him make this assertion because I had already started down this path of making the distinction between proof of work and proof of stake and saying like the reason why proof of stake isn't going to work is because stake doesn't physically exist and what they're essentially doing is trying to make the claim that they can virtualize physical power and still achieve the same levels of systemic security. Like I had already made that argument, I had already written like 50 pages on that for my thesis that I sure.”
2022-10-05 · We Study Billionaires · BTC098: Proof of Stake (PoS) Versus Proof of Work (PoW) w/ Jason Lowery (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“With something digital or with a piece of software. And then you ended up inadvertently removing the physical constraint that was actually keeping that thing safe. And then the rocket blows up or the airplane blows up or the Boeing 737 dive bombs.”
2022-10-05 · We Study Billionaires · BTC098: Proof of Stake (PoS) Versus Proof of Work (PoW) w/ Jason Lowery (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, yeah. But this isn't just true for this scenario. We've studied, at least in my graduate classes, so many different fields make the same mistake. Aviation has made this mistake multiple times”
2022-10-05 · We Study Billionaires · BTC098: Proof of Stake (PoS) Versus Proof of Work (PoW) w/ Jason Lowery (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I study system security of software intensive systems at MIT. Like for whatever reason, I find that interesting. And so I took as many classes as I can on that. And it's actually extremely common. So what's happening here is Vitalik is making the claim that if you remove the physical constraints, it will somehow make it safer or make it more secure. What he doesn't realize is the thing that's achieving the security is the physical constraints.”
2022-10-05 · We Study Billionaires · BTC098: Proof of Stake (PoS) Versus Proof of Work (PoW) w/ Jason Lowery (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, that should raise red flags. Anyone tries to raise the argument that the use of physical power to physically defend yourself by imposing severe physical costs on attackers is somehow bad because of the energy it uses. That's a red flag. That's a God king trying to build an abstract power hierarchy, trying to trap you. And that's exactly what Jamie Dynam here is doing. He's saying, okay, well, you know, this blockchain isn't bad and smart contracts aren't bad, but that thing called Bitcoin, that's bad. And, you know, look at all these bad people. So he's the shark trying to get you to think that your swimming pool isn't safe and he's trying to say, what is safe is this open water where I swim. You just have to be careful.”
2022-10-05 · We Study Billionaires · BTC098: Proof of Stake (PoS) Versus Proof of Work (PoW) w/ Jason Lowery (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“But the point is, whatever you do, don't let people realize the value of physically defending their access to their property or physically defending their policy against systemic exploitation using real-world physical power. Condemn it as much as possible. Get people to forfeit their physical aggression, domesticate them, and then once they stop using physical power, they adopt abstract power hierarchies and then they become... Domesticated animal that you can exploit. And so you'll see this with everything now is they're going to come up with every possible different way to get you to not appreciate proof of work or the use of real power to secure your access to the things that you freely choose to value. And you should just be very, very”
2022-10-05 · We Study Billionaires · BTC098: Proof of Stake (PoS) Versus Proof of Work (PoW) w/ Jason Lowery (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Minus the proof work. So they copy the design of Bitcoin and then they remove the proof of work and they create an abstract power hierarchy where they have the control authority over the ledger in some backdoor way or some trapdoor way through the systemic exploitation of the rules.”
2022-10-05 · We Study Billionaires · BTC098: Proof of Stake (PoS) Versus Proof of Work (PoW) w/ Jason Lowery (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And if you've studied computer science, if you study software reuse, the most common form of software reuse is Majority of cryptocurrencies out there is reused Bitcoin, right? But they tweak it.”
2022-10-05 · We Study Billionaires · BTC098: Proof of Stake (PoS) Versus Proof of Work (PoW) w/ Jason Lowery (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“It's like the wave my hand with wave here and then don't pay attention to the thing that actually matters, which is. Bitcoin, which is cost functions and physical decentralization of control authority over resources. And so that's exactly what Jamie Diamond is doing. And you'll see this with everyone. You'll see this with the CBDCs. You'll see this with Ethereum, for example, is they say that something else is the innovation to try to get you into their...”
2022-10-05 · We Study Billionaires · BTC098: Proof of Stake (PoS) Versus Proof of Work (PoW) w/ Jason Lowery (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, no, this is great because let's use adversarial thinking here. From Jamie Diamond's point of view, to your point, he's the top dog. He's the apex predator in his abstract power hierarchy, right? He's the God king. He needs to do whatever he can to maintain his abstract power. He's talking about because software is so semantically ambiguous and because it's all abstract, a common tactic, and you see this with like the crypto world is you pick something random and you say that's the innovation. So you say, oh, it's blockchain, that's the innovation. Oh, oh, it's smart contracts that are the innovation. Or, oh, it's this or it's, oh, it's that. Everything could be.”
2022-10-05 · We Study Billionaires · BTC098: Proof of Stake (PoS) Versus Proof of Work (PoW) w/ Jason Lowery (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Again, all software is abstract. And because software is abstract, there's a lot of semantic ambiguity about what kind of matters and what doesn't. And so”
2022-10-05 · We Study Billionaires · BTC098: Proof of Stake (PoS) Versus Proof of Work (PoW) w/ Jason Lowery (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Reasonably make the argument that they will have the same immersion properties because they are very physically and systemically completely different systems.”
2022-10-05 · We Study Billionaires · BTC098: Proof of Stake (PoS) Versus Proof of Work (PoW) w/ Jason Lowery (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“That this thing won't be systemically exploited, that these rules that people aren't going to figure out how to abuse the rules. And it's silly to me because people can't even verify that it's not already centralized. People don't know. You have no idea who is behind the stake. So like at least in like, you know, governments, oppressive governments or regulatory captured governments, you at least can see your oppressors and stick. They're anonymous and you have no idea what's behind these people. So it's just extreme, it seems to be extremely systemically insecure. But even if you don't believe that, it is 100% irrational to make the argument that a system based on something abstract, which doesn't physically exist can have the same complex emergent behavior of system security as a system that uses something that is physically real, like power. Like you can't.”
2022-10-05 · We Study Billionaires · BTC098: Proof of Stake (PoS) Versus Proof of Work (PoW) w/ Jason Lowery (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And it's worth just repeating, like, we've created over the last 5,000 years. We have used symbolic language to formally codify abstract power hierarchies where rank is ostensibly decentralized across Senates or voting systems, right? Where we hire something like 500 representatives of rank and we use voting systems and we trust in them to represent us. But over the course of those 5,000 years, time and time and time again, they get exploited. People find a way to systemically exploit the rule set, to take advantage of the abstract power. There is an enormous incentive to do that because it's a giant honey problem. And so when you go to a proof of stake system, what you have once again done is created an abstract power hierarchy and a voting system. And you're just making this claim.”
2022-10-05 · We Study Billionaires · BTC098: Proof of Stake (PoS) Versus Proof of Work (PoW) w/ Jason Lowery (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And so, what are the chances you're going to get? Everyone else who isn't being attacked to come to unanimous conclusion or however much conclusion we need to prove about a reasonable doubt that the censoring is occurring and that it's a bad thing. In most cases of sanctions, people think it's justified and they aren't mad about it. So that's problem number two. And then the third and glaring one is flashing works both ways. Okay, so the honest members can always slash the majority stakers that are abusing their control authority over the ledger, but the people with the majority control authority over the ledger because of their majority stake can slash the honest people back to maintain their majority stake. And so you get basically into slash wars instead of hash wars.”
2022-10-05 · We Study Billionaires · BTC098: Proof of Stake (PoS) Versus Proof of Work (PoW) w/ Jason Lowery (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, but in reality, what you would expect is if someone has that much control authority of the ledger, they would only be using it to denial service certain people, not everyone.”
2022-10-05 · We Study Billionaires · BTC098: Proof of Stake (PoS) Versus Proof of Work (PoW) w/ Jason Lowery (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And what are the chances that everyone's going to believe that, especially when only select few people who might be easy to perceive as bad are the ones being denial service attacked? You see all it with Canada, and then obviously you see it with the sanctions against Russia. Most people, like a lot of people think that it's good that we are denial of service attacking or 51% attacking Russia and censoring their transactions off SWIFT for ideological reasons.”
2022-10-05 · We Study Billionaires · BTC098: Proof of Stake (PoS) Versus Proof of Work (PoW) w/ Jason Lowery (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“On financial systems, Canada being a great example when they started sanctioning or denial of service attacking Canadian truckers A lot of people didn't think that was a bad thing. Okay. So how are you going to achieve consensus from the majority of the people that they should even slash someone if there is some theological or philosophical or ideological reason why they are abusing their...”
2022-10-05 · We Study Billionaires · BTC098: Proof of Stake (PoS) Versus Proof of Work (PoW) w/ Jason Lowery (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Okay, so that's assumption number one, that you can even have attributability. And that's, I don't know how that could happen. Like I can't reasonably figure out how people are going to come to consensus about that. Because if you look at how Vitalik subscribes it is, if beyond a reasonable doubt that we have identified that an attack is occurring, then we could slash. It's like, okay, well, how are you going to achieve beyond a reasonable doubt? Because I don't know how you would do that. Any self-respecting attacker isn't going to put all their stake in one validator. I don't even think they can because I think it's limited. Okay, so that's problem number one. Problem number two, this gets to your point, which is you're assuming that people will think that the synth strain is bad. That almost never happens in actual sanctions.”
2022-10-05 · We Study Billionaires · BTC098: Proof of Stake (PoS) Versus Proof of Work (PoW) w/ Jason Lowery (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“What I do know is that it is physically impossible to verify that stake isn't centralized. So it's going to be really hard to make the claim that there is a 51% attack occurring if it's already physically impossible to verify that it's not or is centralized in the first place.”
2022-10-05 · We Study Billionaires · BTC098: Proof of Stake (PoS) Versus Proof of Work (PoW) w/ Jason Lowery (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Look at the Yeah, there's three main critical problems with the idea of slashing that I see just as a military adversarial thinker. The first one is, first of all, how would you even attribute an attack? So like if someone has 51% control of 50% of all Ethereum and they're staking all of it, right? And so like 50 majority of staked Ethereum is controlled by one person because it's not a physically real thing they can trivially divide that stake across millions of validators and then they could pick which validators they want to use to do to start tactfully withholding transactions from specific targets. Okay, so they call this censoring, but it's just withholding valid transaction requests from the blockchain. And you could do that. And you could do that across validators. Okay, so how do honest people identify that the attack is even occurring if it's happening across millions of different values?”
2022-10-05 · We Study Billionaires · BTC098: Proof of Stake (PoS) Versus Proof of Work (PoW) w/ Jason Lowery (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“That steak isn't already centralized. You just have to trust that it isn't. And then if it is, and then people start to abuse the control authority that they have by virtue of having majority stake, then that's where slashing will supposedly help the honest people because, okay, the honest people can slash the stake of the people that are using it to attack the network or censor transactions or do whatever bad things they can do with the control authority that they have.”
2022-10-05 · We Study Billionaires · BTC098: Proof of Stake (PoS) Versus Proof of Work (PoW) w/ Jason Lowery (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT