YouSaid · the spoken record

Jimmy Song

lines on the record: 89
first: 2021-01-20
most recent: 2021-01-20
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

“Would be you first send 100 Bitcoins to an exchange, right? As part of that block, say that they don't wait for more than one confirmation, in which case you get credited right away. Somehow you're able to withdraw, I guess 100 Bitcoins is like 35,000. I guess three and a half million dollars or something like that.”
2021-01-20 · We Study Billionaires · BTC009: Bitcoin Engineering w/ Core Developer Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Here's what a 51% attack is. Every 10 minutes, you essentially get a new page in the ledger. We call this a block, right? It's a list of transactions that's into the ledger that every node in the world validates as consistent with the rest of the ledger and so on. But once in a while, though, you'll get two candidates for the next page and they might have some differences. And in that case, every node is supposed to figure out like wait until one of them has an additional page built on top of it. And whichever is longer, that's what they keep. So at any time, if you see a longer chain than the one that you currently have, then you're supposed to take the longer chain with more proof of work. That's at the heart of what A51% PEC is, is it rearranges the ledger in some way. So a very simple 51% attack.”
2021-01-20 · We Study Billionaires · BTC009: Bitcoin Engineering w/ Core Developer Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Bitcoin at that point had 20% of the hashing rate. The other 80% would be mining at a loss. And they would either go bankrupt or have to switch. So in a sense, the miners, this is one of the things that we recognize after game theorying out everything is that the miners work for the network. It's not that the network works for the miners. And that was one of the big key things that we learned out of that whole year was that wherever the miners are, economically, they are incentivized to go with the strongest network, the network that the users want. And that's why users are ultimately sovereign over the entire network.”
2021-01-20 · We Study Billionaires · BTC009: Bitcoin Engineering w/ Core Developer Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“2016 blocks. After 2016 blocks passed, then it goes back more or less towards 10 minutes anyway. Now it's possible that the miners collute to try to attack the network. And there was a lot of discussions around that. But that ends up not being that much of a threat, just given what we've learned about different forks. For example, Bitcoin Cash right now has like 1.5% of the hashing rate of Bitcoin. any large miner could easily attack Bitcoin cash, but they don't. In part because they don't matter. In a sense, if you've already won, then you don't really care. And the thing is, like, the economic game theory is such that whatever has the more economic value, that's where miners will be incentivized to go. You'd be mining at a loss and have a tremendous opportunity cost if you mine on a worse chain. So even if”
2021-01-20 · We Study Billionaires · BTC009: Bitcoin Engineering w/ Core Developer Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“As far as sort of the decentralization aspect of this hashing power, if China went offline tomorrow, if the Chinese government said that it is illegal to mine in our country and just completely raided all of these mining facilities and shut them down, what would happen? Well, you still have the other 50% of hashing power. And that means that blocks would be slower, fees would be higher, but the Bitcoin network would still chug on. And in fact, this was one of the arguments during Segwith 2x was even if the miners held 80% of the hashing power, which we thought was on the high end of the miners that would cooperate with Segwit2X, Bitcoin would still have 20% of the hashing power. So, you know, you get 50 minute blocks hour blocks, something like that. It would still keep chugging along. And because Bitcoin has difficulty adjustment every”
2021-01-20 · We Study Billionaires · BTC009: Bitcoin Engineering w/ Core Developer Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“They have access to the equipment and they were able to go to these hydroelectric dams during rainy season when electricity is especially cheap and get a lot of that excess capacity and use it for mining and so on. After rainy season, they might go elsewhere and so on. But that's sort of been why mining has been concentrated in China. But the latest reports that I'm seeing is that less than 50% of all hashing power is now in China. There are countries that you wouldn't expect that have a significant amount of hashing power right now, including countries like Iran, which apparently currently has somewhere around 8% of all hashing power, which I think is more than Canada, which is kind of crazy. There are other places like Russia and Kazakhstan and Sweden and Iceland that have access to really cheap electricity that end up going towards those as well.”
2021-01-20 · We Study Billionaires · BTC009: Bitcoin Engineering w/ Core Developer Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Is these dams that can generate a lot of electricity, but it's not worth transmitting them to sort of the nearest city beyond the certain amount because it costs too much. So the uniqueness of Bitcoin mining is that the”
2021-01-20 · We Study Billionaires · BTC009: Bitcoin Engineering w/ Core Developer Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“A lot of that hashing power is in China right now. And the reason is actually much more practical than you would think. Essentially, a lot of chip manufacturing is in that region, a lot of heat sinks and parts, transistors and all that stuff. It's all manufactured over there. It's not a surprise that a lot of the people that can take advantage of that are Chinese. In addition, they also have a lot of really cheap electricity, in large part because the Chinese government has subsidized the construction of these like very large hydroelectric dams. And basically in the middle of nowhere, right? Because if you're building a dam, you don't want a New York population center because if something happens to the dam, then the population center is screwed. So these are often in the middle of nowhere. And as a result of that, because of electricity transmission costs, what you end up having”
2021-01-20 · We Study Billionaires · BTC009: Bitcoin Engineering w/ Core Developer Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“It was significant because, like you said, you're master of your own node. If you run the code, they can't make you change it. And that's essentially what these corporations were trying to do is say, you have to run the code that we tell you. And the user said, no, no thanks. And they managed to get everybody else to capitulate and segue what 2x never happened, although Bitcoin Cash did happen. And that was an interesting experiment as well because we didn't know if a hard fork would survive and it did. And it still survives to this day, although it has very little of the value, like I think it has like one and a half percent of the value of Bitcoin or something like that taught us a lot of lessons and it showed us essentially that Bitcoin is anti-fragile in many ways.”
2021-01-20 · We Study Billionaires · BTC009: Bitcoin Engineering w/ Core Developer Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, and that was a significant moment in Bitcoin's history. And for me, it proved that the corporations weren't in charge. This is just so rare in anything because Whenever like corporations and government get together, they get whatever they want. That's right, anywhere. And this is the one instance where like all these corporations came together and they failed. And the users won. And it was just sort of like, what? We could win. This is actually possible.”
2021-01-20 · We Study Billionaires · BTC009: Bitcoin Engineering w/ Core Developer Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“You know what? Like, you guys can do whatever you want, but we're going on our own way. We're going to have something called the user activated software. And we're going to activate SegWit, no matter what you want to do. And that one, that made the miners capitulate.”
2021-01-20 · We Study Billionaires · BTC009: Bitcoin Engineering w/ Core Developer Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“The activation thing, the mechanism in 2017 was something called BIP9. And essentially what BIP9 does is it waits for miners to say that they're ready. 95% of mining hash power to say they're ready before it actually activates. It was meant to be sort of like a courtesy to the miners, like, okay, you guys need to update this. And then when you're ready, we'll trigger it. They saw it sort of as like their ability to veto this change. A lot of people in the community didn't like that. And this led to a lot of words back and forth and then Barry Silber came up with the SegWit 2X agreement, which like none of the users were invited to and none of the developers did it. It was just a bunch of companies. And of course, there was a lot of strife and arguing back and forth. Ultimately, the users won because they said, all right.”
2021-01-20 · We Study Billionaires · BTC009: Bitcoin Engineering w/ Core Developer Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Code has been merged into the latest release, but it's not activated yet. And right now the point of contention is how do we activate it? Because the last activation system that we used in 2017 didn't go so well.”
2021-01-20 · We Study Billionaires · BTC009: Bitcoin Engineering w/ Core Developer Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So it's been in development for a few years now, and it's had a lot of different people contribute to it. I think Peter might have written the actual code at the end that's being merged, but AJ Towns and lots of other developers, I would say easily 10 developers have worked on this. And, you know, there's been a lot of another 20 or so that have reviewed it. There was a Bitcoin core review club where they just went over all of the different aspects of Taproot and went over the code and had basically kind of reviewed it as a group and so on. So it's been going on for a couple of years. This past year, I think, was a lot of review. They found some things that they wanted to change. So it had to be resubmitted. I believe the”
2021-01-20 · We Study Billionaires · BTC009: Bitcoin Engineering w/ Core Developer Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“At that point, the fees are the majority of minor revenue and the having after that, it'll be over 75% and so on. So I suspect that that will continue to be the case and that will sort of change the economics quite a bit where miners will be very hyper vigilant about fees and making sure that they take the best transactions that pay the most and like optimizing for that rather than like finding the block, which many miners do. They'll find like an empty block to just get that reward sometimes because it's optimal for them. But that will no longer be the optimum at a certain point when fees are the majority.”
2021-01-20 · We Study Billionaires · BTC009: Bitcoin Engineering w/ Core Developer Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Well, I mean, they're not going to capture as much of the fee because essentially you'll be able to fit more transactions in a block. But I mean, transaction demand is continually increasing. And I think that's just going to be the case as Bitcoin gets more popular. His question, though, is about how will this transition happen? Because right now miners are getting the minor reward, which is 6.25 Bitcoins. and Bitcoin fees, which I think is around one Bitcoin, if I'm not mistaken. Two more halvings from that. I think that.”
2021-01-20 · We Study Billionaires · BTC009: Bitcoin Engineering w/ Core Developer Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“On a per input basis. So that means that it's going to be cheaper. So as a result, what you end up getting is coin joins, lots of coin joins, it's economically incentivized, so more people will do it, meaning that the anonymity set gets bigger and you get more fungibility, if you will.”
2021-01-20 · We Study Billionaires · BTC009: Bitcoin Engineering w/ Core Developer Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So for example, what a coin join is, is you take all your inputs of a transaction and all your outputs and combine it with lots of other people's inputs and lots of other people's outputs. And that sort of obscures where your coins are going. Right now, if you have like 10 inputs and 10 outputs, well, then you have 10 inputs worth of pub keys and signatures, which Schnorr, you reduce them down to one and one, which will be after taproot. with cross input, what you can do is you can take all 10 of those input signatures and combine them down to one, all 10 of those input hub keys and combine them down to one. So now you only have one signature and one pub key for 10 inputs. And it matter if you have 10 inputs or 30 inputs, right? It's always one signature and one pub key. So from a fee perspective, you have less data going in.”
2021-01-20 · We Study Billionaires · BTC009: Bitcoin Engineering w/ Core Developer Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“By making it economically advantageous to combine transactions with other people, which I think will be really good for Bitcoin privacy.”
2021-01-20 · We Study Billionaires · BTC009: Bitcoin Engineering w/ Core Developer Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Signature is like 70 something bytes, and a pub key is like 33 bytes. So if it's a large multisig, like five or seven, it adds up and it gets kind of expensive. What Schnorr allows you to do is to aggregate signatures and aggregate pub keys. So that means that you might have seven pub keys. You can aggregate it down to one. So it ends up being like 32 bytes or something like that. A signature instead of like five times 73 bytes because of the new formatting and stuff like that, it ends up being a single thing of 64 bytes always. So all of those things are absolutely wonderful for sort of saving block space and getting it in cheaper and stuff. But the real thing for me is the next upgrade, which this enables, which is cross input aggregation, which eventually will incentivize CoinJoins.”
2021-01-20 · We Study Billionaires · BTC009: Bitcoin Engineering w/ Core Developer Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Unlock a particular coin. So, this can be very useful for security. So you can, for example, have a single key that had the single key, you could have as a backup three, four of your friends whom you give slices to or you use their keys or something like that, then they can recover your coins for you, which is absolutely magical, right? That's a huge win from a security standpoint. There's also something called Schnorr signatures, which let you essentially do multi-sig, but in a way that it's not obvious. So right, it doesn't take up as much block space. Right now, if you're doing like a two of three multisig, on the blockchain as part of the transaction that unlocks that two of three multisig, you have to have two different signatures and three different pub keys that are in it. And those are fairly expensive.”
2021-01-20 · We Study Billionaires · BTC009: Bitcoin Engineering w/ Core Developer Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So taproot is something that Greg Maxwell, I think, proposed a couple of years ago. And it's gone a lot of things and there's a lot of different technologies that are sort of clumped in with taproot. But essentially, it allows you to sort of get a little bit more privacy. Currently, if you are a single key address, it's pretty obvious that you're a single key address versus a multi-sig address. What TAP does is it combines those. So you can't tell if it's single sig or multi-sig just by looking at the address. It allows a lot more complicated logic that is very useful. So instead of two of three, you could have two of three or four or five or seven of eight, many more different combinations. And you can essentially have many, infinitely many conditions to”
2021-01-20 · We Study Billionaires · BTC009: Bitcoin Engineering w/ Core Developer Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Of course, not every node is sort of like broadcasting or connectible or what Luke Dash Jr. calls reachable. So it's possible that those statistics aren't exactly accurate, but at least you can get a good idea of who's running previous versions. But generally, what I've noticed is that node operators, or if you're running your own node, generally what people will do is they won't upgrade until, I don't know, six months after its release. A lot of car buyers are the same way. they won't buy the newest year model if they just changed everything they'll buy the year after because they'll you know fix all of the things that they didn't think of or whatever that's that's a perfectly legitimate way to go especially when you're talking about other people's money different people have different risks profiles but that's that's the beauty of it is that you don't have to upgrade if you don't want to but there are benefits to upgrading so many people do”
2021-01-20 · We Study Billionaires · BTC009: Bitcoin Engineering w/ Core Developer Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I think Jameson Laup has Satoshi.info or something like that. And you can go look at what clients people are running. And you can query the network. They can lie to you, but there's no real reason to. And you can find out what client they're running. And it might be, most of them are running Bitcoin or I think something like 90% or some version of Bitcoin Core, but others are running BTCD or Bitcoin or some of these other clients. And you can find out.”
2021-01-20 · We Study Billionaires · BTC009: Bitcoin Engineering w/ Core Developer Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Then you have to go and get the upgrade, but you can run software from 2014 if you want to, and it'll still work on the network. If you want these new features, it's sort of like gives you a natural incentive to go do it.”
2021-01-20 · We Study Billionaires · BTC009: Bitcoin Engineering w/ Core Developer Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“One of the things about Bitcoin that I think more or less unique among all of the other altcoins and so on is that it's always backwards compatible. So you don't have to upgrade if you don't want to. It'll run just fine. That was true of SegWit as was every other update, more or less. It didn't require quote unquote a hard fork, which would be a backwards incompatible. So because it's a backwards compatible, no one forces anyone to upgrade. But if you do upgrade, you get all these benefits. For example, you have one of the things that SegWitfix was transaction malleability. You can now do Segwit transactions using an upgraded node, which don't allow transaction malleability. And if you don't have transaction malleability, well, now you can open Lightning channels much easier. And that means that you can use it for a Lightning wallet and so on. So there are all these benefits. If you want to use that,”
2021-01-20 · We Study Billionaires · BTC009: Bitcoin Engineering w/ Core Developer Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Decentralized. Then Bitcoin Core isn't the only software that runs quote unquote a full node or validates the entire ledger and so on. There's also something called BTCD Bitcoin. There's another one written in C by Amir Taki. I can't remember its name for some reason. And there's another one written in Haskell and so on. So there's a lot of different software that can do essentially the same thing. And they have their own processes and so on. I'm just describing to you Bitcoin Core because that's the one that most people tend to use because it's based on Satoshi's original software and so on.”
2021-01-20 · We Study Billionaires · BTC009: Bitcoin Engineering w/ Core Developer Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Were a lot, I mean, there were literally like 20 people that reviewed it, and multiple people that made sure that everything worked the way it was supposed to and so on. That level of caution is definitely good because it makes sure that nothing bad gets in. But at the same time, it's decentralized because anyone can fork the code at any time, right? I can copy the entire code base and run my own software with whatever changes I want. Now, if I make a mistake in that code, then it's entirely my fault. That's sort of like anyone's right. So Luke Dash Jr., for example, he's a core developer. He has his own fork called Bitcoin Knots. And that has some of the enhancements that he wanted to see that core developers didn't necessarily agree belong there. So he made his own and you can go run Bitcoin knots if you want. He makes it available. And that's part of what makes it”
2021-01-20 · We Study Billionaires · BTC009: Bitcoin Engineering w/ Core Developer Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Bitcoin Core basically is a project on GitHub right now, although I think Vladimir has put it on various Tor services in case they ever did platform Bitcoin Core. But basically it's software and there's a lot of core developers. I think over 500 people have contributed to Core, including like anonymous developers, right? After you put in a pull request, members of the community review it and usually you need multiple members of the community to say this looks good and it's not going to do any harm. And if it's a critical part of the code that might cause some harm, then a lot more review is required. And usually they ask for tests to prove that it's not going to do any harm, maybe even like some performance metrics or studies and so on just to make absolutely certain when Peter Woolley did Segwit many years ago.”
2021-01-20 · We Study Billionaires · BTC009: Bitcoin Engineering w/ Core Developer Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“To the code base, and it becomes part of that software. And this is just a normal process in a lot of software development organizations. So to be honest, in industry, like that level of verification actually isn't followed. A lot of, I've been at development shops where people like patch things directly on production and things like that, which is kind of crazy to me. But that's what they do and they haven't been burned yet. So I guess it's okay or whatever. That's how open source contribution is. You make a contribution, you do a pull request, the contributor sort of like puts it in and then the people that sort of like other people review it and then it gets merged and so on. This is how Bitcoin Core works except the process is a little more strict because we're talking about people's money and you want to be absolutely certain that it's not going to harm any. Kind of like the Hippocratic oath, right? Like first do no harm.”
2021-01-20 · We Study Billionaires · BTC009: Bitcoin Engineering w/ Core Developer Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, so I've attributed to lots of different Bitcoin projects and there's not just one, there's like lots. Bitcoin Core is the one that everyone knows because that's the node software that you run. If you want to validate the entire Bitcoin ledger and so on, which is very helpful because then you don't have to compromise your privacy whenever you want to know your own transactions and so on. I first started contributing to sort of like a fringe project at the time. It was called color coins in 2013. And it was headed up by a guy in the Ukraine. And basically the way open source contributes is that you write code and then you put in what's called a pull request, which is sort of like code changes that you'd like to see, usually adding some functionality or testing or something like that. Somebody reviews it and it could be one or more people and then they accept the pull request that gets merged in.”
2021-01-20 · We Study Billionaires · BTC009: Bitcoin Engineering w/ Core Developer Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Crazy easily thousands. There were a lot of people. That lost a significant amount of Bitcoin on Mt. Gox because it wasn't a thing to sort of self-custody or people hadn't learned the lessons. And the thing is there were other exchanges besides Mt. Gox that had gone bankrupt because they got hacked or something before then. And people still didn't learn. And this is why you should kill yourself blessed these days because there's so many wallets and many of them are hardware-based and so on. So it's a lot easier now back.”
2021-01-20 · We Study Billionaires · BTC009: Bitcoin Engineering w/ Core Developer Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Was when I really got into the coding aspect of it. And that was actually kind of triggered by what you said. It was, my coins were on Mt. Gox at the time. And I had some friends that were telling me, hey, you know, should really get your coins off of Mt. Gox. I'm just hearing some sketchy things going on over there. And this was summer of 2013. So I looked into the different wallets and I found Armory, downloaded Armory and put the coins into my armory wallet. I thought it was very non-performance stuff, which is ironic because I ended up going working there like a couple years later. But that was how I got my Bitcoin. And thank God I did that because, you know, a few months later, Mt. Gox turned out to be insolvent and they're still in litigation over like, you know, getting compensated for the coins that they had on Mt Gok. So I got it off and I was very fortunate. I'm very grateful to the friend that.”
2021-01-20 · We Study Billionaires · BTC009: Bitcoin Engineering w/ Core Developer Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“More or less. So I had to get it to Dwala, and then Dwala had to transfer to Mt. Gox. And then you could go buy Bitcoin. And then if you had your own wallet software, then yeah, you could do it. But there really weren't that many wallets, right? There was literally the Bitcoin core wallet, which you had to run like a full node in order to do. And it was a lot less back then, but you had to sync it and so on. You can use, I think armory was the other one blockchain.info was another one. I didn't really want an online wallet. I think I did open one. And I remember getting like 0.05 Bitcoin from a faucet and I kept it in that wallet. And now that's like worth a few thousand dollars. So it's like, oh man. So that was from a faucet. Just people were giving it away. So things have changed significantly. But yeah, I mean, 2013.”
2021-01-20 · We Study Billionaires · BTC009: Bitcoin Engineering w/ Core Developer Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So, I didn't get into actual contribution as a coder until 2013. So it took me a couple of years. At that time, it was just sort of like, it was so hard to get any information whatsoever in 2011. It was literally just maybe a few websites. Nowadays, you have like explainers and YouTube videos and all that stuff. Back then, it was literally just like Bitcoin talk forums and then like Mt. Gox. That was about it. There was a guy who had tried to sell Bitcoin for PayPal that I found, but his account was shut down like three months before that. So I obviously couldn't buy from him. It was like difficult even to just get your hands on Bitcoin. At the time, you had to, the only way was really Mt. Gox, or there was an exchange where they would take a personal check, but that sounded super sketchy to me. If you bought”
2021-01-20 · We Study Billionaires · BTC009: Bitcoin Engineering w/ Core Developer Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Why does the system this way? And I wouldn't say that I understood all of what was going on back then, but it gave me enough of an impetus to be sort of open to Bitcoin. And the 10 years since then has been something of a journey in learning the various aspects of Bitcoin, not just programming, which we're going to talk a lot about and the technical, but also the economic aspect of it, the social aspect of it, the game theory aspect of it, and so on.”
2021-01-20 · We Study Billionaires · BTC009: Bitcoin Engineering w/ Core Developer Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“There's a 21 million. And that human instinct, I think, is to collect anything scarce. And as soon as you find out that there's only 21 million, there's sort of like a tendency to want it, right? Like, and this is something that I recognize as sort of inborn. I remember collecting baseball cards when I was little. I still remember, I think it was the Billy Ripkin Flear card that had like a little curse word at the end of the bat. There was only like a small number of them that got printed before they airbrushed that out or something like that. Subsequent printings. But that was worth something because it was rare, right? It was scarce. That same instinct, I think, sort of caught me when I first learned about Bitcoin in 2011. Of course, I was kind of primed for it because 2008 was when all of the financial stuff was happening. And that led me sort of down a libertarian rabbit hole of what's going on.”
2021-01-20 · We Study Billionaires · BTC009: Bitcoin Engineering w/ Core Developer Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I'm a programmer. I've been one since I graduated college in the late 90s. So I've been in the programming world for a long time. And I program for a lot of different startups. I think I counted at one point I did like 13 different startups in one way, shape, or form. I did manage to get exit twice with public offerings at two of the companies that I was at. So that was kind of nice. But I first heard about Bitcoin back in 2011. So it's been about 10 years now. And it was on a tech website called slash dot. And the big news then was that Bitcoin has broken $1. And I didn't really, I couldn't even understand what that sentence meant. I was like, okay, what is this thing? And why is it significant that it broke a dollar? And that's when I clicked on it, read it, and tried to understand what it was. The thing that immediately attracted me was one of the first things I learned, which is that”
2021-01-20 · We Study Billionaires · BTC009: Bitcoin Engineering w/ Core Developer Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Thanks for having me. It's a pleasure to be on. I appreciate that you are on my podcast. So it's a little nice exchange here”
2021-01-20 · We Study Billionaires · BTC009: Bitcoin Engineering w/ Core Developer Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT