YouSaid · the spoken record

Lyle Pratt

lines on the record: 57
first: 2023-01-18
most recent: 2023-01-18
sittings or episodes: 1
sources: podcast

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“Yeah, on Twitter, I'm at Lyle Pratt, my name. I guess you can find me on Vita, Vita.page slash LylePrat, if you wanted to reach out and talk to me. I'm 21, 21 cents a minute or message away. We can get direct access. Yeah, but, you know, give me a follow. I'd love to talk again, Preston, thank you so much for inviting me on the show. Huge fan, you know, probably listen to every episode and have for a long time. And cheers to all the other listeners out there like me.”
2023-01-18 · We Study Billionaires · BTC113: Bitcoin Lightning Tackling Spam w/ Vida Founder Lyle Pratt (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, with cheese that are basically nothing, you know, at least today, but always will be, you know, even if fees increase, they will always be more competitive. They will always out-compete. you know, some other layer one style solution. So in my opinion, the reason why I'm building Vita and building a company that was sort of hitching its wagon to the lighting network is because I do believe that the world is going to be using lightning in a much bigger capacity over time because it makes sense. I happen to think that I understand it perhaps a little earlier, but eventually much more people are going to understand it, much more people in the telecom space and the social networking space and money transfer space. Everyone's knowing to get it eventually. And Bitcoin's still going to be around and it's still going to be growing and people are still going to be building.”
2023-01-18 · We Study Billionaires · BTC113: Bitcoin Lightning Tackling Spam w/ Vida Founder Lyle Pratt (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“The world needs the ability to instantly settle value and the lighting network is literally the only way to do it at scale with fees.”
2023-01-18 · We Study Billionaires · BTC113: Bitcoin Lightning Tackling Spam w/ Vida Founder Lyle Pratt (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“the lightning network let's just start there since we've been talking about it quite a bit there's nothing there's nothing out there like the lightning network you know no other token can reach its scale you know it's it's actually impossible for anything else you know to reach lightning scale because a you simply cannot scale to what the world needs on a layer one you know you have to have this layer two architecture that actually introduces a lot of complexity and complication you know into deploying it. Unfortunately, Bitcoiners like to do things right and we've taken the hard path of building the Lightning Network like it should be so that we can reach the scale that the world is going to need. So if you're somebody that's interested in Bitcoin and you're scared of the price, maybe this was tulips after all. I can assure you that it's not because”
2023-01-18 · We Study Billionaires · BTC113: Bitcoin Lightning Tackling Spam w/ Vida Founder Lyle Pratt (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“In business and similar, you need this big goal in mind that you can continually work towards so that when an obstacle comes in, you just keep looking. You get there”
2023-01-18 · We Study Billionaires · BTC113: Bitcoin Lightning Tackling Spam w/ Vida Founder Lyle Pratt (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I mean, I think you make a, you know, you make a great point. It requires focus. It requires sort of a focus, a goal in mind What are you trying to get to, right? If you don't have sort of a big picture that you're trying to get to or a goal in mind, then when these obstacles get placed in front of you or a path just stops, you can't go further down this path. You need to change course. You don't have somewhere that you're going, you're going to start going backwards. You're going to start doing the same thing. You're going to start doing the wrong things that are going to take you away from your objectives. And Jiu Jipsu's the same way you have an opponent that has a very clear goal. They're trying to choke you out. You know, they're trying to submit you. And, you know, fortunately, when you're on those mats, you have one goal as well, which is to do the same to the other person or for at least at the minimum, you know, prevent getting choked out. I like to joke, you know, it's really hard to be stressed, you know, about anything when you're on those jujitsu mats because I only have one thing on your mind, and that is, you know, preventing lights out.”
2023-01-18 · We Study Billionaires · BTC113: Bitcoin Lightning Tackling Spam w/ Vida Founder Lyle Pratt (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“On those Jiu-Jitsu mats with like a blue velvet, you know, some other kid, you know, it's just making me feel worthless. It's totally, you know, powerless. And when you experience something like that, whether it's in business or anything else, at least for me, I wanted to get better. I wanted to not, you know, not feel powerless and learn how to sort of thrive in this environment. And yeah, I guess the rest is history. I have been sort of accumulating injuries. I asked me to pump the brakes a little bit. I got seven screws in my hand here from Jiu Jitsu and Jury. I just had my meniscus repaired last month. I've got neck disc issues. So I guess if I had some advice, I would say treat your injury seriously and treat your body with respect and don't have a big egotistical attitude about taking breaks and keeping your health in mind.”
2023-01-18 · We Study Billionaires · BTC113: Bitcoin Lightning Tackling Spam w/ Vida Founder Lyle Pratt (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“As with most things in life, most of the good ones come out of hard work. That's true for Bitcoin. That's true for building a company. And that's true for Jiu Jitsu or any other martial art. I grew up doing various martial arts, traditional martial arts. I have a third degree in Ishinru karate and grew up doing hepido and taekwondo and all this stuff. But let's see, I found Jiu-Jitsu back in, I guess it was about 2015 was when I first started training Jiu-Jitsu. For those out there, I trained Gracie Baha. I have a second two stripe purple belt. But, you know, the first time I was out there on the mats, I mean, I considered myself pretty good, you know, at martial arts, able to, you know, handle myself, perhaps had more bloody hypnosis than most people, you know, in the world. But I just felt like a kid.”
2023-01-18 · We Study Billionaires · BTC113: Bitcoin Lightning Tackling Spam w/ Vida Founder Lyle Pratt (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“It can be sort of a pain to migrate down those channels and liquidity and the people that have open channels to you over to a different one, but it's not a huge deal breaker. So I think that over time, competitive forces and market forces and economic actors in the space are going to make rational decisions that are in their best interest. And I suppose, are there doomy scenarios where the entire Lightning Network is centralized because everybody's running L&D? I mean, I guess I'm just skeptical that it's going to turn into a really big problem. I think odds are that, you know, Eclair or Sea Lightning could come out with a new feature that drives a lot of adoption and the whole thing shifts, you know, seemingly overnight. We could look up a year from now and it'd be a completely different story. We'll just have to see.”
2023-01-18 · We Study Billionaires · BTC113: Bitcoin Lightning Tackling Spam w/ Vida Founder Lyle Pratt (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“That would be an example of they released a feature that the community really liked and it drove adoption on L&D. And, you know, they've continued to do that. Now, could it be a future problem that the lighting nodes that people are running are too centralized? We just saw a few weeks ago that there was a problem that arose from it. There was a bug in L&D and it took down a good portion of the nodes out there. So it's definitely not optimal, but I'm not super doomy about it over the long term. Mainly, I think that the Lightning ecosystem is still very young. There's still plenty of opportunity for any other node implementation to gain traction. It's not there's not a ton of switching costs for swapping over to a different node implementation. Not a ton. There are some for sure. If you have a lot of liquidity routing into a node.”
2023-01-18 · We Study Billionaires · BTC113: Bitcoin Lightning Tackling Spam w/ Vida Founder Lyle Pratt (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Think about it pretty simply. I mean, I think that Lightning Labs has achieved the market share that they have through L&D by offering a good product. And L&D got a lot of adoption when they released Keysound early. I don't know if folks remember this, but L&D was one of the first lightning node that could do key send payments, which is essentially invoiceless payments. This was before AMP came out. But it was, you know, you could send a value directly from one node to another instantly without having to go through a typical Lightning Invoice process.”
2023-01-18 · We Study Billionaires · BTC113: Bitcoin Lightning Tackling Spam w/ Vida Founder Lyle Pratt (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And we're thinking very hard about that too. Like, how do we pay while your normal cell phone number? Only paywall the stammers. It's a difficult problem. There's not very easy answers. That's why we haven't started with that version of the product. But we are thinking about it a lot We actually are looking forward to giving LEDA users real phone numbers that can be called from just normal cell phones that are paywall.”
2023-01-18 · We Study Billionaires · BTC113: Bitcoin Lightning Tackling Spam w/ Vida Founder Lyle Pratt (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“You know, it prevents people from making calls that could be and it lumps them in with all of the bad actors, you know, kind of like operating your own email server and that being impossible. But what you're saying is true, like if we were to use SATS and if you were to set a rate for your time and I were to set a rate for my time, what would the experience be like for somebody that hasn't opted into this before? Would they have to top up some wallet? You know, perhaps that wallet is controlled by their carrier. I don't know. There's quite a few options. Would they have to link some wallet to an account, you know, perhaps? But ultimately, they're not going to be able to call you unless they sort of opt in by funding a balance somewhere. So that is a problem.”
2023-01-18 · We Study Billionaires · BTC113: Bitcoin Lightning Tackling Spam w/ Vida Founder Lyle Pratt (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Or something. Okay. It is kind of like a Twitter verification. Unfortunately, the organization that's responsible for granting those certificates, it's like a big racket. Essentially, a tax on the entire ecosystem. So, you know, what does it mean? It means that”
2023-01-18 · We Study Billionaires · BTC113: Bitcoin Lightning Tackling Spam w/ Vida Founder Lyle Pratt (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, there's various ways to do it in Verizon and AT&T do have extra services you can pay to enable some sort of spam blocking. But unfortunately, if you're going to try to approach it through heuristics, you're going to essentially limit access to someone. And the way they do it today is that they require that you send your calls into the network. This may be a little bit of a tangent, but they require that you send your calls into the network with a special certificate so that they can know that you're a legitimate person and not a stammer. So it's like a blue badge. It's like yours.”
2023-01-18 · We Study Billionaires · BTC113: Bitcoin Lightning Tackling Spam w/ Vida Founder Lyle Pratt (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Of your time. And they even know whose time is worth more. They have even provide APIs to make it easier to target ads at specific people because companies know that some people sign is worth more than others. So if we could just put individuals in charge of their own prices, we would change the incentive structure for pretty much everything online because, you know, the incentives would be to give you things that you actually want. Because otherwise, you know, why would I waste money? Why would I waste capital showing you an advertisement that you're not interested in? Why would I waste money calling you and talking to you if you're not going to listen to me and you're not interested in what I'm saying?”
2023-01-18 · We Study Billionaires · BTC113: Bitcoin Lightning Tackling Spam w/ Vida Founder Lyle Pratt (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“In and of itself, would slip the incentives, it would incentivize the telecom operators to only give you calls that you're actually going to answer because that's the only way that they got paid. So I think there's a lot of reasons to give individuals the power to set their price because it realigns the incentives of all sorts of things. The telecom network, you know, the advertising space, the advertising and marketing space. Think about the incentives right now. If you are a platform owner like Facebook, they are incentivized to put as many advertisements in front of you as possible because they are monetizing your attention. They are monetizing your eyeballs. And you get nothing for it, right? You get to use their product. Perhaps that's something, but you're not reaping any of the rewards for the best.”
2023-01-18 · We Study Billionaires · BTC113: Bitcoin Lightning Tackling Spam w/ Vida Founder Lyle Pratt (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So the government, there's a lot of sort of commission enacting new rules. There's something called stir shaken, which is kind of like SSL for phone calls so that they can trace the source and destination of calls and try to cut down on spam. So there's a big battle going on, but the truth is that a lot of telecom providers don't have any incentive to actually stop it. But let's pause and consider what would it be like if all of the downstream subscribers set a price for their time. Exactly.”
2023-01-18 · We Study Billionaires · BTC113: Bitcoin Lightning Tackling Spam w/ Vida Founder Lyle Pratt (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah. Well, I mean, I think you, you know, you touch on a very important point and the incentives in the telecom industry are misaligned for stopping spam because if you are, if you are a wholesale operator, what metrics are you looking at? You want Total minutes passing to your network to go up. You want that number to go up, right? So, what is Sam? It makes that number go up.”
2023-01-18 · We Study Billionaires · BTC113: Bitcoin Lightning Tackling Spam w/ Vida Founder Lyle Pratt (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“That has a concession, they can issue Mexican phone numbers, Mexican DIDs is what they call them. And they have direct access into TelMix. TermI calls all over Latin America. And they're very interested in using our API to use the lightning network to accept international traffic and route it into Central America with zero settlement risk. It's already becoming a reality. You know, a lot of our time has been spilt on these stints on building these consumer apps, but the bigger vision is, again, to provide value to the entire telecommunication space and do more showing rather than telling about how the lightning network can be used to just improve the industry.”
2023-01-18 · We Study Billionaires · BTC113: Bitcoin Lightning Tackling Spam w/ Vida Founder Lyle Pratt (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“You can use to make these phone calls or send these messages or host these live streams. In fact, a Vita account can be used to paywall any SIP destination today. To use an example of a call center, let's say in the Philippines or something like that, maybe somebody, there's a whole call center providing customers support about. Some software or something like that. Technically, as of today, they could paywall the entire call center or a destination with a Vita account. So, you know, the API does exist. We haven't really productized it well yet, but our entire, all of our consumer apps are built on top of our API. So we do think that the longer term and bigger vision, our API is going to be an integral part of that. and providing services to these enterprises is going to be an integral part of that. In fact, we're already talking.”
2023-01-18 · We Study Billionaires · BTC113: Bitcoin Lightning Tackling Spam w/ Vida Founder Lyle Pratt (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Absolutely. So, you know, we actually built our API first. And so, you know, we do have a full featured API behind the scenes.”
2023-01-18 · We Study Billionaires · BTC113: Bitcoin Lightning Tackling Spam w/ Vida Founder Lyle Pratt (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Now transmit value in real time, these telecom networks are going to adopt the technology because it fundamentally does two things. It lets them expand their customer base. It lets them reach a wider base of customers with zero settlement risk. Whereas today, They're very, very restrictive about who they let into their networks, who they let access their networks because of this huge amount of fraud and settlement risk.”
2023-01-18 · We Study Billionaires · BTC113: Bitcoin Lightning Tackling Spam w/ Vida Founder Lyle Pratt (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“If there weren't these relays in the middle providing the functionality that they provide. And if you think about it, it's kind of like email. The original PSCN network, the Public Switch Token network, it didn't start centralized. Back when the telephone was invented, it started very competitive and it was a land grab and it became centralized over time due to misaligned incentives and due to the inability to actually have value to reverse these networks as they were used. And it also became centralized due to customer demands. You know, customers wanted to be able to call anywhere in longer further places away without as much cost. So I think fundamentally the lightning network is going to sort of change the landscape of telecom. And because we can”
2023-01-18 · We Study Billionaires · BTC113: Bitcoin Lightning Tackling Spam w/ Vida Founder Lyle Pratt (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So the global telecom market, I mean, it's a giant market that has tons of moving parts and players. And I don't think that it will look exactly like it does today. I think it'll be more open. It'll have more transparent pricing. It'll be more decentralized and less dependent on huge monolithic carriers. But what I think some people don't quite understand is that the communication experiences that we're all sort of conditioned to like and that we're used to today, they can't all be enabled and solved with strict peer-to-peer flows. Individuals and businesses are going to have to provide infrastructure very similar to the way individuals are providing NOS to relays. The Nostra experience couldn't happen if it was strict peer-to-peer if there was.”
2023-01-18 · We Study Billionaires · BTC113: Bitcoin Lightning Tackling Spam w/ Vida Founder Lyle Pratt (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Be that Sinde Satushi over the lightning network requires some liquidity. Somebody has to have liquidity somewhere, right? So that's sort of a prerequisite if you're going to make all Nostrum messages require SAT payment. That could be a downside. Whereas something like raw proof of work actually Spending compute cycles doesn't have that prerequisite. So there's lots of pluses and minuses. I'm following it closely. And I think the community is going to take the problem seriously as the problem gets worse.”
2023-01-18 · We Study Billionaires · BTC113: Bitcoin Lightning Tackling Spam w/ Vida Founder Lyle Pratt (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And if we leave it just to sort of relay operators to implement their own mechanisms and things like that, unfortunately, that's going to potentially be a centralizing force in the Nostra ecosystem because some are going to be better at it than others. But if we could come up with some standards about how to manage it such that all relays sort of have access to the same technologies, perhaps that is some form of work. Hopefully that is some form of stats payment or lightning payment, then we won't ever have the problem at all. We won't have these centralized pressures on the ecosystem, and we won't end up captured like email. So I sort of agree with you. You mentioned this earlier, but paying Satoshi is reusing Bitcoin's proof of work that already happened. There are some technical downsides, like one with”
2023-01-18 · We Study Billionaires · BTC113: Bitcoin Lightning Tackling Spam w/ Vida Founder Lyle Pratt (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“drove it to happen. And these big centralized entities have implemented all these sorts of blacklists across the ecosystem and they only accept email if you have these certificates or if you're this known IP. And just to boil it down, spam has sort of centralized email. And so if we sort of take that example that already sort of happened and think about Noster, well, you know, today you can run an Ostra relay very easily just like you used to be able to run an email server. And, you know, anybody can connect to it. Fortunately, clients can sort of choose which relays they're going to connect to. But unfortunately, bots and spammers can do the same thing. And so I think that, you know, we're going to see a world where users migrate to relays that are better managing Sam.”
2023-01-18 · We Study Billionaires · BTC113: Bitcoin Lightning Tackling Spam w/ Vida Founder Lyle Pratt (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So perhaps we should step back a few years and think about email. Email used to be a lot more decentralized than it is today. You used to be able to run your own email server pretty easily. And you could actually still communicate with people. Your email server wouldn't get blacklisted. You wouldn't get an undated with spam. But slowly, that problem has gotten worse and worse. And if we sort of look at what happened, most people that have an email have moved to sort of these centralized email providers. One example would be Google and Gmail, you know, Yahoo. Unfortunately, it's almost impossible to reliably run an email server anymore. And what is the reason for that? What drove that to happen? The answer is spam. Spam.”
2023-01-18 · We Study Billionaires · BTC113: Bitcoin Lightning Tackling Spam w/ Vida Founder Lyle Pratt (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Offer a good experience to users at large, then there's going to involve somebody putting up money to actually run and operate the infrastructure. And they're going to have to recoup costs and they're going to want to discourage Sam just like anyone else. And in my opinion, we should keep it simple and rely on payments. Use the Lightning Network and saw all liquidity into the Lightning Network as we perform our social addictions. Online”
2023-01-18 · We Study Billionaires · BTC113: Bitcoin Lightning Tackling Spam w/ Vida Founder Lyle Pratt (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“With work, or you know, for proof of work specifically, you know, there's lots of different ideas. One is that, you know, perhaps clients would only show messages that pass some sort of threshold. So you could imagine that working either for real work electricity or via some sort of sat threshold. Maybe the relay could attest that XATS was spent to actually submit this message to the relay. Anybody's clients that had some threshold, they would only see posts that passed that threshold. So that's one idea. I think a lot of it is still sort of up in the air, and I'm by no means an expert on what has gained the most traction in the Austrian community. But, you know, I do ultimately think that running infrastructure is going to be free, running relays isn't going to be free. If we want to”
2023-01-18 · We Study Billionaires · BTC113: Bitcoin Lightning Tackling Spam w/ Vida Founder Lyle Pratt (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I mean, a sat is recycled truth and pork, you know. And it's just as good of a filter. I just think that individuals should be able to set a price for their time. And it shouldn't be left to relay operators or other sort of middlemen. Like you as an individual should be in control of what it takes to actually send you a message unless you're already following someone or unless somebody's already in your contact list. You already have some other connection.”
2023-01-18 · We Study Billionaires · BTC113: Bitcoin Lightning Tackling Spam w/ Vida Founder Lyle Pratt (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Is actually performing the work? Is it the relay operators? Are they going to be an Ostra clients that actually perform some sort of print work before sending the messages? But unfortunately, those are still decentralized individuals or relay operators that are extending this proof of work and they're going to be battling centralized spammers and bots who have figured out some way to capture some portion, but a user base's attention, because ultimately it's profitable. That's why they do it over and over again.”
2023-01-18 · We Study Billionaires · BTC113: Bitcoin Lightning Tackling Spam w/ Vida Founder Lyle Pratt (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Sort of futile in the end because ultimately the value of your time and attention is not zero, it's significant, right? It's significantly valuable. It's what the entire online economy runs on. It runs on advertising to try to get your attention, to try to get you to buy something, you know, to try to get you to take economic action that works in the advertiser's favor. And this is the same thing that drives the spammers and pots, right? So there is this essentially a honeypot out there, which is our time and attention. And as long as that value is not zero, but the cost to actually reach you is zero spam is going to continue to be a battle. And I'm a little bit skeptical of things like proof of work using proof of work for messages and things like that because it ultimately is going to come down to who.”
2023-01-18 · We Study Billionaires · BTC113: Bitcoin Lightning Tackling Spam w/ Vida Founder Lyle Pratt (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Sam, and where there are no barriers or verifications or anything like that, where the only thing you need, for example, with Osiris, is to spin up a key pair and start sending messages. So the problem is going to definitely get worse because the ability to actually do centralized filtering just isn't there. And we're already seeing Noster node operators, noster relay operators think about ways that they could prevent SAM. Maybe it's through PubQ whitelists, or maybe it's by paying to be able to access a relay. There's talk of doing approval of work attached to sedate master messages. So there's all these sort of possible solutions for this problem. But my opinion is that they're all”
2023-01-18 · We Study Billionaires · BTC113: Bitcoin Lightning Tackling Spam w/ Vida Founder Lyle Pratt (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Well, I guess think about Twitter. So if we all know that spam and bots and things like that exist on Twitter, and Twitter is a centralized entity, and they can exert whatever power and whatever filters they want on the stamina problem, except it still exists, right? They're still utterly failing at it. Another example would be Gmail. For me, at least my spam that's making it through Gmail's filters is getting worse lately. I don't know what it is, but I'm definitely getting, you know, more of it. So here we have these centralized platforms that have total control over what is actually reaching your inbox, you know, what is actually reaching your eyeballs. And yet they're failing. So, you know, if we sort of just extrapolate a little bit and think about a decentralized set of infrastructure or a decentralized social network where there is no centralized control or ability to fill”
2023-01-18 · We Study Billionaires · BTC113: Bitcoin Lightning Tackling Spam w/ Vida Founder Lyle Pratt (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Talk to each other and the value is going to flow through as the communication happens because it just makes sense. That's the way telecom networks sort of work today. It's just that the value is settled like 90 days later. And that's why fraud exists. It's because, you know, somebody gets access to some phone system or somebody can pump a bunch of traffic through a network without ever having to pay for it because there's this sellment delay. We're starting with this consumer app, but our vision is to provide value to the entire telecommunications space.”
2023-01-18 · We Study Billionaires · BTC113: Bitcoin Lightning Tackling Spam w/ Vida Founder Lyle Pratt (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“To the market at large, you know, and there's other sort of instances of paid communication. Vita is not the first to do it by any means. You can think of there are services like OnlyFans perhaps as an example of one, or intro.com. There are other expert networks where consultants charge by the minute for their time and lawyers charge by the minute for their time. But there's not really a standard that makes it easy for anyone to do that about anything. And so, you know, Vita is starting with this consumer product where we love people set a price for their time for phone calls, messages, and live streams, but ultimately the vision is that the entire telecom network is going to work under this principle where you have individuals at the other end of some communication network that are setting a price to be able to contact them. And all these networks are going to”
2023-01-18 · We Study Billionaires · BTC113: Bitcoin Lightning Tackling Spam w/ Vida Founder Lyle Pratt (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And that is to give individuals the ability to set a price on their assignment attention. Today, that looks like, you know, some calls and messages and live streams tomorrow, maybe it looks a little different. Maybe there's other things, other ways that we let you price other things that we let you price. But yeah, your description is great. Basically, if somebody wants to get in touch with you, they pay you rate. They either send you a message or talk to you on the phone. Maybe they're watching a live stream, you know, maybe you're doing some sort of educational live stream or maybe you want to, you know, do some sort of AMA. But you're in total control over the price. And that lets you sort of have a nod to turn to either increase or decrease the amount of contact that you're getting. Because if you're getting too much, what do you do? You just raise your price until you hit market equilibrium for the value of the time and the amount of it that you're willing to provide.”
2023-01-18 · We Study Billionaires · BTC113: Bitcoin Lightning Tackling Spam w/ Vida Founder Lyle Pratt (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And now that we can beam value directly to an individual directly over the internet, why should a network provider sit in the middle of that value flow? Why shouldn't an individual be able to set their own rate for their time and attention? Because, you know, fundamentally, your time and attention is a scarce economic good. There's only so much of it, right? And depending on who you are, the demand for your scarce economic good, your time and attention can be higher or lower. And so just fundamentally sort of from an economic standpoint, the only way to allocate a scarce economic good to a market is via a price, right? The price is what allows the market to function and allows the good to sort of be distributed to the demand in the market. So the concept of Vita is very simple.”
2023-01-18 · We Study Billionaires · BTC113: Bitcoin Lightning Tackling Spam w/ Vida Founder Lyle Pratt (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So maybe it would help for us to sort of step back and think about how things used to be when phone calls were expensive. Back in the day when you made a long distance phone call, you didn't actually cost your money. And so you kind of chose when you were going to do them. And funnily enough, Sam wasn't a thing, right? Your phone didn't constantly ring these fake phone calls trying to sell you insurance for the car you don't even own anymore. Because it was uneconomical. And, you know, back then, the telecom company sort of reaped, you know, the cost and the profits from that cost. But if you sort of think about it, like, why did the spam not exist? It didn't exist because there was economic distance and there was cost associated with it. But today, now that we have lightning,”
2023-01-18 · We Study Billionaires · BTC113: Bitcoin Lightning Tackling Spam w/ Vida Founder Lyle Pratt (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I guess to boil it down, keep the big picture in sight, have a big thesis that you're working toward, and don't get caught up in the details and get discouraged when one path fails. Just move on to the next one, try something else.”
2023-01-18 · We Study Billionaires · BTC113: Bitcoin Lightning Tackling Spam w/ Vida Founder Lyle Pratt (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“You know, providing value at scale is difficult. And there's a lot of competition out there. And that's influenced what I'm doing today and how I'm approaching media today. I don't have this assumption that I have it all figured out. But what I do know is 10 years from now, the landscape of the world is going to be very different. And if lightning is the de facto settlement rails for online value, which I personally believe will be because it makes the most sense, then there's going to be an entire market available to provide value for at the time. And so I don't know exactly the path to get there. But I do know that it's going to be necessary and there's going to need to be experts in the field and there's going to need to be people providing resources and infrastructure and tooling for that field.”
2023-01-18 · We Study Billionaires · BTC113: Bitcoin Lightning Tackling Spam w/ Vida Founder Lyle Pratt (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I think probably the most important thing is just realizing that, you know, you can really believe in something and believe that you're going to be able to do something or that you haven't all figured out. And in reality, you don't. It's the classic startup story of. Of a pivot, you know, a startup pivot. You go into something and you're just sure that you have it all figured out and that everything's going to fall in place and one domino is going to fall after another and you're going to be off to the races. But in reality,”
2023-01-18 · We Study Billionaires · BTC113: Bitcoin Lightning Tackling Spam w/ Vida Founder Lyle Pratt (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“You know, a gold guy, my grandfather was like a big gold bug. So I sort of had the seeds, you know, planted in my mind already. But yeah, I guess when the lightning network became real, it sort of overlapped with the industry that I was in. And, you know, it sort of set a light bulb off in my brain where it says, where I'm like, hey, I can contribute to this. I can use my skills and knowledge in the space to, you know, help Bitcoin, to help the Bitcoin community. So that was definitely sort of a driving force in me deciding, you know, to sort of go down this path. To the GLF was just my loans for Bitcoin, basically.”
2023-01-18 · We Study Billionaires · BTC113: Bitcoin Lightning Tackling Spam w/ Vida Founder Lyle Pratt (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, so I mean, hype in a Bitcoiner. I guess I would call myself a Bitcoiner since about 2014. I started doing a little bit of mining and getting interested in it after it didn't completely die from the MTGOCs crash and craziness. It was sort of like, okay, well, if it didn't die after that, then it's not going to die. So I started sort of paying more attention to it and getting more interested. So been a Bitcoiner for a while. I've owned Bitcoin for a while. You know, I guess I probably really, really got interested in it after reading Safe Dean's book. I'm an undergraduate degree in economics and I've always sort of been.”
2023-01-18 · We Study Billionaires · BTC113: Bitcoin Lightning Tackling Spam w/ Vida Founder Lyle Pratt (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“At the time, I was working on that and the lightning network was sort of becoming real. And a light bulb sort of just went off in my head. Hey, we can actually settle and build this and charge for it in real time. And if we just did that, all of this spam and fraud and abuse, or at least most of it, would disappear. It would become uneconomical. We could guarantee that every minute to traverse our network was paid for in real time without any risk. And at that time, it sort of, I don't know, it's what led to me creating Vita and sort of getting into what I'm doing now. But it was sort of interesting to think, how would the white landscape and the telecommunications landscape and the internet evolve? How would it evolve differently if we would have had the ability to do these real-time payments from the beginning? It's very interesting.”
2023-01-18 · We Study Billionaires · BTC113: Bitcoin Lightning Tackling Spam w/ Vida Founder Lyle Pratt (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“That company did billions and billions of minutes of call volume every month. And so you can imagine that Toronto is a giant problem for them and for the industry as a whole. And we were doing all sorts of things. We were collecting data and training machine learning models and trying to spot this fraud and spam quickly so that we could cut it off before it did $2 million in damages overnight. We would wake up and there would be that level of fraud and spam that had been run through the network that essentially the company was on the hook for.”
2023-01-18 · We Study Billionaires · BTC113: Bitcoin Lightning Tackling Spam w/ Vida Founder Lyle Pratt (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So the desires of these protocols both SIP and HTTP envisioned a world where digital payments were going to be a thing. It's just that nobody really expected it to take so long for it to happen. And even when Bitcoin came out, It wasn't very useful for taking payments directly to serve HTTP requests or initiate phone calls or settle phone calls in real time because it was too slow. So fast forward in 2018 when the lightning never became real, the first node instances were available for people to run. Suddenly that future, that world was possible. And for me, at the time, I was working inside of IntelliCon on a big fraud and spam problem. So people may not be familiar with this, but”
2023-01-18 · We Study Billionaires · BTC113: Bitcoin Lightning Tackling Spam w/ Vida Founder Lyle Pratt (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Some point that calls hitting a SIP-powered network and that protocol is being used to sort of connect you to the person on the other side. It's very similar to HTTP. It just has specific messages for setting up and tearing down phone calls and video calls and things like that. So in fact, some of the listeners might be familiar with HTTP 402, which is the payment required error code in HTTP. It has the exact same one SIP 402 payment required. So back in the day when VoIP was new, a lot of people had these ideas about, you know, how SIP was going to be used to sort of open up the communication and market and expand the communication market and all these infrastructure providers were just going to sort of accept traffic amongst one another. Fall, which”
2023-01-18 · We Study Billionaires · BTC113: Bitcoin Lightning Tackling Spam w/ Vida Founder Lyle Pratt (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT