YouSaid · the spoken record

Pablo Fernandez

lines on the record: 72
first: 2022-06-22
most recent: 2022-06-22
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

“Metaphors are so widely used to understand Bitcoin, like Bitcoin is digital gold, Bitcoin is this, Bitcoin is that. But in the same way, like the other side of the coin is that those metaphors represent your lack of understanding of Bitcoin. When you start with Bitcoin's digital gold, man, you've missed like 98% of what Bitcoin needs, right?”
2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Thank you, Preston. I had a lot of fun. It was awesome. You've been a super important part of my actual Bitcoin journey as well. I actually went back and I listened to your first episode when you first talked about Bitcoin for the first time.”
2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“As it's supposed to be, and you don't have to ask for anyone to, oh, is this transaction valid? Man, it's so, so powerful. Helping people unlock that mindset, it's absolutely beautiful.”
2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I 18N. So it's that idea. So, yeah, that's my Twitter handle for the book. I'm going to have it on Bitcoin201book.com. Yeah, like you said, it's not done yet, but I'm moving at a really rapid pace because I've been explaining this kind of thing to people for many years. I helped people run their first node and validate their transactions and all this kind of thing for the very first time. It's such a beautiful experience helping people with that kind of thing because you realize I bought some stock maybe two or three years ago and I realized that I couldn't actually withdraw the stock, the equity that I bought. Was like, oh my god, it's custodia all the way down. And the idea that you can validate for transactions and you can validate from the Genesis blog and you can validate that everything”
2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yes, we'll have a link. It's an engineering thing where for some words like wrong words, you leave the first character and the last character and all the letters that you take out, you replace by the number of letters that you took out. So F7C is Fernandez, which is my last name. It's mainly used for internationalization. For example, when you write a program and you write internationalization, you write”
2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So, yeah, I started on the way back from that trip. I wrote a table of contents on misconceptions on Bitcoin, lightning network, layer two, layer three, why you run a node. What is Bitcoin? Where are my Bitcoins? Like all these, what is a UTXO, for example? I wrote a glossary for all these different terms, but in a way that is more entertaining than just a dictionary, like a Wikipedia entry. And yeah, I actually, the first part of the book I wrote, why I'm writing this book, and I describe this scene with my friend. And he's saying, should I conjure in my coins? Should I use Wasabi? Should I use Samurai? I think that's cool.”
2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“He did his first Bitcoin transaction to pay for that dinner. And he didn't know how to do it. He understood the concept of a hardware wallet and how to keep the cold store, all that part, yes. But how to actually pay with Bitcoin, all those next level questions blank. He had no idea. So I started writing. I explained to him about coin joining, but then I started thinking that he very often comes with this type of question. I said, okay, we need to have something for these kind of people. Because one other thing that I think is that the more you use Bitcoin, the more your confidence with having all your assets or most of your assets in Bitcoin, where you see that it's not just like this one number on the screen.”
2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“The one on one, he's got it. He understands it perfectly But the part where he needs to use bitcoin he bought a ticket for, we threw a dinner with Alex Betski, the remnant dinner. And the only way to buy a ticket to the dinner was to pay with Bitcoin. There was no other way.”
2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Looking into should I run a node? He started having all these different questions, he understood that he needed to buy Bitcoin, he understood the benefits, he understands all the Austrian perspective, the monetary, like all the reasons why it might be a good investment, all that stuff he gets. The 101. When it comes to...”
2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Okay, so the book title is Bitcoin 201. The idea came to me in Bitcoin during Bitcoin 2022 because I orange peeled a good friend of mine from Canada. He's living in Costa Rica and he came from Costa Rica to Miami for the conference. And he's super new to Bitcoin. He bought his first stash maybe a few months ago or maybe a year ago or so. He has gone down the rabbit hole hard, like real, real hard. He's done a lot of changes personally. And he gets it. Like the guy gets it. And he's actually writing fiction on Bitcoin for teenagers. He gave it to me and he said, Pablo, should I conjoin? And there was such a funny question because this guy had, he's never thought about conjoining his bank account, you know, his fiat. He started.”
2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Well, this is my circumstances. I'm just going to observe them and I'm just going to suffer through them. Yeah, I think that's such a powerful tool, being able to realize that you can affect change.”
2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“By something super small, but if you see that you are acting on your environment and your environment is not changing in any way, you learn that your behavior is irrelevant. And that's one of the things that I think it's so important realizing, which is sort of like the idea of why someone would become an entrepreneur, right? Like, why would you? Do all this effort just without being directed in any way? Why would you think you can change the world, even if it's just a dent? And I think this idea of I'm going to remain a, it's not that they're choosing, people are choosing to remain victims, it's they think there is no other option. It's the only option is.”
2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“One time I went for a weekend to visit Francis Pugliot. I don't know if you know the guy from Bull Bitcoin, who's a friend of mine. And on the way back, we spent a weekend with him and with my wife. And on the way back, we were talking. What makes someone more likely to understand Bitcoin and to understand acting in a way that doesn't depend on what others are thinking and what makes the difference between someone that will remain a victim and someone that will see the circumstances and act regardless of those circumstances? One of the things we thought was this idea of learned helplessness, which is the concept of you learn as a child maybe that regardless of what you do, your circumstances don't change. And this is something that can be triggered.”
2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Either Seneca or Epictetus. Epictetus is a very interesting character because he was a slave. And out of being a slave, he created a school of thought. And while being a slave, he had students whom he would teach what came to be Stoicism. This idea of you are not a victim, a prisoner of your circumstances. I think it's such a powerful idea that it's not like what harms you is not what someone else is saying or what someone else is doing is your interpretation of what they're saying or they're doing. And it gives you full sovereignty over your behavior. So yeah, I'll have to go with the pictures.”
2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Out of left field. I don't want to go all philosophical on you, but you ask the question. I guess I've been way before Bitcoin. I've been into stoicism for a really long time. And I think it's one of the tools that has helped me the most in my life. So I would probably have to go with Seneca.”
2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“If you think about it, one of the issues of the existence of this link between fiat and Bitcoin is that all that liquidity being just created out of thin air and pumped into Wall Street or through Wall Street, some of that liquidity is going into Bitcoin. And that means that value that was not created because of economic creation of work. That from work is going into the Bitcoin network. So there is misallocation, there is a distortion that is coming from Fiat and it's leaking into Bitcoin. And there are non-economical non-producers who are playing really well the fiat game who are doing really well on the Bitcoin game. So we have like this leaking of misallocation. So the moment we break that, the only way to get Bitcoin is from creating actual value that someone is willing to do away with their Bitcoin for that value.”
2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“But every single producer has found a way within the realms of possibility to escape this type of regulations. And I think if producers see themselves being tied to remaining on fiat rails and like Lagarde said that we need to plug every skate ball because she said something, I don't know if you remember maybe like a year ago she said something around we need to we need to prevent people from escaping something like that if they don't plug every single hole the producers will escape and as people see this type of action and this type of powers I think the people that are producing and are using their energy and their effort to create wealth and they see themselves being cornered in a way that they are not able to protect their wealth. They will increasingly seek to escape into something. And that's something I think it's Bitcoin.”
2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Think it's going to create a natural split on the society between people that produce and people that only consume. If you look at Argentina, the producers, the business people, the people that are the entrepreneurs, the people that are running companies, they've done everything in their power to escape being siloed into the Argentinian peso economy. So, for example, Mercado de Libre, one of the biggest companies in Latin America, they move their offices across the pond to UDI and they are operating from UD because they don't have this type of regulation. The only businesses that weren't able to do this are the people that worked on fields, the companies that work on the fields.”
2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“On the dark markets, and there are arrests all the time. So the government is working as hard as it can to prevent people from doing this. What if there was this magical button that they can tap and they say, no one is physically able to trade fiat tokens for fiat dollars? CBDCs allow you to do that. CBDCs allow you to say, no one is able to spend pesos for dollars. They can perfectly do that. And it takes no effort. It just takes one button. If the RGZian government had that power, they would do it in a split second.”
2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So back in 2005, I think, they started with this regulation where you couldn't buy more than, I think it was like 10,000 K a month per person. So in order to buy dollars, you would need to KYC and then they would register how much you were buying at each different exchange and physical exchanges. So you wouldn't go over the limit. Then they started lowering that limit to 1000 and then to 200, which is the current limit, if I'm not mistaken, to 200 is the current limit, then they added a 30% tax over the 200. So even when you buy 200, you are not actually getting 200. And then it's theoretically possible to buy the 200, but there is no bank that will serve you the 200 bucks. So they apply and then, of course, a dark market emerges because of these regulations. And then the government cracks down.”
2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Not quite. So here's my experience as an Argentinian throughout all the different issues we had in Argentina. The government in Argentina has always, always, always tried to prevent people from seeking refuge in the dollar. Argentinas are just dollar crazy. They love the USD. So every single time there are issues in Argentina, which is always, the government puts in regulations preventing people from being able to access dollars as a scapegoat.”
2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So, I think one of the main confusions people have with Bitcoin is thinking of Bitcoin as a chart. Remember walking into Bitcoin 2022, you walk into the main entrance and the first thing you see at a Bitcoin conference is the Bitcoin fiat price. And you see a chart. That was the main thing right after the crypto bull. The first thing you'll see is the Bitcoin chart. And people get hung up. I did every single person I meet other than maybe Bitstein or people like Illuminati like that. They all see Bitcoin as a chart for a really, really long time. And the moment we are able to break that link and the central banks are going to do it for us, the moment we're able to break that link, Bitcoin will stand on its own as a different system.”
2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Run their own Bitcoin node and start plugging into the Bitcoin economy. But what we're building here is just a parallel economy. I think very soon these two economies, the Fiat economy and the Bitcoin economy, are not going to be compatible anymore. I see money as a language. And up till now, we've had a translation layer between fiats and Bitcoin. And I think that translation layer is going to be broken apart with the introduction of CBDCs. That's why I'm super bullish on CBDCs. I can't wait for them to happen. Really?”
2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Think so. I think it's a bit of the innovator's dilemma. Where it's going to be hard for them to cannivalize their own business in this way. And it's such a large source of revenue, and the fiat game itself. It's such an important part of the game they're playing. So I think it's going to be really, really hard. But see, we go back to the hyper-train constantization thing. We don't have to wait for them. We don't have to ask for their permission to do all these things. We can build around them. And they are welcome to.”
2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I think for something like that, the blockers that we have on the way are not related to tech. They are related to economic incentives. Yeah, I wouldn't hold my breath on that one”
2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Absolutely. And I know how many different companies are integrating with Greenlight and the experience. Is going to be at least 10x better. Than the previous model. Green light in one year, this model is going to be common. And again, 10x better. So I think it's still too early. For me, the idea that I'm not able to onboard someone into Lightning that is not technical and onboard them in a sovereign way, it sort of we're failing until we're able to do that onboard someone into a sovereign lightning wallet without them having to do pretty much anything. I think Breeze has been the closest to that model where it is actually a lightning node running on your phone and it's not custodial whatsoever. I think that's the closest we've gotten to the right UX. I know Breeze, they are using Greenlight and we're going to be working with Roy.”
2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“To keep a balance. That balance is specific for each app with a green light model, each app is using the exact same channels, it's using the exact same balance. It's absolutely mind-blowing because you could issue keys for each app that are using the same balance.”
2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Always able to take that state, take those keys and just run your own green light copy and just continue operating as if nothing had happened. So in the case that they were going to censor you, you could just run it yourself. Without anyone knowing, like, no one would know that instead of running on Green Light, now you're running on your own computer. And I'm absolutely bullish on this because this idea is that you can have your channels on this one node, and then you could put your keys on your fontan app, on your wallet of Satoshi, on your moon, on whatever. And each single lining up would be using the same channels, the same keys, the same state. So you wouldn't have to have, I don't know if you use value for value podcast, but I use a lot of different value for value applications. And in each single one of them,”
2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Absolutely. There is an effort being done by Blockstream that I am over the moon bullish on, which is called Greenlight. I don't know if you've heard of it. So the basic idea of green light is that running, again, running a lightning node is very hard. It requires a lot of knowledge and infrastructure and this and that. And the idea of relay is that blockstream runs the lining infrastructure for you, but the keys are on your devices. So even though it's you could think about it as custodial because it's someone else's node, they are not able to sign any transaction for you. So they are not able to use your channels. They are not able to take your money. They are able to censor you. They are able to say, I will not allow this transaction to be paid, but they are not able to steal your money. Because the keys and the state of your lightning node is in your device, you are”
2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Of having sort of like a trusted copy of the keys so that a different node that I assign is able to take my identity from a lightning node and is able to sign for me. And then when I go back online, I take those keys away and I'm able to keep operating. So for someone that is routing through me, they wouldn't see me go offline unless there was a pending HTLC, but normally they wouldn't see me going offline. That was one of the problems that I thought, okay, this must be solved because otherwise there is no way that anyone in the developing world is going to be able to operate a routing Lightning node. And then I actually talked about this with John Carvalho in El Salvador. And he said, he told me, yes, and what's wrong with centralization? And then I realized that I was just inheriting.”
2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“It requires deep understanding of how to manage liquidity. It requires CSOPs, system operations experience. It requires all these different skill sets that most people are not going to be able to do it. So I do think that lighting has deep centralized intendencies. And I used to think for a really long time. I used to think that that was an issue to resolve. And I actually spent a lot of time working on solving that issue. Like when I first realized that lightning had these tendencies, I was living in Costa Rica. And my power, I had daily power outages, daily. Every single day for five, ten minutes, I power would just go down. For lightning, no, that's absolutely terrible. So I started working with this idea.”
2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“The experience is going to be cheaper. And it's okay for multiple companies to offer really good. And one important thing is that keeping a lightning node, it's not easy. It's not the same as running a Bitcoin node. Running a real lightning router node, it's a lot of work.”
2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, the ability of being decentralized because the idea is why do you want lightning to be decentralized? You want it for fees to remain relatively low? You want it for censorship resistance, right? Because you don't have consensus rules online. The consensus rules are inherited from Bitcoin. So you don't need to guard against decentralization. You don't need to guard yourself from just consensus rules being dictated by five nodes. You only need it for censorship resistance and fees. So in that way, the idea that you are able to create a channel and go around censors if there were sensors in the network is all you really need. So the benefits of a centralized lightning network are pretty large. I mean, the user experience will be better. Fees will be kept on check. But if you don't have to route through 10 different nodes whenever you're doing a payment, the experience is going to be so much better.”
2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I actually agree with that. I think where things will converge is that lightning will not be decentralized. And I think that's an okay thing to happen. I think what's important about lightning and decentralization is to have the optionality.”
2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Something, a new device. Maybe they can just run it on their computer. Most people don't know that they can just run Bitcoin Core on their computer. And it takes nothing. I mean, if you can run it on a Raspberry Pis because it's a pretty mild with regards to requirements, it's very lean, yeah. My first notes, all were just on my computer, like the same computer I was using to write code.”
2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Purity test. I think it's very off putting. I think the umbrell and raspy blades and all these different projects are absolutely amazing and really, really good. But it's become a de facto that if someone wants to get into Bitcoin and actually run the software, they need to buy a Raspberry Pi and they need to assemble it and they need to flash this microSD and put it here and do this and do that. And it's very daunting. And it used to be that running Bitcoin was you download Bitcoin Core and you run it on your computer and that's it. It could take five seconds and people can still do that. But now when they look into how can I run a node, the first thing they see is, oh, you need to go buy a Raspberry Pi. And I think that's absolutely the wrong path because it's too big of an ask. If it's someone that is new, maybe they don't want to buy it.”
2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“One thing that I dislike quite a bit is this idea that whenever someone is new to Bitcoin, they are pushed down the, oh, and now you need to run your own Bitcoin node and you need to run your Lightning node. And this whole idea that there is this large effort that needs to be made in order to be a Bitcoiner and pass the”
2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Idea of not understanding Bitcoin as complete control of your decisions, this idea of having to wait for some kind of bill to pass or some kind of regulatory standpoint to change. I think that's the source of a lot of confusion.”
2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“It's 100% obtained all the way, all the way. I got a tattoo, a Bitcoin tattoo on my shoulder. And when I showed that to many people, they were like, oh, what if Bitcoin changes and you stop liking Bitcoin and now you like, say for example, back in the 2017 fork and I was a big blocker and oh, what if now you have the Bitcoin instead of the Bitcoin cash tattoo? But the definition of Bitcoin itself is my own understanding, right? So by definition, the Bitcoin that I have tattooed is the Bitcoin that I agree with. And I define what Bitcoin means for me. And as long as I respect the consensus rules, of course. But I think the...”
2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“There is a lot to cover. Yeah, I think one of the main points that people tend to misunderstand is that I think people see Bitcoin as something that needs to be, so for example, hyperBitcoinization is a good one because I think people are saying, oh, when hyper-bitcoinization comes or when state X legalizes, has a legal tender with Bitcoin. I think what's missing is that All of these are decisions made at the margins. And Bitcoin is something that you choose to use yourself and it doesn't require anyone else to act on your behalf. It's not a system where you need to wait for permission to be hyper Bitcoinized. It's not a system where you need to ask for permission, right? It's a system that's permissionless.”
2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I do Yeah, I think that is the path. I don't think there is a different path than that one. But if I were to travel in time 50 years and tell you, yes, every single person in their home is going to be running this little device that will connect them to a global network where they will be able to use that device to exchange messages. It will be like, okay, yes, that's not happening, right? But every single home has a router. And in that same way, yes, I do think that people, they will not directly interface with the device in the same way that how many people actually log into their router and make sure that Have the right set no one, not a single bird. I mean, maybe 0.1% of the population. Not many. Not many. And I think it will be the same case for. These devices, it's just going to be another part of your router.”
2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I'm Argentinian and I grew up in Argentina for myself when I first got intostood Bitcoin. I mention it to my family from Argentina, who we've experienced the Coralito back in 2001, and we've experienced so many different super high or hyperinflationary events in our lives that pitching Bitcoin is like, yeah, there's this thing. They would not be able to bring more. Okay. All right. It takes like seven seconds to orange peel people in Argentina. I orange peeled. My 103 year old grandfather in like 10 minutes, they will fix, they will find a way to do lightning, they will find a way to KYC, they will find a way to do whatever they need to do. You don't have to convince them.”
2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“But the closer each individual person gets to hyperBitcoinization. So, for example, for myself, I live a life of hyperBitcoinization, if you will. My accounting is in Bitcoin. That's the only number that I keep track of with regards to my net worth. For me, getting closer and closer and closer, actually paying with Bitcoin makes a lot of sense because that means that I have to keep less and less fiat, right? If I want to make sure that I end the month with zero fiat, It means that sometimes I will miscalculate and I will have to pay with Bitcoin because that's the only way I can pay. But yeah, it's not something that will happen because I'm doing a marketing campaign for Bitcoin.”
2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, absolutely. I don't think this kind of activity where people choose to pay with lining or choose to pay with Bitcoin will happen because of voluntarism or because it's a marketing campaign. I think that will happen because it's the path that makes the most sense for each individual person. So it's all marginal decisions, right? So for example, I do use lightning very regularly, only when it makes more sense for me to pay with lightning than with fiat. Whenever I pay with Bitcoin and when I pay with Bitcoin, I'll say that 95% of my transactions are with lightning. Always, every single time it is because it's so much easier to use lining than to use fiat. But I don't pay with Bitcoin because I'm an activist. If that's what the movement, or if that's what high perfect condition requires, it will never happen.”
2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I'm doing it over lining. It has such a large overhead for no value other than being able to say that it's phone call over lining. Don't make much sense, and I think in the same way there are many narratives that sound nice because Bitcoin adjacent is saying, oh, this is onlining, it sounds very nice, but it doesn't actually do anything or it doesn't add any value.”
2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“No, no. I mean, there is stuff that can be done leveraging the idea of lighting or the capabilities of lining, but there is no real value out of, say, for example, getting phone calls over lightning. Okay, it's interesting to be able to have a phone call where one of the parties is sending sats, say, like a consulting or something like that. That's valuable. The actual data doesn't need to go over lightning. It can just go out of band.”
2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I'm super bullish on lightning. I think it's a beautiful full solution. Yeah, I think lightning is going to become the de facto way of onboarding most people where it's coming into Bitcoin lightning first and maybe never touching on-chain. I think there is a lot to be done online. There is a lot of value to be done to be gotten from lightning. I think there is a lot of hype as with everything, smart contracts on lightning, what is that? You're not saying.”
2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, absolutely. I mean, it's time and effort that you're investing and that it can be just deleted away from you. So that's an interesting thing that I see with coins where they often get part of the narrative right. Just that they never actually built anything because the incentives aren't there. And when the incentive is to create an asset and just dump it on someone else, why actually make the effort of building a real business, a real building real value? It's just not compatible. But the narrative that they've been complaining about you are, you don't own your Twitter, you don't own your Facebook, all that stuff. It's valid. The complaint is valid. The solution is not. But yeah, with Web 5, there is a path toward solving some of those problems.”
2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And I mean, you have a large Twitter follower, and if you were to get your Twitter account nooked tomorrow, it has an impact. I mean, this work that you've been doing for a really long time and it can be taken at a whim. Out of you, right?”
2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, absolutely. And it's not even scraping, it's fetching the actual source of data, right? So it's have a copy of the database instead of just going in and saving the HTML or whatever representation of the data.”
2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT