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Pablo Fernandez

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2022-06-22
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2022-06-22
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  1. “Like to think the basic idea that there's. So HyperDrive works the exact same way. I have my website. I write information on my website. And then I sieve my website, right? And then you could, if you wanted to, you could connect basically to my node and download that same data and start seeding that data as well. So if I went in and deleted my website, You could still keep a copy of my website all the time, right? And you could do that with Twitter. So, for example, if I decide to delete my Twitter account or Trump's Twitter account, you could still get all that data, all those tweets, because you have a local copy of every single tweet that you want to keep.”

    2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  2. “That's obvious. And yeah, if you think about it, it's super important because you will so for example with the way synonym works, synonym uses something that is sort of like a blockchain without a blockchain. It's what's called an append-only log where you can only add information. Sort of like a blockchain, right? You can only add information to a database, but without being able to rewrite what has been written before, right? And the way it works is you can, so for example, my website, I hosted on what synonym uses underlying synonyms. It's called hyperdrive. And the basic idea is that you know how BitTorrent works?”

    2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  3. “The identity piece is crucial, and the identity piece will be solved because I think even the Web3 gang agrees that the identity issue where your Twitter handle is not owned by you, it's owned by Twitter, your Instagram, your Facebook page, whatever identity you own use is not owned by you. So the identity piece will absolutely be solved. And if you think about it, when you own Bitcoin, if you actually own Bitcoin, you in some way you must keep private keys, right? So it doesn't make sense to have to keep all these different logins, all these different identities to your bank when you already have a private key that you can derive other keys from and use that as authentication and as identity proof. So the ID piece is absolutely essential and it will be solved for sure.”

    2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  4. “And they've been working on this for a couple of years, so they do have a lot of code ready that you can use, that you can run. They already run into a bunch of different issues and solve them. So, yeah, I mean.”

    2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  5. “What Junkarvala. So Jean announced synonym in the conference back in El Salvador in November 2021. They had been working in stealth mode for, I think, close to two years. And it's pretty much from a value prop perspective, it's pretty much what Jacques announced, the idea of having DIDs, the idea of owning your data, the idea of hashing and presenting basically certificates to, for example, reuse KYC or showing that you are, you know, you go to a bar and you want to show that you're older than 21 without revealing your picture, your address, your actual birthday. So yeah, Jean presented. A bunch of different projects they've been working on. And yeah, it's basically, again, from a value proper perspective, they take different approaches, but from a value proper perspective is the same idea.”

    2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  6. “No, I don't think so. I mean, clearly, I mean, it's super obvious that the only purpose of Web3 is just to create tokens, to sell them to retail with different type of narratives, but there is absolutely nothing there. When you look at what Web3 means, it can mean nothing. It can mean whatever you want. It's like a mirror, like you standing from the Web3, you issue tokens.”

    2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  7. “Yeah, I think that's just the ion, like the EID part is ion, which is a project that predates all this. It's been running for quite a while.”

    2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  8. “Hardware without a screen, without anything. It's just in your home, but it has a bunch of other things. One of the things, and there's a marketplace around it. So one of the things that you can do with it is you can have your cloud storage. You can have your Bitcoin node. You can have your Lightning node. What I think might happen is decentralized web node is going to be something like your embassy. It's just this hardware sitting in your apartment, in your home that is doing something for you. Because the key is that the data that you're keeping for the Web5 thing is not hosted on Amazon Web Services, on your bank's database, on your, like you have to possess the data. You have to actually keep Data yourself somewhere. So that needs to be solved. They are calling that decentralized web nodes. I think that's the shape it's going to take.”

    2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  9. “Time. If I had to speculate, I think the shape that it will take, are you familiar with start nine, an embassy? So there's a company called Stardine Labs, and they're making what they're calling, I forgot what they're calling it, but the name of the device is embassy. So it's basically just a Raspberry Pi or a Roft Pro, a small piece of hardware. And you can think about it as your router, basically, right? You have your router at home, you use it to access the internet, you probably don't know what else you can do with it. So, the idea of the embassy is that it's going to be like a router, but with added functionality. So it will just be this piece of...”

    2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  10. “Yeah, so one important caveat that I think we need to keep in mind is that all of this is just an announcement and a website explaining and a paper explaining what it is. There is no code available. So the form that this is going to take is a bit of an speculation.”

    2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  11. “Yeah, that's correct. So a really good example of using a DID that might resonate with people that have signed up for an exchange or for multiple exchanges is UKC with one exchange and then you take that KYC data and you take it somewhere else. So there's all kinds of interesting stuff that you can do with zero proof proof where you can take that data and without revealing that your actual KYC, your passport, picture, your proof of address, all that stuff without revealing it, you can say, oh, I've been KYC by bit stamp and here's certificate that I've been KYC by bitstamp. And you can take that and use it for Coinbase and then Coinbase would be basically trusting that you've been KYC. By bitstab, but without actually getting the documentation.”

    2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  12. “Allow you to go to your bank. So you could basically reuse those credentials and say this entity, this bank knows that I am Preston, that I have X amount of money, my date of birth is X. And you can take that data because that data is, you own that data and you keep that data yourself. So you can take that data.”

    2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  13. “The basic idea of DIDs, which is a super old concept. It's pre-day, it's Bitcoin by decades. The basic idea is that you have sort of like issuers of an identity where you create an account with your bank. Your bank has a relationship with you and they might say Preston has X amount of fiat on his bank account. Up till now, without the IDs, that's a one-to-one relationship. It's you and your bank. With DIDs, you would be the one owning this relationship, this identity that you present to your bank, right? So you would be able to get this, even though your bank has your assets, you would be the one owning the credentials that allow you to...”

    2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  14. “Something. I mean, I knew they were working with EIDs and the work block has been doing, but yeah, naming it Web 5 is absolutely genius. I mean, with regards to, yeah, go ahead.”

    2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  15. “Epic, epic pro. I love Jacques Dorsey. Yeah, I think the name is hilarious. I think it attracts all the right kind of reactions. I think the Web3 VCs who got wrecked now dumping on retail with the latest crash are going to get really triggered because it's clearly a callout. The people that the unaware retail is going to be, oh, that's even better than Web3. Yeah, I think it's a genius name. Yeah, when I first heard it, I thought it was just a troll. I didn't think they were actually building.”

    2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  16. “It's really, really, really hard. And that's solving that problem was the most interesting aspect of this whole part of my Bitcoin story.”

    2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  17. “So I started talking with exchanges which would sell you co location on the same data centers that they were using. So you would get a little bit faster access to the order book, a little bit faster execution, and yet playing around how to create basically a synthetically atomic trade where you sell and buy at the same time. Because if you're doing arbitrage, you don't want to be exposed to the price. You just want to be exposed to the delta of the price across the exchanges, right? So dealing with the algorithms to make sure that you are not getting risk that you don't want to take, it's super interesting. And then finding the way to move liquidity around because, yeah, moving Bitcoin or moving whatever con you want to trade, it's super easy, but moving fiat around exchanges, especially before stablecoins.”

    2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  18. “Absolutely. On its own, that aspect of it's Bitcoin, but it could be any market. It's super interesting because my first trade, I did a manual trade where I bought, I think I bought one Bitcoin at Kraken and I sold it at Coinbase. Well, not the same Bitcoin, but roughly I did one Bitcoin in Kraken, one Bitcoin in Coinbase and then I sold and bought at the same time, right? And I got like 20% profit from that trade. And I couldn't believe that that was real. That's such a huge inefficiency would exist in the market. But as the market starts becoming bigger, creating that kind of, getting that kind of margin, it's really hard. And the arbitrage market is really, really, really sort of like mining. Where every single edge will be exploited.”

    2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  19. “My rabbit hole story is pretty sad and lame. It took me, so I was into, like you said, I've been in software engineering for many, many decades, well, not many, many decades, but a couple of decades. And I was into Austrian economics before Bitcoin. Like I read human action in 2006. And when they first got into Bitcoin, I saw this thing, this chart on the screen that had a lot of difference between the different spot exchanges. So my first couple of years in Bitcoin, it was just I started trading, well, not trading. I made an arbitrarge platform that would compare the prices across, I don't know, like probably around 40 different exchanges and I started to create trades. And yeah, it took me a couple of years to realize that Bitcoin was a bit more than that.”

    2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  20. “And yeah, man, it's such a different experience. It's a whole different level. And you see people that will take a pay cut to work at a Bitcoin company. You don't see that pretty much anywhere else like bottom line What's the wage? What's the stock? What's the comp, but at a Bitcoin companies, okay, what am I going to be doing for Bitcoin? Yeah, that's absolutely impressive.”

    2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  21. “It's an immediate fit. If they're Bitcoiners, it's an immediate fit. So I worked at a bunch of big companies, small companies. I did a stunt at Maryland. I worked most of my life. I worked at either really early startups like maybe two, three, four, five people, larger startups like 20, 30 people. And you never get this feeling. That they are there because they believe I worked at the hotel tonight, for example. I never got the impression that I was working with someone that was there because they were passionate about selling that glass room at that hotel. You know, they wake up in the morning thinking, oh, yes, I want to sell that last booking. No one, not a single person, but every single person that shows up at the Bitcoin company, a real Bitcoin company is there because they believe in Bitcoin and they want to make Bitcoin succeed.”

    2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  22. “Oh man, that's such a good question because I've noticed that I've been working at Bitcoin companies for a couple of years. And one of the things that I've noticed working at Swan Bitcoin is that there seems to be sort of like a moat when it comes to hiring and finding people that makes it very easy when you hire Bitcoiners compared to just hiring engineers for any other company because we are all working towards something we believe in from first principles, you find immediately you find people, if they are Bitcoiners, you find that you are immediately aligned, like culturally.”

    2022-06-22 · We Study Billionaires · BTC083: Jack Dorsey’s Decentralized Identity Network w/ Pablo Fernandez (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT