charles hoskinson twitter

Video to Elon: How to Build Decentralized Twitter Using Doge and Cardano for Profit and Pleasurehi e

Charles Hoskinson

Updated on Jan 26,2023

Video to Elon: How to Build Decentralized Twitter Using Doge and Cardano for Profit and Pleasure

hi everybody this is Charles hoskinson,broadcasting live from warm sunny,Colorado,always warm Always Sunny sometimes,Colorado so today is November 6. I've,eaten my Wheaties worked out meditated a,little bit I got myself a ridiculously,large bottle of water you know good old,Atlantic water it's pretty good stuff,so I'm ready to go you guys ready to go,this is going to be a long video it is,live I haven't really prepped too much,for it just been thinking about it so,it's going to be a big stream of,Consciousness and we are going to talk,about how a person would build basically,decentralized Twitter,using the cryptocurrency industry best,available components and pieces that we,have so I am going to do a whiteboard,and I'll just share my screen and we'll,just kind of start chipping away at it,little by little and hopefully we get,somewhere so it might be a few hours,might be 30 minutes I don't know it's,dream of Consciousness and this video is,to of course the Twitter staff and Elon,Musk I hope you guys watch it enjoy it,and my hope is it gives you some,inspiration as you think about what is,required to actually build a,decentralized social network,okay so having given you a little,Preamble let's share the screen,there we go okay,all right so first things first let's,bring up the Whiteboard,now,when we talk about a decentralized,social,Network,you know that's a kind of a difficult,thing because we don't quite have a,really good term for what exactly is,decentralized technically a social,network is composed of thousands or,millions or even billions of people so,when you look at the social network side,it's already kind of really,decentralized you have all of these,people floating around doing things,and they're connected in various,different ways,and information is Flowing between them,but there's more to the story than just,nodes with connections between them uh,social networks tend to have certain,nodes that have a high degree of,clustering,there tends to be a small diameter,okay so diameter is basically the uh,you pick any node can you get to another,node in a certain amount of hops this is,the Six Degrees of Kevin Bacon,if you guys are curious to look that one,up,okay uh and,you tend to have a situation where there,needs to be some sort of overarching,curation,and that's where the centralization,tends to come in so that curation,usually is behind storage,information flow,computation,there's AI assisted stuff,and there's dozens of other factors,that make this quite hard so in the,cryptocurrency space we're pretty good,at peer-to-peer,we're pretty good at protocols,we're pretty good at crypto,cryptography,pretty good at incentives engineering,okay we're pretty good at a lot of these,different types of things,not necessarily super good at AI we're,not necessarily good at decentralizing,computation we're not necessarily good,at decentralizing storage curation well,we can think of that like maybe a Dao,for organizational design you think,about maybe a smart contract,who knows,and so it's a really interesting,challenge actually at its core of how,does one build a decentralized social,network so let's think about Twitter,as the case study and then I have some,papers and we'll kind of work our way,towards a straw man design so in Twitter,you as a user,you sign up,all right,you create a profile,okay so you create that profile and let,me tell them all about interesting stuff,and then you select your,preferences,and then you've entered the great,Network,okay the Twitter Network at that point,all right then you can view,the Tweet space,that's what I'll call the place where,you can see everything so it's that box,where all of your tweets are,you have tweet one two three four five,six seven okay so when we talk about,curation we go up here and we say hey,curation,really curation and information flow,that's the algorithm that Elin is,talking about saying potentially is,biased or there's an issue when people,talk about Shadow Banning,this is what they're talking about when,people talk about bias this is what they,talk about because what you see as a,user,is completely dependent upon some form,of an algorithm that basically filters,the flow of all information from the,social graph so all of these different,users these different nodes as they are,sending Tweets they have to be ordered,and some decisions have to be made of,what you see,when you see it,and how you see it,okay,so,this is kind of the Crux of the Twitter,experience,and each step here from how you sign up,how you create a profile how you select,your preferences or they are discovered,thank you,all right that's kind of like AI,assisted,the more information they have about you,the more they can infer what you like,and what you don't like,the end goal is to give you the best,possible,tweet space,view of all of these things then if you,can view it you can interact with it,okay so this is uh step four and then,five,is interact,with,the Tweet space,okay and you don't act

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How to Fix Twitter: Prism, Crypto, dids and Verified Tweets

How to Fix Twitter: Prism, Crypto, dids and Verified Tweets

hi everybody charles hoskinson here,let's talk about how we're going to fix,twitter today,so this is a video to jack and the,twitter guys and,it's basically a proposal and um also a,plea for help,so i'd like if we can't do it somebody,to do this,and i'm prepared to do this whole thing,for cost if you guys would like,okay so what is the problem that twitter,faces twitter is a great platform but it,has an,issue behind authentication and,verification,basically people who aren't,donald trump or elon musk or bill gates,or barack obama or whoever gets,compromised this week,or impersonated are having,trouble with the fact that people,are pretending to be them in order to,cause all kinds of havoc and she,carrying,and that can be to manipulate market,prices bitcoin giveaway scams,whatever have you there's an,authentication and verification problem,now in proposing a solution for this,problem there's some basic principles,one don't change much,twitter works it's great,so don't make radical changes two keep,it simple,and easy to understand,easy to understand users have to be able,to understand stuff,okay three build on solid foundations,and four no,business model changes,so when we talk about changing much,this is ui ux user experience user,interface stuff,you don't really want to radically,change a formula that works,and you don't really want to change your,business model right and of course,finally,cheap and easy to maintain,so you've just had your biggest security,hack in the history of the platform,everybody breathing down your neck,wondering how many millions and millions,of dollars are we going to have to spend,and how many sacrifices are we going to,have to make to solve the problem,uh and it turns out well not really that,much it's going to be cheap,you're not going to have to change much,in your ui you're going to keep it,simple and people are actually going to,be able to understand it,build on solid foundations no business,model changes,okay let's talk about it so how are we,going to solve this well,first we need some foundations one is,the signature,so a signature is an artifact of,cryptography,and you have different types of crypto,and so forth but for our purposes we,have something called,public key crypto and the basic idea,is that you have two objects,one is called the public key,and then the other is called a private,key,this has been around since the 1970s,it's been around for a very long time,public key crypto and it's the basis for,how security works on the internet we,have many standards that live here,okay a signature is where somebody takes,a message,we'll call that message m and then what,they do,is they sign it with a special function,mathematical function using their,private key,and that creates a signed,message,we'll call that m signed,okay then anyone can verify,that m signed is real it's a legitimate,message,by just taking the public key,and it's either going to return true or,false,it's basically mathematically what we do,when we talk about a signature,well it's been around for a very long,time we use it to sign legal documents,use it to sign,emails and it has this beautiful,property called non-reputability,so once you have verified that a keys,indeed belongs to a person,then you can use a signature to,basically sign,with any anything you want any document,you want any message you want,and then people are able to verify that,that message is right assuming that that,public key belongs to the person,okay so that's a great foundation to sit,on and here's what we can do,it turns out that there's a new standard,called the did standard,it comes from the w3c,and i got it right here so if you go to, these are the guys who,standardize,html and css and all those things you,see on your screen,and the they have a did working group,and it's been around for a very long,time since i think,like 2013 2014 and,did is basically a way of handling,identity,online that includes public and private,keys,and there's even a foundation behind,diff the digital identity foundation,which uses the did,and look at all the members of this,group,microsoft ibm hyperledger accenture rsa,those are some big companies and of,course my company input output,so there's lots of standards and we're,building this as a community in an,ecosystem but basically a did,has two parts you have a did id,and you have a did body,or a did document excuse me,the did id is something very small it's,uh,an identifier of letters and numbers,you know and the document is kind of,like an html file it has,a structured,set of information about the did,and that can include crypto such,as lo and behold,your public key,okay so here is what i'm thinking,we have this amazing piece of technology,on artifact of mathematics and computer,science the signature the public key,crypto that's been around since the,1970s,and this is a science there's thousands,of papers published,tons of standards lots of brilliant,people woke up every day and figured,this stuff

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Elon Musk Twitter CEO Replacement: ADA's Charles Hoskinson or ETH's Vitalik Buterin(Who fits Best)

Elon Musk Twitter CEO Replacement: ADA's Charles Hoskinson or ETH's Vitalik Buterin(Who fits Best)

Elon Musk has made headlines for his,controversial tweets and disruptive,influence on the social media platform,with musk stepping down as CEO the,question on many people's minds is who,could be the next leader of Twitter two,names that have been floated as,potential candidates are Charles,hoskinson the CEO of cardano and vitalik,buterin the co-founder of etherium,here's a closer look at why these two,individuals could be a good fit as the,next CEO of Twitter Charles hoskinson,Charles hoskinson is well known in the,blockchain and cryptocurrency,communities for his work on two,prominent platforms cardano and ethereum,he is very well educated having earned,both a bachelor's and master's degree in,mathematics and computer science from,the Metropolitan State University of,Denver and University of Colorado at,Boulder hoskinson is a great candidate,for the position of Chief Executive,Officer of Twitter since he is an,excellent communicator and has a large,online following it follows that his,familiarity with Cutting Edge,Technologies like blockchain as well as,his background in the computer business,make him an ideal candidate to steer,Twitter into the future he is an,outspoken supporter of the use of,blockchain technology and has spoken at,several occasions all around the world,his goal for blockchain is to develop a,safe open and flexible platform that can,be applied to a range of use cases he,thinks that blockchain technology has,the power to transform several,businesses and even the entire planet he,is a great supporter of education and,cooperation in the blockchain industry,and is working to make this Vision a,reality keep watching if you're,interested in learning more about,hoskinson's background and why he would,be a suitable match for the CEO position,at Twitter we will expand on his,credentials and experience and show how,these may make him an ideal candidate to,steer Twitter into the future as a,result stay and educate yourself vitalik,uterine it has also been suggested that,ethereum co-founder vitalik buterin will,take over as Twitter CEO once Elon Musk,steps down ethereum is a major player in,the blockchain technology space he has,earned a stellar reputation for his,sharp mind and original ideas in the,high-tech sector,uterine is extremely popular on social,media which might make him an attractive,Contender for the CEO position at,Twitter,like hoskinson it's also possible that,his familiarity with Cutting Edge,Technologies like blockchain as well as,his background in the computer business,make him an ideal candidate to steer,Twitter into the future late in 2011 he,started contributing to bitcoin magazine,and soon after that he suggested,ethereum a distributed platform for,executing decentralized apps,this website's power source would be the,cryptocurrency either vitalik buterin is,a strong candidate to replace Elon Musk,as Twitter's CEO but he's not the only,cryptocurrency and blockchain Industry,personality mentioned why are crypto,CEOs becoming potential Twitter CEO,candidates we'll provide more details,later in the video we'll explore why,crypto luminaries like buterin are being,considered for this important role,hoskinson a good choice in our eyes,Charles hoskinson is the best fit for,Twitter CEO he's a smart guy who,understands the importance of Twitter,and how it can be used to spread,awareness about crypto blockchain,technology and other exciting things in,Tech he also has experience in both,crypto and blockchain as well as other,Industries he's been involved with,ethereum since 2014 when he was hired by,Jeff Coleman to become its director of,engineering in 2015 he founded cardano,with Maduro later that year they,launched Ada cryptocurrency on either,room Network before switching over to,cardano blockchain later on down the,road where they created Ada tokens which,are now worth over 1 billion dollars if,you enjoy this video and want to see,more future Tech subscribe brand new,videos covering different facets of,technology and AI are uploaded weekly,covering everything from in-depth,research to the latest gadgets and,Trends why a crypto CEO would it be,fitting for a crypto CEO to replace Elon,musk's Twitter CEO the answer is yes the,cryptocurrency community needs a strong,vocal leader who can help them Reach Out,and connect with the world Twitter could,be that platform for them to do so,Twitter has been an important channel,for many entrepreneurs and businesses in,recent years and it's no surprise that,companies such as Tesla are also using,Twitter as part of their marketing,campaigns if you're looking for new ways,to promote your business online or just,want some insights into what others are,saying about your industry there's no,better place than Twitter considering,vitalik vitalik buterin the co-founder,of ethereum and another popular,cryptocurrency could be the best pick,for Twitter CEO buterin is a great,communicator and has proven success in,his field,he's been involved in many projects,re

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More on FTX and the Industry

More on FTX and the Industry

hi this is Charles hoskinson,broadcasting live from warm sunny,Colorado always warm Always Sunny,sometimes Colorado,today is November 11th Veterans Day 11,11. it's very special day I it's a day,that means a lot to my staff a lot to me,and I figured I'd make a video before I,go home to talk a little bit about the,industry uh and also the FTX issues as,many of you know uh FTX has collapsed,it's declared bankruptcy and it's going,to be unable to honor its obligations I,went from a crypto Empire that spanned,from Solana and polygon uh all the way,to massari and everything in between to,basically a,existential threat to the stability of,the cryptocurrency ecosystem in about 48,hours,now uh in hindsight in in reflection,there were enormous warning signs uh,ranging from the talent that was at FTX,to the governance of the company uh to,the fiscal strategy that they followed,how they invested their money where they,chose to deploy it the,statements that they made and reflection,they don't look so solid and this is,generally what happens when you have,regulated businesses that are in a,position of trust led by kids who have,no experience,you know uh it's okay to have young,entrepreneurs and it's okay to have,inexperienced people have great visions,and dreams and pursue those things but,the first thing that happens when you're,a young entrepreneur because I'm still,young and I was very young when I,entered this industry is that once,you're given money you have to bring,together a diverse team of people and,have that team of people work with you,to build something great if you look at,IO my CFO has over 35 years of,experience on Wall Street he was Chief,Operating as an officer at Mizzou he is,personally responsible for hundreds of,billions of dollars of various,Commodities and other things at the,trading desk he was on and the regulated,financial institutions he was at it's,fair experienced guy general counsel is,a JD MBA a senior partner at a law firm,when he uh when we hired him I and I,went to Wharton went to many places he,did the Overstock stock offering for,crypto did a lot of stuff and it's one,of the domain experts uh in the merger,of traditional law and cryptocurrencies,as well as the regulate regulatory,intersection,within our Circle we have advisors,external internal and people that have,lifetimes worth of experience on,strategy marketing operations uh and,everything in between who have been,accountable for billions of dollars,we're not a regulated business we're,just a cryptocurrency protocol developer,you need this plus plus if you look to,things like a,exchange or a trading desk or something,where you have a fiduciary,responsibility for other people's money,it's axiomatic and it's the first thing,you do as an entrepreneur,now the absence of this doesn't,necessarily mean uh that you're going to,fail or not be able to survive you can,certainly find ways to rise to occasion,but it's definitely true that on average,if you need surgery it's probably a,pretty good idea to go to a qualified,surgeon instead of somebody who stayed,at a holiday in express,and too much of this has happened in the,industry whether we look at Celsius uh,whether we look at Mount gox and the,qualified people there or lack thereof,we look at any of these institutions,that have failed generally speaking when,you look at it it's a people procedure,and process problem as much as it is a,flawed business idea,standards regulation and oversight do,tend to help from the perspective of,forcing you either through soft power,like sros and memberships,and hard power through explicit,regulation in getting at least to that,statement of safety it is important to,point out that this was not an,unregulated business and there's been,enormous amounts of discussion about,well how should cryptocurrency react,look at the unregulated cryptocurrency,this is frankly a centralized business,failing,Bitcoin was not hacked ethereum was not,hacked cardano was not hacked none of,the big chains were hacked crypto didn't,fail people failed people in positions,of trust at the end of the day as much,as we like to believe in the principles,of cryptocurrency this had everything to,do with people putting their money in,centralized exchanges and organizations,entrusting centralized businesses to do,something on their behalf,that's the very industry we're trying to,get rid of with the cryptocurrency space,unfortunately it's going to now be,conflated and there's a very high,possibility that the Fallout of this,will be new legislation hopefully decent,legislation but there's a strong,possibility that it won't be,as members of this industry we're just,going to have to live with it and we're,gonna have to figure out ways to,integrate and deal with it but this is,unfortunately the consequence when you,have people who don't know what they're,doing get into positions of power and,trust and create cascading and,catastrophic damage this is just the tip,of the iceberg if you look at th

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Twitter battle ensues after Charles Hoskinson gives Ethereum Classic's Twitter account to Ergo.

Twitter battle ensues after Charles Hoskinson gives Ethereum Classic's Twitter account to Ergo.

what's up guys welcome back to mind,something if you're new here my name is,Jake and today some weird news going on,man Twitter is a strange strange toxic,entertaining place to say the least but,uh I just saw a a tweet from DJ Minds,uh shout out to DJ,is this real Ergo now has 672,000 followers all of a sudden did I miss,something,so basically what's going on here let's,just read some of these before I tell,you what's actually going on because,it's funny to hear people speculate uh,The hobbyist Miner says uh Etc classic,account got hacked renamed and,overhauled,and DJ asked where can I find that info,that they were hacked no they weren't,hacked,um,and then someone else says here's the,story basically Charles hodgkinson is,the one who owns the Etc,Twitter account and he gifted it to Ergo,now,there's a lot of people that aren't,happy about this there's a lot of people,that think it's not a big deal,um I'm I'm still trying to formulate my,opinion here but let me let me read some,of these to you guys so,uh this person's saying that they gave,Charles a bunch of money Ergo Foundation,does not have money for that kind of,stuff seriously just a tiny amount of,marketing is a pain due to no funds,uh you made me check I definitely would,not be following an ergo account yes I'm,a follower clearly a hijack of the,original Etc account,no it was handed over by its owner,charles changed it,uh Charles hoskinson basically pulled a,Sly move by giving Ergo all of the,verified Etc Twitter account followers,he had custody over the account from,when he was on the board at Etc Co-op,when his proposal was rejected he began,to socially attack,Etc and this is another attack Market,manipulation,uh yeah list goes on and on but also uh,son of a tech has been very local about,this,let me show you what he's been saying,so,what Ergo did is the equivalent of view,botting it's a form of deception I know,that sounds harsh but it's true,portraying you earned the attention of,over half a million people as a,financial product is borderline Criminal,already was because it's what already,was because is was ethereum classic and,this is,General this attitude I mean I,gotta look son of a tech man no filter,whatsoever uh here's him laughing about,arminio's tweets so arminio,uh Joseph farmino has been active about,this and he says anyone can Rebrand,anything in their custody when anyone,wants to start a different Channel they,are free to also everyone is free to,pass their work to someone else some,complain about unsolicited advertising,okay what is the business model of,Twitter again,uh in the end it creates a problem that,can be solved by hitting the unfollow or,follow button,so,I don't know you know when it comes to,Charles gifting the ETC handle over to,ergo,yeah it really seems like a very,vindictive move and and what does Ergo,do in return well Ergo did give back the,Twitter handle to Etc,so they've been wanting to get this back,from Charles for years and now they,finally have it so I see that as a net,positive but keeping all of the,followers you know I don't really know,how all of that stuff works but that,does seem,somewhat Shady to me,um you know what would I do if I was in,ergo's position,man I,I don't think it's right to keep it I,really don't they didn't earn it uh it,was gifted to them but it was gifted to,them under circumstances that really,aren't,the best of circumstances and by keeping,all of those followers you know yeah I,guess anybody who's following it can,unfollow it and then they can go follow,you know ethereum Classics new handle,but,I don't know I I just don't think,they're they're putting their best foot,forward in this scenario here and that,that saddens me deeply because uh I,really do like Ergo guys I think it is a,fantastic project I think it has a great,trajectory uh I love the way my graphics,cards run on it you know but when it,comes to these kind of decisions it,keeps bringing me back to,man everything is centralized and it,makes me just want to be a damn Bitcoin,Maxi I'm just so sick of all of the,infighting,um and,at this point any project that has a,leader is centralized there's just no,way around it you know if there is one,entity or one person that is promoting a,project making changes you know I Ergo,is really good about getting the,community involved so take for example,eip37 they were very vocal in saying hey,the the vote is in your hands you guys,need to do the work this is a community,project and that's the kind of thing,that I want to see but you know Charles,getting involved with this whole,situation gifting this Twitter handle to,them with all of the followers,you know it just it keeps bringing me,back to are these things truly,decentralized,it it doesn't appear to be that way but,in the end I guess that's up to us right,guys so I don't know I'd love to hear,your opinion on the matter uh leave a,comment down below and if you haven't,already hit that like and hit that,subscribe I'll keep bringing you more,

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Web Summit 2022: Q&A with Charles Hoskinson

Web Summit 2022: Q&A with Charles Hoskinson

foreign,welcome all who just come to join us I,don't know if you guys have been hanging,around the stage for a while but here we,are q a stage again the most honest,stage in Tech so they say so we're ready,for your questions if you have any kind,of a question you want to ask raise your,hands and a volunteer will come over and,give you a mic hopefully,um,people on the back as well will try to,get you in for this session the next,guest that we are introducing is the,wonderful Charles hoskinson who's the,find her obviously behind ethereum one,of the biggest cryptocurrencies in the,world and the Chief Executive Officer of,input output so let's give him a warm,welcome onto the stage Charles hoskinson,there we are you're very welcome to join,us today I won't take up any more time,with my rambling so let's open the floor,to the first question of the session,anyone want to ask a question please,raise your hands one up front off the,bat,go ahead,it's okay yeah hello Charles welcome to,web Summit,I am alive from It's very in turkey and,I want to ask that you know Elon Musk by,the theater and then Dodge Coin is past,the cardo in the market cap and what is,your opinion about that,hi everybody straight in straight in,um so uh elan's been trying to acquire,or do something with Twitter for quite,some time I think he spends probably,more time on Twitter than he does,managing his companies at this point,pretty addictive platform but now that,he owns it it's like he's doing market,research right it's got 110 million,followers uh it was a brilliant,acquisition but overpriced but I think,you'll make it back over time uh now,dogecoin's interesting in that it had no,use or utility prior to the Twitter,acquisition but if Elin is really,serious about it I I do believe that,he'll find a way to merge something,related to Doge into Twitter problem is,the tech can't scale the 200 million,users and so they're gonna have a hell,of a time in practice actually using,that as a layer one now potentially,maybe they could do something with,Finance chain uh CZ put a half million,dollars into the Twitter deal and so,there's a relationship there and we'll,see what those guys do but it's pretty,exciting for the space it opens up the,conversation of identity with kids it,opens up the conversation of the,centralized social networks how to,better curate information and it's,something we do think about quite a bit,and uh you know as for Doge going up and,down I mean if they get 200 million,users it's the most used cryptocurrency,in the world at that point so,congratulations it has used the utility,uh but I tend not to worry about the,day-to-day in the markets,thank you very much another question,this View at the frontier,thank you,hi uh hi Charles thank you for,everything you have done uh till today,and I wanted to ask you uh last time you,decided you you let us have cardano de,centralized I've seen a video from you,in the car uh in the morning,that seems to be a very very important,moment from for cardano for you for your,freedom as a milestone,when it will be another moment like that,for you for cardano in the next month or,a year,so cardano is very decentralized at this,point,it has millions of people floating,around there's thousands of State Pool,operators it's one of the largest proof,of stake protocols around you don't have,to lock your money unlike certain other,cryptocurrencies,and it was a big milestone watching the,community Take Over The Ledger and run,it every day which is just magical and,wonderful the next step is we really,have to honor the governance side,because all these people they're,fragmented they need to be brought,together and we need to create a big,decentralized on-chain government and,actually harness the power of the,community because if you do that then it,would be the largest decentralized,organization ever built in that respect,so this is the Big Challenge in 2023 and,we're going to lay out a road map at the,Cardinal Summit and at the Edinburgh,Summit here in a few weeks where the,direction we think we need to take to be,able to do that in a structured ordered,way very similar to you like how we did,the ITN and we had the plutus the the,stake pool pioneers and then later the,plutus pioneers and these other things,so we always try to involve the,community in that respect and it's going,to take some serious thought and effort,and there'll be lots of fights along the,way and Twitter Rants and amas and two,o'clock in the morning videos that you,guys have all become accustomed to and I,love it I don't know maybe I'll go on a,diet or something too,one of the volunteers can you Michael,yeah,yeah okay uh hi Charles this is titiana,from you,um maybe you remember we're also,building our cardano and since we're in,the real high sector I was wondering if,you believe that cardano can be leading,as like a real for real file real fire,examples in crypto and if so what,pillars you think the blockchain itself,should build on,so for def

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hey everybody Charles Hoskinson here I,figured I'd make a video a nice one of,those whiteboard videos I love making,them and let's talk a little bit about,decentralisation so I I heard through,the grapevine that old Jimmy song and,tone days were picking on Cardno,and generally I don't reply to tone this,isn't really not a rebuttal or reply to,him because what's the point I mean you,can't really beat stupidity with fax you,just you just let it move on fact there,was an old saying you never play chess,with a pigeon because they'll just strut,over the board knocking over the pieces,triumphantly and that's exactly,what this is about,they brought up something about how to,centralize this card oh no and call this,a little crazy for having the audacity,even think about it and there's this,concept of decentralization nice big,thick pen okay and it's a it's a,worthwhile concept to really consider,and think about it's worthwhile to,really wrap your mind around it,you see Bitcoin has this model called,proof of work and proof of work is a,meritocratic lottery system so basically,you have a minor and a minor is sitting,there all day long and it's computing,basically magic numbers it's looking for,a certain number like a ticket to,basically win so it's gonna go compute,and do hash one and hash two and every,second it's able to compute a set of,potential tickets to win and eventually,a MITRE gets lucky and one of those,turns out to be a winning set and then,this gives the miner the right to,advance Bitcoin now the system is,parametrized in a way where this happens,hopefully every approximately 10 minutes,and the difficulty increase,is over time as more people participate,and more people have an incentive to,participate as the price of Bitcoin goes,up so you look at price difficulty goes,up as price goes up,so here's difficulty okay in price so,basically how hard it is to find these,magic numbers is directly connected the,price because as price goes up more,competition occurs more competition,occurs more difficult to get ensure that,we make bitcoins basically every 10,minutes,okay and if you actually sure enough,look at the difficulty graphs of Bitcoin,you can see that relationship on Bitcoin,dot fo or any of your other providers,where you can look at the price of,Bitcoin the energy consumption and the,difficulty there's a very nice tight,correlation there that shows those,things now here's the problem as,difficulty goes up proof-of-work gets,more centralized and this is unavoidable,okay so why does it get more centralized,well you have to go from CPUs so those,are processors general processors that,live in your computer my computer -,increasingly more specialized hardware,so anybody can buy a CPU your price of,admission is very low there that's Intel,AMD arm etc anybody can buy a GPU,okay that's Nvidia Andy and they're in,pretty good circulation but then when,you start getting to increasingly more,specialized things like FPGAs or Asics,in fact when I made my first videos on,Bitcoin we were moving from GPUs to,FPGAs that was a big transition back in,2013 and there were already people,building Asics application-specific,integrated circuits these are custom,and many cases they're patented and in,many cases they're owned by private,companies okay,and guess what they don't have to sell,these to you if it's patented you can't,make it if it's a private company the,private company doesn't have to sell it,to you and given that it's custom what,does it mean the supply chain of these,things is very very tight okay so if,these are the only devices that you can,use to mine then you tell me is the fact,that somebody gets the right to decide,who gets it open or closed,somehow the Bitcoin people they they,just have so much difficulty with this,topic the other thing is that your,ability to profit to make money on,Bitcoin mining is directly connected to,not only your access to Asics okay,that's one but it's also connected to,your price of electricity price of power,alright well hang on a second here what,if you live in a country with very,expensive electricity what if you live,in a country where you have political,connections you get free power or,inexpensive power so based on geography,and political connections your price of,power may vary so how is that fair for,people who don't live in countries with,subsidized power or very expect or they,live in countries very expensive power,so we already have two factors that,limit access to mining okay,two factors that limit access to my,geographically and also one in the,supply chain so the other thing is,because there can only be one winner and,if there are multiple winners there's a,competition between them and one of the,blocks ends up being an orphan block you,then have a situation where it tends,towards economy of scale,okay so what does that mean economy of,scale means that the larger actors tend,to do better they can optimize things,they can build better data centers they,can have better ne

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Charles and Vitalik - Cardano and Ethereum - What happened

Charles and Vitalik - Cardano and Ethereum - What happened

do you still speak to vitalik and why,did you leave why did you do break up,per se well i don't imagine vitalik has,a super high opinion of me um you know,and it is what it is,the reality is that we have very big,philosophical,disagreements about how things ought to,be run,when i was there i said look for taking,other people's money we have to put that,money into a structure that creates,accountability furthermore we have to,put golden handcuffs on the founders and,keep them loyal to the project because,there's too many of them there's eight,founders and if they're not locked into,something then what's going to happen is,they're all going to run away and create,their own ventures which is what they,did anthony did decentral gavin did,polka dot and parity i did cardano,you know they all there's all seven of,the eight are gone and furthermore the,incentives were set up that we got paid,up front with a founder reward which i,didn't take the other seven did i and uh,basically if the project's successful,hallelujah if it fails hallelujah but,you've already got your maximum reward,up front whereas in an equity finance,model you have to build value over time,and you have a venture capital arm,keeping you accountable so the first,there was a fundamental disagreement,about business strategy and execution,vision and i felt a for-profit model,with vc money to build the protocol made,a lot more sense and then when the,protocol was done spin it out and have a,governing foundation run it,would be probably a much better approach,that's one dimension the other,dimensions are interpersonal reasons um,we have for six months been living like,hippies you know in the switzerland,house and he was traveling around the,world and communication was very siloed,and paranoia and fear started building,up and there's like three books now uh,written about this and those books um,you know they paint a portrait that,there was a bunch of very brilliant,people that got two doses of brains and,half a dose of social skills myself,included,and when you put them into a high stress,hippie-like situation,it breeds a lot of conspiracy theories,and fear and these types of things and,frankly there was just too many founders,so at some point you have to consolidate,and there was really two different paths,that vitalik could choose he was sitting,in the middle he could pick the business,side which is what i was advocating and,anthony diario and jill lubin were,advocating or he could pick the tech,crypto anarchy not-for-profit you know,egalitarian meritocratic open source,world which is what gavin and jeff uh,were pushing,and ultimately our side lost amir shatri,left and i left at the same time and,then shortly thereafter anthony left and,then joe went on to do consensus and,monetize a whole different area and then,obviously the tech people it was lord of,the flies they ate themselves they,nearly spent all the ico money,they launched ethereum i think they had,less than a half million dollars in,treasury of the original 18 million that,they ran they got very lucky that,ethereum became very valuable very,quickly that allowed them to replenish,the treasury and now it's a success but,just like tesla in 2008 they were damn,near bankrupt uh so,you know in hindsight could we have,found a more amicable way or could i,have done things very different of,course you know at the time i was 25 26,years old it was the first time i've,ever done anything at a scale like that,i there's a reason i became a,mathematician and not an mba you know i,i don't have uh i don't have those,native skills it took me about a decade,to slowly aggregate and learn how to,lead a company,and actually be accountable to a company,and run a software project and run a,science project and you know my work,stands for itself with ihk we've,published 92 papers,i think over 10 000 citations i mean an,academic career for you know somebody's,been around for 40 years or 50 years we,did all of that in just a four year,period from when we bootstrapped our,scientific actually getting serious,about paper production and then we built,an engineering company that not only can,deliver a product as complex as cardona,to market but do it in a very exotic,programming language haskell find talent,there and then actually go and improve,haskell the programming language itself,and compile it to javascript and to web,assembly and so forth so i have six,years of history at iohk and i have six,months of history at ethereum what's so,disheartening is that ethereum is the,big project and coronado isn't quite,there yet so ethereum is what everybody,knows me for,and so they only had six months of data,where i had limited ability to influence,and control things and i was just one,brick in the wall amongst many and then,at iog i've been the ceo the big guy you,know so i've had the ability at my,company to demonstrate what a vision,would look like and a lot of people,often ask well what would have happened,with ethereum,had,y

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