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Speaker 1: The Coin Bureau Podcast is a production of I Heart Radio.

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Speaker 1: I never thought much about making money. It happened accidentally

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Speaker 1: as a by product of Satoshi asking me to keep

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Speaker 1: my node running so others could connect. Welcome everyone, wherever

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Speaker 1: you are and whoever you are, to the Coin Bureau Podcast.

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Speaker 1: My name is Guy and my name is is mad

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Speaker 1: Mike Mooch there he is. Nice to see you again

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Speaker 1: of chat. Yeah, are you well? Very well good? How

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Speaker 1: did you find last week's episode? Yeah? Great, I thought

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Speaker 1: it was. It was fascinating, wasn't it. There's there's so

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Speaker 1: much to talk about, especially that so much that I

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Speaker 1: find so interesting, especially about Bitcoin's early history that there's

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Speaker 1: definitely a movie're going to be made about it. Yeah

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Speaker 1: with the Okay, so we're back for part two of

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Speaker 1: bit um. There's still so much to talk about. Yes.

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Speaker 1: So at the end of the last episode, bitcoin had

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Speaker 1: just been released into the wild if you like, and

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Speaker 1: do you remember it hadn't been it had turned off

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Speaker 1: the computer. Yes, So how Finny who was the second

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Speaker 1: person after Satoshi to start running the bitcoin software. He

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Speaker 1: ran it for a while, but yeah, his um it

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Speaker 1: was his computer was getting so hot that he was

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Speaker 1: getting annoyed by the noise of the fan, so he

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Speaker 1: turned it off. Um. So yeah, so we had that.

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Speaker 1: So Bitcoin was released too. I mean, you can't even

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Speaker 1: call it a lukewarm reception. It was barely a reception

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Speaker 1: at all. Like a couple of people replied on the

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Speaker 1: forum with as we saw sort of fairly valid points

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Speaker 1: about about potential weak spots in bitcoin. Um. And yes,

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Speaker 1: so it wasn't it wasn't particularly well received at all.

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Speaker 1: It was it was fairly it was a big mare um.

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Speaker 1: And we also didn't we looked at some of the

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Speaker 1: predecessors to it, things like diggie cash and then some

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Speaker 1: of these other attempts to basically build a digital money.

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Speaker 1: And this was obviously being done by these people that

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Speaker 1: we met called the cipher punks. Okay, So, and we

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Speaker 1: talked about and we talked a bit about last time

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Speaker 1: about Satoshi, Satoshi Nakamoto, the elusive creator of bitcoin. Yeah,

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Speaker 1: we talked about Satoshi a bit last time. And as

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Speaker 1: I said, it's such a fascinating story that there's so

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Speaker 1: much nuance, there's so many little channels and eddies to

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Speaker 1: explore in that story that we're going to do a

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Speaker 1: separate episode on that another time. Um But one of

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Speaker 1: the other guys that I did that we did talk about,

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Speaker 1: and I wanted to talk about a little bit more

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Speaker 1: was this guy Hal Finny. So, as we know how

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Speaker 1: second person to be and the second person to run

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Speaker 1: the bitcoin software, as I said, and also I think

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Speaker 1: the first person to respond positively to bitcoin. Um So,

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Speaker 1: among these kind of sort of negative or replies to

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Speaker 1: Satoshi's original posts about it, How was one of the

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Speaker 1: few who sort of went, oh, okay, let's let's see.

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Speaker 1: Let's see so I said, him and Satoshi collaborated on

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Speaker 1: this for a bit and they kind of sent code

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Speaker 1: back and forth to each other and they would basically

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Speaker 1: iron it out. Um So, how is a really How

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Speaker 1: was a really big player in the early days of bitcoin.

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Speaker 1: So let's just talk a little bit about him for

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Speaker 1: a start. So he was born in California in ninety six.

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Speaker 1: He was obviously a really smart guy. He was a

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Speaker 1: science fiction fan. He went to the California Institute of

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Speaker 1: Technology cal Tech, I think they call it cal Tech.

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Speaker 1: He took courses apparently he was taking he was taking

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Speaker 1: kind of graduate courses when he was in his first year.

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Speaker 1: You know, he's that sort of clever sort of almost

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Speaker 1: you know, cleverer than the cleverer than the professor's guy.

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Speaker 1: And he graduated. He had a degree in engineering. But

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Speaker 1: he was also a really kind of athletic guy. He

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Speaker 1: loved skiing and running. Apparently he was a very outdoorsy

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Speaker 1: So he's not your not your typical typical computer geek. Yeah.

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Speaker 1: He basically he got out a lot as well as

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Speaker 1: spending a lot of time behind a computer. Yeah he did. Yeah,

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Speaker 1: he managed to. I think he had that sort of

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Speaker 1: nice work like yeah. Yeah. Um. And the early part

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Speaker 1: of his career was spent designing video games, which is

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Speaker 1: obviously I mean, that has to be one of the

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Speaker 1: coolest jobs, doesn't it. No, No, bond, bond, Bond is

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Speaker 1: the coolest job. Bond is the coolest job for one racer. Okay, yeah, alright,

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Speaker 1: So designing compute, I think that's the coolest job. Well,

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Speaker 1: I think it's I think it's a cool job. I

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Speaker 1: don't think it's a cool job at all. Um. Yes,

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Speaker 1: So whilst he was whilst how Finny was was designing

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Speaker 1: these video games, he also began to the jock video

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Speaker 1: game designer. Yeah, he's the cool video the guy who

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Speaker 1: made video game designing cool Yeah, exactly, guitar and skiing.

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Speaker 1: Yeah that sounds heal. Finny, Yeah, that's a cool name

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Speaker 1: as well. It is. It is a cool name, how Finny. Um.

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Speaker 1: So whilst he was working whilst was working designing video games,

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Speaker 1: he began to develop interests in cryptography and privacy, which obviously,

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Speaker 1: as we saw, a kind of real cipherpunk touchstones if

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Speaker 1: you like. Um. And this led him to volunteer to

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Speaker 1: work on a project called PGP in his spare time. Now.

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Speaker 1: P GP is short for pretty Good Privacy and this

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Speaker 1: is this was a messaging system that used public key

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Speaker 1: cryptography again that's central to bitcoin, to enable users to

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Speaker 1: basically send encrypted messages. So it was it was a

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Speaker 1: secret yeah, a very private messaging system, which obviously predates

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Speaker 1: the systems that we use now. And I think a

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Speaker 1: lot of the technology that was developed then is is

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Speaker 1: kind of taken for granted. You know, we see it

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Speaker 1: kind of built underpinning a lot of what works for

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Speaker 1: what's happened Telegram and He's and signal, you know, these

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Speaker 1: other sort of messaging services. Some of that technology was

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Speaker 1: developed back then. So the guy who invented who came

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Speaker 1: up with p GP. Was a guy called Phil Zimmerman,

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Speaker 1: who's another sort of legend in the cipher punk story,

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Speaker 1: a computer scientist and a cryptographer, and he developed him

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Speaker 1: and him and how sort of developed worked on PGP

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Speaker 1: for a while, and the US authorities became so worried

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Speaker 1: about it and other encryption technologies that they had them

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Speaker 1: classified as weapons grade, which obviously yeah, which a made

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Speaker 1: them really cool and be made them super illegal like

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Speaker 1: it was, Yeah, it became illegal to export them. So um, Zimmerman,

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Speaker 1: he Phil Zimmerman was was was kind of he was

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Speaker 1: he was pretty clever because he got around the fact

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Speaker 1: that he wasn't able to export the digital code of

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Speaker 1: things like PGP. He published it as a physical book

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Speaker 1: m to get around these to get around these export restrictions,

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Speaker 1: which is I think pretty clever. Could read, was it? Yeah,

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Speaker 1: well if you if you like sort of I don't.

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Speaker 1: I don't think it made the best seller lists put

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Speaker 1: it like that. Um, And obviously, yeah, Zimmerman kind of

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Speaker 1: through this work and he was also like an anti

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Speaker 1: nuclear activist as well, so he was he got the

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Speaker 1: authorities pretty interested in him, so they you know, they

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Speaker 1: opened up investigations about him and all that sort of stuff,

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Speaker 1: which were eventually dropped. But How was for Zimmerman's first

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Speaker 1: employee at PGP. But because because the authorities were not

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Speaker 1: too happy about it, we're looking into it, he had

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Speaker 1: to call had to keep all this work that he

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Speaker 1: did on it very very secret, so he sort of

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Speaker 1: rarely talked about it and stuff. Um, as we saw

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Speaker 1: last time, how was a cipherpunk and he suggested some

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Speaker 1: improvements to this hash cash system that Adam Back came

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Speaker 1: up with. You remember, this was one of the first

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Speaker 1: attempts after diggi cash to come up with and you know,

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Speaker 1: come up with a digital cash. So that brings us

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Speaker 1: to bitcoin, if you like. So how was how had

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Speaker 1: form in this regard. He had worked on privacy issues,

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Speaker 1: he worked on privacy tech, and he'd also he'd also

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Speaker 1: sort of dipped a toe in the water of of

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Speaker 1: of a private digital cash, so he was going to

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Speaker 1: be naturally more receptive to bitcoin as an idea. So yeah,

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Speaker 1: he saw its potential um and he became after shortly

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Speaker 1: after beginning working on it with Sotoshi, he became the

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Speaker 1: first ever person to receive a bitcoin transaction. Sotoshi sent

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Speaker 1: him one as a test, but to basically tend test

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Speaker 1: the network. He sent him ten btc yeah, which was

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Speaker 1: worth precisely nothing then, um and which would be worth

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Speaker 1: at today's prices somewhere between four hundred and five hundred

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Speaker 1: thousand dollars. So we weren't we weren't dwell on that.

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Speaker 1: Um So yeah. So how is how is really important

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Speaker 1: to especially to the really early days of bitcoin, because

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Speaker 1: he firstly believed in it and secondly gave up a

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Speaker 1: lot of time and effort to help Setoshi with it

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Speaker 1: and to help iron out these flaws and basically develop it.

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Speaker 1: And I think I think it's fair to say that, um,

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Speaker 1: if he hadn't done this work, you know, if he

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Speaker 1: hadn't committed that sort of time, then bitcoin might just

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Speaker 1: never have got off the ground. Um. So he's really really,

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Speaker 1: he was really really vital player. Yeah yeah, um. And

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Speaker 1: you might have you might have picked up on the

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Speaker 1: fact that I referred to how Finny in the past tense.

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Speaker 1: He sadly died in two thousand and fourteen. Um, and

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Speaker 1: he died of a l s which is I've got

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Speaker 1: this written down here because I can never remember how

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Speaker 1: to pronounce it. Then they call it something an American. Yes,

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Speaker 1: so it's like lue Garrett's lue Garrig's disease. Yeah. Yeah,

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Speaker 1: so it's um amotrophic lateral sclerosis, which is also known

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Speaker 1: as lue Gerrit's disease, which is also known as motor

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Speaker 1: neuron disease. It's what Stephen Hawking had. Stephen Hawking weirdly

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Speaker 1: managed to live with it for a lot lot longer.

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Speaker 1: I think when you're diagnosed with it, I think you

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Speaker 1: get about you know, you get about five years max.

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Speaker 1: So Stephen Hawking was was an exception. I mean, he

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Speaker 1: lived with it for decades. Sadly, how often he didn't

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Speaker 1: quite survive as long as Stephen Hawking. So and yeah,

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Speaker 1: there he began to he after being involved with bitcoin

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Speaker 1: for a bit, he was then diagnosed with a LS

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Speaker 1: and so he kind of he kind of moved away

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Speaker 1: from bitcoin, he because he went off to get treatment.

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Speaker 1: And yeah, so he sort of stepped back from the project,

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Speaker 1: but he did kind of return to it once his

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Speaker 1: illness was more advanced. And there are occasional sort of comments,

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Speaker 1: forum comments, forum posts and things like that. Time Jenny

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Speaker 1: was it was he was reading the message, he was

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Speaker 1: lurking rather than yeah, being proactive. Yeah, because a ls

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Speaker 1: IS is a wasting disease of the muscles. Basically, your

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Speaker 1: your muscles waste away and you gradually lose all of

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Speaker 1: your bodily functions. I like to say, it's it's it's

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Speaker 1: a horrible way to go. Um. But his brain, I

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Speaker 1: think was was perfectly was in perfect working order, much

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Speaker 1: like Stephen Hawkings. Which is a bit of an understatement. Um,

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Speaker 1: but yes, So he had apparently a sort of kind

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Speaker 1: of special set up at home where he was better

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Speaker 1: able to control his keyboard. I think you know, it

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Speaker 1: was linked to his eye movements and things like that,

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Speaker 1: so he was able to contribute to bitcoin even when

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Speaker 1: he was was very very ill. Um. But yeah, he

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Speaker 1: sadly died in and an interesting fun fact, if you like,

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Speaker 1: his body was cryogenically preserved. Um. So perhaps how many

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Speaker 1: will have the last laugh on all of us? Um?

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Speaker 1: And I mean he mined a bit of bitcoin, and

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Speaker 1: because he because he understood the value of the network,

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Speaker 1: because he understood the technology and saw what it was

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Speaker 1: trying to do, he did keep hold of some of

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Speaker 1: those bitcoins that he mind, he wasn't mining for very long,

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Speaker 1: but obviously it was just him and Satoshi, so he

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Speaker 1: managed to build up a little stack, which I think

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Speaker 1: he was quite careful about sort of putting away for

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Speaker 1: his heirs, because he he had two sons. I think. Um,

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Speaker 1: so yeah, I mean if he does, if he does

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Speaker 1: get on frozen, he could be rolling in it. Yeah, okay,

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Speaker 1: So yes, how stopped working on bitcoin um in early

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Speaker 1: two thousand and nine, so it was just a few

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Speaker 1: months old, but he obviously had other things on his mind.

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Speaker 1: So at this point, at this point there were obviously

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Speaker 1: still only a handful of other people working on the network.

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Speaker 1: But one guy who heard about it was a student

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Speaker 1: from Finland, Finland, and his name was Marty Malmi. Marty Malmy,

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Speaker 1: I hope I'm pronouncing that right. And Marty I think

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Speaker 1: is kind of one of bitcoins. Marty is one of

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Speaker 1: Bitcoin's more unsung heroes. I think, Um, he again contributed

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Speaker 1: a heck of a lot, especially in the early days.

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Speaker 1: And yeah, with no sort of real thought of unsung

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Speaker 1: heroes multi millionaires now though, No, no, no, this is

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Speaker 1: what's this is what's really interesting for me because I

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Speaker 1: think if they were, I mean, it wouldn't neces sarily

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Speaker 1: undo all the work that they've done. But if they

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Speaker 1: were you sort of they would obviously have held onto

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Speaker 1: their bitcoin and you know, and being kind of unwilling

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Speaker 1: to sort of put it out into the world. And

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Speaker 1: I think what's what's amazing about what these guys did

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Speaker 1: is that they were much more focused a on developing

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Speaker 1: the technology, So it wasn't it wasn't about trying to

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Speaker 1: accumulate as much as they could in the hope that

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Speaker 1: it might one day be be worth something. Um. And

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Speaker 1: a lot of them as well, see, especially especially some

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Speaker 1: of the later ones, were sort of really big about

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Speaker 1: putting it out into the world, about giving people bitcoin,

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Speaker 1: giving people BTC in order that they could they could

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Speaker 1: give it, give it a try for themselves, sort of

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Speaker 1: a try before you buy sort of thing. Yeah. Yeah,

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Speaker 1: and one of the mind before you mind. Um yeah,

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Speaker 1: one of the guys will talk about in a bit

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Speaker 1: when you hear how he how he did it, it's crazy.

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Speaker 1: Um yeah. So yeah, I think Marty, Yeah, I think

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Speaker 1: Marty deserves a lot of cuts. Um. He was an

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Speaker 1: amateur coder. He wasn't anything like the same league as

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Speaker 1: how or Satoshi, but he was he really clicked onto

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Speaker 1: the ideas behind bitcoin, you know, the side this kind

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Speaker 1: of libertarian ideal that it was money without borders, without

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Speaker 1: centralized control or you know, peer to peer. Um. He

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Speaker 1: was he understood that right from the off, so he was.

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Speaker 1: And he was also kind of more of an archetypal geek,

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Speaker 1: so he loved playing video games. He spent most of

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Speaker 1: the time. All of them have been on the video

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Speaker 1: game sort of tip, whether it's designing or playing. That's true.

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Speaker 1: So like as far as one of them skied and

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Speaker 1: he was the cool one, yeah, I think probably I'm

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Speaker 1: spotting a pattern. I think probably how may get how

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Speaker 1: may take the mantle of the coolest cipher blank okay,

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Speaker 1: which is video game guy video games. Yeah, he spent

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Speaker 1: a lot of time online writing code, but he got

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Speaker 1: in touch with Satoshi and he offered to help if

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Speaker 1: he could. I think it was sort of like, look,

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Speaker 1: I'm not a great coder, but if there's anything I

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Speaker 1: can do. Um. And Marty wrote a bit about bitcoin

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Speaker 1: as well to Satoshian sort of online generally, and Satoshi

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Speaker 1: saw this and saw what he'd written, and he realized

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Speaker 1: that Marty had was I'd got the concept. Yeah, he

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Speaker 1: realized that he understood. So, and this turned out to

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Speaker 1: be quite good timing because Satoshi was he wanted to

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Speaker 1: move away from just sort of working on the code

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Speaker 1: and try and put a bit try and put a

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Speaker 1: bit more emphasis the job exactly exactly. Um, long story short,

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Speaker 1: Marty began writing material for the Bitcoin website that was

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Speaker 1: more accessible to those people who weren't kind of hardcore

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Speaker 1: cipher punks, who weren't coders. And again, this is a

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Speaker 1: really important step to take to move away from this

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Speaker 1: idea of kind of selling the code and and and

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Speaker 1: all the technical aspects of it to going, hey, look

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Speaker 1: this is what it can do real world applications. Yeah, okay,

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Speaker 1: we've got some amazing computer code here. This is this

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Speaker 1: is brilliantly built, brilliantly put together. But you've got to

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Speaker 1: you've got to explain it to people who either don't

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Speaker 1: understand that or aren't interested or both, you know, as

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Speaker 1: it were. So this is where this is where Marty

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Speaker 1: kind of kind of kind of really came in. Um

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Speaker 1: and yeah, because I think they both realized him and

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Speaker 1: socially realized if it was just code as talking about code,

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Speaker 1: then no one, no one in the real world was

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Speaker 1: going to pay much attention. So um, Yes, so Marty

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Speaker 1: began writing for the website, making all this writing about

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Speaker 1: bitcoin more accessible. He worked, he kind of improved the

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Speaker 1: website as well and just made it kind of generally

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Speaker 1: better and less clunky and less cod y and all

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Speaker 1: that sort of stuff. And he also began running the

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Speaker 1: software and occasionally mining coins. And I think he estimates

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Speaker 1: that he mind about fifty five thousand in total. I know,

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Speaker 1: I know, And what I think is really impressive. He

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Speaker 1: taught himself C plus plus, which is the programming language

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Speaker 1: that coin is written in. UM. And you know, you remember,

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Speaker 1: like I said, he wasn't he wasn't a sort of

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Speaker 1: natural CODA to start off with. He was more kind

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Speaker 1: of just interested in it. And I think this is

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Speaker 1: amazingly impressive. Taught himself the programming language and was eventually

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Speaker 1: allowed by Satoshi to make alterations to the Bitcoin core software. Yeah,

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Speaker 1: I think that's pretty amazing. Um. Satoshi obviously trusted him implicitly.

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Speaker 1: So yeah, so he became he became a really important

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Speaker 1: important person in bitcoin story, especially as how began to

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Speaker 1: health and he began to step back a bit from it. UM.

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Speaker 1: And also I think perhaps most Interestingly of all, Marty

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Speaker 1: also collaborated with Setoshi to design the bitcoin logo. You know,

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Speaker 1: so that is that trademarked? Is that just no? I

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Speaker 1: think like because that would be that would be against

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Speaker 1: the ethos And yeah, I was going to say, yeah.

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Speaker 1: And what I love about that is, yes, Satoshi and

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Speaker 1: Marty kind of corresponded about it for a while and

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Speaker 1: it's not it's entirely clear who came up with the idea,

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Speaker 1: but you know, I mean you can see what. Yeah,

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Speaker 1: the b with the sort of two lines running through

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Speaker 1: it very much based on the Is that like two billion?

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Speaker 1: That's a lot of money? Yeah, should we do the

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Speaker 1: I've done it, and I just want to know if

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Speaker 1: that's right now? Two point three billion? Yeah, that sounds

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Speaker 1: about right, yes for two Yeah, so bitcoin is Yeah,

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Speaker 1: bitcoin is struggling a bit as we record this. It's

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Speaker 1: not if you got fifty five thou of them, Oh no,

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Speaker 1: I could have got an extra billion, yeah, so he

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Speaker 1: could have heard yeah, yeah, but we'll see what he

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Speaker 1: did with it shortly. Um, so yeah, but I mean

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Speaker 1: one pizza. What I what I love about them designing

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Speaker 1: the logo is that it was obviously it must have

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Speaker 1: been a little side project thing and and that they

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Speaker 1: worked on, you know, just to sort of, oh, we

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Speaker 1: should probably have a logo for this thing, and now,

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Speaker 1: I mean it must be one of the most tonic

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Speaker 1: logos and yeah, one of the most recognizable symbols in

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Speaker 1: the world. I mean, I'm sure there are It's not

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Speaker 1: on par maybe with Nike or Addy Dusk, but it's

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Speaker 1: up there. Yeah, And I mean maybe I did wonder

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Speaker 1: perhaps I perhaps i'd probably recognize it over the Yen logo. Yeah, yeah,

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Speaker 1: which I don't know what it is probably why um, yeah, yeah,

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Speaker 1: it's it's I mean, maybe I just spend too much

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Speaker 1: time in Chris. I think I think we're a bit

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Speaker 1: of bubble. But yeah, but I love the fact that, yeah,

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Speaker 1: these two guys just sort of working on as a

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Speaker 1: side project and inadvertently came up with one of the

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Speaker 1: with what will continue to you know, to grow and

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Speaker 1: become one of the most iconic logos in the world.

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Speaker 1: I mean, it's as far as the crypto logos go,

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Speaker 1: it's the most well known. The theorem that diamond thing, Yeah,

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Speaker 1: that's the one that it's sort of it's the run

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Speaker 1: seal of of logos, I mean, which for American listeners,

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Speaker 1: is there's an English product says does exactly what it

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Speaker 1: says on the tip. Yeah, that was their tagline. Yeah,

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Speaker 1: so it kind of you get what it is. Yeah, yeah,

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Speaker 1: Whereas you're right, Ethereum has two sort of pyramids joined

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Speaker 1: end to end. It was a diamond or something. Yeah,

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Speaker 1: it kind of looks like a diamond from Afar, but

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Speaker 1: I think it's supposed to be two pyramids. And then yeah,

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Speaker 1: I mean all yeah, loads are all the all the

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Speaker 1: cryptos now have the logos. Some one's just the dog um.

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Speaker 1: So yeah, I think you're absolutely right. Yeah, it does.

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Speaker 1: It's instantly recognizable and you know, you know it's obviously

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Speaker 1: one's Yeah. So yeah, just I mean, I think that's

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Speaker 1: an amazing claim to fame to have designed perhaps one

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Speaker 1: of the most iconic symbols of the twenty first century.

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Speaker 1: And beyond um and Marty has another big claim to fame.

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Speaker 1: He was one of the people to receive one of

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Speaker 1: the last ever emails from Satoshi and this was May eleven,

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Speaker 1: and this was an email saying I've moved on to

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Speaker 1: other thing ings and probably won't be around in the future.

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Speaker 1: M hm. So yeah, so this that was cos I've

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Speaker 1: sent to I've sent that email a few times more

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Speaker 1: in a text though Satoshi was just ghosting. It's like, hey,

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Speaker 1: we should do some more. You know that working on

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Speaker 1: the logo was really fun. Other things guard but before

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Speaker 1: he disappeared, before Satoshi just melted away into the ether.

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Speaker 1: He also transferred control of bitcoin dot org the website

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Speaker 1: to Marty really yeah, yeah, so he was ourselves t

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Speaker 1: shirts and yeah. So Marty had access to the bitcoin

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Speaker 1: core code and also you know, the bitcoin website. So

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Speaker 1: he was Yeah, he was close to Setoshi, as close

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Speaker 1: as you can be to someone who you never meeting,

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Speaker 1: have no idea who he really is. Um and again

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Speaker 1: another person who contributed a heck of a lot to

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Speaker 1: bitcoin in its early days. He also helped set up

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Speaker 1: the first bitcoin forum that was in late two thousand

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Speaker 1: and nine, and he also became the first person to

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Speaker 1: receive US dollars in return for bitcoin. Now this is

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Speaker 1: another small but important milestone. So another forum user called

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Speaker 1: New Liberty Standard was trying to set up the first

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Speaker 1: bitcoin exchange i I you know, basically the first place

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Speaker 1: you could actually buy bitcoins and and and get them

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Speaker 1: rather than having to mind them. New Liberty Standard was

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Speaker 1: trying to do this and sent Marty five dollars and

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Speaker 1: two cents via PayPal in return for five thousand and

400
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Speaker 1: fifty BTC bitcoins, which was which was going to be

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Speaker 1: used as kind of seed seed funding for this exchange.

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Speaker 1: So that's where that's where some of Marty's bitcoins went

403
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Speaker 1: for the other. Yeah, so the other Yeah, I mean

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00:22:50,240 --> 00:22:53,600
Speaker 1: that's these five thousand work. Yeah, that's around two fifty

405
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Speaker 1: million dollars in today's money. Did you put that five

406
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Speaker 1: dollars into an account that had compound interest? He did not,

407
00:22:59,440 --> 00:23:03,280
Speaker 1: So basically he Marty spent. Marty cashed out a lot

408
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Speaker 1: of his bitcoins and bought an apartment in This was

409
00:23:08,280 --> 00:23:11,600
Speaker 1: a kind of preve I think, um, use some of

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Speaker 1: the proceeds to buy a flat in in Helsinki, but

411
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Speaker 1: apparently not a particularly spectacular flat, so I mean, don't

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Speaker 1: look a gift to use in the mouth. It's still

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Speaker 1: he still did, okay, Um, but really if he would

414
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Speaker 1: have been a billionaire, yeah, but the project might not

415
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Speaker 1: have got off exactly. So yeah, so yeah, you have

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Speaker 1: to Yeah, I mean, look, he's got a flat he did, Okay,

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Speaker 1: I mean it's a it's a starts, and I'm sure

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Speaker 1: he's probably okay, yeah, yeah, I'm yeah, I couldn't. I.

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Speaker 1: Once you've got your first billion, do you need more? Well,

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Speaker 1: this is the thing I read a really interesting thing

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Speaker 1: the other night. Actually, um it was in the original

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Speaker 1: quotes in Italian, which I didn't speak, but it basically

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Speaker 1: translates to something like, um, rich is is basically a

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Speaker 1: ratio between two people. And what it means is that, yeah,

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Speaker 1: how how we measure rich is basically in regards to

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Speaker 1: the people around us. But yeah, it's really interesting that

427
00:24:13,280 --> 00:24:16,000
Speaker 1: I think, you know, because I mean I always think, yet,

428
00:24:16,320 --> 00:24:19,760
Speaker 1: if someone's a billionaire, what motivates them? What? What is

429
00:24:19,760 --> 00:24:23,359
Speaker 1: going They have more money than they can realistically ever spend,

430
00:24:23,880 --> 00:24:27,359
Speaker 1: so they don't need to they don't need to work.

431
00:24:27,520 --> 00:24:29,399
Speaker 1: I mean, they could just go off and devote themselves

432
00:24:29,480 --> 00:24:33,080
Speaker 1: to a life of pleasure. Is done well, we are

433
00:24:33,200 --> 00:24:37,040
Speaker 1: quite possibly. But we we know that Setocea, I mean

434
00:24:37,040 --> 00:24:42,560
Speaker 1: we know that setosia around a million bitcoin. Um. But yeah,

435
00:24:42,600 --> 00:24:44,800
Speaker 1: there's a wallet that there. I think they're spread across

436
00:24:44,800 --> 00:24:48,119
Speaker 1: several wallets which which are publicly viewable, and they haven't

437
00:24:48,160 --> 00:24:52,440
Speaker 1: moved in years, and they've never moved apparently, So yeah,

438
00:24:52,520 --> 00:24:54,920
Speaker 1: we're we're at this stage where I mean, the way

439
00:24:54,960 --> 00:24:58,120
Speaker 1: that you prove that your setoshi is that you know,

440
00:24:58,160 --> 00:24:59,879
Speaker 1: all you need to do is just access one of

441
00:24:59,920 --> 00:25:03,359
Speaker 1: the wallets and move a bitcoin, and trust me, the

442
00:25:03,400 --> 00:25:08,880
Speaker 1: internet will explode. That would be and it's people kind

443
00:25:08,880 --> 00:25:10,720
Speaker 1: of debate whether this would be good or bad for

444
00:25:10,760 --> 00:25:13,919
Speaker 1: bitcoin because as we know, bitcoin has a fixed supply

445
00:25:13,960 --> 00:25:18,720
Speaker 1: of twenty one million, so a million of them automatically

446
00:25:19,560 --> 00:25:23,520
Speaker 1: or whatever. Yeah, yeah, a significant percentage of them are

447
00:25:24,160 --> 00:25:28,000
Speaker 1: supposedly out of circulation, and yeah, a lot of people

448
00:25:28,240 --> 00:25:30,440
Speaker 1: there's a lot of debate I think about what effect

449
00:25:30,520 --> 00:25:32,920
Speaker 1: it would have because obviously supply and you know, from

450
00:25:32,960 --> 00:25:36,960
Speaker 1: a supply and demand perspective, if the supply suddenly increases,

451
00:25:37,720 --> 00:25:40,520
Speaker 1: then that could lead to that could lead to a

452
00:25:40,520 --> 00:25:42,280
Speaker 1: dip in price, and some people say it could really

453
00:25:42,280 --> 00:25:44,440
Speaker 1: tank the price, and others I think and more sort

454
00:25:44,440 --> 00:25:47,920
Speaker 1: of like, no, it's just you know, they're still there,

455
00:25:48,080 --> 00:25:50,440
Speaker 1: They're still there. Yeah, it's just that now. But I mean,

456
00:25:50,560 --> 00:25:53,719
Speaker 1: what would be more fascinating is that people would know

457
00:25:53,760 --> 00:25:55,600
Speaker 1: that Satoshi because a lot of people, I think, believe

458
00:25:55,640 --> 00:25:59,840
Speaker 1: that Satoshi is dead or has disappeared with no intent

459
00:26:00,400 --> 00:26:06,040
Speaker 1: of ever reappearing. So if they were to move, if

460
00:26:06,119 --> 00:26:09,359
Speaker 1: Satoshi was to move any of those bitcoins, that would

461
00:26:09,400 --> 00:26:14,440
Speaker 1: be that would be huge. But because because as we've

462
00:26:14,440 --> 00:26:18,720
Speaker 1: discussed before, because bitcoin is traceable, if he was to

463
00:26:18,760 --> 00:26:22,119
Speaker 1: do so, he would be running an enormous risk. What's

464
00:26:22,119 --> 00:26:26,240
Speaker 1: the risk? Why? Why? Why are people so well? I think,

465
00:26:26,840 --> 00:26:28,840
Speaker 1: I mean this is something that we should well, we'll

466
00:26:28,840 --> 00:26:31,520
Speaker 1: discuss it more in our episode on Satoshi himself. But

467
00:26:32,480 --> 00:26:34,639
Speaker 1: I think one of the one of the sort of

468
00:26:34,680 --> 00:26:38,960
Speaker 1: accepted truths is that he was he was all about privacy.

469
00:26:39,200 --> 00:26:43,200
Speaker 1: He didn't want to be a big global celebrity. And

470
00:26:43,200 --> 00:26:45,160
Speaker 1: I'm you know that would never have been his reason

471
00:26:45,200 --> 00:26:47,760
Speaker 1: for for for working on bitcoin in the first place.

472
00:26:47,800 --> 00:26:50,960
Speaker 1: But I'm sure that as he saw it getting bigger

473
00:26:50,960 --> 00:26:53,480
Speaker 1: and bigger, he must have made a decision. It's like,

474
00:26:53,680 --> 00:26:55,800
Speaker 1: I don't want to be I don't want to be

475
00:26:55,800 --> 00:26:59,320
Speaker 1: publicly identified because not only would I mean, your life

476
00:26:59,359 --> 00:27:02,800
Speaker 1: would just become such a hassle, wouldn't it, Because so

477
00:27:02,840 --> 00:27:05,200
Speaker 1: many people would want a piece of you for whatever reason,

478
00:27:05,240 --> 00:27:08,240
Speaker 1: you know, just to talk to you. Let's let's get

479
00:27:08,240 --> 00:27:10,520
Speaker 1: two things clear here. Yeah, yeah, if I had a

480
00:27:10,560 --> 00:27:14,199
Speaker 1: million bitcoin, my life would not be a hassle. If

481
00:27:14,240 --> 00:27:17,720
Speaker 1: anyone tried to make my life a hassle, I would

482
00:27:17,840 --> 00:27:22,640
Speaker 1: end them. It's a shame. It's a shame. You're not Satoshi,

483
00:27:22,720 --> 00:27:28,080
Speaker 1: isn't it. I mean, we're definitely not Satoshi because I

484
00:27:28,080 --> 00:27:32,080
Speaker 1: didn't know his second name or was that a double bluff? Yeah?

485
00:27:32,480 --> 00:27:36,160
Speaker 1: Now now you've got us, now you've got um. Yeah.

486
00:27:36,280 --> 00:27:40,520
Speaker 1: I I guess therefore that we can conclude that Satoshi

487
00:27:40,720 --> 00:27:44,520
Speaker 1: is not it's not mad Mike Mood, but it's not

488
00:27:44,680 --> 00:27:47,359
Speaker 1: someone who's yeah, who would quite happily just sort of

489
00:27:47,560 --> 00:27:50,440
Speaker 1: fly around and gold plated helicopters. I think I think

490
00:27:51,400 --> 00:27:55,840
Speaker 1: you can you can have your privacy with that much money. Possibly, yeah,

491
00:27:55,880 --> 00:27:57,880
Speaker 1: I mean there's there's an argument that you can buy

492
00:27:57,880 --> 00:28:00,760
Speaker 1: pretty much anything you like with money. But also, I

493
00:28:00,800 --> 00:28:03,200
Speaker 1: mean it's not just it's not just everyday people coming

494
00:28:03,200 --> 00:28:05,520
Speaker 1: after you. It's not just every bitcoin or on Earth

495
00:28:05,600 --> 00:28:08,439
Speaker 1: wanting to you know, wanting to sit down, wanting stuff

496
00:28:08,480 --> 00:28:11,280
Speaker 1: from you. But the authorities might be interested as well,

497
00:28:12,280 --> 00:28:16,960
Speaker 1: and I think that plays they're not viable. I mean,

498
00:28:17,000 --> 00:28:19,760
Speaker 1: they want they want their tax, tax revenue from there.

499
00:28:19,800 --> 00:28:24,679
Speaker 1: It's like take it in, Mr Nakamoto. Half of that

500
00:28:24,760 --> 00:28:29,560
Speaker 1: as are fine. I mean, yeah, half of a heck

501
00:28:29,600 --> 00:28:32,720
Speaker 1: of a lot is still a lot. And let's be honest,

502
00:28:32,760 --> 00:28:36,080
Speaker 1: billionaires don't pay half. Yeah, yeah, they generally get away

503
00:28:36,119 --> 00:28:40,480
Speaker 1: with it. Um So where were we. Let's let's go back.

504
00:28:40,720 --> 00:28:44,600
Speaker 1: Let's go back to Marty very quickly. So, as well

505
00:28:44,640 --> 00:28:47,480
Speaker 1: as sort of helping kind of publicized bitcoin, if you like,

506
00:28:47,560 --> 00:28:51,560
Speaker 1: coming up with the logo, collaborating with Satoshi, making bitcoin

507
00:28:51,640 --> 00:28:55,920
Speaker 1: more accessible, he was also heavily involved with submitting material

508
00:28:56,000 --> 00:28:59,080
Speaker 1: about bitcoin for an article published on a site called

509
00:28:59,120 --> 00:29:03,040
Speaker 1: slash Dot in July. This, I think is another sort

510
00:29:03,040 --> 00:29:06,760
Speaker 1: of small but important milestone in Bitcoin's history. Slash Dot

511
00:29:06,880 --> 00:29:10,960
Speaker 1: is basically kind of tech website. Um, it builds itself

512
00:29:11,040 --> 00:29:17,280
Speaker 1: as news for nerds. Okay, so yeah, it's um, it's

513
00:29:17,320 --> 00:29:20,240
Speaker 1: not Heat magazine though, it's not you know, it's it's

514
00:29:20,240 --> 00:29:24,040
Speaker 1: not all the National Enquirer. It's certainly not, but it's

515
00:29:24,200 --> 00:29:27,480
Speaker 1: it's it's a big it's a big deal in tech circles.

516
00:29:27,520 --> 00:29:31,560
Speaker 1: So a slash Dot post appeared about bitcoin, and this

517
00:29:31,920 --> 00:29:35,000
Speaker 1: really helped a supercharge interest in the project and it

518
00:29:35,120 --> 00:29:38,480
Speaker 1: started attracting a load of new users. And obviously Marty,

519
00:29:38,520 --> 00:29:42,280
Speaker 1: as I say, was instrumental in in basically submitting some

520
00:29:42,320 --> 00:29:46,920
Speaker 1: material for this, you know, talking to the slashdot people. UM.

521
00:29:47,040 --> 00:29:49,560
Speaker 1: So yeah, this was this was another big moment that

522
00:29:49,600 --> 00:29:52,960
Speaker 1: he was part of. Um And yeah, he basically did

523
00:29:52,960 --> 00:29:56,760
Speaker 1: more pr focused work. UM. As we know from looking

524
00:29:56,800 --> 00:30:00,320
Speaker 1: at blockchain technology in an earlier episode, the more people

525
00:30:00,480 --> 00:30:03,360
Speaker 1: mining and running notes on bitcoin, the safer and more

526
00:30:03,400 --> 00:30:07,040
Speaker 1: secure it becomes. So this this was perhaps Marty's real contribution.

527
00:30:07,080 --> 00:30:09,920
Speaker 1: And because he was able to get more people interested,

528
00:30:10,120 --> 00:30:13,320
Speaker 1: he was able to strengthen the network. More people began

529
00:30:13,400 --> 00:30:17,120
Speaker 1: participating on it, it became it became more widely used,

530
00:30:17,160 --> 00:30:20,600
Speaker 1: it became more decentralized, and thus it became stronger. And

531
00:30:20,640 --> 00:30:23,640
Speaker 1: again I think perhaps without that, if it remained something

532
00:30:23,680 --> 00:30:27,400
Speaker 1: that only only the really geeky, only the people who

533
00:30:27,440 --> 00:30:31,600
Speaker 1: really understood the the coding aspect of it, if it

534
00:30:31,640 --> 00:30:34,840
Speaker 1: remains something that only they could access, then again I

535
00:30:34,880 --> 00:30:36,800
Speaker 1: think it might. It could It could have failed, It

536
00:30:36,840 --> 00:30:40,040
Speaker 1: could not have got off the ground. UM. So it's

537
00:30:40,160 --> 00:30:43,640
Speaker 1: again a really really important contribution that he made. I've

538
00:30:43,640 --> 00:30:45,520
Speaker 1: got a quote from him here. Obviously, as I said,

539
00:30:45,560 --> 00:30:48,800
Speaker 1: he sold he sold a lot of his a lot

540
00:30:48,840 --> 00:30:51,600
Speaker 1: of his stack and bought this fairly modest apartment, and

541
00:30:51,640 --> 00:30:53,480
Speaker 1: he said when questioned about it, because obviously he has

542
00:30:53,520 --> 00:30:58,080
Speaker 1: been asked about this, perhaps owing to Finish culture, idealistic mentality,

543
00:30:58,160 --> 00:31:01,160
Speaker 1: and lack of life experience, I never thought much about

544
00:31:01,320 --> 00:31:05,360
Speaker 1: making money. It happened accidentally as a byproduct of Sotoshi

545
00:31:05,480 --> 00:31:11,120
Speaker 1: asking me to keep my node running so others could connect. Yeah,

546
00:31:11,280 --> 00:31:13,560
Speaker 1: so it wasn't It wasn't about the money. It was

547
00:31:13,560 --> 00:31:16,959
Speaker 1: about the project. As long as he's got enough. Putrified Herring,

548
00:31:17,200 --> 00:31:22,120
Speaker 1: I'm sure he's happy. That's all. They Your insights into

549
00:31:22,120 --> 00:31:28,120
Speaker 1: Finnish culture there are so valuable. Um yeah, the work

550
00:31:28,160 --> 00:31:30,200
Speaker 1: he did was vital to help bitcoin get off the ground.

551
00:31:30,280 --> 00:31:32,920
Speaker 1: And again another great quote from him, as he as

552
00:31:32,920 --> 00:31:35,520
Speaker 1: he said, with the early bitcoin as we set in

553
00:31:35,560 --> 00:31:41,000
Speaker 1: motion something greater than personal gain. So yeah, people like

554
00:31:41,120 --> 00:31:46,880
Speaker 1: how and Marty selflessly contributed to bitcoin in its early days.

555
00:31:47,880 --> 00:31:51,360
Speaker 1: Um so yeah. So on that note, shall we take

556
00:31:51,520 --> 00:31:54,560
Speaker 1: should we take a quick break and to quick five,

557
00:31:54,640 --> 00:31:56,800
Speaker 1: and then we'll come back and talk about a couple

558
00:31:56,840 --> 00:32:14,440
Speaker 1: of other guys we've just been talking about how Finny

559
00:32:14,480 --> 00:32:18,200
Speaker 1: and Marty mal meet these two guys who selflessly contributed

560
00:32:18,320 --> 00:32:22,240
Speaker 1: time and effort and much else. Besides in order to

561
00:32:22,600 --> 00:32:26,400
Speaker 1: make bitcoin what it became, in order to help improve it,

562
00:32:26,440 --> 00:32:29,200
Speaker 1: in order to help get the word out about it.

563
00:32:29,840 --> 00:32:32,600
Speaker 1: And as I say, yeah, their contributions are in some

564
00:32:32,640 --> 00:32:35,800
Speaker 1: cases a little unsung I think, but absolutely vital, especially

565
00:32:35,840 --> 00:32:39,040
Speaker 1: in those early days. So there are plenty more people

566
00:32:39,240 --> 00:32:41,400
Speaker 1: who have contributed tons to bitcoin. And I should say

567
00:32:41,440 --> 00:32:44,040
Speaker 1: at this point, you know, we're gonna because of because

568
00:32:44,040 --> 00:32:46,720
Speaker 1: we're constrained by time, and because the bitcoin story is

569
00:32:46,800 --> 00:32:50,920
Speaker 1: so ongoing, so rich and yeah and ongoing. Um, there

570
00:32:50,960 --> 00:32:54,040
Speaker 1: are a few people that are just you know, um

571
00:32:54,320 --> 00:32:57,600
Speaker 1: that may not mention in this or in this or

572
00:32:57,680 --> 00:33:00,480
Speaker 1: other episodes. So yeah, these guys that we're going to

573
00:33:00,560 --> 00:33:03,200
Speaker 1: talk about aren't the only people to have contributed to

574
00:33:03,200 --> 00:33:07,120
Speaker 1: bitcoin obviously, um, but they are. They are among the

575
00:33:07,160 --> 00:33:10,160
Speaker 1: most important. But there are others. And if I haven't

576
00:33:10,200 --> 00:33:13,920
Speaker 1: mentioned their names, um, apologies, it's just in the name

577
00:33:13,920 --> 00:33:17,200
Speaker 1: of it's just in the name of keeping things, keeping

578
00:33:17,240 --> 00:33:21,360
Speaker 1: things sincd if you like. Okay, So to to other

579
00:33:21,360 --> 00:33:23,920
Speaker 1: people who have contributed a ton to bitcoin in the

580
00:33:23,960 --> 00:33:29,719
Speaker 1: past are well Laslow and Gavin Laslow. That sounds familiar. Yeah,

581
00:33:29,840 --> 00:33:32,720
Speaker 1: so we have met this guy Laslow hany x before

582
00:33:33,000 --> 00:33:37,560
Speaker 1: now he is a computer programmer who is based in Florida,

583
00:33:37,840 --> 00:33:41,160
Speaker 1: and he's another one of these early guys who didn't huddle.

584
00:33:41,600 --> 00:33:43,760
Speaker 1: Now when I say we've talked about him before, we

585
00:33:43,840 --> 00:33:47,520
Speaker 1: talked about him briefly, Oh the graphics card exactly. Yeah,

586
00:33:47,560 --> 00:33:49,800
Speaker 1: we talked about him in the episode of Pizza Guy.

587
00:33:50,000 --> 00:33:53,520
Speaker 1: This is Bitcoin Pizza Guy. Yeah. Yeah, so Laslow hany x.

588
00:33:53,920 --> 00:33:55,960
Speaker 1: As we said, Yeah, when we talked about when we

589
00:33:56,000 --> 00:34:01,440
Speaker 1: talked about blockchain, the technology that underpins bitcoin and all

590
00:34:01,520 --> 00:34:04,760
Speaker 1: cryptocurrency for that matter, we were talking about the mining process,

591
00:34:04,800 --> 00:34:08,239
Speaker 1: weren't we, And how when it started out, when bitcoin

592
00:34:08,400 --> 00:34:11,359
Speaker 1: was in its very very early days, you could mine

593
00:34:11,400 --> 00:34:16,000
Speaker 1: it by basically using your laptop and it would mine

594
00:34:16,120 --> 00:34:19,680
Speaker 1: off the laptop central processing unit or CPU. But Laslow

595
00:34:19,719 --> 00:34:22,480
Speaker 1: clock that if you use the graphics card, you could

596
00:34:22,560 --> 00:34:25,799
Speaker 1: get a lot more processing power or a lot more

597
00:34:25,840 --> 00:34:30,359
Speaker 1: mining done. Precisely. That was one of the technological leaps. Yeah,

598
00:34:30,520 --> 00:34:36,279
Speaker 1: he became bitcoin flush, he did, and then and then

599
00:34:36,600 --> 00:34:40,720
Speaker 1: and traded a lot for a pizza. That's I couldn't

600
00:34:40,760 --> 00:34:46,200
Speaker 1: put it better myself. Yeah, bitcoin, Yeah, it was. Let

601
00:34:46,200 --> 00:34:48,759
Speaker 1: me have a look. It was ten tho BTC. Yeah,

602
00:34:48,760 --> 00:34:53,719
Speaker 1: absolutely right. Yeah, So a British dude to a British dude. Yes,

603
00:34:53,920 --> 00:34:57,240
Speaker 1: we think, we think so well, we're getting ahead of ourselves.

604
00:34:59,120 --> 00:35:03,880
Speaker 1: Well remembered that. Just so proud you've retained. This is

605
00:35:03,960 --> 00:35:08,080
Speaker 1: wonderful you're learning. So yes. In our episode on blockchain,

606
00:35:08,120 --> 00:35:10,960
Speaker 1: obviously we talked about the mining process. We won't go

607
00:35:11,000 --> 00:35:14,960
Speaker 1: back into that again here, but yeah, Laslow discovered that

608
00:35:15,239 --> 00:35:19,760
Speaker 1: if you if he switched his computer's graphics card is GPU,

609
00:35:19,920 --> 00:35:24,040
Speaker 1: graphics processing unit, it was much better designed to do

610
00:35:24,200 --> 00:35:30,160
Speaker 1: what bitcoin mining is, which is essentially rolling, yeah, conducting

611
00:35:30,200 --> 00:35:34,080
Speaker 1: the same very boring, very straightforward process over and over again,

612
00:35:34,120 --> 00:35:37,480
Speaker 1: basically making lots of guesses at a very random number.

613
00:35:38,160 --> 00:35:41,480
Speaker 1: So the GPU on the computer was much better suited

614
00:35:41,520 --> 00:35:43,960
Speaker 1: to this, and Laslow had this idea, and yeah, as

615
00:35:43,960 --> 00:35:48,919
Speaker 1: you say, he kind of supercharged the bitcoin mining process. So,

616
00:35:49,160 --> 00:35:51,520
Speaker 1: I mean a good analogy is if everyone else was

617
00:35:51,560 --> 00:35:57,239
Speaker 1: mining with shovels suddenly Laslow appears with drool, oh yeah,

618
00:35:57,320 --> 00:36:00,000
Speaker 1: or with a digger. It's just suddenly he's just able

619
00:36:00,120 --> 00:36:02,960
Speaker 1: to the whole thing. And this kind of starts what

620
00:36:03,080 --> 00:36:04,799
Speaker 1: I referred to as a bit of an arms race

621
00:36:05,000 --> 00:36:07,560
Speaker 1: when we last talked about it, and that people then

622
00:36:07,920 --> 00:36:09,839
Speaker 1: you know, people woke up to the fact that there

623
00:36:09,920 --> 00:36:12,120
Speaker 1: was there were ways that you could configure your computer

624
00:36:12,520 --> 00:36:14,840
Speaker 1: and what have you added more computers and what have

625
00:36:14,960 --> 00:36:17,800
Speaker 1: you had a better GPU and all this sort of stuff.

626
00:36:17,840 --> 00:36:20,600
Speaker 1: So this is how we've ended up at this situation

627
00:36:20,640 --> 00:36:26,120
Speaker 1: today where if you want to become a serious bitcoin minor,

628
00:36:26,640 --> 00:36:32,040
Speaker 1: you need hundreds thousands of computers, basically racks of them,

629
00:36:32,239 --> 00:36:36,160
Speaker 1: all running, all obviously consuming vast amounts of power. But yeah,

630
00:36:36,200 --> 00:36:38,600
Speaker 1: that is that is basically the entry point now, and

631
00:36:38,680 --> 00:36:41,840
Speaker 1: that starts with this with this guy Laslow han y X.

632
00:36:42,680 --> 00:36:46,279
Speaker 1: But this isn't Laslow's only contribution to bitcoin, because when

633
00:36:46,280 --> 00:36:48,719
Speaker 1: he first came across it, he was another one who

634
00:36:49,160 --> 00:36:53,200
Speaker 1: who understood the process, understood what bitcoin was about, and

635
00:36:53,239 --> 00:36:56,000
Speaker 1: saw the potential of it. So he started he approached

636
00:36:56,040 --> 00:36:58,200
Speaker 1: it with a kind of if you like, a kind

637
00:36:58,239 --> 00:37:01,600
Speaker 1: of hackers mentality. So he looked at it and looked

638
00:37:01,600 --> 00:37:03,879
Speaker 1: at the software and tried to find things that were

639
00:37:03,920 --> 00:37:08,000
Speaker 1: wrong with it. Now, fortunately for for bitcoin and for us,

640
00:37:08,400 --> 00:37:10,880
Speaker 1: he had a sort of white hat hacker approach. Have

641
00:37:10,960 --> 00:37:14,000
Speaker 1: you heard this term before? White black the legit way

642
00:37:14,000 --> 00:37:16,840
Speaker 1: of doing it. Yes, So a white hat hacker basically

643
00:37:16,880 --> 00:37:20,640
Speaker 1: does it for yeah, yeah, to try and to try

644
00:37:20,680 --> 00:37:23,239
Speaker 1: and find vulnerabilities in the code, to try and find

645
00:37:23,280 --> 00:37:25,520
Speaker 1: weak points. And then I mean, there are lots of

646
00:37:25,520 --> 00:37:27,400
Speaker 1: people who make their living out there doing this. They'll

647
00:37:27,440 --> 00:37:30,440
Speaker 1: they'll hack a company systems and then come to them

648
00:37:30,440 --> 00:37:32,400
Speaker 1: and go, look, this is what I did. This is

649
00:37:32,440 --> 00:37:35,879
Speaker 1: the problem with your security or whatever, um and this

650
00:37:35,920 --> 00:37:39,560
Speaker 1: is how you fix it. And yeah, so there's yeah,

651
00:37:40,040 --> 00:37:41,840
Speaker 1: by the way, it will cost you this much, but

652
00:37:41,960 --> 00:37:43,560
Speaker 1: you know, it's a it's a it's a legit way

653
00:37:43,560 --> 00:37:47,879
Speaker 1: of doing business because it shows its problem solves. Yeah. Yeah,

654
00:37:47,960 --> 00:37:50,799
Speaker 1: so that's what Laslow approached bitcoin as he was trying

655
00:37:50,840 --> 00:37:54,719
Speaker 1: to find ways trying to find vulnerabilities, and fortunately, yeah,

656
00:37:54,760 --> 00:37:58,480
Speaker 1: he was he did it with the right mentality. Um So,

657
00:37:58,560 --> 00:38:03,080
Speaker 1: he was looking for basically ways of improving the protocol. Anyhow, he,

658
00:38:03,239 --> 00:38:05,520
Speaker 1: as you say, he discovers this new way of mining,

659
00:38:05,640 --> 00:38:08,520
Speaker 1: and which obviously means that he starts mining more coins

660
00:38:08,560 --> 00:38:11,799
Speaker 1: than anyone else. And I don't recall exactly how long

661
00:38:11,880 --> 00:38:14,360
Speaker 1: he was ahead for, but he was able to build

662
00:38:14,440 --> 00:38:18,359
Speaker 1: up a fairly large stack of bitcoins by being the

663
00:38:18,360 --> 00:38:22,960
Speaker 1: biggest minor on the block. Um So, because back then

664
00:38:23,080 --> 00:38:25,640
Speaker 1: and this is let me check the dates of this,

665
00:38:25,760 --> 00:38:29,000
Speaker 1: so yeah, so this is around kind of so again,

666
00:38:29,040 --> 00:38:32,440
Speaker 1: this is about maybe a year, kind of eighteen months

667
00:38:32,920 --> 00:38:35,960
Speaker 1: roughly into bitcoins, into bitcoins history, so it's still very

668
00:38:36,040 --> 00:38:40,719
Speaker 1: very young. So Laslow obviously builds up a fairly impressive

669
00:38:40,719 --> 00:38:44,000
Speaker 1: stack of bitcoins. They're not worth anything, you know, there's there,

670
00:38:44,160 --> 00:38:47,799
Speaker 1: They've only one you know, they've barely been used to

671
00:38:47,840 --> 00:38:51,480
Speaker 1: buy anything in the real world. So he decides one

672
00:38:51,520 --> 00:38:55,040
Speaker 1: evening that he would like he's hungry, so he puts

673
00:38:55,040 --> 00:39:00,279
Speaker 1: a message on on the bitcoin forum asking basically if

674
00:39:00,320 --> 00:39:03,640
Speaker 1: someone can sort him some pizzas and he will pay

675
00:39:03,680 --> 00:39:08,720
Speaker 1: them ten thousand bitcoins in return. And what he said

676
00:39:08,840 --> 00:39:12,319
Speaker 1: was what I'm aiming for. This is the exact quote.

677
00:39:12,320 --> 00:39:15,120
Speaker 1: What I'm aiming for is getting food delivered in exchange

678
00:39:15,120 --> 00:39:17,880
Speaker 1: for bitcoins where I don't have to order it or

679
00:39:18,000 --> 00:39:21,719
Speaker 1: prepare it myself. So I don't think he was too fast.

680
00:39:21,760 --> 00:39:23,279
Speaker 1: I didn't. I don't think he was sort of like,

681
00:39:23,400 --> 00:39:26,279
Speaker 1: I want a Domino's, right, It was just like, find

682
00:39:26,320 --> 00:39:28,160
Speaker 1: some pizzas for me so as I don't have to

683
00:39:28,200 --> 00:39:32,480
Speaker 1: do anything, and ten thousand BTC will be yours. So

684
00:39:32,719 --> 00:39:37,600
Speaker 1: this is exactly what someone did. Um he wasn't. I

685
00:39:37,600 --> 00:39:40,960
Speaker 1: think the only stipulation he said sort of no no pineapple.

686
00:39:43,280 --> 00:39:45,400
Speaker 1: I think it was no kind of fish or anything.

687
00:39:45,440 --> 00:39:49,120
Speaker 1: No fish topping. Fine. I mean, let's face it, you know,

688
00:39:49,120 --> 00:39:50,880
Speaker 1: if people are mad enough to put a pineapple on

689
00:39:50,920 --> 00:39:52,799
Speaker 1: a pizza, they're also mad enough to put fish on.

690
00:39:53,520 --> 00:39:56,600
Speaker 1: Nothing too exotic, so no fish. So I'm entirely with

691
00:39:56,680 --> 00:40:00,000
Speaker 1: Laslow on that. Um yeah, no weird. I can see

692
00:40:00,040 --> 00:40:02,319
Speaker 1: the quote here, no weird fish toppings or anything like that.

693
00:40:02,560 --> 00:40:05,440
Speaker 1: And that's another one of my favorite bitcoin quotes. No

694
00:40:05,520 --> 00:40:08,839
Speaker 1: weird fish toppings or anything like that. Yeah. Yeah. And

695
00:40:09,080 --> 00:40:12,600
Speaker 1: the person who obliged, so obviously Laslow sent out this

696
00:40:12,800 --> 00:40:15,960
Speaker 1: sent out this plea. The person who obliged was a

697
00:40:16,000 --> 00:40:20,040
Speaker 1: student called Jeremy sturred Event or sturred Event, who called

698
00:40:20,120 --> 00:40:23,720
Speaker 1: up the paper John's Pizzeria, near where Laslow was based

699
00:40:23,800 --> 00:40:27,640
Speaker 1: and ordered two pizzas for him, apparently worth around forty dollars,

700
00:40:28,560 --> 00:40:31,920
Speaker 1: to be sent to him on May the twenty second,

701
00:40:32,120 --> 00:40:36,719
Speaker 1: two thousand and ten. And this is the first example

702
00:40:36,760 --> 00:40:39,799
Speaker 1: that we know about of bitcoins being used to pay

703
00:40:40,160 --> 00:40:43,640
Speaker 1: for actual real world stuff. We've obviously had the first

704
00:40:43,719 --> 00:40:49,120
Speaker 1: bitcoin transaction. We had the first bitcoins for actual dollars.

705
00:40:49,120 --> 00:40:50,959
Speaker 1: But this, as far as we know, is the first

706
00:40:50,960 --> 00:40:55,560
Speaker 1: time that anyone used bitcoin to buy a thing. May

707
00:40:55,600 --> 00:40:59,520
Speaker 1: is Bitcoin Pizza Day, It certainly is. Yeah, and that

708
00:40:59,600 --> 00:41:04,080
Speaker 1: sell rated that celebrated every year. So obviously, yeah, give

709
00:41:04,160 --> 00:41:06,360
Speaker 1: or take, that was worth five million dollars make some

710
00:41:06,400 --> 00:41:09,239
Speaker 1: of the most expensive pizzas in history by probably quite

711
00:41:09,239 --> 00:41:14,640
Speaker 1: some way. Yea. And yeah, as I said, he did

712
00:41:14,719 --> 00:41:17,400
Speaker 1: actually buy more pizzas over the coming days because I

713
00:41:17,440 --> 00:41:19,880
Speaker 1: think other forum users sort of got in touch and

714
00:41:19,920 --> 00:41:21,759
Speaker 1: I was like, oh, yeah, okay, I'll do this for you.

715
00:41:21,800 --> 00:41:23,920
Speaker 1: So I think there's I think he I think it

716
00:41:24,000 --> 00:41:25,480
Speaker 1: is a quote from him somewhere. He was like, oh

717
00:41:25,520 --> 00:41:28,200
Speaker 1: my daughters were happy because they basically got to eat

718
00:41:28,239 --> 00:41:31,600
Speaker 1: pizza for a month or something like that. So yeah,

719
00:41:31,680 --> 00:41:34,400
Speaker 1: so laslow han y X who should I mean? I

720
00:41:34,440 --> 00:41:37,840
Speaker 1: think really perhaps his real claim to fame should be

721
00:41:37,920 --> 00:41:40,920
Speaker 1: what he should be, the discovery of GPU mining. But

722
00:41:41,120 --> 00:41:43,640
Speaker 1: really his his big claim to fame is being Bitcoin

723
00:41:43,719 --> 00:41:46,960
Speaker 1: pizza guy, the first first person ever to buy an

724
00:41:46,960 --> 00:41:53,440
Speaker 1: actual thing. Yeah, I know, it's really given me. Um, well,

725
00:41:53,480 --> 00:41:55,919
Speaker 1: you've got to wait till May the twenty two. Yeah,

726
00:41:56,280 --> 00:42:00,439
Speaker 1: sorry about that. Nothing I can do. Um. So yeah,

727
00:42:00,520 --> 00:42:04,600
Speaker 1: and again this is another example of someone Okay, so

728
00:42:04,760 --> 00:42:07,800
Speaker 1: Laslow got some pizzas out of it, but someone actually

729
00:42:08,200 --> 00:42:13,160
Speaker 1: actually trying to find real world use for bitcoins, um,

730
00:42:13,320 --> 00:42:15,520
Speaker 1: and actually going to the effort when I mean, let's face,

731
00:42:15,560 --> 00:42:18,680
Speaker 1: it probably would have been much easier and and and

732
00:42:18,800 --> 00:42:21,120
Speaker 1: quicker for him to have ordered a couple of pizzas

733
00:42:21,160 --> 00:42:23,600
Speaker 1: himself and paid in dollars like like everyone else did.

734
00:42:23,640 --> 00:42:27,680
Speaker 1: But um, yeah, it's an amazing moment him sort of

735
00:42:27,719 --> 00:42:30,480
Speaker 1: trying to find something to do do with these bitcoins

736
00:42:30,600 --> 00:42:33,279
Speaker 1: and rather than hoddling them, rather than sitting on them,

737
00:42:33,320 --> 00:42:35,479
Speaker 1: releasing them out into the wild. And I think he's

738
00:42:35,880 --> 00:42:39,040
Speaker 1: I think he's rumored to have spent you know, tens

739
00:42:39,040 --> 00:42:41,080
Speaker 1: of thousands of of bitcoin, you know, maybe up to

740
00:42:41,120 --> 00:42:46,359
Speaker 1: abound fifty fifty thousand or more bitcoin on pizzas over this,

741
00:42:46,560 --> 00:42:50,239
Speaker 1: over this period of time. Back in as another quote

742
00:42:50,280 --> 00:42:53,600
Speaker 1: from Oh Jeremy Stird event, the guy who ordered the

743
00:42:53,600 --> 00:42:56,279
Speaker 1: pizzas from him, he apparently spent his windfall on a

744
00:42:56,360 --> 00:42:59,920
Speaker 1: road trip with his girlfriend. He says he does kind

745
00:43:00,040 --> 00:43:03,520
Speaker 1: of wish he'd held onto them, but kind of well, yeah,

746
00:43:03,560 --> 00:43:07,960
Speaker 1: he's he's quite philosophical. I think they both are. Jeremy said,

747
00:43:08,360 --> 00:43:10,439
Speaker 1: let me have a we want some lottery winner type

748
00:43:10,480 --> 00:43:12,440
Speaker 1: people were here, Like not these people who are just

749
00:43:12,520 --> 00:43:15,560
Speaker 1: so zen and happy with the world. I mean, yeah,

750
00:43:15,560 --> 00:43:17,880
Speaker 1: there are plenty more fun things if you like that,

751
00:43:17,920 --> 00:43:20,560
Speaker 1: you could that he could have spent those bitcoins on. Um.

752
00:43:20,880 --> 00:43:27,040
Speaker 1: Jeremy says, by a submarine is because like that's what

753
00:43:27,040 --> 00:43:30,880
Speaker 1: bitcoin is for, you buy submarines. I'm not aware of

754
00:43:30,960 --> 00:43:35,760
Speaker 1: anyone having used bitcoin by a submarine. Year about it.

755
00:43:35,920 --> 00:43:39,880
Speaker 1: Like Bitcoin, it's kind of like you know, if if

756
00:43:39,719 --> 00:43:42,080
Speaker 1: if you're playing in dollars, which is flashy and you

757
00:43:42,080 --> 00:43:46,080
Speaker 1: know everyone sees it, Bitcoin slightly more reserved. It's it's

758
00:43:46,360 --> 00:43:50,080
Speaker 1: it's traceable but not quite so obvious. Yeah, okay, it's

759
00:43:50,080 --> 00:43:53,239
Speaker 1: a submarine. Yeah. Well I suppose now if you hold

760
00:43:53,400 --> 00:43:54,879
Speaker 1: held on to them, you could probably buy your own

761
00:43:54,920 --> 00:43:58,080
Speaker 1: sort of le nuclear sub Yes, that would be cool. Yeah.

762
00:43:58,840 --> 00:44:00,960
Speaker 1: I tried to look into this because I heard I

763
00:44:01,280 --> 00:44:05,239
Speaker 1: heard that this guy Jeremy was British um, and I

764
00:44:05,280 --> 00:44:06,879
Speaker 1: sort of tried to chase that up a bit because

765
00:44:06,920 --> 00:44:09,960
Speaker 1: I wanted to but I wanted to find him um.

766
00:44:10,040 --> 00:44:14,399
Speaker 1: But he was I think, yeah, I know you've still

767
00:44:14,440 --> 00:44:17,440
Speaker 1: got those bitcoins. M Yeah, he was well, he was

768
00:44:17,480 --> 00:44:19,520
Speaker 1: a student. I think he was supposed to actually living

769
00:44:19,520 --> 00:44:22,880
Speaker 1: in California, but yeah, I couldn't quite tell whether he

770
00:44:22,920 --> 00:44:25,440
Speaker 1: was actually British or not, or whether you know whatever.

771
00:44:25,480 --> 00:44:27,960
Speaker 1: But here's what he had to say about it. Um

772
00:44:28,040 --> 00:44:30,240
Speaker 1: And I'm afraid this is going to annoy you because

773
00:44:30,239 --> 00:44:33,960
Speaker 1: he doesn't express regret about but that's yeah, I get it.

774
00:44:33,960 --> 00:44:36,080
Speaker 1: He's it's a front. He's crying on the inside, you

775
00:44:36,120 --> 00:44:38,040
Speaker 1: know that mean where there's that crying thing and then

776
00:44:38,040 --> 00:44:41,160
Speaker 1: there's a smiley phrase mask on the front. Yeah, that's him,

777
00:44:41,200 --> 00:44:44,759
Speaker 1: that's him, he says, Jeremy. While I can't claim any

778
00:44:44,800 --> 00:44:47,840
Speaker 1: responsibility for bitcoin success, I'm proud to have played a

779
00:44:47,840 --> 00:44:50,760
Speaker 1: part in something that went from an interesting concept project

780
00:44:50,960 --> 00:44:54,880
Speaker 1: to a global phenomenonce so quickly. Here's what Laslow had

781
00:44:54,920 --> 00:44:57,040
Speaker 1: to say. I don't regret it. I think it's great

782
00:44:57,120 --> 00:44:59,120
Speaker 1: that I got to be part of the early history

783
00:44:59,120 --> 00:45:03,759
Speaker 1: of bitcoin. In way, just a great little story about

784
00:45:03,800 --> 00:45:06,319
Speaker 1: about bitcoin in its early days, no one had a

785
00:45:06,320 --> 00:45:08,520
Speaker 1: clue it would go to this much. But these guys

786
00:45:08,520 --> 00:45:10,880
Speaker 1: were just they were just playing around with it, they

787
00:45:10,880 --> 00:45:13,200
Speaker 1: were just trying to use it. They just believed in it,

788
00:45:13,600 --> 00:45:16,879
Speaker 1: and it's like playing a little game and you've got

789
00:45:16,960 --> 00:45:21,200
Speaker 1: loads of you know, SIMS money, and then you're just

790
00:45:21,400 --> 00:45:24,200
Speaker 1: you're spunking it on, you know, some new spin SIMS

791
00:45:24,239 --> 00:45:27,560
Speaker 1: road trip or SIM pizza, and that becomes oh, this

792
00:45:27,600 --> 00:45:31,360
Speaker 1: is now the currency in his word billions. Yeah, I

793
00:45:31,400 --> 00:45:33,600
Speaker 1: think it. I think it must have been. It must

794
00:45:33,600 --> 00:45:35,359
Speaker 1: have been in those early days. It must have felt

795
00:45:35,400 --> 00:45:37,640
Speaker 1: like a bit of a plaything in a way. I mean,

796
00:45:37,680 --> 00:45:39,520
Speaker 1: even if you believed in it, and even if you

797
00:45:39,680 --> 00:45:43,920
Speaker 1: under fully understood what it was trying to achieve, there

798
00:45:43,960 --> 00:45:45,759
Speaker 1: must have still been this sense it's like, well it's

799
00:45:45,760 --> 00:45:49,640
Speaker 1: not it's not real money, so sure you can have nitcoin.

800
00:45:49,800 --> 00:45:56,200
Speaker 1: Yeah cool, you know, because no one can see the future. Um,

801
00:45:56,280 --> 00:45:58,360
Speaker 1: so let's talk about There's one other person that I

802
00:45:58,400 --> 00:46:01,040
Speaker 1: wanted to get to today who also played a key

803
00:46:01,160 --> 00:46:03,279
Speaker 1: role in the development to bitcoin. And this guy is

804
00:46:03,320 --> 00:46:09,080
Speaker 1: called Gavin Andreason Governed Gavin and Reason and Reason. Yeah,

805
00:46:09,280 --> 00:46:11,360
Speaker 1: when you look at his name, it looks like Anderson

806
00:46:11,600 --> 00:46:14,920
Speaker 1: spelled with a typo in the middle. But yeah, Gavin Andreason.

807
00:46:15,719 --> 00:46:19,080
Speaker 1: He was surprised, surprisor you won't believe this. He was

808
00:46:19,160 --> 00:46:25,760
Speaker 1: a computer programmer. I know crazy, right, I don't really

809
00:46:25,600 --> 00:46:30,280
Speaker 1: did enjoy video games as well. He was a bass

810
00:46:30,360 --> 00:46:38,560
Speaker 1: jumper who he was a professional football player from no

811
00:46:38,880 --> 00:46:42,240
Speaker 1: Gavin Andreason was a computer programmer who worked in Silicon

812
00:46:42,360 --> 00:46:46,880
Speaker 1: Valley for a time, which obviously geek heaven. He relocated

813
00:46:46,920 --> 00:46:50,000
Speaker 1: to Massachusetts and he was kind of I think looking

814
00:46:50,320 --> 00:46:52,600
Speaker 1: looking around for something to do. I think his wife

815
00:46:52,680 --> 00:46:57,279
Speaker 1: was teaching at m i T at Massachusetts Institute of Technology,

816
00:46:57,280 --> 00:46:59,960
Speaker 1: and Gavin was sort of just spending a lot of

817
00:47:00,040 --> 00:47:03,280
Speaker 1: time on his computer, as you do. He discovered bitcoin

818
00:47:03,400 --> 00:47:06,440
Speaker 1: in May, and again, like like some of the other

819
00:47:06,480 --> 00:47:09,000
Speaker 1: guys we've talked about today, saw its potential straight away.

820
00:47:09,440 --> 00:47:13,040
Speaker 1: He also began corresponding with Satoshi and contributing to the

821
00:47:13,080 --> 00:47:15,880
Speaker 1: development of the protocol because obviously he had the programming

822
00:47:15,880 --> 00:47:19,680
Speaker 1: skills necessary. And he was the third person after Satoshi

823
00:47:19,840 --> 00:47:24,320
Speaker 1: and Marty to update Bitcoin's core code. Such another another

824
00:47:24,440 --> 00:47:28,640
Speaker 1: great claim to fame. Now we talk about I told

825
00:47:28,680 --> 00:47:31,399
Speaker 1: I told you earlier. I mentioned earlier that that you'd

826
00:47:31,440 --> 00:47:33,680
Speaker 1: be amazed at how one of these people spent their

827
00:47:34,160 --> 00:47:38,680
Speaker 1: spent the bitcoins that they accumulated. So Gavin Andrewson set

828
00:47:38,719 --> 00:47:42,200
Speaker 1: up a website called the Bitcoin Force it and basically

829
00:47:42,320 --> 00:47:45,239
Speaker 1: you clicked on a capture and to show that you

830
00:47:45,280 --> 00:47:47,440
Speaker 1: weren't a robot, and you give your bitcoin. Yeah, you've

831
00:47:47,480 --> 00:47:58,240
Speaker 1: got five PTC. Take a moment. Oh my god, five BCC.

832
00:47:58,520 --> 00:48:05,160
Speaker 1: What's that? Fifty dollars and two d fifty dollars, isn't

833
00:48:05,200 --> 00:48:13,840
Speaker 1: it Jesus Christ? So yeah he Um, he spent fifty

834
00:48:13,880 --> 00:48:17,719
Speaker 1: dollars to get ten thousand btc and he gave them

835
00:48:17,760 --> 00:48:21,640
Speaker 1: all away through this Bitcoin force it, which is just incredible.

836
00:48:22,120 --> 00:48:24,359
Speaker 1: It's another example, isn't it of one of bitcoin's early

837
00:48:24,400 --> 00:48:29,399
Speaker 1: advocates just being selflessly dedicated to bitcoin. He gave away

838
00:48:29,520 --> 00:48:33,520
Speaker 1: nineteen thousand, seven d many that I thought it was.

839
00:48:33,560 --> 00:48:35,000
Speaker 1: I thought it was fear. I thought it was around

840
00:48:35,000 --> 00:48:40,760
Speaker 1: ten thousand, but not wow. Um yeah. Gavin was just

841
00:48:40,760 --> 00:48:43,040
Speaker 1: just wanted to get the word out about bitcoin. He

842
00:48:43,120 --> 00:48:44,960
Speaker 1: just wanted people to be able to get their hands

843
00:48:45,000 --> 00:48:47,480
Speaker 1: on some maybe you know the people who are intimidated

844
00:48:47,560 --> 00:48:51,719
Speaker 1: by trying to mine it or um you know bitcoins

845
00:48:51,800 --> 00:48:55,320
Speaker 1: dot app spot dot com was the original thing. Okay,

846
00:48:55,400 --> 00:48:59,399
Speaker 1: this website. Sorry, I'm de willingness. That's all right, that's

847
00:48:59,400 --> 00:49:01,960
Speaker 1: what you do most the time. Um. Yeah, he just

848
00:49:02,160 --> 00:49:05,719
Speaker 1: he was interested in just getting people to to try

849
00:49:05,719 --> 00:49:08,200
Speaker 1: out bitcoin so too, and and to be able to

850
00:49:08,239 --> 00:49:10,359
Speaker 1: get their hands on it fairly easily. So he just

851
00:49:10,840 --> 00:49:14,360
Speaker 1: basically just gave it away. Here's a forum post that

852
00:49:14,360 --> 00:49:16,840
Speaker 1: he wrote about the forcet. I want the bitcoin project

853
00:49:16,880 --> 00:49:18,799
Speaker 1: to succeed, and I think it's more likely to be

854
00:49:18,840 --> 00:49:21,440
Speaker 1: a success if people can get a handful of coins

855
00:49:21,560 --> 00:49:25,520
Speaker 1: to try it out. Putting his money where his mouth was. Um.

856
00:49:25,560 --> 00:49:28,920
Speaker 1: And what's interesting particularly about Gavin, and and this will

857
00:49:28,960 --> 00:49:32,320
Speaker 1: be more relevant perhaps when we talk about bitcoin in

858
00:49:32,400 --> 00:49:36,240
Speaker 1: future episodes, is that he didn't approach it from any

859
00:49:36,280 --> 00:49:39,240
Speaker 1: sort of political angle. Because a lot of the people

860
00:49:39,280 --> 00:49:41,359
Speaker 1: that we've seen a lot of the people that we've

861
00:49:41,360 --> 00:49:44,520
Speaker 1: talked about, yeah, they very much Yeah, they held very

862
00:49:44,520 --> 00:49:47,000
Speaker 1: strong political views on it. And this is going to

863
00:49:47,080 --> 00:49:48,960
Speaker 1: become more and more of a thing as we as

864
00:49:48,960 --> 00:49:52,320
Speaker 1: we delve further into bitcoin and crypto. You know, it's

865
00:49:52,400 --> 00:49:57,759
Speaker 1: inextricably bound up with politics. And Gavin I think was

866
00:49:57,960 --> 00:50:02,160
Speaker 1: not not a particularly citical person. He did he apparently

867
00:50:02,200 --> 00:50:05,120
Speaker 1: does hold sort of libertarian views, but he saw the

868
00:50:05,120 --> 00:50:10,480
Speaker 1: benefits of bitcoins decentralization from a technological perspective, so he

869
00:50:10,560 --> 00:50:13,080
Speaker 1: was very much approaching it from the computer geek angle

870
00:50:13,360 --> 00:50:16,359
Speaker 1: rather than the libertarian angle. And again, I think this

871
00:50:16,440 --> 00:50:21,480
Speaker 1: is really important because yeah, it stopped it becoming I

872
00:50:21,520 --> 00:50:24,359
Speaker 1: think I think if too many people had seen it

873
00:50:24,480 --> 00:50:28,600
Speaker 1: as this kind of libertarian tool, then again I think

874
00:50:28,600 --> 00:50:31,600
Speaker 1: that might they might have struggled with adoption because I

875
00:50:31,640 --> 00:50:34,160
Speaker 1: think as soon as you as soon as you become

876
00:50:34,239 --> 00:50:38,120
Speaker 1: too political one way or another, then that's fine for

877
00:50:38,160 --> 00:50:41,160
Speaker 1: attracting people who hold those views. But it's kind of yeah,

878
00:50:41,160 --> 00:50:44,319
Speaker 1: it's quite a put off of people who just want

879
00:50:44,320 --> 00:50:48,640
Speaker 1: to Yeah, and most people politically are you know, kind

880
00:50:48,640 --> 00:50:51,040
Speaker 1: of neither one thing or another, you know that mostly

881
00:50:51,120 --> 00:50:54,600
Speaker 1: kind of in the middle. Um. And I mean when

882
00:50:54,640 --> 00:50:56,560
Speaker 1: you when you spend a lot of time in crypto,

883
00:50:56,640 --> 00:50:59,480
Speaker 1: you do come across a lot of libertarian views. And

884
00:50:59,719 --> 00:51:02,000
Speaker 1: and it is a kind of, if you like, a

885
00:51:02,040 --> 00:51:04,520
Speaker 1: big one of the big guiding principles of crypto in

886
00:51:04,600 --> 00:51:09,160
Speaker 1: away this this this libertarian outlook. But it's that's not

887
00:51:09,200 --> 00:51:14,840
Speaker 1: to say that everyone in crypto is libertarian. Is focused

888
00:51:14,880 --> 00:51:18,480
Speaker 1: on this idea of of how the state should play

889
00:51:18,719 --> 00:51:23,680
Speaker 1: a minimal role in people's lives. How taxes are you know,

890
00:51:24,160 --> 00:51:27,000
Speaker 1: taxation is the taxation is theft and all that sort

891
00:51:27,000 --> 00:51:29,600
Speaker 1: of stuff. I don't think the majority of people hold

892
00:51:29,640 --> 00:51:33,040
Speaker 1: those views. And again, if bitcoin had become a sort

893
00:51:33,040 --> 00:51:36,560
Speaker 1: of libertarian standard bearer, then I think it would again

894
00:51:36,600 --> 00:51:38,920
Speaker 1: it would have struggled to catch on because a lot

895
00:51:38,920 --> 00:51:41,040
Speaker 1: of people would have been put off by those views,

896
00:51:41,080 --> 00:51:44,560
Speaker 1: even though I don't think they're particularly integral to it.

897
00:51:44,600 --> 00:51:46,640
Speaker 1: But it's kind of like, I suppose it's kind of like,

898
00:51:46,680 --> 00:51:51,600
Speaker 1: I know what you mean, like if it's if it's

899
00:51:51,640 --> 00:51:54,359
Speaker 1: just if something is too political, it's it's a bit

900
00:51:54,400 --> 00:51:57,799
Speaker 1: of a turn off. I mean, where any sort of

901
00:51:57,840 --> 00:52:01,919
Speaker 1: extremism on either side of the political party or libertarianism,

902
00:52:01,960 --> 00:52:05,359
Speaker 1: which seems to be the the offshoot that's got quite

903
00:52:05,360 --> 00:52:08,839
Speaker 1: a bit of momentum. Anything there's two politicals I switched off.

904
00:52:08,880 --> 00:52:12,799
Speaker 1: I'm just like, yeah, look, I think that's I think

905
00:52:12,800 --> 00:52:14,640
Speaker 1: that's fair enough. I think that's the case with a

906
00:52:14,680 --> 00:52:17,960
Speaker 1: lot of people. If if you want politics, there are

907
00:52:17,960 --> 00:52:21,000
Speaker 1: plenty of places you can go, and I think there's

908
00:52:21,000 --> 00:52:24,160
Speaker 1: a yeah, yeah, you can go and immerse yourself in

909
00:52:24,200 --> 00:52:28,279
Speaker 1: the political cesspool on Twitter. Yeah. So I think, yeah,

910
00:52:28,360 --> 00:52:31,120
Speaker 1: this is a really important aspect to Gavin and Reason.

911
00:52:31,280 --> 00:52:35,879
Speaker 1: And it's kind of ironic because when bitcoin became. When

912
00:52:35,880 --> 00:52:40,640
Speaker 1: bitcoin got bigger and became a lot more controversial, he

913
00:52:40,719 --> 00:52:44,920
Speaker 1: kind of got himself sort of mixed up. He his

914
00:52:45,040 --> 00:52:48,359
Speaker 1: ideas about where bitcoin should go and how it should

915
00:52:48,400 --> 00:52:50,840
Speaker 1: develop were very much at odds with a lot of

916
00:52:50,880 --> 00:52:53,439
Speaker 1: other people's. And and it's it sound really he's he's

917
00:52:53,440 --> 00:52:57,200
Speaker 1: been kind of sidelined a bit in recent years. He's not. Um,

918
00:52:57,239 --> 00:52:59,160
Speaker 1: he's not the sort of big figure in bitcoin that

919
00:52:59,200 --> 00:53:02,560
Speaker 1: he once was, and that's that maybe partly through that,

920
00:53:02,640 --> 00:53:06,800
Speaker 1: maybe something that he's wanted to do. Yeah, because he

921
00:53:07,560 --> 00:53:11,040
Speaker 1: totally liked Yeah, I mean everything I've sort of read

922
00:53:11,080 --> 00:53:14,080
Speaker 1: about him and looked about him, He's not he doesn't

923
00:53:14,120 --> 00:53:19,560
Speaker 1: have the sort of um power hungry, you know, ostentatious style.

924
00:53:19,680 --> 00:53:23,319
Speaker 1: You know, he was just interested in bitcoin. Um and

925
00:53:23,440 --> 00:53:25,640
Speaker 1: he was also happy to become a sort of face

926
00:53:25,719 --> 00:53:28,440
Speaker 1: for the project. So when he went on the forum,

927
00:53:28,480 --> 00:53:31,799
Speaker 1: he used his real name and his actual picture, which

928
00:53:31,800 --> 00:53:34,719
Speaker 1: again I think is is important because he became a

929
00:53:34,760 --> 00:53:38,360
Speaker 1: sordidity to it. Yeah, he became, and and it showed

930
00:53:38,400 --> 00:53:41,879
Speaker 1: that it was more than just a sort of dark

931
00:53:41,920 --> 00:53:43,800
Speaker 1: currency for the dark web or something like that. That

932
00:53:43,920 --> 00:53:48,480
Speaker 1: here was someone who was entirely respectable, obviously very intelligent

933
00:53:48,480 --> 00:53:52,000
Speaker 1: and passionate but entirely respectable as well, who was willing

934
00:53:52,040 --> 00:53:53,480
Speaker 1: to say this is me, you know, this is what

935
00:53:53,560 --> 00:53:55,799
Speaker 1: I believe in, this is my face, this is my name.

936
00:53:56,480 --> 00:53:59,399
Speaker 1: UM ask me any questions you've had, you have, and

937
00:53:59,560 --> 00:54:02,239
Speaker 1: he served as a kind of voice of reason on

938
00:54:02,400 --> 00:54:04,640
Speaker 1: the bitcoin forums when things got heated, as you can

939
00:54:04,800 --> 00:54:09,480
Speaker 1: imagine they did. Um. So he served as Bitcoin's lead

940
00:54:09,520 --> 00:54:14,480
Speaker 1: developer until after Satoshi disappeared from view, and he was

941
00:54:14,520 --> 00:54:16,640
Speaker 1: also among the last people as well as Marty, to

942
00:54:16,640 --> 00:54:19,440
Speaker 1: get an email from Satoshi. Gavin's was apparently on the

943
00:54:19,480 --> 00:54:23,240
Speaker 1: twenty April eleven, which puts him a couple of weeks

944
00:54:23,239 --> 00:54:27,959
Speaker 1: before Marty got this email again sort of, I've moved

945
00:54:27,960 --> 00:54:30,680
Speaker 1: on to other things being going I get another person

946
00:54:30,719 --> 00:54:34,719
Speaker 1: ghosted by Satoshi later's babes. Yeah exactly so later as

947
00:54:34,760 --> 00:54:38,520
Speaker 1: Gavin Gavin's last work on Bitcoin was in twenty sixteen,

948
00:54:38,800 --> 00:54:41,759
Speaker 1: his access to the core code was revoked after he

949
00:54:41,800 --> 00:54:45,440
Speaker 1: expressed the view that an Australian computer scientist called Craig

950
00:54:45,560 --> 00:54:50,600
Speaker 1: Right was Satoshi. Now this is yeah, this is controversial.

951
00:54:50,680 --> 00:54:55,040
Speaker 1: This We're going to talk about this on the Setoshi podcast.

952
00:54:55,200 --> 00:54:58,839
Speaker 1: And yeah, we'll also Craig Right will come up again.

953
00:54:58,880 --> 00:55:03,200
Speaker 1: I mean, this guy is truly controversial. Um, and he is. Yeah,

954
00:55:03,200 --> 00:55:05,360
Speaker 1: there's still there's still a lot of stuff in the

955
00:55:05,360 --> 00:55:10,360
Speaker 1: cryptomedia about him. Um. Gavin unfortunately hitched himself to a

956
00:55:10,400 --> 00:55:13,760
Speaker 1: project called bitcoin Cash, which was a rival fork of Bitcoin.

957
00:55:13,800 --> 00:55:16,560
Speaker 1: Now this all came about, remember, yeah, and it's and

958
00:55:16,560 --> 00:55:18,799
Speaker 1: bitcoin cash is still going. It's still not worth as

959
00:55:18,840 --> 00:55:23,280
Speaker 1: much as it was. No, it's it's it's struggling a bit. Um.

960
00:55:23,320 --> 00:55:25,400
Speaker 1: But we'll see this when we come to the Block

961
00:55:25,480 --> 00:55:28,719
Speaker 1: size Wars. This was the this was the offshoot of

962
00:55:28,760 --> 00:55:31,600
Speaker 1: the Block size Wars, which was a pretty rough time

963
00:55:31,600 --> 00:55:33,440
Speaker 1: in bitcoin's history. But that's a few years in the

964
00:55:33,480 --> 00:55:37,120
Speaker 1: future from where we are now. So Gavin Andrewson another

965
00:55:37,400 --> 00:55:41,839
Speaker 1: another really important, really selfless figure. Sorry Mr Anderson, Mr

966
00:55:41,920 --> 00:55:47,400
Speaker 1: and Mr Anderson, you have access to the core code

967
00:55:47,480 --> 00:55:53,960
Speaker 1: has been revoked because you said she was Australians. Is

968
00:55:54,040 --> 00:55:58,759
Speaker 1: not Australian. Um. So we've seen how Bitcoin's early development

969
00:55:58,800 --> 00:56:02,400
Speaker 1: was helped in a mostly by people who were completely selfless.

970
00:56:02,480 --> 00:56:04,520
Speaker 1: I think you know, there was no there's no suggestion

971
00:56:04,560 --> 00:56:06,479
Speaker 1: that they were ever out for any sort of personal gain,

972
00:56:06,680 --> 00:56:09,839
Speaker 1: but they were determined to help this project grow. And

973
00:56:10,080 --> 00:56:12,960
Speaker 1: I think if all of these guys, they'd obviously be

974
00:56:13,000 --> 00:56:16,080
Speaker 1: seriously rich if they'd held onto their bitcoins. But then again,

975
00:56:16,440 --> 00:56:17,960
Speaker 1: you know, I think I think you could argue that

976
00:56:18,000 --> 00:56:21,920
Speaker 1: if they had bitcoin might not have made it. It's

977
00:56:21,960 --> 00:56:25,280
Speaker 1: a yeah, it's a huge contribution that these four people.

978
00:56:25,320 --> 00:56:29,160
Speaker 1: So we've got how We've got Marty, we've got Laslow,

979
00:56:29,200 --> 00:56:31,960
Speaker 1: and we've got Gavin, these guys who have all contributed

980
00:56:32,080 --> 00:56:35,799
Speaker 1: to the project. So um. It does raise, though, a

981
00:56:35,920 --> 00:56:37,920
Speaker 1: kind of a bit of an interesting paradox for me

982
00:56:38,000 --> 00:56:40,480
Speaker 1: about bitcoin, which is something I think we'll take a

983
00:56:40,480 --> 00:56:42,160
Speaker 1: break in just a minute, but I want to sort

984
00:56:42,200 --> 00:56:44,240
Speaker 1: of I want to put this idea in people's heads

985
00:56:44,239 --> 00:56:47,600
Speaker 1: to maybe talk about at a later date. But although

986
00:56:47,640 --> 00:56:51,520
Speaker 1: bitcoin was designed to be trust less, so the protocol

987
00:56:51,600 --> 00:56:53,640
Speaker 1: is entirely trust less, it doesn't you know, there's no

988
00:56:53,680 --> 00:56:55,759
Speaker 1: one overseeing it, you don't have to rely, you don't

989
00:56:55,760 --> 00:56:58,799
Speaker 1: have to trust anyone else. It does owe a lot

990
00:56:58,800 --> 00:57:03,360
Speaker 1: of its early success to a few people. Yeah, or

991
00:57:03,560 --> 00:57:07,520
Speaker 1: basically they weren't necessarily trusted, but they because they were

992
00:57:07,560 --> 00:57:11,880
Speaker 1: so selfless, because they were so trustworthy. Um, you know

993
00:57:12,080 --> 00:57:15,560
Speaker 1: that they helped bitcoins succeed, And I think that's I

994
00:57:15,600 --> 00:57:19,800
Speaker 1: think that's an interesting little snippet of the story. You know,

995
00:57:19,840 --> 00:57:22,840
Speaker 1: it was designed to be trust us, but really, with hindsight,

996
00:57:22,960 --> 00:57:25,600
Speaker 1: we had to we really did have to trust that

997
00:57:25,720 --> 00:57:29,840
Speaker 1: some people like these guys were willing to were willing

998
00:57:29,840 --> 00:57:32,800
Speaker 1: to devote time and effort and I mean, let's face it,

999
00:57:32,920 --> 00:57:38,479
Speaker 1: money into making it work. Yeah, yeah, Okay, let's take

1000
00:57:38,560 --> 00:57:40,880
Speaker 1: a quick break. When we come back, I just want

1001
00:57:40,880 --> 00:57:43,480
Speaker 1: to quickly put everything that we've talked about in order.

1002
00:57:43,480 --> 00:57:45,560
Speaker 1: I know, I've talked about lots of different events, lots

1003
00:57:45,560 --> 00:57:48,120
Speaker 1: of different sort of moments in Bitcoin's history up to

1004
00:57:48,120 --> 00:57:50,480
Speaker 1: this point. So once we come back, I'll just take

1005
00:57:50,560 --> 00:57:54,280
Speaker 1: us quickly through that before the end. Sound good, Okay,

1006
00:57:54,440 --> 00:58:12,280
Speaker 1: see you in a minute and we're back. So I

1007
00:58:12,320 --> 00:58:15,240
Speaker 1: want to quickly just put some of these events in order,

1008
00:58:15,560 --> 00:58:17,400
Speaker 1: and this will help us get a little bit of

1009
00:58:17,440 --> 00:58:20,439
Speaker 1: historical context, because it can be quite difficult to keep

1010
00:58:20,480 --> 00:58:22,960
Speaker 1: track of all these events as they happen. Yeah when

1011
00:58:23,000 --> 00:58:26,680
Speaker 1: when exactly what happened? So we start. In August two

1012
00:58:26,680 --> 00:58:31,160
Speaker 1: thousand and eight, Satoshi emails Adam Back asking for his

1013
00:58:31,200 --> 00:58:34,400
Speaker 1: opinion on bitcoin. This is the first time that bitcoin

1014
00:58:34,720 --> 00:58:37,520
Speaker 1: that anyone other than Satoshi has ever heard of bitcoin.

1015
00:58:38,560 --> 00:58:41,120
Speaker 1: Then on the thirty one of October two thousand and eight,

1016
00:58:41,200 --> 00:58:44,640
Speaker 1: the Bitcoin White Paper appears, and then, as we said,

1017
00:58:45,120 --> 00:58:50,240
Speaker 1: deafening silence, almost nothing. Fast forward to the third of

1018
00:58:50,320 --> 00:58:53,320
Speaker 1: January two thousand and nine, the genesis block is mind.

1019
00:58:53,360 --> 00:58:56,160
Speaker 1: The first ever bitcoin block is mind. And do you

1020
00:58:56,200 --> 00:58:59,120
Speaker 1: remember we talked about it in the last episode. It

1021
00:58:59,160 --> 00:59:04,560
Speaker 1: contained that sage the times, Yeah, the times bail out

1022
00:59:04,640 --> 00:59:07,920
Speaker 1: for some for banks, yeah, chancellort on brink of second

1023
00:59:07,920 --> 00:59:11,240
Speaker 1: bail out banks. Basically this message that that puts it

1024
00:59:11,280 --> 00:59:14,040
Speaker 1: in context of the financial crash that we've seen the

1025
00:59:14,120 --> 00:59:17,520
Speaker 1: year before. Eighth of January two thousand and nine, a

1026
00:59:17,520 --> 00:59:20,280
Speaker 1: few days later, the first version of the bitcoin software

1027
00:59:20,360 --> 00:59:23,560
Speaker 1: is released, and then on the twelfth of January two

1028
00:59:23,560 --> 00:59:27,040
Speaker 1: thousand and nine, we have that first ever bitcoin transaction

1029
00:59:27,040 --> 00:59:31,959
Speaker 1: when Satoshi sends ten bitcoin ten BTC so how yeah

1030
00:59:32,040 --> 00:59:35,640
Speaker 1: to how FINNI. Then May two thousand and nine is

1031
00:59:35,680 --> 00:59:39,200
Speaker 1: when Marty first gets in touch with Satoshi. August two

1032
00:59:39,200 --> 00:59:41,360
Speaker 1: thousand and nine, the Bitcoin forum is set up, the

1033
00:59:41,400 --> 00:59:44,360
Speaker 1: first of a bitcoin forum. Then on the twelfth of

1034
00:59:44,360 --> 00:59:47,320
Speaker 1: October two thousand and nine, Marty receives the first ever

1035
00:59:47,440 --> 00:59:50,680
Speaker 1: BTC to U S dollar transaction, and that was just

1036
00:59:50,720 --> 00:59:55,000
Speaker 1: over five thousand bitcoins for five dollars and two cents

1037
00:59:56,200 --> 00:59:58,640
Speaker 1: steel better than giving it away. Still better than giving

1038
00:59:58,640 --> 01:00:01,160
Speaker 1: it away. Yeah, And this was from New Liberty Standards

1039
01:00:01,200 --> 01:00:03,040
Speaker 1: and that was there. That was the person's handle on

1040
01:00:03,040 --> 01:00:05,120
Speaker 1: the Bitcoin forum. We're going to hear from New Liberty

1041
01:00:05,160 --> 01:00:10,200
Speaker 1: Standard again in the next episode quite possibly, quite possibly

1042
01:00:11,160 --> 01:00:14,120
Speaker 1: May two thousand and ten, Gavin and recent discovers bitcoin.

1043
01:00:14,440 --> 01:00:18,080
Speaker 1: May the twenty second, two thousand and ten Bitcoin Pizza Day.

1044
01:00:19,440 --> 01:00:22,680
Speaker 1: Then eleventh of June two thousand and ten, Gavin launches

1045
01:00:22,680 --> 01:00:26,160
Speaker 1: the Bitcoin force it and starts giving it all away.

1046
01:00:26,600 --> 01:00:30,400
Speaker 1: Then we have this really important day in our in July,

1047
01:00:30,520 --> 01:00:32,640
Speaker 1: the eleventh of July two thousand and ten. This is

1048
01:00:32,680 --> 01:00:35,040
Speaker 1: when this slash Dot article is published. And this is

1049
01:00:35,080 --> 01:00:37,800
Speaker 1: a real sort of rocket fuel for for bitcoin. It's

1050
01:00:37,840 --> 01:00:41,720
Speaker 1: certainly in tech circles. Then, I just want to mark

1051
01:00:41,840 --> 01:00:44,600
Speaker 1: this date now and we'll talk about it at length

1052
01:00:44,640 --> 01:00:48,080
Speaker 1: in the next episode. Eighteen of July two thousand and ten,

1053
01:00:48,520 --> 01:00:53,480
Speaker 1: the Mount Cox Exchange is launched. Okay, okay, this is

1054
01:00:53,520 --> 01:00:56,040
Speaker 1: a big, big moment. I won't give anything away. Now,

1055
01:00:56,120 --> 01:00:58,000
Speaker 1: we'll discuss it in the next episode. But this is

1056
01:00:58,040 --> 01:01:02,400
Speaker 1: a huge moment for bitcoin. Fifteenth of August two thousand

1057
01:01:02,480 --> 01:01:05,680
Speaker 1: and ten, a vulnerability in the bitcoin protocol is exploited

1058
01:01:05,680 --> 01:01:09,560
Speaker 1: and a hundred and eighty four million btc are fraudulently created.

1059
01:01:09,600 --> 01:01:12,120
Speaker 1: Remember that the protocol limits is only twenty one million.

1060
01:01:13,080 --> 01:01:17,000
Speaker 1: It doesn't succeed and the transaction is removed from the blockchain.

1061
01:01:17,000 --> 01:01:21,240
Speaker 1: Now this is one of the few, yeah, the few

1062
01:01:21,320 --> 01:01:23,760
Speaker 1: sort of vulnerabilities that this was a big moment in

1063
01:01:23,800 --> 01:01:27,520
Speaker 1: that you know, suddenly that the code looked vulnerable, but

1064
01:01:27,560 --> 01:01:30,800
Speaker 1: they were able to they were able to fix it fortunately.

1065
01:01:31,280 --> 01:01:34,760
Speaker 1: Um twelve December two thousand and ten, the final post

1066
01:01:34,840 --> 01:01:38,840
Speaker 1: from Satoshi on the Bitcoin talk forum. Then another big

1067
01:01:38,920 --> 01:01:42,200
Speaker 1: date that we're going to discuss next time. February two

1068
01:01:42,240 --> 01:01:47,800
Speaker 1: thousand and eleven, the Silk Road marketplace is launched. And yeah,

1069
01:01:47,880 --> 01:01:50,280
Speaker 1: again this is fascinating. We're going to discuss Mount Cox

1070
01:01:50,360 --> 01:01:53,280
Speaker 1: and Silk Road in the same episode because they are

1071
01:01:53,400 --> 01:01:58,080
Speaker 1: again huge moments in Bitcoin's history, and yeah that we're

1072
01:01:58,120 --> 01:02:01,960
Speaker 1: still feeling the effects of them today. Twenty of April

1073
01:02:02,000 --> 01:02:05,480
Speaker 1: two thousand and eleven, Satoshi's last email to Gavin basically

1074
01:02:05,480 --> 01:02:09,160
Speaker 1: ghosting him and then yeah, a few days later, May

1075
01:02:09,160 --> 01:02:12,000
Speaker 1: two thousand eleven, Satoshi's last email to Marty and that

1076
01:02:12,400 --> 01:02:16,880
Speaker 1: was the last known sighting, if you like, of Satoshi Nakamoto.

1077
01:02:17,440 --> 01:02:20,480
Speaker 1: And just for a little bit of context, the bitcoin

1078
01:02:20,600 --> 01:02:24,000
Speaker 1: price at around this time May two thousand and eleven

1079
01:02:24,680 --> 01:02:26,080
Speaker 1: was do you want to take guess what it might

1080
01:02:26,120 --> 01:02:32,919
Speaker 1: have been? Ten one dollar? Yeah. Yeah, So that's where

1081
01:02:32,920 --> 01:02:35,160
Speaker 1: we are. And obviously that's a big that's a big

1082
01:02:35,200 --> 01:02:38,680
Speaker 1: price point, you know, from it being worth fractions of

1083
01:02:38,720 --> 01:02:41,439
Speaker 1: assent to being worth a dollar is a huge jump

1084
01:02:41,480 --> 01:02:44,840
Speaker 1: and obviously a very simple, very symbolic, a very symbolic

1085
01:02:44,880 --> 01:02:47,760
Speaker 1: price point. So that's what that's where we've got up

1086
01:02:47,760 --> 01:02:51,560
Speaker 1: to really May two thousand and eleven. So it's it's

1087
01:02:51,560 --> 01:02:56,600
Speaker 1: still relatively recent history, um, but really early days of

1088
01:02:56,640 --> 01:02:58,840
Speaker 1: bitcoin still. But as we're going to see in the

1089
01:02:58,880 --> 01:03:03,160
Speaker 1: next episode, things are really going to take off, and

1090
01:03:03,240 --> 01:03:07,520
Speaker 1: not necessarily in a good way. So let's just quickly

1091
01:03:08,360 --> 01:03:11,200
Speaker 1: round up what we've spoken about today. So bitcoin is

1092
01:03:11,280 --> 01:03:13,680
Speaker 1: sometimes seen, I think as just being the work of

1093
01:03:13,720 --> 01:03:18,000
Speaker 1: this one anonymous genius, you know, Setocia. It's just Setocia

1094
01:03:18,400 --> 01:03:20,560
Speaker 1: that was the be all and it he was. He

1095
01:03:20,680 --> 01:03:24,600
Speaker 1: was a core element of it, but it wouldn't have

1096
01:03:24,600 --> 01:03:27,600
Speaker 1: worked if it was just one man. Yeah, I mean, yeah,

1097
01:03:27,640 --> 01:03:29,640
Speaker 1: I don't think. I mean, I wonder. I mean, I

1098
01:03:29,880 --> 01:03:33,000
Speaker 1: know nothing about coding, I can I can't claim to

1099
01:03:33,040 --> 01:03:35,720
Speaker 1: be any sort of authority on on the kind of

1100
01:03:36,360 --> 01:03:39,320
Speaker 1: the geeky aspect of it, if you like. But I mean,

1101
01:03:39,680 --> 01:03:42,040
Speaker 1: for one person to do all this work, I mean,

1102
01:03:42,080 --> 01:03:45,360
Speaker 1: Setoshi achieved an amazing thing anyway, but to keep it going,

1103
01:03:45,920 --> 01:03:49,200
Speaker 1: to to not only iron out flaws in the code,

1104
01:03:49,200 --> 01:03:52,120
Speaker 1: but also to kind of publicize it, do little things

1105
01:03:52,160 --> 01:03:54,640
Speaker 1: like coming up with a logo and stuff. I just

1106
01:03:55,040 --> 01:03:58,880
Speaker 1: I wonder whether anyone would be capable of doing just

1107
01:03:59,000 --> 01:04:02,640
Speaker 1: that amount of work whilst bear in mind earning at

1108
01:04:02,640 --> 01:04:05,160
Speaker 1: the time no money from it, And there are lots

1109
01:04:05,200 --> 01:04:08,439
Speaker 1: of there's lots of speculation that Satoshi might have been

1110
01:04:09,080 --> 01:04:12,840
Speaker 1: fairly wealthy, uh, you know, wealthy enough to be able

1111
01:04:12,880 --> 01:04:15,320
Speaker 1: to commit a lot of time to this side project,

1112
01:04:16,200 --> 01:04:21,240
Speaker 1: but we don't know that for sure. So yeah, so

1113
01:04:21,360 --> 01:04:24,120
Speaker 1: this is where this these other people came in, and

1114
01:04:24,160 --> 01:04:26,960
Speaker 1: we we're we're lucky that they were so selfless in

1115
01:04:26,960 --> 01:04:30,040
Speaker 1: in committing time and everything else to it. But yeah,

1116
01:04:30,160 --> 01:04:34,680
Speaker 1: they made really significant contributions in different ways, and I

1117
01:04:34,720 --> 01:04:37,880
Speaker 1: think they deserve Yeah, they deserve, not maybe not equal

1118
01:04:37,880 --> 01:04:43,320
Speaker 1: credit with Satoshi, but they certainly deserved in the book

1119
01:04:43,560 --> 01:04:47,040
Speaker 1: in the book a bitcoin absolutely yeah, Um and yeah,

1120
01:04:47,080 --> 01:04:50,560
Speaker 1: I think it's very much thanks to them that that bitcoin,

1121
01:04:50,720 --> 01:04:54,000
Speaker 1: that bitcoin made it, it survived and it began to thrive.

1122
01:04:54,360 --> 01:04:56,280
Speaker 1: And so next time, as I say, we will look

1123
01:04:56,280 --> 01:04:58,600
Speaker 1: at bitcoin getting out into the world, will take a

1124
01:04:58,600 --> 01:05:03,160
Speaker 1: look at Mount Gos and the Silk Road and yeah,

1125
01:05:03,320 --> 01:05:05,960
Speaker 1: things get all things crazy. Yeah, we're gonna meet some

1126
01:05:06,040 --> 01:05:10,200
Speaker 1: We're going to meet some more personalities in the next one. Um,

1127
01:05:10,240 --> 01:05:12,960
Speaker 1: and I think it's safe to say that they are

1128
01:05:13,000 --> 01:05:16,680
Speaker 1: a lot different from the guys. They're a different guy

1129
01:05:16,720 --> 01:05:18,960
Speaker 1: from the favorite. Yeah, they're not exactly favor a punk,

1130
01:05:19,000 --> 01:05:24,000
Speaker 1: they're kind of Yeah, there's some absolutely fascinating characters coming

1131
01:05:24,080 --> 01:05:27,520
Speaker 1: up in this next episode, So stay tuned. Sounds good,

1132
01:05:27,800 --> 01:05:30,280
Speaker 1: all right, See you then, Thank you so much for

1133
01:05:30,320 --> 01:05:32,880
Speaker 1: listening to the coin Bureau podcast. If you'd like to

1134
01:05:32,960 --> 01:05:36,400
Speaker 1: learn more about cryptocurrency, you can visit our YouTube channel

1135
01:05:36,480 --> 01:05:39,720
Speaker 1: at YouTube dot com forward slash coin Bureau. You can

1136
01:05:39,760 --> 01:05:42,080
Speaker 1: also go to coin bureau dot com for loads more

1137
01:05:42,080 --> 01:05:45,080
Speaker 1: information about all things crypto. You can follow me on

1138
01:05:45,120 --> 01:05:47,880
Speaker 1: Twitter at coin Bureau all one Word, and I'm also

1139
01:05:47,920 --> 01:05:51,240
Speaker 1: active on TikTok and Instagram as well. First of all,

1140
01:05:51,520 --> 01:05:56,200
Speaker 1: it's not thank you for listening, You're welcome for great content. Yeah,

1141
01:05:56,600 --> 01:05:59,960
Speaker 1: Like this is free and they're learning about a fairly

1142
01:06:00,120 --> 01:06:03,480
Speaker 1: great topic in a non boring way. If you'd like

1143
01:06:03,520 --> 01:06:06,280
Speaker 1: to visit me and hear more about me, go to

1144
01:06:06,400 --> 01:06:09,240
Speaker 1: mooch About m O O C H A b O

1145
01:06:09,560 --> 01:06:22,760
Speaker 1: U T or else. For more podcasts from I Heart Radio,

1146
01:06:23,000 --> 01:06:26,600
Speaker 1: visit the I heart Radio app, Apple Podcasts, or wherever

1147
01:06:26,760 --> 01:06:37,160
Speaker 1: we get your podcasts. The coin Geera podcast is a

1148
01:06:37,160 --> 01:06:59,760
Speaker 1: production of I Heart radioa