/biz/ - Business & Finance

>>11806390

The early days we had poker nodes in Bitcoin. We had merchant databases in Bitcoin. All of this has been stripped. It shouldn't be in the main core protocol. Wallets need to be developed independently. Why? Because that's how they compete.

We don't want one, we want a world-using Bitcoin. That's simple. We want it secure. And we want it able to be used between many people.

Replaceable transactions versus replace by fee. Replace by fee is the biggest piece of shit every created [audience applause]. And I'm to say that very nicely because that's not actually what I feel about it, but I've been told that I'm not allowed to say my true feelings, so I'll put it lightly that it's complete utter shit.

Replaceable transaction: when you hadn't broadcast something to the network and you were negotiating a payment channel, that was valid. Why? Because you're negotiating. When you send it to a miner and you allow a miner to start playing with it, zero confirmation doesn't work.

Risk is not perfect. Every system---every one---is probabilistic. There is no single system ever created that is not probabilistic in security.

>>11787415

I was Ghana a few years ago. In Ghana, you see these half-built houses. And people are proud of them. Any idea why people have all these half-built houses? Well, no bank mortgages, but it's also saving. They go out there every now and again; they buy a bag of cement, they buy some more bricks; and they build another wall.

They can't sell the house until it's finished. But it's an incentive. They can then invest and save. Right now, they can't use a bank. They can't hide money, because it'll be stolen. They'll be extorted. Bitcoin means that they have a real alternative. It is proper financial sovereignty. Not because they run a bloody node, but because they have their keys.

One of the things we have coming very shortly, it's in our first lot of patents coming out, we have a split key system so that exchanges and wallets and whatever else will never have control. You and the other part can use a type-1 Bitcoin address and no one has control. The exchange cannot steal your money. They will never, ever be a Mt. Gox on this. [Audience applause.]

You can't cheat the exchange either. They will be happy can't lie; you can't cheat; you can't steal. Between all of that, then we don't need trust. Right now, we are building systems that are just like we had before. So, yes, we some new code and new things coming out, and that will enable you to have split keys. Not because you've got a USB key or whatever else or whatever hardware wallets are out there, but because you can have a shared key infrastructure where both you and the exchange both act together.