/biz/ - Business & Finance

>>11806520

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.

>>11787371

Connection: we want easy connectivity, easy use. We want people to be attracted to using it because it is safe and secure and simple. And flow: we want an exchange of value, all those things that make economics work.

We want to remove the block cap; we want to have a non-segwit pool---and we're going to announce that too. We're going to create a pool that will not run segwit. [Audience applause.] We will build up a non-segwit pool and we will fund it, and if we see segwit transactions, we'll reject them. That simple.

So, I talked about a cartel. I'm not going to run the cartel, but we're going to reject segwit transactions. So if someone else runs it, I don't care. But I don't accept segwit; I'm not going to. And we're going build a pool that doesn't do that. And anyone who wants to join in that, great.

If we see segwit, we'll reject it. Out of hand. Full stop. And we can do that---you advertise both parts of the chain, so we will watch for segwit transactions (not pay-to-script-hash generally---segwit) and anything segwit, bye-bye. Which means you're slower. Because we will take at least 20% of the market, and we will do that, and we will build that pool, and it's coming very soon, and if you want to be slower, run segwit.

[Audience question, hard to hear, "Will that require a hard fork..."]

I don't need to include it [segwit]. I don't to hard fork. I, as a miner, choose. People don't choose what I do as a miner. I can reject a block any time I want. It is about time that the miners started realizing their role in this industry. The miners set the rules. Not every user. Not everyone out there.