Let's Talk Bitcoin, episode 56 - "Progress & the Payment Protocol"

8/14/2019 Let's Talk Bitcoin, episode 56 - "Progress & the Payment Protocol"

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Transcription of Episode 56 - Progress & the Pay Protocol

Participants:

Adam B. Levine (A.L.) Host

Andreas M. Antonopoulos (A.A.) Co-host

Stephan Murph (S.M.) Co-host

Adam B. Levine: Hi! and "elcome to episode #$ o% Let&s 'al Bitcoin! a t"ice-

"eel sho" aout the ideas! people! and pro*ects uildin+ the di+ital econom

and the %uture o% mone.

,isit us at letstalitcoin.com %or our dail +uest lo+! past episodes and o%

course! tippin+ addresses. M name is Adam B. Levine and toda "e&re %inishin+

..

/n episode ## o% Let&s 'al Bitcoin "e +ot throu+h di+estin+ the %irst hal% o% the

ma*or upcomin+ Bitcoin . update. 'oda! "e ic ri+ht ac in! talin+ ne"!

smarter minin+ %ees! and then +ettin+ in to the meat topic and ma*or upcomin+chan+e +enericall called 'he Pament Protocol. Are ou one o% the 0nearl all o%

us1 that %inds alphanumeric itcoin addresses reall di%%icult to use! much less

rememer2 'hat&s one o% the prolems the Pament Protocol aims to %i3! and it&s

a prett i+ deal. 'his discussion 45A and e3planation occupies most o% toda&s

sho". 6&m *oined %or the topic Stephanie Murph and Andreas M. Antonopoulos.

/n /ctoer #th! in the "ae o% the Sil 7oad arrest! 6 spoe "ith the

Crptocurrenc Con%erence aout the maturation o% Bitcoin as 6 see it - "h the

thin+s that used to mean everthin+ hardl matter at all anmore! and "here "e

+o %rom here. 8rappin+ up the episode! 69ve een thinin+ a lot aout some o%

the memes surroundin+ the 7ipple pro*ect and ho" it compares to Bitcoin! and in

a L'B %irst! 6 tell ou "hat 6 thin "ithout an +uests or co-hosts. Am 6 comin+ out

o% m shell2 id "e *ust onl have %ort-minute lon+ intervie"s and not enou+h

time to do an o% them *ustice2 7eall! "ho can no"2 ;ither "a! en*o 'he

Prolem o% 7ipple 5 'he Liailities o% Le+itimac.

-But %irst! Bitcoin . is looin+ lie a east. Let&s %inish %i+urin+ out "hat all o% it

means.

-So the %inal part o% this lo+ post on .: smarter transaction %ees! a+ain!


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Bitcoin4'=Bitcoind "allet so%t"are and the rules surroundin+ those %ees are a

collection o% heuristics that evolved over the last %our ears. 6n short! the current

%ee-handlin+ code is a complicated mess that "ill stop "orin+ as soon as

transaction doules a couple o% more times. 6n theor! it should e simple.

'ransaction %ees should e set +ive or tae et"een people creatin+

transactions! "ho "ant to pa as little as possile! and people validatin+ andstorin+ transactions - miners! "ho "ould lie to e re"arded "ith hi+her %ees.

And the code that miners are usin+ toda to select transactions is simple: 'he

%ill their locs "ith the hi+hest %ee=ilote transactions and hi+hest priorit

transactions i% the choose to set aside some space in their locs %or %ree

transactions.1 >?:@

Andreas M. Antonopoulos: rom the earl das o% Bitcoin! 6 thin the vision "as

al"as to mae the transaction %ees a maret! an e%%icient maret "here the

price o% the transaction is set to e


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SM: -So that&s an automated process! and "here does that process happen2 6n a

minin+ pool2 >@:G$

AA: Ies! it happens in the minin+ so%t"are. ;ach time ou are minin+ %or

somethin+! the %irst thin+ ou do is ou create a ne" loc! stic all the

transactions in! and then ou tr to %ind proo%-or-"or a+ainst that ne" loc.

-And ou do that ever time ou are trin+ to %ind a loc. 'hat decision happens

in uildin+ that ne" loc to %ind the proo%-o%-"or and it&s part o% the minin+

so%t"are. >@:#J

SM: 'hans %or clearin+ that up. >@:#

AA: -So miners are reall alread settin+ the price. 'he&re settin+ the price

main+ a choice! and that choice e%%ectivel is the decision o% "hat transactions

to include in the loc ased on the %ees that are in those transactions. Ko"! the

J:

ABL: 7eadin+ aout this reall made me thin aout ho" Bitcoin compares "ith

the e3istin+ %inancial sstem! ecause ou can loo at "hat&s happenin+ here

"ith ho" the %ees are set in a reall similar li+ht to ho" "e use L6B/7 as a metric

to set rates in the 0real "orld!1 and man other marets that are out there. -Andecause there are so man people participatin+ in the minin+ sstem! there


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reall is no advanta+e in trin+ to +ame the sstem. 8hereas "ith the closed

sstem! lie the L6B/7 sstem "here everone is participatin+ in the re+ulated

environment and ou have to e chosen to e on this oard! suddenl the

opportunit %or collusion to tr and %leece the people "ho ou&re supposed to e

providin+ a service to *ust +oes throu+h the roo%! it seems lie. >J:@

AA: 6 have this concern that no sstem can e desi+ned that "ill not e +amed

+iven su%%icient opportunit and maret participants "ho have developed an

advanta+e %or themselves "ithin the maret. All maret sstems +et +amed

eventuall. Ko"! the real advanta+e "ith Bitcoin is even i% avin sets this maret

discover mechanism toda and it starts +ettin+ +amed! he could chan+e it in the

ne3t version o% the client! and then chan+e it a+ain! and then chan+e it a+ain! in

a ver pulic consensus driven approach that has ver ovious results in the

maret. 'hat&s "hat ou can&t do "ith L6B/7! ecause ou discover the scandal

%our ears a+o! and "hat e3actl has chan+ed in the calculation o% L6B/72

Kothin+. Marets "ill e +amed. 'he


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AA: Ko. >E:

SM: 'his must e reall old-school! ecause i% Andreas doesn&t rememer it! ou

+us oth don&t rememer it. >E:E#

AA: 'his is ? and earl ?E! so it&s "a e%ore most o% us. >E:?G

SM: Ieah! ac in the da. So "h did this connectin+ to an 6P address thin+ %ail2

>Continues to EE:?$

AA: Ieah! that&s the northound inter%ace o% the itcoind application it&s the

inter%ace that allo"s other applications to uild on top o% it and +ives access to

the Bitcoin net"or and sstem. >EE:G@

SM: -So Mie Hearn sas 0-But it "asn&t a ad idea and so no" "e&re rin+in+ it

ac! ut "ith a etter desi+n. 'he hope is that over time is that this "ill come to

replace Bitcoin addresses %or most usa+es. -But don&t "orr. Addresses aren&t

+oin+ to disappear. 'he&ll still e around i% ou "ant them.

So oa! that sounds +ood 6 had a little panic "hen the said this "as +oin+ to

replace Bitcoin addresses. >asps 8hat2 >i++les But the&ll still e around i%

ou "ant them. >EE:#N


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ABL: 6 reall lie that this it seemed lie a theme in .. 'hat the are addin+

options! ut the are not tain+ a"a an options. 6s that the "a it is +oin+ to

pro+ress! "here "e "ill *ust have thin+s added and there "ill e more options

over time2 -/r! eventuall! "ill some options! lie addresses! could those e

eliminated and removed2 >E?:E#

AA: A lot o% the code development involves eliminatin+ thin+s *ust as much as it

involves addin+ thin+s. 6 thin it&s an important alance to maintain. Iou leave

too much crud %rom the past in there! then ou have to implement it ac"ards-

compatil "ith everthin+ ou ever did in the past. 'hat maes development

comple3. 6 thin that the development team has done a %aulous *o o% droppin+

osolete %eatures "hen the&re osolete and addin+ %eatures "hen the&re

needed! and o%%erin+ choices "here necessar! and not o%%erin+ choices "here

there shouldn&t e choices. 6t&s a ver delicate alance! and 6 thin avin did a

+reat *o at this so %ar. >E?:@

SM: Ieah! it seems lie this is a theme. 'here are more options in this ne" thin+

and that could onl e +ood. >E?:#@

AA: -8ell! in some cases it&s +ood! in other cases! ou no"! it is the development

+roup&s *o to mae some decisions and then mae those decisions happen.

Some thin+s are not *ust aout havin+ a choice. Because i% ou have a choice on

everthin+! then ou reall have no direction or strate+ic vision as "here ou are

+oin+. 6t&s *ust 0everthin+ is optional.1 So 6 thin it&s aout maintainin+ alance

et"een main+ decisions and +ivin+ choice. >EG:?E

SM: Ieah! 6 mean! "ith a %eature lie ho" ou send paments and asicall that

a%%ects ho" everda users use Bitcoin! so it seems lie that mi+ht e a thin+

that&s reall important to have options %or. >E?:GG

AA: Ieah! asolutel. >E?:G@

SM: >continues to


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8hen cliced! our "allet app "ill do"nload the re


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>S.M. lau+hin+

AA: 'he ne" sstem is asicall tellin+ our client to +o to a "esite and then it

does some thin+s in the ac+round and ou *ust +et an invoice or receipt on the

pament. -So it&s +oin+ to loo much more lie a pament sstem that ou no".

6t&s +oin+ to e much more user-%riendl! ecause ou can hide the GJ di+it

+ierish! ou can hide 47 codes! ou can mae it simpl aout e3chan+in+ an

7L! "hich ou can do over Bluetooth! over air%ield communication! a numer! or

the 47 code a+ain i% ou "ant. >EJ:G

SM: 'he %irst thin+ 6 "ondered is there a potential %or e3ploitation in this2 Lie i%

someone can! asicall! dis+uise a lin as somethin+ that loos lie a pament

reEJ:EJ

AA: IesR 'his introduces 7Ls into the pament sstems and introduces H''Ps.

-So the clients that do this "ill have to ver care%ull process that 7L! and ver

care%ull "hatever comes %rom that 7L! ecause it is not a trusted sstem.

'hat&s not much di%%erent %rom scannin+ a random 47 code and HeR Let&s see

"hat happensR ut it&s much more e3plicit! so 6 thin clients that implement this

"ill oviousl tae the necessar precautions to mae sure that an data the

receive is not compromised and it&s not dan+erous. >EJ:#

>6ntermission

>Music in the ac+round

Ad: Satoshiice - the most notorious Bitcoin +amin+ site has unveiled it&s ne"est

creation: 'riute. 6n Satoshiice 'riute! ets occur o%%-the-locchain %or %ast and

e3citin+ +amepla. eposit itcoins and start plain+ "ith con%irmations. All

ets are proval-%air and easil-veri%iale. 'riute is also social. Plaers compete"ith each other! and the top G plaers at an +iven time receive a portion o% the

est %rom ever other plaer. 'he ranin+s reset at midni+ht! enalin+ anone to

ecome the leader "ith a %e" luc rolls. E o% all Satoshiice earnin+s "ill e

donated to Sha"n&s /utpost. 'o ic o%% the ne" +ame! the %irst thousand plaers

"ho lose .E itcoin "ill have that amount automaticall returned to them ris-

%ree. .S. plaers are not allo"ed ecause America is a 0%ree countr.1 'he +host

o% Satoshi is "aitin+ %or ouR ind her at Satoshiice.com='riute. >E:E

SM: Ke3t point %rom Mie! 8ho is implementin+ the ne" protocol2 Support "ille in the ne3t Bitcoin-4t release!1 "hich the sa on the lo+ post that "e read


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previousl it&ll read "hen it&s read! so "e don&t no" e3actl "hen that is and

is ein+ "ored on %or MultiBit=Android Bitcoin 8allet! CoinBase! and CoinPun.

BitPa also committed to implementin+ it! so all merchants "ho use their services

"ill +et support automaticall. 6% ou&re plannin+ to support it! let me no" and 6&ll

add ou hereR1 So the&ve alread +ot some prett i+ names onoard "ith this

ne" protocol.

8hat other %eatures does it add2

6n vE o% the protocol:

7e%unds. 'he sender can sumit some re%und addresses to the recipient at the

same time as sumittin+ the transactions. Ko"! i% the seller "ants to +ive the

uer a


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AA: Ieah! this is an entirel outside o% the locchain. 'his is metadata that is

transacted durin+ the pament protocol. Basicall! the in%ormation is sent to our

client! "hich presumal "ill e displaed the screen! perhaps as a "epa+e!

tellin+ ou "hat this pament re


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'here&s an ovious %la" "ith that desi+n "hen comined "ith Bitcoin as it is

toda. 'he details o% the pament ou&ll see on screen "ill loo lie this:

Pa .# B'C to E;;?J:$


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SM: 'hat does sound lie it maes thin+s more secure. So ho" do identities "or2

8ho is actuall sain+ that this is Andreas Antonopoulos2 He is sain+ that

essentiall this isn&t lie a +overnment issued 6! or anthin+ lie that or ou have

to sho" our passport and tie it to all our Bitcoin address! or anthin+ lie that.8hat this is is essentiall! anone can +et a certi%icate attestin+ to some ind o%

identit. /%ten! it&s *ust an email address or "esite domain name (e.+.

itcointal.or+ has a certi%icate containin+ its domain name). 6t can also e a

le+al name lie Michael C Hearn or Mt o3 Ltd. 6n %act! i% ou have a passport

"ith a chip in it then ou alread have a certi%icate containin+ our passport

data! ut it&s not ver use%ul ecause there&s no private e attached to it.

Sometimes certi%icates are paid %or! and other times the are %ree. 'he certi%icate

authorities never +et our private e. 6nstead! ou +enerate a private e locall!

then as the CA to si+n our pulic e. At the same time ou prove our identit!

i% our identit is an email address then ou tpicall receive a clicale lin

there %or instance. 6% it&s our name ou mi+ht have to sumit some paper"or.

But i% it&s our %orum name or somethin+ lie that! ou proal don&t. Basicall!

"hat he +oes on to sa is there&s proal +oin+ to e a maretplace o%

certi%icate authorities that evolve! and the&re +oin+ to e o%%erin+ di%%erent levels

- some %ree! some paid %or - o% certi%icates that are attached to some di%%erent

%acets or aspects o% our identit. -So this is not somethin+ that maes Bitcoin

less private or less anonmous. 6t doesn&t have to e our le+al name! our le+al

identit at all! it can totall e somethin+ lie a %orum handle or an email

address. >?N:@#

AA: -And then eep in mind this is %or the merchants! and the merchants "ho

chose to attach an identit to their paments addresses. 'his isn&t %or the end-

users. Iou don&t need to have a certi%icate as a uer or as a client or as an end-

user. -Because ou don&t need to prove to anone "ho ou are "hen ou are

sendin+ mone. Iou onl need to +enerate trust "hen ou&re receivin+ mone. So

this reall a%%ects merchants! and 6 thin the smart move over here "as to

pi++ac on top o% the U.# SSL Certi%icate structure. Because ri+ht no"! i% 6

"ant to have a domain name or email address certi%ied! 6 can choose %rom G

di%%erent Certi%icate Authorities! %rom ,eriSi+n to Ket"or Solutions to some o%

the smaller and cheaper ones! and the can produce a certi%icate that&s "idel

trusted. 'he have the in%rastructure %or doin+ the veri%ication and it&s relativel

roust and has een alread used as the %oundation %or SSL. -So it&s a reall

smart move ecause it levera+es e3istin+ technolo+ nicel. >?:@J

SM: -So then he +oes into talin+ aout "h can&t "e use the PP 8e o% 'rust

"hich asicall - 6 don&t reall understand it that "ell - ut PP is a "a o%

encrptin+ emails and communications! and other thin+s and the 8e o% 'rust is

"hen people validate and si+n each other9s& es! that certain es elon+ to


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certain people. 'here used to e! or still are! some thin+s called e-si+nin+

parties! "here people "ill meet in person and sa 0oh eah! this person is "ho

the sa the are! 6 can veri% that their e actuall elon+s to them and 6&m

+oin+ to si+n their e!1 and then it&s creates this 8e o% 'rust! "hich is a unch

o% people "ho have con%irmed that the all are "ho the sa the are and ou

can come to tap into that 8e o% 'rust to veri% people&s 6. 6t&s ind o% technicaland a little it on the lon+er side! so mae "e "on&t +o into that! ut Mie is

sain+ that it&s reall not possile to comine the PP 8e o% 'rust! nor do the

"ant to! "ith the ne" Bitcoin protocol. >G:@$

ABL: 6 thin that this also +ets into the GE:E?

AA: ;ven i% SSL has had some %la"s! it +ot roen! there are issues "ith the

certi%icates... 6t is! %ar! the most success%ul road-ased deploment o%

encrption the "orld has ever seen! and proal the most e%%ective securit and

privac tool that "e have ever deploed. 6 thin the primar reason is reallsimple. As a user! ou don&t mae a choice to use SSL! it *ust happens! and that9s

a e element o% securit and "h SSL has een so success%ul! the urden is

shi%ted to"ards the merchants "ho have the %unds and motivation! and to it and

the *ust +et it automaticall "ithout asin+. 'hat&s a reall +ood securit model.

-And! ou no"! despite all it&s %la"s! it&s een the most success%ul encrption

"e&ve ever had! so it maes a lot o% sense to use "hat alread "ors on the

+loal scale. >G?:E

ABL: -So it sounds lie there&s a lot o% stu%% comin+ in .. >G?:@

SM: Ieah! it seems lie... +enerall! this is ein+ prett "ell received so %ar! at

least the comments on the %orum. >G?:EE

AA: 6&d lie to point out that also! 6 don&t no" ho" much meanin+ to read into

this! ut . is a prett si+ni%icant version numer in itsel%. 'he decision to +o to

versions that start "ith . is reall important! ecause that means "e are no"

headin+ head-on to the E. release o% Bitcoin. 'hat&s the ne3t step. ;ssentiall!


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these are the release candidates and etas that "ill lead to the %irst o%%icial

version or release o% Bitcoin. -So it&s an important milestone to hit .. 'he

e3citin+ development in Linu3 happened et"een .. and ..N. >G?:#E

>Bac+round music

>Adam B. Levine. speas at the Crpto Currenc Con%erence! /ctoer #th ?EG

ABL: Hi! m name is Adam B. Levine. Lie 6 said e%ore! 6 do a t"ice-"eel sho"

called Let&s 'al Bitcoin. 6t&s reall important that "e solve the prolems that are

in %ront o% us! ecause there are a lot o% prolems. 6 thin that the are solvale!

and so that&s actuall "hat 6 "anted to ind o% tal aout here! is ho" "e are

solvin+ some o% these prolems and ho" it&s happenin+ in a "a that it doesn&t

re


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ne3t +eneration. -So "hat "e&re seein+ is that these hi+h pro%ile! ui


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anod can! ou no"! reall +et into sort o% a uDD"ord. -But it&s reall not this

hipster thin+. 6t&s "hat needs to happen. 8e need to %ocus on usailit.

Buin+ products! BitPa is a ma*or! ma*or plaer in that space. But at the same

time! the "eren&t trin+ to reinvent the "heel! as 'on (allippi) said! "hen it

comes to ho" "e u thin+s "ith Bitcoin. So! to this point! most merchantsacceptin+ Bitcoin use that standard shoppin+ cart %lo"! "here ou add a product

to our cart! and "hen ou are %inished "ith all our shoppin+! ou enter our

illin+ in%ormation! pa the total "ith either our credit card or u "ith Bitcoin.

But reall! Bitcoin doesn&t need anthin+ lie that. 6t&s a "oraround created to

address prolems associated "ith identit! ecause that! o% course! as has een

discussed! ho" our mone "ors. Shall "e associate "ith identit to ac


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-And so! "hen 6 +o to spend! it reall is a valuale in%ormation %or me! "here 6&m

sain+ i% it is "orth it to e a part "ith these itcoins! no"in+ that at a later date

the are +oin+ to e "orth"hile! and +enerall 6 demand m G. 8henever 6&m

doin+ services "ith someone or hire another "riter or somethin+ lie that! it&s has

to e +enerall e G! and sometimes it&s a lot more. BitCredits is one option!

and 6 lie it a lot! ecause it essentiall lets users pla maret a+ainst Let&s 'alBitcoin. 8hen the u our o"n site&s credit! our on-site credits! all the volatilit

is removed %rom the e


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and economies entirel on top o%! "ith crptocurrenc inte+rated at the

in%rastructure level.

-And 6&m especiall e3cited aout a pro*ect called Ketven+e >2! that a+ain 6 "ant

to learn more aout! ut ou can thin o% it! lie! a simpli%ied crptocurrenc

in%rastructure that lets those "antin+ to uild an ind o% complicated servicethat involves a lot o% mone rattlin+ around and +oin+ to various places! to

essentiall plu+ it in! ind o% lie ou "ould "ith! ou no"! "ith a little starter

circuit oard! "here all the underlin+ "irin+s there! ou *ust plu+ into the

various modules that ou "ant.

6n e3pertise! as "ith everthin+ else! crptocurrenc is a meritocrac. 'he people

"ho are up here as e3perts! +enerall speain+! are up ecause the "ant to e!

ecause the&re passionate aout the %uture "e&re creatin+ and instead o% "aitin+

%or someone to tell them "hat to do! the %ollo"ed in situations -inaudile- "here

the *ust did.

6 have to sa! and 6&ve een sain+ a lot! it doesn&t matter that 6 do this no"! ut

in $ months it "ill have mattered that 6 did it $ months a+o.

6 thin that Bitcoin! that&s reall it in a nutshell. ;verthin+ is so positional ri+ht

no"! and to mi3 some metaphors! "e are arran+in+ loun+e chairs "hile the

tsunami approaches! rin+in+ "ith it a ver di%%erent! and 6&m hope%ull a much

etter "orld.

'han IouR >@#:#J

>Clappin+

>Music in the ac+round

Ad: Hi listenerR Here at Let&s 'al Bitcoin "e&re uildin+ a +loal net"or o%

correspondents ale to contriute on the +round perspective on crptocurrenc

related in%ormation comes across their %ilters. 6% ou&d lie to *oin our +loal

conversation! send an email "ith our name and +eo+raphic or cultural niche to

applVletstalitcoin.com

Oust lie Bitcoin! the onl arrier to entr is our time and +ood "or. 'hans %or

listenin+R >@$:?N

>Music chan+es

Ad: ;asKS is the S"iss arm ni%e %or our domain names! helpin+ meet their

customer&s individual needs since EN. ;asKS has een an outspoen critic o%

S/PA and C6SPA. ;asKS "as an earl supporter o% Bitcoin and no" the are

proud to sponsor the sho". o usiness "ith a compan that shares our values

+et a EG discount "hen ou pa "ith Bitcoin. o to easKS.com and e sure

to use discount code L'B. >@J:


19/21

ABL: As a +u on a sho" called Let&s 'al Bitcoin! it comes as no surprise that 6

thin Bitcoin is the ee&s nees! so %ar as di+ital currenc options are concerned.

7ecentl! 6 sat on a panel at the C?S, ('he Conver+e Create Silicon ,alle

Con%erence) and one o% the other e3perts on the panel "as Chris Larsen o% 7ippleLas. He said a couple o% thin+s that 6 disa+ree "ith. irst! that 7ipple is Bitcoin

?. - that&s a it o% an odd thin+ to sa - and second! that i% ou can +et la"

en%orcement on the side o% our currenc! ou&ll have "on. or those o% ou not

%amiliar "ith the 7ipple sstem it can e thou+ht as a parallel development to

Bitcoin that tries to solve man o% the same prolems! anless mone

transmission to an"here in the 6nternet-connected "orld.

7ipple +oes aout solvin+ the prolems sli+htl di%%erentl. 'here are no miners

transaction validit is determined a cascadin+ consensus en+ine. 7ipples

themselves! U7P! "ere %ull premined and then initiall o"ned 7ipple Las.

'he aren&t reall traded as currenc themselves! so this isn&t as much o% an

issue. 6nstead! the are intended as an anti-spam mechanism! lie a stamp on an

envelope! "ith a chec inside.

'his piece "as pulished on Let&s 'al Bitcoin the da e%ore 6 recorded this to

release on the sho"! and some o% the earl comments pointed out that 7ipple

pro*ect has actuall een under development since ?@! and i% ou +o ac to

that ?@ pa+e! then ri+ht there on the %ront o% it! it sas 0"e "ant to mae our

promises as +ood as a an&s promises!1 ecause essentiall that&s "hat the&re

sain+! that&s "hen a an e3tends credit! the&re e3tendin+ a promise to pa.

6n the 7ipple thou+ht process! the thin+ is! i% "e have the in%rastructure to issue

these credits *ust amon+st people! then "h do "e need the ans in order to

%acilitate that same sort o% transaction. 7ipple ultimatel loos lie it "as

desi+ned to maintain the %unctionalit o% the anin+ sstem "hile removin+ the

anin+ sstem itsel% %rom the e


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-And ri+ht no" this is more true %or Bitcoin! ut 6 thin as "e move %or"ard! "e

are +oin+ to see these in%rastructures develop! "here the crptocurrenc

particularities don&t matter! and it&s *ust crptocurrenc is accepted here and

"hichever one ou happen to use! there&s an e3chan+e rate ased on that! ased

on this maret mechanism.

Ko"! 6 don&t thin it&s %air to sa that 7ipple is Bitcoin ?.. 6 reall thin it&s more

lie a parallel evolution that rin+s it&s o"n stren+ths and "eanesses to the

tale. 6t etter-%its the needs o% some and it&s "orse %or others. -But there&s no


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provided Oared 7uens. An

Let's Talk Bitcoin, episode 56 - "Progress & the Payment Protocol"

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