Running Bitcoin Nodes-Will Schoellkopf

Dawdu (Host): Will Welcome to The Bitcoin Source
can we start things off by you introducing yourself to the audience?

Will Schoellkopf: Hi my name is Will Schoellkopf author
of the BitcoinDog Following the Scent to the bitcoin C++
source code. Host of the bitcoin podcast it's so early i published in print
at bitcoin magazine and published online at Satoshi's Journal and you can follow me real
bitcoin dog on twitter.

Dawdu (Host):Perfect perfect thank you for the introduction so well the first question

Dawdu (Host): I usually asked people on the show and
i'm going to ask you now is where did you source your
bitcoin knowledge?

Dawdu (Host): from whether it be books courses or
even people in the egos them that kind of helped you to be a better
bit coiner and break down your bitcoin story

Will Schoellkopf: : hi dad yeah it's a great question
and you know i love the way you

Will Schoellkopf: : frame it my bit coin story of
course that inspired me to publish my article

Will Schoellkopf: : of my bit coin story satoshi's journal
it's my first time ever actually laying out

Will Schoellkopf: : how i came to bit coin and
it really gave me a chance to reflect

Will Schoellkopf: : and think deeply on you know what
was what was my and in particular thinking

Will Schoellkopf: : back my very first source was financial
news so just objective financial news in particular

Will Schoellkopf: : last year in early twenty twenty one
when or actually late twenty twenty even when

Will Schoellkopf: : bit coin broke above twenty thousand dollars
for the first time ever

Will Schoellkopf: : all time high at really caught my
eye and then a couple of months later

Will Schoellkopf: : seeing the financial headline that tesla had
bought one point five billion dollars worth of bit coin that was really the first
time it made me stop to think you know could i be wrong about bitcoin you know as an investor you know there's so many things i try to be right about and it's hard to be humbling you to humble yourself to think
o you know at this point everyone's heard

Will Schoellkopf: : about bitcoin kind of made a
judgment call on it but for me to

Will Schoellkopf: : think you know could i be wrong
about bit coin that was really humbling experience

Will Schoellkopf: : so then i dug deeper as an
investor looking at investment studies from financial institutions

Will Schoellkopf: : i trusted in particular fidelity published a
bit an investment thesis Kathie woods arc published her big ideas of twenty twenty one
which included bit coin and gray scale who offers the product published
a bitcoin twenty nineteen investor study that was actually so interesting to me that
ultimately in my book the bit coin dog an my dedication i dedicated my book
to the eighty nine percent listed in gray

Will Schoellkopf: scales invest study who said they would
have invested in bitcoin if they just knew

Will Schoellkopf: a little more so you know i
found that absolutely fascinating then of course the software engineer in me don't trust verify 

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[the_bitcoin_source_]: yeah

Will Schoellkopf: verify that was i like to start
with primary sources so i went straight to

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[the_bitcoin_source_]: m

Will Schoellkopf: : the bit coin white paper and even
as a software engineer it was

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[the_bitcoin_source_]: okay

Will Schoellkopf: : pretty tough for me understand i think
that's a common experience for most people but

Will Schoellkopf: : i did go straight to the white
paper right away i mean that's the thing

Will Schoellkopf: there's a lot of myths or misconceptions
about bit coin out there so for me

Will Schoellkopf: so grateful is just so accessible that
p d f to see you know from

Will Schoellkopf: the source from satocinacomoto what is bitcoin
supposed to be then i pressed further again

Will Schoellkopf: n that theme of looking at hard
news i listen to bit coin news podcast

Will Schoellkopf: in particular coin desk has a podcast
called the breakdown with n l w and

Will Schoellkopf: he talks about bitcoin he frames
it like it's about bitcoin macro and

Will Schoellkopf: the power shifts reshaping our world so
really thinking of bit coin as a bigger

Will Schoellkopf: idea in the world overall and just
where bit news breaks on a global level

Will Schoellkopf: then of course i had to read
a book to explain bit coin so going

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[will_schoellkopf]: to a bit coin book of course
what was the book the bit coin standard

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[will_schoellkopf]: i still you know recommend that book
greatly to everyone um and then dot i

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[will_schoellkopf]: think it's interesting that you mentioned course
work you know if there was any course

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[will_schoellkopf]: work i took and in a sense
there was i you know my my one

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[will_schoellkopf]: friend of course had recommended bit coin
to me early on and i brushed him

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[will_schoellkopf]: off but then later at this point
after going a little deeper down the bit

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[will_schoellkopf]: coin rabbit hole i now had multiple
friends invested in bit coin they incur age

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[will_schoellkopf]: me to self custody and a hardware
wallet they had a ledger so they recommended

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[will_schoellkopf]: ledger and i was very nervous you
know very afraid i don't want to lose

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[will_schoellkopf]: my bit coin so ledger on there
site

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[the_bitcoin_source_]: m

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[will_schoellkopf]: they have what's called a ledger academy
with courses on to learn all about block

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[will_schoellkopf]: chain crypto but in particular bit coin
and there i learned all about what phrase

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[will_schoellkopf]: is you know twenty four words seed
phrase how to take self custody of your

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[will_schoellkopf]: bit coin and ironically it was all
of ledgers courses about the other cryptos and

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[will_schoellkopf]: how to stake your crypto to generate
yield that ultimately turned me off from all

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[will_schoellkopf]: of the other coins those all screamed
like a scamp to me for sure and

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[will_schoellkopf]: i could tell vitcoin was different so
you know still grateful to i'm still grateful

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[will_schoellkopf]: for ledger for their course work to
ironically actually steer me away from the old

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[will_schoellkopf]: coins

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[the_bitcoin_source_]: oh

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[will_schoellkopf]: keep me focused on bit coin that
led me to not just the bit coin

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[will_schoellkopf]: standard but then more technical bit coin
books andreas on tenopolis i read his book

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[will_schoellkopf]: mastering bit coin which was great for
me as a for engineer to learn you

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[will_schoellkopf]: know fundamentally how does bit coin work
i was turned on to andres videos in

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[will_schoellkopf]: particular he has an amazing one called
um rules without rulers which was

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[the_bitcoin_source_]: my

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[will_schoellkopf]: just such a fascinating concept to

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[the_bitcoin_source_]: oh

[will_schoellkopf]: me how you could have rules but they're not enforced  by any rulers and how that works in bit coin
but still i had yet to make perch on my first  amount to bit coin and that's where
i think of my final source what was the final trigger
for me to finally purchase my first sliver of bit coin and that was a
bit coin cultural article it was published in  citadel twenty one by kreis is and
it was called why the elite dismissed bitcoin and it was deriding them the
elite because they are very proud of their

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[will_schoellkopf]: outside of the box thinking which ironically
just means getting inside the box and you

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[will_schoellkopf]: know they've done well

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[the_bitcoin_source_]: yeah

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[will_schoellkopf]: as investors you

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[the_bitcoin_source_]: yeah

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[will_schoellkopf]: know they've followed the heuristic they stay
away from the red flags but that's the

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[will_schoellkopf]: thing if they go past the red
flags of bit coin and more they can

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[will_schoellkopf]: really see how bit coin actually is
different and and so after all of my

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[the_bitcoin_source_]: yeah

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[will_schoellkopf]: research you know that cultural piece uh
finally made me okay i'm ready i'm do

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[will_schoellkopf]: buy bit coin and so i purchased
my first delivery of bit coin in april

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[will_schoellkopf]: twenty twenty one sixty two thousand dollars
which is the most i've ever made for

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[will_schoellkopf]: bit coin and i've just been buying
the dip i sits a proud class of

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[will_schoellkopf]: twenty twenty one it'll be a long
time

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[the_bitcoin_source_]: yeah

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[will_schoellkopf]: maybe before vicloins back up above that
price again but

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[the_bitcoin_source_]: ah

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[will_schoellkopf]: my convnedconviction is higher than ever and
yes i was just grateful to really reflect

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[will_schoellkopf]: on how i came to bitcoin the
greatest take away is as you heard that

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[will_schoellkopf]: story um not month not once did

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[the_bitcoin_source_]: m

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[will_schoellkopf]: i mention twitter so as active as
you are on bit coin twitter or i

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[will_schoellkopf]: am on bit coin twitter if i
really wanted to think about where i could

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[will_schoellkopf]: make the greatest impact of turning no
coiners into bit coiners having that perspective

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[the_bitcoin_source_]: yeah

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[will_schoellkopf]: it wasn't

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[the_bitcoin_source_]: okay

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[will_schoellkopf]: twitter that was was not

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[the_bitcoin_source_]: yeah

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[will_schoellkopf]: the source so i'm very grateful for
twitter making that community

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[the_bitcoin_source_]: m

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[will_schoellkopf]: expanding that

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[the_bitcoin_source_]: oh

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[will_schoellkopf]: body of knowledge you know making those
net working in those connections but it's ultimately

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[the_bitcoin_source_]: oh

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[will_schoellkopf]: the bit coin education work

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[the_bitcoin_source_]: yeah

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[will_schoellkopf]: the financial news reporting you know the
kind of stuff produced by satoshi's journal that

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[will_schoellkopf]: i think is what helps bring no
coiners into bit coiners

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[the_bitcoin_source_]: absolutely and that was a great take
on how you kind of approach bit coin

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[the_bitcoin_source_]: your story all the you know wider
ranges of information books courses and even for

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[the_bitcoin_source_]: courses a lot of people don't mention
courses for example for myself um michael sailor

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[the_bitcoin_source_]: has sailor dot or which is a
free educational site which he promotes and he

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[the_bitcoin_source_]: has of course called bit coin for
everybody and i think a lot of people

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[the_bitcoin_source_]: could utilize that core especially if they're
now coming into the space or they're new

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[the_bitcoin_source_]: to bit coin that would be something
that would be helpful and thank you will

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[the_bitcoin_source_]: for you know kind of bringing to
light ledgers educational courses because i'm going to

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[the_bitcoin_source_]: check that out heard of it so
thank you for that

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[will_schoellkopf]: yeah i mean i i just forgot
you know thinking about course work i took

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[will_schoellkopf]: like oh yeah of course you know
and it's easy to mistake course work for

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[will_schoellkopf]: just a series of articles

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[the_bitcoin_source_]: m

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[will_schoellkopf]: but it's not necessarily just a series
of articles these are you know building blocks

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[will_schoellkopf]: one you know one o one you
know this concept leads to this concept leads

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[will_schoellkopf]: to this you know read on you
know the next article and yeah so i'm

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[will_schoellkopf]: grateful for the hardware wallets themselves for
generating course work and yeah it's grateful for

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[will_schoellkopf]: sailors course work i think for sailors
so i think he was generating courses long

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[will_schoellkopf]: before bit coin like he has

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[the_bitcoin_source_]: hm

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[will_schoellkopf]: a history of seeing value in generating
course work to educate others there's something about

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[will_schoellkopf]: a course that actually gives a feeling
of accomplishment once it's

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[the_bitcoin_source_]: ah

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[will_schoellkopf]: reached past the end um and the
structure i think can really help someone with

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[will_schoellkopf]: being started

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[the_bitcoin_source_]: hundred percent i agree with that and
well i want to get into your book

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[the_bitcoin_source_]: the bit coin dog but before doing
that i actually found something else very insightful

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[the_bitcoin_source_]: about you which is you kind of
run your own notes and you really kind

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[the_bitcoin_source_]: of build on now the lightning network
as an engineer and doing things with privacy

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[the_bitcoin_source_]: and keeping your bit coin you know
off of the k c type of model

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[the_bitcoin_source_]: where your transactions can be kind of
approved and verified on your own because as

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[the_bitcoin_source_]: we as bit coiners you know we
don't trust we always verify so my next

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[the_bitcoin_source_]: question is what is a bit coin
note and what is the difference between a

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[the_bitcoin_source_]: note and mining bit coin

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[will_schoellkopf]: great question i get that question a
lot from my family and friends because i'm

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[will_schoellkopf]: so proud to show off to them
my bit coin node and their first question

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[will_schoellkopf]: is does this make you money and

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[the_bitcoin_source_]: oh

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[will_schoellkopf]: i say no it does not make
me money it does not make me any

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[will_schoellkopf]: money and then they follow up with
well so why do it why run a

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[will_schoellkopf]: note if it doesn't make you money
but this is what it means to be

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[will_schoellkopf]: a global a citizen in the bit
coin per o per network you know for

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[will_schoellkopf]: for the network to be decentralized means
that all of us bit coiners ultimately run

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[will_schoellkopf]: our own notes so bit miners of
course run nodes because they want to broadcast

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[will_schoellkopf]: their blocks to be appended in the
block chain all the exchanges that do k

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[will_schoellkopf]: c they all run their own bit
coin notes because that's how they pass bit

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[will_schoellkopf]: coin you know on to their customers
in between their customers but it's you and

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[will_schoellkopf]: me do if i have a bit
coin node

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[the_bitcoin_source_]: m

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[will_schoellkopf]: and you have a bit coin node
and i want to send you bit coin

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[will_schoellkopf]: you and i can do it directly
with our bit coin notes we don't need

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[will_schoellkopf]: to use strike or cash up we
don't need to use coin base more than

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[will_schoellkopf]: that if you have a hardware wallet
like a cold card for example or something

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[will_schoellkopf]: a ledger or a treasure you don't
need to use the ledger live software to

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[will_schoellkopf]: send me bit coin or the treasure
sweet software to send me bit coin you

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[will_schoellkopf]: can use your bit coin coal or
no your bit coin core wallet you can

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[will_schoellkopf]: upload you can sign transactions in an
air gaped way and broadcast them directly from

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[will_schoellkopf]: your note so that way nobody necessarily
knows where the transaction came from where it

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[will_schoellkopf]: was broadcast from who's keeping track of
it you're you're totally independent so while leger

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[will_schoellkopf]: was my first hardware wallet i did
see a study that said ledgers pitched to

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[will_schoellkopf]: investors to invest in the ledger company
is they keep track of every single pub

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[will_schoellkopf]: from every single ledger hardware wallet to
show off how many millions of bit coin

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[will_schoellkopf]: are being stored on people's ledgers

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[the_bitcoin_source_]: m

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[will_schoellkopf]: granted your your bit coin is still
cryptographically secure you ed phrase is still you

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[will_schoellkopf]: know secure on the chip you know
i don't believe ledger has a back door

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[the_bitcoin_source_]: m

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[will_schoellkopf]: or anything like that but having your
own bit coin note helps keep yours self

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[will_schoellkopf]: sovereignty so you're not another company's statistic
oh

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[the_bitcoin_source_]: most definitely in speaking of that will
actually saw because you know we see all

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[the_bitcoin_source_]: this craziness now going on with casa
in some of these other multi six self

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[the_bitcoin_source_]: self custody companies and someone from ledger
kind of chimed in on twitter and talked

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[the_bitcoin_source_]: about you know is there a back
door why are you not you know showing

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[the_bitcoin_source_]: this or showing that and he actually
put an article on twitter talking about exactly

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[the_bitcoin_source_]: what you were saying where you and
uh you know transact with your own note

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[the_bitcoin_source_]: through ledger or through treasure or whatever
you know hardware wallet company you want to

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[the_bitcoin_source_]: use and then you can kind of
circumvent having to use there no to kind

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[the_bitcoin_source_]: of verify your transactions which kind of
opens the door for nefarious actors to i

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[the_bitcoin_source_]: mean it still would be difficult but
i guess if they really did their home

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[the_bitcoin_source_]: work they probably could try to find
and connect you know you private key i

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[the_bitcoin_source_]: mean your public key to whatever note
that you're running and i think that running

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[the_bitcoin_source_]: your own note kind of avoids all
that nonsense by just doing it yourself and

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[the_bitcoin_source_]: not relying on a third ned to
run that note and verify those transactions so

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[the_bitcoin_source_]: what you said made perfect sense there

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00:14:09,353 --> 00:14:15,464
[will_schoellkopf]: yeah dot and i'll tell you something
that i haven't said publicly yet like any

228
00:14:15,544 --> 00:14:22,575
[will_schoellkopf]: good bit coiner i've been keeping my
own pen in pay or ledger of all

229
00:14:22,656 --> 00:14:28,806
[will_schoellkopf]: of my bit coin transactions all of
my utxos everything i've spent and unspent i'm

230
00:14:28,866 --> 00:14:33,053
[will_schoellkopf]: very grateful for ledger you know they're
available at best by i mean any any

231
00:14:33,133 --> 00:14:37,921
[will_schoellkopf]: person can just get started quickly they're
plenty plentifully available you know like i said

232
00:14:37,961 --> 00:14:43,951
[will_schoellkopf]: their marketing is really high and they
have the leger academy and stuff but you

233
00:14:43,991 --> 00:14:45,634
[will_schoellkopf]: know ultimately i would i prefer a
bit

234
00:14:45,540 --> 00:14:45,868
[the_bitcoin_source_]: oh

235
00:14:45,694 --> 00:14:46,916
[will_schoellkopf]: coin only company to

236
00:14:47,505 --> 00:14:47,586
[the_bitcoin_source_]: hm

237
00:14:47,517 --> 00:14:52,145
[will_schoellkopf]: a company that supports other cryptocurrencies you
mentioned costa before but my alleged lie of

238
00:14:52,185 --> 00:14:56,292
[will_schoellkopf]: software a few weeks ago all of
a sudden showed as if my bit coin

239
00:14:56,392 --> 00:14:58,595
[will_schoellkopf]: balance was less than

240
00:14:58,358 --> 00:14:58,890
[the_bitcoin_source_]: hm

241
00:14:58,796 --> 00:14:59,176
[will_schoellkopf]: it should

242
00:14:59,040 --> 00:14:59,343
[the_bitcoin_source_]: okay

243
00:14:59,257 --> 00:15:00,258
[will_schoellkopf]: be which was

244
00:15:00,502 --> 00:15:00,523
[the_bitcoin_source_]: m

245
00:15:00,579 --> 00:15:01,500
[will_schoellkopf]: shocking to me so

246
00:15:01,419 --> 00:15:01,440
[the_bitcoin_source_]: m

247
00:15:01,921 --> 00:15:07,090
[will_schoellkopf]: you know thank goodness i had my
bit coin note my actual note to quarry

248
00:15:08,011 --> 00:15:11,597
[will_schoellkopf]: one of my bit coin addresses to
see well what is the u t x

249
00:15:11,777 --> 00:15:12,599
[will_schoellkopf]: o for my

250
00:15:12,699 --> 00:15:12,720
[the_bitcoin_source_]: m

251
00:15:12,719 --> 00:15:17,727
[will_schoellkopf]: bit coin address and sure enough for
some reason for my seed phrase on my

252
00:15:17,807 --> 00:15:21,634
[will_schoellkopf]: ledger in my ledger live it was
for these two bit coin is it wasn't

253
00:15:21,794 --> 00:15:24,939
[will_schoellkopf]: showing the u t x balance it
was as if like once i had sent

254
00:15:24,979 --> 00:15:28,125
[will_schoellkopf]: all my funds it was as if
i had zero balance even though two more

255
00:15:28,205 --> 00:15:31,630
[will_schoellkopf]: bit coin address we're really getting low
level here but it was as if two

256
00:15:31,851 --> 00:15:35,737
[will_schoellkopf]: u t x addresses my seed phrase
had no more bit coin on them but

257
00:15:35,817 --> 00:15:42,048
[will_schoellkopf]: i loaded that seed phrase into a
cold card wallet and connected that to sparrow

258
00:15:43,110 --> 00:15:48,479
[will_schoellkopf]: which is another wallet software and sure
enough you know using sparrow don't trust verify

259
00:15:48,619 --> 00:15:53,487
[will_schoellkopf]: using my sparrow wallet it confirmed hey
yeah definitely there's there goes that one

260
00:15:54,180 --> 00:15:54,200
[the_bitcoin_source_]: m

261
00:15:54,188 --> 00:15:59,657
[will_schoellkopf]: there's two u t o says that
have unspent bit coin and i was able

262
00:15:59,717 --> 00:16:04,125
[will_schoellkopf]: to do a you partially signed bit
coin transaction to then move those bit coins

263
00:16:04,165 --> 00:16:07,210
[will_schoellkopf]: somewhere else but yeah it was just
fascinatngi had never seen a critical error like

264
00:16:07,230 --> 00:16:12,055
[will_schoellkopf]: that before where my gosh my ledger
live software was telling me that there was

265
00:16:12,115 --> 00:16:16,099
[will_schoellkopf]: no more bit coin associate with this
seed phrase when actually there was and i'm

266
00:16:16,159 --> 00:16:19,281
[will_schoellkopf]: grateful to have my own bit coin
now to verify for myself you know what

267
00:16:19,341 --> 00:16:20,022
[will_schoellkopf]: was on the block chain

268
00:16:20,630 --> 00:16:23,454
[the_bitcoin_source_]: most definitely and you know for the
audience out there that might have been like

269
00:16:23,494 --> 00:16:27,401
[the_bitcoin_source_]: a super technical answer i understood everything
will was saying but you know

270
00:16:27,368 --> 00:16:27,508
[will_schoellkopf]: thank

271
00:16:27,441 --> 00:16:27,701
[the_bitcoin_source_]: if you're

272
00:16:27,548 --> 00:16:27,889
[will_schoellkopf]: you daddy

273
00:16:27,802 --> 00:16:31,848
[the_bitcoin_source_]: new if you're a nub that was
kind of like maybe over your head but

274
00:16:32,073 --> 00:16:32,255
[will_schoellkopf]: yeah

275
00:16:32,670 --> 00:16:34,613
[the_bitcoin_source_]: time goes on and you gain experience
to understand

276
00:16:34,333 --> 00:16:34,619
[will_schoellkopf]: ye

277
00:16:34,633 --> 00:16:35,655
[the_bitcoin_source_]: what will was talking about

278
00:16:35,473 --> 00:16:35,816
[will_schoellkopf]: oh

279
00:16:36,196 --> 00:16:38,479
[the_bitcoin_source_]: but will what i really want to
get into now is your

280
00:16:38,386 --> 00:16:38,427
[will_schoellkopf]: m

281
00:16:38,560 --> 00:16:39,241
[the_bitcoin_source_]: book because i know

282
00:16:39,262 --> 00:16:39,283
[will_schoellkopf]: m

283
00:16:39,281 --> 00:16:41,424
[the_bitcoin_source_]: you wrote your own bit coin book
and

284
00:16:41,403 --> 00:16:41,584
[will_schoellkopf]: yeah

285
00:16:41,585 --> 00:16:44,469
[the_bitcoin_source_]: what inspired you to write your book
the bit coin dog

286
00:16:45,630 --> 00:16:52,081
[will_schoellkopf]: i just i just fell down before
so yeah getting so getting into my bit

287
00:16:52,161 --> 00:16:59,393
[will_schoellkopf]: coin story and i i was hooked
i couldn't stop reading about bit coin i

288
00:16:59,533 --> 00:17:08,248
[will_schoellkopf]: was just reading absolutely everything i could
find about bitcoinand ultimately my loving and supporting

289
00:17:08,308 --> 00:17:14,538
[will_schoellkopf]: wife i was driving her crazy just
constantly talking about bit coin all the time

290
00:17:15,320 --> 00:17:18,826
[will_schoellkopf]: and i was out of things to
read and you know what else is there

291
00:17:18,846 --> 00:17:22,271
[will_schoellkopf]: to read about bit coin and then
i remembered oh well you know bitcoin supposed

292
00:17:22,331 --> 00:17:25,356
[will_schoellkopf]: to be open source you know let
me just see if i can go to

293
00:17:25,397 --> 00:17:30,745
[will_schoellkopf]: the bitcoincore get hub and read the
bit coin code for myself like let me

294
00:17:30,866 --> 00:17:36,094
[will_schoellkopf]: read in the code for myself where
there's a variable that says oh it's defined

295
00:17:36,134 --> 00:17:39,480
[will_schoellkopf]: to a to any one million limit
and then i was shocked to look in

296
00:17:39,520 --> 00:17:42,806
[will_schoellkopf]: the code and see that's actually not
and anywhere there's there's nowhere in the code

297
00:17:42,846 --> 00:17:48,094
[will_schoellkopf]: that says the limit is twenty one
million change this variable it's actually a mathematical

298
00:17:48,195 --> 00:17:50,819
[will_schoellkopf]: formula that ultimately evaluates to a value
of

299
00:17:50,790 --> 00:17:51,014
[the_bitcoin_source_]: oh

300
00:17:51,260 --> 00:17:55,086
[will_schoellkopf]: twenty one million and that was so
cool so exciting to me and i went

301
00:17:55,146 --> 00:17:58,131
[will_schoellkopf]: back to those original bit coin friends
because i wanted to show them the c

302
00:17:58,291 --> 00:18:04,081
[will_schoellkopf]: plus plus code but then i found
it was too premature i couldn't just go

303
00:18:04,181 --> 00:18:07,146
[will_schoellkopf]: straight to my bit coin our friends
to show them the c plus plus code

304
00:18:07,186 --> 00:18:13,797
[will_schoellkopf]: because they still needed to know how
the bit coin game theory mining algorithm worked

305
00:18:14,038 --> 00:18:17,904
[will_schoellkopf]: in the first place you know they
know mining exists e didn't know exactly how

306
00:18:17,944 --> 00:18:22,832
[will_schoellkopf]: it worked so they needed to know
a little more about how minors included transactions

307
00:18:22,912 --> 00:18:27,821
[will_schoellkopf]: in blocks and how the having mechanism
takes place and then maybe there'd be a

308
00:18:27,861 --> 00:18:30,425
[will_schoellkopf]: chance they could you know listen to
me and try to see how the c

309
00:18:30,565 --> 00:18:36,856
[will_schoellkopf]: plus plus code works so for an
inspiration to try to inspire my friends to

310
00:18:36,896 --> 00:18:40,742
[will_schoellkopf]: share my excitement of hearing about the
code and to spare my wife from just

311
00:18:40,782 --> 00:18:44,068
[will_schoellkopf]: hearing you go on and on about
how amazing bit coin is you know like

312
00:18:44,128 --> 00:18:49,597
[will_schoellkopf]: any respectable husband i channeled all of
the energy into writing my own bit coin

313
00:18:49,697 --> 00:18:54,527
[will_schoellkopf]: book and you know of course i'll
write it about mine australian call dog sheila

314
00:18:54,807 --> 00:18:59,680
[will_schoellkopf]: running around the australian outback talking to
all these other aus animals to learn about

315
00:18:59,720 --> 00:19:00,101
[will_schoellkopf]: the coin

316
00:19:01,160 --> 00:19:01,300
[the_bitcoin_source_]: most

317
00:19:01,213 --> 00:19:01,414
[will_schoellkopf]: oh

318
00:19:01,340 --> 00:19:02,322
[the_bitcoin_source_]: definitely and i kind of

319
00:19:02,342 --> 00:19:02,383
[will_schoellkopf]: ah

320
00:19:02,442 --> 00:19:02,923
[the_bitcoin_source_]: feel your

321
00:19:02,863 --> 00:19:03,104
[will_schoellkopf]: oh

322
00:19:03,624 --> 00:19:08,913
[the_bitcoin_source_]: understanding their will were you know even
like my fiance she was just being bombarded

323
00:19:08,973 --> 00:19:09,534
[the_bitcoin_source_]: with big coin

324
00:19:09,433 --> 00:19:10,243
[will_schoellkopf]: yeah

325
00:19:09,614 --> 00:19:12,218
[the_bitcoin_source_]: content all the time and as you
know i'm a writer and an

326
00:19:12,180 --> 00:19:12,463
[will_schoellkopf]: right

327
00:19:12,298 --> 00:19:17,542
[the_bitcoin_source_]: editor so uh i pretty much was
able to you know get in there and

328
00:19:17,623 --> 00:19:21,709
[the_bitcoin_source_]: start writing articles and writing my own
books about bit coin so what you said

329
00:19:21,749 --> 00:19:25,175
[the_bitcoin_source_]: there made perfect sense because i know
how it is a lot of times you

330
00:19:25,295 --> 00:19:29,101
[the_bitcoin_source_]: just you know you start talking about
bit and then you fall down the rabbit

331
00:19:28,963 --> 00:19:28,983
[will_schoellkopf]: m

332
00:19:29,161 --> 00:19:31,464
[the_bitcoin_source_]: hole and then next thing you know
like you want everybody

333
00:19:31,363 --> 00:19:32,233
[will_schoellkopf]: oh

334
00:19:31,564 --> 00:19:35,109
[the_bitcoin_source_]: to know and understand what biting is
and why it's important

335
00:19:35,908 --> 00:19:39,514
[will_schoellkopf]: even talking to you right now i
accidentally start getting into u t x management

336
00:19:39,370 --> 00:19:39,533
[the_bitcoin_source_]: yep

337
00:19:39,654 --> 00:19:44,102
[will_schoellkopf]: and it's like god what am i
doing i gotta i got to catch myself

338
00:19:44,162 --> 00:19:49,789
[will_schoellkopf]: but yeah that's for the truvicoiners out
there to know don't don't trust verify i

339
00:19:49,849 --> 00:19:53,009
[will_schoellkopf]: mean all all the way down yeah

340
00:19:53,010 --> 00:19:54,633
[the_bitcoin_source_]: and well you know we'll kind

341
00:19:54,652 --> 00:19:54,673
[will_schoellkopf]: m

342
00:19:54,673 --> 00:19:58,199
[the_bitcoin_source_]: of get back into like bit coin
note conversations and this might be for more

343
00:19:58,259 --> 00:20:02,566
[the_bitcoin_source_]: experienced people but it's kind of a
question i have you know for you personally

344
00:20:03,127 --> 00:20:06,813
[the_bitcoin_source_]: and you know while running a no
there's different types of notes out there right

345
00:20:06,873 --> 00:20:07,093
[the_bitcoin_source_]: there's

346
00:20:06,905 --> 00:20:06,986
[will_schoellkopf]: ah

347
00:20:07,194 --> 00:20:09,818
[the_bitcoin_source_]: bit coin nose there's lightning nodes and

348
00:20:09,723 --> 00:20:10,933
[will_schoellkopf]: yeah

349
00:20:09,878 --> 00:20:12,943
[the_bitcoin_source_]: the question that i really wanted to
know was you know the difference between the

350
00:20:13,023 --> 00:20:13,464
[the_bitcoin_source_]: two which

351
00:20:13,363 --> 00:20:13,606
[will_schoellkopf]: oh

352
00:20:13,544 --> 00:20:17,219
[the_bitcoin_source_]: is are you running a full note
or are you running a light note yeah

353
00:20:18,404 --> 00:20:24,694
[will_schoellkopf]: um yeah it's a great question do
so i am running a bit coin full

354
00:20:24,834 --> 00:20:31,285
[will_schoellkopf]: note and as far as i can
tell there's ree different names for a bit

355
00:20:31,345 --> 00:20:36,113
[will_schoellkopf]: coin note and all of these are
separate from a lightning network note so for

356
00:20:36,193 --> 00:20:40,380
[will_schoellkopf]: a bit coin note a bit coin
full note means that you have either a

357
00:20:40,921 --> 00:20:46,190
[will_schoellkopf]: solid state draw or a hard disk
drive you know in your laptop or attached

358
00:20:46,270 --> 00:20:50,818
[will_schoellkopf]: to your rasberry pie or you purchased
from a company that sells notes there's some

359
00:20:50,858 --> 00:20:55,205
[will_schoellkopf]: great companies out there that sell bit
coin notes already done but the intent is

360
00:20:55,245 --> 00:21:00,614
[will_schoellkopf]: you're storing a full copy of the
block chain so on average every big coin

361
00:21:00,694 --> 00:21:08,547
[will_schoellkopf]: block is about one megabite on average
every block is produced one block is produced

362
00:21:08,647 --> 00:21:14,016
[will_schoellkopf]: every ten minutes and this all started
on january third two thousand nine i think

363
00:21:14,176 --> 00:21:17,542
[will_schoellkopf]: the current size of the big coin
block chain is getting close to a size

364
00:21:17,642 --> 00:21:25,236
[will_schoellkopf]: of five hundred gigabites um and you
are storing every single bit coin block so

365
00:21:26,218 --> 00:21:28,782
[will_schoellkopf]: if someone wanted to send you bit
coin

366
00:21:28,830 --> 00:21:29,490
[the_bitcoin_source_]: oh

367
00:21:28,862 --> 00:21:33,811
[will_schoellkopf]: so do if you wanted to send
me bit coin i could verify that the

368
00:21:33,891 --> 00:21:35,393
[will_schoellkopf]: bit coin you have is yours

369
00:21:35,610 --> 00:21:35,812
[the_bitcoin_source_]: yeah

370
00:21:35,774 --> 00:21:41,183
[will_schoellkopf]: because i can reference that t x
unspent transaction to what previous block it came

371
00:21:41,263 --> 00:21:45,470
[will_schoellkopf]: from and which block that one previously
came from and keep going back and back

372
00:21:45,590 --> 00:21:45,730
[will_schoellkopf]: all

373
00:21:45,600 --> 00:21:45,842
[the_bitcoin_source_]: my

374
00:21:45,750 --> 00:21:51,580
[will_schoellkopf]: the way until the very beginning all
the way until setoc mind the genesis block

375
00:21:52,121 --> 00:21:56,969
[will_schoellkopf]: from the beginning and that's a really
powerful thing because when you send me bit

376
00:21:57,029 --> 00:22:01,717
[will_schoellkopf]: coin i want to be sure that
you're double spending which is the concept of

377
00:22:02,739 --> 00:22:08,969
[will_schoellkopf]: you sending me bit coin that you
actually already sent to someone else so there

378
00:22:09,049 --> 00:22:13,957
[will_schoellkopf]: is something called proof not so this
will be maybe the second category from a

379
00:22:14,058 --> 00:22:19,727
[will_schoellkopf]: full note there's quite a few addresses
on the bit coin block chain that are

380
00:22:19,927 --> 00:22:24,615
[will_schoellkopf]: not that have no more bit coin
in them so uh maybe at some point

381
00:22:24,655 --> 00:22:28,101
[will_schoellkopf]: they had bit coin but now they
don't have any bit coin any more and

382
00:22:28,181 --> 00:22:31,967
[will_schoellkopf]: so because they don't have any bit
coin any more we don't need to worry

383
00:22:32,088 --> 00:22:35,553
[will_schoellkopf]: that they're going to go double spend
that they're going to go spend bit coin

384
00:22:35,834 --> 00:22:40,502
[will_schoellkopf]: they don't have because their balance is
zero so a pruned note means you go

385
00:22:40,542 --> 00:22:44,969
[will_schoellkopf]: out of way to save disk space
and just get rid of all of those

386
00:22:45,550 --> 00:22:50,218
[will_schoellkopf]: addresses if one day late those addresses
suddenly have some bit coin they'll come back

387
00:22:50,358 --> 00:22:53,984
[will_schoellkopf]: on it's kind of like half way
measure to try to have a full note

388
00:22:54,986 --> 00:22:57,750
[will_schoellkopf]: but of course i would recommend just
having a full bit coin note

389
00:22:57,987 --> 00:22:58,440
[the_bitcoin_source_]: hm

390
00:22:58,211 --> 00:23:00,555
[will_schoellkopf]: if you can't you're gonna go the
hustle of having a bit coin have a

391
00:23:00,575 --> 00:23:05,583
[will_schoellkopf]: full one the final one is called
a light note which i think is you

392
00:23:05,624 --> 00:23:09,510
[will_schoellkopf]: know what you're referring to a light
note is really just a bit coin wallet

393
00:23:09,710 --> 00:23:18,124
[will_schoellkopf]: so you have ability to create bit
coin transactions broadcast transactions receive transactions from others

394
00:23:18,585 --> 00:23:23,213
[will_schoellkopf]: but you're trusting someone else's bit coin
note you ultimately need a bit coin full

395
00:23:23,273 --> 00:23:29,298
[will_schoellkopf]: note to connect to to send your
transaction or receive transaction so it's still great

396
00:23:29,358 --> 00:23:34,823
[will_schoellkopf]: because you're running it yourself you know
it's not necessarily software you downloaded it's not

397
00:23:35,404 --> 00:23:39,267
[will_schoellkopf]: it's not a proprietary software from someone
else like leger liver tresor sweet it is

398
00:23:39,327 --> 00:23:43,851
[will_schoellkopf]: your bit coin light note but you're
still ultimately trusting someone else's bit coin note

399
00:23:43,891 --> 00:23:44,372
[will_schoellkopf]: to connect to

400
00:23:44,460 --> 00:23:49,477
[the_bitcoin_source_]: ye most definitely and you know i
think that one of the biggest things that

401
00:23:49,617 --> 00:23:53,884
[the_bitcoin_source_]: people face especially in society when it
comes to finances or even just securing your

402
00:23:53,944 --> 00:23:58,792
[the_bitcoin_source_]: wealth or store value is convenience right
i think that you know running a note

403
00:23:59,353 --> 00:24:03,300
[the_bitcoin_source_]: it's like inconvenient for some people but
if you're really technical or you really believe

404
00:24:03,360 --> 00:24:08,007
[the_bitcoin_source_]: in the protocol you will understand that
this is a part of the decentralization process

405
00:24:08,068 --> 00:24:12,174
[the_bitcoin_source_]: and this is what keeps him we're
kind of free from you know nefarious actors

406
00:24:12,223 --> 00:24:12,484
[will_schoellkopf]: oh

407
00:24:12,255 --> 00:24:16,001
[the_bitcoin_source_]: of people doing things wank with the
protocol worth your money so i think that

408
00:24:16,702 --> 00:24:20,568
[the_bitcoin_source_]: you know breaking down the different types
of nodes will be beneficial to some people

409
00:24:21,029 --> 00:24:23,876
[the_bitcoin_source_]: in the in the street that might
look at this interview and say like hey

410
00:24:23,956 --> 00:24:26,842
[the_bitcoin_source_]: like what is a note and is
this conversation between

411
00:24:26,803 --> 00:24:27,030
[will_schoellkopf]: yeah

412
00:24:26,882 --> 00:24:27,823
[the_bitcoin_source_]: a light note and a full

413
00:24:27,763 --> 00:24:28,050
[will_schoellkopf]: oh

414
00:24:27,904 --> 00:24:30,888
[the_bitcoin_source_]: note and i agree with you will
where like i think the new notes out

415
00:24:30,909 --> 00:24:34,715
[the_bitcoin_source_]: there now have like one terra bite
or two terra bites of this space so

416
00:24:34,755 --> 00:24:39,102
[the_bitcoin_source_]: there's plenty of space for you to
kind of downward the full block chain network

417
00:24:39,182 --> 00:24:42,608
[the_bitcoin_source_]: and so you can see every transaction
if you choose to and i just think

418
00:24:42,628 --> 00:24:46,114
[the_bitcoin_source_]: that it's really helpful for bit corners
to run a note so that you can

419
00:24:46,194 --> 00:24:50,581
[the_bitcoin_source_]: really be your own bank and secure
and verify your own transact tions where you

420
00:24:50,622 --> 00:24:53,647
[the_bitcoin_source_]: don't have like to second guests things
are legitimate or not

421
00:24:54,723 --> 00:25:02,696
[will_schoellkopf]: yeah i'll say two things in particular
first of all this is the bit coin

422
00:25:03,297 --> 00:25:05,922
[will_schoellkopf]: in innovation to become a sovereign individual

423
00:25:06,220 --> 00:25:06,361
[the_bitcoin_source_]: yep

424
00:25:06,543 --> 00:25:11,952
[will_schoellkopf]: it's not wells fargo or j p
morgan you're not logging in with a user

425
00:25:12,032 --> 00:25:17,541
[will_schoellkopf]: name and pass word and then logging
into some other service to see your balance

426
00:25:18,142 --> 00:25:20,907
[will_schoellkopf]: and i'm sure people have had the
experience before where they go to check their

427
00:25:20,947 --> 00:25:24,994
[will_schoellkopf]: checking account and the balance isn't what
they expected to be and like oh gosh

428
00:25:25,454 --> 00:25:29,641
[will_schoellkopf]: what happened here where's this customer service
number to call when you run your own

429
00:25:29,721 --> 00:25:33,508
[will_schoellkopf]: bit coin note there is no service
to log into there's no email address or

430
00:25:33,908 --> 00:25:39,438
[will_schoellkopf]: password to provide the reason it's permission
list and there's no customer service number which

431
00:25:39,498 --> 00:25:42,322
[will_schoellkopf]: can be a little scary for some
if you buy your bit point note from

432
00:25:42,483 --> 00:25:46,289
[will_schoellkopf]: one else sure but but your bit
coin note is your note you control it

433
00:25:46,750 --> 00:25:50,236
[will_schoellkopf]: and the other thing when it comes
to downloading the bit coin block chain the

434
00:25:50,276 --> 00:25:54,903
[will_schoellkopf]: initial block down load it's not actually
the case like there's a button click like

435
00:25:55,044 --> 00:25:57,768
[will_schoellkopf]: okay please down load five hundred gigabites
of data no

436
00:25:57,774 --> 00:25:57,795
[the_bitcoin_source_]: a

437
00:25:58,049 --> 00:26:02,817
[will_schoellkopf]: your bit coin note is connecting to
the pier dope network it's requesting to receive

438
00:26:03,257 --> 00:26:08,326
[will_schoellkopf]: one block at a time from each
other note and each block your node receives

439
00:26:08,526 --> 00:26:12,873
[will_schoellkopf]: it's running code against it to verify
all of the transaction so if any of

440
00:26:12,913 --> 00:26:17,201
[will_schoellkopf]: the other bit coin peers try to
send you a bit coin block that doesn't

441
00:26:17,241 --> 00:26:20,186
[will_schoellkopf]: make sense that says an s has
more bit coin in it that it doesn't

442
00:26:20,246 --> 00:26:24,172
[will_schoellkopf]: has it will reject that block so
that's part of what makes the initial block down load take so long as you're not just
downloading five hundred gigabites of blocks from someone  else you're going one block at a
time verifying every single block along the way so by the time it's finished you
know that you're you didn't trust anybody your copy of the bitcoin blockchain is verified

449
00:26:41,910 --> 00:26:45,396
[the_bitcoin_source_]: exactly and that kind of answered my
last question which was you know privacy in

450
00:26:45,436 --> 00:26:49,122
[the_bitcoin_source_]: the k c aspect but there was
something that you did say well that i

451
00:26:49,202 --> 00:26:52,948
[the_bitcoin_source_]: want people to know about where for
example let's say you buy an umbroll or

452
00:26:53,008 --> 00:26:56,674
[the_bitcoin_source_]: you buy like a is very pig
your own note when you first connect that

453
00:26:56,734 --> 00:27:00,020
[the_bitcoin_source_]: note and set it up it's going
to take some time for that all those

454
00:27:00,100 --> 00:27:03,826
[the_bitcoin_source_]: blocks to kind of be verified and
put in so sometimes people set up a

455
00:27:03,886 --> 00:27:06,412
[the_bitcoin_source_]: big coin note an you're like why
is this taking so long this

456
00:27:06,433 --> 00:27:06,453
[will_schoellkopf]: m

457
00:27:06,452 --> 00:27:10,365
[the_bitcoin_source_]: is taking like hours for this to
set up and run it because what will

458
00:27:10,222 --> 00:27:10,243
[will_schoellkopf]: m

459
00:27:10,425 --> 00:27:16,748
[the_bitcoin_source_]: said it's verifying and transacting all those
blocks from i believe two thousand and nine

460
00:27:16,808 --> 00:27:20,394
[the_bitcoin_source_]: or two thousand and eight when the
first genesis block came out and it takes

461
00:27:20,494 --> 00:27:24,781
[the_bitcoin_source_]: time to just verify you know accumulate
all those diff block so that you can

462
00:27:24,861 --> 00:27:31,011
[the_bitcoin_source_]: go back whenever you choose two thousand
eleven twelve thirteen fourteen and see whatever transaction

463
00:27:31,051 --> 00:27:34,036
[the_bitcoin_source_]: was out there you can go and
verify it for yourself and not rely on

464
00:27:34,117 --> 00:27:37,142
[the_bitcoin_source_]: a third party like a wells far
go like you can't call a bank of

465
00:27:37,202 --> 00:27:42,190
[the_bitcoin_source_]: america and say hey when did i
transfer deposit some money seven years ago they

466
00:27:42,250 --> 00:27:43,652
[the_bitcoin_source_]: look at you like what are you
talking about

467
00:27:44,143 --> 00:27:44,923
[will_schoellkopf]: yeah

468
00:27:44,173 --> 00:27:46,998
[the_bitcoin_source_]: but you can do that in the
bit coin protocol so thank you for that

469
00:27:47,038 --> 00:27:47,399
[the_bitcoin_source_]: breakdown

470
00:27:48,093 --> 00:27:52,721
[will_schoellkopf]: yeah oh my gosh you know my
big pet thing is you know with the

471
00:27:52,761 --> 00:27:58,771
[will_schoellkopf]: legacy financial system s you can go
to do a bank transfer you can go

472
00:27:58,871 --> 00:28:02,758
[will_schoellkopf]: to send some one money or they
can go to send you money and then

473
00:28:02,798 --> 00:28:04,441
[will_schoellkopf]: you're just stuck wondering you

474
00:28:04,383 --> 00:28:04,890
[the_bitcoin_source_]: hm

475
00:28:04,481 --> 00:28:09,689
[will_schoellkopf]: know two business days like so did
they really send or did they start to

476
00:28:09,770 --> 00:28:13,175
[will_schoellkopf]: send to me i have no idea
with the bit coin block chain no it's

477
00:28:13,215 --> 00:28:17,002
[will_schoellkopf]: like i see it right there on
my coffee in the box chain

478
00:28:17,293 --> 00:28:17,416
[the_bitcoin_source_]: yeah

479
00:28:17,362 --> 00:28:21,369
[will_schoellkopf]: here's the address i know whether or
not you've sent me my money here's my

480
00:28:21,449 --> 00:28:22,270
[will_schoellkopf]: money like

481
00:28:22,252 --> 00:28:22,416
[the_bitcoin_source_]: yeah

482
00:28:22,531 --> 00:28:25,997
[will_schoellkopf]: where's it there's my you said you
sent me the vico and i don't see

483
00:28:26,097 --> 00:28:30,965
[will_schoellkopf]: it like what's going on here is
my ode i mean it's just this amazing

484
00:28:31,025 --> 00:28:34,531
[will_schoellkopf]: power that someone can't i tell you
oh it's on its way you know i

485
00:28:34,631 --> 00:28:38,437
[will_schoellkopf]: sent it should be a couple of
business days like no is it confirmed on

486
00:28:38,477 --> 00:28:43,145
[will_schoellkopf]: the block chain you haven't sent me
anything i'm still waiting so that's that's an

487
00:28:43,305 --> 00:28:49,636
[will_schoellkopf]: unbelievable powerful innovation i would say for
the heart or bit coiners the reason they

488
00:28:50,057 --> 00:28:54,945
[will_schoellkopf]: run their own bit coin note is
as you say for privacy but ultimately for

489
00:28:55,265 --> 00:28:56,888
[will_schoellkopf]: people who aren't necessarily

490
00:28:56,760 --> 00:28:56,780
[the_bitcoin_source_]: m

491
00:28:56,988 --> 00:29:01,356
[will_schoellkopf]: text evy i would say that biggest
reason for them to run their own note

492
00:29:01,416 --> 00:29:04,481
[will_schoellkopf]: is it will increase your conviction in
vitcoin

493
00:29:04,273 --> 00:29:04,860
[the_bitcoin_source_]: hm

494
00:29:04,901 --> 00:29:10,471
[will_schoellkopf]: you know bear markets are for builders
as the asset price of bit coin goes

495
00:29:10,551 --> 00:29:16,200
[will_schoellkopf]: down then et work only gets stronger
more bit coin notes come online it gets

496
00:29:16,461 --> 00:29:20,968
[will_schoellkopf]: easier to run your own bit coin
out it becomes more appear to peer you

497
00:29:21,008 --> 00:29:24,614
[will_schoellkopf]: know this global network this is the
concept if if the

498
00:29:24,573 --> 00:29:24,656
[the_bitcoin_source_]: ah

499
00:29:24,735 --> 00:29:30,244
[will_schoellkopf]: internet went out in america i know
all the bit coin notes in nigeria nigeria

500
00:29:30,304 --> 00:29:33,750
[will_schoellkopf]: would still be running if the internet
went out in nigeria i know all the

501
00:29:34,190 --> 00:29:35,452
[will_schoellkopf]: notes in america would be running

502
00:29:35,550 --> 00:29:36,240
[the_bitcoin_source_]: yeah

503
00:29:35,753 --> 00:29:40,020
[will_schoellkopf]: if the internet went out in both
countries i know block stream has already launched

504
00:29:40,200 --> 00:29:41,803
[will_schoellkopf]: satellites into our space

505
00:29:41,520 --> 00:29:41,742
[the_bitcoin_source_]: yeah

506
00:29:42,224 --> 00:29:47,092
[will_schoellkopf]: to beam transactions and bit coin blocks
down that i think

507
00:29:47,379 --> 00:29:47,400
[the_bitcoin_source_]: m

508
00:29:47,553 --> 00:29:47,633
[will_schoellkopf]: his

509
00:29:47,580 --> 00:29:47,882
[the_bitcoin_source_]: oh

510
00:29:47,673 --> 00:29:51,058
[will_schoellkopf]: name is the sultan or something in
venezuela has a bit coin note running to

511
00:29:51,118 --> 00:29:52,060
[will_schoellkopf]: receive bit

512
00:29:51,960 --> 00:29:52,187
[the_bitcoin_source_]: yeah

513
00:29:52,120 --> 00:29:54,264
[will_schoellkopf]: coin blocks you know from from block
stream

514
00:29:54,331 --> 00:29:54,352
[the_bitcoin_source_]: m

515
00:29:54,364 --> 00:29:58,050
[will_schoellkopf]: satelihtes you know and even though he
gets the blocks beam down to him from

516
00:29:58,170 --> 00:30:01,676
[will_schoellkopf]: space he still doesn't stub he still
verifies that make sure

517
00:30:01,682 --> 00:30:01,865
[the_bitcoin_source_]: right

518
00:30:01,796 --> 00:30:07,426
[will_schoellkopf]: adam adam beck is sending actual valid
bit coin blocks so you know otherwise his

519
00:30:07,466 --> 00:30:08,387
[will_schoellkopf]: bitcointill reject

520
00:30:08,370 --> 00:30:09,600
[the_bitcoin_source_]: yeah

521
00:30:08,447 --> 00:30:10,230
[will_schoellkopf]: them so it's it's truly

522
00:30:10,020 --> 00:30:10,221
[the_bitcoin_source_]: oh

523
00:30:10,290 --> 00:30:14,596
[will_schoellkopf]: incredible and that's that's the it's reason
i think wow you can do this and

524
00:30:14,676 --> 00:30:18,179
[will_schoellkopf]: also when you run your own bit
coin node it's always humbling you think wow

525
00:30:18,299 --> 00:30:20,441
[will_schoellkopf]: if i can do this you know
maybe anyone could do this

526
00:30:21,670 --> 00:30:27,179
[the_bitcoin_source_]: exactly and you know some bit coiners
have become so spoiled where if you're transacting

527
00:30:27,239 --> 00:30:28,481
[the_bitcoin_source_]: on the layer one protocol

528
00:30:28,123 --> 00:30:28,143
[will_schoellkopf]: m

529
00:30:28,521 --> 00:30:32,648
[the_bitcoin_source_]: which is the base layer you know
if you have a ten minute transaction if

530
00:30:32,728 --> 00:30:35,934
[the_bitcoin_source_]: i send you some money it takes
ten minutes to complain and say that that

531
00:30:35,974 --> 00:30:38,858
[the_bitcoin_source_]: takes too long but now you can
use the lightning net we can get it

532
00:30:38,898 --> 00:30:43,126
[the_bitcoin_source_]: a lot faster but that kind of
comes with time where people complain about that

533
00:30:43,226 --> 00:30:47,233
[the_bitcoin_source_]: but you'll wait five to seven business
days to get a substantial amount of money

534
00:30:47,273 --> 00:30:50,902
[the_bitcoin_source_]: from a third party so when it
comes to big coin you know you can

535
00:30:51,062 --> 00:30:56,092
[the_bitcoin_source_]: verify that your money is coming pair
to pair you know in a faster process

536
00:30:56,192 --> 00:31:00,920
[the_bitcoin_source_]: where you're not dealing with all these
delays and fees and people kind of like

537
00:31:01,341 --> 00:31:04,306
[the_bitcoin_source_]: picking a part of your money if
i send you a thousand dollars and bit

538
00:31:04,366 --> 00:31:08,834
[the_bitcoin_source_]: coin you're getting a thousand dollars not
nine hundred and eighty nine dollars and some

539
00:31:08,894 --> 00:31:09,696
[the_bitcoin_source_]: change so

540
00:31:09,983 --> 00:31:10,143
[will_schoellkopf]: yeah

541
00:31:10,076 --> 00:31:10,216
[the_bitcoin_source_]: yeah

542
00:31:11,405 --> 00:31:11,505
[will_schoellkopf]: and

543
00:31:12,420 --> 00:31:12,542
[the_bitcoin_source_]: oh

544
00:31:12,627 --> 00:31:13,168
[will_schoellkopf]: one more thing

545
00:31:13,519 --> 00:31:13,560
[the_bitcoin_source_]: ah

546
00:31:13,769 --> 00:31:14,771
[will_schoellkopf]: the big coin node

547
00:31:15,000 --> 00:31:17,670
[the_bitcoin_source_]: yeah

548
00:31:15,732 --> 00:31:20,700
[will_schoellkopf]: passes the family member test because it
can be as small and as quiet as

549
00:31:20,761 --> 00:31:21,542
[will_schoellkopf]: a raspberry pie

550
00:31:21,740 --> 00:31:23,340
[the_bitcoin_source_]: yeah

551
00:31:22,183 --> 00:31:26,410
[will_schoellkopf]: much unlike a minor which takes a
lot more convincing to run this such a

552
00:31:26,550 --> 00:31:31,518
[will_schoellkopf]: loud and noisy and power consumption thing
so it's a great way to participate in

553
00:31:31,559 --> 00:31:35,692
[will_schoellkopf]: the bit coin network help the bit
coin network and have everyone else in the

554
00:31:35,732 --> 00:31:37,099
[will_schoellkopf]: house still be happy

555
00:31:37,730 --> 00:31:40,276
[the_bitcoin_source_]: exactly and if you have a rider
in your house you might as well have

556
00:31:40,316 --> 00:31:41,940
[the_bitcoin_source_]: a bit coin note as well you
can connect

557
00:31:41,833 --> 00:31:42,076
[will_schoellkopf]: yeah

558
00:31:42,000 --> 00:31:43,504
[the_bitcoin_source_]: it right to your router and just

559
00:31:43,426 --> 00:31:43,589
[will_schoellkopf]: yeah

560
00:31:43,584 --> 00:31:45,348
[the_bitcoin_source_]: place it in the same area perfect

561
00:31:45,375 --> 00:31:46,986
[will_schoellkopf]: yeah yeah you got it

562
00:31:47,330 --> 00:31:47,450
[the_bitcoin_source_]: yeah

563
00:31:48,703 --> 00:31:49,393
[will_schoellkopf]: yeah

564
00:31:48,992 --> 00:31:52,498
[the_bitcoin_source_]: well well this this bit in conversation
was great i learned a lot i hope

565
00:31:52,558 --> 00:31:56,164
[the_bitcoin_source_]: a lot of people learned about bit
coin nodes and why they're important for bit

566
00:31:56,224 --> 00:32:00,732
[the_bitcoin_source_]: coiners and people that want to be
sovereign individuals so you give people your social

567
00:32:00,792 --> 00:32:04,079
[the_bitcoin_source_]: media handles and in the future endeavors
that you might want people to know about

568
00:32:05,243 --> 00:32:12,115
[will_schoellkopf]: uh yeah my twitter handle is real
bit coin dog and if you go to

569
00:32:12,155 --> 00:32:17,544
[will_schoellkopf]: my website real bit coin dog dot
com i have an email newsletter and subscribe

570
00:32:17,624 --> 00:32:24,075
[will_schoellkopf]: to if you're not on twitter and
of course dotty you mentioned lightning other than

571
00:32:24,135 --> 00:32:28,161
[will_schoellkopf]: buying my book on amazon the bitcoin
dog you can also go to the website

572
00:32:28,622 --> 00:32:33,791
[will_schoellkopf]: bit on dog book dot com it's
a way to read my book online and

573
00:32:34,031 --> 00:32:39,821
[will_schoellkopf]: pay pay as you enjoy to read
it chapter by chapter paying with bit coin

574
00:32:40,843 --> 00:32:47,213
[will_schoellkopf]: just publish an article on how that
architecture works on satoshi's journal and if you

575
00:32:47,514 --> 00:32:52,181
[will_schoellkopf]: you don't have to own any bit
coin to get started you can even buy

576
00:32:52,322 --> 00:32:56,008
[will_schoellkopf]: fifteen dolls it's worth a bit coin
with a credit card and then start paying

577
00:32:56,128 --> 00:33:01,176
[will_schoellkopf]: with bit coin that way and hey
now you own bit coin which as daddy

578
00:33:01,237 --> 00:33:05,924
[will_schoellkopf]: said you can then send over the
lightning network to any lightning wallet so it's

579
00:33:05,985 --> 00:33:10,011
[will_schoellkopf]: a great user friendly way to have
fun playing with bit coin

580
00:33:10,940 --> 00:33:14,873
[the_bitcoin_source_]: most definitely well thank you for this
bit quin conversation has been super insightful and

581
00:33:14,933 --> 00:33:16,258
[the_bitcoin_source_]: helpful have a good one

582
00:33:17,044 --> 00:33:17,608
[will_schoellkopf]: Thank you Dawdu