Aaron Day

Bitcoin is a blockchain, and there are a lot of different blockchains. There are well over 20,000 different cryptocurrencies. They're not all their own blockchain. But the way to look at a blockchain is this, is to take a step back and look at most commerce runs using databases, centralized databases, like a Microsoft database, or an Oracle database.

Bitcoin is a blockchain, and there are a lot of different blockchains. There are well over 20,000 different cryptocurrencies. They're not all their own blockchain. But the way to look at a blockchain is this, is to take a step back and look at most commerce runs using databases, centralized databases, like a Microsoft database, or an Oracle database.

And these are software programs where you can actually go back and change the data in the database. The benefit of blockchain is that it's immutable, meaning you actually can't go back and reverse or change any of the information in it. It is a chain of blocks. And in the case of Bitcoin, every 10 minutes, a new block is added.

And these are software programs where you can actually go back and change the data in the database. The benefit of blockchain is that it's immutable, meaning you actually can't go back and reverse or change any of the information in it. It is a chain of blocks. And in the case of Bitcoin, every 10 minutes, a new block is added.

So the way this works is there are computers all over the world trying to solve really difficult math problems. The computer that solves the math problem first gets to add the next block to the chain. And they get a reward for that in terms of what's called a Bitcoin mining reward. But they also get fees for the transactions that are added to that block.

So the way this works is there are computers all over the world trying to solve really difficult math problems. The computer that solves the math problem first gets to add the next block to the chain. And they get a reward for that in terms of what's called a Bitcoin mining reward. But they also get fees for the transactions that are added to that block.

Certainly, quantum computing has been identified as a risk factor because at a certain period of time, and I've actually just started to look at this new Willow system that they have. And so certainly, there is the ability to break the encryption at some point in time.

Certainly, quantum computing has been identified as a risk factor because at a certain period of time, and I've actually just started to look at this new Willow system that they have. And so certainly, there is the ability to break the encryption at some point in time.

And so this is what's great about having a marketplace, which is there are different cryptocurrency projects working on coming up with different quantum-resistant technologies to be able to head that off.

And so this is what's great about having a marketplace, which is there are different cryptocurrency projects working on coming up with different quantum-resistant technologies to be able to head that off.

That's kind of interesting.

That's kind of interesting.

Well, and this is a specific risk for Bitcoin, because Bitcoin has kind of solidified their development. So Bitcoin, in essence, hasn't really done a lot of innovation for a number of years. They've kind of capped it where it is, so it has this small block size, and it's very difficult to get changes through.

Well, and this is a specific risk for Bitcoin, because Bitcoin has kind of solidified their development. So Bitcoin, in essence, hasn't really done a lot of innovation for a number of years. They've kind of capped it where it is, so it has this small block size, and it's very difficult to get changes through.

This is why Roger has started in recent years to promote privacy coins like Zeno and Monero, which have different technology and which tend to be more adaptive to the marketplace.

This is why Roger has started in recent years to promote privacy coins like Zeno and Monero, which have different technology and which tend to be more adaptive to the marketplace.

Well, certainly there already is a robust market for cryptocurrencies and there are already interesting market dynamics going on. Although I don't know if state-based currencies actually work very well. In fact, it's one of the things that I touch on in my book. If you actually look at state-based or fiat currencies, they have a 100% failure rate.

Well, certainly there already is a robust market for cryptocurrencies and there are already interesting market dynamics going on. Although I don't know if state-based currencies actually work very well. In fact, it's one of the things that I touch on in my book. If you actually look at state-based or fiat currencies, they have a 100% failure rate.

The average state-based currency only lasts for about 27 years. And if you look at the dollar, which has been the global reserve currency for over 100 years, it is flashing bright red on all seven of the main reasons why a fiat currency fails. And so this has been a recurring problem. And so we have this boom and bust cycle of nation states that is largely driven by inflation.

The average state-based currency only lasts for about 27 years. And if you look at the dollar, which has been the global reserve currency for over 100 years, it is flashing bright red on all seven of the main reasons why a fiat currency fails. And so this has been a recurring problem. And so we have this boom and bust cycle of nation states that is largely driven by inflation.