BTC019 - Bitcoin's Layer 2 Lightning Network w_ Ryan Gentry

probably easiest to copy paste the lot into a text file (that allows clickable links)

https://youtu.be/bbr3NC9oqp4?t=0 - hey everyone welcome to our wednesday release of the podcast where we're talking about bitcoin

https://youtu.be/bbr3NC9oqp4?t=4 - it brings me great pleasure to bring you this week's episode with lightning labs ryan gentry

https://youtu.be/bbr3NC9oqp4?t=9 - ryan provides some amazing insights about all things happening on bitcoin's second layer

https://youtu.be/bbr3NC9oqp4?t=14 - although we've talked about the lightning network a few times on the show we haven't dedicated an entire

https://youtu.be/bbr3NC9oqp4?t=19 - discussion to all the things happening on this part of the network and what it might mean for further

https://youtu.be/bbr3NC9oqp4?t=23 - adoption use cases and overall market dominance this was a fascinating discussion that you won't

https://youtu.be/bbr3NC9oqp4?t=29 - want to miss so without further delay here's my chat with ryan gentry

https://youtu.be/bbr3NC9oqp4?t=35 - ryan welcome to the show great to have you here thanks for having me really excited about it been looking forward to

https://youtu.be/bbr3NC9oqp4?t=39 - this so ryan we've talked about the second layer on our show a couple times

https://youtu.be/bbr3NC9oqp4?t=44 - but we've really never got into it in depth and you the folks you work with at

https://youtu.be/bbr3NC9oqp4?t=51 - lightning labs you guys are the experts at this and i'm kind of curious if you could

https://youtu.be/bbr3NC9oqp4?t=56 - give us kind of a one over the world on the bitcoin second layer lightning network the impetus

https://youtu.be/bbr3NC9oqp4?t=62 - of how it got started back in 2017 with the segwit update in general terms what it means to you if

https://youtu.be/bbr3NC9oqp4?t=68 - you can give us that overview i think that would really help lay the foundation of the rest of the

https://youtu.be/bbr3NC9oqp4?t=72 - conversation that we're going to have together hopefully your listeners are aware that

https://youtu.be/bbr3NC9oqp4?t=77 - the bitcoin blockchain is is limited right the bitcoin blockchain blocks come

https://youtu.be/bbr3NC9oqp4?t=82 - every 10 minutes every 10 minutes each block is about a megabyte plus in size filled with

https://youtu.be/bbr3NC9oqp4?t=88 - transactions and a megabyte plus every 10 minutes means a throughput of about 13 kilobits

https://youtu.be/bbr3NC9oqp4?t=94 - per second which is really bad i think the old aol modems in the early days

https://youtu.be/bbr3NC9oqp4?t=99 - i think we're famously like 64 kilobits per second or something like that so you're working with 25 percent of

https://youtu.be/bbr3NC9oqp4?t=104 - dial-up energy which is which is pretty terrible but it's not that bad if you're

https://youtu.be/bbr3NC9oqp4?t=108 - comparing it to what it's supposed to be compared to which is fed wire bitcoin is a real-time gross settlement

https://youtu.be/bbr3NC9oqp4?t=114 - system just like fed wire is and you know the fed reserve system payments network

https://youtu.be/bbr3NC9oqp4?t=119 - skills and layers all right you have fed wire and you have commercial banks with fed

https://youtu.be/bbr3NC9oqp4?t=125 - accounts and then on top of the commercial banks you have visa and mastercard and different payment

https://youtu.be/bbr3NC9oqp4?t=129 - networks and then on top of that you have venmo and paypal et cetera et cetera cash app there's all these layers

https://youtu.be/bbr3NC9oqp4?t=135 - and and kind of one of the main differences between bitcoin and between fiat

https://youtu.be/bbr3NC9oqp4?t=140 - payments networks is all those layers or layers of ious right the layers of credit

https://youtu.be/bbr3NC9oqp4?t=145 - on top of each other the bitcoin network we want to avoid that we have a bearer asset with no counterparty risk

https://youtu.be/bbr3NC9oqp4?t=150 - at the base right and so what we want to do when we scale up is we want to make sure

https://youtu.be/bbr3NC9oqp4?t=155 - when we scale we're maintaining kind of the security assurances of the network we want to make sure that

https://youtu.be/bbr3NC9oqp4?t=160 - every layer two transaction that happens off the bitcoin blockchain is a valid bitcoin transaction so that's

https://youtu.be/bbr3NC9oqp4?t=166 - what we've done with lightning and when i say we i mean the brilliant people with lighting labs

https://youtu.be/bbr3NC9oqp4?t=171 - and block stream and hosting et cetera et cetera who are actually building the thing

https://youtu.be/bbr3NC9oqp4?t=174 - not me the bd guy that gets to talk about it but in the early days when talking about

https://youtu.be/bbr3NC9oqp4?t=180 - how to scale this blockchain and and what trade-offs to make and how we can get

https://youtu.be/bbr3NC9oqp4?t=186 - off-chain security assurances that are the exact same as on-chain transactions there's this really great chart and

https://youtu.be/bbr3NC9oqp4?t=192 - image from i think it was from taj raja but i may be misattributing it to somebody

https://youtu.be/bbr3NC9oqp4?t=197 - at a you know scaling bitcoin 2016 and milan there was an image of a bathtub and so

https://youtu.be/bbr3NC9oqp4?t=203 - like the trade-off space was if we make the blocks way too big so that you know we have

https://youtu.be/bbr3NC9oqp4?t=209 - huge throughput a ton of transactions per second then nobody be able to verify the

https://youtu.be/bbr3NC9oqp4?t=213 - blockchain and miners and businesses can tell you that you have a number of coins that you don't actually have and

https://youtu.be/bbr3NC9oqp4?t=220 - we just get fractional reserve system you know over and over again if we go the opposite

https://youtu.be/bbr3NC9oqp4?t=224 - direction we make the blocks too small then fees will be so high that normal people will be priced out of the base

https://youtu.be/bbr3NC9oqp4?t=231 - layer anyways they'll have to use custodial bitcoin anyways and we'll have the exact same effect

https://youtu.be/bbr3NC9oqp4?t=236 - fractional reserve over and over again right so that we gotta find the sweet spot in the middle where it's not too

https://youtu.be/bbr3NC9oqp4?t=241 - big it's not too small and the way that we chose was the lightning network

https://youtu.be/bbr3NC9oqp4?t=247 - and so what the lightning network is is the way i like to think about it is every on-train transaction has three

https://youtu.be/bbr3NC9oqp4?t=253 - parties involved right you have the sender you have the receiver and we don't

https://youtu.be/bbr3NC9oqp4?t=257 - really like to talk about the third one because we like to say it's peer-to-peer but involved in every single bitcoin

https://youtu.be/bbr3NC9oqp4?t=262 - transaction there's also a mine that there's miners are trustless we know the game theory behind their

https://youtu.be/bbr3NC9oqp4?t=268 - incentives they're widely distributed so they always have to compete yadda yadda i'm

https://youtu.be/bbr3NC9oqp4?t=273 - sure like you had harry and marty on who can explain mining far far better than i can

https://youtu.be/bbr3NC9oqp4?t=278 - i would highly recommend going to this net episode it's one of my favorite episodes of all time that was

https://youtu.be/bbr3NC9oqp4?t=282 - fantastic it's incredible the stuff that they're doing the fact that they're still like just

https://youtu.be/bbr3NC9oqp4?t=288 - getting started yeah is mind-boggling so in every on-chain bitcoin transaction you have

https://youtu.be/bbr3NC9oqp4?t=294 - three parties involved the sender the receiver and the miner and miners like i said are trust minimized you

https://youtu.be/bbr3NC9oqp4?t=300 - don't trust them they they behave according to you know rules that we set for them so

https://youtu.be/bbr3NC9oqp4?t=304 - all we do with the lightning network is we replace the miner with a network of routing nodes

https://youtu.be/bbr3NC9oqp4?t=310 - and so these routing nodes are you know anybody anywhere just like anybody anywhere can spin up a

https://youtu.be/bbr3NC9oqp4?t=316 - miner anybody anywhere can spin up a routing node all they have to do is bring their

https://youtu.be/bbr3NC9oqp4?t=320 - capital and put their capital into what we call channels that connect the two of them together and you can kind of

https://youtu.be/bbr3NC9oqp4?t=326 - think of if you look straight down on the lightning network on the topology

https://youtu.be/bbr3NC9oqp4?t=330 - it doesn't look dissimilar to like a map of of highways across the us you have like big kind of

https://youtu.be/bbr3NC9oqp4?t=336 - hubs their cities and then they're connected with a bunch of these you know channels

https://youtu.be/bbr3NC9oqp4?t=341 - or roads you know that where satoshis are flowing back and forth and so all we've done is we've replaced

https://youtu.be/bbr3NC9oqp4?t=348 - the miners with these routing nodes and that means that every single

https://youtu.be/bbr3NC9oqp4?t=353 - lightning transaction is a valid bitcoin transaction every single bitcoin transaction could have been

https://youtu.be/bbr3NC9oqp4?t=357 - a lightning transaction and the benefits are lightning it just scales much better it

https://youtu.be/bbr3NC9oqp4?t=363 - has instant settlement it has very low fees because anybody compete to process these transactions

https://youtu.be/bbr3NC9oqp4?t=368 - we don't have the same throughput limits the constraint that we face it's kind of like they're very naturally

https://youtu.be/bbr3NC9oqp4?t=374 - counter balanced systems one way we like to think about it is on chain you can send a billion dollar

https://youtu.be/bbr3NC9oqp4?t=380 - transaction for the same on-chain fee that you know a five dollar transaction would cost

https://youtu.be/bbr3NC9oqp4?t=385 - it's your pricing is dependent upon the size of the transaction on the blockchain

https://youtu.be/bbr3NC9oqp4?t=390 - but off-chain and lightning it's more traditional lips based you send a thousand dollars

https://youtu.be/bbr3NC9oqp4?t=396 - off chain pay you know one percent or lower or whatever whatever the minor chart or

https://youtu.be/bbr3NC9oqp4?t=400 - whatever the routing nodes are charging so you're kind of constrained in terms of size of transaction but the benefits

https://youtu.be/bbr3NC9oqp4?t=406 - you get are low fees and instant settlement so i really like this comparison that

https://youtu.be/bbr3NC9oqp4?t=410 - i've heard recently which is this fed wire comparison for on-chain layer one i wonder at scale what type of fee

https://youtu.be/bbr3NC9oqp4?t=419 - have you heard of any type of estimates on what that fee might be if bitcoin would go all the way and

https://youtu.be/bbr3NC9oqp4?t=424 - we're talking about a million dollar bitcoin price what kind of fees are you hearing will

https://youtu.be/bbr3NC9oqp4?t=429 - that be would it be like a 20 fee i know it really depends on when how full the mempool is and all that kind of

https://youtu.be/bbr3NC9oqp4?t=435 - stuff but have you heard any kind of numbers like that the real answer is that

https://youtu.be/bbr3NC9oqp4?t=440 - by the time that that's the case like we're not going to be counting fees and dollars anymore we're going to be

https://youtu.be/bbr3NC9oqp4?t=445 - counting them in satoshis i think what's really interesting about the way the bitcoin

https://youtu.be/bbr3NC9oqp4?t=449 - scales is the real way it scales is actually by taking large in value

https://youtu.be/bbr3NC9oqp4?t=456 - but small in size inputs and creating many many outputs right so like a large part of what we do

https://youtu.be/bbr3NC9oqp4?t=464 - at lightning with our lighting labs with our loop product and with our pool product is we try and

https://youtu.be/bbr3NC9oqp4?t=470 - take large amounts of volume in in value terms off-chain and compress it as small as possible on

https://youtu.be/bbr3NC9oqp4?t=478 - chains such that say we receive a million dollars in loop outs which is a swap between off

https://youtu.be/bbr3NC9oqp4?t=485 - chain liquidity and on-chain liquidity we can take that and send it to 10 different people

https://youtu.be/bbr3NC9oqp4?t=491 - on chain and if everybody had tried to do that transaction on their own say it would have cost them 10 we can do

https://youtu.be/bbr3NC9oqp4?t=498 - that and charge each of them 10 cents or something like that it's like value

https://youtu.be/bbr3NC9oqp4?t=503 - impression on the blockchain like like nick carter talks about this a lot i love this term is the only real way

https://youtu.be/bbr3NC9oqp4?t=509 - to scale a blockchain without making any sort of compromises is economic density economic density of

https://youtu.be/bbr3NC9oqp4?t=516 - transactions right so i think it's one study that i mean i keep meaning to do that i just

https://youtu.be/bbr3NC9oqp4?t=521 - haven't done yet and this was you know i didn't answer the segment part of your question earlier but this

https://youtu.be/bbr3NC9oqp4?t=526 - was a big thing that said what allowed for us to do is allowed for us to batch on chain

https://youtu.be/bbr3NC9oqp4?t=531 - transactions together whereas back in the old days maybe one input

https://youtu.be/bbr3NC9oqp4?t=535 - one output would have been a single transaction now we can do one input 20 outputs one input thousand

https://youtu.be/bbr3NC9oqp4?t=543 - outputs something like that and and that's you know where like the transactions per

https://youtu.be/bbr3NC9oqp4?t=547 - second number is kind of meaningless because you know transactions themselves are changing

https://youtu.be/bbr3NC9oqp4?t=552 - it's hard to say it's a constant kind of arms race between the transactors on chain and the

https://youtu.be/bbr3NC9oqp4?t=559 - developers to try and make it to where these transactions are as economically dense as possible

https://youtu.be/bbr3NC9oqp4?t=565 - so that we can really scale this thing and still allow again still stay in that bathtub where

https://youtu.be/bbr3NC9oqp4?t=571 - maybe not a person tipping somebody on social media

https://youtu.be/bbr3NC9oqp4?t=576 - can make an on-chain transaction a reasonable person sending somewhere on the order of

https://youtu.be/bbr3NC9oqp4?t=581 - hundreds of thousands of dollars if they wanted to like could make the transaction without

https://youtu.be/bbr3NC9oqp4?t=586 - having the whole thing eaten up with fees so like if you're buying a car kind of

https://youtu.be/bbr3NC9oqp4?t=591 - like how we use fed wire today like if you want something that clears on the day

https://youtu.be/bbr3NC9oqp4?t=596 - you want to send 10 20 000 to somebody you're going to use something like fedwire

https://youtu.be/bbr3NC9oqp4?t=600 - to do it very interesting you brought up how if you looked at an overhead view of the lightning network it would look like

https://youtu.be/bbr3NC9oqp4?t=608 - a bunch of cities i found an explorer this is at explorer.acinq.co

https://youtu.be/bbr3NC9oqp4?t=616 - and this is the lightning network explorer and i'm looking at it right now and i see

https://youtu.be/bbr3NC9oqp4?t=621 - over on the right hand side there's a rail of all these different full node addresses and if i say

https://youtu.be/bbr3NC9oqp4?t=627 - anything wrong here correct me the first one i see is acinq and it has 1 353 channels that have been

https://youtu.be/bbr3NC9oqp4?t=636 - opened with other nodes as i go down each full node that i see here has less channels that have been opened but i can

https://youtu.be/bbr3NC9oqp4?t=644 - see like a graphical map of them all kind of connecting together if i click on any one of the full nodes

https://youtu.be/bbr3NC9oqp4?t=651 - i can see roughly where it's located geography wise and then i can see just all the other full nodes that

https://youtu.be/bbr3NC9oqp4?t=658 - they're open to and it says 35 000 channels are open and there's 8 000 nodes that are listed

https://youtu.be/bbr3NC9oqp4?t=664 - on this explorer when i think about like what this represents or what this means

https://youtu.be/bbr3NC9oqp4?t=670 - how would you describe it so that it's just really simple for the audience to kind of visualize or maybe

https://youtu.be/bbr3NC9oqp4?t=675 - understand what's going on here with this our cto at lighting labs roast beef his

https://youtu.be/bbr3NC9oqp4?t=681 - actual name is lalu but his tag is roast beef says this a lot and i think it's

https://youtu.be/bbr3NC9oqp4?t=685 - absolutely correct the lightning network is a transportation network for satoshis and in transportation networks we

https://youtu.be/bbr3NC9oqp4?t=690 - understand very well it's in the same category as railroads as highways as

https://youtu.be/bbr3NC9oqp4?t=699 - fiber lines for data as you go down there's a you know wikipedia article on

https://youtu.be/bbr3NC9oqp4?t=704 - transportation networks and it'll tell you kind of all the different ways that these all the different examples and

https://youtu.be/bbr3NC9oqp4?t=710 - this is the exact same thing like all transportation networks there are certain places that are really

https://youtu.be/bbr3NC9oqp4?t=715 - popular destinations for people to go and for in this case for value to transfer and so

https://youtu.be/bbr3NC9oqp4?t=720 - like async the major know they are one of the other two major implementations of the lightning network software

https://youtu.be/bbr3NC9oqp4?t=727 - their node is called eclair they have a great mobile wallet called phoenix wallet and they have a really

https://youtu.be/bbr3NC9oqp4?t=732 - big note that does a lot of volume right they have a lot of users that send a lot of transactions

https://youtu.be/bbr3NC9oqp4?t=737 - either between themselves through the rest of the network et cetera et cetera and so you know all of these i think the

https://youtu.be/bbr3NC9oqp4?t=744 - next two biggest nodes are biffin x it's a major exchange they were like the first major exchange to support

https://youtu.be/bbr3NC9oqp4?t=750 - lightning you know they have just a they're an exchange so they have a

https://youtu.be/bbr3NC9oqp4?t=754 - ton of bitcoin they do a lot of trading they have a lot of liquidity and so it makes total sense that they

https://youtu.be/bbr3NC9oqp4?t=759 - would be you know a top destination you know all of these notes i think but refill is up there they do a ton of

https://youtu.be/bbr3NC9oqp4?t=764 - traffic okay coin kind of just got on the lighting network like two weeks ago and

https://youtu.be/bbr3NC9oqp4?t=768 - is already one of the top 50 nodes like the way to think about this is there's just there are these

https://youtu.be/bbr3NC9oqp4?t=773 - destinations that value likes to accrue in the bitcoin economy

https://youtu.be/bbr3NC9oqp4?t=778 - there are just for whatever reason why it's not really important i don't think there's just there are these

https://youtu.be/bbr3NC9oqp4?t=783 - destinations that are super popular and destinations are super popular need really big highways or they need

https://youtu.be/bbr3NC9oqp4?t=790 - airstrips what's driving that so like when i think about a city

https://youtu.be/bbr3NC9oqp4?t=794 - and you think about all the roads that are connecting into new york city it makes sense there's a lot going on

https://youtu.be/bbr3NC9oqp4?t=800 - there's a port there's grand central station you got the finance hub of the world there

https://youtu.be/bbr3NC9oqp4?t=806 - all of these things make sense why you see the roads going in so when we look at these nodes

https://youtu.be/bbr3NC9oqp4?t=811 - is it because it's an influencer that's put their their address out there is it because

https://youtu.be/bbr3NC9oqp4?t=817 - it's a a visa debit card that people are amassing satoshi's that they're then

https://youtu.be/bbr3NC9oqp4?t=824 - using lightning to get them out what's your opinion on what's driving that the thing about lightning is that it is

https://youtu.be/bbr3NC9oqp4?t=831 - and bitcoin 2 honestly is it's unopinionated it's a value transfer

https://youtu.be/bbr3NC9oqp4?t=836 - mechanism another great episode that you did was with jack mahler's of course and so he's using the lightning network

https://youtu.be/bbr3NC9oqp4?t=842 - to transfer fiat i'm not even really to send bitcoins around like this is just a neutral

https://youtu.be/bbr3NC9oqp4?t=846 - value transfer network and it's it's only been live right on mainnet for i think the

https://youtu.be/bbr3NC9oqp4?t=852 - first node was like the very end of 2017 early 20 2018 right so it's only been like three years and change

https://youtu.be/bbr3NC9oqp4?t=859 - right and people are really starting to figure out some use cases that make a ton of sense for it

https://youtu.be/bbr3NC9oqp4?t=864 - so like for instance i think uh like i said earlier they have just this great super sleek

https://youtu.be/bbr3NC9oqp4?t=869 - mobile wallet that's that's on android and you know like 90 of the world i'm an android user

https://youtu.be/bbr3NC9oqp4?t=874 - so i have a big chip on my shoulder in favor of android and against ios 90 of the world uses android and they just

https://youtu.be/bbr3NC9oqp4?t=882 - have this amazing user experience for being able to send bitcoins super fast and super cheap

https://youtu.be/bbr3NC9oqp4?t=887 - i don't know how many users they have but i imagine that they have a ton because they have seven million dollars

https://youtu.be/bbr3NC9oqp4?t=892 - worth of capital committed to their node and they're just like a you know a startup that's raised a series a

https://youtu.be/bbr3NC9oqp4?t=898 - so like that's one thing that's really popular that people are connecting to their node because one it's really well

https://youtu.be/bbr3NC9oqp4?t=903 - managed they do a great job with like the liquidity and making sure that payments are always processing

https://youtu.be/bbr3NC9oqp4?t=908 - but two they just have this this fantastic app x again is an exchange and the pools of

https://youtu.be/bbr3NC9oqp4?t=913 - liquidity dominant pools of liquidity and the crypto economy are all centered around

https://youtu.be/bbr3NC9oqp4?t=917 - exchanges they're one of like the ogs they have tons of bitcoiners supporting

https://youtu.be/bbr3NC9oqp4?t=922 - the trade they're just kind of out of ideological alignment more than anything else even i

https://youtu.be/bbr3NC9oqp4?t=928 - mean and also because it's you know one of the very few exchanges that when things get busy it doesn't go

https://youtu.be/bbr3NC9oqp4?t=933 - down unlike some other exchanges that will remain nameless so they of course have

https://youtu.be/bbr3NC9oqp4?t=937 - tons of capital committed because they just have they do tons of vowing they're like a

https://youtu.be/bbr3NC9oqp4?t=940 - cornerstone of the crypto economy it refill sells tons of gift cards they've been amazing

https://youtu.be/bbr3NC9oqp4?t=946 - pioneers on the lightning network and pushing the ball forward on a ton of different things and what's really

https://youtu.be/bbr3NC9oqp4?t=950 - interesting about that refill is sergey ceo made just a strategic bet

https://youtu.be/bbr3NC9oqp4?t=955 - a couple years ago it was like we're gonna be you know a lightning network company like this is this is

https://youtu.be/bbr3NC9oqp4?t=960 - strategically important for us so they sell gift cards to anybody all around the world who wants

https://youtu.be/bbr3NC9oqp4?t=965 - one example that you told me a while ago that's just like such a cool use case for lightning that you don't really

https://youtu.be/bbr3NC9oqp4?t=969 - think of is he has users in you know saudi arabia or or somewhere in the middle east where

https://youtu.be/bbr3NC9oqp4?t=976 - their version of the google play store is very different from the american version of the google play store right

https://youtu.be/bbr3NC9oqp4?t=981 - they're not able to buy the type of apps that we're used to buying however they can like through vpn or

https://youtu.be/bbr3NC9oqp4?t=987 - through like a side loader or something get access to the american version of the google play store

https://youtu.be/bbr3NC9oqp4?t=993 - but the only way that their currency is good and that play store is with an american google play store

https://youtu.be/bbr3NC9oqp4?t=999 - gift card so they buy the gift card over lightning they log into this

https://youtu.be/bbr3NC9oqp4?t=1004 - alternative app store they download the app that they want and boom one of the tough things about the

https://youtu.be/bbr3NC9oqp4?t=1009 - lightning network is it's private by design like we want the network and not for any

https://youtu.be/bbr3NC9oqp4?t=1015 - nefarious reason just because nobody needs to know that you bought a coffee yesterday there's no reason for

https://youtu.be/bbr3NC9oqp4?t=1020 - that nobody needs to know that this small dollar payment is supposed to be cash

https://youtu.be/bbr3NC9oqp4?t=1025 - nobody nobody needs to know what you do with your with your cash at all so like it's

https://youtu.be/bbr3NC9oqp4?t=1029 - it's important for it to be private and because of that we can't tell you like with advanced diagnostics or analytics

https://youtu.be/bbr3NC9oqp4?t=1034 - you know exactly what's happening but you can just look at this leaderboard of these nodes and see well

https://youtu.be/bbr3NC9oqp4?t=1039 - it's people that love to spend the bitcoin that have android phones

https://youtu.be/bbr3NC9oqp4?t=1043 - exchanges that you know are doing supporting arbs or allowing instant deposits it's people

https://youtu.be/bbr3NC9oqp4?t=1049 - selling goods like refill or like open node or like coingate

https://youtu.be/bbr3NC9oqp4?t=1053 - it's a very diverse ecosystem of people who are just trying to push the ball forward with this new protocol and make

https://youtu.be/bbr3NC9oqp4?t=1058 - the most of it do you find that folks overseas that maybe don't have tax implications

https://youtu.be/bbr3NC9oqp4?t=1065 - will actually drive this adoption in lightning a whole lot more than you find in the

https://youtu.be/bbr3NC9oqp4?t=1071 - united states or in europe yes it is one really good example of this is there is just like a

https://youtu.be/bbr3NC9oqp4?t=1081 - voracious lightning community in argentina argentina of course has direct experience with hyperinflation

https://youtu.be/bbr3NC9oqp4?t=1088 - they know what it's like they know to be afraid of it and so when they hear

https://youtu.be/bbr3NC9oqp4?t=1093 - that there's visual currency that has a fixed cap and nobody can remove it it's very attractive to them there's a

https://youtu.be/bbr3NC9oqp4?t=1100 - great lightning wallet made by argentinians called moon wallet m-u-u-n

https://youtu.be/bbr3NC9oqp4?t=1105 - very user-friendly again like they've been working on lightning since the beginning

https://youtu.be/bbr3NC9oqp4?t=1110 - innovating pushing the ball forward and they have just a ton of users that you know they're on the bitcoin standard

https://youtu.be/bbr3NC9oqp4?t=1116 - right because like why use the argentinian peso because it's been

https://youtu.be/bbr3NC9oqp4?t=1120 - hyperinflated i don't know like three times in the last 30 years right like they're just not interested we here in

https://youtu.be/bbr3NC9oqp4?t=1126 - the us and a lot of investors in the us as well we take it for granted that like

https://youtu.be/bbr3NC9oqp4?t=1131 - our payment systems are pretty good our banks don't like directly steal money from

https://youtu.be/bbr3NC9oqp4?t=1136 - us like out of our bank accounts and so we look at lightning or like well but you know like you said we have to pay

https://youtu.be/bbr3NC9oqp4?t=1140 - capital gains tax on on you know selling bitcoins we're like well nobody is ever gonna use this

https://youtu.be/bbr3NC9oqp4?t=1146 - there's seven and a half billion people on the planet and a very a vanishingly small

https://youtu.be/bbr3NC9oqp4?t=1151 - percentage of them has um property rights and rule of law like we do

https://youtu.be/bbr3NC9oqp4?t=1155 - and so they see something like this it's like oh man i can just zip money around to my you know nana's mobile phone and

https://youtu.be/bbr3NC9oqp4?t=1162 - don't have to ask permission don't have to pay fees don't have to worry about a third party

https://youtu.be/bbr3NC9oqp4?t=1166 - so that's awesome i'm in so i uh i have my own full node and i opened a channel and then i was kind

https://youtu.be/bbr3NC9oqp4?t=1175 - of like i didn't know what to do and i'm sure this this feeling is probably

https://youtu.be/bbr3NC9oqp4?t=1180 - mutual for a lot of folks out there very common but you mentioned this moon wallet

https://youtu.be/bbr3NC9oqp4?t=1185 - and one of the things that that became really noticeable to me is okay so i've got bitcoin on lightning

https://youtu.be/bbr3NC9oqp4?t=1193 - and i can continue to use it as long as that channel is open but then when i want to close the

https://youtu.be/bbr3NC9oqp4?t=1198 - channel out i pay a fee to basically get it back on chain and in general that that fee

https://youtu.be/bbr3NC9oqp4?t=1204 - especially if you're only using it for a couple ten dollars here twenty dollars there the fees

https://youtu.be/bbr3NC9oqp4?t=1209 - expensive to basically pop this money off the first layer on to lightning and then

https://youtu.be/bbr3NC9oqp4?t=1214 - back again like basically when you open it you wanna basically keep it open so

https://youtu.be/bbr3NC9oqp4?t=1218 - when you mention the moon wallet i'm thinking are these people down in argentina opening their own do

https://youtu.be/bbr3NC9oqp4?t=1225 - they run their own full node and then are they doing this activity where they're taking

https://youtu.be/bbr3NC9oqp4?t=1230 - money on chain on the first layer into the second layer are they doing all those gymnastics or is it kind of

https://youtu.be/bbr3NC9oqp4?t=1235 - already built into the wallet and is somebody else running the full node and opening the channels

https://youtu.be/bbr3NC9oqp4?t=1240 - the flip that needs to happen for every bitcoiner that's using bitcoin as a currency not not for

https://youtu.be/bbr3NC9oqp4?t=1246 - like cold storage investors is to be onboarded directly into lighting and to

https://youtu.be/bbr3NC9oqp4?t=1252 - to skip the on-chain part of it there's just no point right like like you want to get into lighting anyways

https://youtu.be/bbr3NC9oqp4?t=1257 - the user is like moonwall in particular i think it's not a full validating node i think you can

https://youtu.be/bbr3NC9oqp4?t=1263 - pair to a full validating node if you want but by default you trust their bitcoin node and

https://youtu.be/bbr3NC9oqp4?t=1269 - your funds are locked in like a 2 of 2 multisig with them they do some like pretty tricky stuff that is probably a

https://youtu.be/bbr3NC9oqp4?t=1275 - little technical for this for this audience to get into they do some really tricky stuff

https://youtu.be/bbr3NC9oqp4?t=1280 - doing with with swaps with batching together small transactions with like the users i think the users

https://youtu.be/bbr3NC9oqp4?t=1287 - have like a light client on the mobile phone that's validating the chain but is not reading

https://youtu.be/bbr3NC9oqp4?t=1291 - all the blocks and then the actual lightning logic is running on the moon wallet server

https://youtu.be/bbr3NC9oqp4?t=1296 - but in general i think the thrust of your question is normal people should not be onboarded

https://youtu.be/bbr3NC9oqp4?t=1301 - directly on chain like directly on chain should be a destination for your funds when you want to put them into cold

https://youtu.be/bbr3NC9oqp4?t=1307 - storage if you're looking to spend funds use them on a daily basis and we can get into like all of the

https://youtu.be/bbr3NC9oqp4?t=1314 - different applications that people are finding out for that you should just go directly

https://youtu.be/bbr3NC9oqp4?t=1318 - from fiat into lightning and again jack mahler's with with strike is a phenomenal example of

https://youtu.be/bbr3NC9oqp4?t=1324 - of what that looks like bottle pay in the uk ok coin now in the us like there's more and

https://youtu.be/bbr3NC9oqp4?t=1329 - more of these direct fiat to lightning on ramps that when i first got into bitcoin like the

https://youtu.be/bbr3NC9oqp4?t=1336 - blockchain part was really disappointing i was like i thought this was like the internet of money this is

https://youtu.be/bbr3NC9oqp4?t=1341 - not what i was expecting at all like this is way different but you go directly from fiat into

https://youtu.be/bbr3NC9oqp4?t=1347 - lightning and you start zipping sats around and you're like this is what i was

https://youtu.be/bbr3NC9oqp4?t=1351 - expecting the whole time this is the future absolutely and if i'm wrong about this

https://youtu.be/bbr3NC9oqp4?t=1356 - correct me but my impression of this moon wallet is it's basically cash app and if i would

https://youtu.be/bbr3NC9oqp4?t=1361 - go down to argentina and i'm 24 years old and i'm out with my friends and i buy somebody a beer or vice versa

https://youtu.be/bbr3NC9oqp4?t=1368 - and you want to settle with your friends you're like hey send me this many sats 20 000 sats or whatever

https://youtu.be/bbr3NC9oqp4?t=1373 - the price would be and you would you would use this moon wallet which is all over lightning and i

https://youtu.be/bbr3NC9oqp4?t=1378 - would be sending them satoshi's over lightning i'm outsourcing the full node

https://youtu.be/bbr3NC9oqp4?t=1383 - somewhat outsourcing the full node to a server that the the wallet provider is like you said

https://youtu.be/bbr3NC9oqp4?t=1389 - it's split between the phone and their server a little bit on the security side and that's all you know

https://youtu.be/bbr3NC9oqp4?t=1394 - it's just it's just easy peasy just works there's a bunch of the great thing about this being an open protocol

https://youtu.be/bbr3NC9oqp4?t=1401 - and on focusing on developers in particular to try and get this protocol up and

https://youtu.be/bbr3NC9oqp4?t=1407 - running there's like a whole slew of of options for security and usability wise

https://youtu.be/bbr3NC9oqp4?t=1413 - like you know i run i have an umbral node which is a full node that has lnd baked into it on a raspberry pi like

https://youtu.be/bbr3NC9oqp4?t=1421 - right there that's you know i have paired to a wallet on my phone

https://youtu.be/bbr3NC9oqp4?t=1425 - i'm running a full node a fully validating node on chain and with lightning has the

https://youtu.be/bbr3NC9oqp4?t=1430 - whole lightning graph synced and all that sort of stuff but when i actually use it on a daily

https://youtu.be/bbr3NC9oqp4?t=1435 - basis usually i'm using it for my phone and so my phone will send a message back to this raspberry pi

https://youtu.be/bbr3NC9oqp4?t=1441 - in my house and say hey you need to make sure and send this payment out and it sends it and on my phone you know

https://youtu.be/bbr3NC9oqp4?t=1449 - the service on the other side receives the payment and tells me back oh yeah okay i got it

https://youtu.be/bbr3NC9oqp4?t=1455 - right and i think that's that's the model that makes the most sense to me if you want to run a fully validating

https://youtu.be/bbr3NC9oqp4?t=1460 - mode but you know like if you're in a part of the world where your power goes out on a consistent

https://youtu.be/bbr3NC9oqp4?t=1465 - basis like maybe that's not an option maybe you need to be mobile first and so like a great example

https://youtu.be/bbr3NC9oqp4?t=1471 - of a fully validating node on the phone is breeze so breeze br eez they have fully validating node

https://youtu.be/bbr3NC9oqp4?t=1480 - you have your own channel you both are managing bitcoin and the lightning graph um so like it is possible it's doable

https://youtu.be/bbr3NC9oqp4?t=1488 - and it's doable with really good ux it's just that there's this i mean there's everything from straight up

https://youtu.be/bbr3NC9oqp4?t=1493 - custodial to full mobile node on the phone and just kind of depends on

https://youtu.be/bbr3NC9oqp4?t=1498 - where in the spectrum you want to be so ryan like you i've got an umbrella that i'm running

https://youtu.be/bbr3NC9oqp4?t=1504 - like i told you before i i took some on-chain first layer bitcoin i opened a channel with some

https://youtu.be/bbr3NC9oqp4?t=1511 - random i found it off this explorer that i mentioned earlier i opened a channel

https://youtu.be/bbr3NC9oqp4?t=1516 - with some random person i think it was a hundred thousand sats

https://youtu.be/bbr3NC9oqp4?t=1519 - i then took jack mahler's zap wallet there was like a bar code there on my umbrella screen i scanned it with my zap

https://youtu.be/bbr3NC9oqp4?t=1528 - you know wallet that's on my phone so if i wanted to send you let's say i wanted to send you

https://youtu.be/bbr3NC9oqp4?t=1533 - a hundred sats right now you could hold up your phone with your wallet

https://youtu.be/bbr3NC9oqp4?t=1538 - you could give me the qr code i could scan it and then and and we can't do this

https://youtu.be/bbr3NC9oqp4?t=1544 - because i closed the channel i was just going to say like we could do it right now i'm excited i'm getting

https://youtu.be/bbr3NC9oqp4?t=1548 - ready so i i closed the channel and i was like whoa that just cost me a lot of money or

https://youtu.be/bbr3NC9oqp4?t=1555 - like i mean it's all relative i was like whoa that that sucks and this is how i'm learning

https://youtu.be/bbr3NC9oqp4?t=1559 - right let's say i still had the channel open which i need to open another channel again to to get this

https://youtu.be/bbr3NC9oqp4?t=1565 - going but you could hold up a qr code with your whatever lightning wallet you're using

https://youtu.be/bbr3NC9oqp4?t=1570 - i could scan that and i could send you could i send you one satoshi or would that not work

https://youtu.be/bbr3NC9oqp4?t=1575 - one satoshi is dicey just because like by default the base fee that's charged is a single

https://youtu.be/bbr3NC9oqp4?t=1582 - sat if we had a direct channel yes absolutely like ninety percent of the

https://youtu.be/bbr3NC9oqp4?t=1587 - time if there was only one hop in between us like yeah it would work

https://youtu.be/bbr3NC9oqp4?t=1591 - maybe you get a little dicey if you go to two or three hypes hops if one set would work but again like you know i

https://youtu.be/bbr3NC9oqp4?t=1597 - think there's right now like fourteen hundred and seven of the dollar like one set is

https://youtu.be/bbr3NC9oqp4?t=1601 - nothing right yeah you can bump it up to two right preston maybe maybe three i was just curious at like with the

https://youtu.be/bbr3NC9oqp4?t=1607 - limitations and that really helped me understand it because i've got this connection i've opened the

https://youtu.be/bbr3NC9oqp4?t=1611 - channel with some random node and you and i would still be able to connect over the

https://youtu.be/bbr3NC9oqp4?t=1617 - over our wallets it might hop how how many hops do you think that would be like three or four hops

https://youtu.be/bbr3NC9oqp4?t=1622 - between nodes it really depends i mean there's like there's been some like great

https://youtu.be/bbr3NC9oqp4?t=1626 - math and graph analysis done on this where it's like 99 of payments are within six hops you know

https://youtu.be/bbr3NC9oqp4?t=1632 - 90 or within five eighty percent or within four and then you know like 50 or within

https://youtu.be/bbr3NC9oqp4?t=1638 - three or something like that like it it really depends i think it's very likely we would be within

https://youtu.be/bbr3NC9oqp4?t=1644 - three hops and at full scale it'll be seven seven separations of kevin bacon

https://youtu.be/bbr3NC9oqp4?t=1650 - exactly i mean like yeah that's all graph theory yeah they just didn't know it at the

https://youtu.be/bbr3NC9oqp4?t=1655 - time amazing so that's making a lot more sense for me not many people really understand how

https://youtu.be/bbr3NC9oqp4?t=1662 - like the innards of the internet work i unfortunately am

https://youtu.be/bbr3NC9oqp4?t=1666 - one of those nerds that studied that got a master's degree in it but like you know from me to you right now on

https://youtu.be/bbr3NC9oqp4?t=1672 - this video call you have a computer that's connected to a router

https://youtu.be/bbr3NC9oqp4?t=1677 - your router you know is plugged into you know fiber or something like that which is a cable that then runs to your isp

https://youtu.be/bbr3NC9oqp4?t=1685 - and your isp peers with you know some bigger isp down the road and then it goes down some backhaul fiber

https://youtu.be/bbr3NC9oqp4?t=1692 - to then repeat the process to get from an isp to an isp to my router to my laptop all of

https://youtu.be/bbr3NC9oqp4?t=1699 - those things lightning network is the exact same it's just that it's all virtual it's not

https://youtu.be/bbr3NC9oqp4?t=1703 - physical and it's instead of value or instead of data it's flowing value

https://youtu.be/bbr3NC9oqp4?t=1708 - it's the exact same architecture so now let's talk about so if i open the channel with this

https://youtu.be/bbr3NC9oqp4?t=1714 - random node and let's just say i did it with a hundred thousand sats

https://youtu.be/bbr3NC9oqp4?t=1718 - and let's say you opened your channel for a hundred thousand sets the most i could send you would be if my

https://youtu.be/bbr3NC9oqp4?t=1724 - channel was still open at 100 in in that direction the most i could send you would be 100 is

https://youtu.be/bbr3NC9oqp4?t=1730 - that correct correct lightning is a full reserve system so then after i send that hundred

https://youtu.be/bbr3NC9oqp4?t=1735 - and you would receive a hundred and let's say when you opened your channel you had a hundred

https://youtu.be/bbr3NC9oqp4?t=1741 - thousand throughput as well does that mean that you can't receive any more than that hundred that i sent you or can

https://youtu.be/bbr3NC9oqp4?t=1747 - you receive more let's say another friend want to send you another hundred

https://youtu.be/bbr3NC9oqp4?t=1752 - an hour after you and i had had our interaction could you still receive another hundred

https://youtu.be/bbr3NC9oqp4?t=1756 - thousand from that from that other person if i didn't do anything no however

https://youtu.be/bbr3NC9oqp4?t=1763 - like liquidity in the network is is dynamic i think the best metaphor my favorite metaphor for it is you open

https://youtu.be/bbr3NC9oqp4?t=1769 - a channel with alice the random node right um the way that liquidity is distributed within a

https://youtu.be/bbr3NC9oqp4?t=1776 - channel is like beads on an abacus and so if you open a hundred thousand sap channel

https://youtu.be/bbr3NC9oqp4?t=1781 - you have a hundred thousand sats hundred thousand beads on your side alice has zero so if somebody goes to

https://youtu.be/bbr3NC9oqp4?t=1787 - send a payment through alice to you you can't receive it because alice doesn't have any money

https://youtu.be/bbr3NC9oqp4?t=1792 - to give you so the same thing works in reverse right you have 100 000 stats on your side of

https://youtu.be/bbr3NC9oqp4?t=1796 - the channel um you can send them spend down your channel all the way until you've sent

https://youtu.be/bbr3NC9oqp4?t=1801 - 100 000 and then you're done you can't spend anymore however there are a ton of ways

https://youtu.be/bbr3NC9oqp4?t=1806 - that you can get that liquidity back and so i think the easiest one and i actually do this

https://youtu.be/bbr3NC9oqp4?t=1812 - and i'm sorry to keep shilling strike on your podcast but when i have a channel that's been

https://youtu.be/bbr3NC9oqp4?t=1818 - depleted and i have no more outbound capacity i've sent all my coins out of a channel

https://youtu.be/bbr3NC9oqp4?t=1823 - the easiest way to do it is to open up strike create an invoice on my own node and say

https://youtu.be/bbr3NC9oqp4?t=1829 - i want to receive 100 000 stats and refill my channel balance with fiat

https://youtu.be/bbr3NC9oqp4?t=1834 - i pay strike to refill my channel and then boom i now can send a hundred thousand stats

https://youtu.be/bbr3NC9oqp4?t=1839 - again you can do the exact reverse as well say like in your example i have received

https://youtu.be/bbr3NC9oqp4?t=1846 - 100 000 sats i can no longer receive any more down this channel i can just send those coins

https://youtu.be/bbr3NC9oqp4?t=1852 - out to an exchange and trade them for freedom for fiat or you can use lightning labs product

https://youtu.be/bbr3NC9oqp4?t=1859 - and this is where i'm like really earning my business development salary here

https://youtu.be/bbr3NC9oqp4?t=1864 - is what we have is we have a product called loop which is a swap between inbound or between off chain and on

https://youtu.be/bbr3NC9oqp4?t=1871 - chain liquidity so if i can't receive any more coins and i still want to keep getting paid like

https://youtu.be/bbr3NC9oqp4?t=1877 - so in your example in between you having sent me all your coins and

https://youtu.be/bbr3NC9oqp4?t=1882 - bob wanting to send me his i can send my funds off chain to our loop server and our

https://youtu.be/bbr3NC9oqp4?t=1888 - loop server will receive the coins and send you an equivalent amount on chain right so now all of a sudden

https://youtu.be/bbr3NC9oqp4?t=1895 - you have your your off chain funds swaps for on-chain and your on-chain wallet has the hundred

https://youtu.be/bbr3NC9oqp4?t=1901 - thousand sats that were yours off-chain and then you can receive again so were there any fees associated with

https://youtu.be/bbr3NC9oqp4?t=1908 - that there's routing fees there's we of course

https://youtu.be/bbr3NC9oqp4?t=1913 - charge a fee because we're not running a charity there's there's on chain fees but the great thing about them are the

https://youtu.be/bbr3NC9oqp4?t=1918 - whole point of the lightning network if we go back to my really early example is to create markets for all this stuff

https://youtu.be/bbr3NC9oqp4?t=1924 - it's great markets for routing these transactions to create free markets for writing

https://youtu.be/bbr3NC9oqp4?t=1928 - transactions because we know that nothing does a better job of lowering fees than competitive

https://youtu.be/bbr3NC9oqp4?t=1934 - markets so because we have you know i think there's like 10 000

https://youtu.be/bbr3NC9oqp4?t=1938 - lightning nodes on the network nobody can raise their fees too high or they start getting undercut and so

https://youtu.be/bbr3NC9oqp4?t=1944 - the fees you know i don't know what the equilibrium is going to end up being at but i think

https://youtu.be/bbr3NC9oqp4?t=1947 - betting that it's somewhere on the order of 50 bips per node is like maybe a little high they're very

https://youtu.be/bbr3NC9oqp4?t=1953 - low um and and i think they will stay low so i really want to dive into this and i'm

https://youtu.be/bbr3NC9oqp4?t=1959 - i literally have the lightning terminal open and i'm looking at it right now of what you're talking about

https://youtu.be/bbr3NC9oqp4?t=1964 - so when i'm thinking about the future of where this is going these hubs that have the most

https://youtu.be/bbr3NC9oqp4?t=1969 - connections to all these other channels i love the example of cities because i think that's

https://youtu.be/bbr3NC9oqp4?t=1976 - a great example of let's say you become doubt your node becomes dallas and your node

https://youtu.be/bbr3NC9oqp4?t=1982 - becomes new york city and it's connected to all these other cities that are out there

https://youtu.be/bbr3NC9oqp4?t=1987 - and you know it's a major hub that all the satoshi's are going to have to travel through

https://youtu.be/bbr3NC9oqp4?t=1992 - and as this becomes more prominent and this becomes a major use case in the future the fees

https://youtu.be/bbr3NC9oqp4?t=1999 - that are going to be able to be collected on that traffic that's basically going to be going

https://youtu.be/bbr3NC9oqp4?t=2004 - in and out at at parity with each other seems to be a a mechanism to earn some great interest on on your

https://youtu.be/bbr3NC9oqp4?t=2013 - bitcoin absolutely what are some theories on what

https://youtu.be/bbr3NC9oqp4?t=2018 - that might be is there any guesstimate so think about it this way there are 250 000 bitcoin transacted on chain per day

https://youtu.be/bbr3NC9oqp4?t=2027 - there's like kind of a i don't know why that's the number but that is like kind of a steady state and has been so for

https://youtu.be/bbr3NC9oqp4?t=2034 - the last year or so 250 000 bitcoin transacted on chain per day

https://youtu.be/bbr3NC9oqp4?t=2039 - i think it's like pretty fair to expect that not overnight but the next five to ten

https://youtu.be/bbr3NC9oqp4?t=2044 - years when demand for lightning payments really picks up when the protocol is like really

https://youtu.be/bbr3NC9oqp4?t=2049 - you know really solid there have been a bunch of great apps built on it there have been a bunch of you know a bunch of

https://youtu.be/bbr3NC9oqp4?t=2054 - people billions of people have lightning wallets i think it's pretty fair to say

https://youtu.be/bbr3NC9oqp4?t=2057 - probably 10 of that daily volume will travel over the lightning network so now you're

https://youtu.be/bbr3NC9oqp4?t=2061 - talking about 25 000 bitcoin transacted per day right and you can take 50 bips off that

https://youtu.be/bbr3NC9oqp4?t=2068 - that's 2 500 divided by 2 that's 1250 bitcoin in profit to these routing note operators per day

https://youtu.be/bbr3NC9oqp4?t=2076 - say that that is you know power law and like the core of the network takes i don't know 75

https://youtu.be/bbr3NC9oqp4?t=2083 - of that right all of a sudden you're looking at something like 1000 bitcoin in profit

https://youtu.be/bbr3NC9oqp4?t=2088 - for the core i don't know how many nodes it'll be 100 something like that that are in the

https://youtu.be/bbr3NC9oqp4?t=2093 - middle like that's serious right that's good money for all you have to do

https://youtu.be/bbr3NC9oqp4?t=2099 - is just keep a server online and make sure that like your channels are well maintained

https://youtu.be/bbr3NC9oqp4?t=2104 - we're a long ways from that for sure but i can tell you that one of probably like the foremost expert

https://youtu.be/bbr3NC9oqp4?t=2111 - on the planet in running a routing node alex bosworth is on the lightning labs team

https://youtu.be/bbr3NC9oqp4?t=2116 - he always posts his twitter account as a a treasure trove just for looking back on and it's like a

https://youtu.be/bbr3NC9oqp4?t=2123 - time machine for like when the lightning network has really started picking up volume and like when things have started

https://youtu.be/bbr3NC9oqp4?t=2127 - to work because he's been running a node since like late 20 or early 2018 and he's got

https://youtu.be/bbr3NC9oqp4?t=2132 - a you know a website that he built on it yaws.org that's like kind of like a

https://youtu.be/bbr3NC9oqp4?t=2136 - reddit type thing that people use every once in a while and he

https://youtu.be/bbr3NC9oqp4?t=2140 - just over like the last couple months all of a sudden is like i'm starting to make

https://youtu.be/bbr3NC9oqp4?t=2146 - more per day in routing fees than i make in my salary and we pay him pretty well he's a world

https://youtu.be/bbr3NC9oqp4?t=2152 - foremost expert and like you know he's he's got some of the biggest nodes on the network

https://youtu.be/bbr3NC9oqp4?t=2157 - but think about that this network didn't exist three years ago and already like you know a lead

https://youtu.be/bbr3NC9oqp4?t=2163 - engineer the foremost startup building this stuff is already making

https://youtu.be/bbr3NC9oqp4?t=2167 - more money just from passive liquidity provisioning than he is in a solder that's crazy

https://youtu.be/bbr3NC9oqp4?t=2174 - think about what's what's going to happen when this thing 10x is in capacity and volume like yeah

https://youtu.be/bbr3NC9oqp4?t=2179 - there's a real business to be made it's a land grab just like on the bitcoin blockchain it's a land

https://youtu.be/bbr3NC9oqp4?t=2185 - grab for having you know as many uh territory uh as much territory on the blockchain as you can

https://youtu.be/bbr3NC9oqp4?t=2190 - this is the exact same thing so for him he would have taken let's just say he takes five bitcoin

https://youtu.be/bbr3NC9oqp4?t=2196 - puts it on his node he then drops it in the lightning and then just tries to open as many

https://youtu.be/bbr3NC9oqp4?t=2202 - 100 sat channels or a hundred thousand sat channels it's very dynamic like one of

https://youtu.be/bbr3NC9oqp4?t=2209 - the things we try and do in our marketing is there's a constant tension between

https://youtu.be/bbr3NC9oqp4?t=2214 - this is a permissionless network anybody can run a node we want the barrier to entry to be as

https://youtu.be/bbr3NC9oqp4?t=2220 - low as possible but on the flip side like not everybody can run a node if you know what i mean

https://youtu.be/bbr3NC9oqp4?t=2225 - it's work this is a dynamic network that's constantly changing um it's like the the dark forest if

https://youtu.be/bbr3NC9oqp4?t=2232 - you've read the book right you don't really know you know when people are changing

https://youtu.be/bbr3NC9oqp4?t=2236 - their fees you don't know when new nodes are coming online and like all of a sudden

https://youtu.be/bbr3NC9oqp4?t=2240 - our popular destinations like maybe one guy has figured out how to balance his liquidity so he's

https://youtu.be/bbr3NC9oqp4?t=2246 - undercutting this path that was feeding you a lot of traffic it's complicated stuff um it's it's a

https://youtu.be/bbr3NC9oqp4?t=2252 - it's kind of like a game and alex is really good at it but i mean he has

https://youtu.be/bbr3NC9oqp4?t=2257 - channels that are you know several bitcoin a piece in capacity just to maximize

https://youtu.be/bbr3NC9oqp4?t=2264 - the amount of volume that he can flow through before he needs to spend money to rebalance his liquidity

https://youtu.be/bbr3NC9oqp4?t=2270 - honestly when we when we talk to new aspiring node operators like we at this point with fees the way they are

https://youtu.be/bbr3NC9oqp4?t=2276 - like we don't recommend opening channels smaller than like a million or 5 million satoshis

https://youtu.be/bbr3NC9oqp4?t=2280 - if you're like trying to put them to work because it's it's the math here is dips versus bites

https://youtu.be/bbr3NC9oqp4?t=2288 - how much volume can you process off chain and take bips off of and profit versus

https://youtu.be/bbr3NC9oqp4?t=2295 - how small can you make the on-chain footprint of taking your coins back to cold storage

https://youtu.be/bbr3NC9oqp4?t=2300 - so if you could open a channel with somebody that wanted to match you at one bitcoin or three bitcoin or something

https://youtu.be/bbr3NC9oqp4?t=2305 - like that how would that how would that pay back to the two parties that would enter into

https://youtu.be/bbr3NC9oqp4?t=2311 - opening a channel like that you can only charge fees

https://youtu.be/bbr3NC9oqp4?t=2315 - on outbound transactions so if you're routing traffic and somebody is

https://youtu.be/bbr3NC9oqp4?t=2322 - sending through you say you have a channel to me i have a channel to alex right i can only charge fees for

https://youtu.be/bbr3NC9oqp4?t=2330 - successfully forwarding a payment to alex and i can only charge by forwarding to

https://youtu.be/bbr3NC9oqp4?t=2336 - you exactly correct so what that means for the topology of the network and this is why we built

https://youtu.be/bbr3NC9oqp4?t=2342 - the lightning pool product that we built is that actually within the network the scarce resource

https://youtu.be/bbr3NC9oqp4?t=2347 - is somebody pointing their channel to you somebody providing you with inbound

https://youtu.be/bbr3NC9oqp4?t=2352 - liquidity with the ability to receive because they can charge fees on that

https://youtu.be/bbr3NC9oqp4?t=2357 - so we don't generally see and there hasn't yet been what you're thinking about as a dual funded channel

https://youtu.be/bbr3NC9oqp4?t=2363 - where i put up a bitcoin you put up a bitcoin you know we have kumbaya and have this

https://youtu.be/bbr3NC9oqp4?t=2368 - you know nice channel together what happens all the time is i open a channel to you because i think

https://youtu.be/bbr3NC9oqp4?t=2376 - that i'm going to forward a bunch of payments in your direction and i'm going to be

https://youtu.be/bbr3NC9oqp4?t=2379 - able to profit from it this is like very much a brutally capitalist market for liquidity

https://youtu.be/bbr3NC9oqp4?t=2385 - in the lightning network it's all about how can i maximize my earnings and the only way to

https://youtu.be/bbr3NC9oqp4?t=2392 - do so is by forwarding traffic to popular destinations

https://youtu.be/bbr3NC9oqp4?t=2396 - so when i'm looking at lightning terminal i see this lightning pool and i see a preview and it appears like

https://youtu.be/bbr3NC9oqp4?t=2403 - the application is allowing me to set this bid premium or it helps me dynamically

https://youtu.be/bbr3NC9oqp4?t=2410 - be able to figure out what i should be charging in a fee by participating in this lightning pool

https://youtu.be/bbr3NC9oqp4?t=2415 - talk to us a little bit about how this works in general what the concept is

https://youtu.be/bbr3NC9oqp4?t=2420 - my understanding is if i got a bitcoin i want to plug it into this lightning pool i can earn interest on it is really kind

https://youtu.be/bbr3NC9oqp4?t=2425 - of the simple narrative what is it beyond that if you want to get into any of the nuances

https://youtu.be/bbr3NC9oqp4?t=2432 - it is only that what you described if you've already done the hard work to turn your node into manhattan real

https://youtu.be/bbr3NC9oqp4?t=2439 - estate if your node is you know iowa farmland you can't just put up your coins and earn interest on

https://youtu.be/bbr3NC9oqp4?t=2444 - it meaning i haven't connected or opened a channel with anybody

https://youtu.be/bbr3NC9oqp4?t=2449 - exactly because why would anybody want to purchase your inbound liquidity are you

https://youtu.be/bbr3NC9oqp4?t=2455 - going to be forwarding them any traffic that then they could forward on and profit from

https://youtu.be/bbr3NC9oqp4?t=2460 - no probably not however they would love to buy liquidity from from any of the nodes on

https://youtu.be/bbr3NC9oqp4?t=2466 - the top of the list or any nodes that are you know maybe not quite as high in

https://youtu.be/bbr3NC9oqp4?t=2470 - capacity but still well managed and do a lot of forwarding events they would love to purchase liquidity

https://youtu.be/bbr3NC9oqp4?t=2475 - from those nodes because that will guarantee or not guarantee but that will ensure

https://youtu.be/bbr3NC9oqp4?t=2479 - that they're making profits so again like i said the scarce resource in our mind and the

https://youtu.be/bbr3NC9oqp4?t=2484 - lighting network is inbound liquidity it is difficult to determine because

https://youtu.be/bbr3NC9oqp4?t=2490 - all forwarding events are private because all traffic is private it's very difficult to determine where

https://youtu.be/bbr3NC9oqp4?t=2496 - that inbound liquidity is most efficiently allocated within the network and because it's difficult to determine

https://youtu.be/bbr3NC9oqp4?t=2501 - that and to centrally plan that sounds like a solution for a market and we let buyers and sellers meet in a in a

https://youtu.be/bbr3NC9oqp4?t=2507 - single venue price their liquidity accordingly and those who have need for inbound who want

https://youtu.be/bbr3NC9oqp4?t=2512 - to receive payments will buy it and those who have excess bitcoin

https://youtu.be/bbr3NC9oqp4?t=2516 - that they want to allocate in the market it's instead of them doing it themselves they would rather let market forces

https://youtu.be/bbr3NC9oqp4?t=2522 - allocate it for them and so you know we've written a couple of blog posts i wrote a blog post it's kind of

https://youtu.be/bbr3NC9oqp4?t=2528 - higher level describing how this all works uh roast beef and excellent both

https://youtu.be/bbr3NC9oqp4?t=2533 - technical blog post and a white paper that is just like a work of art that i highly

https://youtu.be/bbr3NC9oqp4?t=2538 - recommend people go and read on how this auction is how this market is designed because it's a

https://youtu.be/bbr3NC9oqp4?t=2543 - it's a double blind auction so there is no order book sealed bid so you know the only way to

https://youtu.be/bbr3NC9oqp4?t=2549 - put in a price the only information you have on pricing it is the past clearing prices of the auction

https://youtu.be/bbr3NC9oqp4?t=2554 - with the goal being that this should be the fairest way to price liquidity in the network

https://youtu.be/bbr3NC9oqp4?t=2559 - and so as this goes forward the really cool thing about this is if you have you know a manhattan real estate node

https://youtu.be/bbr3NC9oqp4?t=2567 - that's really well placed and you're selling channels when you sell a channel

https://youtu.be/bbr3NC9oqp4?t=2572 - the only risk that you're taking is opportunity cost of capital risk because you're not giving up custody of

https://youtu.be/bbr3NC9oqp4?t=2578 - your coins which i think is like incredibly important we took great care to name this financial product that is

https://youtu.be/bbr3NC9oqp4?t=2584 - trading in this auction a lightning channel lease because like leases

https://youtu.be/bbr3NC9oqp4?t=2589 - you are not giving up ownership there's still no debt involved at all right this is this is a

https://youtu.be/bbr3NC9oqp4?t=2594 - lease which you know again ties back to property like the real estate metaphor that we've been going

https://youtu.be/bbr3NC9oqp4?t=2599 - with so if i lease my capital to you for duration

https://youtu.be/bbr3NC9oqp4?t=2602 - you're paying me an interest rate for just for providing the ability to receive coins

https://youtu.be/bbr3NC9oqp4?t=2607 - on lightning and i am not taking any counterparty risk whatsoever the only thing i'm doing is i could put

https://youtu.be/bbr3NC9oqp4?t=2613 - my coins on block fi i could you know put my coins in join market i could keep my coins in cold

https://youtu.be/bbr3NC9oqp4?t=2619 - storage instead i'm putting my coins and i'm directing them at you

https://youtu.be/bbr3NC9oqp4?t=2623 - so you need to pay me for the builders that you know what's funny ryan is i had i don't know 20 questions here i

https://youtu.be/bbr3NC9oqp4?t=2630 - haven't even looked at the sheet of questions yet for this interview this is

https://youtu.be/bbr3NC9oqp4?t=2635 - mind-blowing and you can see i'm i'm learning here i i've done all the stuff that everyone says i should be

https://youtu.be/bbr3NC9oqp4?t=2640 - doing as far as like doing the the full node opening the channels but it's

https://youtu.be/bbr3NC9oqp4?t=2645 - it is a little challenging and i think the thing that that i often think about is what will

https://youtu.be/bbr3NC9oqp4?t=2650 - this look like at scale what is the person like if my mom and dad are gonna

https://youtu.be/bbr3NC9oqp4?t=2655 - you know five years from now let's say hyper bitcoinizations is real and we have people that are now using

https://youtu.be/bbr3NC9oqp4?t=2662 - this as a form of currency how does that work for your typical person they're going to download a

https://youtu.be/bbr3NC9oqp4?t=2666 - wallet they're going to basically be using lightning and they're not even going to

https://youtu.be/bbr3NC9oqp4?t=2669 - be realizing that they're using lightning they're not going to be running a full node is that pretty much

https://youtu.be/bbr3NC9oqp4?t=2673 - how you see it playing out on a global scale i think the i hope i aspire to

https://youtu.be/bbr3NC9oqp4?t=2681 - the idea that the lightning node is going to be like the router in your home 99 of

https://youtu.be/bbr3NC9oqp4?t=2687 - people have no idea how it works you know you just plug it in

https://youtu.be/bbr3NC9oqp4?t=2691 - and it gives you internet i think that like you know i hope that the lightning node ends up being

https://youtu.be/bbr3NC9oqp4?t=2697 - exactly like that where you plug this thing in pair your phone to the bluetooth

https://youtu.be/bbr3NC9oqp4?t=2703 - you know where you scan a qr code or something like that and all of a sudden like you're on the lightning network

https://youtu.be/bbr3NC9oqp4?t=2708 - and you can make payments and that's just how it works and you know maybe i love the this is a

https://youtu.be/bbr3NC9oqp4?t=2715 - matt odell term but something that we've been really leaning into the concept of an

https://youtu.be/bbr3NC9oqp4?t=2720 - uncle jim node where like you know not everybody is going to have their own node

https://youtu.be/bbr3NC9oqp4?t=2725 - but that doesn't necessarily mean that there's going to be some inferior like company that runs nodes

https://youtu.be/bbr3NC9oqp4?t=2731 - for the whole world and holds other bitcoin hostage why not just have the technically savvy guy

https://youtu.be/bbr3NC9oqp4?t=2737 - in your family the uncle jim be the guy that runs the lightning node he's the one that manages the channels

https://youtu.be/bbr3NC9oqp4?t=2743 - he's the one that makes sure liquidity is good and you know his his kids and his brother's kids and

https://youtu.be/bbr3NC9oqp4?t=2749 - maybe his parents all pair their phone to his node and are transacting that way that sounds

https://youtu.be/bbr3NC9oqp4?t=2755 - like a perfectly sufficient decentralized solution to me and i could do that i mean actually i do

https://youtu.be/bbr3NC9oqp4?t=2760 - do that you know mama like my wife is making tons of lighting payments all the time

https://youtu.be/bbr3NC9oqp4?t=2764 - but she does have an app on her phone paired to my node and is not fully validating but trust me you know because

https://youtu.be/bbr3NC9oqp4?t=2770 - we're married not to steal her money from her and i think for most people it will be

https://youtu.be/bbr3NC9oqp4?t=2775 - yeah like you download an app and you're on the network but one thing that i think will catch

https://youtu.be/bbr3NC9oqp4?t=2781 - people by surprise is i don't expect most people's apps to be like the cash app where it is just

https://youtu.be/bbr3NC9oqp4?t=2791 - dedicated just to money and finance what i actually expect

https://youtu.be/bbr3NC9oqp4?t=2795 - most people's wallets to be is the lightning part is like a bonus it's a

https://youtu.be/bbr3NC9oqp4?t=2802 - it's a side thing that you do you don't download the app because you want to get onto lightning because lightning

https://youtu.be/bbr3NC9oqp4?t=2807 - payments are going to be in tons of apps you download the app because it's a chat app

https://youtu.be/bbr3NC9oqp4?t=2812 - or it's a you know a gaming app that you like or something like that like two of the most

https://youtu.be/bbr3NC9oqp4?t=2817 - i think the most interesting companies in the space right now one is sphinx.chat uh who i sent you the

https://youtu.be/bbr3NC9oqp4?t=2823 - the phenomenal podcast with marty ben where every message that you're sending to your friends

https://youtu.be/bbr3NC9oqp4?t=2829 - is a lightning payment it's encrypted on your phone wrapped up in this onion message sent

https://youtu.be/bbr3NC9oqp4?t=2835 - through multiple nodes routing nodes in the network arrives at its destination

https://youtu.be/bbr3NC9oqp4?t=2840 - and then is unwrapped it's the most private way to send messages i think that we've ever had and it's in

https://youtu.be/bbr3NC9oqp4?t=2847 - this like incentivized peer-to-peer network which is amazing and the great thing about it is it is a

https://youtu.be/bbr3NC9oqp4?t=2851 - lightning node but like the payments part is the same ux as sending a text message

https://youtu.be/bbr3NC9oqp4?t=2857 - or a gif or something like that and i think that is something that's much more likely to get people to start

https://youtu.be/bbr3NC9oqp4?t=2862 - using lightning especially people in the western world than just making payments

https://youtu.be/bbr3NC9oqp4?t=2867 - so ryan i have this app i have this up on my phone i've got a hundred thousand sats on here

https://youtu.be/bbr3NC9oqp4?t=2872 - could i send you five sats over this right yes let's do it

https://youtu.be/bbr3NC9oqp4?t=2877 - what's funny is i didn't even realize it that i could be using lightning right now

https://youtu.be/bbr3NC9oqp4?t=2881 - with this app so that's what you're getting at us so here i am using a text messaging app

https://youtu.be/bbr3NC9oqp4?t=2887 - that runs on lightning this is wild invoice five stats i'm gonna click pay and voice paid just like that get out of

https://youtu.be/bbr3NC9oqp4?t=2897 - town smooth like butter right that was instant

https://youtu.be/bbr3NC9oqp4?t=2902 - my hardest part was just getting the qr scan to go through the video messaging thing that we're

https://youtu.be/bbr3NC9oqp4?t=2908 - using right now we're using zoom but as soon as i got it i clicked pay and you you said i got it like literally

https://youtu.be/bbr3NC9oqp4?t=2914 - a second later and i could have been in burundi i could have been in antarctica

https://youtu.be/bbr3NC9oqp4?t=2920 - i could have been in kazakhstan it doesn't matter it's as long as i have an internet connection

https://youtu.be/bbr3NC9oqp4?t=2926 - and there's even like some ways to do it that just blew my mind five sets like how much is how much is five stats in

https://youtu.be/bbr3NC9oqp4?t=2933 - dollar term i'm trying to look at like a history is there a history here

https://youtu.be/bbr3NC9oqp4?t=2938 - i think down at the bottom of sphinx the way sphinx works you would probably need to go into like the actual

https://youtu.be/bbr3NC9oqp4?t=2945 - logs of the node backing it like i they have locked there's a very privacy focused app i have not

https://youtu.be/bbr3NC9oqp4?t=2952 - given you my pub key my like address yet so i haven't registered you as a contact so they just

https://youtu.be/bbr3NC9oqp4?t=2959 - they just don't let you know who it was you could get into the logs see like where you actually sent the

https://youtu.be/bbr3NC9oqp4?t=2964 - payment i think this is really important so like i'm looking on my app

https://youtu.be/bbr3NC9oqp4?t=2968 - it says transactions i see five stats went outbound and there's literally no address now i

https://youtu.be/bbr3NC9oqp4?t=2974 - guess i could have screenshotted the qr code in like the really generic address there

https://youtu.be/bbr3NC9oqp4?t=2981 - public address but i had no idea who that went to that's crazy okay so this app

https://youtu.be/bbr3NC9oqp4?t=2987 - let's just talk about this one a little bit more so you and i could start a chat conversation and would that cost

https://youtu.be/bbr3NC9oqp4?t=2994 - a certain amount of satoshis for us to just converse over this app or is it free

https://youtu.be/bbr3NC9oqp4?t=2999 - if we were to have a direct channel just straight me to you and we were sending messages back and

https://youtu.be/bbr3NC9oqp4?t=3006 - forth like neither of us again neither of us would be sending outbound forwarding outbound traffic

https://youtu.be/bbr3NC9oqp4?t=3012 - so we wouldn't be charging fees it'd be free we'd just be chatting over this encrypted tunnel over the internet

https://youtu.be/bbr3NC9oqp4?t=3017 - between me and you nobody be able to read our messages we wouldn't be paying anything

https://youtu.be/bbr3NC9oqp4?t=3022 - and that's happening over lightning overlaid through lightning channel so let's just say there's three full

https://youtu.be/bbr3NC9oqp4?t=3028 - nodes that are connecting you and me together that digital traffic is passing through

https://youtu.be/bbr3NC9oqp4?t=3033 - those nodes it's wrapped on top of tor so no one can track what we're saying to each other

https://youtu.be/bbr3NC9oqp4?t=3038 - would you argue that this is that this is an even stronger messaging chat platform

https://youtu.be/bbr3NC9oqp4?t=3045 - than what are some of the popular ones that people use um signal unequivocally because all of them

https://youtu.be/bbr3NC9oqp4?t=3052 - have it's just the way that applications work on you know the current internet

https://youtu.be/bbr3NC9oqp4?t=3059 - yeah it's better than telegram or definitely better than whatsapp definitely better than both of those

https://youtu.be/bbr3NC9oqp4?t=3064 - signal is as good as it gets and you know i have no bad things to say well i have one bad

https://youtu.be/bbr3NC9oqp4?t=3070 - thing to say about signal and that's like alerting everybody in your contacts that you join signal

https://youtu.be/bbr3NC9oqp4?t=3075 - i don't get why they do that but they keep as little information as they possibly can

https://youtu.be/bbr3NC9oqp4?t=3080 - about you but still like you download the app you register with their server somewhere

https://youtu.be/bbr3NC9oqp4?t=3086 - they have some information and like their your payment your messages are routed through their

https://youtu.be/bbr3NC9oqp4?t=3091 - network they've done a great job making it as decentralized as possible but they are still

https://youtu.be/bbr3NC9oqp4?t=3096 - it's like you're trying to build a four-story amazing house in a swamp the public internet was just

https://youtu.be/bbr3NC9oqp4?t=3102 - not designed for private traffic it was not meant to support this type of stuff so it's

https://youtu.be/bbr3NC9oqp4?t=3107 - really hard to build here with lightning by nature by default all traffic is encrypted

https://youtu.be/bbr3NC9oqp4?t=3113 - all traffic is private and there's tons of nodes that are willing to forge your information without asking any questions

https://youtu.be/bbr3NC9oqp4?t=3119 - because you'll pay them just a couple stats for the privilege right so like by definition this is the solid

https://youtu.be/bbr3NC9oqp4?t=3126 - bedrock upon which to build privacy preserving applications like this because you don't

https://youtu.be/bbr3NC9oqp4?t=3131 - have to make like you just got to deal with what the network gives you and you get all these great benefits out of the

https://youtu.be/bbr3NC9oqp4?t=3135 - box so here's here's my concern is let's say five or ten years from now

https://youtu.be/bbr3NC9oqp4?t=3140 - you and i are not just sending the the chat but we're doing it at just this breakneck pace because we're

https://youtu.be/bbr3NC9oqp4?t=3146 - trying to overload the resources on all the nodes that are connecting the two of us

https://youtu.be/bbr3NC9oqp4?t=3150 - how is that protected against if there's one node in between us yeah and we're sending back and forth

https://youtu.be/bbr3NC9oqp4?t=3157 - that node is just laughing his way to the bank because he's taking fees on each side he's like

https://youtu.be/bbr3NC9oqp4?t=3161 - thanks guys great experiment this is fantastic yes in general the the like dos

https://youtu.be/bbr3NC9oqp4?t=3166 - prevention question the denial of services which is what you're going after

https://youtu.be/bbr3NC9oqp4?t=3170 - is solved by charging fees i don't think that like i i already kind of hemmed and

https://youtu.be/bbr3NC9oqp4?t=3176 - hawed on the ability to send one sat fees on the network they're not going to stay

https://youtu.be/bbr3NC9oqp4?t=3180 - this low forever like i expect that they will end up being you know like a base fee of i don't know

https://youtu.be/bbr3NC9oqp4?t=3186 - like somewhere between five and 100 sats hopefully lower and then a percentage

https://youtu.be/bbr3NC9oqp4?t=3192 - base fee of something like 25 to 50 bips this is not going to be

https://youtu.be/bbr3NC9oqp4?t=3196 - for free forever the only reason why it's free is frankly there's like more

https://youtu.be/bbr3NC9oqp4?t=3201 - capacity on the network than there is demand and the capacity like the whole point

https://youtu.be/bbr3NC9oqp4?t=3207 - of the lightning network the whole point again is this bips versus bytes arbitrage

https://youtu.be/bbr3NC9oqp4?t=3211 - the whole point is to recycle capital without touching the chain right and so it's supposed to be really

https://youtu.be/bbr3NC9oqp4?t=3217 - really efficiently deployed capital where like the way that you make the most amount of money is

https://youtu.be/bbr3NC9oqp4?t=3223 - you're just zinging back and forth sats in this channel and stacking up fees with every transaction

https://youtu.be/bbr3NC9oqp4?t=3229 - right so you don't want to close that channel you want to keep it open as long as possible

https://youtu.be/bbr3NC9oqp4?t=3233 - and so that's one one like kind of frustrating thing that um you know the public metric that people

https://youtu.be/bbr3NC9oqp4?t=3239 - point out to the lightning network is the public capacity because it's like well frankly there was

https://youtu.be/bbr3NC9oqp4?t=3244 - like kind of too much in there to begin with but now like we know that there's tons

https://youtu.be/bbr3NC9oqp4?t=3249 - of traffic happening we don't want to like dox everybody and tell everybody whose businesses are

https://youtu.be/bbr3NC9oqp4?t=3255 - succeeding and we don't frankly know like exactly how much volume a lot of our

https://youtu.be/bbr3NC9oqp4?t=3259 - partners are doing but we know that it's picking up in a huge way we know that people are really

https://youtu.be/bbr3NC9oqp4?t=3264 - using it and we're happy that the capacity is staying low because that means the

https://youtu.be/bbr3NC9oqp4?t=3267 - network is getting more efficient which is exactly what it's supposed to do so uh this is a very long answer

https://youtu.be/bbr3NC9oqp4?t=3273 - to i think what was a pretty simple question which is the dos prevention gets solved by higher fees

https://youtu.be/bbr3NC9oqp4?t=3278 - eventually you know fees can't get too high because somebody will come in to undercut them if if they start getting

https://youtu.be/bbr3NC9oqp4?t=3284 - too high but there will be some steady state equilibrium that will probably price out

https://youtu.be/bbr3NC9oqp4?t=3288 - you know single sad messages and that stuff will just grow to happen on like a layer 3

https://youtu.be/bbr3NC9oqp4?t=3294 - somewhere before we go to the layer 3 piece talk to us about some more applications that

https://youtu.be/bbr3NC9oqp4?t=3299 - you see happening on lightning so we just talked about texting

https://youtu.be/bbr3NC9oqp4?t=3304 - is audio something that could happen like if i wanted to call you over lightning if i wanted to

https://youtu.be/bbr3NC9oqp4?t=3309 - do a video call with you over lightning what are the possibilities of those things

https://youtu.be/bbr3NC9oqp4?t=3314 - you can do all that stuff in sphinx right now in one of the really really interesting

https://youtu.be/bbr3NC9oqp4?t=3320 - things about spanx this makes you know it's it's this chat app but they're they're trying to

https://youtu.be/bbr3NC9oqp4?t=3324 - get creators on and actually like podcasters in particular because

https://youtu.be/bbr3NC9oqp4?t=3329 - if you've been watching marty ben's twitter feed yeah he has this podcast that you know as

https://youtu.be/bbr3NC9oqp4?t=3335 - you're you're familiar with podcasting of course you serve up your podcast to the world

https://youtu.be/bbr3NC9oqp4?t=3338 - over rss which is a decentralized open protocol that everybody speaks but the problem

https://youtu.be/bbr3NC9oqp4?t=3344 - with rss is you don't really get any feedback from your community on what works on what they listen to you

https://youtu.be/bbr3NC9oqp4?t=3351 - know anything like that you especially don't get any payments so one really cool thing that sphinx has

https://youtu.be/bbr3NC9oqp4?t=3356 - done in their first like go to market is they've built an rss podcast player into the app

https://youtu.be/bbr3NC9oqp4?t=3362 - so when i listen to say tales from the crypt i marty has embedded in his rss feed for

https://youtu.be/bbr3NC9oqp4?t=3369 - his podcast his public key on the lightning network and when i listen

https://youtu.be/bbr3NC9oqp4?t=3374 - i opt in this is not trustless this is kind of like donation based just doing it out of goodwill i stream

https://youtu.be/bbr3NC9oqp4?t=3380 - him 20 sats a minute just for the privilege of listening to him

https://youtu.be/bbr3NC9oqp4?t=3384 - and if a particularly good comment is made i can press boost that gives him the

https://youtu.be/bbr3NC9oqp4?t=3389 - feedback that you know 30 minutes and 40 seconds i liked something he said

https://youtu.be/bbr3NC9oqp4?t=3394 - and i can send him a thousand sats just boom right there and it just automatically

https://youtu.be/bbr3NC9oqp4?t=3399 - streams into his wallet just for the privilege of listening to him through the app

https://youtu.be/bbr3NC9oqp4?t=3404 - and you know like i could do that i could listen to his podcast for free on any number of

https://youtu.be/bbr3NC9oqp4?t=3410 - podcasting apps but i like marty i like the work he does i wish he didn't have to do ads

https://youtu.be/bbr3NC9oqp4?t=3415 - and so i would prefer to listen to him through this and just opt in to stream him some stats while listening

https://youtu.be/bbr3NC9oqp4?t=3420 - and i do it because it's just really cool this is funny so i'm showing you my

https://youtu.be/bbr3NC9oqp4?t=3427 - screen here so this is my chat with marty he's the only person i've talked to on this

https://youtu.be/bbr3NC9oqp4?t=3432 - and when i open that up i see there's like a phone call button there so if i click that obviously it's going

https://youtu.be/bbr3NC9oqp4?t=3438 - to ring marty but would i be streaming him sats over that

https://youtu.be/bbr3NC9oqp4?t=3442 - phone caller not quite so an interesting comparison if i can digress just a little bit

https://youtu.be/bbr3NC9oqp4?t=3447 - is in the early days of tcpip the internet protocol stack people look at tcp and the way it was designed

https://youtu.be/bbr3NC9oqp4?t=3455 - and they were like no the internet is going to be for streaming video and all of these just

https://youtu.be/bbr3NC9oqp4?t=3460 - insane applications to people in the 80s and they're like tcp is like never going to scale to be able to do that right

https://youtu.be/bbr3NC9oqp4?t=3465 - like like it's just never going to work there's congestion control problem

https://youtu.be/bbr3NC9oqp4?t=3469 - we got packets that we don't know how to label like oh all this sort of stuff it took a while but like eventually this

https://youtu.be/bbr3NC9oqp4?t=3476 - data transport layer ended up scaling to be able to support streaming video just fine

https://youtu.be/bbr3NC9oqp4?t=3482 - like we're at that early crazy stage we're like right now we're sending text messages

https://youtu.be/bbr3NC9oqp4?t=3488 - through these um you know incentivized private encrypted channels and it sounds insane to say like oh yeah

https://youtu.be/bbr3NC9oqp4?t=3496 - one day we could be running hundreds of gigabytes worth of throughput of data through these

https://youtu.be/bbr3NC9oqp4?t=3500 - channels instead i think it's probably going to take 15 to 20 years

https://youtu.be/bbr3NC9oqp4?t=3505 - but eventually i mean think about it like people have wanted an incentivized data routing protocol forever since like

https://youtu.be/bbr3NC9oqp4?t=3512 - the inception and now we have it and it works it only works for really small stuff right now

https://youtu.be/bbr3NC9oqp4?t=3519 - mostly because you just haven't had the incentive structure for people to build the capacity that's needed for a

https://youtu.be/bbr3NC9oqp4?t=3524 - global use i mean there's just there yeah there's like demand isn't there the applications

https://youtu.be/bbr3NC9oqp4?t=3530 - aren't there like you know the protocol has is leaps and bounds beyond where it was

https://youtu.be/bbr3NC9oqp4?t=3536 - three years ago and especially leaps of bounds beyond where it was a year ago and especially where it was three years

https://youtu.be/bbr3NC9oqp4?t=3542 - ago but it's nowhere near done we still have tons of things that we want to add to it but right now yeah i

https://youtu.be/bbr3NC9oqp4?t=3546 - mean the capacity is is still for relatively small payments although you know again like six months ago

https://youtu.be/bbr3NC9oqp4?t=3552 - especially after march 12th when bitcoin was down in the threes like you could barely send a 10 to 20

https://youtu.be/bbr3NC9oqp4?t=3559 - payment and have it succeed reliably like now you can pretty frequently send

https://youtu.be/bbr3NC9oqp4?t=3564 - 200 to 500 to a thousand dollar payments it's a bummer when you get hit with it with a failure

https://youtu.be/bbr3NC9oqp4?t=3569 - it's just gotten phenomenally better and i only expect the trend to continue so

https://youtu.be/bbr3NC9oqp4?t=3574 - when you're calling me through sphynx that call is not going through lightning

https://youtu.be/bbr3NC9oqp4?t=3579 - it is going through like jitsi which is a zoom open source zoom alternative but it's you know it's

https://youtu.be/bbr3NC9oqp4?t=3585 - open source i think they i think sphynx runs the server but i think still like the traffic is

https://youtu.be/bbr3NC9oqp4?t=3591 - encrypted with your public key so like they would need your private key to decrypt it

https://youtu.be/bbr3NC9oqp4?t=3595 - the actual data but i mean you could do it if you wanted and i think that they're going to be

https://youtu.be/bbr3NC9oqp4?t=3599 - adding other things which is like the ability to do a clubhouse style thing where

https://youtu.be/bbr3NC9oqp4?t=3606 - you're chatting and maybe like in order to listen into the room you have to buy a ticket

https://youtu.be/bbr3NC9oqp4?t=3612 - with sats that gives you your only your private key access to like be in the room and

https://youtu.be/bbr3NC9oqp4?t=3617 - have audio like they could do things like that like the thing we haven't even scratched the

https://youtu.be/bbr3NC9oqp4?t=3622 - surface of what programmable micropayments mean like they're gonna be

https://youtu.be/bbr3NC9oqp4?t=3627 - everywhere and everything like one thing that paul says the sphinx founder that i absolutely

https://youtu.be/bbr3NC9oqp4?t=3632 - love is like concept of free is is probably over with if you're downloading something

https://youtu.be/bbr3NC9oqp4?t=3639 - or you're participating in some online activity in five years and it's free the hair on the back of

https://youtu.be/bbr3NC9oqp4?t=3645 - your neck should stand up you should know that you're the product because now we have the ability to

https://youtu.be/bbr3NC9oqp4?t=3650 - frictionlessly charge 10 sats that's what's so interesting about what you just said so when people are paying

https://youtu.be/bbr3NC9oqp4?t=3657 - this they're actually starting to see the monetization that's been happening to

https://youtu.be/bbr3NC9oqp4?t=3661 - them for decades exactly and it's crazy i remember this is one of my old bosses

https://youtu.be/bbr3NC9oqp4?t=3668 - at my last job used to tell this story all the time this was like one of his go-to lines

https://youtu.be/bbr3NC9oqp4?t=3672 - about how much technology has transformed the world it's very true it's because

https://youtu.be/bbr3NC9oqp4?t=3676 - it resonates so well when i was growing up like my parents two of the strictest rules that my parents had for me

https://youtu.be/bbr3NC9oqp4?t=3682 - was one like never put any personal information on the internet and two never hop in a

https://youtu.be/bbr3NC9oqp4?t=3688 - stranger's car and now every weekend i call some random person with a car to come pick me up at

https://youtu.be/bbr3NC9oqp4?t=3695 - my house how insane like that that's crazy how dramatically things have changed

https://youtu.be/bbr3NC9oqp4?t=3700 - over the last 30 years and i think we're in for a pendulum swing back yeah the other

https://youtu.be/bbr3NC9oqp4?t=3706 - direction yeah i agree with you okay let's go to layer three

https://youtu.be/bbr3NC9oqp4?t=3711 - i'm having a hard enough time wrapping my head around layer two and this just sounds fascinating so what

https://youtu.be/bbr3NC9oqp4?t=3717 - in the world would layer three be again some of the really early early bitcoin stuff was around like the

https://youtu.be/bbr3NC9oqp4?t=3726 - idea of transferring around tokens was around the idea of like bit message which was logging you know text messages

https://youtu.be/bbr3NC9oqp4?t=3734 - on chain encrypted so only your buddy could read them

https://youtu.be/bbr3NC9oqp4?t=3739 - for all these great ideas for programmable money that then rational people in the bitcoin community

https://youtu.be/bbr3NC9oqp4?t=3744 - decided like this is never going to scale we need to prioritize the ability to run

https://youtu.be/bbr3NC9oqp4?t=3748 - a full node to protect 21 million cap and those all got booted off chain unfortunately like a broad

https://youtu.be/bbr3NC9oqp4?t=3754 - swath of the crypto industry has did not learn those lessons and it's trying to reinvent them on

https://youtu.be/bbr3NC9oqp4?t=3759 - these blockchains but all of these great ideas like still exist we just have wanted to push them up to

https://youtu.be/bbr3NC9oqp4?t=3764 - higher layers so as to not burden full nodes and importantly just like how every lightning transaction is a bitcoin

https://youtu.be/bbr3NC9oqp4?t=3772 - transaction it inherits the same security as the base layer i think we want to do

https://youtu.be/bbr3NC9oqp4?t=3777 - as much as possible to make sure that layer three at minimum inherits the same assurances

https://youtu.be/bbr3NC9oqp4?t=3783 - as layer two and i'm gonna this is gonna help me as a super fan preston but i'm gonna reference another great podcast

https://youtu.be/bbr3NC9oqp4?t=3788 - that you've done um with nick bodia his layered money book

https://youtu.be/bbr3NC9oqp4?t=3792 - is was just you know fantastic and you know i think in in that layer you know it's possible

https://youtu.be/bbr3NC9oqp4?t=3798 - that although lightning is a full reserve system it's possible that layer three is where

https://youtu.be/bbr3NC9oqp4?t=3805 - we finally introduce debt right which is where we finally introduce tokens that

https://youtu.be/bbr3NC9oqp4?t=3810 - are redeemable based for some satoshis based on the reputation of the asset issuer and so

https://youtu.be/bbr3NC9oqp4?t=3817 - what's really interesting about that is i think if you imagine a fully mature ubiquitous layer two

https://youtu.be/bbr3NC9oqp4?t=3822 - there's hundreds of thousands of nodes there's ten percent

https://youtu.be/bbr3NC9oqp4?t=3827 - of the bitcoin network is is is locked in lightning channels all of these nodes they're going to be

https://youtu.be/bbr3NC9oqp4?t=3833 - always online there are going to be varying degrees of nodes in large data centers to raspberry

https://youtu.be/bbr3NC9oqp4?t=3840 - pi's or something like that the main thing that this provides is what has been

https://youtu.be/bbr3NC9oqp4?t=3846 - theorized about for forever in computer science circles which is a decentralized public key infrastructure

https://youtu.be/bbr3NC9oqp4?t=3851 - if every human on the planet and even lots of machines are addressable and payable

https://youtu.be/bbr3NC9oqp4?t=3859 - by a public key like we can just do incredible things like one thing that we're already doing

https://youtu.be/bbr3NC9oqp4?t=3865 - at lightning labs and this is a layer two thing but i'll bring it up to layer three

https://youtu.be/bbr3NC9oqp4?t=3869 - one thing we're already doing in production at lightning labs is we are charging

https://youtu.be/bbr3NC9oqp4?t=3875 - per api call so you know say we run a server like for instance this loop server

https://youtu.be/bbr3NC9oqp4?t=3882 - that does these swaps not just anybody can show up and like you know hit our api like i can

https://youtu.be/bbr3NC9oqp4?t=3888 - do with twitter.com or like you name it your website right usually when you do that

https://youtu.be/bbr3NC9oqp4?t=3893 - and you like rate limit your api you get kicked off and they ask for a username and password and then you have

https://youtu.be/bbr3NC9oqp4?t=3899 - to sign up in their account and then you're on your email list all this sort of stuff but we don't want

https://youtu.be/bbr3NC9oqp4?t=3903 - to deal with anything like that so what we do instead is we just say free doesn't exist if you want to use

https://youtu.be/bbr3NC9oqp4?t=3909 - our api like you have to include 10 sat payment alongside it and it doesn't matter like

https://youtu.be/bbr3NC9oqp4?t=3915 - it's kind of crazy doing bd for this company we're like i don't know who

https://youtu.be/bbr3NC9oqp4?t=3920 - 75 of our customers are i have no idea and not only do i not know what lightning node they have i don't

https://youtu.be/bbr3NC9oqp4?t=3927 - know their actual entity like i don't know what lighting node they have because what they've done

https://youtu.be/bbr3NC9oqp4?t=3931 - is they've purchased this authentication token that we call an lsat lightning service

https://youtu.be/bbr3NC9oqp4?t=3935 - authentication token i think this is like the first instance of a bitcoin asset bitcoin backed asset

https://youtu.be/bbr3NC9oqp4?t=3941 - on layer three where we've issued this token this token gives the token holder the permission

https://youtu.be/bbr3NC9oqp4?t=3947 - to hit our api without paying because they've already paid they've already authenticated themselves and so

https://youtu.be/bbr3NC9oqp4?t=3954 - all that matters is that they have possession of this token and they can hit our api and so that's

https://youtu.be/bbr3NC9oqp4?t=3960 - great it allows us to scale financial services to anyone around the planet and now i'm digressing again

https://youtu.be/bbr3NC9oqp4?t=3966 - but i think this is a really important point you know if you look at s p 500 in like 91

https://youtu.be/bbr3NC9oqp4?t=3972 - versus the s p 500 and 2011 like the starkest differences you notice 91 there was a bunch of banks and media

https://youtu.be/bbr3NC9oqp4?t=3980 - companies and energy companies 2011 all internet companies but no finance companies because financial

https://youtu.be/bbr3NC9oqp4?t=3987 - companies they have not been able to scale their services to the rest of the world the reason why

https://youtu.be/bbr3NC9oqp4?t=3992 - they haven't been able like google and facebook and apple et cetera et cetera have

https://youtu.be/bbr3NC9oqp4?t=3995 - over the internet they haven't been able to do that because they're restricted by you know the fiat banking system with

https://youtu.be/bbr3NC9oqp4?t=4001 - the ability to provide financial services to anybody around the world regardless of who they

https://youtu.be/bbr3NC9oqp4?t=4008 - are because we're based on bitcoin smart contracts and we don't

https://youtu.be/bbr3NC9oqp4?t=4012 - require identity we can just do spam prevention with prepayments like we can scale financial

https://youtu.be/bbr3NC9oqp4?t=4018 - services to anybody around the planet we can we can finally get a global market for this stuff

https://youtu.be/bbr3NC9oqp4?t=4023 - which is crazy so getting back on topic layer three we have imagine we have this global network of these always online

https://youtu.be/bbr3NC9oqp4?t=4031 - nodes who are looking to justify their existence

https://youtu.be/bbr3NC9oqp4?t=4036 - somewhat one of the really cool things we can do because you can do these paid apis is you can get nodes who

https://youtu.be/bbr3NC9oqp4?t=4043 - are maybe paid to store some files for you like kind of the decentralized dropbox

https://youtu.be/bbr3NC9oqp4?t=4049 - and how would you you know know where all of these files are stored you would have some database that's

https://youtu.be/bbr3NC9oqp4?t=4056 - owned by five or six different nodes who all keep track of where those files are

https://youtu.be/bbr3NC9oqp4?t=4062 - and things like that and all of that stuff would be on layer three because when an exchange would need to happen

https://youtu.be/bbr3NC9oqp4?t=4068 - they would settle on layer two but instead not settling down on the blockchain

https://youtu.be/bbr3NC9oqp4?t=4073 - right because there's no need to go and pay the on-chain fees or anything like that you don't need blockchain security

https://youtu.be/bbr3NC9oqp4?t=4078 - all you'd be doing is just settling back to layer two which i think is i mean like the

https://youtu.be/bbr3NC9oqp4?t=4083 - possibilities there are endless i think the distributed storage is like

https://youtu.be/bbr3NC9oqp4?t=4088 - such an obvious one you know like biocoin on lightning is definitely doable may not have like

https://youtu.be/bbr3NC9oqp4?t=4095 - the security assurances of the bitcoin network but do you really need that for like captain marvel movie probably

https://youtu.be/bbr3NC9oqp4?t=4102 - not i think the distributed compute stuff is also like really interesting

https://youtu.be/bbr3NC9oqp4?t=4106 - in general just getting these online computers to opt in to marketplaces and leverage

https://youtu.be/bbr3NC9oqp4?t=4113 - like the resources that they have put them to work for sats is what layer 3 is going to be all about

https://youtu.be/bbr3NC9oqp4?t=4119 - so ryan one of the things that i think was just massive news this year was the idea that

https://youtu.be/bbr3NC9oqp4?t=4126 - financial institutions can now use blockchain and blockchain technology for clearance

https://youtu.be/bbr3NC9oqp4?t=4132 - when you look at clearance and i talked with jack mullers about this a little bit it's just

https://youtu.be/bbr3NC9oqp4?t=4137 - i mean it's the rube goldberg of rube goldberg's and when you look at the speed i mean

https://youtu.be/bbr3NC9oqp4?t=4142 - heck i sent you five sats instantly while we were having this call

https://youtu.be/bbr3NC9oqp4?t=4148 - and there was no fees for for me sending that to you and that's such a minuscule amount of

https://youtu.be/bbr3NC9oqp4?t=4155 - value that immediately cleared and i'm looking at these banks and i'm looking at how they're doing this clearance

https://youtu.be/bbr3NC9oqp4?t=4162 - right now and how long it takes and i could have sent you

https://youtu.be/bbr3NC9oqp4?t=4167 - five thousand ten thousand dollars in value and it would have cleared just as fast

https://youtu.be/bbr3NC9oqp4?t=4172 - so do you see this causing disruption do you see them kind of

https://youtu.be/bbr3NC9oqp4?t=4177 - smoothly transitioning what are your thoughts around clearance and traditional legacy

https://youtu.be/bbr3NC9oqp4?t=4183 - clearing systems as they exist today in a very broad sense

https://youtu.be/bbr3NC9oqp4?t=4188 - what bitcoin does is bitcoin creates natively digital value and allows for natively digital value transfer

https://youtu.be/bbr3NC9oqp4?t=4195 - just like how the internet created natively digital content in the distribution of natively digital content

https://youtu.be/bbr3NC9oqp4?t=4202 - like one metaphor i like to use is like when's the last time that you like physically wrote a letter

https://youtu.be/bbr3NC9oqp4?t=4209 - or that you you know read something that was printed

https://youtu.be/bbr3NC9oqp4?t=4213 - physically on purpose it's very rare now right almost everything is created digitally first because it's just it's

https://youtu.be/bbr3NC9oqp4?t=4220 - so much more efficient to distribute digital content than it is to create an analog

https://youtu.be/bbr3NC9oqp4?t=4225 - piece of media translate it to digital and then distribute it digitally right the same thing is going

https://youtu.be/bbr3NC9oqp4?t=4231 - to happen to finance it's going to be like what google did to all the

https://youtu.be/bbr3NC9oqp4?t=4236 - newspapers and local media and local news and stuff like that built in newspapers they're not going to

https://youtu.be/bbr3NC9oqp4?t=4241 - be able to compete right like they're still relying on paper boys and mail trucks

https://youtu.be/bbr3NC9oqp4?t=4247 - and stuff and we can zip things over the internet at the speed of light there's the war is almost already won

https://youtu.be/bbr3NC9oqp4?t=4253 - it's just a matter of time i think there will be massive disruption i think probably more likely than

https://youtu.be/bbr3NC9oqp4?t=4258 - a bunch of banks closing down as a bunch of crypto exchanges end up buying banks for their user base

https://youtu.be/bbr3NC9oqp4?t=4265 - and you know forcibly converting them over to upgrading them to the newer technology

https://youtu.be/bbr3NC9oqp4?t=4269 - stack hopefully it means a lot more one interesting way that it could go

https://youtu.be/bbr3NC9oqp4?t=4275 - is that actually the services financial services provided by what we think of as the banking industry

https://youtu.be/bbr3NC9oqp4?t=4283 - just get distributed and baked into normal everyday companies just like how now kind of every company

https://youtu.be/bbr3NC9oqp4?t=4290 - has to be a media company and like publish their own media content and stuff like that

https://youtu.be/bbr3NC9oqp4?t=4294 - it could be that your i don't know what a good example is like your um like you know how steam is where

https://youtu.be/bbr3NC9oqp4?t=4300 - people buy video games the marketplace for that it could be that they start offering a

https://youtu.be/bbr3NC9oqp4?t=4305 - savings account on your bitcoin as long as you you keep your funds with them and these

https://youtu.be/bbr3NC9oqp4?t=4309 - these core value added by this industry that was wrapped up by regulation for mostly good reason probably wrapped

https://youtu.be/bbr3NC9oqp4?t=4317 - up by by regulation in the fiat world all the services just be distributed to actually value adding

https://youtu.be/bbr3NC9oqp4?t=4323 - businesses and they now have the tools to offer payments they have the tools to offer

https://youtu.be/bbr3NC9oqp4?t=4328 - interest bearing accounts they have the tools to offer custody et cetera et cetera et cetera

https://youtu.be/bbr3NC9oqp4?t=4332 - i think that would be a pretty cool way for it to go but you know i can't see the future i don't really know

https://youtu.be/bbr3NC9oqp4?t=4338 - ryan i can't thank you this has just been mind-blowing we've got to do this again

https://youtu.be/bbr3NC9oqp4?t=4342 - especially as you guys continue to pump out new and amazing things over there at lightning labs

https://youtu.be/bbr3NC9oqp4?t=4347 - give a hand off to folks uh to follow you any articles i know you mentioned alex

https://youtu.be/bbr3NC9oqp4?t=4353 - bosworth as somebody to follow also the roast beef blog post your blog post anything else

https://youtu.be/bbr3NC9oqp4?t=4359 - that you want to highlight go ahead so i am at ryan the gentry on twitter

https://youtu.be/bbr3NC9oqp4?t=4364 - i highly recommend following our lightning um twitter handle which is just at

https://youtu.be/bbr3NC9oqp4?t=4369 - lightning for lighting labs our kind of monthly newsletter if you want to stay up to date

https://youtu.be/bbr3NC9oqp4?t=4374 - with all the stuff that's happening in the lighting ecosystem it's targeted at you know not a developers but at

https://youtu.be/bbr3NC9oqp4?t=4380 - investors and people that want to stay up with ecosystem is just lightinglabs.substance.com our

https://youtu.be/bbr3NC9oqp4?t=4386 - website is lightning.engineering and i mean our team is just like an absolute host

https://youtu.be/bbr3NC9oqp4?t=4393 - of rock stars i mean all the way down i'm lucky to work with

https://youtu.be/bbr3NC9oqp4?t=4397 - every one of them like if you think i blew your mind preston you should sit in some of our

https://youtu.be/bbr3NC9oqp4?t=4403 - meetings oh my god these people are on another level entirely like i'm just lucky that i kind of translate what

https://youtu.be/bbr3NC9oqp4?t=4409 - they're talking about and building it's it's insane alex bosworth's absolutely a must follow

https://youtu.be/bbr3NC9oqp4?t=4414 - he tweets every day at 9am pacific and every single tweet is just an absolute gem

https://youtu.be/bbr3NC9oqp4?t=4420 - roast beef of course i mean the whole team all the way down elizabeth stark of

https://youtu.be/bbr3NC9oqp4?t=4425 - course you know nothing else would have happened without her another thing like if we do have some

https://youtu.be/bbr3NC9oqp4?t=4430 - developers or somebody listening that wants to get into building on lightning

https://youtu.be/bbr3NC9oqp4?t=4434 - i highly recommend lightningpolar.com which is a tool that one of our team members

https://youtu.be/bbr3NC9oqp4?t=4440 - small james built it's a really easy way to get started building apps on lightning that you know i think

https://youtu.be/bbr3NC9oqp4?t=4445 - hopefully this year people are really going to see the potential and get inspired

https://youtu.be/bbr3NC9oqp4?t=4449 - and then anything probably got like one more good shield left in me and then of course we have kind of like

https://youtu.be/bbr3NC9oqp4?t=4456 - our lmd developer slack or docs docs.lightning engineering i mean just in general

https://youtu.be/bbr3NC9oqp4?t=4462 - i'm not going to say that the network is hitting its stride because we're just like so far away from

https://youtu.be/bbr3NC9oqp4?t=4469 - the potential that this thing has for the world and for everyday people but like we kicked off the year with

https://youtu.be/bbr3NC9oqp4?t=4475 - jack mahler's and strike global and just all of these companies the strikes the zebedees the sphinxes

https://youtu.be/bbr3NC9oqp4?t=4483 - that refills the bottle pays like all of them have just been crushing you and they're getting you know tens of

https://youtu.be/bbr3NC9oqp4?t=4489 - thousands to hundreds of thousands of people onto the lighting network like as we speak it's a beautiful thing

https://youtu.be/bbr3NC9oqp4?t=4494 - to watch happen and i'm just like incredibly bullish on the future hey so thanks for everybody

https://youtu.be/bbr3NC9oqp4?t=4499 - listening