be changed or spend some minor changes, but it doesn't really, it doesn't really go through this


Quantum Computer Secure your Ethereum with enQlave

generational process at all. It is what it is and will always be, it'll likely always be what it


is. And honestly, I think that's a good thing. It's predictable. You know what to expect. It's


proof of work. It's pegged other cryptos and you end up having to actually exert energy in order to


end up with Bitcoin. And when you take things to things like that that take energy,


that's a good thing because any financialized system in the world that deviates from, you know,


this process of creating a currency or creating money, there will always be some way to


to game that right. So to me, that's like a really, that's a really great topic. I love talking


about that topic because I don't mostly because I don't hear it talk about very much on crypto


Twitter or really anywhere else. So I also think that this is a good time to clarify the team's


position on other cryptocurrencies because this question's come up too. So you asked about Ethereum.


I gave you a description of Ethereum. We here at the QRL, we like Bitcoin. We like Ethereum.


We like, you know, we like these big cap coins. We're not saying, we're better than Bitcoin. We're


not saying we're better than Ethereum. What we are saying is ask yourself a simple question.


When you look at what's been done with quantum computers, do you see a measurable risk there?


If you do ask yourself, what percentage of risk is that? Is that 1% 2% 3, 5, 10, 50? What is that


number? And if you come up with that number, does it not make sense to hedge


some of your digital assets in the direction of the percentage that you've already agreed to


yourself as? So I've done this, Ryan, you know, you've done this, but this is a little question


that we asked ask ourselves. Everyone on the team here were optimistically speculative,


genuinely optimistically speculative about quantum computers. I personally am


invested in quantum computers as a whole. And I think that it's definitely


a thing it's going to go places. Just like, you know, just like AI, just like DVD, just like


CDs did, just like the internet did, just like the automobile did or the airplane.


So yeah. And with that, I was obviously along in part into what we could even do.


I do that sometimes. A few more minutes with that, I'm straight, but what I want to do now is kind


of you talked about, you know, people asking that question in themselves and just deciding,


hey, what is that, you know, percentage to them, but with more capital being poured into the space


and a lot going on in 2021, what I want to kind of do now is I want to move into what does


an enclave do? And I want to do it first on a macro level, and then I want to dive into the weeds


about some more specific parts of XMSS. So what I want to first ask is in a minute or two strike,


how would you define what's enclave is in in the space?


So enclave is built around Ethereum in a theory of smart contract.


Ethereum has the same asymmetric public-private key security, vulnerability,


into quantum computers and shores algorithm. Ethereum has the same vulnerability that Bitcoin has


at a fundamental level. It's based on public-private keys and elliptical cryptography.


Enclave is a program, a project here over at the QRL that will allow you to take your Ethereum


and some qualifying ERC 20s and wrap and put what's called an XMSS wrapper around it


in order to post quantum secure Ethereum and select ERC 20s. So what you're essentially doing


is trying to bring post-quantum security to the second largest blockchain cryptocurrency in the world.


I don't think I went over the time limit on that time.


So based on the exposure and the vulnerability, can you dive in a little bit more into the part of


XMSS? Because if I say you have your public key and then your private key, if that private key


is known, can you just dive in just a little bit further of what that XMSS wrapper? Can you explain


that part of what that does and why that's really key?


Sure, why don't I explain how it's going to look at the GUI interface a little bit?


So I talked to our lead developer, Kashal, a couple days ago, just so like you get the details


of this down. The website, dub dub dub dub dot enclave dot iO, is going to have a GUI interface


that has access to the metamask wallet. And what you'll be able to do is go into, go under the website,


access your metamask wallet in your plugins at the top of your screen and access your Ethereum.


The website will then, at the website, it'll wrap in XMSS, it'll wrap XMSS around your Ethereum


and send it over to the smart contract in exchange what you would get is in EQRT, ERC20 token back.


And the goal is to have this EQRT ERC20 token to be exchanged on exchanges that accept ERC20s.


The details on how that is actually going to work is going to work.


Our, being worked on, our being worked on here by the team.


But great progress has been made. I'm really optimistic about this project.


But that's what'll happen in you would have an ERC, EQRT for example, if it was Ethereum,


you know, pop into metamask in your wallet, boom, Ethereum equals quantum secure.


Yep. And can you just, for everyone at home, can you just describe really briefly again


or just emphasize on the connection between my QRL quanta and my quantum secure Ethereum via enclave.


So between the two of those, because I'm thinking if someone let's say, let's say someone at home


has, you know, 5K or 10K or 100K of Ethereum when enclave is, you know, here and they are maybe


moving money back and forth a little bit. Can you just clarify on the connection between the two


and differentiation between QRL and on EQRTs? Yeah. Yeah. So QRL is


on the quantum resistant ledger. That's our native coin for the QRL project.


For viewers on our familiar with our project, the quantum resistant ledger, QRL is its own block chain.


Just like Ethereum is its own block chain, just like Bitcoin. It doesn't live as an ERC 20 or


anything else on another chain. It is its own chain. We've been running for two or three years.


Years now, over two years in production on mainnet. So the difference between the QRL native coin


and the EQRT ERC 20 is the EQRT ERC 20 lives on the Ethereum blockchain. So that would be your


Ethereum would be stored on the Ethereum blockchain where it's supposed to be.


And then when you want to redeem it through the website, you will have to present a


series of keys in order to have the XMSS wrapper removed.


And then you get your Ethereum back. Yeah. And another question, this is actually kind of a


community one, but it's one that I think other people would have watching this. If let's say you have


Ethereum that you hold and you want to make sure that your post quantum securing it,


people that hold the variety of other crypto assets is enclave something that potentially down


the road in the future. You're going to be able to secure additional coins ERC 20s with Enclave.


I feel like this is a really good question. So I'd love to just briefly touch on this as we kind


of close in on the episode. It's a good one to dive into. There is a very good question.


Enclave, after speaking with Kashal, Enclave does have some restrictions as to what it can secure.


And a lot of that comes down to whether or not the project or blockchain you're trying to


secure has some more contract support. So conceptually, Enclave works on other chains.


Is it a cookie cutter process that we could just be stamped out? It's not a cookie cutter


process that can be stamped out. That's the way it is now in the future, you know, as you know,


perhaps Enclave 2.0 as the ecosystem develops. You know, maybe, you know, Polkadot, which has been


doing fantastic this eek, you know, their parachains, you know, maybe this brings you know, a lot of


inner, their whole goal is to bring interoperability with parachains so that as layer two, so that


parachains can talk to each other with any type of data whatsoever. So something like that,


you know, if the market starts heading in that direction, that opens up a lot of doors for the


create, you know, the creativity that the team has as far as being able to pulse quantum secure.


And if the technology is scaling, that allows creativity to scale as well.


We're still, I think we're still in this nascent kind of infant blockchain stage, right? I mean,


everyone's still fighting for, you know, what the what the best model looks like, what the


SOPs are for creating, you know, a universal, you know, universal blockchain. So this is still really


early in the game. I can see this is, I can see, I haven't talked to a team about this male and


personal. I can see Enclave is something that evolves too. So I don't want to put the lid on,


I don't want to put the lid on what I'm seeing right now and, you know, screw it down. I'm going to


I'm going to keep that, keep the top off a little bit and say that, I think there's probably some


more, some more creativity coming in the future. That's my guess.


No, I appreciate you diving into that. And we're going to, I know this is not the only video


coming up soon that we're going to be talking about Enclave. There's going to be ones that are


deep dives into other aspects of Enclave. There's going to be other ones where we're covering


the broader sense of topics. But the last question I want to ask for today is someone watching this


video who's been kind of hearing us talk about a theory in a little bit, talking about Enclave. And


if it piques their interest, what I'd like to do is, as a last question, I want to ask you,


where is a good starting point? I know we touched on Enclave.io right here, which is a good starting


place. But what's a good first step for someone to take that maybe is hearing about Enclave for the


first time. And they're like, hey, this is something that's of interest. I have a decent amount of


assets and interest in Ethereum and ERC20s. And I want to make sure that I'm looking into this.


Where's a good starting point is the last question for today's episode strike.


So to your question, in order to have an interest in Enclave, you first have to have an interest


in pulse quantum security. So I guess from conventional machines to quantum computers, to


shorez algorithm, to factorization, to being able to be able to drive a private key from a


public, to the quantum threat, that's an evolutionary process. So I'll say this, if you're


watching this right now, and this is interesting content to you, educate yourself in what pulse


quantum security looks like. So if that's interesting to you, go to the website FAQQ.info. That'll


give you some information about the quantum threat. We also did a, let's link Ryan, let's link


the podcast in the notes so that people can go over that as well too, because I think that's a


great intro for the use case. It kind of takes that evolutionary process building up the case


for Bitcoin, why we have cryptocurrencies in the first place. And then it goes into this,


the quantum threat, and it really kind of gets into it in a bit of detail. So we'll link that,


we'll link that in the description of this.


Yeah, here's an image of it right here, but I'll link it down below in the show notes too. So


that's a, that's a really good one strike right there. Awesome. Well, strike, I appreciate you


diving into enclave for a little bit and how it ties into Ethereum. Everyone at home, we appreciate


you watching today's episode. If you haven't subscribed already, make sure that you hit that little


subscribe button below and give us a little thumbs up if you enjoyed today's content. And we're


going to be coming up with a few new videos next week on crypto security. We're going to talk about


Bitcoin. There's a lot going on in the space. And as always, if you have questions, feel free to


ask us in any of the communities or in the comments below. And we look forward to seeing you


strike an eye and our upcoming video. And until we see you next time, make sure that you have a


great rest of the day and keep those digital assets secure. Adios. See ya.


The QRL Show- Community Edition w/ 4d5a | Quantum Threat, Bitcoin Early Days, & more

In today's episode, we have a community member on with us to discuss the quantum threat,


discuss what attracted them to the QRL project, and discuss a little bit of Bitcoin in the


early days.


Let's dive in to today's episode.


Hey everyone, welcome back to another episode of the Quantum Resistant Ledger Channel,


the place where you come for the crypto and stay for the quantum.


On today's episode, we're going to be doing a QRL show community edition, and the premise


behind these community edition episodes is we're bringing a member from the QRL community


on, that could be someone that's a developer building within the QRL ecosystem, or it


could be someone that has experience and is advocating for the project, and so on.


So with that today's QRL community edition episode is with QRL community member, MCZ.


MCZ, it's great to have you with Michael and I to discuss all things QRL, talk about


intelligent threat intelligence, things around quantum threat, and our project.


It's awesome to have you with us.


What great to be here, guys?


Other person on the show with us is my regular cohost, Michael Strike, who is our director


of outreach at the QRL. Michael has always good that have a conversation and looking forward


to this concept of the community edition.


So that's cool with you guys.


I'm ready to dive into the first couple of questions.


So before we talk about how you first learn about the QRL, why it attracted you and


touching on some areas of where the space might be going over the coming years, would it


be cool with you if you could give Michael Strike and I a background on yourself, and this


would kind of be a good lead into the conversation that we're having.


I think this would provide some context for the community members and the subscribers on


YouTube.


Certainly.


So I have been in infrastructure coming up on the 15 years now, and in that role, I've


really done a lot of things.


Now we're reverse engineering exploit development and kind of this, this most recent


half of my career has really been focused on the idea of threat intelligence.


And what that really boils down to is understanding threat landscapes, understanding how


different players, ecosystems, tools and technologies affect those landscapes and extrapolating


trends to just spot how things may change in the future to try and proactively prepare


defenses.


Awesome.


That kind of gives everyone kind of in that frame of mind for that.


And so leading into the QRL and how you first kind of learn about that based on your background,


obviously, your in deep and a lot of those areas that you mentioned, when did you first


learn about the QRL project and what kind of attracted you to the project and just the space


in general, I think this would be a good lead into some of our later questions.


So in 2017, we saw really our first truly explosive and mainstream rally in the cryptocurrency


space.


Well, there certainly has been a lot of stuff that happened before that.


That was one of the first times that the public took notice.


And it was really one of the times, the first times that altcoins were a discussion


item really at all.


And the altcoin market really started booming around then.


We started seeing some of the initial ICOs.


And really, we before that we had like Litecoin and Ethereum and a couple other kind of minor


players coming and going.


And that was the first time that altcoins really got interested, where pretty much any


project could get funded as long as it was either appealing or advertised well enough.


And a lot of ideas were really being brought to the market.


During that period of time, as a threat and intelligent person, I like looking for things


that people don't think about.


I like trying to prepare for those nightmare scenarios that nobody wants to acknowledge


and everybody thinks that they can fix.


To that end, I had always known as an early stage Bitcoin investor that, calling on computers,


we're going to be a problem.


At the point at which I kind of got the Bitcoin, they were a theoretical problem.


They were a problem that existed far out on the horizon.


Everybody just kind of laughed it off because at best we were simulating qubits.


We weren't actually using anything.


However, times were changed.


We saw IBM with their pretty revolutionary at the time, NIOB and Cubit system, which was


that really first IBM quantum computer that was publicly accessible.


It was on the cloud.


It was provable.


Inbitably, we're getting a few other players.


It had kind of offerings that may or may not technically be a quantum computer before then.


But this was the first time it was like, wow, this is real.


This is tangent.


And in my experience with technology, technology grows exponentially.


So once it exists, it begins growing.


I decided at that point in 2017, I wanted to try and find


projects that were thinking about this.


And I can't say it honestly that I was shocked that there weren't very many of them.


Post quantum cryptography is popular.


It's very hard.


Maybe surprised would be a better word to use of like, hey, you'd figure more people would


be focusing on it, especially with severity of what, what if something does happen.


Obviously, if not, you don't know when, whether it's two years out, 20 years out, 10 years


out.


And I'm surprised at that.


It was shocking.


You see people taking a look at it and saying, OK, well, it's one cubit.


Nothing can happen there.


And it's like, my perspective is, what happens when it's not one cubit?


What if this becomes truly a tangible manifest scale thing?


Is it bad or is it good?


And the answer, at least in the cryptocurrency spaces, is it apocalyptic.


It is a total Armageddon for the vast preponderance of projects in Bruce.


And nobody really seemed to want to face up to that reality.


So I had to do a lot of digging.


And I ended up discovering through the initial listing on Bitrex, and the very fortuitous


from an SEO perspective named quantum resistant ledger, the quantum resistant ledger.


And it appealed to me a great deal.


It seemed to have a really good team behind it.


The motivations were there.


All of the second generation blockchain features were on the roadmap.


And it looked like about the only group that was really making a concerted concentrated


effort to answer this.


And when you look at the term cryptocurrency, the first word is crypto.


And if the crypto is not there, it's not sufficient.


It doesn't solve the problem.


Well, you don't really get to have a currency.


Yeah.


I'll jump in a little bit too.


I agree with everything you said.


Honestly, ironically, you're talking about when old coins started coming into the space


right four or five years ago.


The big I-ho craze, especially 2017.


And the lack of, and the lack of, you know, I think Mike, you mentioned the lack of quantum


projects.


I mean, you said it was shocking.


The lack of, well, fast forward five years.


If it were shocking then, you know, how do you feel about it now?


It was shocking then.


It's downright negligent.


Negligent.


Okay.


I like it.


And I mean, not just, there's not just a lack of players in this space, but there's also


a, how would you even describe it?


A lack of knowledge, a lack of ambition.


And even of some of the players that are in this space that say that they are, they really


aren't.


If you dig into the sorts, if you dig into the code, if you dig into the processes,


in order of operations, for example, on signing a signature, things like that, you realize


that.


Well, it's very easy to say the word quantum.


And it's certainly a popular buzzword, I think Marvel Universe had a little bit to do with


that, perhaps it might be speculated a little bit.


But really, I mean, from the team's perspective, and it sounds like from your perspective,


well, this is really just organic growth that we're talking about.


And you were talking about, you know, if I were to relate this to some other projects,


let's talk about scientific revolutions from other areas of history.


And Hatton Project, Turing Machine, you know, break scientific breakthroughs that occurred.


These all occurred when, at a time in history, when we never had this degree of collaborative


meetings and things like that, you couldn't, I mean, you could make a phone call, right,


okay, during, you know, in the 40s and 50s, you know, Manhattan Turing.


This was all phone call.


I don't, maybe there was conference you can call it at the time.


I don't know.


And I'm not talking about everyone on the, everyone sharing the same hotsline on your


block, right?


But if you look at the amount of collaboration that we have, everything, the aggregate


of human knowledge is directly right in front of you.


You have user groups, you have, you have everything that you want to know.


And I think that that's, I don't even know if you can really compare the progression of


creating, and sustaining new technologies now with where it used to be because of just


the collaboration is so much better.


Yeah, absolutely.


And, you know, I, I'm of course with an, un-ambiguously going to have to get for the quantum


business and pleasure.


And it's been one of my experiences when talking to particularly kind of older garden


investors, people who were here for the 2000 tech bug bowl.


They were here for like the 80s, you know, they've seen some of these cycles go.


Almost all of them really don't understand the rate of progress that we're seeing today.


But how truly, you know, we're well beyond Moore's law in terms of growth rate.


And again, it just, it just feels like nobody's modeling these things out.


You look at the data that's available and people say, oh, 10 years out.


No, 10 years is, is incredibly pessimistic.


It's, it's here and it's going to be here at scale much, much sooner than people realize.


So if five years ago, if we were to have this conversation, I think if you were to have it


publicly and be talk about quantum, you might be shown the door, uh, narratively or physically,


right?


And if you look at them on a progress being made now, I mean, we're, it's, it's not fictional,


really anymore.


I mean, all you have to do is, um, all you have to do is just assume that we're, you


continue, you know, able to continue scaling as we are.


Now there is the flip side of that argument in that, um, the more, obviously the more


scuba it's that you scale into a, into the quantum processor, the higher the error rate


becomes as well too.


But if you look at it, if you zoom out and look at it from a macroscopic perspective,


you'll notice that as each problem presents itself, creative solutions are being found to address


these problems.


And all you have to do really is assume this, all you have to really do is just zoom out


and assume the status quo that things are going to continue as things have been going.


And if you do that, that actually seems to me the path of least resistance, then it does


to say that, um, that, you know, that this is a, that it's a unicorn, right?


Yeah.


I'm Sizi.


I want to ask you a question, um, just in regards to, I know we touched on, you know,


obviously, you know, if we were talking about this in 2016, it would be, it's kind of surprising


in that how much, you know, there, there isn't a lot in the space and now it's kind of crazy


that there's not because of, you know, that threat keeps getting more and more real.


The question I want to ask you is taking this back to maybe someone that is not as technologically


involved, maybe it's someone that is a Wall Street suit or someone that is just a, maybe


an accredited investor, someone that is trying to be aware of making sure that they have


diversified portfolio, you know, they're setting up for a potential black spawn event,


make sure they're mitigating risk.


How would you discuss the quantum threat with them in a manner that is not just like a


a stereotype way, but in like a realistic way, so that if someone like that is watching this


for them to kind of, you know, get their toes wet a little bit to take it a bit more


seriously, and you can kind of take that in any route you want, but just kind of that


question in general.


Right.


Well, so you, so you ring up a really excellent top, which is, it's been my experience


when working with sophisticated investors that their true level of depth in the technology


is economic.


They understand why people are buying and selling these things.


They understand the intrinsic benefits of a non central bank managed currency.


They get, they get that piece.


The technical piece, they only understand as a black box.


They understand that the encryption is secure because it's the encryption the government


uses, the government is used for a long time.


There haven't been any real urgent warnings that it's about to become anything less than


that.


And that argument, you know, we can get out in the weeds into what crypto is and why this


is a problem and, you know, why somebody is going to solve this problem, get in the, you


know, space in the intelligence community and the value of quantum computers from an industrial


perspective.


But the thing that I really often, most often run into with that group of investors is


they say, well, why can't I patch this?


Why isn't Bitcoin just going to upgrade their software and this sort of thing?


I find talking about that to be very beneficial.


And really, it's a very simple explanation in order for other projects to fix this problem.


And yes, many of them are starting to finally pay a little bit of lip service to it, which


is good news.


It's normal code commits, but lip service.


They have to go through an incredibly painful process whereby every single user on that blockchain


has to manually perform an action or an exchange must do so on their behalf.


And given that that process has a finite cap on it, we don't know when that timeframe


will end yet.


We don't know when we'll have a scale quantum computer.


We can crack ECC.


I have some theories, but we don't really know no one can.


We do know that it is.


Eventually, given the rate of advancement in the field, a day will come when you can


no longer use ECC.


You have to at that point have every single one of your users perform an action before


that date, before the threat is made manifest.


You run into a problem that we run into and software distribution a lot, which is take a


look at Windows.


How many people out there are still running Windows 98?


How many people out there are still running Windows 95?


I can tell you from the perspective of my day job, it's more than you would probably


imagine.


People don't necessarily understand the technology that they're buying.


Normally, it can have a cost in terms of getting some malware or something like that in


terms of old versions of Windows.


In this case, it has a cost that is the totality of your investment.


If either the developers behind these projects don't adapt in time or their users don't


react in time, huge chunks of these ecosystems will inevitably fail.


Right now, we just do not see any kind of rush to get a fix out for any of the big players


in the space.


What is the index?


Yeah.


So on something that you said, it's been backward compatibility is for a lot of projects and


products outside of blockchain is a primary goal.


So people are used to things being backward compatible.


It's easy to say, well, we'll just patch it.


I'll click Windows Update to your knowledge.


One of blockchain's biggest advantages is also what is created in its biggest threat.


That's the immutability that you're talking about in the early days of Bitcoin.


You could sign a transaction and it was done doing paid a public key.


Today, you can pay with public key hashes and it makes a little bit more resistant to


future quantum tech.


As well, there's lots of public keys that are already known.


Even if they're not written to chain, you still have them, people still know what they


are in a lot of cases.


So it doesn't even have to be immutably written to the chain.


So like I said, that big strength is also being able to verify the data, which is what


gets blockchain and therefore Bitcoin, its transparency is also one of its probably its


greatest quantum weakness.


One part that I want to add is well in this and this is more just from like a psychological


standpoint too is in terms of people, whether they believe or they don't believe that


the quantum through Israel, whether it's two years away or 20 years away, we all are holders


of various crypto assets.


Some people are way more and deep than others.


Some have been in much longer than others.


But let's use myself for example, Ben and Bitcoin, Ethereum, quite early and various other


assets as all of us are in crypto.


So like we're kind of on both side of the spectrum of like you don't want one side to lose


because obviously you hold various assets and they might be at risk.


But at the same time you also have to look at it through the lens of the reality of what


might happen.


So when it comes to let's say there's a lot of Bitcoin vaccines, whether it's on crypto


or Twitter or wherever else, they're very incentivized from a psychological perspective


to say, you know what, that's just crazy talk of the fact that quantum computers will never


be able to be strong enough to break ECDSA and break the encryption in like it's never


going to happen.


It's not real.


But like they're kind of in the back of their head, they're like okay, they might hold


90% of their network or portfolio in crypto assets.


So of course they don't want that to happen.


But people don't want run on the banks to happen either.


So I don't know.


It's just an interesting point to make.


But strike, I'd like you to probably move on to a couple of your next questions.


But MCZ, appreciate the answer in terms of Wall Street suits and institutional money and


how you look at it for getting them to understand the quantum threat.


Appreciate it.


I think part of why you were saying that right, one of the things I was thinking is


soon as you start to say quantum threat and you start to put it out there, you make it


real.


And I don't mean from a reality perspective, I mean from a perceptualized perspective.


You know what?


And when you start to do that on something that's not really that popular right now, it's


going to be difficult to pump that coin.


And the lifecycle of today's coins are pretty short compared to if you look at other


industries and other products.


And then I think that that goes back to the mentality of the majority of investors.


We're not a pump, this is not a P&D project.


This is we're connecting dots.


We're looking at technology and quantum enthusiasts.


And we're going to, in me personally, I'm just going with what I feel is organic.


Like where I where how I felt about DVD at the time, I would have taken over the space


or smartphones or things like that.


It just feels like a natural progression.


I digress a little bit.


There's a term I'd like to just throw out there before we move on.


And it's one of the biggest differences between somebody who has done kind of institutional


style investment.


And what I find with most retail investors and that term is positive cognitive bias.


People have an inherent belief that bad things will not happen to them.


It's one of the ways that we deal with the world that is fundamentally unfair and erratic.


And that positive cognitive bias often leads, particularly inexperienced investors,


down a path of assuming these threats will be mitigated.


Somebody's watching out for me.


Everything is going to be fine.


Institutional investors understand that the best intentions don't necessarily ever work out


to be the best results.


And all I do believe we will see some of these projects eventually, maybe too late, maybe


not trying to mitigate this walk.


It's again kind of make with Jim, if you're going to manage a large crypto portfolio,


not to have some baseline hedge against the idea that that doesn't work out.


Well, there's a reason to buy us too, right?


Prick.


The things I go through my life, I'm expecting my day to follow within a certain degree


of very acceptable variability, statistically based on what's happened yesterday and the


day before I expect things to relatively close.


And even in ironically, I think COVID should start, I mean, has probably statistically


started to break down some of the barriers on, on recent sea bias.


You would think so.


I don't know if I really see that.


But I mean, it should at least be an indicator that, you know, that it, that, that it,


things, black swans happen.


Yes.


And I tell you're pointing, you know, we, we are fundamentally saying here that something


that has never happened in the history of the universe is about to happen.


Why does big claim?


Yeah.


Let's jump to, um, strike.


Let's jump to a fun question.


I think you had one on a crypto tokens or something in generally a fun question.


And then from there, we can move into a few other questions with stuff moving forward with


But, um, I'm going to pull up this one on the screen that you had, uh, Michael right here,


which was, uh, for MCC, you wanted to ask him this one on, uh, first crypto coin.


What was your first coin or total?


So, uh, for me, it was Bitcoin and I, um, we date myself here.


So, uh, my first Bitcoin purchase was, I heard that it was going to be, uh, I, I had heard


a little bit about it on the security podcast, uh, now podcast by Steve Gibson.


And it sounded like a really interesting topic.


And that, that I believe was after kind of its first real run at a bull market.


It hit an astounding price of $16 and then collapsed back to sub one dollar prices.


And, uh, at the time I bought in, it was around the three and a half to $4 price.


What I actually managed to set the daily high in the chart when I, when I did this buy,


I heard they were going to be featured on a US prime drama.


And I can't remember the name of the things in my life, but it was a, it was a US crime


show and they were going to have a whole episode dedicated to this, this, this e-criminal paying


his lawyer's bills with cryptocurrency. And it was going to make two Bitcoin specifically


by name. And I heard, oh, that's going to be a huge catalyst. And I finally decided to,


to bite the ball and if that pulling all the in Bitcoin.


So you learn that you learn the first time I, uh, I'm going to freely open myself up


the social ridicule. And I humbly ask forgiveness to the community that this is actually


my third entry into crypto. Um, apparently you learned a little faster.


I'm on the first time around. Um, it's the third in it will be the last.


I feel like to looking back in, it's easy to looking back in and hindsight, because if you


look at highs at the time, it seems like such a big difference from when you might have


bought an earlier and even now people are like, okay, pulling out for, for whatever it is,


like whether it's something financial, tax purposes, whatever the case might be. When you


look back at hindsight, it's like, yes, right now, if something happens over the next 10


years and it keeps multiplying people to be like, oh, you're stupid for selling at 57,000


or whatever it is. But in reality, it's like, okay, at the present moment, was it that


stupid? So it's, uh, you know, in hindsight, it's easy to make those judgments. But, um,


in reality, like the fact that, you know, in those early days with the volatility, people


really did think it was going to zero in many communities, even, you know, within Bitcoin


top forms and stuff like that. It almost did. We went from, what do we go from 60 to three?


So 60 to three. And I still have, actually, I still had a lot of faith when we're talking


60,000 dollars down to three or four thousand dollars. But once that puppy got above six,


seven, eight, nine, 10, 11. And I, then that, I, at that moment, I had any remaining variability


completely just, it was just gone. Um, I didn't have it any, I just didn't have it anymore.


So I mean, well, we're here, obviously, and I have a lot of faith in the, in the tech. Um,


anyway, we talked, so we talked a little bit about, we talked about some of the psychology


behind blockchain and, you know, some of its history and, you know, Mike, your security background.


Um, in previous episodes, we've talked, also talked about, uh, Y2Q, as we call it, in the


project, uh, some of the Y2K, obviously, except, you know, white, the quantum version of Y2,


uh, Y2K. Um, so with Y2, with Y2K, as we know, I mean, many of us were, I was Mike, I think


you probably were, I mean, people have resources, don't have that times, all that weird stuff.


Well, we didn't know. Let me, and that, and there was a lot of media hype around the


time. And I think there was a community conversation on this, I made it added into, but


there was a lot of media, uh, um, continuity and people were talking about this. What I


think, which is why I think it actually helped quite a bit in addressing the problem


because everyone knew about it. Um, this doesn't feel like that. This feels, uh, a little


different. Um, but if, if you look at why, if I got two dates, if I've got two bites available


for the year, that's something easy to understand. I just don't know what it looks like.


I use, you know, I just use two slots in the code, and it's just going to go back to


zero zero, because there's just not four, you know, there's not four slots for me to put


numbers in the code. That's easy to understand. The quantum aspect, the quantum equivalent


of a black swan event, this, this, this is much more sophisticated. And I think that's probably,


people don't really know what it is. It's like a techno, it's like a technology unicorn.


So I guess one thing I'll ask is, um, we've talked a little bit about this. Mike, how do


you see this quantum threat? This Y two Q? How do you see this going down?


Yeah, being in, obviously, we're all being subjective of like we, like, do you think it's


going to be a trickle? Do we think it's going to be a little bit all at once? What's your


general take? And obviously, um, we all have our different opinions on it. We're not, you


know, we're not pretending it's, you know, we're holding our words to it. What should


take?


Oh, it has been recorded.


Yeah, you are being immortalized.


My, my take has been fairly consistent this whole time and it remains. So, uh, it is my


belief that if you look at the scale of technology and cost required to develop a quantum


barrier, it present there are only very limited subset of organizations who are capable


of building them. And then if you look at the applied benefits of a quantum computer,


that's also a fairly limited subset of things. Most industries have a use for them, but


only at the cutting edge. And when it comes to the topic of encryption, uh, encryption


is one of those kind of, our technology today is built on like a reverse pyramid. It's a


bunch of little tiny blocks building an upside down triangle in the black box of encryption


of things like RSA and ECC are very far down towards the bottom of that, uh, that upside down


triangle. They're very fundamental to not just communications, not just blockchain, but literally


every aspect of modern technically enabled life. And if you pull that block out of RSA,


it causes a great number of things to basically fall over on top of each other. So if I


look at this from a real perspective, and again, I look at things through that info,


second lens, it's, it's force. Who has a use for breaking encryption? Well, spy agents


explained that's that's who's always traditionally done it. That's who has the budget to do


it at scale. And that's who reaps a massive reward from doing so in the form of practice


practical intelligence for their nation's state. So I suspect what we will see is what


we're already seeing things like the recent news of the US banning exports of quantum systems


to China. Things like China investing tens of billions of dollars into the development of


their own quantum systems. Uh, it's not quite as glamorous as a Cold War involving nuclear


weapons, but it is fairly similar in outcome. Eventually one party will develop a system


and they will hold massive geopolitical advantage for the time that they are the sole party


with it at the point at which they're adversary, which bearing in mind if they can read all


of their adversaries communications, they're going to know this. The point at which


our adversary develops a sufficiently sophisticated near system, they have a problem. They


have to stop pretending that they can't do something that they can do. And they have


to find a very public way to demonstrate that all encryption suites, moderate and use in modern


computer systems need to be immediately and expeditiously change, or expediently change,


excuse me. And a very good way to do that would be something like suddenly moving a million


Satoshi bitcoins from one place to another or taking exchange hot wallets or cold wallets


for that matter and dumping them. You know, you mentioned earlier like, yeah, there are


paid a public key and things like that. But let's be realistic. If there is a place


that a public key is exposed, one should assume that it is locked. We have chains like


or companies like Jane analysis, glass, no, there are several others besides that


whose entire business is logging, tracking, tracing and making available intelligence on


crypto currencies. So yes, an M pool is locked. Every aspect of transactionality on these


lockcains is locked. And sooner or later those logs are going to fall into either motivated


hands who need to demonstrate a capacity or what also could possibly happen. Somebody who


has tangential access to one of these systems and decides to use it for personal gain.


In either case, the moment that that happens, every un-migrated coin on Earth gets worthless


because there is no longer a condition of non-reputability. You cannot prove that whoever


sent a transaction actually is the owner and author of that transaction and fundamentally


that makes those things worth it. So it's not even a requirement that your blockchain


or your project specifically be attached, it is simply the capacity for it to be attacked


that is necessary to render it valueless from a commercial perspective.


Yeah, one of the tenants is trust, right? So if the non-reputiation aspect, if you can


no longer trust, I mean, that's essentially everything. My mind, right to a queue is going


to be very simple. I think it will be too, maybe for slightly different


reasons. If I don't know how something's going to happen, I think I automatically just


have a tendency to resort to game theory. I think that if I think that it will come out


that I think it will be covertly done in such a way that either from an information, well,


you can argue that big data is money and communicate, being able to decrypt international


communications that that's essentially priceless. But I think there's going to be a strong


effort if a sufficiently powerful quantum computer was manufactured to keep it as secret


for as long as possible. I think they'll try and take the same approach that they did


in New Mexico at the Trinity site. For as long as possible, and there's going to be,


if I remember correctly, that project had two Russian actors on it at the time. I mean,


can you imagine that all of the security and everything that went into this, there's always


that very real and very, I would say almost, I would say even likely possibility that things


are going to leak. But I think that whoever does it is going to keep it as under the


wraps for as much as possible. And the difference between that and why to K is if you're


a public company or if you're an organization or even the government, if you have resolved


your code and you are now, why to K compliant, you will be rewarded. Stuck holders will


be happy. Customer bases will be happy. Code will work. Right?


Oh, yes. That's not funny. In time, the market will reward the risk of Earth's behavior.


Right. But with a quantum computer, there's a very strong argument that you will not be rewarded.


In fact, you will lose out on opportunity. So I think that the, you know, this goes back


to other things I've talked about in other videos. It's essentially, I see it like an iceberg,


right? So. Yeah, and it could be like, like I mentioned earlier, like the case of back


the day, like, can run on the bank or something like that. It's like, could also be a situation


of like MCZ set of stuff happening suddenly. It could also be a case of, hey, some people


start to realize what's happening. And they're like, okay, why better get mine out while


I still can and other people are, you know, little too late already too late. It's not there


anymore. But to be determined, I think it's just a fun question. So thanks for giving


us your, your hot take on it. But let's strike. Let's move into, I know you have one or


two other questions in terms of a little bit of Q&A for some fun at the end here. I think


one question I wanted to ask is, MCZ, this is back to kind of a true-all project


question in terms of, I know we covered the, you know, Wall Street suits, institutional


or credit investors. If you were discussing with someone like that around, you know, why they


should take notice of the space in general, what about on, you know, a technical level,


if you're talking to a friend or someone that's a developer and they've never heard about


the quantum-resistant ledger before, how would you interest them into getting involved in


the space, whether it's someone brand new or someone that you've worked with previously


based on, you know, your career and technology?


Well, it's, I think people to invest time is, it's always a challenge. Money is time in


some ways within, in other ways, it's not. And when it comes to actually developing ecosystems


around something like a cryptocurrency, you're trading an immediate advantage of how you


can sell that time for a ladder advantage into how whatever you develop, what we in place


as part of that ecosystem to, in theory, provide you, you know, reward or what happened.


When I talked to some of my friends about, you know, joining things like the project, putting


together things to support in the system, the ecosystem aspects of the project, it really


kind of comes down to being ready to be there for that next step. We've seen this evolution


now. I would argue twice. We've seen the blockchain 1.0 at Bitcoin and how it revolutionized


extra, extra outside of banking ecosystem payments. It changed the way in which money and


offshoring was handled and basically handled, handed back a form of deflationary economics


to people that wasn't there before. And the systems that were built to support that have


ended up being massively successful. We then saw that again with Ethereum. I think really,


Ethereum is a bit more of the second generation of blockchains with the idea of smart contract


and code running on top of the system itself and making the blockchain do something other


than move a number from one place to another. And again, same thing happened there. Those


who created systems early on found themselves well positioned when those systems were


needed. And while they weren't necessarily massively profitable undertakings at the beginning,


certainly they became that later. In this case, this is even more fundamental than either


of those two. The post quantum blockchains working with post quantum cryptography, understanding


the nature of a quantum computing threat because frankly, most people don't even really


understand what this does or doesn't break, let alone, you know, how it impacts a specific


blockchain or technology or Cypher suite or what have you. Building something for this now


is an investment for the future. It is an investment in yourself. It's an investment in not


only that, but developing from a purely mercenary commercial perspective, a skillset that


is already starting to become very much in demand and very much under fulfilled. If you


can build things like stuff for B-Wave's quantum and E-Lirks, you will be able to find


an extremely well paying job that can certainly make the effort of learning worthwhile.


If you build something for the quantum resistant ledger, you're making a bet that that technological


trend is going to continue. You're increasing your market ability while you do so, and


you're producing a powerful side project that you can demonstrate. Here is me working


with post quantum cryptography to actual employers and those that might be interested in, you


know, contracting your services or what have you from a, from an individual commercial


perspective. It's just a good investment in time.


Yeah. Thanks for answering that. When I think you've brought a good point on the Ethereum


part of, I kind of felt like when I got first introduced to Bitcoin, it took a little while


I get it and I still felt like I'm like, man, I missed a boat around late 2013, 2014 and I was


like, as Ethereum started, I was like, oh, okay, like maybe there's a new shift to be


involved in with some extent. But obviously, like moving into the future of what is the


next five to 10 years having to store just for the whole space in general. But I appreciate


you answering that when I know, Stray Kids, a few other ones you'd like to ask.


I'll make, I'm going to make a prediction. I'm sure someone's going to, you know, internet


doesn't like to forget anything. I'm sure it's, this may come back in


home. I'm going to, okay, so, uh, nomenic seed phrases, right? Such as what the ledger


nano uses. Okay. So these are, uh, generated, I'm going to say pseudo randomly for the


purest out there. Um, and then are deterministically used to create private keys for your


other applications on your nano using, I think it's the BIP 32 standard, right? I'm


going to make, I'm going to make a prediction that at some point, well, let's, let's call


it, say five years from now. Um, you'll be able to use, uh, biometric input in order to


integrate hardware wallet and a smartphone. And you'll be able to use that biometric input in


order to create a, uh, create a, a master private key that'll feed a seed to all of the


private keys for your underlying applications within that hard wallet. We're already doing


something similar with face idea, right? I mean, it's at the end of the day that, uh,


however your face is being interpreted when you hold your phone up, it has to, it has to


come down into something deterministic in order to be able to grant you access or therefore


not grant you access. So I'm going to make a prediction within five years that you're


going to be able to do, you'll be able to generate if you want to, you don't necessarily


have to go with the biometric ground because of what it ties that, it ties that account to


you uniquely forever, right? Um, but you'll be have the ability to, uh, create a deterministic


wallet based on fingerprint, face retina, pick something or, uh, yeah, pick something.


You feel like, what do you guys think? Oh, yeah, totally reasonable biometrics are becoming


far more integrated this side the everyday. So one device in the future, five years.


Yeah, it's just, I, I'm not, I'm not putting that timeline on it, but I feel like it's, uh,


obviously like, if you were to ask, you know, five, 10 years ago, I think that's just


the way things are going in general, like, even look at physical things that people are


using for measuring their health. So like, glucose monitors things. What, what's that saying


of what, uh, what nerds do for fun on the weekend is whatever one else will be doing five


to 10 years later, uh, on a day to day basis. It's, it's, it's just the evolution of where


things are going and I know, uh, MCZ, you touched on Moore's Law, things of where exponential


stuff grows happening. Obviously that's where it's going. I don't want to put a hard timeline


on that strike, but I definitely agree with you in the direction of where that's going.


But, uh, yeah, I'm, I'm going to buy side in terms of Q&A questions. You have any other


ones, strike as, as we close out this episode? Oh, yeah, I think I have so many, we can close


with, um, how about, um, so we've got to, for those that aren't familiar with their project,


just, hopefully this, this video has helped a little bit. Uh, we have a strong Discord


community with a lot of people that I would say have very, uh, in depth and diverse technical


backgrounds, uh, many of which, many of those, many, many of those users, and community


members have been around for years. Um, so I guess with pump and dump schemes everywhere,


um, a lot of projects have much higher turnaround. Um, so, uh, and CZ, what do you, what


do you think as far as like, as far as what do you think that it is about this project that


attracts and retains a community of technology and network security professionals for the


length of time that it has, because if you look at, we'd have new members that we've accumulated,


but our turnaround, right, we haven't really, as if I look at the list, the same people


are still there from, and I started with the project and our passionate about the tech. Why


do you think that is? Well, it's, it's one of my favorite things about this project really is,


is the community. It's, um, I can't really think of many other software projects where I,


I've, you know, gotten to know various people within it, the number of PhDs in this community


is astounding. Uh, the number of people that we, we run into here who just have strong coding


backgrounds who work in InfoSec, it, it tends to be a very appealing thing because I,


I think for those of us who are used to dealing with the concept of risk, um, this makes a lot of


sense. It's got a real utility, it's tangible. It does, it offers something that the world


may conceivably need. I, I certainly think it's almost certainly a certainty that the world needs


this technology. And it doesn't come with any of, you know, that's a polite way to put it,


any of the goofiness that you tend to see with, you know, your various dog flavored point of


the month items, you know, there's a group of people out there who kind of make these, these


nihilistic bets on, you know, which, which specific thing Elle must look neat about or which dog


flavored. Yeah, what's the next shit? Exactly. Yeah. And, and, and they're not, they're not looking at


a, at a project for utility. They're not trying to understand a code based, they're not looking at


a threat. They're simply betting that somebody else will pay them more for their purchase than


they spend on it in the first year. Yeah. And then to pull the rug. Yeah. It's hard to see through. I


mean, unless you really, you know, unless you're really an InfoSec or even hopefully maybe


even an IT, it's hard to see through that, that fog, right? You have to care. You have to actually


want to understand the technology to go deeper. And, and ultimately, you know, that's, that's,


that's one of the things that the early Bitcoin movement had is you had people who were buying


Bitcoin not to make money, not because they thought it was going to increase the balance of dollars


in their account. Because they simply believed a Bitcoin was a more utilitarian object


digital token though, right? We have to be in the US dollar. Yeah. So with the, with the, with the,


with the dogs and the bunk in the, in the apes, you know, in the hybrids and all that,


there's certainly, there's certainly a strong argument towards what a market would call a greater


full theory, right? And it's hard to see through that. And this isn't, and this isn't to take


away from anything on, on that side, obviously, like where there's some really great projects in terms


of like on the NF2 front that is, but in terms of what you mentioned MCZ and strike on,


you know, whether it's the next, that's Shiba Inu or it's the next one that's going to come out


tomorrow, that's get gets pumped in, you know, 14 days later, it's down in the dumps and people


of, you know, lost life savings, things of that nature. But get tying back to the project,


the, the longevity is really important in our space because that's, that's one thing we


appreciate you coming on and chatting with us in terms of, we're all three of us, none of us are


here to shill anything. We're here to have a quality discussion in where technology in the future


is going. So I think it's just, you know, it's, it's enjoyable to see because, you know, we're not


here to, you know, we're not, you know, selling snake oil or anything like that. We're just having


a discussion on where technology and where the project's going in the future, we're not trying to,


people can make their own opinions as strike as you eloquently say it on here. So


we're just, we're just providing an insurance policy, guys. So we're doing, we're connecting,


we're connecting dots. We're not making anything up. A lot of what we said is already known


within the industry. We're simply repeating. Now there are novel aspects. I mean, they're not making


it. We have, we have, we have, we have novel, you know, novel technology that's being put together,


there's no template for any, it's been, I mean, it's taking it a little while because it is new,


right? So these are novel aspects. And, you know, that's, that's just, that's just not easy to do.


So we are, we are the insurance policy. We're not, I'm not saying that. I'm not, you know,


you know, not Woody Harrelson on the top of the mountain, yelling the world's going to end,


providing information. And at the end of the day, and I heard you say, I heard you say, Ryan,


that when people lose their money because they lose all of their life scenes because they've


been on Elon Musk, Elon Musk Poppy, right? And, you know, those same people are, by the way,


are not, they're not going to be complaining, but, you know, if the, the opposite ones that actually


win, come, you know, they're not going to be complaining about things like when you're, it's like,


when you're at the blackjack table. Yeah, if those are private hands. Yeah, it's, it's classic


survivorship bias too. And you're, you're seeing the, the, the sunshine and rainbows, but you're


not seeing the reality of, you know, the other 99%, but now, is there any other, is there any other


questions you have, uh, strike as we close out is a, is a last one. I'm, I'm good on my side. I think


we covered a number of really good ones. Yeah, I, I'm, um, covered on my side. We're good, uh,


thank you, uh, thank you for joining us. MCZ, uh, 45 a, I guess pick a name.


Yeah, we, we appreciate it. And, uh, for, for those of you that are watching, if you haven't


already done so, make sure that you, uh, subscribe to our, our channel at the, uh, the bell, uh,


red icon below. If you haven't done so already, uh, so you can keep up to date with our upcoming


episodes. And, uh, um, as you already mentioned, straight, uh, and CZ, we appreciate you joining us


having a really good discussion. And until next episode, have a great rest of the week and keep


those digital assets secure. Thank you. Take care. Next, next slide.


Reddit vs Wall Street, GameStop, & Elon pumping Bitcoin | QRL News Roundtable

In today's episode we're going to be talking Reddit vs Wall Street the whole Robinhood fiasco


Elon Musk, hashtag and Bitcoin and a little bit of QRL.


Let's dive in.


What is going on everyone and welcome back to another episode of the Quantum Resistant


Lager channel, your video portal into the world of post quantum digital asset security.


We got a doozy here today.


Strike our director of outreach is here with me.


Strike.


Awesome to have you here.


It's a wild week not only in crypto land but I don't know pretty much everywhere


land these days.


How's it going?


Good.


I hear you say wild week and then I think to myself it's all relative.


This was a particularly wild week but also probably wild by anyone's definition.


Let's talk about it.


Let's get to it.


We're going to dive in for this episode for just for context for those watching.


If this is your first time watching this on the show we dive into all things post quantum


digital asset security but we also do other episodes where we'll talk on broader parts


of the industry whether it be related to what's happening now with Bitcoin, whether it


be other areas of crypto, DeFi.


We're going to be talking about Reddit and GameStop a little bit.


The whole Robinhood fiasco, Elon team, Bitcoin and Mauhrs and a little bit of QRL at the


end.


Strike before I dive into my first question that I want to ask.


I want to just roll the tape back just a few days to give the viewers at home just a little


bit of context on where this whole GameStop, a Reddit, Wall Street Betz, fiasco.


How would all kind of start in?


For those of you watching at home really quick, what happened was a few days ago a lot


of public attention naturally all over the place has been made around what Wall Street


Betz is.


In short, Wall Street Betz is a subreddit.


It's kind of like Fort Chan meets Bloomberg investing.


At least what they've coined it and what happened was late last year, within the community


they saw that large hedge fund had been heavily shorting GameStop, GME.


GME obviously for the past few years, GameStop has a lot of physical locations.


They sell stuff in person, obviously with COVID that didn't help their business but it


would slowly going down.


Just any time that a short is being squeezed, let's say a stock is at X amount of dollars.


Let's just use 100 for an easy example.


If that stock is to go down, the people that have shorted that stock, they're borrowing


it and selling immediately and then hoping to cover it later to make a profit on that


difference.


What happens is if the opposite happens, they can be in big trouble.


What happened is retail investors, people, the masses within Wall Street Betz were putting


calls and they were purchasing shares at the stock and then the brokers are getting nervous


that they weren't going to get paid.


Then the people, the hedge funds, the big money was forced to be able to have to cover.


When all the clothes is short all around the same time at once, that is essentially what


a short squeeze is and that elevates the price up.


This is what ultimately led to what we're seeing now.


This was the first example.


You're seeing this with AMC.


You're seeing this with Bed Bath and Beyond and a slew of other companies.


In essence, that's what got this whole thing started.


I want to dive into the whole Robin Hood stopping securities, the buying of securities.


I think this is obviously more is going to come out over the next few weeks if you're


watching this now or maybe it's already passed at this point.


There's more to it than there's three sides of the story, but this is really kind of,


it's still concerning.


What I want to do first strike is I want to ask you as a starting opening question, I want


to ask, do you buy into the narrative that Robin Hood has said, they've came out and


stated, I think on CNBC yesterday they said, hey, we are Robin Hood, we're limited to


the buying of securities and absolutely we did not do it for hedge funds for market makers


and they said that as Robin Hood, I'll just read the quote real quick, there are brokers


firm, we have a lot of financial requirements for net capital requirements in clearing


house and it wasn't a liquidity problem, do you buy into that or not at some watch or not at


all?


Good question.


I'm going to prefix with, this is my opinion, opinions may vary even within this project,


but these are my thoughts about it.


Robin Capital was one of the biggest funds that was shorting GameStop or GME, so they were


short selling as you said.


So Redditors and gamers pushed back, they saw this using publicly available data right


and then they decided to all at the same time start purchasing the stock and they resulted


in the short squeeze which moved the price up to what $500, $600 or something like that.


To your question, GameStop, their stock ceased to be traded on Robin Hood because Robin


Hood simply did not allow purchasing anymore, they only allowed you to, I think they said


close, fully close the positions or simply just not be able to purchase which drove the


price down.


So this to me, this was very reminiscent of the Koch brothers in 1980 when they cornered


the silver market and drove the price of silver to $50, $51.00, $51.00.


Right there in 1980 and the comics stepped in and said, hey, you can't do this.


Which very much sounds like, hey, the wrong, the system works as long as the right people


make money and the wrong people lose money.


That's how this system works.


You can't do that.


We're going to change the rules because this is not how this is not how this system functions.


So I think I possibly might have revealed part of my opinion already, but to put things


into context, according to a June report from the financial times, $39 million of Robin


Hood's revenues from equities and options came from Citadel securities, a market maker


sister, Fermi Citadel, which essentially makes Citadel, it essentially makes Citadel one of Robin


Hood's biggest customers.


So Robin Hood has hedge fund customers.


If Robin Hood's customers are hedge funds, what is their product?


So the same logic kind of sounds like, if Facebook doesn't charge for social networking,


what's the product?


If you're not paying for the product, you are the product.


So if you look at an example, say Facebook, if you look at the average of what a user,


I think it's like $4 a month.


So it's like adds up to be like $50 a year is what you are worth if you're an average


user on the platform.


But for Robin Hood, it's just kind of comical in the sense too because obviously, the


whole story of Robin Hood and then the idea of no commissions and stuff, they should be


on the side of integrity.


And I'm sure more will come out on it, but I'm just kind of adding on to your point.


Yeah, I mean, for retail that are trading on Robin Hood, to me, it's kind of like the old


poker joke if you look around at the table and you can't spot the sucker.


That's how that goes.


So that's my opinion.


It'll be really interesting to see how this plays out because I think I saw something


on news that they were going to do a congressional, at least it was suggested, a congressional


hearing to look into it.


And if you look at it, this is the second time in as many months that a group of people


have organized and essentially overthrown a large establishment.


Right?


So in my head right now, I'm the plankton, if you will, our turning on the whale shark.


They're realizing that they've been getting devoured and they're losing their brothers


and sisters and families.


So this is what I see playing out in my head.


I think another part to add is that in Wall Street, in the financial crisis of 2008, a lot


of risk was taken and in the end of that, unfortunately, retail, a lot of retail investors


got screwed.


And I think there's a lot of battle scars, or not really battle scars, but just kind of like


a very sour taste and a lot of people's mouth.


And this time around, a lot of those people that maybe at the time were a little bit younger,


they have a bit more spending power as a retail investor now.


They don't necessarily have the best view of Wall Street.


No, that's a great point, right?


Because at that time in 2008 was a shock to many people, but it really put front and center


this concept of moral hazard, right?


If I'm going to get bailed out anyway, then my exposure is not as much as it is for someone


else, because I've got, I will get bailed out because, you know, the whole too big to fail


thing.


I will get the safety net.


The other guys don't get the safety net, so I can take on more risk.


And essentially what this is, much like my shirt is a nonviolent protest against the


negative 10 degree weather outside here in Wisconsin.


Bitcoin is a nonviolent protest and a fight against systemic financial inequality.


And what's happening here is we're seeing people start to realize this.


So it's always been there, Bitcoin and social media and increasing the basement of currency


and all the COVID, all of these multifaceted things all coming together are creating almost


what appears to be like this perfect storm of something yet to come.


Well, I think that will fill in the blanks.


Yeah, and I think one of the quotes I saw I'll probably be paraphrasing a little bit,


but it was one I saw the other day and it was regarding, hey, if one hedge fund screws


over a million people, they think that's okay.


But if a million people screw over one hedge fund for them betting against a company, then


it's like they try, they want a different, you know, different set of rules.


So it's, I'm paraphrasing on the exact quote, but it's obviously, you know, it's pretty,


evident what's occurring, but I want to segue moving on from the Robinhood, if you ask


hopefully, you know, stuff will get figured out there a little bit, but it's alarming


regardless.


I want to move into a topic of Elon Musk, Jack Dorsey, among others have pretty much been


subtly with their, you know, a strong clout on Twitter by putting one word bios of Bitcoin


into their profiles, they have, you know, boosted it to, you know, not, maybe not to Mars,


but they've pretty much given a signal that, you know, their believers in it, obviously,


we know Jack Dorsey would square everything.


They've, he's been a big backer for a long time, but as more people are recognizing it,


it's slowly moving more into the mainstream and it's getting to a percentage point where


after that, it's going to gain a big, I just think it, you know, once it hits, you know,


2.5% or whatever the adoption number is, it's going to matter more and more over time.


So let's just dive into that for a second.


What are your thoughts on the whole, Elon, does he have BTC and their treasury for a Tesla


and SpaceX, what'd you take?


My first take is I wish Elon would have timed a little bit better because I think it was


like two in the morning here and my phone was going, buzz, buzz, buzz, buzz, with the Bitcoin


price fluctuating as much as it was.


But you know, I have to wonder, is Elon's timing on, promote, you know, with his, updating


his bio on his Twitter with the word Bitcoin, you know, eight bytes Bitcoin plus the little,


you know, the little icon.


Yeah.


It was that, was that timing based on, you know, these recent events of, you know, a


Redditor's rising up against financial inequality or was that the, you know, Mr. Sailor,


the little birdie whispering in Elon's ear, I really don't know, maybe it was both.


But his, his timing, you know, is timing on the Twitter post was, I guess ironic.


But I guess we may never get, we never get that question answered, which if he's going to,


if he's going to post on Twitter and update his bio to say Bitcoin and then say, um, in retrospect,


or in hindsight, it was bound to happen anyway, whatever the word he was.


It makes you wonder, would you, would you pull something, richest person in the world or not?


Would you pull something like that without having some skin in the game as far as cryptocurrency


goes or as far as Bitcoin goes?


I don't, I don't know if it matters at that level, but it kind of see, it would seem with


Elon being such a logical thinker.


It might seem, to me, it seems a little paradoxial, but yeah, that's my thought.


Seems a little bit more serious than a Dogecoin means, but that's, that's, that's, is my,


my take on it.


But, uh, regarding all of the stuff, whether it be the stuff with, um, you know, pushback


against the establishment with Wall Street bets, a lot of retail versus Wall Street.


Is this a good thing, uh, of signs to come, um, just in general for, not just, even just


in crypto is for outlook.


Let's just say, I don't know, three, six, 12 months is, is a good sign, bad sign, what,


what's your opinion on that?


So that depends on who you are.


You pro crypto or you, are you, um, you know, a profia or not it end up, you know, haven't,


not been able to, and I'm, I'm not faulting anyone that hasn't been able to make this transition,


because this is in a, in a piffany moment, when you really start to question what money


actually is, and then you change it in your head.


It's like, it's like a light switch like this.


Um, you know, and, you know, and this goes against, um, you know, this goes against decades,


decades more of, uh, you know, in, you know, institutional programming.


So that's difficult to get past.


So, um, it, it, is it, is it good or it's, Elon is like the gold standard for investment.


Okay.


If in 2020, if you were in, if you were in, uh, uh, Tesla stock, you prob, you know, you've


gotten at least a few high fives from, you know, from others that you talked into buying


Tesla stock stock as well.


Um, Bitcoin's, Bitcoin's essentially considered, considered to be the gold standard for


crypto.


So, is this good?


I think this is good because what you have are these, these two dominant forces of the gold


standard of investment and the gold standard of crypto coming together.


And now they're about to start a beautiful family with a bunch of retail offspring.


Yeah.


And I think, and I was just more asking of like asking is if I had no opinion on it just


to kind of get your take.


But I think it's a good sign as well.


I think it's, there's a lot of factors that are all kind of coming together and a


right time for it to all snowball.


I do not think if it wasn't for, you know, COVID, I think this might have been less amplified.


But I think a lot of people have, you know, there's a lot of variables that play into it


of, you know, why people have so much attention or are paying so much attention to stuff.


People are online more.


People are, you know, have are definitely investing differently.


People are speculating, but for the industry as a whole, for crypto, I think a lot of good


things are to come in 2021.


And I think we're only very early into it.


So I want to close out this episode by asking you with all the stuff going on, we're


only very recently into 2021.


How does QRL fit into this whole picture with everything that we've been talking about


in this episode?


Strike.


Sure.


So if you know, if you're not familiar with the QRL, we are.


A purpose built quantum, provably quantum secure blockchain project.


We're not in ERC20.


We have our own, you know, it's our own chain.


We're running for over two years.


And what we do is we are essentially, I would say we're a quantum insurance policy that


supports bitcoins fight against systemic financial inequality.


In other words, we like Bitcoin.


We like Ethereum.


We like these big cap coins.


We're not saying we're better.


I've said this before.


We're better than they are.


But what we do want you to do is consider, you know, consider your risk and your exposure


to new and upcoming technologies, you know, specifically, you know, specifically the quantum threat.


And if you haven't read much about the quantum threat, there's, we've done, I'd say


quite a bit of material on our YouTube channel that breaks a lot of it down.


To make it simple, the private, you know, if you have a Bitcoin wallet, you have a private


key and you have a public key and you have a Bitcoin address in the addresses, whatever


one sends to be enabled to take a public key and be able to potentially, you know, theoretically


with a quantum computer using what's called Shores algorithm, you're able to turn that into


a private key.


Because more and more time passes is starting to look like a future inevitability.


So our project is essentially this quantum insurance policy that, that helps you keep your


digital asset secure.


So we're building out, you know, we have multiple projects that we're working on.


I know one of which is on-claid.


If you haven't heard about on-claid, it will allow you to quantum secure actual Ethereum


and a select subset of the analytics right here.


Yep.


And that's one of our projects.


We also have an ephemeral messaging project, which is going to be a way that we're going


to try and tie in third party developers and being able to create their own quantum secure


applications.


The at quantum secure, give them the keys, the post quantum keys, so to speak, in order


to develop, say, a post quantum version of Skype or a post quantum version of a messaging


app, something like that.


So these are all projects we're working on.


The team is made up of quantum computer, optimistic, you know, speculatively optimistic


professionals.


And that's our position.


So check us out if you haven't yet at dub, dub, dub, dub, dot, qRL.org.


And in the meantime, until Y2Q, as we call it, Ryan will continue to provide you weekly


updates in the crypto and blockchain universe.


So yeah, I appreciate it, strike.


And no, if you enjoy this episode, make sure that you hit that subscribe button.


That way, when we come out with next videos, you will be the very first to know.


And strike, there's a lot covered today this week.


I feel like every day is a week and every week is like a year lately with how much is


moving in the space.


But I think it's, you know, net positive, moving in the right direction, even though there


are, if you're watching this, there are a lot of like scary aspects of, you know, people


think about it, like, you know, family members, people have a lot of money in different


places.


Maybe people don't know too much about crypto, but I think the most important part is whether


you are very new to being in the crypto industry or you've been around for a while is just


making sure that you are helping educate people.


You're not trying to throw it all in their face right away.


Try to make sure that you're just taking a few things.


So if you're watching this video and you're like, well, I kind of, you know, I'm curious


about the quantum thread or anything else.


First start out, go to the curel.org, read through our white paper.


If you're new, this is your first video, watch if you over old videos and just try to get


a little bit of a taste, a little bit of understanding about what Shor's algorithm is, ECDSA


really understanding what the, you know, fundamentals are and then you can start to dive down


the rabbit hole more and strike.


I appreciate you diving into a few different topics, both the, you know, very new noteworthy


news topical ones and dive into a little bit more specifics, but I appreciate it.


Thank you.


Awesome.


Until next time, we will see you in our next week's video.


Before then, make sure you keep in your digital assets secure and we will see you in next


week's video.


Yes.


The QRL Show | News Roundtable (LIVE June 11th @ 2pm EST/11AM PST)

Today's episode, we are doing a QRL live news round table and discussing everything from the latest at El Salvador.


Adopting Bitcoin is legal tender all the way to the latest with the whole colonial pipeline fiasco in the latest and greatest with that.


Let's dive in today's episode and see what it has in store.


Hey everybody and welcome back to another episode of the Quantum Resistant Ledger Channel where you've come for the crypto and you stay for the quantum.


On today's episode, we're going to be doing a QRL news round table where we take some of the most noteworthy topics in both crypto and quantum.


We're going to break down and provide you with a little bit of context in case you're not familiar with the story.


Then we're going to give you our take and also we want to know what you think.


With me for today's episode is our director of outreach at the QRL, Michael Strike.


Strike, it is great to have you with me for today's episode and discuss a couple of exciting topics in the world of crypto and quantum.


We're going to go over a few things. We've spent a lot of movement since our last episode.


We got ransomware as a service running a mock. We got oil pipeline interruptions.


We've got country starting to declare crypto as legal tender, crypto greed and fear index.


Is that extreme fear, dogs and cats living together? Crypto mass hysteria.


Let's chat. Sounds good. Well, the first one we're going to be diving into is we're going to talk about the whole Bitcoin colonial pipeline fiasco with ransomware and talk about dark side.


We're going to start back is the timeline. It's going to start out in early May.


We're going to get up to speed with what's happened this past week and lead you through the timeline and talk about a couple of the specifics.


I'm going to pop up this part right here which is the BTC dark side and colonial pipeline fiasco.


Then strike, you're going to walk us through a timeline and then we're going to go from there.


I'm assuming the recovery of BTC is referencing the Feds, not the Fiat price.


Let's do that.


All right.


There's everything for the past few weeks has been about this colonial pipeline hack.


There's been a lot of speculation as to how this went down.


If you look at a timeline, if you pull together all of the information available and you try to construct a timeline,


you'll see that at some point in time there was a Russian group dark side that hired a software as a service group called our evil.


They wanted what they purchased essentially, they purchased some software or purchased the service in which to launch them, a list of attacks.


So here's where it all started. On the fifth, on May 6th, you've got dark side launches of the attack and against colonial pipeline.


Stealing data, locking computers and just requesting a meager ransom of 75 Bitcoin.


So that was the sixth.


The next day, colonial pipeline, in bear with us, this is not a small pipeline.


They've got 5,500 miles and if you're overseas, that's like 8,800 kilometers of pipeline.


It's quite a big stretch.


This is the big deal.


So immediately, the next day they pay the ransom of 75 Bitcoin, essentially, either within hours of the attack or directly the next day.


At the same time, they also alert the FBI as to what's going on.


So that's the Federal Bureau of Investigation.


The next day on the 8th, still in May, colonial pipeline publicly announces the attack, then shuts off servers and some pipelines.


The day after that, they make a public announcement discussing how it plans to restart their systems after they had already paid the ransom two days ago.


So the FBI at that point confirms that Dijk's Dijk's ransomware caused the attack and that the colonial pipeline released two more statements around its restoration process.


On the 11th, a day later, and all this is just happening day after day after day, there's a new angle to the story.


Federal agencies release an advisory describing Dijk's site ransomware and mitigation strategies while colonial pipelines releases a statement around its fuel shipping.


That same day, colonial pipelines website goes offline for a portion of the day.


And after that, more than 1,000 fuel stations have run out of gasoline. This is on May 12th, resulting in panic buying in the southeastern United States, mostly.


And that's per Bloomberg radio.


The average US price of gasoline broke above $3.00 through US dollars a gallon for the first time in 6.5 years as the East Coast ran low on fuel.


And the following the rest of what happened in May, eventually on May 12th, having started on May 6th.


So not, you know, week later, just under a week, colonial pipeline restores operations and announces fuel delivery times amidst panic buying of gasoline.


So it almost appears at this point that the story has ended.


However, fast forward to June after a few weeks, the FBI's undoubtedly been hard at work at this point in time.


And they go to a judge in California and they get a search warrant.


And I believe I have a copy of that right here. Give me just a second.


And just while you're pulling that, yeah, and just as you're pulling that up right now, here's Drake.


Here we are. We got a repair strike.


Yeah, can you see that? Okay, so this would be June 7th.


A few weeks after, services were brought online. And if you look here, it says in San Francisco, Northern District of California and San Francisco.


All right, so close that.


And after that, okay, so that same day, so that was signed at 9.10 AM.


And at 12.40 PM, the US government executes the search warrant and recovers 63.7 Bitcoin of the ransom that was paid to Darksight, according to US Department of Justice officials.


So a few notes, a few notes as to far as what happened.


First off, the FBI was very tight-lipped, obviously, about how they were able to acquire a private key for this address.


They made it clear that they want to be able to, while they want to deter crime like this in the future, they don't want to give up their secret sauce for the process.


There is actually a Bitcoin address on this, and we can post this in the notes below.


Yeah, we just post the link that you are out to it.


Yeah, so, you know, and law enforcement is entirely against paying their ransom in the first place.


I mean, obviously, you know, sheriffs, judges, they don't have stockholders to report to.


It's probably a little bit easier, but, you know, they're against this because as more ransoms get paid, the incentives increase, right?


So law markers are actually considered making crypto ransomware payments illegal here in the US, so that the cybersecurity ownership, complete ownership, falls on the, you know, the corporations themselves or the entities themselves.


So what are the some of the possibilities here?


We saw, here's one, here's one thought, we saw that the search warrant was executed in San Francisco. Now, many of us may know that Kraken has an exchange in San Francisco.


But which is a CEX, which is a centralized exchange, right?


So, but doesn't that kind of almost seem like a rookie mistake?


I'm not entirely sure because dark side hired our evil, all both Russian groups, to, in order to provide the soft, the ransomware as a service.


So perhaps that this was an oversight on their end, you know, from their perspective, a horrible mistake, and they ended up storing their Bitcoin on Kraken.


We really don't know.


Yeah, and you would also think that based on the sophistication of it, in the first place you would find it hard to believe that a few weeks time would pass.


I'm sure obviously during that time a lot was going on, but you wouldn't think that they would use a CEX that's located within the United States jurisdiction.


I mean, we can draw what potential conclusions are, what actually happened, but it would be hard to be shaken your head if that actually, that was the case, but you can't completely, you know, rule it out altogether though.


Yeah, so I only, I've got a list of like four ideas and none of them I'm entirely fond of, but I think that one of them are probably likely.


Another possibility, hubs, hubs on the internet, deploying traditional TCP IP, deep pack and inspection, you know, could have been done by the federal government at United States internet backbone hubs, allowing the feds to find transactions submitted to a Bitcoin node and then geo locate the address.


There were a number of transactions that were, that were done and sent to nodes over the internet before all of these before the 63.7 landed in its final wallet.


So that's another possibility.


It is not that much of a stretch to think that, you know, that there's a deep packet inspection going on with traffic on the internet because, you know, even with the address and scheme and the hashing of Bitcoin, the transactions themselves aren't, the transactions, transactions themselves are still clear text.


So, yeah, so, you know, also perhaps, perhaps centralized exchange provided the wallet address in the United States to federal authorities, or maybe centralized exchanges use a root master hash of addresses.


So when they saw the destination on the output, maybe they knew where to look and there's, there's something there on how the, on how centralized exchanges use had create their own.


Possibly even create the Bitcoin addresses. I don't know.


Other possibility, maybe there was an insider, insider help from Darkseid, who knows?


Yeah. Well, those are like a couple there and then if you're watching this at home, whether you're watching this now or later at a different time.


Comment below, we'd love to know what your, what your take is on, on this, whether you think it's as one of the potential ways that it happened based on what Michael said.


And if you got a different take, we'd love to hear what it is.


And what we're going to be moving into now as far as news topics is probably the biggest news this week in the crypto world.


And that is, else sell it or becomes the very first country to adopt Bitcoin as legal tender.


And there are a lot of parts to dive into here, but it's really notable for a number of reasons.


Strike, I would like to ask you first kind of what your take is on this and then I can dive into some stats and numbers and why this actually has a big effect on El Salvador and we'll kind of just go back and forth on this a little bit because I know not only in crypto Twitter, but this is probably big news moving forward.


Whether it seems like a small step now, it could potentially turn into something where other countries end up doing the same thing and putting it on their balance sheet down the road.


But strike what's your take on this situation?


Yeah, so we saw this in the news, you know, bottom line on the previous conversation, Bitcoin isn't broken.


Something happened. Nobody really knows what had happened except for the people that executed it.


So for El Salvador, okay, so as many of us know El Salvador became the first country in the world to adopt Bitcoin as legal tender after their Congress approved president.


His name is naive.


Okay, yeah, okay, let his proposal to embrace the crypto currency, which was ended up being, you know, a move that delighted cryptocurrency supporters, not just within his own country, but across the world, right?


So, in one of the reasons for that is El Salvador doesn't have its own sovereign fiat currency, you know, all currencies in the world are some sort of, excuse me, some form of fiat.


They don't have theirs so they use the US dollar.


Yeah, and I think they moved over, I think it was in 2001, they had the cologne, I might be butchering it, but it was called the cologne and then a hundred of those you had sentos, but they had a civil war and then after that, they said, I think it was 2001, then they moved over to the US dollar.


So that's actually important to know is we keep talking about this.


Excellent, yeah. So with 82 out of 84 possible votes, lawmakers voted in favor to adopt Bitcoin, despite concerns about the potential impact on us, El Salvador's program with the international monetary fund.


So here's one thing, you'll see a lot of, you'll see a lot of critics that are talking about this.


It's like, this is a stupid move. Why would they do this? Bitcoin's too slow. I want to address this one thing, first off, about Bitcoin's speed.


Because I don't think we've, I don't think we've ever even mentioned this. First off, Bitcoin's not too slow. I'll give you an example.


And I sent a Bitcoin transaction, I submit it to a node, which looks at the current blockchain, invalidates whether or not that's a valid transaction based on the current state of the ledger.


Now for small transactions, even for things like coffee, you could easily, a company could easily just run a Bitcoin node, receive the transaction, verify that at that point in time it is a, you know, it is a valid transaction.


That doesn't mean they're going to be the ones that solve the cryptographic hash puzzle and get the build the next block, but they can at least see the ledger, see the transaction and see that that person has the funds in their, you know, that they have funds available in order to spend that amount of Bitcoin.


So that's a low risk. I mean, I can't think of anyone who's going to try and do a double spend on a cup of coffee. So I'm going to dispel that rumor right now that Bitcoin's too slow.


And a lot of, and if you look at with exchange CEXs that are waiting for one, two, three, sometimes more than three confirmations, which can take upwards of 20 minutes.


They're just doing that because that's an umbrella amount, they're covering an umbrella of transactions of which could be any amount.


And at some point there is a, there is, there is probably a transaction that could incentivize based on game theory that it would make sense to, you know, perform some sort of attack.


So I wanted to cover that one right away. So with El Salvador's movement in this, they're kind of becoming the Michael sailor of corporations, right as Michael, as sailor, decide, as came out very publicly and bravely,


just announced that he was starting, that he's adding Bitcoin to the balance sheet of micro strategy, broad in Elon Musk, which is, well, we'll leave, we'll leave Elon out of this for right now.


But El Salvador is the first country to make Bitcoin legal tender. And I think this is crucial for adoption for other countries, not necessarily larger countries.


But other countries, it kind of starts this snowball that starts to roll down here.


So is the adoption of, I mean, just look at these trends, ask yourself, look at these trends, is the adoption of Bitcoin, crypto currencies inevitable?


Yeah. And let me build on top of that way. Yeah.


Yeah. And let me build on top of this. This is extremely important when we're using El Salvador in this instance, obviously because of the first, but one of the biggest parts that we need to talk about here is inclusiveness.


So when you talk about the US, if you think about people, there's the terms, there's unbanked and then there's underbanked.


So when the US, maybe 5% of people are unbanked and then maybe have somewhere in the teens of people that are underbanked, so that means that maybe they have, but the people that are unbanked, absolutely no banking, they're going to, you know, payday loans, things of that nature.


If we look at El Salvador, guess how many people in El Salvador are unbanked? It's 65 to 75%. I think it's 65 to 70% of people in El Salvador are unbanked.


So you have a population of just under 6.5 million people that are unbanked.


So if you think about our instance is, and if you're watching this YouTube video, you have internet access, you probably have a bank account yourself, but you have to think of, okay, no savings account, a hardware wallet to them, could be their lifeline, could be their savings.


So when it comes to El Salvador or Salvadorans that are, you know, there's 6.5 million of them, let's just say 4 million are not unbanked.


Then you also have 1 to 2 million people that are Salvadorans that live in the US, and the most amazing stat here is that 22% of El Salvador is GDP is remittances.


So that is sending money, sending gifts, sending money for food back home, and that alone, that is shocking, but the craziest part about that is the fees that are associated with these remittances.


So some of these fees could be 30, 40, 50%.


So when people are sending this harder money home to people, their family members, their loved ones in El Salvador, they're getting chewed almost in half with the fees alone, and Bitcoin can help them.


And with examples such as like Lightning Network and stuff, they can be a more stable transaction, but I think a few of those stats of GDP, 22% of it is remittances within El Salvador.


It's really important for you if you're watching this video in a first world country to understand that it's a much more dire and important situation with inclusiveness and giving people the opportunity to take parts and not just worrying about where their precious dollars are going to go.


So I just wanted to make sure that I brought that part into the conversation because it's really important because when you're talking about North America and European countries and areas in Asia, we don't see it in the same perspective as they do, but El Salvador, we can be talking Argentina, Guatemala, other Latin American countries, other areas around the world for them.


It's a much different situation and Bitcoin can be a lifeline for them.


So it's really important to bring that part up.


It does a really good point, Ryan.


I mean, as a US citizen, I try to put myself into a position of what unbanked feels like, what that could be like, you know, carrying cash all the time around me.


You know, and I start to, that makes me start thinking about the evolution of this technology.


I'm going to make a prediction.


Let's see this. By the end of this decade, you will have smartphones with biometrics that are able to take a biometric input and use that as a deterministic hardware wallet with an integrated secure element into a smartphone.


So there's a lot of unbanked, but at the same time, there is internet access in a lot of places that are unbanked.


So I think partial end game here, at least within the foreseeable future, is everything being on your phone, cryptocurrency being biometric based deterministically.


And I think these are real possibilities. That's my prediction for by the end by 2022.


By the end of the end of the decade, or by the end of the end of the decade.