WEBVTT Kind: captions Language: en 00:00:16.260 --> 00:00:18.990 align:start position:0% hi<00:00:17.260> everyone<00:00:17.529> it's<00:00:18.099> a<00:00:18.189> real<00:00:18.460> honor<00:00:18.670> to<00:00:18.760> be<00:00:18.970> here 00:00:18.990 --> 00:00:19.000 align:start position:0% hi everyone it's a real honor to be here 00:00:19.000 --> 00:00:20.249 align:start position:0% hi everyone it's a real honor to be here and<00:00:19.449> a<00:00:19.509> real<00:00:19.660> honor<00:00:19.810> to<00:00:19.929> have<00:00:20.080> that 00:00:20.249 --> 00:00:20.259 align:start position:0% and a real honor to have that 00:00:20.259 --> 00:00:24.419 align:start position:0% and a real honor to have that introduction<00:00:20.740> for<00:00:20.890> metallic<00:00:21.279> thanks<00:00:22.000> B<00:00:23.429> so 00:00:24.419 --> 00:00:24.429 align:start position:0% introduction for metallic thanks B so 00:00:24.429 --> 00:00:26.249 align:start position:0% introduction for metallic thanks B so this<00:00:24.460> first<00:00:24.880> Hall<00:00:25.150> actually<00:00:25.810> is<00:00:25.900> going<00:00:26.019> to<00:00:26.080> be 00:00:26.249 --> 00:00:26.259 align:start position:0% this first Hall actually is going to be 00:00:26.259 --> 00:00:32.100 align:start position:0% this first Hall actually is going to be on<00:00:28.140> there<00:00:29.140> we<00:00:29.199> go<00:00:29.320> um<00:00:29.580> on<00:00:30.580> the<00:00:31.480> problem<00:00:31.990> space 00:00:32.100 --> 00:00:32.110 align:start position:0% on there we go um on the problem space 00:00:32.110 --> 00:00:35.250 align:start position:0% on there we go um on the problem space rather<00:00:32.529> than<00:00:32.619> the<00:00:32.770> solution<00:00:33.129> space<00:00:33.780> this<00:00:34.780> yeah 00:00:35.250 --> 00:00:35.260 align:start position:0% rather than the solution space this yeah 00:00:35.260 --> 00:00:36.779 align:start position:0% rather than the solution space this yeah so<00:00:35.680> I'm<00:00:35.770> not<00:00:35.920> going<00:00:36.070> to<00:00:36.129> talk<00:00:36.250> about<00:00:36.399> Casper 00:00:36.779 --> 00:00:36.789 align:start position:0% so I'm not going to talk about Casper 00:00:36.789 --> 00:00:37.799 align:start position:0% so I'm not going to talk about Casper directly<00:00:37.180> I'm<00:00:37.300> just<00:00:37.420> going<00:00:37.539> to<00:00:37.570> talk<00:00:37.690> about 00:00:37.799 --> 00:00:37.809 align:start position:0% directly I'm just going to talk about 00:00:37.809 --> 00:00:39.540 align:start position:0% directly I'm just going to talk about you<00:00:38.020> know<00:00:38.110> what<00:00:38.379> is<00:00:38.530> this<00:00:38.920> problem<00:00:39.250> that<00:00:39.370> we're 00:00:39.540 --> 00:00:39.550 align:start position:0% you know what is this problem that we're 00:00:39.550 --> 00:00:42.029 align:start position:0% you know what is this problem that we're trying<00:00:39.610> to<00:00:39.760> solve<00:00:39.960> with<00:00:40.960> wat<00:00:41.199> scenes<00:00:41.440> and<00:00:41.739> with 00:00:42.029 --> 00:00:42.039 align:start position:0% trying to solve with wat scenes and with 00:00:42.039 --> 00:00:45.240 align:start position:0% trying to solve with wat scenes and with these<00:00:42.610> senses<00:00:43.000> protocols<00:00:43.390> and<00:00:43.570> then<00:00:44.050> in<00:00:44.350> after 00:00:45.240 --> 00:00:45.250 align:start position:0% these senses protocols and then in after 00:00:45.250 --> 00:00:46.729 align:start position:0% these senses protocols and then in after lunch<00:00:45.399> I'm<00:00:45.640> going<00:00:45.670> to<00:00:45.789> give<00:00:45.910> a<00:00:45.969> talk<00:00:46.149> on<00:00:46.329> Casper 00:00:46.729 --> 00:00:46.739 align:start position:0% lunch I'm going to give a talk on Casper 00:00:46.739 --> 00:00:51.660 align:start position:0% lunch I'm going to give a talk on Casper so<00:00:48.930> firstly<00:00:50.039> let's<00:00:51.039> start<00:00:51.219> off<00:00:51.280> a<00:00:51.399> little<00:00:51.550> bit 00:00:51.660 --> 00:00:51.670 align:start position:0% so firstly let's start off a little bit 00:00:51.670 --> 00:00:53.130 align:start position:0% so firstly let's start off a little bit of<00:00:51.789> background<00:00:51.940> so<00:00:52.539> what's<00:00:52.719> a<00:00:52.750> consensus 00:00:53.130 --> 00:00:53.140 align:start position:0% of background so what's a consensus 00:00:53.140 --> 00:00:55.410 align:start position:0% of background so what's a consensus protocol<00:00:53.530> just<00:00:54.250> I'm<00:00:54.670> going<00:00:54.940> to<00:00:55.000> not<00:00:55.120> be<00:00:55.269> too 00:00:55.410 --> 00:00:55.420 align:start position:0% protocol just I'm going to not be too 00:00:55.420 --> 00:00:57.810 align:start position:0% protocol just I'm going to not be too formal<00:00:55.660> just<00:00:56.079> like<00:00:56.320> pragmatically<00:00:56.859> cuz<00:00:57.699> it's 00:00:57.810 --> 00:00:57.820 align:start position:0% formal just like pragmatically cuz it's 00:00:57.820 --> 00:00:59.220 align:start position:0% formal just like pragmatically cuz it's protocol<00:00:58.210> it's<00:00:58.809> something<00:00:58.929> that<00:00:59.079> computers 00:00:59.220 --> 00:00:59.230 align:start position:0% protocol it's something that computers 00:00:59.230 --> 00:01:01.020 align:start position:0% protocol it's something that computers use<00:00:59.410> to<00:00:59.800> agree<00:01:00.160> on<00:01:00.190> the<00:01:00.460> state<00:01:00.670> of<00:01:00.699> some 00:01:01.020 --> 00:01:01.030 align:start position:0% use to agree on the state of some 00:01:01.030 --> 00:01:05.550 align:start position:0% use to agree on the state of some application<00:01:02.879> that<00:01:03.879> basically<00:01:04.869> the<00:01:05.229> important 00:01:05.550 --> 00:01:05.560 align:start position:0% application that basically the important 00:01:05.560 --> 00:01:07.020 align:start position:0% application that basically the important thing<00:01:05.680> is<00:01:05.799> that<00:01:05.830> since<00:01:06.189> protocols<00:01:06.610> are<00:01:06.729> useful 00:01:07.020 --> 00:01:07.030 align:start position:0% thing is that since protocols are useful 00:01:07.030 --> 00:01:08.730 align:start position:0% thing is that since protocols are useful for<00:01:07.060> making<00:01:07.390> really<00:01:07.750> reliable<00:01:08.110> systems<00:01:08.560> out 00:01:08.730 --> 00:01:08.740 align:start position:0% for making really reliable systems out 00:01:08.740 --> 00:01:10.380 align:start position:0% for making really reliable systems out of<00:01:08.920> unreliable<00:01:09.520> or<00:01:09.670> even<00:01:09.909> untrusted 00:01:10.380 --> 00:01:10.390 align:start position:0% of unreliable or even untrusted 00:01:10.390 --> 00:01:14.880 align:start position:0% of unreliable or even untrusted components<00:01:11.280> and<00:01:12.960> so<00:01:13.960> some<00:01:14.229> nodes<00:01:14.439> go<00:01:14.590> offline 00:01:14.880 --> 00:01:14.890 align:start position:0% components and so some nodes go offline 00:01:14.890 --> 00:01:17.249 align:start position:0% components and so some nodes go offline some<00:01:15.310> knows<00:01:15.520> they<00:01:15.880> badly<00:01:16.180> clients<00:01:16.960> can<00:01:17.049> still 00:01:17.249 --> 00:01:17.259 align:start position:0% some knows they badly clients can still 00:01:17.259 --> 00:01:20.010 align:start position:0% some knows they badly clients can still have<00:01:17.380> access<00:01:17.650> to<00:01:17.890> the<00:01:17.979> application<00:01:19.020> here's 00:01:20.010 --> 00:01:20.020 align:start position:0% have access to the application here's 00:01:20.020 --> 00:01:22.469 align:start position:0% have access to the application here's like<00:01:20.170> a<00:01:20.200> nice<00:01:20.409> you<00:01:21.009> are<00:01:21.579> the<00:01:21.640> only<00:01:21.820> drawing<00:01:22.270> in 00:01:22.469 --> 00:01:22.479 align:start position:0% like a nice you are the only drawing in 00:01:22.479 --> 00:01:26.190 align:start position:0% like a nice you are the only drawing in my<00:01:22.570> top<00:01:23.880> this<00:01:24.880> kind<00:01:25.090> of<00:01:25.150> shows<00:01:25.360> you<00:01:25.509> this<00:01:25.869> idea 00:01:26.190 --> 00:01:26.200 align:start position:0% my top this kind of shows you this idea 00:01:26.200 --> 00:01:28.770 align:start position:0% my top this kind of shows you this idea that<00:01:26.380> like<00:01:26.680> there's<00:01:27.159> like<00:01:27.340> some<00:01:27.880> nodes<00:01:28.240> who 00:01:28.770 --> 00:01:28.780 align:start position:0% that like there's like some nodes who 00:01:28.780 --> 00:01:31.679 align:start position:0% that like there's like some nodes who keep<00:01:29.020> that<00:01:29.229> some<00:01:29.799> state<00:01:30.070> as<00:01:30.909> a<00:01:31.060> result<00:01:31.180> of<00:01:31.479> like 00:01:31.679 --> 00:01:31.689 align:start position:0% keep that some state as a result of like 00:01:31.689 --> 00:01:33.990 align:start position:0% keep that some state as a result of like applying<00:01:32.140> some<00:01:33.040> changes<00:01:33.460> which<00:01:33.610> are<00:01:33.700> kept<00:01:33.880> in 00:01:33.990 --> 00:01:34.000 align:start position:0% applying some changes which are kept in 00:01:34.000 --> 00:01:35.730 align:start position:0% applying some changes which are kept in like<00:01:34.180> some<00:01:34.329> log<00:01:34.540> and<00:01:34.810> then<00:01:35.259> there<00:01:35.380> are<00:01:35.409> clients 00:01:35.730 --> 00:01:35.740 align:start position:0% like some log and then there are clients 00:01:35.740 --> 00:01:37.620 align:start position:0% like some log and then there are clients who<00:01:36.100> kind<00:01:36.399> of<00:01:36.460> are<00:01:36.670> able<00:01:36.880> to<00:01:36.970> interface<00:01:37.329> with 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wouldn't be deceptive so usually in 00:01:48.579 --> 00:01:50.069 align:start position:0% wouldn't be deceptive so usually in traditional<00:01:49.030> cos<00:01:49.270> protocols<00:01:49.719> we<00:01:49.840> have<00:01:49.960> like<00:01:50.049> a 00:01:50.069 --> 00:01:50.079 align:start position:0% traditional cos protocols we have like a 00:01:50.079 --> 00:01:51.929 align:start position:0% traditional cos protocols we have like a network<00:01:50.409> administrator<00:01:50.530> and<00:01:51.159> we<00:01:51.729> try<00:01:51.909> to 00:01:51.929 --> 00:01:51.939 align:start position:0% network administrator and we try to 00:01:51.939 --> 00:01:55.590 align:start position:0% network administrator and we try to guarantee<00:01:52.689> that<00:01:53.939> the<00:01:54.939> application<00:01:55.390> is 00:01:55.590 --> 00:01:55.600 align:start position:0% guarantee that the application is 00:01:55.600 --> 00:01:57.090 align:start position:0% guarantee that the application is available<00:01:55.719> distance<00:01:56.320> so<00:01:56.439> long<00:01:56.590> as<00:01:56.710> not<00:01:56.829> so 00:01:57.090 --> 00:01:57.100 align:start position:0% available distance so long as not so 00:01:57.100 --> 00:01:59.470 align:start position:0% available distance so long as not so many<00:01:57.340> knows<00:01:58.119> who<00:01:58.270> I<00:01:58.299> fine 00:01:59.470 --> 00:01:59.480 align:start position:0% many knows who I fine 00:01:59.480 --> 00:02:01.390 align:start position:0% many knows who I fine or<00:01:59.870> as<00:02:00.620> long<00:02:00.800> as<00:02:00.920> the<00:02:00.980> network<00:02:01.220> isn't 00:02:01.390 --> 00:02:01.400 align:start position:0% or as long as the network isn't 00:02:01.400 --> 00:02:03.640 align:start position:0% or as long as the network isn't partitioned<00:02:01.970> so<00:02:02.750> let's<00:02:03.260> go<00:02:03.380> through<00:02:03.560> these 00:02:03.640 --> 00:02:03.650 align:start position:0% partitioned so let's go through these 00:02:03.650 --> 00:02:05.530 align:start position:0% partitioned so let's go through these little<00:02:03.890> these<00:02:04.220> concepts<00:02:04.700> consistency<00:02:05.390> means 00:02:05.530 --> 00:02:05.540 align:start position:0% little these concepts consistency means 00:02:05.540 --> 00:02:08.290 align:start position:0% little these concepts consistency means that<00:02:05.810> traditionally<00:02:06.770> means<00:02:06.920> that<00:02:07.100> every<00:02:07.490> node 00:02:08.290 --> 00:02:08.300 align:start position:0% that traditionally means that every node 00:02:08.300 --> 00:02:11.500 align:start position:0% that traditionally means that every node has<00:02:08.450> the<00:02:08.600> same<00:02:09.430> like<00:02:10.430> an<00:02:10.580> identical<00:02:11.150> copy<00:02:11.180> of 00:02:11.500 --> 00:02:11.510 align:start position:0% has the same like an identical copy of 00:02:11.510 --> 00:02:13.300 align:start position:0% has the same like an identical copy of the<00:02:11.570> state<00:02:11.780> and<00:02:12.010> availability<00:02:13.010> means<00:02:13.160> that 00:02:13.300 --> 00:02:13.310 align:start position:0% the state and availability means that 00:02:13.310 --> 00:02:14.470 align:start position:0% the state and availability means that clients<00:02:13.610> are<00:02:13.640> actually<00:02:13.940> able<00:02:14.000> to<00:02:14.210> interface 00:02:14.470 --> 00:02:14.480 align:start position:0% clients are actually able to interface 00:02:14.480 --> 00:02:16.570 align:start position:0% clients are actually able to interface with<00:02:14.540> it<00:02:14.810> and<00:02:14.960> cause<00:02:15.110> changes<00:02:15.470> to<00:02:15.620> it<00:02:15.710> and<00:02:15.980> then 00:02:16.570 --> 00:02:16.580 align:start position:0% with it and cause changes to it and then 00:02:16.580 --> 00:02:18.430 align:start position:0% with it and cause changes to it and then this<00:02:16.700> is<00:02:16.790> famous<00:02:17.240> result<00:02:17.690> one<00:02:18.200> of<00:02:18.260> the<00:02:18.320> most 00:02:18.430 --> 00:02:18.440 align:start position:0% this is famous result one of the most 00:02:18.440 --> 00:02:19.810 align:start position:0% this is famous result one of the most important<00:02:18.740> results<00:02:19.040> in<00:02:19.130> consensus 00:02:19.810 --> 00:02:19.820 align:start position:0% important results in consensus 00:02:19.820 --> 00:02:20.980 align:start position:0% important results in consensus literature<00:02:20.240> is<00:02:20.390> called<00:02:20.570> the<00:02:20.630> cap<00:02:20.780> theorem 00:02:20.980 --> 00:02:20.990 align:start position:0% literature is called the cap theorem 00:02:20.990 --> 00:02:23.680 align:start position:0% literature is called the cap theorem which<00:02:21.560> that<00:02:21.800> if<00:02:22.610> there's<00:02:22.940> a<00:02:23.030> partition<00:02:23.480> then 00:02:23.680 --> 00:02:23.690 align:start position:0% which that if there's a partition then 00:02:23.690 --> 00:02:25.000 align:start position:0% which that if there's a partition then because<00:02:24.020> the<00:02:24.110> protocol<00:02:24.470> has<00:02:24.620> to<00:02:24.800> choose 00:02:25.000 --> 00:02:25.010 align:start position:0% because the protocol has to choose 00:02:25.010 --> 00:02:26.740 align:start position:0% because the protocol has to choose between<00:02:25.070> being<00:02:25.940> available<00:02:26.270> or<00:02:26.570> being 00:02:26.740 --> 00:02:26.750 align:start position:0% between being available or being 00:02:26.750 --> 00:02:28.870 align:start position:0% between being available or being consistent<00:02:27.230> and<00:02:27.410> you<00:02:28.070> kind<00:02:28.310> of<00:02:28.400> imagine<00:02:28.760> why 00:02:28.870 --> 00:02:28.880 align:start position:0% consistent and you kind of imagine why 00:02:28.880 --> 00:02:30.910 align:start position:0% consistent and you kind of imagine why that<00:02:29.030> is<00:02:29.180> because<00:02:29.480> if<00:02:29.690> there's<00:02:29.840> a<00:02:29.900> partition<00:02:30.350> a 00:02:30.910 --> 00:02:30.920 align:start position:0% that is because if there's a partition a 00:02:30.920 --> 00:02:32.830 align:start position:0% that is because if there's a partition a client<00:02:31.610> and<00:02:31.760> the<00:02:31.850> client<00:02:32.120> is<00:02:32.210> able<00:02:32.300> to<00:02:32.540> effect 00:02:32.830 --> 00:02:32.840 align:start position:0% client and the client is able to effect 00:02:32.840 --> 00:02:34.660 align:start position:0% client and the client is able to effect changes<00:02:33.320> then<00:02:33.710> different<00:02:34.310> clients<00:02:34.580> could 00:02:34.660 --> 00:02:34.670 align:start position:0% changes then different clients could 00:02:34.670 --> 00:02:35.920 align:start position:0% changes then different clients could affect<00:02:34.880> changes<00:02:35.120> on<00:02:35.270> either<00:02:35.570> side<00:02:35.780> of<00:02:35.810> the 00:02:35.920 --> 00:02:35.930 align:start position:0% affect changes on either side of the 00:02:35.930 --> 00:02:37.540 align:start position:0% affect changes on either side of the partition<00:02:36.080> and<00:02:36.440> we<00:02:36.560> would<00:02:36.710> lose<00:02:36.860> consistency 00:02:37.540 --> 00:02:37.550 align:start position:0% partition and we would lose consistency 00:02:37.550 --> 00:02:39.400 align:start position:0% partition and we would lose consistency because<00:02:38.060> the<00:02:38.420> application<00:02:38.990> state<00:02:39.170> would<00:02:39.320> be 00:02:39.400 --> 00:02:39.410 align:start position:0% because the application state would be 00:02:39.410 --> 00:02:40.690 align:start position:0% because the application state would be different<00:02:39.770> on<00:02:39.920> either<00:02:40.040> side<00:02:40.250> the<00:02:40.340> partition 00:02:40.690 --> 00:02:40.700 align:start position:0% different on either side the partition 00:02:40.700 --> 00:02:42.700 align:start position:0% different on either side the partition or<00:02:41.450> we<00:02:41.780> could<00:02:41.930> not<00:02:42.080> allow<00:02:42.290> them<00:02:42.470> to<00:02:42.590> make 00:02:42.700 --> 00:02:42.710 align:start position:0% or we could not allow them to make 00:02:42.710 --> 00:02:44.790 align:start position:0% or we could not allow them to make changes<00:02:42.830> and<00:02:43.190> remain<00:02:43.700> and<00:02:43.910> have<00:02:44.210> the<00:02:44.300> same 00:02:44.790 --> 00:02:44.800 align:start position:0% changes and remain and have the same 00:02:44.800 --> 00:02:46.450 align:start position:0% changes and remain and have the same application<00:02:45.800> state<00:02:45.950> or<00:02:46.070> neither<00:02:46.160> side<00:02:46.340> of<00:02:46.400> the 00:02:46.450 --> 00:02:46.460 align:start position:0% application state or neither side of the 00:02:46.460 --> 00:02:49.840 align:start position:0% application state or neither side of the partition<00:02:47.620> and<00:02:48.620> then<00:02:48.830> the<00:02:49.310> other<00:02:49.430> concept 00:02:49.840 --> 00:02:49.850 align:start position:0% partition and then the other concept 00:02:49.850 --> 00:02:51.370 align:start position:0% partition and then the other concept that<00:02:49.910> brought<00:02:50.150> up<00:02:50.240> as<00:02:50.360> a<00:02:50.390> idea<00:02:50.750> false<00:02:51.080> we 00:02:51.370 --> 00:02:51.380 align:start position:0% that brought up as a idea false we 00:02:51.380 --> 00:02:53.290 align:start position:0% that brought up as a idea false we usually<00:02:51.620> like<00:02:51.740> break<00:02:52.010> down<00:02:52.190> falls<00:02:52.460> into<00:02:52.670> kind 00:02:53.290 --> 00:02:53.300 align:start position:0% usually like break down falls into kind 00:02:53.300 --> 00:02:54.700 align:start position:0% usually like break down falls into kind of<00:02:53.390> crash<00:02:53.630> faults<00:02:53.960> and<00:02:54.080> Byzantine<00:02:54.470> phones 00:02:54.700 --> 00:02:54.710 align:start position:0% of crash faults and Byzantine phones 00:02:54.710 --> 00:02:57.250 align:start position:0% of crash faults and Byzantine phones crash<00:02:55.250> cross<00:02:55.490> our<00:02:55.670> windows<00:02:55.970> go<00:02:56.210> offline<00:02:56.540> and 00:02:57.250 --> 00:02:57.260 align:start position:0% crash cross our windows go offline and 00:02:57.260 --> 00:02:59.230 align:start position:0% crash cross our windows go offline and they<00:02:57.350> may<00:02:57.590> come<00:02:58.040> back<00:02:58.190> or<00:02:58.490> they<00:02:58.700> may<00:02:58.880> not<00:02:59.060> ever 00:02:59.230 --> 00:02:59.240 align:start position:0% they may come back or they may not ever 00:02:59.240 --> 00:03:01.240 align:start position:0% they may come back or they may not ever so<00:02:59.840> Consuela<00:03:00.380> basically<00:03:00.770> means<00:03:00.950> that<00:03:01.070> they 00:03:01.240 --> 00:03:01.250 align:start position:0% so Consuela basically means that they 00:03:01.250 --> 00:03:03.190 align:start position:0% so Consuela basically means that they don't<00:03:01.670> come<00:03:01.820> back<00:03:01.910> online<00:03:02.120> crash<00:03:02.870> or<00:03:03.020> cover 00:03:03.190 --> 00:03:03.200 align:start position:0% don't come back online crash or cover 00:03:03.200 --> 00:03:07.000 align:start position:0% don't come back online crash or cover faults<00:03:03.950> eventually<00:03:04.940> they<00:03:05.060> don't<00:03:05.720> resync<00:03:06.080> & 00:03:07.000 --> 00:03:07.010 align:start position:0% faults eventually they don't resync & 00:03:07.010 --> 00:03:09.550 align:start position:0% faults eventually they don't resync & byzantine<00:03:07.220> faults<00:03:07.730> are<00:03:07.850> kind<00:03:08.030> of<00:03:08.170> just<00:03:09.170> I<00:03:09.320> know 00:03:09.550 --> 00:03:09.560 align:start position:0% byzantine faults are kind of just I know 00:03:09.560 --> 00:03:11.880 align:start position:0% byzantine faults are kind of just I know that<00:03:09.740> isn't<00:03:09.860> offline<00:03:10.580> but<00:03:10.910> it<00:03:11.000> behaves<00:03:11.360> badly 00:03:11.880 --> 00:03:11.890 align:start position:0% that isn't offline but it behaves badly 00:03:11.890 --> 00:03:14.260 align:start position:0% that isn't offline but it behaves badly generally<00:03:12.890> we<00:03:13.010> byzantine<00:03:13.790> faults<00:03:14.060> are<00:03:14.150> kind 00:03:14.260 --> 00:03:14.270 align:start position:0% generally we byzantine faults are kind 00:03:14.270 --> 00:03:15.729 align:start position:0% generally we byzantine faults are kind of<00:03:14.330> defined<00:03:14.600> to<00:03:14.720> behave<00:03:15.320> in<00:03:15.440> an<00:03:15.560> arbitrary 00:03:15.729 --> 00:03:15.739 align:start position:0% of defined to behave in an arbitrary 00:03:15.739 --> 00:03:18.250 align:start position:0% of defined to behave in an arbitrary wing<00:03:16.190> which<00:03:16.820> can<00:03:17.030> mean<00:03:17.209> basically<00:03:17.480> that<00:03:17.810> which 00:03:18.250 --> 00:03:18.260 align:start position:0% wing which can mean basically that which 00:03:18.260 --> 00:03:19.150 align:start position:0% wing which can mean basically that which you<00:03:18.350> can<00:03:18.470> think<00:03:18.530> of<00:03:18.620> us<00:03:18.739> like<00:03:18.890> they're<00:03:19.070> running 00:03:19.150 --> 00:03:19.160 align:start position:0% you can think of us like they're running 00:03:19.160 --> 00:03:21.100 align:start position:0% you can think of us like they're running the<00:03:19.400> wrong<00:03:19.580> code<00:03:19.880> naive<00:03:20.600> the<00:03:20.780> one<00:03:20.900> that<00:03:21.020> the 00:03:21.100 --> 00:03:21.110 align:start position:0% the wrong code naive the one that the 00:03:21.110 --> 00:03:22.690 align:start position:0% the wrong code naive the one that the network<00:03:21.470> administrator<00:03:22.010> didn't<00:03:22.250> tell<00:03:22.580> them 00:03:22.690 --> 00:03:22.700 align:start position:0% network administrator didn't tell them 00:03:22.700 --> 00:03:25.540 align:start position:0% network administrator didn't tell them to<00:03:22.820> run<00:03:22.940> or<00:03:23.810> that<00:03:23.989> they<00:03:24.140> somehow<00:03:24.830> can<00:03:25.430> be 00:03:25.540 --> 00:03:25.550 align:start position:0% to run or that they somehow can be 00:03:25.550 --> 00:03:27.670 align:start position:0% to run or that they somehow can be observed<00:03:25.850> to<00:03:26.180> behave<00:03:26.450> wrong<00:03:26.750> behaving 00:03:27.670 --> 00:03:27.680 align:start position:0% observed to behave wrong behaving 00:03:27.680 --> 00:03:31.590 align:start position:0% observed to behave wrong behaving correctly<00:03:27.770> do<00:03:28.160> to<00:03:28.310> it<00:03:28.459> like<00:03:29.410> you<00:03:30.410> know<00:03:30.500> perhaps 00:03:31.590 --> 00:03:31.600 align:start position:0% correctly do to it like you know perhaps 00:03:31.600 --> 00:03:33.490 align:start position:0% correctly do to it like you know perhaps not<00:03:32.600> because<00:03:32.840> the<00:03:32.930> code<00:03:33.110> they're<00:03:33.290> running 00:03:33.490 --> 00:03:33.500 align:start position:0% not because the code they're running 00:03:33.500 --> 00:03:34.480 align:start position:0% not because the code they're running late<00:03:33.590> because<00:03:33.709> another<00:03:33.980> other 00:03:34.480 --> 00:03:34.490 align:start position:0% late because another other 00:03:34.490 --> 00:03:38.350 align:start position:0% late because another other other<00:03:34.730> things<00:03:36.580> so<00:03:37.580> basically<00:03:37.850> usually<00:03:38.240> with 00:03:38.350 --> 00:03:38.360 align:start position:0% other things so basically usually with 00:03:38.360 --> 00:03:39.430 align:start position:0% other things so basically usually with what<00:03:38.480> we<00:03:38.570> talked<00:03:38.720> about<00:03:38.750> like<00:03:39.020> the<00:03:39.140> security 00:03:39.430 --> 00:03:39.440 align:start position:0% what we talked about like the security 00:03:39.440 --> 00:03:40.810 align:start position:0% what we talked about like the security of<00:03:39.470> consensus<00:03:39.740> protocols<00:03:40.220> in<00:03:40.400> traditional 00:03:40.810 --> 00:03:40.820 align:start position:0% of consensus protocols in traditional 00:03:40.820 --> 00:03:43.300 align:start position:0% of consensus protocols in traditional literature<00:03:41.450> we<00:03:41.900> think<00:03:42.110> about<00:03:42.260> you<00:03:42.980> know<00:03:43.010> how 00:03:43.300 --> 00:03:43.310 align:start position:0% literature we think about you know how 00:03:43.310 --> 00:03:44.950 align:start position:0% literature we think about you know how can<00:03:43.730> we<00:03:43.820> keep<00:03:43.970> this<00:03:44.180> protocol<00:03:44.480> guarantee 00:03:44.950 --> 00:03:44.960 align:start position:0% can we keep this protocol guarantee 00:03:44.960 --> 00:03:48.790 align:start position:0% can we keep this protocol guarantee given<00:03:45.470> some<00:03:46.160> number<00:03:46.490> of<00:03:46.700> faulty<00:03:47.150> nodes<00:03:47.360> and<00:03:47.800> we 00:03:48.790 --> 00:03:48.800 align:start position:0% given some number of faulty nodes and we 00:03:48.800 --> 00:03:51.250 align:start position:0% given some number of faulty nodes and we basically<00:03:49.010> say<00:03:49.250> that<00:03:49.430> it's<00:03:49.970> secure<00:03:50.180> up<00:03:50.870> to 00:03:51.250 --> 00:03:51.260 align:start position:0% basically say that it's secure up to 00:03:51.260 --> 00:03:55.540 align:start position:0% basically say that it's secure up to some<00:03:51.470> given<00:03:52.430> the<00:03:52.520> number<00:03:52.880> of<00:03:52.910> faults<00:03:54.190> and<00:03:55.190> like 00:03:55.540 --> 00:03:55.550 align:start position:0% some given the number of faults and like 00:03:55.550 --> 00:03:57.340 align:start position:0% some given the number of faults and like consistency<00:03:56.270> availability<00:03:56.990> or<00:03:57.050> some 00:03:57.340 --> 00:03:57.350 align:start position:0% consistency availability or some 00:03:57.350 --> 00:04:00.580 align:start position:0% consistency availability or some examples<00:03:57.740> of<00:03:59.260> properties<00:04:00.260> that<00:04:00.350> we<00:04:00.440> want 00:04:00.580 --> 00:04:00.590 align:start position:0% examples of properties that we want 00:04:00.590 --> 00:04:02.200 align:start position:0% examples of properties that we want that's<00:04:00.800> protocol<00:04:01.100> to<00:04:01.220> have<00:04:01.370> and<00:04:01.640> I'm<00:04:02.090> also 00:04:02.200 --> 00:04:02.210 align:start position:0% that's protocol to have and I'm also 00:04:02.210 --> 00:04:05.160 align:start position:0% that's protocol to have and I'm also going<00:04:02.330> to<00:04:02.390> mention<00:04:02.660> sensitive<00:04:03.080> resistance 00:04:05.160 --> 00:04:05.170 align:start position:0% going to mention sensitive resistance 00:04:05.170 --> 00:04:07.120 align:start position:0% going to mention sensitive resistance because<00:04:06.170> that's<00:04:06.350> you<00:04:06.890> know<00:04:06.980> especially 00:04:07.120 --> 00:04:07.130 align:start position:0% because that's you know especially 00:04:07.130 --> 00:04:09.250 align:start position:0% because that's you know especially relevant<00:04:07.670> in<00:04:07.970> our<00:04:08.150> in<00:04:08.390> our<00:04:08.480> context<00:04:08.870> and<00:04:09.140> one 00:04:09.250 --> 00:04:09.260 align:start position:0% relevant in our in our context and one 00:04:09.260 --> 00:04:10.510 align:start position:0% relevant in our in our context and one more<00:04:09.410> thing<00:04:09.440> before<00:04:09.740> we<00:04:09.920> go<00:04:10.070> on<00:04:10.160> to<00:04:10.280> public 00:04:10.510 --> 00:04:10.520 align:start position:0% more thing before we go on to public 00:04:10.520 --> 00:04:12.910 align:start position:0% more thing before we go on to public consensus<00:04:10.700> is<00:04:11.420> the<00:04:11.570> idea<00:04:11.840> of<00:04:12.110> eventual 00:04:12.910 --> 00:04:12.920 align:start position:0% consensus is the idea of eventual 00:04:12.920 --> 00:04:14.230 align:start position:0% consensus is the idea of eventual consistency<00:04:13.070> which<00:04:13.550> is<00:04:13.640> kind<00:04:13.820> of<00:04:13.850> a<00:04:13.940> weakening 00:04:14.230 --> 00:04:14.240 align:start position:0% consistency which is kind of a weakening 00:04:14.240 --> 00:04:15.940 align:start position:0% consistency which is kind of a weakening of<00:04:14.270> the<00:04:14.420> idea<00:04:14.690> of<00:04:14.780> consistency<00:04:15.290> or<00:04:15.440> instead<00:04:15.890> of 00:04:15.940 --> 00:04:15.950 align:start position:0% of the idea of consistency or instead of 00:04:15.950 --> 00:04:17.470 align:start position:0% of the idea of consistency or instead of requiring<00:04:16.160> that<00:04:16.549> every<00:04:16.850> node<00:04:17.030> has<00:04:17.150> exactly 00:04:17.470 --> 00:04:17.480 align:start position:0% requiring that every node has exactly 00:04:17.480 --> 00:04:19.860 align:start position:0% requiring that every node has exactly the<00:04:17.660> same<00:04:17.930> copy<00:04:18.140> of<00:04:18.290> state<00:04:18.500> you<00:04:19.220> require<00:04:19.520> that 00:04:19.860 --> 00:04:19.870 align:start position:0% the same copy of state you require that 00:04:19.870 --> 00:04:21.520 align:start position:0% the same copy of state you require that eventually<00:04:20.870> with<00:04:20.989> very<00:04:21.200> high<00:04:21.350> probability 00:04:21.520 --> 00:04:21.530 align:start position:0% eventually with very high probability 00:04:21.530 --> 00:04:25.000 align:start position:0% eventually with very high probability they<00:04:22.100> do<00:04:22.160> have<00:04:22.430> exactly<00:04:22.910> but<00:04:23.530> the<00:04:24.530> same<00:04:24.710> the 00:04:25.000 --> 00:04:25.010 align:start position:0% they do have exactly but the same the 00:04:25.010 --> 00:04:26.530 align:start position:0% they do have exactly but the same the same<00:04:25.040> state<00:04:25.400> so<00:04:25.910> bitcoin<00:04:26.210> is<00:04:26.240> eventually 00:04:26.530 --> 00:04:26.540 align:start position:0% same state so bitcoin is eventually 00:04:26.540 --> 00:04:28.810 align:start position:0% same state so bitcoin is eventually consistent<00:04:26.990> in<00:04:27.740> that<00:04:28.130> you<00:04:28.400> don't<00:04:28.580> really<00:04:28.670> have 00:04:28.810 --> 00:04:28.820 align:start position:0% consistent in that you don't really have 00:04:28.820 --> 00:04:30.130 align:start position:0% consistent in that you don't really have a<00:04:28.880> strong<00:04:29.000> guarantee<00:04:29.420> that<00:04:29.570> everyone<00:04:29.810> has<00:04:30.020> the 00:04:30.130 --> 00:04:30.140 align:start position:0% a strong guarantee that everyone has the 00:04:30.140 --> 00:04:32.260 align:start position:0% a strong guarantee that everyone has the same<00:04:30.170> populace<00:04:30.680> safe<00:04:30.830> now<00:04:31.010> but<00:04:31.910> you<00:04:32.090> have<00:04:32.240> a 00:04:32.260 --> 00:04:32.270 align:start position:0% same populace safe now but you have a 00:04:32.270 --> 00:04:33.820 align:start position:0% same populace safe now but you have a really<00:04:32.330> strong<00:04:32.660> guarantee<00:04:33.200> that<00:04:33.410> they<00:04:33.500> have 00:04:33.820 --> 00:04:33.830 align:start position:0% really strong guarantee that they have 00:04:33.830 --> 00:04:36.040 align:start position:0% really strong guarantee that they have the<00:04:33.950> same<00:04:34.100> state<00:04:34.370> you<00:04:34.760> know<00:04:34.850> four<00:04:35.240> five<00:04:35.600> six 00:04:36.040 --> 00:04:36.050 align:start position:0% the same state you know four five six 00:04:36.050 --> 00:04:40.390 align:start position:0% the same state you know four five six blocks<00:04:36.350> ago<00:04:37.960> so<00:04:38.960> public<00:04:39.620> consensus<00:04:39.860> is 00:04:40.390 --> 00:04:40.400 align:start position:0% blocks ago so public consensus is 00:04:40.400 --> 00:04:42.400 align:start position:0% blocks ago so public consensus is basically<00:04:41.090> consensus<00:04:41.960> protocol<00:04:42.320> without 00:04:42.400 --> 00:04:42.410 align:start position:0% basically consensus protocol without 00:04:42.410 --> 00:04:44.350 align:start position:0% basically consensus protocol without network<00:04:43.070> administrator's<00:04:43.610> we're<00:04:44.150> basically 00:04:44.350 --> 00:04:44.360 align:start position:0% network administrator's we're basically 00:04:44.360 --> 00:04:46.210 align:start position:0% network administrator's we're basically anyone<00:04:44.840> can<00:04:45.050> go<00:04:45.230> and<00:04:45.500> become<00:04:45.650> one<00:04:45.980> of<00:04:46.010> those 00:04:46.210 --> 00:04:46.220 align:start position:0% anyone can go and become one of those 00:04:46.220 --> 00:04:47.950 align:start position:0% anyone can go and become one of those knows<00:04:46.910> who<00:04:47.210> is<00:04:47.300> part<00:04:47.540> of<00:04:47.570> the<00:04:47.660> consensus 00:04:47.950 --> 00:04:47.960 align:start position:0% knows who is part of the consensus 00:04:47.960 --> 00:04:50.170 align:start position:0% knows who is part of the consensus process<00:04:48.110> and<00:04:48.560> who<00:04:48.800> can<00:04:49.670> handle<00:04:49.880> client 00:04:50.170 --> 00:04:50.180 align:start position:0% process and who can handle client 00:04:50.180 --> 00:04:51.520 align:start position:0% process and who can handle client requests<00:04:50.600> and<00:04:50.810> cause<00:04:50.930> changes<00:04:51.320> to<00:04:51.440> the 00:04:51.520 --> 00:04:51.530 align:start position:0% requests and cause changes to the 00:04:51.530 --> 00:04:54.490 align:start position:0% requests and cause changes to the consensus<00:04:51.950> date<00:04:53.080> basically<00:04:54.080> because<00:04:54.200> there's 00:04:54.490 --> 00:04:54.500 align:start position:0% consensus date basically because there's 00:04:54.500 --> 00:04:56.170 align:start position:0% consensus date basically because there's no<00:04:54.650> network<00:04:54.890> administrator<00:04:55.400> membership<00:04:56.030> has 00:04:56.170 --> 00:04:56.180 align:start position:0% no network administrator membership has 00:04:56.180 --> 00:04:57.340 align:start position:0% no network administrator membership has to<00:04:56.270> be<00:04:56.360> governed<00:04:56.630> by<00:04:56.660> something<00:04:57.020> actually 00:04:57.340 --> 00:04:57.350 align:start position:0% to be governed by something actually 00:04:57.350 --> 00:05:01.750 align:start position:0% to be governed by something actually inside<00:04:57.920> the<00:04:57.980> consensus<00:04:58.790> itself<00:04:59.830> basically<00:05:00.830> it 00:05:01.750 --> 00:05:01.760 align:start position:0% inside the consensus itself basically it 00:05:01.760 --> 00:05:04.000 align:start position:0% inside the consensus itself basically it we<00:05:02.180> call<00:05:02.330> it<00:05:02.420> a<00:05:02.480> mechanism<00:05:03.050> kind<00:05:03.440> of<00:05:03.530> hardening 00:05:04.000 --> 00:05:04.010 align:start position:0% we call it a mechanism kind of hardening 00:05:04.010 --> 00:05:05.590 align:start position:0% we call it a mechanism kind of hardening to<00:05:04.070> like<00:05:04.190> game<00:05:04.700> theory<00:05:05.060> it's<00:05:05.330> like<00:05:05.450> basically 00:05:05.590 --> 00:05:05.600 align:start position:0% to like game theory it's like basically 00:05:05.600 --> 00:05:07.990 align:start position:0% to like game theory it's like basically like<00:05:05.900> a<00:05:05.930> game<00:05:06.260> whose<00:05:06.920> rules<00:05:07.280> to<00:05:07.520> find<00:05:07.760> whether 00:05:07.990 --> 00:05:08.000 align:start position:0% like a game whose rules to find whether 00:05:08.000 --> 00:05:09.610 align:start position:0% like a game whose rules to find whether or<00:05:08.210> known<00:05:08.360> is<00:05:08.510> able<00:05:08.810> to<00:05:08.990> participate<00:05:09.260> in 00:05:09.610 --> 00:05:09.620 align:start position:0% or known is able to participate in 00:05:09.620 --> 00:05:12.370 align:start position:0% or known is able to participate in affecting<00:05:10.130> the<00:05:10.190> state<00:05:10.370> of<00:05:10.430> the<00:05:10.520> consensus<00:05:11.380> so 00:05:12.370 --> 00:05:12.380 align:start position:0% affecting the state of the consensus so 00:05:12.380 --> 00:05:14.200 align:start position:0% affecting the state of the consensus so there's<00:05:13.130> like<00:05:13.280> a<00:05:13.310> really<00:05:13.370> big<00:05:13.700> problem<00:05:13.820> to 00:05:14.200 --> 00:05:14.210 align:start position:0% there's like a really big problem to 00:05:14.210 --> 00:05:16.240 align:start position:0% there's like a really big problem to this<00:05:14.630> kind<00:05:14.780> of<00:05:14.960> mechanism<00:05:15.650> which<00:05:16.130> is 00:05:16.240 --> 00:05:16.250 align:start position:0% this kind of mechanism which is 00:05:16.250 --> 00:05:19.390 align:start position:0% this kind of mechanism which is basically<00:05:16.490> that<00:05:16.730> an<00:05:17.630> adversary<00:05:18.110> could<00:05:18.890> try 00:05:19.390 --> 00:05:19.400 align:start position:0% basically that an adversary could try 00:05:19.400 --> 00:05:20.890 align:start position:0% basically that an adversary could try game<00:05:19.640> this<00:05:19.760> mechanism<00:05:20.120> to<00:05:20.240> overwhelm<00:05:20.810> the 00:05:20.890 --> 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challenge the 00:05:27.980 --> 00:05:29.499 align:start position:0% that's like the first challenge the public<00:05:28.220> consensus 00:05:29.499 --> 00:05:29.509 align:start position:0% public consensus 00:05:29.509 --> 00:05:32.600 align:start position:0% public consensus basically<00:05:30.509> how<00:05:30.960> do<00:05:31.020> you<00:05:31.199> prevent<00:05:31.610> without 00:05:32.600 --> 00:05:32.610 align:start position:0% basically how do you prevent without 00:05:32.610 --> 00:05:33.559 align:start position:0% basically how do you prevent without being<00:05:32.819> without<00:05:33.030> there<00:05:33.210> being<00:05:33.240> a<00:05:33.360> network 00:05:33.559 --> 00:05:33.569 align:start position:0% being without there being a network 00:05:33.569 --> 00:05:35.360 align:start position:0% being without there being a network administrator<00:05:33.870> an<00:05:34.440> adversary<00:05:35.009> from<00:05:35.190> bringing 00:05:35.360 --> 00:05:35.370 align:start position:0% administrator an adversary from bringing 00:05:35.370 --> 00:05:39.520 align:start position:0% administrator an adversary from bringing off<00:05:35.550> the<00:05:35.669> water<00:05:35.849> notes<00:05:36.090> online<00:05:36.240> and<00:05:37.490> this<00:05:38.490> is 00:05:39.520 --> 00:05:39.530 align:start position:0% off the water notes online and this is 00:05:39.530 --> 00:05:42.350 align:start position:0% off the water notes online and this is kind<00:05:40.530> of<00:05:40.620> real<00:05:40.919> the<00:05:41.340> real<00:05:41.699> important 00:05:42.350 --> 00:05:42.360 align:start position:0% kind of real the real important 00:05:42.360 --> 00:05:43.670 align:start position:0% kind of real the real important innovations<00:05:42.810> of<00:05:42.870> bitcoins<00:05:43.229> that<00:05:43.409> they 00:05:43.670 --> 00:05:43.680 align:start position:0% innovations of bitcoins that they 00:05:43.680 --> 00:05:45.320 align:start position:0% innovations of bitcoins that they figured<00:05:43.979> out<00:05:44.129> that<00:05:44.610> you<00:05:44.639> can<00:05:44.940> have<00:05:45.150> an 00:05:45.320 --> 00:05:45.330 align:start position:0% figured out that you can have an 00:05:45.330 --> 00:05:46.939 align:start position:0% figured out that you can have an economic<00:05:45.479> mechanism<00:05:46.349> in<00:05:46.440> the<00:05:46.470> consensus 00:05:46.939 --> 00:05:46.949 align:start position:0% economic mechanism in the consensus 00:05:46.949 --> 00:05:50.360 align:start position:0% economic mechanism in the consensus which<00:05:47.460> made<00:05:47.699> it<00:05:48.289> expensive<00:05:49.289> for<00:05:49.740> civil<00:05:50.069> to 00:05:50.360 --> 00:05:50.370 align:start position:0% which made it expensive for civil to 00:05:50.370 --> 00:05:52.700 align:start position:0% which made it expensive for civil to bring<00:05:50.940> on<00:05:51.120> a<00:05:51.150> lot<00:05:51.479> of<00:05:51.629> nodes<00:05:52.139> into<00:05:52.379> behave 00:05:52.700 --> 00:05:52.710 align:start position:0% bring on a lot of nodes into behave 00:05:52.710 --> 00:05:57.170 align:start position:0% bring on a lot of nodes into behave badly<00:05:52.889> so<00:05:53.879> basically<00:05:55.909> economic<00:05:56.909> assets 00:05:57.170 --> 00:05:57.180 align:start position:0% badly so basically economic assets 00:05:57.180 --> 00:05:58.610 align:start position:0% badly so basically economic assets protocols<00:05:57.569> try<00:05:57.780> to<00:05:57.840> make<00:05:57.990> it<00:05:58.020> prohibitively 00:05:58.610 --> 00:05:58.620 align:start position:0% protocols try to make it prohibitively 00:05:58.620 --> 00:06:00.589 align:start position:0% protocols try to make it prohibitively expensive<00:05:58.740> for<00:05:59.280> civil<00:05:59.550> to<00:05:59.699> conduct<00:06:00.449> their 00:06:00.589 --> 00:06:00.599 align:start position:0% expensive for civil to conduct their 00:06:00.599 --> 00:06:04.700 align:start position:0% expensive for civil to conduct their their<00:06:00.870> attack<00:06:01.310> and<00:06:02.310> currently<00:06:03.710> economic 00:06:04.700 --> 00:06:04.710 align:start position:0% their attack and currently economic 00:06:04.710 --> 00:06:06.950 align:start position:0% their attack and currently economic consensus<00:06:05.159> is<00:06:05.280> the<00:06:05.400> only<00:06:05.610> known<00:06:06.060> solution<00:06:06.449> to 00:06:06.950 --> 00:06:06.960 align:start position:0% consensus is the only known solution to 00:06:06.960 --> 00:06:09.290 align:start position:0% consensus is the only known solution to public<00:06:07.500> consensus<00:06:07.740> problems<00:06:08.280> it's<00:06:08.849> the<00:06:08.940> only 00:06:09.290 --> 00:06:09.300 align:start position:0% public consensus problems it's the only 00:06:09.300 --> 00:06:10.370 align:start position:0% public consensus problems it's the only way<00:06:09.419> that<00:06:09.569> we<00:06:09.630> know<00:06:09.780> to<00:06:09.840> defending<00:06:10.259> its 00:06:10.370 --> 00:06:10.380 align:start position:0% way that we know to defending its 00:06:10.380 --> 00:06:12.920 align:start position:0% way that we know to defending its ability<00:06:10.740> acts<00:06:10.860> without<00:06:11.610> having<00:06:12.300> a<00:06:12.360> concept<00:06:12.750> of 00:06:12.920 --> 00:06:12.930 align:start position:0% ability acts without having a concept of 00:06:12.930 --> 00:06:17.510 align:start position:0% ability acts without having a concept of trusted<00:06:13.470> network<00:06:13.740> administrators<00:06:16.280> so<00:06:17.280> it's 00:06:17.510 --> 00:06:17.520 align:start position:0% trusted network administrators so it's 00:06:17.520 --> 00:06:22.490 align:start position:0% trusted network administrators so it's in<00:06:17.639> bold<00:06:17.849> because<00:06:18.060> it's<00:06:18.300> important 00:06:22.490 --> 00:06:22.500 align:start position:0% 00:06:22.500 --> 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to<00:06:29.500> the<00:06:29.590> network<00:06:29.740> and<00:06:30.040> so 00:06:30.840 --> 00:06:30.850 align:start position:0% produce changes to the network and so 00:06:30.850 --> 00:06:33.510 align:start position:0% produce changes to the network and so for<00:06:31.660> civil<00:06:31.960> to<00:06:32.170> propose<00:06:32.920> a<00:06:32.950> change<00:06:33.160> they<00:06:33.400> have 00:06:33.510 --> 00:06:33.520 align:start position:0% for civil to propose a change they have 00:06:33.520 --> 00:06:35.970 align:start position:0% for civil to propose a change they have to<00:06:33.640> incur<00:06:33.850> this<00:06:34.060> expense<00:06:34.420> and<00:06:34.660> for<00:06:35.590> civil<00:06:35.860> to 00:06:35.970 --> 00:06:35.980 align:start position:0% to incur this expense and for civil to 00:06:35.980 --> 00:06:37.740 align:start position:0% to incur this expense and for civil to take<00:06:36.400> a<00:06:36.430> majority<00:06:37.150> of<00:06:37.180> the<00:06:37.240> network<00:06:37.480> they<00:06:37.600> have 00:06:37.740 --> 00:06:37.750 align:start position:0% take a majority of the network they have 00:06:37.750 --> 00:06:40.650 align:start position:0% take a majority of the network they have to<00:06:38.370> incur<00:06:39.370> a<00:06:39.400> majority<00:06:39.910> of<00:06:39.970> the<00:06:40.060> expense<00:06:40.390> and 00:06:40.650 --> 00:06:40.660 align:start position:0% to incur a majority of the expense and 00:06:40.660 --> 00:06:43.380 align:start position:0% to incur a majority of the expense and so<00:06:41.380> this<00:06:41.800> is<00:06:41.950> like<00:06:42.100> the<00:06:42.820> simple<00:06:43.090> way<00:06:43.210> that 00:06:43.380 --> 00:06:43.390 align:start position:0% so this is like the simple way that 00:06:43.390 --> 00:06:46.380 align:start position:0% so this is like the simple way that bitcoin<00:06:43.750> uses<00:06:44.260> economics<00:06:44.860> in<00:06:45.070> order<00:06:45.340> to<00:06:45.520> make 00:06:46.380 --> 00:06:46.390 align:start position:0% bitcoin uses economics in order to make 00:06:46.390 --> 00:06:49.970 align:start position:0% bitcoin uses economics in order to make civil<00:06:46.900> attacks<00:06:47.940> difficult<00:06:48.940> and<00:06:49.180> inconvenient 00:06:49.970 --> 00:06:49.980 align:start position:0% civil attacks difficult and inconvenient 00:06:49.980 --> 00:06:53.040 align:start position:0% civil attacks difficult and inconvenient and<00:06:50.980> incidentally<00:06:51.700> this<00:06:52.120> is<00:06:52.180> why<00:06:52.450> block 00:06:53.040 --> 00:06:53.050 align:start position:0% and incidentally this is why block 00:06:53.050 --> 00:06:54.930 align:start position:0% and incidentally this is why block chains<00:06:53.290> are<00:06:53.410> trusted<00:06:53.740> because<00:06:54.280> it's 00:06:54.930 --> 00:06:54.940 align:start position:0% chains are trusted because it's 00:06:54.940 --> 00:06:57.510 align:start position:0% chains are trusted because it's expensive<00:06:55.180> and<00:06:55.780> inconvenient<00:06:56.260> to<00:06:56.710> views<00:06:57.010> the 00:06:57.510 --> 00:06:57.520 align:start position:0% expensive and inconvenient to views the 00:06:57.520 --> 00:07:01.160 align:start position:0% expensive and inconvenient to views the trust<00:06:57.820> that<00:06:58.480> the<00:06:58.660> block<00:06:58.780> chain<00:06:58.810> is<00:06:59.020> provided 00:07:01.160 --> 00:07:01.170 align:start position:0% trust that the block chain is provided 00:07:01.170 --> 00:07:06.750 align:start position:0% trust that the block chain is provided so<00:07:02.730> economic<00:07:03.730> consensus<00:07:04.770> basically<00:07:05.770> has<00:07:06.520> like 00:07:06.750 --> 00:07:06.760 align:start position:0% so economic consensus basically has like 00:07:06.760 --> 00:07:08.970 align:start position:0% so economic consensus basically has like it<00:07:07.330> has<00:07:07.480> to<00:07:07.570> have<00:07:07.660> certain<00:07:07.840> properties<00:07:08.110> and 00:07:08.970 --> 00:07:08.980 align:start position:0% it has to have certain properties and 00:07:08.980 --> 00:07:10.890 align:start position:0% it has to have certain properties and we're<00:07:09.640> going<00:07:09.790> to<00:07:09.820> so<00:07:10.150> I'm<00:07:10.240> going<00:07:10.360> to<00:07:10.390> start<00:07:10.570> to 00:07:10.890 --> 00:07:10.900 align:start position:0% we're going to so I'm going to start to 00:07:10.900 --> 00:07:12.810 align:start position:0% we're going to so I'm going to start to give<00:07:11.860> you<00:07:11.950> an<00:07:12.010> idea<00:07:12.040> of<00:07:12.220> how<00:07:12.340> we<00:07:12.400> reason<00:07:12.730> about 00:07:12.810 --> 00:07:12.820 align:start position:0% give you an idea of how we reason about 00:07:12.820 --> 00:07:16.470 align:start position:0% give you an idea of how we reason about these<00:07:13.060> things<00:07:13.920> so<00:07:14.920> nodes<00:07:15.700> have<00:07:15.880> expenses<00:07:16.360> in 00:07:16.470 --> 00:07:16.480 align:start position:0% these things so nodes have expenses in 00:07:16.480 --> 00:07:19.200 align:start position:0% these things so nodes have expenses in revenues<00:07:17.160> knows<00:07:18.160> can't<00:07:18.610> operate<00:07:18.880> at<00:07:19.120> a<00:07:19.150> loss 00:07:19.200 --> 00:07:19.210 align:start position:0% revenues knows can't operate at a loss 00:07:19.210 --> 00:07:21.990 align:start position:0% revenues knows can't operate at a loss forever<00:07:19.950> nodes<00:07:20.950> can<00:07:21.100> change<00:07:21.400> their<00:07:21.640> software 00:07:21.990 --> 00:07:22.000 align:start position:0% forever nodes can change their software 00:07:22.000 --> 00:07:25.740 align:start position:0% forever nodes can change their software for<00:07:22.210> profit<00:07:22.650> an<00:07:23.650> adversary<00:07:24.280> can<00:07:24.670> has<00:07:25.570> to<00:07:25.660> be 00:07:25.740 --> 00:07:25.750 align:start position:0% for profit an adversary can has to be 00:07:25.750 --> 00:07:27.780 align:start position:0% for profit an adversary can has to be defined<00:07:26.020> not<00:07:26.260> just<00:07:26.560> that<00:07:26.680> it's<00:07:26.830> like<00:07:26.950> a<00:07:27.130> number 00:07:27.780 --> 00:07:27.790 align:start position:0% defined not just that it's like a number 00:07:27.790 --> 00:07:30.600 align:start position:0% defined not just that it's like a number of<00:07:27.940> knows<00:07:28.180> but<00:07:28.630> someone<00:07:29.380> who<00:07:29.500> has<00:07:29.680> a<00:07:29.950> certain 00:07:30.600 --> 00:07:30.610 align:start position:0% of knows but someone who has a certain 00:07:30.610 --> 00:07:34.500 align:start position:0% of knows but someone who has a certain attack<00:07:30.940> budget<00:07:32.010> and<00:07:33.010> nodes<00:07:33.520> nodes<00:07:34.000> can<00:07:34.330> have 00:07:34.500 --> 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align:start position:0% economic analysis rather than fault tolerance<00:07:44.320> analysis<00:07:44.770> tell<00:07:45.190> Annalise<00:07:45.400> public 00:07:45.690 --> 00:07:45.700 align:start position:0% tolerance analysis tell Annalise public 00:07:45.700 --> 00:07:47.910 align:start position:0% tolerance analysis tell Annalise public consensus<00:07:45.850> protocols<00:07:46.390> it's<00:07:47.350> bold<00:07:47.650> because 00:07:47.910 --> 00:07:47.920 align:start position:0% consensus protocols it's bold because 00:07:47.920 --> 00:07:49.350 align:start position:0% consensus protocols it's bold because it's<00:07:48.070> important<00:07:48.460> I'll<00:07:48.700> say<00:07:48.880> this<00:07:49.000> again<00:07:49.150> and 00:07:49.350 --> 00:07:49.360 align:start position:0% it's important I'll say this again and 00:07:49.360 --> 00:07:53.730 align:start position:0% it's important I'll say this again and again<00:07:50.280> so<00:07:51.450> because<00:07:52.450> knows<00:07:52.810> have<00:07:53.020> expenses<00:07:53.560> and 00:07:53.730 --> 00:07:53.740 align:start position:0% again so because knows have expenses and 00:07:53.740 --> 00:07:56.970 align:start position:0% again so because knows have expenses and they<00:07:54.460> can't<00:07:54.670> operate<00:07:54.820> a<00:07:55.030> loss<00:07:55.240> forever<00:07:55.980> it's 00:07:56.970 --> 00:07:56.980 align:start position:0% they can't operate a loss forever it's 00:07:56.980 --> 00:07:58.620 align:start position:0% they can't operate a loss forever it's not<00:07:57.190> sufficient<00:07:57.820> to<00:07:58.000> just<00:07:58.210> say<00:07:58.300> whether<00:07:58.480> or 00:07:58.620 --> 00:07:58.630 align:start position:0% not sufficient to just say whether or 00:07:58.630 --> 00:08:01.110 align:start position:0% not sufficient to just say whether or note<00:07:58.750> is<00:07:58.870> correct<00:07:59.230> or<00:07:59.380> not<00:07:59.470> because<00:08:00.220> even<00:08:01.060> a 00:08:01.110 --> 00:08:01.120 align:start position:0% note is correct or not because even a 00:08:01.120 --> 00:08:02.820 align:start position:0% note is correct or not because even a correct<00:08:01.390> mode<00:08:01.540> can't<00:08:01.870> stay<00:08:02.230> around<00:08:02.500> forever 00:08:02.820 --> 00:08:02.830 align:start position:0% correct mode can't stay around forever 00:08:02.830 --> 00:08:05.730 align:start position:0% correct mode can't stay around forever if<00:08:03.130> its<00:08:03.280> operating<00:08:03.640> at<00:08:03.820> a<00:08:03.850> loss<00:08:04.000> so<00:08:04.900> the<00:08:05.290> idea 00:08:05.730 --> 00:08:05.740 align:start position:0% if its operating at a loss so the idea 00:08:05.740 --> 00:08:07.410 align:start position:0% if its operating at a loss so the idea of<00:08:05.980> using<00:08:06.250> fault<00:08:06.550> tolerance<00:08:06.700> analysis<00:08:07.030> where 00:08:07.410 --> 00:08:07.420 align:start position:0% of using fault tolerance analysis where 00:08:07.420 --> 00:08:08.610 align:start position:0% of using fault tolerance analysis where in<00:08:07.510> an<00:08:07.600> adversary<00:08:08.020> control<00:08:08.290> some<00:08:08.500> of<00:08:08.530> the 00:08:08.610 --> 00:08:08.620 align:start position:0% in an adversary control some of the 00:08:08.620 --> 00:08:09.960 align:start position:0% in an adversary control some of the nodes<00:08:08.800> and<00:08:09.010> all<00:08:09.310> the<00:08:09.430> rest<00:08:09.550> of<00:08:09.700> no<00:08:09.790> they're 00:08:09.960 --> 00:08:09.970 align:start position:0% nodes and all the rest of no they're 00:08:09.970 --> 00:08:12.600 align:start position:0% nodes and all the rest of no they're correct<00:08:10.240> doesn't<00:08:10.900> work<00:08:11.080> because<00:08:11.710> you<00:08:12.400> need<00:08:12.580> to 00:08:12.600 --> 00:08:12.610 align:start position:0% correct doesn't work because you need to 00:08:12.610 --> 00:08:13.860 align:start position:0% correct doesn't work because you need to pay<00:08:12.820> attention<00:08:12.850> to<00:08:13.270> whether<00:08:13.450> or<00:08:13.570> not<00:08:13.660> those 00:08:13.860 --> 00:08:13.870 align:start position:0% pay attention to whether or not those 00:08:13.870 --> 00:08:15.780 align:start position:0% pay attention to whether or not those other<00:08:14.080> nodes<00:08:14.350> are<00:08:14.740> operating<00:08:15.250> over<00:08:15.370> loss<00:08:15.580> or 00:08:15.780 --> 00:08:15.790 align:start position:0% other nodes are operating over loss or 00:08:15.790 --> 00:08:17.010 align:start position:0% other nodes are operating over loss or not<00:08:15.940> because<00:08:16.180> if<00:08:16.360> they're<00:08:16.420> operating<00:08:16.780> a<00:08:16.840> loss 00:08:17.010 --> 00:08:17.020 align:start position:0% not because if they're operating a loss 00:08:17.020 --> 00:08:18.380 align:start position:0% not because if they're operating a loss in<00:08:17.260> there<00:08:17.410> that<00:08:17.620> pool<00:08:17.860> of<00:08:18.010> nodes 00:08:18.380 --> 00:08:18.390 align:start position:0% in there that pool of nodes 00:08:18.390 --> 00:08:23.360 align:start position:0% in there that pool of nodes from<00:08:19.160> so<00:08:21.140> we<00:08:22.140> need<00:08:22.290> to<00:08:22.350> use<00:08:22.440> economic<00:08:22.920> analysis 00:08:23.360 --> 00:08:23.370 align:start position:0% from so we need to use economic analysis 00:08:23.370 --> 00:08:25.760 align:start position:0% from so we need to use economic analysis rather<00:08:23.760> than<00:08:23.970> fault<00:08:24.300> tolerance<00:08:24.690> analysis<00:08:25.080> to 00:08:25.760 --> 00:08:25.770 align:start position:0% rather than fault tolerance analysis to 00:08:25.770 --> 00:08:29.690 align:start position:0% rather than fault tolerance analysis to to<00:08:26.310> analyze<00:08:26.880> these<00:08:27.090> networks<00:08:27.890> so<00:08:28.890> we<00:08:29.490> kind<00:08:29.640> of 00:08:29.690 --> 00:08:29.700 align:start position:0% to analyze these networks so we kind of 00:08:29.700 --> 00:08:32.570 align:start position:0% to analyze these networks so we kind of owe<00:08:30.000> it<00:08:30.810> to<00:08:31.230> do<00:08:31.380> economic<00:08:31.800> analysis<00:08:32.220> the<00:08:32.370> kind 00:08:32.570 --> 00:08:32.580 align:start position:0% owe it to do economic analysis the kind 00:08:32.580 --> 00:08:34.460 align:start position:0% owe it to do economic analysis the kind of<00:08:32.610> nice<00:08:32.880> tractor<00:08:33.270> way<00:08:33.480> to<00:08:33.540> do<00:08:33.690> it<00:08:33.810> is<00:08:33.960> to<00:08:34.230> use 00:08:34.460 --> 00:08:34.470 align:start position:0% of nice tractor way to do it is to use 00:08:34.470 --> 00:08:37.160 align:start position:0% of nice tractor way to do it is to use kind<00:08:34.740> of<00:08:34.800> game<00:08:34.980> theory<00:08:35.250> and<00:08:36.030> economics<00:08:36.510> as 00:08:37.160 --> 00:08:37.170 align:start position:0% kind of game theory and economics as 00:08:37.170 --> 00:08:39.920 align:start position:0% kind of game theory and economics as like<00:08:37.380> you<00:08:37.860> know<00:08:37.890> the<00:08:38.270> school<00:08:39.270> of<00:08:39.300> thought<00:08:39.690> that 00:08:39.920 --> 00:08:39.930 align:start position:0% like you know the school of thought that 00:08:39.930 --> 00:08:42.530 align:start position:0% like you know the school of thought that involves<00:08:40.440> like<00:08:40.560> rational<00:08:41.130> action<00:08:41.610> which 00:08:42.530 --> 00:08:42.540 align:start position:0% involves like rational action which 00:08:42.540 --> 00:08:44.720 align:start position:0% involves like rational action which which<00:08:42.810> is<00:08:42.840> to<00:08:43.020> say<00:08:43.050> that<00:08:43.200> knows<00:08:44.190> will<00:08:44.430> change 00:08:44.720 --> 00:08:44.730 align:start position:0% which is to say that knows will change 00:08:44.730 --> 00:08:45.830 align:start position:0% which is to say that knows will change the<00:08:44.880> behavior<00:08:45.210> just<00:08:45.330> to<00:08:45.450> increase<00:08:45.720> their 00:08:45.830 --> 00:08:45.840 align:start position:0% the behavior just to increase their 00:08:45.840 --> 00:08:49.280 align:start position:0% the behavior just to increase their profitability<00:08:46.200> now<00:08:47.130> the<00:08:47.700> true<00:08:48.420> state<00:08:49.050> of<00:08:49.110> the 00:08:49.280 --> 00:08:49.290 align:start position:0% profitability now the true state of the 00:08:49.290 --> 00:08:51.110 align:start position:0% profitability now the true state of the reality<00:08:49.710> is<00:08:49.830> that<00:08:49.860> knows<00:08:50.310> that<00:08:50.580> behave<00:08:50.880> in<00:08:51.030> a 00:08:51.110 --> 00:08:51.120 align:start position:0% reality is that knows that behave in a 00:08:51.120 --> 00:08:52.700 align:start position:0% reality is that knows that behave in a way<00:08:51.150> that<00:08:51.450> is<00:08:51.540> more<00:08:51.690> rational<00:08:52.170> will<00:08:52.320> end<00:08:52.500> up 00:08:52.700 --> 00:08:52.710 align:start position:0% way that is more rational will end up 00:08:52.710 --> 00:08:55.670 align:start position:0% way that is more rational will end up having<00:08:53.340> higher<00:08:53.580> turns<00:08:54.180> and<00:08:54.330> who<00:08:54.510> knows<00:08:54.630> a<00:08:54.690> way 00:08:55.670 --> 00:08:55.680 align:start position:0% having higher turns and who knows a way 00:08:55.680 --> 00:08:57.230 align:start position:0% having higher turns and who knows a way that's<00:08:55.890> less<00:08:56.430> rational<00:08:56.640> ended<00:08:56.970> up<00:08:57.030> having 00:08:57.230 --> 00:08:57.240 align:start position:0% that's less rational ended up having 00:08:57.240 --> 00:08:58.940 align:start position:0% that's less rational ended up having bigger<00:08:57.390> losses<00:08:57.630> and<00:08:57.960> so<00:08:58.110> over<00:08:58.140> time<00:08:58.410> the 00:08:58.940 --> 00:08:58.950 align:start position:0% bigger losses and so over time the 00:08:58.950 --> 00:09:00.590 align:start position:0% bigger losses and so over time the profit<00:08:59.310> of<00:08:59.370> the<00:08:59.430> rational<00:08:59.850> it<00:09:00.210> will<00:09:00.300> dominate 00:09:00.590 --> 00:09:00.600 align:start position:0% profit of the rational it will dominate 00:09:00.600 --> 00:09:02.360 align:start position:0% profit of the rational it will dominate but<00:09:01.320> we<00:09:01.440> can<00:09:01.590> reason<00:09:01.890> about<00:09:01.950> it<00:09:02.220> by<00:09:02.310> thinking 00:09:02.360 --> 00:09:02.370 align:start position:0% but we can reason about it by thinking 00:09:02.370 --> 00:09:05.210 align:start position:0% but we can reason about it by thinking about<00:09:02.940> nodes<00:09:03.480> changing<00:09:04.050> their<00:09:04.200> strategies<00:09:04.680> to 00:09:05.210 --> 00:09:05.220 align:start position:0% about nodes changing their strategies to 00:09:05.220 --> 00:09:08.090 align:start position:0% about nodes changing their strategies to increase<00:09:05.400> the<00:09:05.640> profitability<00:09:06.530> and<00:09:07.530> basically 00:09:08.090 --> 00:09:08.100 align:start position:0% increase the profitability and basically 00:09:08.100 --> 00:09:12.350 align:start position:0% increase the profitability and basically so<00:09:08.550> they'll<00:09:08.880> it<00:09:09.750> respond<00:09:10.380> to<00:09:11.190> all<00:09:12.060> the 00:09:12.350 --> 00:09:12.360 align:start position:0% so they'll it respond to all the 00:09:12.360 --> 00:09:14.300 align:start position:0% so they'll it respond to all the incentives<00:09:12.780> they<00:09:12.840> have<00:09:12.990> including<00:09:13.890> the<00:09:14.160> ones 00:09:14.300 --> 00:09:14.310 align:start position:0% incentives they have including the ones 00:09:14.310 --> 00:09:16.210 align:start position:0% incentives they have including the ones that<00:09:14.430> find<00:09:14.700> in<00:09:14.790> the<00:09:14.850> protocol<00:09:15.180> and<00:09:15.360> the<00:09:15.540> ones 00:09:16.210 --> 00:09:16.220 align:start position:0% that find in the protocol and the ones 00:09:16.220 --> 00:09:18.980 align:start position:0% that find in the protocol and the ones due<00:09:17.220> to<00:09:17.370> an<00:09:17.460> adversaries<00:09:17.940> the<00:09:18.480> expenditure<00:09:18.960> of 00:09:18.980 --> 00:09:18.990 align:start position:0% due to an adversaries the expenditure of 00:09:18.990 --> 00:09:22.070 align:start position:0% due to an adversaries the expenditure of an<00:09:19.110> adversary's<00:09:19.380> budget<00:09:20.450> so<00:09:21.450> it's<00:09:21.660> not<00:09:21.810> and<00:09:21.990> it 00:09:22.070 --> 00:09:22.080 align:start position:0% an adversary's budget so it's not and it 00:09:22.080 --> 00:09:23.870 align:start position:0% an adversary's budget so it's not and it also<00:09:22.170> not<00:09:22.320> sufficient<00:09:22.710> to<00:09:22.740> regard<00:09:23.070> rational 00:09:23.870 --> 00:09:23.880 align:start position:0% also not sufficient to regard rational 00:09:23.880 --> 00:09:26.240 align:start position:0% also not sufficient to regard rational notice<00:09:24.120> Byzantine<00:09:24.510> because<00:09:25.320> we<00:09:25.890> can<00:09:26.040> say<00:09:26.220> a 00:09:26.240 --> 00:09:26.250 align:start position:0% notice Byzantine because we can say a 00:09:26.250 --> 00:09:27.620 align:start position:0% notice Byzantine because we can say a lot<00:09:26.370> more<00:09:26.730> than<00:09:27.030> just<00:09:27.060> that<00:09:27.330> they're<00:09:27.450> behaving 00:09:27.620 --> 00:09:27.630 align:start position:0% lot more than just that they're behaving 00:09:27.630 --> 00:09:29.980 align:start position:0% lot more than just that they're behaving badly<00:09:27.870> we<00:09:28.380> can<00:09:28.500> say<00:09:28.650> in<00:09:28.980> a<00:09:29.160> very<00:09:29.310> particular 00:09:29.980 --> 00:09:29.990 align:start position:0% badly we can say in a very particular 00:09:29.990 --> 00:09:32.030 align:start position:0% badly we can say in a very particular behaving<00:09:30.990> badly<00:09:31.080> in<00:09:31.320> a<00:09:31.350> very<00:09:31.530> particular<00:09:31.680> way 00:09:32.030 --> 00:09:32.040 align:start position:0% behaving badly in a very particular way 00:09:32.040 --> 00:09:38.330 align:start position:0% behaving badly in a very particular way so<00:09:35.480> in<00:09:36.480> the<00:09:36.570> worst<00:09:36.750> case<00:09:36.990> in<00:09:37.230> the<00:09:37.500> worst<00:09:37.680> case 00:09:38.330 --> 00:09:38.340 align:start position:0% so in the worst case in the worst case 00:09:38.340 --> 00:09:40.910 align:start position:0% so in the worst case in the worst case economic<00:09:38.850> economic<00:09:39.330> analysis<00:09:39.930> all<00:09:40.140> or<00:09:40.770> maybe 00:09:40.910 --> 00:09:40.920 align:start position:0% economic economic analysis all or maybe 00:09:40.920 --> 00:09:43.130 align:start position:0% economic economic analysis all or maybe almost<00:09:41.130> film<00:09:41.460> that<00:09:41.610> was<00:09:41.700> irrational<00:09:42.210> and 00:09:43.130 --> 00:09:43.140 align:start position:0% almost film that was irrational and 00:09:43.140 --> 00:09:45.560 align:start position:0% almost film that was irrational and coordination<00:09:43.890> costs<00:09:44.520> are<00:09:44.640> zero<00:09:44.970> which<00:09:45.300> is<00:09:45.330> to 00:09:45.560 --> 00:09:45.570 align:start position:0% coordination costs are zero which is to 00:09:45.570 --> 00:09:48.650 align:start position:0% coordination costs are zero which is to say<00:09:45.600> that<00:09:46.550> you<00:09:47.550> know<00:09:47.640> an<00:09:47.820> adversary<00:09:48.300> doesn't 00:09:48.650 --> 00:09:48.660 align:start position:0% say that you know an adversary doesn't 00:09:48.660 --> 00:09:51.770 align:start position:0% say that you know an adversary doesn't have<00:09:48.780> to<00:09:49.070> deal<00:09:50.070> with<00:09:50.250> a<00:09:50.570> complicated<00:09:51.570> process 00:09:51.770 --> 00:09:51.780 align:start position:0% have to deal with a complicated process 00:09:51.780 --> 00:09:53.770 align:start position:0% have to deal with a complicated process to<00:09:52.110> contact<00:09:52.530> nodes<00:09:52.710> and<00:09:52.920> two<00:09:52.980> bribed<00:09:53.190> them 00:09:53.770 --> 00:09:53.780 align:start position:0% to contact nodes and two bribed them 00:09:53.780 --> 00:09:57.560 align:start position:0% to contact nodes and two bribed them they<00:09:54.780> can<00:09:54.990> they<00:09:55.980> can<00:09:56.010> and<00:09:56.310> nodes<00:09:57.210> don't<00:09:57.480> need 00:09:57.560 --> 00:09:57.570 align:start position:0% they can they can and nodes don't need 00:09:57.570 --> 00:10:00.980 align:start position:0% they can they can and nodes don't need to<00:09:58.640> incur<00:09:59.640> costs<00:09:59.940> in<00:10:00.120> order<00:10:00.270> to<00:10:00.390> act<00:10:00.720> together 00:10:00.980 --> 00:10:00.990 align:start position:0% to incur costs in order to act together 00:10:00.990 --> 00:10:02.630 align:start position:0% to incur costs in order to act together to<00:10:01.350> increase<00:10:01.470> their<00:10:01.710> profitability<00:10:02.040> they 00:10:02.630 --> 00:10:02.640 align:start position:0% to increase their profitability they 00:10:02.640 --> 00:10:04.760 align:start position:0% to increase their profitability they could<00:10:02.790> all<00:10:02.880> just<00:10:03.000> upgrade<00:10:03.960> operator<00:10:04.620> the 00:10:04.760 --> 00:10:04.770 align:start position:0% could all just upgrade operator the 00:10:04.770 --> 00:10:07.879 align:start position:0% could all just upgrade operator the software<00:10:05.130> and<00:10:05.250> access<00:10:05.550> the<00:10:05.640> coalition<00:10:06.060> so 00:10:07.879 --> 00:10:07.889 align:start position:0% software and access the coalition so 00:10:07.889 --> 00:10:11.240 align:start position:0% software and access the coalition so in<00:10:08.889> the<00:10:09.310> worst<00:10:10.029> case<00:10:10.149> economic<00:10:10.720> analysis 00:10:11.240 --> 00:10:11.250 align:start position:0% in the worst case economic analysis 00:10:11.250 --> 00:10:13.650 align:start position:0% in the worst case economic analysis attackers<00:10:12.250> can<00:10:12.430> easily<00:10:12.940> bribe<00:10:13.120> notes<00:10:13.389> and 00:10:13.650 --> 00:10:13.660 align:start position:0% attackers can easily bribe notes and 00:10:13.660 --> 00:10:15.540 align:start position:0% attackers can easily bribe notes and notes<00:10:14.019> will<00:10:14.769> form<00:10:15.100> profit-maximizing 00:10:15.540 --> 00:10:15.550 align:start position:0% notes will form profit-maximizing 00:10:15.550 --> 00:10:19.110 align:start position:0% notes will form profit-maximizing coalition's<00:10:16.680> so<00:10:17.680> it's<00:10:18.519> bold<00:10:18.730> because<00:10:19.000> it's 00:10:19.110 --> 00:10:19.120 align:start position:0% coalition's so it's bold because it's 00:10:19.120 --> 00:10:21.329 align:start position:0% coalition's so it's bold because it's important<00:10:19.540> this<00:10:20.259> is<00:10:20.470> this<00:10:20.680> this<00:10:21.009> is<00:10:21.069> the 00:10:21.329 --> 00:10:21.339 align:start position:0% important this is this this is the 00:10:21.339 --> 00:10:23.220 align:start position:0% important this is this this is the context<00:10:22.000> that<00:10:22.060> we<00:10:22.240> have<00:10:22.509> the<00:10:22.630> reason<00:10:22.899> in<00:10:23.019> when 00:10:23.220 --> 00:10:23.230 align:start position:0% context that we have the reason in when 00:10:23.230 --> 00:10:25.199 align:start position:0% context that we have the reason in when we're<00:10:23.380> reasoning<00:10:23.649> about<00:10:23.850> consents<00:10:24.850> protocols 00:10:25.199 --> 00:10:25.209 align:start position:0% we're reasoning about consents protocols 00:10:25.209 --> 00:10:28.379 align:start position:0% we're reasoning about consents protocols in<00:10:25.420> a<00:10:25.480> public<00:10:25.720> setting<00:10:26.370> at<00:10:27.370> least<00:10:27.910> if<00:10:28.120> we<00:10:28.209> want 00:10:28.379 --> 00:10:28.389 align:start position:0% in a public setting at least if we want 00:10:28.389 --> 00:10:30.870 align:start position:0% in a public setting at least if we want to<00:10:28.449> do<00:10:28.509> a<00:10:28.540> worst-case<00:10:28.870> analysis<00:10:29.490> which<00:10:30.490> I'm 00:10:30.870 --> 00:10:30.880 align:start position:0% to do a worst-case analysis which I'm 00:10:30.880 --> 00:10:32.579 align:start position:0% to do a worst-case analysis which I'm going<00:10:31.149> to<00:10:31.209> argue<00:10:31.329> is<00:10:31.720> what<00:10:32.230> we<00:10:32.319> should<00:10:32.470> do 00:10:32.579 --> 00:10:32.589 align:start position:0% going to argue is what we should do 00:10:32.589 --> 00:10:33.600 align:start position:0% going to argue is what we should do because<00:10:32.800> if<00:10:33.009> we<00:10:33.100> make<00:10:33.220> something<00:10:33.490> that's 00:10:33.600 --> 00:10:33.610 align:start position:0% because if we make something that's 00:10:33.610 --> 00:10:35.160 align:start position:0% because if we make something that's better<00:10:33.759> in<00:10:33.880> the<00:10:33.940> worst<00:10:34.089> case<00:10:34.300> it's<00:10:34.930> going<00:10:35.079> to 00:10:35.160 --> 00:10:35.170 align:start position:0% better in the worst case it's going to 00:10:35.170 --> 00:10:39.240 align:start position:0% better in the worst case it's going to be<00:10:35.230> better<00:10:35.319> in<00:10:35.709> the<00:10:36.480> better<00:10:37.480> case<00:10:37.949> and<00:10:38.949> some 00:10:39.240 --> 00:10:39.250 align:start position:0% be better in the better case and some 00:10:39.250 --> 00:10:40.590 align:start position:0% be better in the better case and some here<00:10:39.490> are<00:10:39.579> some<00:10:39.639> additional<00:10:39.790> kind<00:10:40.389> of<00:10:40.449> course 00:10:40.590 --> 00:10:40.600 align:start position:0% here are some additional kind of course 00:10:40.600 --> 00:10:41.579 align:start position:0% here are some additional kind of course key<00:10:40.690> assumptions<00:10:41.019> that<00:10:41.079> we<00:10:41.170> also<00:10:41.290> make 00:10:41.579 --> 00:10:41.589 align:start position:0% key assumptions that we also make 00:10:41.589 --> 00:10:42.990 align:start position:0% key assumptions that we also make sometimes<00:10:41.920> there<00:10:42.519> may<00:10:42.639> be<00:10:42.670> a<00:10:42.790> little<00:10:42.880> less 00:10:42.990 --> 00:10:43.000 align:start position:0% sometimes there may be a little less 00:10:43.000 --> 00:10:45.870 align:start position:0% sometimes there may be a little less important<00:10:43.860> marginal<00:10:44.860> return<00:10:45.130> is<00:10:45.459> equal<00:10:45.759> to 00:10:45.870 --> 00:10:45.880 align:start position:0% important marginal return is equal to 00:10:45.880 --> 00:10:49.610 align:start position:0% important marginal return is equal to marginal<00:10:46.060> costs<00:10:46.569> on<00:10:46.690> a<00:10:46.720> global<00:10:46.959> basis<00:10:47.550> and 00:10:49.610 --> 00:10:49.620 align:start position:0% marginal costs on a global basis and 00:10:49.620 --> 00:10:52.110 align:start position:0% marginal costs on a global basis and nodes<00:10:50.620> have<00:10:51.100> access<00:10:51.490> to<00:10:51.670> basically<00:10:51.940> like 00:10:52.110 --> 00:10:52.120 align:start position:0% nodes have access to basically like 00:10:52.120 --> 00:10:53.340 align:start position:0% nodes have access to basically like derivative<00:10:52.480> markets<00:10:52.779> so<00:10:52.899> that<00:10:52.930> you<00:10:53.139> can't 00:10:53.340 --> 00:10:53.350 align:start position:0% derivative markets so that you can't 00:10:53.350 --> 00:10:54.660 align:start position:0% derivative markets so that you can't assume<00:10:53.560> that<00:10:53.769> oh<00:10:53.920> they<00:10:54.160> won't<00:10:54.279> attack<00:10:54.490> the 00:10:54.660 --> 00:10:54.670 align:start position:0% assume that oh they won't attack the 00:10:54.670 --> 00:10:55.980 align:start position:0% assume that oh they won't attack the network<00:10:55.120> because<00:10:55.389> that'll<00:10:55.600> make<00:10:55.660> the<00:10:55.810> price 00:10:55.980 --> 00:10:55.990 align:start position:0% network because that'll make the price 00:10:55.990 --> 00:10:58.290 align:start position:0% network because that'll make the price of<00:10:56.139> the<00:10:56.230> node<00:10:56.529> go<00:10:56.709> down<00:10:57.029> that's<00:10:58.029> kind<00:10:58.180> of<00:10:58.209> like 00:10:58.290 --> 00:10:58.300 align:start position:0% of the node go down that's kind of like 00:10:58.300 --> 00:11:00.030 align:start position:0% of the node go down that's kind of like a<00:10:58.360> rosy<00:10:58.630> or<00:10:58.839> something<00:10:59.199> right<00:10:59.380> they<00:10:59.800> could 00:11:00.030 --> 00:11:00.040 align:start position:0% a rosy or something right they could 00:11:00.040 --> 00:11:01.769 align:start position:0% a rosy or something right they could they<00:11:00.250> could<00:11:00.279> they<00:11:00.639> could<00:11:00.670> have<00:11:00.850> just<00:11:00.880> had<00:11:01.209> they 00:11:01.769 --> 00:11:01.779 align:start position:0% they could they could have just had they 00:11:01.779 --> 00:11:02.999 align:start position:0% they could they could have just had they could<00:11:01.899> just<00:11:02.050> hedge<00:11:02.199> their<00:11:02.410> exposure<00:11:02.740> to<00:11:02.829> that 00:11:02.999 --> 00:11:03.009 align:start position:0% could just hedge their exposure to that 00:11:03.009 --> 00:11:07.519 align:start position:0% could just hedge their exposure to that to<00:11:03.730> those<00:11:03.819> price<00:11:04.360> fluctuations<00:11:05.730> so<00:11:06.730> basically 00:11:07.519 --> 00:11:07.529 align:start position:0% to those price fluctuations so basically 00:11:07.529 --> 00:11:10.999 align:start position:0% to those price fluctuations so basically those<00:11:08.529> two<00:11:08.800> things<00:11:09.009> together<00:11:09.279> mean<00:11:09.910> that<00:11:10.180> in 00:11:10.999 --> 00:11:11.009 align:start position:0% those two things together mean that in 00:11:11.009 --> 00:11:13.800 align:start position:0% those two things together mean that in those<00:11:12.009> two<00:11:12.189> things<00:11:12.339> being<00:11:12.579> that<00:11:12.939> nars<00:11:13.360> nosa 00:11:13.800 --> 00:11:13.810 align:start position:0% those two things being that nars nosa 00:11:13.810 --> 00:11:15.929 align:start position:0% those two things being that nars nosa for<00:11:14.079> form<00:11:14.709> coalition's<00:11:15.189> and<00:11:15.339> attackers<00:11:15.790> can 00:11:15.929 --> 00:11:15.939 align:start position:0% for form coalition's and attackers can 00:11:15.939 --> 00:11:18.329 align:start position:0% for form coalition's and attackers can bribe<00:11:16.149> knows<00:11:16.360> I<00:11:16.600> mean<00:11:17.050> that<00:11:17.259> in<00:11:17.680> order<00:11:17.889> to<00:11:18.160> have 00:11:18.329 --> 00:11:18.339 align:start position:0% bribe knows I mean that in order to have 00:11:18.339 --> 00:11:20.460 align:start position:0% bribe knows I mean that in order to have security<00:11:19.240> we<00:11:19.779> needed<00:11:20.079> to<00:11:20.170> make<00:11:20.319> it 00:11:20.460 --> 00:11:20.470 align:start position:0% security we needed to make it 00:11:20.470 --> 00:11:23.879 align:start position:0% security we needed to make it unprofitable<00:11:21.399> for<00:11:22.300> majority<00:11:22.959> coalition's<00:11:23.649> to 00:11:23.879 --> 00:11:23.889 align:start position:0% unprofitable for majority coalition's to 00:11:23.889 --> 00:11:27.120 align:start position:0% unprofitable for majority coalition's to undermine<00:11:24.389> protocol<00:11:25.389> guarantees<00:11:26.130> because 00:11:27.120 --> 00:11:27.130 align:start position:0% undermine protocol guarantees because 00:11:27.130 --> 00:11:29.340 align:start position:0% undermine protocol guarantees because then<00:11:27.540> because<00:11:28.540> they're<00:11:28.689> unprofitable<00:11:29.199> when 00:11:29.340 --> 00:11:29.350 align:start position:0% then because they're unprofitable when 00:11:29.350 --> 00:11:30.449 align:start position:0% then because they're unprofitable when they<00:11:29.439> undermined<00:11:29.800> the<00:11:29.949> guarantee<00:11:30.250> an 00:11:30.449 --> 00:11:30.459 align:start position:0% they undermined the guarantee an 00:11:30.459 --> 00:11:31.889 align:start position:0% they undermined the guarantee an attacker<00:11:30.759> would<00:11:30.910> have<00:11:31.029> to<00:11:31.149> spend<00:11:31.420> a<00:11:31.630> large 00:11:31.889 --> 00:11:31.899 align:start position:0% attacker would have to spend a large 00:11:31.899 --> 00:11:34.980 align:start position:0% attacker would have to spend a large budget<00:11:32.199> in<00:11:32.529> order<00:11:32.620> to<00:11:32.860> cause<00:11:33.040> them<00:11:33.339> to<00:11:34.120> do<00:11:34.839> that 00:11:34.980 --> 00:11:34.990 align:start position:0% budget in order to cause them to do that 00:11:34.990 --> 00:11:37.499 align:start position:0% budget in order to cause them to do that without<00:11:35.199> you<00:11:35.980> know<00:11:36.069> incurring<00:11:36.970> a<00:11:37.120> loss<00:11:37.240> for<00:11:37.449> an 00:11:37.499 --> 00:11:37.509 align:start position:0% without you know incurring a loss for an 00:11:37.509 --> 00:11:39.780 align:start position:0% without you know incurring a loss for an extended<00:11:37.779> period<00:11:37.810> of<00:11:37.990> time<00:11:38.069> so<00:11:39.069> we<00:11:39.610> need<00:11:39.730> to 00:11:39.780 --> 00:11:39.790 align:start position:0% extended period of time so we need to 00:11:39.790 --> 00:11:41.100 align:start position:0% extended period of time so we need to make<00:11:39.880> it<00:11:40.000> unprofitable<00:11:40.420> for<00:11:40.870> majority 00:11:41.100 --> 00:11:41.110 align:start position:0% make it unprofitable for majority 00:11:41.110 --> 00:11:44.249 align:start position:0% make it unprofitable for majority coalition's<00:11:41.680> to<00:11:41.829> revert<00:11:42.509> transactions<00:11:43.509> to 00:11:44.249 --> 00:11:44.259 align:start position:0% coalition's to revert transactions to 00:11:44.259 --> 00:11:45.929 align:start position:0% coalition's to revert transactions to prevent<00:11:44.709> consensus<00:11:45.189> from<00:11:45.279> occurring<00:11:45.730> or<00:11:45.850> to 00:11:45.929 --> 00:11:45.939 align:start position:0% prevent consensus from occurring or to 00:11:45.939 --> 00:11:49.319 align:start position:0% prevent consensus from occurring or to censor<00:11:46.209> transactions<00:11:47.939> bowl<00:11:48.939> because<00:11:49.120> it's 00:11:49.319 --> 00:11:49.329 align:start position:0% censor transactions bowl because it's 00:11:49.329 --> 00:11:51.980 align:start position:0% censor transactions bowl because it's important 00:11:51.980 --> 00:11:51.990 align:start position:0% 00:11:51.990 --> 00:11:55.010 align:start position:0% so<00:11:52.670> the<00:11:53.670> fundamental<00:11:53.940> challenge<00:11:54.480> then<00:11:54.870> in 00:11:55.010 --> 00:11:55.020 align:start position:0% so the fundamental challenge then in 00:11:55.020 --> 00:11:58.010 align:start position:0% so the fundamental challenge then in public<00:11:55.350> consensus<00:11:55.560> is<00:11:56.029> again<00:11:57.029> to<00:11:57.540> protect 00:11:58.010 --> 00:11:58.020 align:start position:0% public consensus is again to protect 00:11:58.020 --> 00:11:59.870 align:start position:0% public consensus is again to protect protocol<00:11:58.440> guarantees<00:11:58.880> against 00:11:59.870 --> 00:11:59.880 align:start position:0% protocol guarantees against 00:11:59.880 --> 00:12:04.010 align:start position:0% protocol guarantees against supermajority<00:12:00.570> coalition's<00:12:02.870> even<00:12:03.870> in<00:12:03.959> the 00:12:04.010 --> 00:12:04.020 align:start position:0% supermajority coalition's even in the 00:12:04.020 --> 00:12:06.230 align:start position:0% supermajority coalition's even in the context<00:12:04.320> of<00:12:04.380> bribe<00:12:04.560> attacks<00:12:04.830> which<00:12:05.220> means<00:12:05.430> we 00:12:06.230 --> 00:12:06.240 align:start position:0% context of bribe attacks which means we 00:12:06.240 --> 00:12:07.550 align:start position:0% context of bribe attacks which means we need<00:12:06.300> to<00:12:06.360> make<00:12:06.510> sure<00:12:06.540> that<00:12:06.660> if<00:12:06.959> a<00:12:07.440> majority 00:12:07.550 --> 00:12:07.560 align:start position:0% need to make sure that if a majority 00:12:07.560 --> 00:12:08.870 align:start position:0% need to make sure that if a majority coalition<00:12:07.890> gets<00:12:08.220> together<00:12:08.339> try<00:12:08.580> to<00:12:08.640> undermine 00:12:08.870 --> 00:12:08.880 align:start position:0% coalition gets together try to undermine 00:12:08.880 --> 00:12:11.269 align:start position:0% coalition gets together try to undermine the<00:12:09.089> protocol<00:12:09.450> then<00:12:09.990> they<00:12:10.740> will<00:12:10.860> do<00:12:11.040> so<00:12:11.070> at 00:12:11.269 --> 00:12:11.279 align:start position:0% the protocol then they will do so at 00:12:11.279 --> 00:12:13.040 align:start position:0% the protocol then they will do so at their<00:12:11.310> own<00:12:11.459> expense<00:12:11.730> and<00:12:12.270> they<00:12:12.690> will<00:12:12.839> need<00:12:12.930> you 00:12:13.040 --> 00:12:13.050 align:start position:0% their own expense and they will need you 00:12:13.050 --> 00:12:14.720 align:start position:0% their own expense and they will need you there<00:12:13.200> for<00:12:13.230> an<00:12:13.709> adversary<00:12:14.430> we<00:12:14.520> need<00:12:14.640> to 00:12:14.720 --> 00:12:14.730 align:start position:0% there for an adversary we need to 00:12:14.730 --> 00:12:18.650 align:start position:0% there for an adversary we need to allocate<00:12:15.420> and<00:12:15.779> spend<00:12:15.990> a<00:12:16.080> large<00:12:16.170> budget<00:12:17.089> so<00:12:18.089> in 00:12:18.650 --> 00:12:18.660 align:start position:0% allocate and spend a large budget so in 00:12:18.660 --> 00:12:22.310 align:start position:0% allocate and spend a large budget so in Bitcoin<00:12:20.209> like<00:12:21.209> most<00:12:21.600> public<00:12:21.990> cassettes<00:12:22.230> the 00:12:22.310 --> 00:12:22.320 align:start position:0% Bitcoin like most public cassettes the 00:12:22.320 --> 00:12:24.410 align:start position:0% Bitcoin like most public cassettes the protocol<00:12:22.620> is<00:12:22.649> out<00:12:22.770> there<00:12:22.920> today<00:12:23.420> its 00:12:24.410 --> 00:12:24.420 align:start position:0% protocol is out there today its 00:12:24.420 --> 00:12:25.940 align:start position:0% protocol is out there today its rationale<00:12:24.839> for<00:12:24.870> majority<00:12:25.170> any<00:12:25.470> majority 00:12:25.940 --> 00:12:25.950 align:start position:0% rationale for majority any majority 00:12:25.950 --> 00:12:27.710 align:start position:0% rationale for majority any majority coalition<00:12:26.070> to<00:12:26.399> censor<00:12:26.610> transactions<00:12:27.120> they 00:12:27.710 --> 00:12:27.720 align:start position:0% coalition to censor transactions they 00:12:27.720 --> 00:12:30.680 align:start position:0% coalition to censor transactions they get<00:12:27.870> an<00:12:27.959> immediate<00:12:28.170> raise<00:12:28.700> so<00:12:29.700> in<00:12:29.760> adversary 00:12:30.680 --> 00:12:30.690 align:start position:0% get an immediate raise so in adversary 00:12:30.690 --> 00:12:31.940 align:start position:0% get an immediate raise so in adversary we<00:12:30.810> actually<00:12:31.050> didn't<00:12:31.200> need<00:12:31.320> to<00:12:31.380> spend<00:12:31.500> any 00:12:31.940 --> 00:12:31.950 align:start position:0% we actually didn't need to spend any 00:12:31.950 --> 00:12:33.829 align:start position:0% we actually didn't need to spend any money<00:12:32.100> to<00:12:32.399> convince<00:12:32.700> them<00:12:32.820> to<00:12:32.850> do<00:12:33.029> this<00:12:33.180> in<00:12:33.390> an 00:12:33.829 --> 00:12:33.839 align:start position:0% money to convince them to do this in an 00:12:33.839 --> 00:12:36.290 align:start position:0% money to convince them to do this in an irrational<00:12:34.080> model<00:12:34.529> because<00:12:35.100> they<00:12:35.550> they<00:12:36.060> just 00:12:36.290 --> 00:12:36.300 align:start position:0% irrational model because they they just 00:12:36.300 --> 00:12:38.329 align:start position:0% irrational model because they they just get<00:12:36.420> a<00:12:36.450> raise<00:12:36.630> in<00:12:36.810> protocol<00:12:37.170> you<00:12:38.010> know<00:12:38.100> after 00:12:38.329 --> 00:12:38.339 align:start position:0% get a raise in protocol you know after 00:12:38.339 --> 00:12:40.519 align:start position:0% get a raise in protocol you know after the<00:12:38.430> difficulty<00:12:38.850> readjusts<00:12:39.360> if<00:12:39.529> two-thirds 00:12:40.519 --> 00:12:40.529 align:start position:0% the difficulty readjusts if two-thirds 00:12:40.529 --> 00:12:42.260 align:start position:0% the difficulty readjusts if two-thirds of<00:12:40.830> the<00:12:40.920> Bitcoin<00:12:41.160> miners<00:12:41.399> sensor<00:12:41.910> one-third 00:12:42.260 --> 00:12:42.270 align:start position:0% of the Bitcoin miners sensor one-third 00:12:42.270 --> 00:12:43.699 align:start position:0% of the Bitcoin miners sensor one-third they<00:12:42.600> get<00:12:42.750> a<00:12:42.779> fifty<00:12:43.110> percent<00:12:43.350> increase<00:12:43.680> in 00:12:43.699 --> 00:12:43.709 align:start position:0% they get a fifty percent increase in 00:12:43.709 --> 00:12:46.610 align:start position:0% they get a fifty percent increase in their<00:12:44.040> block<00:12:44.190> awards<00:12:45.200> you<00:12:46.200> know<00:12:46.290> fifty 00:12:46.610 --> 00:12:46.620 align:start position:0% their block awards you know fifty 00:12:46.620 --> 00:12:48.350 align:start position:0% their block awards you know fifty percent<00:12:46.770> increase<00:12:47.040> in<00:12:47.070> returns<00:12:47.610> for<00:12:47.850> minor<00:12:48.060> is 00:12:48.350 --> 00:12:48.360 align:start position:0% percent increase in returns for minor is 00:12:48.360 --> 00:12:51.380 align:start position:0% percent increase in returns for minor is a<00:12:48.660> huge<00:12:48.930> deal<00:12:49.790> you<00:12:50.790> know<00:12:50.880> there's<00:12:51.209> like 00:12:51.380 --> 00:12:51.390 align:start position:0% a huge deal you know there's like 00:12:51.390 --> 00:12:53.240 align:start position:0% a huge deal you know there's like selfish<00:12:51.750> mining<00:12:52.020> strategy<00:12:52.800> so<00:12:52.980> you<00:12:53.070> give 00:12:53.240 --> 00:12:53.250 align:start position:0% selfish mining strategy so you give 00:12:53.250 --> 00:12:56.060 align:start position:0% selfish mining strategy so you give another<00:12:53.490> example<00:12:53.580> of<00:12:54.060> how<00:12:54.990> bit<00:12:55.589> like<00:12:55.890> a 00:12:56.060 --> 00:12:56.070 align:start position:0% another example of how bit like a 00:12:56.070 --> 00:12:58.190 align:start position:0% another example of how bit like a Bitcoin<00:12:56.370> knowing<00:12:56.610> node<00:12:57.060> can<00:12:57.300> be<00:12:57.450> Byzantine 00:12:58.190 --> 00:12:58.200 align:start position:0% Bitcoin knowing node can be Byzantine 00:12:58.200 --> 00:13:04.699 align:start position:0% Bitcoin knowing node can be Byzantine and<00:12:59.779> I<00:13:00.779> third<00:13:01.500> either<00:13:01.950> profit<00:13:02.459> right<00:13:03.709> rational 00:13:04.699 --> 00:13:04.709 align:start position:0% and I third either profit right rational 00:13:04.709 --> 00:13:07.400 align:start position:0% and I third either profit right rational miners<00:13:05.490> will<00:13:05.760> engage<00:13:06.510> the<00:13:06.570> selfish<00:13:06.930> mining<00:13:07.140> I 00:13:07.400 --> 00:13:07.410 align:start position:0% miners will engage the selfish mining I 00:13:07.410 --> 00:13:09.920 align:start position:0% miners will engage the selfish mining I basically<00:13:07.709> have<00:13:08.100> sufficient<00:13:08.750> mining<00:13:09.750> power 00:13:09.920 --> 00:13:09.930 align:start position:0% basically have sufficient mining power 00:13:09.930 --> 00:13:13.389 align:start position:0% basically have sufficient mining power for<00:13:10.110> it<00:13:10.170> to<00:13:10.230> be<00:13:10.290> effective<00:13:10.880> and<00:13:12.020> another<00:13:13.020> thing 00:13:13.389 --> 00:13:13.399 align:start position:0% for it to be effective and another thing 00:13:13.399 --> 00:13:15.410 align:start position:0% for it to be effective and another thing because<00:13:14.399> marginal<00:13:14.820> cost<00:13:15.029> is<00:13:15.120> disabled 00:13:15.410 --> 00:13:15.420 align:start position:0% because marginal cost is disabled 00:13:15.420 --> 00:13:17.329 align:start position:0% because marginal cost is disabled commercial<00:13:15.750> return<00:13:16.110> in<00:13:16.380> kind<00:13:16.860> of<00:13:17.250> this 00:13:17.329 --> 00:13:17.339 align:start position:0% commercial return in kind of this 00:13:17.339 --> 00:13:19.670 align:start position:0% commercial return in kind of this worst-case<00:13:17.520> analysis<00:13:18.180> you<00:13:19.050> could<00:13:19.200> bribe<00:13:19.350> some 00:13:19.670 --> 00:13:19.680 align:start position:0% worst-case analysis you could bribe some 00:13:19.680 --> 00:13:21.920 align:start position:0% worst-case analysis you could bribe some miners<00:13:20.070> and<00:13:20.279> in<00:13:21.180> order<00:13:21.329> to<00:13:21.450> increase<00:13:21.720> the 00:13:21.920 --> 00:13:21.930 align:start position:0% miners and in order to increase the 00:13:21.930 --> 00:13:23.389 align:start position:0% miners and in order to increase the marginal<00:13:22.290> cost<00:13:22.350> of<00:13:22.620> all<00:13:22.709> other<00:13:22.890> miners<00:13:23.220> and 00:13:23.389 --> 00:13:23.399 align:start position:0% marginal cost of all other miners and 00:13:23.399 --> 00:13:25.040 align:start position:0% marginal cost of all other miners and them<00:13:24.000> only<00:13:24.180> the<00:13:24.329> miners<00:13:24.570> that<00:13:24.720> you're<00:13:24.839> bribing 00:13:25.040 --> 00:13:25.050 align:start position:0% them only the miners that you're bribing 00:13:25.050 --> 00:13:27.319 align:start position:0% them only the miners that you're bribing will<00:13:25.740> be<00:13:25.890> able<00:13:25.980> to<00:13:26.070> stay<00:13:26.279> online<00:13:26.399> because<00:13:27.209> the 00:13:27.319 --> 00:13:27.329 align:start position:0% will be able to stay online because the 00:13:27.329 --> 00:13:28.930 align:start position:0% will be able to stay online because the other<00:13:27.450> ones<00:13:27.630> will<00:13:27.750> be<00:13:27.810> operating<00:13:28.079> at<00:13:28.230> a<00:13:28.260> loss 00:13:28.930 --> 00:13:28.940 align:start position:0% other ones will be operating at a loss 00:13:28.940 --> 00:13:31.220 align:start position:0% other ones will be operating at a loss unless<00:13:29.940> they're<00:13:30.209> also<00:13:30.360> being<00:13:30.630> being<00:13:31.020> bribed 00:13:31.220 --> 00:13:31.230 align:start position:0% unless they're also being being bribed 00:13:31.230 --> 00:13:35.000 align:start position:0% unless they're also being being bribed by<00:13:31.680> someone<00:13:31.920> else<00:13:32.720> but<00:13:33.720> so<00:13:34.410> these<00:13:34.620> are<00:13:34.800> like 00:13:35.000 --> 00:13:35.010 align:start position:0% by someone else but so these are like 00:13:35.010 --> 00:13:38.569 align:start position:0% by someone else but so these are like examples<00:13:35.490> of<00:13:36.529> this<00:13:37.529> kind<00:13:37.589> of<00:13:37.890> analysis<00:13:38.399> is 00:13:38.569 --> 00:13:38.579 align:start position:0% examples of this kind of analysis is 00:13:38.579 --> 00:13:41.290 align:start position:0% examples of this kind of analysis is worst-case<00:13:38.910> analysis<00:13:39.390> apply<00:13:39.660> to<00:13:39.720> to<00:13:40.230> Bitcoin 00:13:41.290 --> 00:13:41.300 align:start position:0% worst-case analysis apply to to Bitcoin 00:13:41.300 --> 00:13:43.610 align:start position:0% worst-case analysis apply to to Bitcoin churchland<00:13:42.300> pro<00:13:42.600> stick<00:13:42.839> has<00:13:43.079> very<00:13:43.379> some<00:13:43.589> very 00:13:43.610 --> 00:13:43.620 align:start position:0% churchland pro stick has very some very 00:13:43.620 --> 00:13:46.519 align:start position:0% churchland pro stick has very some very similar<00:13:44.069> problems<00:13:44.899> but<00:13:45.899> in<00:13:46.019> addition<00:13:46.170> they 00:13:46.519 --> 00:13:46.529 align:start position:0% similar problems but in addition they 00:13:46.529 --> 00:13:48.110 align:start position:0% similar problems but in addition they have<00:13:46.560> this<00:13:46.829> nothing<00:13:47.160> at<00:13:47.279> stake<00:13:47.399> problem<00:13:47.940> where 00:13:48.110 --> 00:13:48.120 align:start position:0% have this nothing at stake problem where 00:13:48.120 --> 00:13:51.680 align:start position:0% have this nothing at stake problem where is<00:13:48.990> it<00:13:49.470> an<00:13:50.009> irrational<00:13:50.850> node<00:13:51.180> will<00:13:51.360> move<00:13:51.509> their 00:13:51.680 --> 00:13:51.690 align:start position:0% is it an irrational node will move their 00:13:51.690 --> 00:13:53.600 align:start position:0% is it an irrational node will move their keys<00:13:52.019> you<00:13:52.500> will<00:13:52.620> move<00:13:52.740> their<00:13:52.920> coins<00:13:53.129> to<00:13:53.370> a<00:13:53.399> new 00:13:53.600 --> 00:13:53.610 align:start position:0% keys you will move their coins to a new 00:13:53.610 --> 00:13:55.910 align:start position:0% keys you will move their coins to a new address<00:13:53.819> and<00:13:54.149> then<00:13:54.540> sell<00:13:54.750> their<00:13:54.930> keys<00:13:55.170> of<00:13:55.470> that 00:13:55.910 --> 00:13:55.920 align:start position:0% address and then sell their keys of that 00:13:55.920 --> 00:13:57.410 align:start position:0% address and then sell their keys of that held<00:13:56.279> their<00:13:56.399> coins<00:13:56.579> if<00:13:56.730> their<00:13:56.819> old<00:13:56.940> address<00:13:57.209> to 00:13:57.410 --> 00:13:57.420 align:start position:0% held their coins if their old address to 00:13:57.420 --> 00:13:58.670 align:start position:0% held their coins if their old address to an<00:13:57.509> adversary<00:13:57.959> is<00:13:58.110> willing<00:13:58.319> to<00:13:58.410> pay<00:13:58.500> a<00:13:58.529> small 00:13:58.670 --> 00:13:58.680 align:start position:0% an adversary is willing to pay a small 00:13:58.680 --> 00:14:01.100 align:start position:0% an adversary is willing to pay a small amount<00:13:58.829> of<00:13:59.009> money<00:13:59.160> because<00:13:59.819> but<00:14:00.180> old<00:14:00.569> address 00:14:01.100 --> 00:14:01.110 align:start position:0% amount of money because but old address 00:14:01.110 --> 00:14:02.660 align:start position:0% amount of money because but old address doesn't<00:14:01.290> hold<00:14:01.470> any<00:14:01.649> coins<00:14:01.860> anymore<00:14:02.189> and<00:14:02.399> so<00:14:02.519> it 00:14:02.660 --> 00:14:02.670 align:start position:0% doesn't hold any coins anymore and so it 00:14:02.670 --> 00:14:04.970 align:start position:0% doesn't hold any coins anymore and so it needs<00:14:03.089> nothing<00:14:03.180> to<00:14:03.420> them<00:14:03.569> and<00:14:03.839> so<00:14:04.170> if<00:14:04.290> all<00:14:04.560> or 00:14:04.970 --> 00:14:04.980 align:start position:0% needs nothing to them and so if all or 00:14:04.980 --> 00:14:06.590 align:start position:0% needs nothing to them and so if all or both<00:14:05.189> know<00:14:05.370> is<00:14:05.430> irrational<00:14:05.670> you<00:14:06.360> can<00:14:06.480> enter 00:14:06.590 --> 00:14:06.600 align:start position:0% both know is irrational you can enter 00:14:06.600 --> 00:14:07.790 align:start position:0% both know is irrational you can enter sir<00:14:06.839> if<00:14:06.930> you'd<00:14:07.050> like<00:14:07.139> and<00:14:07.319> they<00:14:07.620> could<00:14:07.740> all 00:14:07.790 --> 00:14:07.800 align:start position:0% sir if you'd like and they could all 00:14:07.800 --> 00:14:10.280 align:start position:0% sir if you'd like and they could all coordinate<00:14:08.250> with<00:14:08.699> a<00:14:08.730> low-cost<00:14:09.149> liquor<00:14:09.480> all<00:14:09.839> at 00:14:10.280 --> 00:14:10.290 align:start position:0% coordinate with a low-cost liquor all at 00:14:10.290 --> 00:14:11.600 align:start position:0% coordinate with a low-cost liquor all at the<00:14:10.379> same<00:14:10.529> time<00:14:10.740> move<00:14:11.009> their<00:14:11.189> coins<00:14:11.370> new 00:14:11.600 --> 00:14:11.610 align:start position:0% the same time move their coins new 00:14:11.610 --> 00:14:13.340 align:start position:0% the same time move their coins new addresses<00:14:11.790> and<00:14:12.209> then<00:14:12.569> so<00:14:12.750> all<00:14:12.990> of<00:14:13.019> their<00:14:13.230> old 00:14:13.340 --> 00:14:13.350 align:start position:0% addresses and then so all of their old 00:14:13.350 --> 00:14:15.410 align:start position:0% addresses and then so all of their old keys<00:14:13.560> to<00:14:13.829> an<00:14:13.889> attacker<00:14:14.339> for<00:14:14.610> like<00:14:14.759> no<00:14:15.269> money 00:14:15.410 --> 00:14:15.420 align:start position:0% keys to an attacker for like no money 00:14:15.420 --> 00:14:17.210 align:start position:0% keys to an attacker for like no money and<00:14:15.689> then<00:14:15.810> the<00:14:15.899> attacker<00:14:16.079> would<00:14:16.379> control 00:14:17.210 --> 00:14:17.220 align:start position:0% and then the attacker would control 00:14:17.220 --> 00:14:20.480 align:start position:0% and then the attacker would control basically<00:14:17.819> the<00:14:18.149> block<00:14:18.300> chain<00:14:18.680> and<00:14:19.680> so<00:14:20.220> this<00:14:20.339> is 00:14:20.480 --> 00:14:20.490 align:start position:0% basically the block chain and so this is 00:14:20.490 --> 00:14:22.220 align:start position:0% basically the block chain and so this is kind<00:14:20.759> of<00:14:20.850> combination<00:14:21.420> of<00:14:21.779> the<00:14:21.839> long-range 00:14:22.220 --> 00:14:22.230 align:start position:0% kind of combination of the long-range 00:14:22.230 --> 00:14:24.079 align:start position:0% kind of combination of the long-range attack<00:14:22.470> and<00:14:22.709> the<00:14:23.009> nothing<00:14:23.610> is<00:14:23.699> safe<00:14:23.850> attack 00:14:24.079 --> 00:14:24.089 align:start position:0% attack and the nothing is safe attack 00:14:24.089 --> 00:14:27.319 align:start position:0% attack and the nothing is safe attack which<00:14:25.310> going<00:14:26.310> to<00:14:26.370> talk<00:14:26.490> about<00:14:26.610> more<00:14:26.879> in<00:14:27.089> my 00:14:27.319 --> 00:14:27.329 align:start position:0% which going to talk about more in my 00:14:27.329 --> 00:14:29.269 align:start position:0% which going to talk about more in my Casper<00:14:27.600> talk<00:14:27.779> and<00:14:28.110> then<00:14:28.560> also<00:14:28.709> we<00:14:29.069> have<00:14:29.189> this 00:14:29.269 --> 00:14:29.279 align:start position:0% Casper talk and then also we have this 00:14:29.279 --> 00:14:31.189 align:start position:0% Casper talk and then also we have this property<00:14:29.699> that<00:14:29.850> majority<00:14:30.660> coalition<00:14:30.779> has<00:14:31.079> an 00:14:31.189 --> 00:14:31.199 align:start position:0% property that majority coalition has an 00:14:31.199 --> 00:14:33.800 align:start position:0% property that majority coalition has an incentive<00:14:31.589> to<00:14:32.269> censor<00:14:33.269> minority<00:14:33.689> because 00:14:33.800 --> 00:14:33.810 align:start position:0% incentive to censor minority because 00:14:33.810 --> 00:14:35.030 align:start position:0% incentive to censor minority because they<00:14:33.990> just<00:14:34.079> get<00:14:34.230> a<00:14:34.259> raise<00:14:34.470> right<00:14:34.589> away<00:14:34.889> in 00:14:35.030 --> 00:14:35.040 align:start position:0% they just get a raise right away in 00:14:35.040 --> 00:14:36.410 align:start position:0% they just get a raise right away in terms<00:14:35.189> of<00:14:35.250> block<00:14:35.430> awards<00:14:35.790> and<00:14:36.000> transaction 00:14:36.410 --> 00:14:36.420 align:start position:0% terms of block awards and transaction 00:14:36.420 --> 00:14:39.710 align:start position:0% terms of block awards and transaction fees<00:14:36.569> and<00:14:36.839> we<00:14:37.769> have<00:14:37.920> the<00:14:38.069> same<00:14:38.910> property<00:14:39.420> for 00:14:39.710 --> 00:14:39.720 align:start position:0% fees and we have the same property for 00:14:39.720 --> 00:14:42.679 align:start position:0% fees and we have the same property for double<00:14:40.139> spends<00:14:40.730> or<00:14:41.730> like<00:14:42.000> you<00:14:42.149> know<00:14:42.180> majority 00:14:42.679 --> 00:14:42.689 align:start position:0% double spends or like you know majority 00:14:42.689 --> 00:14:43.970 align:start position:0% double spends or like you know majority and<00:14:42.870> get<00:14:43.110> together<00:14:43.230> and<00:14:43.529> conduct<00:14:43.800> double 00:14:43.970 --> 00:14:43.980 align:start position:0% and get together and conduct double 00:14:43.980 --> 00:14:45.949 align:start position:0% and get together and conduct double spends<00:14:44.189> and<00:14:44.370> actually<00:14:44.759> they<00:14:44.879> just<00:14:44.910> gain<00:14:45.779> from 00:14:45.949 --> 00:14:45.959 align:start position:0% spends and actually they just gain from 00:14:45.959 --> 00:14:51.470 align:start position:0% spends and actually they just gain from that<00:14:47.389> so<00:14:48.389> rather<00:14:49.170> than<00:14:49.290> making<00:14:50.480> defending 00:14:51.470 --> 00:14:51.480 align:start position:0% that so rather than making defending 00:14:51.480 --> 00:14:52.730 align:start position:0% that so rather than making defending against<00:14:51.689> majority<00:14:52.050> coalition's<00:14:52.500> these 00:14:52.730 --> 00:14:52.740 align:start position:0% against majority coalition's these 00:14:52.740 --> 00:14:55.550 align:start position:0% against majority coalition's these consensus<00:14:53.250> protocols<00:14:53.899> have<00:14:54.899> the<00:14:55.170> property 00:14:55.550 --> 00:14:55.560 align:start position:0% consensus protocols have the property 00:14:55.560 --> 00:14:57.620 align:start position:0% consensus protocols have the property that<00:14:55.589> it<00:14:56.009> is<00:14:56.130> rational<00:14:56.430> for<00:14:57.000> majority 00:14:57.620 --> 00:14:57.630 align:start position:0% that it is rational for majority 00:14:57.630 --> 00:14:58.939 align:start position:0% that it is rational for majority coalition<00:14:57.779> to<00:14:58.170> undermine<00:14:58.470> of<00:14:58.649> their 00:14:58.939 --> 00:14:58.949 align:start position:0% coalition to undermine of their 00:14:58.949 --> 00:15:03.199 align:start position:0% coalition to undermine of their properties<00:14:59.870> so<00:15:01.490> basically<00:15:02.490> these<00:15:02.850> protocols 00:15:03.199 --> 00:15:03.209 align:start position:0% properties so basically these protocols 00:15:03.209 --> 00:15:05.689 align:start position:0% properties so basically these protocols are<00:15:03.449> not<00:15:03.600> secure<00:15:04.110> under<00:15:04.860> pure<00:15:05.189> economic 00:15:05.689 --> 00:15:05.699 align:start position:0% are not secure under pure economic 00:15:05.699 --> 00:15:06.980 align:start position:0% are not secure under pure economic analysis<00:15:06.149> with<00:15:06.329> these<00:15:06.449> kind<00:15:06.689> of<00:15:06.720> worst-case 00:15:06.980 --> 00:15:06.990 align:start position:0% analysis with these kind of worst-case 00:15:06.990 --> 00:15:09.470 align:start position:0% analysis with these kind of worst-case assumptions<00:15:07.500> and<00:15:07.709> it<00:15:08.610> might<00:15:08.910> hold<00:15:09.089> philosophy 00:15:09.470 --> 00:15:09.480 align:start position:0% assumptions and it might hold philosophy 00:15:09.480 --> 00:15:11.900 align:start position:0% assumptions and it might hold philosophy with<00:15:09.569> Casper<00:15:09.930> as<00:15:10.139> you'll<00:15:10.769> see<00:15:10.800> later<00:15:10.949> is<00:15:11.339> to 00:15:11.900 --> 00:15:11.910 align:start position:0% with Casper as you'll see later is to 00:15:11.910 --> 00:15:15.050 align:start position:0% with Casper as you'll see later is to try<00:15:12.240> to<00:15:12.269> have<00:15:13.079> his<00:15:13.230> best<00:15:13.470> of<00:15:13.829> a<00:15:14.189> outlook<00:15:14.850> and 00:15:15.050 --> 00:15:15.060 align:start position:0% try to have his best of a outlook and 00:15:15.060 --> 00:15:18.290 align:start position:0% try to have his best of a outlook and under<00:15:15.569> this<00:15:15.720> kind<00:15:15.870> of<00:15:16.279> rational<00:15:17.300> rational 00:15:18.290 --> 00:15:18.300 align:start position:0% under this kind of rational rational 00:15:18.300 --> 00:15:20.929 align:start position:0% under this kind of rational rational model<00:15:19.290> or<00:15:19.800> under<00:15:20.250> is<00:15:20.370> that<00:15:20.490> under<00:15:20.759> economic 00:15:20.929 --> 00:15:20.939 align:start position:0% model or under is that under economic 00:15:20.939 --> 00:15:24.049 align:start position:0% model or under is that under economic analysis<00:15:22.220> so<00:15:23.220> they're<00:15:23.399> kind<00:15:23.519> of<00:15:23.639> two<00:15:23.850> main 00:15:24.049 --> 00:15:24.059 align:start position:0% analysis so they're kind of two main 00:15:24.059 --> 00:15:25.879 align:start position:0% analysis so they're kind of two main traces<00:15:24.480> that<00:15:24.509> people<00:15:24.959> loving<00:15:25.230> on<00:15:25.439> me<00:15:25.740> when<00:15:25.860> I 00:15:25.879 --> 00:15:25.889 align:start position:0% traces that people loving on me when I 00:15:25.889 --> 00:15:30.470 align:start position:0% traces that people loving on me when I tell<00:15:26.069> them<00:15:26.130> this<00:15:26.899> it's<00:15:27.899> not<00:15:28.050> realistic<00:15:29.480> it's 00:15:30.470 --> 00:15:30.480 align:start position:0% tell them this it's not realistic it's 00:15:30.480 --> 00:15:32.749 align:start position:0% tell them this it's not realistic it's basically<00:15:31.110> people<00:15:31.290> who<00:15:31.559> proved<00:15:32.279> have<00:15:32.579> some 00:15:32.749 --> 00:15:32.759 align:start position:0% basically people who proved have some 00:15:32.759 --> 00:15:34.040 align:start position:0% basically people who proved have some consensus<00:15:33.000> protocol<00:15:33.569> they<00:15:33.660> like<00:15:33.839> in<00:15:33.990> the 00:15:34.040 --> 00:15:34.050 align:start position:0% consensus protocol they like in the 00:15:34.050 --> 00:15:35.900 align:start position:0% consensus protocol they like in the cryptocurrency<00:15:34.290> space<00:15:34.829> and<00:15:35.100> they<00:15:35.490> think<00:15:35.550> that 00:15:35.900 --> 00:15:35.910 align:start position:0% cryptocurrency space and they think that 00:15:35.910 --> 00:15:37.389 align:start position:0% cryptocurrency space and they think that you<00:15:36.089> know<00:15:36.180> under<00:15:36.329> their<00:15:36.480> assumptions<00:15:36.930> though 00:15:37.389 --> 00:15:37.399 align:start position:0% you know under their assumptions though 00:15:37.399 --> 00:15:39.949 align:start position:0% you know under their assumptions though under<00:15:38.399> the<00:15:38.550> realistic<00:15:39.360> assumptions<00:15:39.779> their 00:15:39.949 --> 00:15:39.959 align:start position:0% under the realistic assumptions their 00:15:39.959 --> 00:15:41.530 align:start position:0% under the realistic assumptions their thing<00:15:40.110> is<00:15:40.230> secure 00:15:41.530 --> 00:15:41.540 align:start position:0% thing is secure 00:15:41.540 --> 00:15:42.850 align:start position:0% thing is secure you<00:15:41.690> know<00:15:41.779> it's<00:15:42.110> not<00:15:42.290> going<00:15:42.440> to<00:15:42.529> be<00:15:42.589> the<00:15:42.680> case 00:15:42.850 --> 00:15:42.860 align:start position:0% you know it's not going to be the case 00:15:42.860 --> 00:15:45.129 align:start position:0% you know it's not going to be the case that<00:15:43.009> all<00:15:43.190> of<00:15:43.399> these<00:15:43.550> my<00:15:44.089> all<00:15:44.329> the<00:15:44.540> stake<00:15:44.959> hairs 00:15:45.129 --> 00:15:45.139 align:start position:0% that all of these my all the stake hairs 00:15:45.139 --> 00:15:46.660 align:start position:0% that all of these my all the stake hairs in<00:15:45.259> from<00:15:45.440> steak<00:15:45.680> like<00:15:45.860> you<00:15:46.100> know<00:15:46.220> like<00:15:46.250> you 00:15:46.660 --> 00:15:46.670 align:start position:0% in from steak like you know like you 00:15:46.670 --> 00:15:48.490 align:start position:0% in from steak like you know like you know<00:15:46.699> peercoin<00:15:47.240> or<00:15:47.389> something<00:15:47.660> or<00:15:47.779> move<00:15:48.320> their 00:15:48.490 --> 00:15:48.500 align:start position:0% know peercoin or something or move their 00:15:48.500 --> 00:15:49.660 align:start position:0% know peercoin or something or move their points<00:15:48.769> in<00:15:48.829> a<00:15:48.860> new<00:15:48.949> address<00:15:49.100> in<00:15:49.190> order<00:15:49.310> to<00:15:49.459> sell 00:15:49.660 --> 00:15:49.670 align:start position:0% points in a new address in order to sell 00:15:49.670 --> 00:15:52.389 align:start position:0% points in a new address in order to sell all<00:15:49.820> their<00:15:49.940> old<00:15:50.060> points<00:15:50.480> to<00:15:50.630> an<00:15:50.750> attacker<00:15:51.399> and 00:15:52.389 --> 00:15:52.399 align:start position:0% all their old points to an attacker and 00:15:52.399 --> 00:15:53.980 align:start position:0% all their old points to an attacker and there's<00:15:52.699> like<00:15:52.790> coordination<00:15:53.420> costs<00:15:53.660> it's<00:15:53.930> all 00:15:53.980 --> 00:15:53.990 align:start position:0% there's like coordination costs it's all 00:15:53.990 --> 00:15:55.090 align:start position:0% there's like coordination costs it's all social<00:15:54.259> reasons<00:15:54.350> why<00:15:54.560> this<00:15:54.620> might<00:15:54.889> not<00:15:55.040> be 00:15:55.090 --> 00:15:55.100 align:start position:0% social reasons why this might not be 00:15:55.100 --> 00:16:00.340 align:start position:0% social reasons why this might not be realistic<00:15:55.899> but<00:15:57.190> and<00:15:58.190> then<00:15:58.730> but<00:15:59.240> and<00:15:59.930> then<00:16:00.290> the 00:16:00.340 --> 00:16:00.350 align:start position:0% realistic but and then but and then the 00:16:00.350 --> 00:16:01.689 align:start position:0% realistic but and then but and then the other<00:16:00.380> the<00:16:00.769> other<00:16:00.800> the<00:16:00.949> other<00:16:01.190> criticisms 00:16:01.689 --> 00:16:01.699 align:start position:0% other the other the other criticisms 00:16:01.699 --> 00:16:03.999 align:start position:0% other the other the other criticisms that<00:16:01.730> are<00:16:01.880> often<00:16:02.000> here<00:16:02.300> is<00:16:02.860> it's<00:16:03.860> just 00:16:03.999 --> 00:16:04.009 align:start position:0% that are often here is it's just 00:16:04.009 --> 00:16:05.639 align:start position:0% that are often here is it's just impossible<00:16:04.250> to<00:16:04.519> be<00:16:04.610> secure<00:16:04.940> in<00:16:04.970> this<00:16:05.149> context 00:16:05.639 --> 00:16:05.649 align:start position:0% impossible to be secure in this context 00:16:05.649 --> 00:16:07.749 align:start position:0% impossible to be secure in this context and<00:16:06.649> that's<00:16:07.069> and<00:16:07.310> that's<00:16:07.370> something<00:16:07.550> that<00:16:07.670> I 00:16:07.749 --> 00:16:07.759 align:start position:0% and that's and that's something that I 00:16:07.759 --> 00:16:09.009 align:start position:0% and that's and that's something that I hear<00:16:07.910> especially<00:16:08.029> from<00:16:08.389> people<00:16:08.420> who<00:16:08.720> have<00:16:08.750> a 00:16:09.009 --> 00:16:09.019 align:start position:0% hear especially from people who have a 00:16:09.019 --> 00:16:10.120 align:start position:0% hear especially from people who have a lot<00:16:09.230> of<00:16:09.259> familiarity<00:16:09.589> with<00:16:09.709> the<00:16:09.800> traditional 00:16:10.120 --> 00:16:10.130 align:start position:0% lot of familiarity with the traditional 00:16:10.130 --> 00:16:12.160 align:start position:0% lot of familiarity with the traditional consensus<00:16:10.519> research<00:16:10.930> because<00:16:11.930> they<00:16:12.050> have 00:16:12.160 --> 00:16:12.170 align:start position:0% consensus research because they have 00:16:12.170 --> 00:16:13.660 align:start position:0% consensus research because they have like<00:16:12.319> fault<00:16:12.589> tolerance<00:16:13.040> results<00:16:13.370> that<00:16:13.490> say<00:16:13.639> Oh 00:16:13.660 --> 00:16:13.670 align:start position:0% like fault tolerance results that say Oh 00:16:13.670 --> 00:16:15.639 align:start position:0% like fault tolerance results that say Oh more<00:16:14.209> than<00:16:14.240> this<00:16:14.480> number<00:16:14.720> of<00:16:14.810> nose<00:16:14.959> badly<00:16:15.500> then 00:16:15.639 --> 00:16:15.649 align:start position:0% more than this number of nose badly then 00:16:15.649 --> 00:16:18.040 align:start position:0% more than this number of nose badly then we<00:16:15.769> lose<00:16:15.889> our<00:16:16.069> guarantees<00:16:16.839> whereas<00:16:17.839> here 00:16:18.040 --> 00:16:18.050 align:start position:0% we lose our guarantees whereas here 00:16:18.050 --> 00:16:19.240 align:start position:0% we lose our guarantees whereas here we're<00:16:18.199> assuming<00:16:18.350> that<00:16:18.560> actually<00:16:18.860> most<00:16:19.040> nodes 00:16:19.240 --> 00:16:19.250 align:start position:0% we're assuming that actually most nodes 00:16:19.250 --> 00:16:20.470 align:start position:0% we're assuming that actually most nodes will<00:16:19.370> behave<00:16:19.550> badly<00:16:19.730> if<00:16:20.000> they<00:16:20.149> just<00:16:20.269> have<00:16:20.389> an 00:16:20.470 --> 00:16:20.480 align:start position:0% will behave badly if they just have an 00:16:20.480 --> 00:16:24.129 align:start position:0% will behave badly if they just have an incentive<00:16:20.630> to<00:16:21.940> you've<00:16:22.940> given<00:16:23.149> me<00:16:23.329> these<00:16:23.509> these 00:16:24.129 --> 00:16:24.139 align:start position:0% incentive to you've given me these these 00:16:24.139 --> 00:16:28.680 align:start position:0% incentive to you've given me these these criticisms<00:16:24.440> before<00:16:24.860> you<00:16:25.009> know<00:16:25.100> who<00:16:25.220> you<00:16:25.339> are 00:16:28.680 --> 00:16:28.690 align:start position:0% 00:16:28.690 --> 00:16:32.620 align:start position:0% so<00:16:30.550> it<00:16:31.550> responses<00:16:31.910> it's<00:16:32.269> not<00:16:32.360> realistic 00:16:32.620 --> 00:16:32.630 align:start position:0% so it responses it's not realistic 00:16:32.630 --> 00:16:38.170 align:start position:0% so it responses it's not realistic criticism<00:16:33.970> basically<00:16:36.790> there's<00:16:37.790> a<00:16:37.880> couple<00:16:38.029> of 00:16:38.170 --> 00:16:38.180 align:start position:0% criticism basically there's a couple of 00:16:38.180 --> 00:16:40.240 align:start position:0% criticism basically there's a couple of things<00:16:38.300> one<00:16:38.360> of<00:16:38.509> them<00:16:38.630> is<00:16:38.800> this<00:16:39.800> teaches<00:16:40.190> us 00:16:40.240 --> 00:16:40.250 align:start position:0% things one of them is this teaches us 00:16:40.250 --> 00:16:41.740 align:start position:0% things one of them is this teaches us about<00:16:40.339> kind<00:16:40.670> of<00:16:40.759> you<00:16:41.000> know<00:16:41.029> edge<00:16:41.480> cases 00:16:41.740 --> 00:16:41.750 align:start position:0% about kind of you know edge cases 00:16:41.750 --> 00:16:43.840 align:start position:0% about kind of you know edge cases instead<00:16:42.410> of<00:16:42.649> it<00:16:42.769> of<00:16:43.009> like<00:16:43.399> you<00:16:43.639> know<00:16:43.670> the 00:16:43.840 --> 00:16:43.850 align:start position:0% instead of it of like you know the 00:16:43.850 --> 00:16:45.160 align:start position:0% instead of it of like you know the economic<00:16:44.389> assumptions<00:16:44.630> that<00:16:44.839> we<00:16:44.959> could<00:16:45.079> be 00:16:45.160 --> 00:16:45.170 align:start position:0% economic assumptions that we could be 00:16:45.170 --> 00:16:47.590 align:start position:0% economic assumptions that we could be making<00:16:45.350> and<00:16:46.339> that<00:16:46.519> the<00:16:46.639> end<00:16:46.819> that<00:16:47.120> is<00:16:47.149> really 00:16:47.590 --> 00:16:47.600 align:start position:0% making and that the end that is really 00:16:47.600 --> 00:16:50.170 align:start position:0% making and that the end that is really informative<00:16:48.550> so<00:16:49.550> even<00:16:49.910> if<00:16:50.000> it's<00:16:50.089> not 00:16:50.170 --> 00:16:50.180 align:start position:0% informative so even if it's not 00:16:50.180 --> 00:16:52.180 align:start position:0% informative so even if it's not realistic<00:16:50.510> it<00:16:51.019> teaches<00:16:51.410> us<00:16:51.740> about<00:16:51.949> the 00:16:52.180 --> 00:16:52.190 align:start position:0% realistic it teaches us about the 00:16:52.190 --> 00:16:55.269 align:start position:0% realistic it teaches us about the protocols<00:16:52.579> that<00:16:52.639> were<00:16:52.790> analyzing<00:16:53.380> and<00:16:54.380> I 00:16:55.269 --> 00:16:55.279 align:start position:0% protocols that were analyzing and I 00:16:55.279 --> 00:16:56.920 align:start position:0% protocols that were analyzing and I think<00:16:55.730> it<00:16:55.790> kind<00:16:55.940> of<00:16:55.970> is<00:16:56.180> realistic<00:16:56.690> in<00:16:56.839> the 00:16:56.920 --> 00:16:56.930 align:start position:0% think it kind of is realistic in the 00:16:56.930 --> 00:16:58.720 align:start position:0% think it kind of is realistic in the long<00:16:57.079> run<00:16:57.110> for<00:16:57.470> basically<00:16:57.889> a<00:16:57.920> couple<00:16:58.550> reasons 00:16:58.720 --> 00:16:58.730 align:start position:0% long run for basically a couple reasons 00:16:58.730 --> 00:17:02.259 align:start position:0% long run for basically a couple reasons one<00:16:59.089> of<00:16:59.120> them<00:16:59.180> is<00:16:59.860> you<00:17:00.860> know<00:17:00.949> there<00:17:01.940> might<00:17:02.029> be<00:17:02.089> a 00:17:02.259 --> 00:17:02.269 align:start position:0% one of them is you know there might be a 00:17:02.269 --> 00:17:04.630 align:start position:0% one of them is you know there might be a real<00:17:02.750> funded<00:17:03.139> adversary<00:17:03.560> who<00:17:03.889> tries<00:17:04.370> to<00:17:04.400> talk 00:17:04.630 --> 00:17:04.640 align:start position:0% real funded adversary who tries to talk 00:17:04.640 --> 00:17:07.299 align:start position:0% real funded adversary who tries to talk one<00:17:04.790> of<00:17:04.819> these<00:17:04.909> systems<00:17:05.270> I<00:17:05.419> mean<00:17:05.900> the<00:17:06.530> kind<00:17:07.189> of 00:17:07.299 --> 00:17:07.309 align:start position:0% one of these systems I mean the kind of 00:17:07.309 --> 00:17:08.770 align:start position:0% one of these systems I mean the kind of a<00:17:07.370> fundamental<00:17:07.850> problem<00:17:08.000> to<00:17:08.329> an<00:17:08.419> extent<00:17:08.720> that 00:17:08.770 --> 00:17:08.780 align:start position:0% a fundamental problem to an extent that 00:17:08.780 --> 00:17:10.919 align:start position:0% a fundamental problem to an extent that because<00:17:09.679> we're<00:17:09.799> relying<00:17:10.130> on<00:17:10.309> economics 00:17:10.919 --> 00:17:10.929 align:start position:0% because we're relying on economics 00:17:10.929 --> 00:17:14.620 align:start position:0% because we're relying on economics someone<00:17:11.929> with<00:17:12.110> enough<00:17:12.919> money<00:17:13.100> you<00:17:13.309> can<00:17:13.630> come 00:17:14.620 --> 00:17:14.630 align:start position:0% someone with enough money you can come 00:17:14.630 --> 00:17:17.020 align:start position:0% someone with enough money you can come in<00:17:14.809> and<00:17:15.069> have<00:17:16.069> a<00:17:16.130> large<00:17:16.309> effect<00:17:16.429> on<00:17:16.640> the<00:17:16.730> system 00:17:17.020 --> 00:17:17.030 align:start position:0% in and have a large effect on the system 00:17:17.030 --> 00:17:20.439 align:start position:0% in and have a large effect on the system and<00:17:17.209> so<00:17:17.569> if<00:17:17.839> we<00:17:18.290> if<00:17:18.589> we<00:17:19.069> can<00:17:19.100> be<00:17:19.339> secure<00:17:20.030> against 00:17:20.439 --> 00:17:20.449 align:start position:0% and so if we if we can be secure against 00:17:20.449 --> 00:17:24.039 align:start position:0% and so if we if we can be secure against highly<00:17:21.319> resource<00:17:21.709> attackers<00:17:22.130> then<00:17:23.059> so<00:17:23.870> if 00:17:24.039 --> 00:17:24.049 align:start position:0% highly resource attackers then so if 00:17:24.049 --> 00:17:25.569 align:start position:0% highly resource attackers then so if there<00:17:24.230> will<00:17:24.409> be<00:17:24.470> highly<00:17:24.860> resource<00:17:25.189> attackers 00:17:25.569 --> 00:17:25.579 align:start position:0% there will be highly resource attackers 00:17:25.579 --> 00:17:28.230 align:start position:0% there will be highly resource attackers then<00:17:26.059> this<00:17:26.449> model<00:17:26.720> becomes<00:17:26.959> more<00:17:27.470> realistic 00:17:28.230 --> 00:17:28.240 align:start position:0% then this model becomes more realistic 00:17:28.240 --> 00:17:30.159 align:start position:0% then this model becomes more realistic and<00:17:29.240> the<00:17:29.270> other<00:17:29.750> things<00:17:29.929> that<00:17:30.049> like 00:17:30.159 --> 00:17:30.169 align:start position:0% and the other things that like 00:17:30.169 --> 00:17:31.810 align:start position:0% and the other things that like coordination<00:17:30.799> costs<00:17:31.159> are<00:17:31.309> kind<00:17:31.640> of<00:17:31.669> falling 00:17:31.810 --> 00:17:31.820 align:start position:0% coordination costs are kind of falling 00:17:31.820 --> 00:17:34.030 align:start position:0% coordination costs are kind of falling over<00:17:32.179> time<00:17:32.360> both<00:17:33.020> because<00:17:33.380> people<00:17:33.740> kind<00:17:34.010> of 00:17:34.030 --> 00:17:34.040 align:start position:0% over time both because people kind of 00:17:34.040 --> 00:17:35.350 align:start position:0% over time both because people kind of get<00:17:34.159> established<00:17:34.429> industry<00:17:34.880> in<00:17:35.090> figure<00:17:35.299> out 00:17:35.350 --> 00:17:35.360 align:start position:0% get established industry in figure out 00:17:35.360 --> 00:17:36.669 align:start position:0% get established industry in figure out for<00:17:35.450> each<00:17:35.540> other<00:17:35.690> are<00:17:35.900> and<00:17:36.169> have 00:17:36.669 --> 00:17:36.679 align:start position:0% for each other are and have 00:17:36.679 --> 00:17:38.740 align:start position:0% for each other are and have conversations<00:17:37.040> and<00:17:37.580> because<00:17:38.270> we're<00:17:38.659> actually 00:17:38.740 --> 00:17:38.750 align:start position:0% conversations and because we're actually 00:17:38.750 --> 00:17:39.940 align:start position:0% conversations and because we're actually working<00:17:38.960> on<00:17:39.200> technology<00:17:39.740> that<00:17:39.860> reduces 00:17:39.940 --> 00:17:39.950 align:start position:0% working on technology that reduces 00:17:39.950 --> 00:17:41.730 align:start position:0% working on technology that reduces coordination<00:17:40.640> cops 00:17:41.730 --> 00:17:41.740 align:start position:0% coordination cops 00:17:41.740 --> 00:17:44.530 align:start position:0% coordination cops so<00:17:42.740> I<00:17:42.770> think<00:17:42.920> you<00:17:43.190> know<00:17:43.280> you<00:17:44.120> know<00:17:44.210> even<00:17:44.450> though 00:17:44.530 --> 00:17:44.540 align:start position:0% so I think you know you know even though 00:17:44.540 --> 00:17:46.360 align:start position:0% so I think you know you know even though I<00:17:44.570> may<00:17:44.690> not<00:17:44.780> be<00:17:44.900> realistic<00:17:45.650> today<00:17:45.920> we're<00:17:46.190> like 00:17:46.360 --> 00:17:46.370 align:start position:0% I may not be realistic today we're like 00:17:46.370 --> 00:17:47.620 align:start position:0% I may not be realistic today we're like Bitcoin<00:17:46.700> miners<00:17:47.000> wouldn't<00:17:47.330> dream<00:17:47.570> of 00:17:47.620 --> 00:17:47.630 align:start position:0% Bitcoin miners wouldn't dream of 00:17:47.630 --> 00:17:51.370 align:start position:0% Bitcoin miners wouldn't dream of colluding<00:17:48.380> to<00:17:48.559> attack<00:17:49.370> Bitcoin<00:17:50.140> because<00:17:51.140> you 00:17:51.370 --> 00:17:51.380 align:start position:0% colluding to attack Bitcoin because you 00:17:51.380 --> 00:17:52.930 align:start position:0% colluding to attack Bitcoin because you know<00:17:51.470> they<00:17:51.890> think<00:17:52.100> bitcoin<00:17:52.370> is<00:17:52.400> good<00:17:52.610> thing<00:17:52.790> is 00:17:52.930 --> 00:17:52.940 align:start position:0% know they think bitcoin is good thing is 00:17:52.940 --> 00:17:54.880 align:start position:0% know they think bitcoin is good thing is something<00:17:53.180> that<00:17:53.240> they<00:17:53.360> want<00:17:53.500> in<00:17:54.500> the<00:17:54.680> long<00:17:54.860> run 00:17:54.880 --> 00:17:54.890 align:start position:0% something that they want in the long run 00:17:54.890 --> 00:18:00.150 align:start position:0% something that they want in the long run I<00:17:55.510> would<00:17:56.510> say<00:17:56.720> that<00:17:57.340> it's<00:17:58.340> this<00:17:59.090> kind<00:17:59.300> of 00:18:00.150 --> 00:18:00.160 align:start position:0% I would say that it's this kind of 00:18:00.160 --> 00:18:02.230 align:start position:0% I would say that it's this kind of situation<00:18:01.160> where<00:18:01.610> everyone<00:18:02.000> is<00:18:02.030> just 00:18:02.230 --> 00:18:02.240 align:start position:0% situation where everyone is just 00:18:02.240 --> 00:18:04.420 align:start position:0% situation where everyone is just governed<00:18:03.200> by<00:18:03.260> their<00:18:03.620> ability<00:18:03.680> to<00:18:03.950> make<00:18:04.100> profit 00:18:04.420 --> 00:18:04.430 align:start position:0% governed by their ability to make profit 00:18:04.430 --> 00:18:07.270 align:start position:0% governed by their ability to make profit is<00:18:04.520> becomes<00:18:05.260> becomes<00:18:06.260> kind<00:18:06.590> of<00:18:06.620> more<00:18:06.950> more 00:18:07.270 --> 00:18:07.280 align:start position:0% is becomes becomes kind of more more 00:18:07.280 --> 00:18:11.049 align:start position:0% is becomes becomes kind of more more reasonable<00:18:08.230> and<00:18:09.230> basically<00:18:09.740> I<00:18:10.040> also<00:18:10.880> think 00:18:11.049 --> 00:18:11.059 align:start position:0% reasonable and basically I also think 00:18:11.059 --> 00:18:12.400 align:start position:0% reasonable and basically I also think that<00:18:11.150> if<00:18:11.300> we<00:18:11.330> make<00:18:11.540> our<00:18:11.690> announce<00:18:11.930> a<00:18:12.110> protocol 00:18:12.400 --> 00:18:12.410 align:start position:0% that if we make our announce a protocol 00:18:12.410 --> 00:18:13.750 align:start position:0% that if we make our announce a protocol is<00:18:12.500> better<00:18:12.650> under<00:18:12.920> worst-case<00:18:13.280> analysis 00:18:13.750 --> 00:18:13.760 align:start position:0% is better under worst-case analysis 00:18:13.760 --> 00:18:15.430 align:start position:0% is better under worst-case analysis they'll<00:18:13.970> be<00:18:14.059> better<00:18:14.210> on<00:18:14.390> gentle<00:18:14.660> and<00:18:14.870> so 00:18:15.430 --> 00:18:15.440 align:start position:0% they'll be better on gentle and so 00:18:15.440 --> 00:18:16.840 align:start position:0% they'll be better on gentle and so that's<00:18:15.590> another<00:18:15.740> reason<00:18:15.920> why<00:18:16.040> you<00:18:16.610> know<00:18:16.670> even 00:18:16.840 --> 00:18:16.850 align:start position:0% that's another reason why you know even 00:18:16.850 --> 00:18:18.130 align:start position:0% that's another reason why you know even though<00:18:17.000> I<00:18:17.030> may<00:18:17.120> not<00:18:17.179> be<00:18:17.300> realistic<00:18:17.780> this<00:18:17.960> is 00:18:18.130 --> 00:18:18.140 align:start position:0% though I may not be realistic this is 00:18:18.140 --> 00:18:22.470 align:start position:0% though I may not be realistic this is how<00:18:18.679> we<00:18:18.740> should<00:18:18.920> do<00:18:19.130> analysis<00:18:20.260> and<00:18:21.260> then 00:18:22.470 --> 00:18:22.480 align:start position:0% how we should do analysis and then 00:18:22.480 --> 00:18:25.390 align:start position:0% how we should do analysis and then basically<00:18:23.480> it's<00:18:24.290> impossible<00:18:24.860> to<00:18:24.890> be<00:18:25.010> secure 00:18:25.390 --> 00:18:25.400 align:start position:0% basically it's impossible to be secure 00:18:25.400 --> 00:18:29.860 align:start position:0% basically it's impossible to be secure in<00:18:25.550> this<00:18:25.760> context<00:18:26.240> they<00:18:26.330> say<00:18:27.130> partly<00:18:28.870> partly 00:18:29.860 --> 00:18:29.870 align:start position:0% in this context they say partly partly 00:18:29.870 --> 00:18:31.690 align:start position:0% in this context they say partly partly they<00:18:30.200> say<00:18:30.350> this<00:18:30.410> because<00:18:30.650> they<00:18:31.580> have 00:18:31.690 --> 00:18:31.700 align:start position:0% they say this because they have 00:18:31.700 --> 00:18:32.710 align:start position:0% they say this because they have resulting<00:18:32.090> Byzantine<00:18:32.390> fault<00:18:32.570> tolerance 00:18:32.710 --> 00:18:32.720 align:start position:0% resulting Byzantine fault tolerance 00:18:32.720 --> 00:18:36.130 align:start position:0% resulting Byzantine fault tolerance literature<00:18:33.260> and<00:18:34.210> but<00:18:35.210> but<00:18:35.450> Byzantine<00:18:35.870> fault 00:18:36.130 --> 00:18:36.140 align:start position:0% literature and but but Byzantine fault 00:18:36.140 --> 00:18:37.690 align:start position:0% literature and but but Byzantine fault is<00:18:36.260> very<00:18:36.470> different<00:18:36.740> from<00:18:36.920> an<00:18:37.070> economic<00:18:37.460> fault 00:18:37.690 --> 00:18:37.700 align:start position:0% is very different from an economic fault 00:18:37.700 --> 00:18:40.810 align:start position:0% is very different from an economic fault right<00:18:38.000> a<00:18:39.100> Byzantine<00:18:40.100> node<00:18:40.309> and<00:18:40.490> it's<00:18:40.610> just 00:18:40.810 --> 00:18:40.820 align:start position:0% right a Byzantine node and it's just 00:18:40.820 --> 00:18:42.220 align:start position:0% right a Byzantine node and it's just like<00:18:40.880> I<00:18:41.059> know<00:18:41.120> that<00:18:41.390> will<00:18:41.480> do<00:18:41.600> anything<00:18:41.840> an 00:18:42.220 --> 00:18:42.230 align:start position:0% like I know that will do anything an 00:18:42.230 --> 00:18:44.710 align:start position:0% like I know that will do anything an economic<00:18:42.920> node<00:18:43.100> will<00:18:43.309> only<00:18:43.580> do<00:18:43.850> anything<00:18:44.300> at<00:18:44.660> a 00:18:44.710 --> 00:18:44.720 align:start position:0% economic node will only do anything at a 00:18:44.720 --> 00:18:46.780 align:start position:0% economic node will only do anything at a price<00:18:45.020> and<00:18:45.320> it's<00:18:45.830> important<00:18:46.220> to<00:18:46.429> say<00:18:46.580> what 00:18:46.780 --> 00:18:46.790 align:start position:0% price and it's important to say what 00:18:46.790 --> 00:18:50.260 align:start position:0% price and it's important to say what that<00:18:46.820> price<00:18:47.150> is<00:18:48.280> rational<00:18:49.280> knows<00:18:49.520> kind<00:18:50.210> of 00:18:50.260 --> 00:18:50.270 align:start position:0% that price is rational knows kind of 00:18:50.270 --> 00:18:51.820 align:start position:0% that price is rational knows kind of only<00:18:50.360> behaving<00:18:50.780> correctly<00:18:50.870> if<00:18:51.440> it's<00:18:51.620> in<00:18:51.710> their 00:18:51.820 --> 00:18:51.830 align:start position:0% only behaving correctly if it's in their 00:18:51.830 --> 00:18:55.419 align:start position:0% only behaving correctly if it's in their incentive<00:18:52.160> to<00:18:52.280> they'll<00:18:52.580> behave<00:18:52.880> badly<00:18:54.429> well 00:18:55.419 --> 00:18:55.429 align:start position:0% incentive to they'll behave badly well 00:18:55.429 --> 00:18:57.460 align:start position:0% incentive to they'll behave badly well if<00:18:55.580> it's<00:18:55.730> in<00:18:55.820> their<00:18:55.910> incentive<00:18:56.240> to<00:18:56.470> and 00:18:57.460 --> 00:18:57.470 align:start position:0% if it's in their incentive to and 00:18:57.470 --> 00:19:02.470 align:start position:0% if it's in their incentive to and basically<00:18:59.170> you<00:19:00.170> know<00:19:00.400> it's<00:19:01.400> impossible<00:19:02.120> to<00:19:02.390> be 00:19:02.470 --> 00:19:02.480 align:start position:0% basically you know it's impossible to be 00:19:02.480 --> 00:19:05.020 align:start position:0% basically you know it's impossible to be secure<00:19:02.900> in<00:19:02.929> this<00:19:03.110> context<00:19:03.740> I<00:19:04.010> agree<00:19:04.640> if<00:19:04.880> the 00:19:05.020 --> 00:19:05.030 align:start position:0% secure in this context I agree if the 00:19:05.030 --> 00:19:07.660 align:start position:0% secure in this context I agree if the adversary<00:19:05.179> has<00:19:05.690> an<00:19:06.110> unbounded<00:19:06.679> budget<00:19:07.040> but 00:19:07.660 --> 00:19:07.670 align:start position:0% adversary has an unbounded budget but 00:19:07.670 --> 00:19:09.430 align:start position:0% adversary has an unbounded budget but for<00:19:07.850> any<00:19:07.970> particular<00:19:08.120> budget<00:19:08.690> you<00:19:09.020> can<00:19:09.200> say 00:19:09.430 --> 00:19:09.440 align:start position:0% for any particular budget you can say 00:19:09.440 --> 00:19:12.100 align:start position:0% for any particular budget you can say whether<00:19:09.710> or<00:19:09.950> not<00:19:10.420> we<00:19:11.420> are<00:19:11.450> secure<00:19:11.900> in<00:19:12.020> that 00:19:12.100 --> 00:19:12.110 align:start position:0% whether or not we are secure in that 00:19:12.110 --> 00:19:16.060 align:start position:0% whether or not we are secure in that context<00:19:12.830> so<00:19:13.570> if<00:19:14.570> this<00:19:14.990> analysis<00:19:15.530> lets<00:19:15.890> you 00:19:16.060 --> 00:19:16.070 align:start position:0% context so if this analysis lets you 00:19:16.070 --> 00:19:18.880 align:start position:0% context so if this analysis lets you think<00:19:16.400> about<00:19:16.670> you<00:19:17.660> know<00:19:17.690> an<00:19:18.200> adversary<00:19:18.770> that 00:19:18.880 --> 00:19:18.890 align:start position:0% think about you know an adversary that 00:19:18.890 --> 00:19:20.740 align:start position:0% think about you know an adversary that has<00:19:18.980> like<00:19:19.190> 100<00:19:19.340> thousand<00:19:19.760> dollars<00:19:20.030> or<00:19:20.179> 10 00:19:20.740 --> 00:19:20.750 align:start position:0% has like 100 thousand dollars or 10 00:19:20.750 --> 00:19:22.720 align:start position:0% has like 100 thousand dollars or 10 million<00:19:20.929> dollars<00:19:21.290> or<00:19:21.470> billion<00:19:22.220> dollars<00:19:22.490> and 00:19:22.720 --> 00:19:22.730 align:start position:0% million dollars or billion dollars and 00:19:22.730 --> 00:19:24.760 align:start position:0% million dollars or billion dollars and and<00:19:22.940> and<00:19:23.360> we<00:19:24.110> can't<00:19:24.320> just<00:19:24.470> say<00:19:24.590> that<00:19:24.620> oh 00:19:24.760 --> 00:19:24.770 align:start position:0% and and we can't just say that oh 00:19:24.770 --> 00:19:26.180 align:start position:0% and and we can't just say that oh because<00:19:25.070> all<00:19:25.370> the<00:19:25.550> nose<00:19:25.700> we'll<00:19:25.940> just 00:19:26.180 --> 00:19:26.190 align:start position:0% because all the nose we'll just 00:19:26.190 --> 00:19:28.119 align:start position:0% because all the nose we'll just behave<00:19:26.429> badly<00:19:26.580> if<00:19:26.820> they're<00:19:26.940> incentivized<00:19:27.149> to 00:19:28.119 --> 00:19:28.129 align:start position:0% behave badly if they're incentivized to 00:19:28.129 --> 00:19:31.070 align:start position:0% behave badly if they're incentivized to that<00:19:29.129> they<00:19:29.330> that<00:19:30.330> we<00:19:30.450> won't<00:19:30.629> be<00:19:30.720> secure 00:19:31.070 --> 00:19:31.080 align:start position:0% that they that we won't be secure 00:19:31.080 --> 00:19:32.509 align:start position:0% that they that we won't be secure because<00:19:31.230> they're<00:19:31.440> Byzantine<00:19:31.830> it<00:19:32.279> kind<00:19:32.460> of 00:19:32.509 --> 00:19:32.519 align:start position:0% because they're Byzantine it kind of 00:19:32.519 --> 00:19:34.159 align:start position:0% because they're Byzantine it kind of really<00:19:32.879> depends<00:19:33.330> on<00:19:33.419> what<00:19:33.480> their<00:19:33.779> incentives 00:19:34.159 --> 00:19:34.169 align:start position:0% really depends on what their incentives 00:19:34.169 --> 00:19:39.730 align:start position:0% really depends on what their incentives are<00:19:35.870> so<00:19:36.870> you<00:19:37.710> know<00:19:37.799> and<00:19:38.129> another<00:19:38.340> reason<00:19:38.639> is<00:19:38.820> is 00:19:39.730 --> 00:19:39.740 align:start position:0% are so you know and another reason is is 00:19:39.740 --> 00:19:42.320 align:start position:0% are so you know and another reason is is that<00:19:40.740> I<00:19:40.769> like<00:19:41.159> my<00:19:41.580> other<00:19:41.700> response<00:19:42.059> i<00:19:42.120> have<00:19:42.240> to 00:19:42.320 --> 00:19:42.330 align:start position:0% that I like my other response i have to 00:19:42.330 --> 00:19:43.759 align:start position:0% that I like my other response i have to discuss<00:19:42.570> with<00:19:42.720> them<00:19:42.809> is<00:19:42.929> that<00:19:43.080> you<00:19:43.559> know<00:19:43.649> you 00:19:43.759 --> 00:19:43.769 align:start position:0% discuss with them is that you know you 00:19:43.769 --> 00:19:46.100 align:start position:0% discuss with them is that you know you don't<00:19:43.860> know<00:19:44.039> this<00:19:44.190> right<00:19:45.000> you<00:19:45.629> just<00:19:45.840> think 00:19:46.100 --> 00:19:46.110 align:start position:0% don't know this right you just think 00:19:46.110 --> 00:19:47.389 align:start position:0% don't know this right you just think this<00:19:46.230> this<00:19:46.500> is<00:19:46.590> like<00:19:46.710> an<00:19:46.799> intuition<00:19:47.159> you<00:19:47.250> have 00:19:47.389 --> 00:19:47.399 align:start position:0% this this is like an intuition you have 00:19:47.399 --> 00:19:49.009 align:start position:0% this this is like an intuition you have but<00:19:47.700> this<00:19:47.820> is<00:19:47.970> all<00:19:48.090> very<00:19:48.120> new<00:19:48.360> and<00:19:48.720> we<00:19:48.809> haven't 00:19:49.009 --> 00:19:49.019 align:start position:0% but this is all very new and we haven't 00:19:49.019 --> 00:19:50.450 align:start position:0% but this is all very new and we haven't had<00:19:49.139> much<00:19:49.259> time<00:19:49.440> to<00:19:49.500> explore<00:19:49.889> the<00:19:50.009> space<00:19:50.129> it 00:19:50.450 --> 00:19:50.460 align:start position:0% had much time to explore the space it 00:19:50.460 --> 00:19:52.100 align:start position:0% had much time to explore the space it might<00:19:50.940> be<00:19:51.090> that<00:19:51.269> you're<00:19:51.419> just<00:19:51.600> wrong<00:19:51.720> and<00:19:51.779> that 00:19:52.100 --> 00:19:52.110 align:start position:0% might be that you're just wrong and that 00:19:52.110 --> 00:19:54.049 align:start position:0% might be that you're just wrong and that we<00:19:52.230> can<00:19:52.409> we<00:19:52.830> can<00:19:53.100> maybe<00:19:53.340> secure<00:19:53.879> in<00:19:53.970> this 00:19:54.049 --> 00:19:54.059 align:start position:0% we can we can maybe secure in this 00:19:54.059 --> 00:20:00.499 align:start position:0% we can we can maybe secure in this projects<00:19:56.029> so<00:19:58.879> public<00:19:59.879> consensus<00:20:00.059> protocols 00:20:00.499 --> 00:20:00.509 align:start position:0% projects so public consensus protocols 00:20:00.509 --> 00:20:01.669 align:start position:0% projects so public consensus protocols based<00:20:00.629> very<00:20:00.870> different<00:20:01.169> challenges<00:20:01.500> than 00:20:01.669 --> 00:20:01.679 align:start position:0% based very different challenges than 00:20:01.679 --> 00:20:04.100 align:start position:0% based very different challenges than traditional<00:20:02.070> consensus<00:20:02.370> protocols<00:20:02.759> or<00:20:03.110> the 00:20:04.100 --> 00:20:04.110 align:start position:0% traditional consensus protocols or the 00:20:04.110 --> 00:20:06.889 align:start position:0% traditional consensus protocols or the non-public<00:20:04.559> protocols<00:20:05.629> they're<00:20:06.629> kind<00:20:06.840> of 00:20:06.889 --> 00:20:06.899 align:start position:0% non-public protocols they're kind of 00:20:06.899 --> 00:20:08.600 align:start position:0% non-public protocols they're kind of hard<00:20:07.440> to<00:20:07.559> reason<00:20:07.799> about<00:20:07.950> because<00:20:08.340> we<00:20:08.429> can't 00:20:08.600 --> 00:20:08.610 align:start position:0% hard to reason about because we can't 00:20:08.610 --> 00:20:09.919 align:start position:0% hard to reason about because we can't just<00:20:08.700> assume<00:20:08.940> that<00:20:09.059> a<00:20:09.120> certain<00:20:09.269> portion<00:20:09.600> of 00:20:09.919 --> 00:20:09.929 align:start position:0% just assume that a certain portion of 00:20:09.929 --> 00:20:11.899 align:start position:0% just assume that a certain portion of knows<00:20:10.110> behave<00:20:10.769> badly<00:20:10.919> we<00:20:11.610> have<00:20:11.700> to<00:20:11.789> use 00:20:11.899 --> 00:20:11.909 align:start position:0% knows behave badly we have to use 00:20:11.909 --> 00:20:13.789 align:start position:0% knows behave badly we have to use economics<00:20:12.570> and<00:20:12.809> game<00:20:12.990> theory<00:20:13.230> and<00:20:13.409> this<00:20:13.590> kind 00:20:13.789 --> 00:20:13.799 align:start position:0% economics and game theory and this kind 00:20:13.799 --> 00:20:17.629 align:start position:0% economics and game theory and this kind of<00:20:13.940> reasoning<00:20:14.940> about<00:20:15.529> the<00:20:16.529> environment<00:20:17.309> in 00:20:17.629 --> 00:20:17.639 align:start position:0% of reasoning about the environment in 00:20:17.639 --> 00:20:20.350 align:start position:0% of reasoning about the environment in which<00:20:17.730> knows<00:20:17.970> operate<00:20:18.419> as<00:20:18.600> an<00:20:19.289> economic<00:20:19.409> agent 00:20:20.350 --> 00:20:20.360 align:start position:0% which knows operate as an economic agent 00:20:20.360 --> 00:20:23.690 align:start position:0% which knows operate as an economic agent or<00:20:21.360> as<00:20:22.110> an<00:20:22.200> economic<00:20:22.350> entity<00:20:22.950> with<00:20:23.129> its<00:20:23.279> with 00:20:23.690 --> 00:20:23.700 align:start position:0% or as an economic entity with its with 00:20:23.700 --> 00:20:27.259 align:start position:0% or as an economic entity with its with expenses<00:20:24.179> and<00:20:24.480> revenues<00:20:25.370> and<00:20:26.370> there's<00:20:26.909> no<00:20:27.059> way 00:20:27.259 --> 00:20:27.269 align:start position:0% expenses and revenues and there's no way 00:20:27.269 --> 00:20:29.810 align:start position:0% expenses and revenues and there's no way at<00:20:27.690> all<00:20:27.899> to<00:20:28.200> read<00:20:28.379> to<00:20:28.740> weasel<00:20:29.399> economic 00:20:29.810 --> 00:20:29.820 align:start position:0% at all to read to weasel economic 00:20:29.820 --> 00:20:31.700 align:start position:0% at all to read to weasel economic analysis<00:20:30.149> into<00:20:30.450> byzantine<00:20:30.779> analysis<00:20:31.289> or<00:20:31.470> into 00:20:31.700 --> 00:20:31.710 align:start position:0% analysis into byzantine analysis or into 00:20:31.710 --> 00:20:34.190 align:start position:0% analysis into byzantine analysis or into around<00:20:32.340> it<00:20:32.549> by<00:20:32.669> saying<00:20:32.850> oh<00:20:33.090> we<00:20:33.750> do<00:20:33.840> business<00:20:34.080> in 00:20:34.190 --> 00:20:34.200 align:start position:0% around it by saying oh we do business in 00:20:34.200 --> 00:20:35.539 align:start position:0% around it by saying oh we do business in fault<00:20:34.440> tolerance<00:20:34.769> analysis<00:20:34.919> then<00:20:35.220> we<00:20:35.370> say<00:20:35.519> oh 00:20:35.539 --> 00:20:35.549 align:start position:0% fault tolerance analysis then we say oh 00:20:35.549 --> 00:20:37.279 align:start position:0% fault tolerance analysis then we say oh and<00:20:35.669> then<00:20:36.330> we<00:20:36.480> prove<00:20:36.690> that<00:20:36.720> it's<00:20:36.960> incentive 00:20:37.279 --> 00:20:37.289 align:start position:0% and then we prove that it's incentive 00:20:37.289 --> 00:20:40.129 align:start position:0% and then we prove that it's incentive compatible<00:20:37.769> you<00:20:38.399> know<00:20:38.490> which<00:20:39.049> there<00:20:40.049> are 00:20:40.129 --> 00:20:40.139 align:start position:0% compatible you know which there are 00:20:40.139 --> 00:20:42.560 align:start position:0% compatible you know which there are separate<00:20:40.710> things<00:20:40.769> and<00:20:41.250> there's<00:20:42.120> there's<00:20:42.419> no 00:20:42.560 --> 00:20:42.570 align:start position:0% separate things and there's there's no 00:20:42.570 --> 00:20:44.659 align:start position:0% separate things and there's there's no way<00:20:42.779> to<00:20:42.840> put<00:20:43.200> the<00:20:43.440> economic<00:20:44.070> analysis<00:20:44.429> thing 00:20:44.659 --> 00:20:44.669 align:start position:0% way to put the economic analysis thing 00:20:44.669 --> 00:20:48.639 align:start position:0% way to put the economic analysis thing into<00:20:45.149> the<00:20:45.330> business<00:20:45.480> analysis<00:20:46.110> bollocks<00:20:47.210> this 00:20:48.639 --> 00:20:48.649 align:start position:0% into the business analysis bollocks this 00:20:48.649 --> 00:20:51.560 align:start position:0% into the business analysis bollocks this and<00:20:49.649> when<00:20:50.309> you<00:20:50.399> when<00:20:50.610> you<00:20:50.639> when<00:20:50.909> you<00:20:51.059> kind<00:20:51.480> of 00:20:51.560 --> 00:20:51.570 align:start position:0% and when you when you when you kind of 00:20:51.570 --> 00:20:53.029 align:start position:0% and when you when you when you kind of when<00:20:52.110> you<00:20:52.169> start<00:20:52.379> to<00:20:52.440> doubt<00:20:52.590> that<00:20:52.649> just 00:20:53.029 --> 00:20:53.039 align:start position:0% when you start to doubt that just 00:20:53.039 --> 00:20:55.249 align:start position:0% when you start to doubt that just remember<00:20:53.370> notes<00:20:53.909> of<00:20:54.090> expenses<00:20:54.570> notes<00:20:55.110> of 00:20:55.249 --> 00:20:55.259 align:start position:0% remember notes of expenses notes of 00:20:55.259 --> 00:20:57.470 align:start position:0% remember notes of expenses notes of revenues<00:20:55.679> correct<00:20:56.610> node<00:20:56.820> doesn't<00:20:57.299> have<00:20:57.389> an 00:20:57.470 --> 00:20:57.480 align:start position:0% revenues correct node doesn't have an 00:20:57.480 --> 00:20:58.700 align:start position:0% revenues correct node doesn't have an infinite<00:20:57.690> budget<00:20:58.049> if<00:20:58.139> its<00:20:58.259> operating<00:20:58.500> at<00:20:58.679> a 00:20:58.700 --> 00:20:58.710 align:start position:0% infinite budget if its operating at a 00:20:58.710 --> 00:21:01.759 align:start position:0% infinite budget if its operating at a loss<00:20:58.860> it'll<00:20:59.129> go<00:20:59.220> offline<00:20:59.779> and<00:21:00.779> and<00:21:01.289> therefore 00:21:01.759 --> 00:21:01.769 align:start position:0% loss it'll go offline and and therefore 00:21:01.769 --> 00:21:02.869 align:start position:0% loss it'll go offline and and therefore you<00:21:01.889> can't<00:21:02.070> just<00:21:02.159> rely<00:21:02.429> on<00:21:02.519> this<00:21:02.700> business 00:21:02.869 --> 00:21:02.879 align:start position:0% you can't just rely on this business 00:21:02.879 --> 00:21:08.869 align:start position:0% you can't just rely on this business analysis<00:21:04.700> so<00:21:06.710> my<00:21:07.710> basically<00:21:08.309> they<00:21:08.429> take<00:21:08.460> aways 00:21:08.869 --> 00:21:08.879 align:start position:0% analysis so my basically they take aways 00:21:08.879 --> 00:21:11.090 align:start position:0% analysis so my basically they take aways for<00:21:09.179> you<00:21:09.330> if<00:21:09.690> you<00:21:09.990> are<00:21:10.259> designing<00:21:10.649> or 00:21:11.090 --> 00:21:11.100 align:start position:0% for you if you are designing or 00:21:11.100 --> 00:21:13.240 align:start position:0% for you if you are designing or reasoning<00:21:11.429> about<00:21:11.580> these<00:21:11.909> since<00:21:12.419> protocols<00:21:12.840> is 00:21:13.240 --> 00:21:13.250 align:start position:0% reasoning about these since protocols is 00:21:13.250 --> 00:21:15.950 align:start position:0% reasoning about these since protocols is think<00:21:14.250> about<00:21:14.309> it<00:21:14.519> in<00:21:14.639> the<00:21:14.730> worst<00:21:14.909> case<00:21:15.179> assume 00:21:15.950 --> 00:21:15.960 align:start position:0% think about it in the worst case assume 00:21:15.960 --> 00:21:17.570 align:start position:0% think about it in the worst case assume that<00:21:16.289> there's<00:21:16.830> a<00:21:16.919> super<00:21:17.190> majority<00:21:17.279> of 00:21:17.570 --> 00:21:17.580 align:start position:0% that there's a super majority of 00:21:17.580 --> 00:21:19.639 align:start position:0% that there's a super majority of validators<00:21:18.090> who<00:21:18.299> will<00:21:18.500> maximize<00:21:19.500> their 00:21:19.639 --> 00:21:19.649 align:start position:0% validators who will maximize their 00:21:19.649 --> 00:21:23.360 align:start position:0% validators who will maximize their profit<00:21:20.039> e<00:21:20.100> working<00:21:20.639> in<00:21:20.730> concert<00:21:21.440> and<00:21:22.440> assume 00:21:23.360 --> 00:21:23.370 align:start position:0% profit e working in concert and assume 00:21:23.370 --> 00:21:24.340 align:start position:0% profit e working in concert and assume that 00:21:24.340 --> 00:21:24.350 align:start position:0% that 00:21:24.350 --> 00:21:26.430 align:start position:0% that an<00:21:24.679> adversary<00:21:25.220> can<00:21:25.370> affect<00:21:25.640> their<00:21:25.789> incentives 00:21:26.430 --> 00:21:26.440 align:start position:0% an adversary can affect their incentives 00:21:26.440 --> 00:21:28.480 align:start position:0% an adversary can affect their incentives rather<00:21:27.440> than<00:21:27.620> assuming<00:21:27.980> that<00:21:28.130> the<00:21:28.370> adversary 00:21:28.480 --> 00:21:28.490 align:start position:0% rather than assuming that the adversary 00:21:28.490 --> 00:21:30.640 align:start position:0% rather than assuming that the adversary just<00:21:28.940> controlled<00:21:29.750> some<00:21:29.900> fixed<00:21:30.140> proportion<00:21:30.289> of 00:21:30.640 --> 00:21:30.650 align:start position:0% just controlled some fixed proportion of 00:21:30.650 --> 00:21:34.200 align:start position:0% just controlled some fixed proportion of their<00:21:30.740> nodes<00:21:31.840> so<00:21:32.840> that's<00:21:33.559> the<00:21:33.710> end<00:21:33.770> of<00:21:33.830> my<00:21:33.890> talk 00:21:34.200 --> 00:21:34.210 align:start position:0% their nodes so that's the end of my talk 00:21:34.210 --> 00:21:45.360 align:start position:0% their nodes so that's the end of my talk hope<00:21:35.210> you<00:21:35.299> enjoyed<00:21:35.510> it 00:21:45.360 --> 00:21:45.370 align:start position:0% 00:21:45.370 --> 00:21:47.430 align:start position:0% you