've been a pariah in that industry for a long time because I, way back when, have said "economics matters". I'm on Richard [Bell-something]'s site as Security Clown because I put a risk algorithm that every takes a little bit out of context and says, "you know where that risk algorithm is used right now? When you have two-factor and you get SMS and other updates to your phone for Internet banking, that's that algorithm." So my fluffy little piece of crap algorithm happens to be running on banks globally. So he can call me a clown all he wants. Quite simply, I got paid for it, I don't care. Wallets to merchants. We need to start building better wallets. I cannot do frontends to save myself. I'm a good low-level coder; I can do library code, things like that. Other people can do other things; my frontends suck. Now, here's the thing, we've had eight years, and you know how good our frontends are in Bitcoin? They suck. All of them. I don't care who gets offended on this one; every one of our bloody frontends right at the moment, our wallets, suck. We need competition in that. We need people making really shit-easy ones. When I started DeMorgan in Australia before I moved out here, the thing I gave to our staff and what I want: my grandmother has to be able to use this. My grandmother has to be able to just make a payment. She doesn't use computers, although I mean, my grandfather before he died was one of the earliest users of computers in Australia with Melbourne IT and other things he did. My grandmother stays away. She's 96 and she's not going to change. But she needs to be able to use money. The early days we had poker nodes in Bitcoin. We had merchant databases in Bitcoin. All of this has been stripped. It shouldn't be in the main core protocol. Wallets need to be developed independently. Why? Because that's how they compete. We don't want one, we want a world-using Bitcoin. That's simple. We want it secure. And we want it able to be used between many people. Replaceable transactions versus replace by fee. Replace by fee is the biggest piece of shit every created [audience applause]. And I'm to say that very nicely because that's not actually what I feel about it, but I've been told that I'm not allowed to say my true feelings, so I'll put it lightly that it's complete utter shit. Replaceable transaction: when you hadn't broadcast something to the network and you were negotiating a payment channel, that was valid. Why? Because you're negotiating. When you send it to a miner and you allow a miner to start playing with it, zero confirmation doesn't work. Risk is not perfect. Every system---every one---is probabilistic. There is no single system ever created that is not probabilistic in security. Does any here know what Alan Turing was before he became famous as a cryptographer? He was a Bayesian statistician. In the early days, statistics and Bayes theory and things like that were the core of creating risk-based systems. Right now we seem to have forgotten that. We seem to have forgotten that we cannot ever get a perfect system. We don't drive around in tanks. We drive in cars. We fly. Anyone here done something stupid like bungee jumping or jumping out of a plane? Yes. I've pushed our kids out of the plane too, and not because they gave me the shits either. What we need are payment systems. We need merchants who give a shit. Merchants will do these things. If we start doing unlimited block size strategies where we just allow things to grow, our cost goes there [points to line chart]; Visa's cost goes there [points to other line]. We can run cheaper than Visa on our network right now. We can scale bigger than Visa right now. And here is the thing that they're lying to you about: the bloody bullshit from people like Luke [Dashjr?]. What they really want to destroy is corporate. Companies. That's what they fear. Companies do not act together. Companies are people. You can own shares; you can start a company; you can control a company. You can compete. But if you can't compete, buy and let someone else do it for you. Compan