uted central currency) that is not controlled, that is hard money. That's what Bitcoin is about: hard central controlled, no one can change, money. The problem is central banks inflate. Who here actually knows what the genesis block message was about? Who's read the Times page? [Audience reply inaudible.] What happened in the page? What was being discussed? [Audience inaudible.] They were considering buying the toxic assets. The government was saying, "the naughty banks who we've just given billions to refuse to change their business model and risk their money again, and if they don't do it, we're going to buy them and nationalize them." So, great, we're going to incentivize banks further to make crappier loans. What a great thing. [Points to alleged Peter Todd quote.] No upper limit to scale. Good! [New slide.] Economic game theoretic systems. This is what Bitcoin is about. It is economic. Timing models; one vote per CPU. This is a republic; it is not a demagoguery. It is not where people get to yell and scream and lie. And very soon we're going to change that narrative. Very soon people are going to discover that when you start lying and when you troll, there are consequences. So. What is a node? A node is not every little tiny Raspberry Pi running everywhere. The machines running Bitcoin in 2009 were bigger than every single Raspberry Pi. The machines Hal [Finney] ran. The machines Bear [Ray Dillinger] ran. Everyone else who joined this thing at that point had bigger machines running these damn things [sic]. And now we have this idea that we can't run it on a little tiny insy winsy insignificant machine. Who cares? What is more important: you having a copy of the block chain, or you having money that no one can manipulate. Honestly, start thinking. These whole utopian ideas of how you spend money are wrong. Economic fundamentals matter. Lightning doesn't work because nobody spends that way. I don't go over to [store name] and ask them to take a bag of carrots and give money. That's the bi-directional models. They don't work. I don't go down the road in some big co-op, and go, "well, I've just made a box of widgets; how 'bout you give money for it and whatever else." Barter never really existed. Ever. What we have now is a system that changes everything. Our new generation, our new genesis, is the creation of the first ever hard money. The first money that allows for freedom. Gold was never hard because we never had it. When Nixon took America off the gold exchange standard, which wasn't a gold standard, do you know how much of that gold was actually there? [Inaudible audience responses.] About five percent. So they didn't actually have the gold they were backing their currency with. [Side, SPV and merchants] So SPV and merchants. Merchants give a [inaudible]. When you go and you pay a merchant they care that they get the payment. They're the ones who want zero-conf; they're the ones who know what they can and can't risk. When you pay a merchant, you don't care that your payment has or hasn't been accepted straight away. You care that you've handed the payment over and you've walked out the store with the goods, and you've got a receipt. More than that, who cares? You're not going to want to sit there and validate that the merchant actually got paid. Really, you don't care. So what we need: we need to move these silly ideas that we need split Bitcoin into little bits so that everyone can own their little bit of Bitcoin. "Everyone wants segwit" - 1984 segwit. Everyone does not want segwit. Everyone is being cowed. I'm sure everyone has seen the fun media about myself and my family. Well, here's the thing for you: I do have those degrees. That so-called PGP key to Mr. Maxwell, I would say, because the Australian tax office approached Blockstream and asked them about my affairs and dealings in May 2015. The people involved in the tax office have been arrested. So, my taxes issues are zero. But there are some issues for other people about to come, because when you lie and when you say things that aren't true, there are con