2min chapter

Happy Place cover image

Billy Porter

Happy Place

CHAPTER

Introduction

Fern Cotton speaks with Billy Porter about the intersection of art, activism, and personal expression. They discuss the role of artists in advocating for change, the evolution of the music industry, and the empowering nature of clothes.

00:00
Speaker 1
So, all domino be
Speaker 2
some dude puts a fucking JPEG on the base. So, you know, BRC 20 tokens, man. I don't know if you all have looked into these. I don't know if you all you'll spend any time. You should spend a little bit of time to understand what they are. It is, you know, I call it ERC 20 tokens on meth. It is, you know, an abomination in terms of how it's built. If you want to mint one of these things, you just press button, basically, and it creates 100 transactions on the on Bitcoin. Like in one click of a button. It's just like, it's just like, it's a bit inefficient. But like, as I can look at it. It's clear to me that this is something that is going to stick around longer than a few weeks or a few months. You know, I'm not, I'm not sure if it'll survive a whole cycle or not, but like this is something that I don't see going away anytime soon. Because there's money to be made. People are going to do this thing. It's just that's the incentives. And, you know, we're seeing this amount of congestion that's being created in the Bitcoin network with, I think, based on like what I can tell, less than 10,000 less than 15,000 people playing with these things. If you have centralized exchanges list these things, pump the this market up with liquidity, and you get 100,000 users in here gambling on BRC 20s or 250,000 users gambling on BRC 20, which is nothing relative to how many people gamble on a, you know, ERC 20 tokens. The transaction fees are going to blow out. So why I bullish. If you want to see the Bitcoin community get focused on actually building shit, make transaction fees $100 and see what happens. It is going to take over every single person's total focus, every company's total focus, and you're going to see more shit get built in six months time, then has been built in the last four years. So I'm bullish on our ability as a community to respond to this. And on the back end of this for Bitcoin to be in a substantially better place that it is right now.
Speaker 1
I find this topic super interesting. Reason being is, we always knew no matter what with the block size being what it is and and segment was away. So those, I always have to re center myself because there's a lot of people that that don't even know the history of like the block size wars and segwit and all of that. So basically, when you do a Bitcoin transaction, the bulk of the data and the data, the amount of data that you're conveying on the Bitcoin blockchain is what dictates how much money you're paying the bulk of the data is the signature, basically you saying, or your wallet or your wallet saying, I approve this transaction, the bulk of that data is the signature. And so segwit took that and made it not count towards the total size of the block, which is constrained. Hey, we only have a set amount constrained by design, because we want or, or the consensus is that we want people to be able to download and verify the entire history of Bitcoin's transactions. And so that's what running a full notice. I can, you know, in a days time or less if I'm running like some decent hardware, I can download and verify the entire history of Bitcoin's transaction base. And that gives me certainty over the supply of Bitcoin and a whole bunch of other parameters. So, I, we always knew that, hey, if we're going with smaller blocks, the trade off is everyone that chooses to can verify or like most people that choose to can verify there's going to be obviously if you can't afford any sort of computation of you, if you can't have any sort of hardware, that's going to be difficult. But we want as many people as possible to be able to fully verify everything on chain. Okay, fantastic. The trade off is that eventually on chain transactions become for large settlement, and it may be settlement on on behalf of many individuals. And so we see, we start to see extensions of that lightning network lightning is locking up Bitcoin between yourself and another individual, and the transactions that happen on lightning are basically saying, how do we divvy up this Bitcoin at the end of the day when we settle to the main chain, who gets what?

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