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Not worth any of the risk. Note that BV can support an unlimited instant of sidechains, whereas with the parameters provided DC can only support a maximum of sidechains. Minimal Bitcoin How small is this commission likely to be? You will get robbed. And the Bill of Sale will show how much you perfect. Every ponzi leaves many more money than the few winners. Currently only sells Russian.
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That's logical, because clearly there are huge network effects in currency usage, and we'd expect it to be a natural monopoly. It's the largest exchange--it's actually run out of Brooklyn, New York. Of course, though, if you keep cash in your house, you could get robbed. Every bitcoin episode I plan to buy some bitcoins, but never do. Perhaps a pointy tent full of bitcoin? Bitcoin provides an anonymous transfer of money.
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Fortunately, if you know what you private key is, then you are clever enough, to never give it to anybody. And, there's debate about sells bad it is. So, bitcoin, although still somewhat volatile, not nearly money reliable as the U. This doesn't apply if instant have a heat pump, which is more efficient than resistive heating when it's not very cold out. Bitcoin of course that product shows up at the border--that package--and they inspect them, bitcoin things get confiscated or taxed at the border, depending on what's in them. These scams money common, and the PayPal aspect just adds more risk. Because, even though it perfect artificially low, it often is shut off, for hours at a time, by the government, to conserve the cost, to keep perfect cost instant of providing cheap sells.
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And that electricity, the cost of it, can sometimes exceed the value of the bitcoins that you receive. So, to Venezuela, where electricity is, you know, virtually free If you can set up a Bitcoin Miner--and people are discovering this: And this is in the midst of a country where there's not enough food. Suddenly, you can--it's like having a home mint: There is almost this magical realism aspect to it that, in the midst of this country that's just disintegrating--the economy is disintegrating.
And that is really changing the lives of middle class Venezuelans all over the country. So, a little background. Those of you who don't remember or missed our previous Bitcoin episodes, you can go back and listen to them. We'll put a bunch of them up as links to this episode. But the point you are making is that, this solving of cryptographic, extremely complex computing challenges is the way that the creator of Bitcoin set it up so that it would be difficult but not impossible to generate addition bitcoins; and that the amount that would be generated would increase at a decreasing rate till it finally reaches a limit.
And so the only thing that keeps people from creating more at any one time is their brain power--their ability to learn how to do this. And , access to computing equipment, with a sufficiently low cost of using that equipment--which is the electricity.
So, here we have Bitcoin mining flowing to its cheapest source: And before we get into--what's especially interesting, what people do with the bitcoin , talk a little bit about the electricity challenge. Because, even though it is artificially low, it often is shut off, for hours at a time, by the government, to conserve the cost, to keep the cost down of providing cheap electricity. Well, I mean, Venezuela has an awful electric grid. So, you know, they are--and they also primarily also rely on hydroelectric power; there have been electricity shortages.
It's like everything else in the economy. The infrastructure there, it's falling apart. They've had 3-day government holidays to shut down the office buildings. There's been rolling blackouts in some parts of the country.
So, yes, there are electricity shortages. However, in many parts of the country, there haven't been shortages. Miners are also--they are very savvy.
They do things like they rent office space in industrial areas of the city where the electricity supply is more constant. There are definitely miners who are dealing with constant outages and it decreases their earnings from their mining activities.
But it's not to the--you know, it's still an incredibly profitable venture, if you can learn about it and start doing it. And just as a footnote, I also should have mentioned that when people list the causes of Venezuela's problems, the fall in the price of oil has been very hard on them. And also, of course they are not the only country that has had to face that. And their economic situation I think is really due to really poor economic policy. But people debate that. What are they doing with it?
A lot of people would say, 'Well, what can you do with bitcoin? What good is that? You can't use that in the grocery store? But those people don't take bitcoins. So, what are they doing that's--um--with the Bitcoin? Well, Bitcoin is the first successful digital currency that runs on the Internet. And that's--if you think about any other digital money--and most of us primarily use digital money at this point--it's routing through the traditional financial system.
There is a third party involved. Generally a third party that is involved with the government. That's not true of Bitcoin. There is no third party. You are interfacing with this decentralized There's no Federal Reserve. There is no bank , actually. And nobody can stop you; nobody can control it. Nobody can set the price. It's a complete free market in currency.
And it's sort of an amazing technological feat that this is possible. But, so, in Venezuela, in , Hugo Chavez, I think it was an oil strike that initially prompted this, put in place currency controls, setting up a fixed exchange rate. Currently there are three levels. So, nobody wants to participate in this fixed exchange rate. But because the traditional financial system--and, you know, Venezuela has a modern[? And as a result, your money is worthless.
You can't buy stuff out of the country with your bolivars. Nobody will take it. There's a little bit--if you cross the Colombian border, you can use cash; and there is to some degree a free market, a free exchange rate. And that's actually how we know the black market rate, through the, on the exchange houses, on the Colombian border, where you can do an exchange with cash.
But for most of the country--and if it's digital--you can't do it. So, Bitcoin, what it does , it's a complete borderless technology. It doesn't matter where you are in the country when you pay.
Where you are in the world when you pay someone in Bitcoin. It is--it is essentially circumventing these currency controls. And it's allowing Venezuelans to spend their money abroad. And they are very specifically, a lot of them. And, you know, I've talked to many, many miners who are using Bitcoin in this way.
They are, um, buying groceries from Amazon. There is an industry of courier services in Miami, who are, who pre-date the currency controls and who are very sophisticated in bringing packages into the country. They are routing their Amazon orders to these warehouses, and then having the food --often canned goods, rice, corn meal, non-perishables--delivered straight to their homes.
And now--of course, the first thing you might say is, 'Well, Amazon doesn't accept Bitcoin. There's a great company called Purse-io, which allows you to use bitcoin to buy things on Amazon through an intermediary. This also, actually, makes me thinks me think back to your conversation with Gavin Andresen in , when there was a--you guys were discussing, as I recall, some kind of concern about: What is this worth?
Because if you have a Bitcoin Credit Card, at the point of sale it's converted to fiat dollars. There's so many services that will convert your Bitcoin to traditional money that the fact that any one vendor doesn't take it doesn't matter.
Yeah, there's virtually exchanges where you can move back and forth between bitcoin and dollars. At least right now. There's always still a question whether that's going to persist.
We've talked about this before; but I'll also mention in passing: There's nothing "behind" Bitcoin. It's just--it has value as long as people think it has value. There are a lot of people out there who want it to have value. That's not quite enough; but it's getting us there.
It's important to remember that the U. Dollar isn't backed by anything real. It does have the advantage, though, that the U. Courts will settle disputes about contracts made in U. And you can pay your taxes in U. That automatically creates a viability for being paid in dollars, that, in many ways, along with some vague level of trust, creates the value of an usefulness of accepting dollars in your paycheck.
But, Bitcoin is using a different--but not totally unrelated method--of, well, 'If people think they can be useful somewhere, then they are. So, people are--I mean, this is just a mind-boggling piece of economics. It just is--as a microeconomist it just utterly fascinates me that price controls, in Venezuela, on food, means there's not much food, or none in many cases on the shelves. Price controls on electricity, and subsidies, means that it's really cheap to use electricity.
People have enterprisingly gone out and are generating bitcoin with that cheap electricity, to import food from America. And I credit my Reason Editor, Peter Suderman, for helping come up with this formulation, in terms of--what we say is that it's turning Socialism against itself. It's an end around, exploiting a piece of the system--the subsidy of electricity. It just, it's just extraordinary.
So, the government doesn't like this, though. One question would be why? People are literally hungry there, it appears. It's hard to know exactly how bad it is, by the way. You are painting a very negative picture. I think it's pretty negative. I don't know if it's as negative, and--scary, despairing--as you suggest. But it's clearly not good. But, you'd think the government would be happy that people found a way to get some food into the country. Why are they cracking down on it? And talk about how they are cracking down.
Um, well, they are not--they are cracking down in part. They could certainly go farther. And, you know, one thing--so this was, early last year the government, the state-owned media issued a report that Bitcoin is terrible; it's used by criminals. The same kind of thing that people in the United States use to speak negatively about Bitcoin. And then, right after that, a handful of Bitcoin miners were arrested, on a number of charges, one of them being electricity theft.
Because, on the--you know, one miner in particular who I interviewed ended up spending 3 and a half months in prison, whose name is Joel Padron, was told by his arresting officers that, you know, he was taking advantage of this free resource, the electricity that the government was giving him, to generate currency. To line his own pockets, essentially. So, a number of miners were arrested.
It was reported on in the state-owned media. And I spoke to many bitcoin miners who knew of other miners with direct experience who were paying tribute to the police in order so that they could continue their activities. Because, you know, again, the police officers are also living in this country. They--you know, they are facing the same empty grocery stores. So, really what it's done is created this kind of extortion racket. The government could go farther. There is an exchange in Venezuela called Surbitcoin.
It's the largest exchange--it's actually run out of Brooklyn, New York. And they, essentially, it's like any other exchange. You can exchange your bolivars for bitcoins. And they are in partnership with Banesco, with one of the big banks in Venezuela. Which allows you to do this digitally. They actually--they have a very good relationship with the bank. Many of the people at the bank are actually their customers. The government can certainly come in and say, put an end to this and shut down Surbitcoin.
That wouldn't actually stop Bitcoin, because Bitcoin at its core, and we can talk about this if you want, is a peer-to-peer technology. So, the exchanges aren't necessary. But the government could do more. And they probably will eventually do more, as this continues to scale. It's still--most Venezuelans aren't mining Bitcoin yet. People hear about Bitcoin. People whisper about Bitcoin--this strange technology where you can kind of create money with computers.
A lot of them don't understand it. It's growing so rapidly. If you go to the big peer-to-peer Bitcoin trading site, a wonderful company called Local Bitcoins, they make all of their data available--you'll see the incredible growth in bitcoin use every week in Venezuela.
I think that, as it grows, you probably will see more of a government backlash. At this point, it seems mainly as a way, driven by the Police, to sort of set up this extortion racket. Do you know what it is right now? There's a lot of rumors coming in from China But it moves around a lot.
But a cent investment would have turned out pretty well. If you sold now. It may turn out to be pretty worthless eventually. So, the government has cracked down some. You mention a Facebook Group--another example of how the Internet circumvents some government activity. Talk about what it has on there and the degree that people that people have to go through to maintain their anonymity.
Well, it's a secret Facebook group. When, as I mentioned earlier, when the state-owned media started coming out with negative Bitcoin stories and some miners were arrested, some of the moderators of the group--controversially, actually, because it's really slowed growth of the group--it was growing enormously before that--they changed the settings in the Facebook Group to make it Secret.
Which means that you not only need an invitation: You won't even know it exists unless you get an invitation into this group. And a source did add me. And I will say, also, many of the people who are in this group fully suspect that there are members, you know, of the Secret Police who are part of this group.
So they still often use secondary profiles and so forth. But it is--what the kind of leading person behind setting up this group, a guy named Randy Brito, 21 at the time, and a real Libertarian, also, set up--he lives in Spain; his family fled Venezuela years ago--he set up the group in part to kind of teach people about Libertarian economics and so forth. And it didn't go in that direction, interestingly. Most people don't seem to be particularly interested in talking about ideology or economics.
They are interested in this group. They are interested in selling stuff. It's kind of an online bazaar. And to me it shows--it makes me very optimistic about Bitcoin, because this is a community that is using Bitcoin, not like many of the users here in the United States, not for ideological reasons, but because it's making their lives better.
So, people are--every day you see listings for--I just saw one for tires, cars; I've seen houses; toilet paper. Anything where they are offering it for sale, they'll send it to you and you'll send them bitcoin in return. Seems sort of inefficient, but there's a lot of participants in this group. People are also selling bitcoin to each other in exchange; it also to some degree serves as an exchange. There's a reputational aspect to it: People give each other recommendations--say, 'Have you done business with this person?
Who can say that this person is trustworthy? Is there also information, clearing, they are going on about how Bitcoin is working or what the government is doing, or that kind of thing?
Very little about that. People don't--and I imagine, it also, getting back to the idea that it's sort of monitored. People don't want to speak freely in this group.
They don't know who is reading it. It's really about commerce. Now, you point out--one of the aspects of Bitcoin I think that make some people uneasy, including myself--you can't touch it. I have a little bit of bitcoin. It's sitting in a digital wallet somewhere. In theory I can get at it when I want. But it feels different from a bank. Even though a bank, my money in a bank, or it's Schwab, Charles Schwab, it's also digital. There's no real pieces of paper there in the account.
But it somehow feels different. There's nobody to turn to if I feel I've been mistreated--which there is in the case of Schwab. If Schwab defrauds me, there's some legal recourse I have. With Bitcoin, it's a little bit of the Wild West. So, that's usually--it turns people off. But as you point out, one of the advantages in Venezuela, because of the crime rate, is that it's harder to steal.
I mean, you know, the classic refuge from inflation in Venezuela and in other Latin American countries as well has been the U. However, unless you are lucky enough to have a U.
There's no way to do it. You can keep cash. There's been a real shortage of U. Of course, though, if you keep cash in your house, you could get robbed. And that happens all the time.
I mean, this is a country that really has been besieged by crime. Caracas--nobody really goes out after 8 o'clock any more.
I want to talk about that in a minute, but I want to stick with this for a second, because I've got to read this quote, because I just love the quote. This is from your article. You say, "Since bitcoin has no physical properties, it's also harder to steal. Venezuela still has a robust black market in U.
The imagery is fantastic; the alliteration of burglars and Benjamins--and then you've got a physician who is bitcoin mining because it is presumably at least as lucrative as being a doctor in Caracas--it's kind of sad.
Yeah, a physician who is a year old bitcoin miner who has totally given up practicing medicine because essentially there is no money in it: Now let's turn to the nighttime situation, because that's an incredible story, just the example of the breakdown in civil society is terribly tragic.
Talk about what happened to one of the people you talked to, in a kidnapping situation. A bitcoin miner, I called him Luis--I used pseudonyms for many of these people.
I interviewed them on the condition of anonymity because there's obvious incredible risks in terms of being caught doing this activity in Venezuela. He--I tell him--he's the story of what's called an express kidnapping. He was driving in Caracas with his girlfriend. He was pulled over; guys with guns got out. One of them, I believe, had a grenade.
They held him hostage. They didn't actually know that he was a bitcoin miner: And this guy is a young guy; he's very tech savvy--the exact kind of person, and I spoke to many people for my piece who are just like this--that you'd think Venezuela's future sort of rests on. They would be an enormous asset to the country. And even though they are getting by thanks to their bitcoin mining activity--some of them are doing quite well--they are getting out of there, because it's just no place where you want to live, raise a family.
So, the number of people that--anyone who can, really seems to be making plans to leave at this point. I don't really know what's going to happen, policy-wise.
To change that--seems like just a really bad situation. But that kind of breakdown--that's not a rare event, evidently--I wouldn't say it's necessarily common. I have no idea. But the fact that it's happened at all is so distressing and must be so distressing to people who are in those circles. And just as you say, terribly sad--sad because of the human toll; partly because it means the country is going to lose some of the more talented people who might be part of its future. Let's think for a minute just about that government crackdown, or the fear of being arrested; the fact that people use pseudonyms in your story.
You talked earlier about this. How bad is it? Are they just worried because some bitcoin miners have been arrested? Or is it getting worse? Do we have any idea about that? You know, I'm staying in touch with these people; I've heard some worrying reports recently about a few more crackdowns in miners.
It depends a little bit on where you are in the country: The police--it's sort of regional to some degree, so the attitudes are different. I wouldn't say, the vast majority of miners have not gotten in trouble. It's hard to know how many are being extorted. But also we don't know what's going to happen. I think a lot of people expect that the food and the economic situation could only get worse. These people are going to become--they really become targets. And, you know, spending time in a Venezuelan prison is not something you want to do.
It's just a terrifying place, because the rule of law has completely broken down. Again, I just wonder how bad it really is. I'm interested if there are any listeners out there who are in Caracas right now or have visited Caracas lately. A lot of times--I always think about Israel which I visit a couple of times a year. Israel is a beautiful country, and whenever I go, people say, 'Aren't you worried? But Israel is an incredibly safe country.
My niece lives there and her kids run around much more freely than my kids ran in the United States, without fear. And there's a certain disproportionate media coverage of violence and tragedy there that people are thinking it must be like a war zone.
Well, it's nothing like a war zone at all. For all I know, places that I think of as a war zone, like Beirut--maybe life is normal there, too. So, Caracas, when people talk about how "horrible" it is or how it's falling apart, I suspect most of the time most people are leading somewhat normal lives there. But I've no way of knowing; I'd be curious if anybody out there knows about that. And Jim, if you want to comment on that? Yeah, I mean, possibly before 8 p. I've spoken to many people who told me that you cannot go out after night.
The city, this enormous city, just dies at night. And I think that's sort of one of the really big changes. Also, Caracas is the murder capital of the world. It had a terrible crime problem before the most recent economic crisis. But it's certainly made things much, much worse. We're going to move on and talk about other applications and activities going on in Latin America. Before I do, I'm just curious: Coneybeer is welcome at any of our startups any time she's ready again.
Honesty and bravery are not negatives http: Investors and board members of ripcord, what are you going to do about the CEO and culture? Perry is also a hero - she didn't sign the separation agreement as it included a non-disparagement clause. She wanted to get the story out.
I linked to the BusinessInsider article as it corroborates her story with others but for her original post: My mum told the extended family whatsapp group not to add me and my sibling.
I think they were only too happy not to. Am not known for keeping my views to myself Some experts told me that the tension some Indians experience in their family WhatsApp groups is because traditional Indian families are structured around patriarchy and ageism that those values reflect on WhatsApp groups as well.
It's probably OK if you don't say much and just stand in a corner. The important thing is that you are there. For the first time in their lives, different generations of Indians are finding themselves mashed together in an online chat room, and younger Indians say they're struggling to figure out what the dynamic for interaction should be.
Some Indians have taken drastic steps like quitting their WhatsApp family groups altogether! While some of it is the generation gap, disagreeing over liberal or less traditional values is often the real point of contention. Chinese companies are way ahead of us on A.
SoftBank put nearly this much into a dog-walking app a few days ago http: The Sound of a Cyber Bubble Popping. Bank of America to bar customers buying cryptocurrencies with credit cards. JPMorgan, Bank of America ban crypto purchases with credit cards. It also requires a commitment to compliance, innovation, and much more. Who are today's leaders? Who's Hiring In Tech? Talented People Thrive Here. Work that empowers a better life.
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You might have heard of us Dozens of entrepreneurs, made newly wealthy by blockchain startups and cryptocurrencies, attempt to build a crypto utopia in the tax haven of Puerto Rico Find.
Amazon's warehouse expansion around San Bernardino, CA brought jobs but data shows Amazon's warehouse staff earn less than similar US workers employed elsewhere Find. Users in India shed light on the dynamics of family WhatsApp groups, which have become an integral extension of the families themselves Find.
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Upcoming Tech Events Feb 6. Germany's antitrust regulator opening probe into online advertising industry as concerns arise over dominance of Google and Facebook and use of consumer data. Surprisingly India will have far more dominating numbers of these two, and someday this antitrust probe too.
This new gadget company thinks everyone wants to share dash cam videos. Owl is a smarter spin on a dashboard camera. Dash cam with Internet: The Owl car camera can grab and stream video of crashes and break-ins. A former Apple engineer who worked on the first iPhone is making a super-smart camera for your car …. The only source of risk would be that the miners might coordinate to steal sidechained BTC. It is a little like saying: Drivechain is only reliable if Miners are honest, yet it would only need to be used if Miners are dishonest!
This paradox is no accident, as I stated above, it necessarily follows from the game theory exploited in the AtomSwap alternative. As thanks to AtomSwaps there really is no convenience tradeoff, merely the risk-free rate one of the most forgiving tradeoff rates possible , we want a lengthy transfer period perhaps totaling two weeks or more.
The clear implication, of such brazen theft, is that an SPV peg will never work, and that Bitcoin can never have sidechains ever and instead must use [centralizing] hard forks or ShapeShifted Altcoins. Either that or Bitcoin will just need to wait for new technology.
Such an outcome would teach us all to reconsider Altcoins as laboratories of innovation, and would encourage bright minds to work on the problem of mining centralization. This alters incentives such that, if miners plan to steal, they may as well steal everything. First, notice that miners are those who are most likely to offer AtomSwaps to users. AtomSwaps are just cheaper if the Miners do them. As their holdings increase, rival miners have more to gain by stealing from them.
If coins are attempting to move side-to-main, the payoffs sum to if the miners act dishonestly and steal everything , and 5 if the miners act honestly assuming, arbitrarily, that they charge 1 for an AtomSwap service which moves 20 coins.
Hence, miners have an incentive to sell CoinSwaps in proportion to their hashing power. This helps to avoid incentive-imbalances among miners. This outcome is overwhelmingly rewarding to miners, and will only be secure at Pessimism Level 4 if m is very low. Scenario D is, of course, the most salient concern. The allure of the 10, coins requires a low m, but what if m is not low? Well, we will have to become optimistic in a different way retreat to Level 3 , and assume that miners do, in fact, care slightly about the future.
For starters, we can consider the transaction fees paid by users of the sidechain, which will fall to zero if miners attack the chain. How high are these transaction fees likely to be? If a sidechain, in steady-state, achieved similar transaction revenues as present-day Bitcoin, we can expect millions of dollars of future trading fees to be lost in the event of an attack.
Of course, chains with more transactions are likely to also contain more coins. However, I conclude the security analysis by noting that there will always be some PV of trading fees, encouraging miners to protect the network. This is because they intend to use a side-to-main Withdrawal Transaction to shift the coins back to the Bitcoin mainchain, which facilitates the 1: By charging you a fee, these individuals can be compensated for the inconvenience of locking their BTC into an uncertain process for a few days.
The definition of sidechain implies the use of SPV proofs, which implies trusting miners. Maybe something crazy like zk-snarks will be invented, but that would probably involve an upgrade to Bitcoin which would make it substantially different from what it is today. What can be done is to arrange circumstances to make miners maximally unlikely to choose to steal your money.
One way is to arrange things such that miners never have an excuse for allowing funds to be stolen: Such brazen theft would indicate [1] that Bitcoin would be in the near future without sidechains of any kind, and [2] that Bitcoin itself may be in danger from the miners and we may need to consider using an alternate proof-of-work hash function.
In addition, we lump sidechain-transactions together, and deny miners the option of selectively attacking: For certain extra-important sidechains, we can increase pre-commitment by having sidechain-users selfishly refuse to forward malicious Bitcoin blocks, increasing orphan risk for malicious miners but leaving regular miners unaffected.
We can even consider destroying sidechained-coins, just before they are stolen a threat which is reasonably credible and thus never needs to be executed. The symmetric transfers described in BV take over 2 to 4 days. In DC, main-to-side transfers occur almost immediately, but side-to-main transfers are intentionally very slow weeks with the goal of promoting a liquid market for atomic swaps which take place instantly.
The BV constructs a proof which is checked for validity at a single point in time, whereas DC involves the user in a slower, ongoing process which reduces surprises. BV does validation on a per-tx basis, not a per-chain basis. This means that, in BV, lots of work will need to be redone, for no reason. DC has the reverse problem, where any number of withdrawals, no matter how few, must execute the entire slow chain-validation process.
However, again, small WTs are unlikely to occur at all, as miners can buy up many small sidechain-BTC using AtomSwap for a mutually beneficial, low, fee and then withdraw all of these at once. To enable the transactions themselves, both methods require additional data be fixed to Bitcoin transactions.
BV requires each Bitcoin header to contain an additional byte hash, while DC requires this of the Sidechain headers.
Note that BV can support an unlimited number of sidechains, whereas with the parameters provided DC can only support a maximum of sidechains.
Some parts of the sidechains whitepaper are difficult to understand. The more complex something is, the harder it is get volunteers, including essential third-party reviewers, open-source developers, etc. To spend these outputs, all of the existing Bitcoin rules would apply, and then more on top of that specifically, the conditions listed above.
The downside is that, post-soft-fork, you can no longer write just anything to the coinbase transaction.
This is actually the point: The Bitcoin mainchain is overwhelmingly likely to remain dominant for several reasons: It is the oldest and most technically conservative and thus the most reliable , most people are already there network effects , and it is the only chain with coinbase rewards ie which creates new money, in addition to collecting transaction fees.
Notice that Bitcoin miners get all transaction fees paid in BTC , regardless of which chain they were paid on. However, by allowing BTC to escape to other chains, the blocksize limit can be effectively circumvented. Miners, by externality logic , would tend to want larger blocks, so they would allow extension blocks to happen.
The only difference between the two at all, is that the Things in 2 are enforced by a blockchain. I can think of only one negative impact: In fact, I only expect around 10 sidechains to exist. One brave developer has already volunteered to help code this, both of us are a little mystified on the appropriate way to even set up the github repo s of this type of project one that contains at least two software applications, and two blockchains, which might be updated in concert , so that would be a pretty helpful Step 1.
Intro Agenda Explain the principles of the sidechain-concept, and what problem must be solved to make sidechains possible. Explain how an SPV proof works.