Bitcoin's Hardware Future w/ Bob Burnett (BTC170)

Explore the intersection of tech & finance with Bob Burnett, from PC industry leader to Bitcoin mining innovator, discussing sustainability, challenges, and future visions in Bitcoin.
IN THIS EPISODE, YOU’LL LEARN:
- Bob Burnett's journey from tech executive to leading Bitcoin mining initiatives.
- The importance of sustainable practices in the Bitcoin mining industry.
- How blockchain technology extends beyond finance into other sectors.
- Strategies for navigating the complex regulatory environment of Bitcoin.
- Insights into the future trends and potential of Bitcoin.
- The significance of adaptability for entrepreneurs in the tech and finance industries.
- Lessons in leadership and innovation drawn from Burnett's extensive experience.
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On Bitcoin Fundamentals, Preston Pysh talks about the fundamentals of bitcoin, investing in bitcoin, news, deep dives and more on interviews with prominent people in blockchain technology.
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[@PrestonPysh]

📌 Check out this video next: kzbin.info/www/bejne/f3WnmaeLedGCbrs ⚠ IMPORTANT: Please beware of cyber scams and phishing attacks. We will never ask for your contact info in the comments section. Kindly report suspicious accounts you see below. Thank you!

[@shifu9276]

Bob should be a regular on the show 👏

[@roderickmorrison]

From one old, ornery guy to another, thanks Bob for a highly interesting and informative discussion. And thanks Preston for hosting!

[@OldManYells-btc]

I'm glad you enjoyed it. Thank you.

[@Willheim.]

This is the second interview I've heard with Bob and his insight consistently blows me away. You killed it Preston!

[@OldManYells-btc]

Thank you Will - this is Bob. It's very kind of you to say that.

[@DovGordon]

This was very insightful. Thought provoking. Thank you!

[@davef5916]

Im only 15 minutes in and this is SO sick, so awesome to have such talented people with so much experience on the bitcoin team.

[@reidwalley]

Well done! I've never heard about Bitcoin from the hardware side. Super-cool!

[@OldManYells-btc]

I'm happy to hear it helped you.

[@the27thMONKEY]

Incredible stuff. Always something new to learn in this space and some very interesting points here that I'd not heard or considered before. Bob is a legend.

[@OldManYells-btc]

Thank you - that is very kind.

[@grizzy7469]

Thank you for such a great conversation. First time listening to Bob and straight 🔥 I really enjoyed listening to this. Bitcoin for the people, Bitcoin for the world!💯

[@OldManYells-btc]

Thank you!

[@tejasvis9901]

I'm glad that we have people like Bob working in this space. Absolutely amazing interview! Referencing your point earlier, I'm listening to this from the future, Preston

[@LiborTinka]

Since you talked entropy and randomness, there is a simple reason why governments can never sustain order by control, even theoretically. They are basically playing a Maxwell's Demon, trying to gain order (lower entropy) by checking every particle that is heading from one container to another, and controlling whether they pass/not pass by flipping a valve - usually the flip depends on the momentum/speed of the particle so that hot ones are let to the "hot" container and the slow/cold ones to the cold one. This seemingly works unless you include the demon - indeed it produces its own enthalpy and this rises overall entropy of the system even more (Michael Saylor noted that the demon's head would literally explode from all the heat). Note that every new law and regulation takes work to enforce and maintain - plus everyone involved has to learn it and adjust his behavior accordingly - this is incredibly taxing and increases friction in the system. Eventually the whole system will just produce heat and no useful work, going to a halt. From informational entropy standpoint - it is like writing a programming code without doing any refactoring - it will soon become a mess full of bugs and the program will likely go to halt (the more laws there are, the higher the chance some two laws will contradict each other). This is also why computers produce so much heat - keeping very specific low entropy states and quickly changing them has to produce heat that must be displaced, otherwise the chip would literally melt. There is very little understanding of basics of thermodynamics and people still think we can somehow create more order with more rules and laws - they have it backwards. We should strive to have an absolute minimum amount of laws that is necessary for the society to run, there will be some friction created by those laws but not much se that we can displace all the "heat" they produce and focus on doing useful work.

[@vonbotteicher4377]

Best guest in a while

[@jlspilledtruth]

Fantastic interview with great analogies to help explain new concepts & ideas

[@Steve.191]

Great show thanks 👍

[@CorrinaBettencourt]

Thank you Preston for your interviews! It is so inspiring and mind blowing to hear about these innovative projects and future of Bitcoin. Excellent work Bob!

[@shayemman]

I love listening to Bob.

[@OldManYells-btc]

Very kind of you! Thanks.

[@dereksnyders8094]

Bob knows bitcoin...smart guy

[@kennethedwards3095]

1:20:43 I wholeheartedly agree.Honesty money; Introduced, created, and deployed in the 21st century, could have only come by Devine inspiration. This is reassuring of Bitcoin's value proposition and a successful build out into every aspect of the new paradigm in the age of truth.

[@bitcoinpoemspro1406]

Very good show

[@frankkashner64]

Very interesting, thanks

[@JeremyHelm]

41:19 ASICs, precision in language, please

[@JeremyHelm]

Chaos engines & privacy - excellent conversation!

[@psalmseasytoplayandsingfor3637]

It seems that we will need to find ways to use the Bitcoin which we have stored, such as collateral and also second layer solutions so that the underlying asset doesn't have to move.

[@DJCocoaPuffz]

No point in calling itself a P2P payment system at that point:/

[@S54VR6]

Bob is super high signal

[@kurkinet55]

Absolutely!

[@offordscottASIC]

Super

[@siddg1463]

❤ great content! ❤

[@whaleinvesting3612]

The picture about blockspace that Bob paints at 1:05:32 is breathtakingly fantastic. First, transacting on-chain will be a luxury. Then, it will be impossible for normies. I knew bitcoin on ecash and fedimint was going to be a thing. That's another battle: making sure the mints are decentralized (or at least held accountable by law to their constituents). Bitcoin will kill the nation state.

[@OldManYells-btc]

That could well happen - we must be vigilant in how maintain the ecosystem to keep it free from attack vectors.

[@user-nm5hc8ng1c]

Chaos Engine, wasn't that a computer game from the early 90's. Sounds like something used to make an Infinite Improbability Drive. If you're the head of Kaos, then you must be the fearless leader.

[@MichaelEdwardWright1]

FPGA does not demonstrate custom hardware, FPGA is a platform to run register transfer logic ( RTL) digital designs, custom logic within the FPGA constraints.

[@matty4O]

Wouldn't the miners that failed to win a block be able to provide that RND# generation service?

[@OldManYells-btc]

Unfortunately, to do the random number generation with any scale or level of responsiveness, the miner must currently focus on one or the other, down the road some changes might allow them to do both simultaneously.

[@davidd6147]

Amazing show - I wasn't expecting this to be so good

[@bitcoinfinance3712]

Bitcoin (BTC) for decentralised money. Filecoin (FIL) for decentralised data. Both vital for humanity.

[@mikesmevog7146]

One question/concern I as a btc investigator and I would imagine others do, is about the potential for a large cyber and/or power grid attack. For those of us not too knowledgeable in the area I would really like to hear discussions about the consequences or lack there of from the possibility of waking up one morning to that nightmare. I don't really ever hear this discussed or questioned and am curious.

[@jonbinder]

I was listening to a podcast with Robert Edward Grant a mathematician who has cracked 256 bit encryption. You should talk to him

[@S54VR6]

lol Does he have proof? Breaking sha256 has bigger implications than breaking bitcoin.

[@Ironrodpower]

Oh?

[@petercj23]

Yeah, sure he has 🤡

[@Dante3X]

👀🤔

[@magikavoncary]

Bob is a great guest. But isn't he deceiving us a little with his ETH story? He got into ethereum mining in 2017 and then he talks about proof of stake...however, at that time ETH was not running on proof of stake yet. It's a small detail but his story about how he got into bitcoin eventually seems a bit odd.

[@OldManYells-btc]

No deception here - while Ethereum didn't convert to Proof of Stake until 2022, the plan to do so was announcement around 2015. It was essentially part of Vitalik's plan from inception of Ethereum. It just took them about seven years to get it to market. Back in 2017/2018 as I studied it more intensely I came to the conclusion that the fundamental premise of a Proof of Stake was flawed and that is part of why I soured on ETH..

[@MadWaloo]

If BTC network fees really rise 100x, as Bob suggests, then the vast majority of BTC owners will never be self-sovereign. What good is holding your own keys if the fee to transact is more than the value of the BTC you hold in your wallet? But if you “buy” BTC on an exchange or an ETF, you are just an unsecured creditor with exposure to the price of BTC.

[@gabehiggins1233]

I don't think this is how it will play out. Even currently, most BTC owners are not self-sovereign, they choose to trust a 3rd party. What will likely occur is you'll have self-sovereign wallet providers that will provide a certain amount of transactability on-chain, while encouraging more L2 transactions. The self-sovereignty aspect of Bitcoin never goes away, it just gets priced differently for different kinds of users.

[@kestreljc1559]

I don't understand the continued, voluntary association of Bitcoiners with Statist Jack Dorsey.

[@S54VR6]

Yes because you’re an amateur and don’t understand the scope of how things operate in reality.

[@waynerichardson1051]

​@@S54VR6exactly!!

[@us00099]

y sol dump

[@dwalsh5925]

Isn’t there a possibility that these mega minors will not be financially feasible anymore and the hash rate will drop down if I’m saying that right to a level that is capable of your basement minors and just more of them instead of so concentrated as it is?

[@CoreyChambersLA]

No, bitcoin will not likely be valuable in thousands of years, but gold might.

[@jerich337]

How can I make more profitable investment in crypto without incurring most losses?..

[@agilouzochukwu9193]

I've followed many traders over the years, but none have been as consistently accurate as Elizabeth. She's truly in an inspiration to us all.

[@Candyswiss56]

elizabeth understanding of market volatility is impressive. She knows how to leverage it for profitable trades.

[@marksimard3532]

I'm surprised that this name is being mentioned here,I stumbled upon one of he's clients testimony on crypto news last week.

[@username.charles]

As a beginner, it's essential for you to have a mentor to keep you accountable.

[@username.charles]

Elizabeth understanding of market indicators is impressive. She knows exactly when to enter and exit trades for maximum profit.

[@gaeldesmontagnesnoires1711]

Yikes ... :/