Bitcoin’s Seven Layers of Security
In this video, Robert Breedlove, host of What Is Money show, interviews Michael Saylor, CEO and Founder of MicroStrategy. They talk about the seven layers of Bitcoin security.
00:00:00 “What is Money?” Intro
00:01:23 The Seven Layers of Proof-of-Work Security
00:04:56 The Beauty of Proof-of-Work
00:05:27 The First Layer: Energy
00:09:58 Bitcoin Mining Impact on Global Energy Producers
00:14:22 A Future Convergence of Bitcoin Miners and Banks?
00:17:44 Bitcoin Recruits Energy Capital for Self-Defense
00:19:27 The Second Layer: Technology
00:20:40 Bitcoin Recruits Semiconductor Capital for Self-Defense
00:22:20 Rotating from Energy to Technology Intensive Security
00:27:45 Patterns of New Bitcoin Miner Deployment
00:28:50 Miner Hardware Cycles and Bitcoin Hash Rate
00:31:30 Game Theory of Entering the Bitcoin Mining Network
00:33:58 The Third Layer: Political
00:35:12 The Political Game Theory of Bitcoin Mining
00:37:08 Bitcoin Mining as a Political Lobbying Network
00:39:12 “100 Megawatts is Worth $300M per Year”
00:40:10 A Self-Distributing, Dynamic Mining Network
00:43:02 “The Market Generally Outsmarts the Smartest Person”
00:43:57 An Energetic, Technological, and Political Shock-Absorber 00:47:57 Robert’s Outro
The episode premiered on October 5, 2021.