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[Music]

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hi i am tishamdar i come to you today

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from the land of the ghana people of the

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adelaide plains and i pay my respects to

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their elders past present and emerging i

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acknowledge their deep connection to the

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land and the value they place on the

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environment perhaps the values of this

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ancient culture can tell us something

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about one of the newest value systems we

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have created as the human society we

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have chosen to record this talk in a

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motorsports garage full of performance

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cars

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i chose to do this because motorsports

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is accused of being wasteful burning up

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a lot of energy same acquisitions that

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are leveled towards bitcoin motorsports

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has led to many innovations in the motor

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vehicle in safety in performance in

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efficiency of the engines in the road

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construction so i believe this

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energy hungry experiment we are doing

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with bitcoin is some there is there is

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something we will learn from it and we

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will make the world a better place

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today's talk is called confessions of a

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crypto miner it talks about my journey

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becoming aware of this new value system

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we are discussing particularly

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bitcoin initially and others

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and

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delving into them and then delving out

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of them while still retaining uh

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observers interest in these systems

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the byline for this talk is why

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scientists become or became interested

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in money why even today scientists are

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studying economics

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i will start with a small historical

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note

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one of the scientists that i really

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admire and has perhaps changed our

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understanding of the universe is sir

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isaac newton

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towards the end of his career after he

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had wrapped up writing principia and

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doing all of the great maths and physics

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that we value and know him for he became

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master of the royal mint of england and

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operated out of the tower of london

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he became famous for putting

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counterfeiters to the death

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another famous scientist earlier than

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newton who became interest in currency

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is nicolas copernicus from poland he

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wrote a treatise after writing about the

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orbits of the planets about money supply

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and how that creates value and how

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increasing money supply can create

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inflation one of our earliest

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understandings of this phenomena

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today we have nobel prize winnings like

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winners like elia peregrine discussing

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thermodynamics in context of economics

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the journey for me i consider myself

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somewhat of a scientist but even though

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i am an engineer by profession

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my journey go through the stage of

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inception becoming aware of this concept

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exploring the concept

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and then interacting with the community

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which is what this conference is all

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about is about interactions

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conversations and learnings from each

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other

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so what many currencies do you need in

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the world what currencies have you got

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in your wallet perhaps only one and a

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few cards

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the gold used to be the base currency

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for many years until it was replaced by

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the petrodollar on the 15th of august

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1971.

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some conspiracy theories said this led

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to the demise of the then american

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president richard nixon

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my answer for the currencies we really

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need is we just need one we just need

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time we value each other's time and i

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will talk about how bitcoin captures

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time or gold does capture the passage of

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time in the universe

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one of the catchphrases i have is

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currency is currency something that is

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time recent is what we value

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the inception part of this story

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i became aware of bitcoin while

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walking around in salamanca markets in

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hobart i was doomed scrolling through my

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social media i'm mostly active on

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twitter

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i

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looked at some post about someone saying

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oh don't worry about the price dropping

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below a dollar from 250 cents it will

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come back up i was like what is this

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thing we are talking about as i paid for

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my coffee and volunteered at the

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wilderness society stall and sat on the

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floor selling

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soft penguins

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i bought myself some gpus this was the

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exploration phase i plugged them in

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created a small fire hazard in my spare

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room

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and

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heard lots of noisy things going on in

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there

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i went on to some fpgas

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i went on to

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some asics

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i learned a lot being an electronics

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engineer a tinkerer a maker this was fun

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for me

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i also started interacting with people

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other than speaking to computers which

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is what i do i'm i'm an introvert this

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talk is a forced exercise but i'm having

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a lot of help

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i joined a mining pool uh mining pools

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are what you join because your gpus

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however many you have unless you have a

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whole warehouse full of them

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are never enough to get you one

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bitcoin so i joined a mining pool uh

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well the one i joined perhaps

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surreptitiously was influenced by my

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upbringing and

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i was born in a family that of

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goldsmiths

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i still buy some custom jewelry

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uh the the

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the

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mining pool was called allegiance

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eligius is in the catholic faith is the

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patron scent of goldsmiths

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uh i also went to a catholic boys school

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maybe maybe somehow resonated in my mind

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it bought me brought me also into

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contact with one of the bitcoin core

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developers luke dash

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i learned a lot from them and the

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community on how these things functioned

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and

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delved even deeper and

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started continued my exploration with

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the support of the community

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after this initial phase i had to

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keep going i felt like i had invested a

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lot of time i i wanted to do my the

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mining seriously

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this section talks about the section of

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my talk talks about this in the frame of

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three different things

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what did i mine which currency to mine

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which going to buy is the question these

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days not many people are mining they are

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looking at this as a speculative

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investment option so the first question

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is which

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how did i do it in the early days before

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we had

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the exchanges where you could uh replace

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fiat with a crypto how did i do it in

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the early days about cpu miners gpu

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miners fpgas asic miners

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and how long did i do it for why did i

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start when did i start how did i why did

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i pull out when did i pull out

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the first is a brief timeline so i

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discussed my inception of these ideas

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and i became aware and i started working

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with some cpu miners

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in hobart i came to adelaide after after

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my stint in hobart i filled up my

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apartment with

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gpus and jalapenos

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i continued in that line until i got

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married and had a son and received a

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very big electricity bill around 2015 i

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started winding back down on this hobby

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and sort of the electricity bill sent me

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down another path which i will talk

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about around energy

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so how did i mine so

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uh meet the jalapeno the jalapeno is

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instead of being a very hot chili is

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also a very hot gets very hot bitcoin

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miner these were ended nearing the end

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of their lifetime and were quite cheap

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on ebay but being an electronics

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engineer and tinkerer i could get more

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heat out of them or yeah make them run

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hotter by overclocking them so i bought

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a bunch of them took them apart and

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changed their firmware and overclocked

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them and

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ran them myself for a while and then

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started selling them back on ebay and

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you can also meet one of the latest ones

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which my friend has recently got rid of

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the eisen

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the eisen he bought for around 200 on

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aliexpress and sold because it became

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too noisy again

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for around 2000 on ebay it's one of the

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few pieces of hardware that has

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appreciated in value over time which is

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the next question you're addressing here

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which coins to mine the bitcoin the big

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time coin is obviously the first one you

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could merge mine uh at the same time

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something that would give you dns

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entries name entries in a system called

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namecoin i did that for a little while i

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became aware of alts the the bitcoin

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maximalists don't like them but you know

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they are around something that exists

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because the society has a need for them

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due to different algorithms different uh

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work uh

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different algorithms for creating them

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different algorithms for distributing

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them

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so litecoin bitcoin variants uh and then

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other other ones that are coming along

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i only really mind bitcoin litecoin and

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other script-based and sha based ones

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this sort of is another historical note

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the

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existence of multiple currencies is not

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a new phenomenon every country has their

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own but we have a reference currency in

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the crypto world the bitcoin is the

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reference currency being the oldest

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prime mover

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the alts are like local currencies of

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other countries and over time they come

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into an equilibrium based on the value

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people put

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not on the country but on the ideas

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behind which

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which led to the creation of these alts

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the you should have a look at the

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research by leon walrus a french

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economist mathematician famous for

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writing a book in french full of

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equations which some

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nobel prize winners say would have had a

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bigger impact had he written it in

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english

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alts and btc similarly will reach an

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equilibrium the landscape of oils meet

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meme coins bitcoin forks are like

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countries and we will come to a

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reasonable point where we value each of

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these ideas and they will come to a

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stable exchange rate between themselves

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the next which is how do i move between

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the real world in which

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countries states entities nation states

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are issuing currencies and this

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alternative financial world which is

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emerging is seeded

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and that is typically through an

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exchange

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the story of a bitcoin pizza is famous

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in the crypto community one of the first

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real world transactions was for a

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bitcoin pizza so it's called it was

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actually two pizzas i believe and

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someone paid 10 000 or so bitcoins to

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buy a couple of pizzas and there is a

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website which tracks the current price

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of the bitcoin pizza and that would be

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in millions now

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my equivalent of a bitcoin pizza is a

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laptop i bought a big laptop and i take

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it around and say this is my house

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and the choosing of an exchange lets us

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not do barter in this way we can

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exchange crypto for a

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fiat in a particular exchange i had

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several false starts here some of the

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exchanges i participated in got hacked

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like mount cox in japan got possessed by

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federal authorities like ptce in which

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you had direct servers in america or was

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shut down by country currency control

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measures in a very controlling

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government i.e communist regimes in hong

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kong which was anx btc

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i have a very clear memory of my wife

305
00:12:06,160 --> 00:12:09,360
rani and i

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going to a friend's wedding in hong kong

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00:12:09,360 --> 00:12:13,519
and walking down the streets of langkwa

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fong to a little hole in the wall where

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we exchanged 500 for some crypto

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the

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exchange person walked up into the attic

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and came back with a receipt saying yes

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your 500 have now been exchanged into

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bitcoin on our exchange

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so

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the last piece of when i talked about

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the brief timeline and this is sort of

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the wind down of the timeline why and

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when did i stop in 2015

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some of the energy prices in south

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australia where i was physically i am

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physically still reached some of the

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highest in the world and i received a

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big build shock because i was not

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keeping an eye on the energy lightning

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ball while looking at the crypto crystal

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ball

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so my wife being an econometrics looked

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at this and said this is not working out

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tish you should sell these things so i

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got rid of them and we needed the room

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for our newly born

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son the lessons that i learned from this

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experiment adventure

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craziness some would say

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is what we need to value in the world

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i have in my slides the cover of the

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wealth of nations by adam smith

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what we should value and what i saw

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being valued in creating the cryptos was

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essentially engineering new electronics

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engineering power engineering energy

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generation engineering to create asics

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the cryptography and the military

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strength which i saw being exercised by

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countries like china to stop exchanges

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and also energy the flow of energy from

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the environment into the miner our

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ability to tap and trap energy and

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channel it through power lines into into

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creating a currency

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it's no surprise the world is awash with

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multiple types of cryptos now and miners

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and asics we have sort of reached the

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peaks of physical growth in our world

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and the

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exchange the exchanges are changing

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between fiat and crypto

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if you look at some of the talks during

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kovid

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nation states have removed the limiters

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on their treasuries and are creating

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unlimited number amounts of fiat

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currency

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so there is at peak 500 billion us

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dollars of bitcoin traded per day

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it's not going anywhere quickly you'll

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see news of a crash i have having come

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from a time when bitcoin was 50 cents

370
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this is

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sounds like noise to me

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bitcoin also has a huge energy burden on

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the world biscoin is estimated to burn

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in a year that about the same energy

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consumption of a small country

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us

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uh so malaysia which is pretty populous

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country and sweden uh which is a pretty

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cold country and spends a lot on hitting

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uh so this amount of energy being burned

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also

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grates me

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and

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sort of led to my choice in not

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continuing to mine for myself

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i put out these questions and i have

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friends on either side of the crypto

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debate some of my friends love it some

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of my friends hate it some of my friends

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don't really understand it

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i have a few quotes in my slides one of

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them is from a couple of

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colleagues

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bo gibson who is starting up a 25

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megawatt power plant some of the energy

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from which will be used for mining

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his line is power is power your ability

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to generate power gives you power

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uh another of my previous boss

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00:15:54,720 --> 00:15:59,600
had this line where when he came to

401
00:15:56,880 --> 00:16:02,480
understand crypto was essentially

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00:15:59,600 --> 00:16:05,199
our world is rooted in systems put in

403
00:16:02,480 --> 00:16:07,680
place by force in the past and he would

404
00:16:05,199 --> 00:16:09,920
like to find a way to use crypto to what

405
00:16:07,680 --> 00:16:12,160
he says to hack poverty

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one of my recent most recent colleagues

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00:16:12,160 --> 00:16:16,000
in the government had this line to put

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in twitter is

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proof of work is one of the biggest

410
00:16:17,759 --> 00:16:22,320
mistakes in tech history if only bitcoin

411
00:16:20,160 --> 00:16:24,399
was doing something useful with all that

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compute

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to all this i have

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my line

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00:16:27,440 --> 00:16:31,120
which says

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state clearly what is useful to our

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00:16:31,120 --> 00:16:36,240
society come to the understanding as

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00:16:33,600 --> 00:16:38,959
with each other what is it useful from

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individual bit behavior hypothesis that

420
00:16:38,959 --> 00:16:42,880
leads what that leads us to choose

421
00:16:40,880 --> 00:16:45,519
mining bitcoin over spending that

422
00:16:42,880 --> 00:16:47,759
compute on the set useful

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00:16:45,519 --> 00:16:50,480
how can useful activities be properly

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00:16:47,759 --> 00:16:52,959
rewarded in our financial rewards system

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00:16:50,480 --> 00:16:55,680
so that people choose to do them instead

426
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of spending their efforts and energies

427
00:16:55,680 --> 00:17:00,079
mining cryptos

428
00:16:57,839 --> 00:17:02,959
so this was an ending of my crypto

429
00:17:00,079 --> 00:17:05,120
journey i have not completely exited

430
00:17:02,959 --> 00:17:07,520
whenever you do something it becomes

431
00:17:05,120 --> 00:17:09,280
part of you it scars your body and mind

432
00:17:07,520 --> 00:17:10,079
in some way it's

433
00:17:09,280 --> 00:17:12,480
so

434
00:17:10,079 --> 00:17:14,799
it wasn't one ending and a new beginning

435
00:17:12,480 --> 00:17:17,039
i have done talks in the past at this

436
00:17:14,799 --> 00:17:19,919
conference about the things i moved on

437
00:17:17,039 --> 00:17:21,919
to energy monitoring i became very

438
00:17:19,919 --> 00:17:23,199
interested or reinvigorated my interest

439
00:17:21,919 --> 00:17:24,880
in energy i'm an electrical and

440
00:17:23,199 --> 00:17:27,600
electronics engineer the electrical part

441
00:17:24,880 --> 00:17:30,160
of it is very concerned with energy

442
00:17:27,600 --> 00:17:32,000
the electronics part of me started going

443
00:17:30,160 --> 00:17:34,480
back to the disciplines i had learned in

444
00:17:32,000 --> 00:17:38,320
university and not practiced around pcb

445
00:17:34,480 --> 00:17:40,640
design gateway for fpgas and so on

446
00:17:38,320 --> 00:17:43,760
and the new thing that i picked up

447
00:17:40,640 --> 00:17:46,640
finance economics the mechanisms of debt

448
00:17:43,760 --> 00:17:47,840
money supplies treasury functioning and

449
00:17:46,640 --> 00:17:50,000
so on

450
00:17:47,840 --> 00:17:52,240
if you understand any of those this is a

451
00:17:50,000 --> 00:17:55,360
call to action to make global

452
00:17:52,240 --> 00:17:56,720
transactions between countries nations

453
00:17:55,360 --> 00:17:58,559
and each other

454
00:17:56,720 --> 00:17:59,840
a better place by doing building

455
00:17:58,559 --> 00:18:02,720
something

456
00:17:59,840 --> 00:18:04,720
don't get carried away by how much money

457
00:18:02,720 --> 00:18:06,880
you will get out of building it build it

458
00:18:04,720 --> 00:18:08,880
for something that you consider useful

459
00:18:06,880 --> 00:18:11,360
something that your friends and groups

460
00:18:08,880 --> 00:18:13,679
of people consider useful will improve

461
00:18:11,360 --> 00:18:16,559
their lives

462
00:18:13,679 --> 00:18:19,120
and good luck on your journey uh i got

463
00:18:16,559 --> 00:18:21,280
lucky in being exposed to the crypto

464
00:18:19,120 --> 00:18:23,039
through my scanning of the environment

465
00:18:21,280 --> 00:18:26,240
and i learned a lot

466
00:18:23,039 --> 00:18:29,919
and i can recommend a final final book

467
00:18:26,240 --> 00:18:32,080
on this depth debt by david graber uh it

468
00:18:29,919 --> 00:18:33,600
talks about how

469
00:18:32,080 --> 00:18:35,679
crypto is a form of bullying how

470
00:18:33,600 --> 00:18:38,480
bullying and debt interplay and have

471
00:18:35,679 --> 00:18:40,080
swapped places in our society over over

472
00:18:38,480 --> 00:18:42,640
history

473
00:18:40,080 --> 00:18:45,919
and i learned a lot from this and gave

474
00:18:42,640 --> 00:18:48,240
me newer understanding on why crypto has

475
00:18:45,919 --> 00:18:51,480
taken so much mind share in our society

476
00:18:48,240 --> 00:18:51,480
thank you