00:00If someone hacks a bank, the bank can reverse that transaction.
00:05They can freeze accounts, quantum computer or not.
00:08Law enforcement can pursue...
00:10the attacker.
00:11Courts can order restitution.
00:12The system has layers of human...
00:15intervention that can paper over most cryptographic failures.
00:19These are...
00:20decentralized...
00:21institutions, after all.
00:22Bitcoin is decentralized.
00:24If your private...
00:25key is derived from your public key and someone broadcasts a valid transaction moving...
00:30your coins...
00:31that's it.
00:32The Bitcoin network treats that as a valid transaction.
00:35The Bitcoin network doesn't care who authorized the transaction.
00:38That's Bitcoin's whole...
00:40purpose.
00:41That's also its weakness in this capacity.
00:43This is Bitcoin's...
00:45core proposition.
00:46That transactions can't be reversed and funds can't be frozen.
00:49Rules cannot...
00:50be changed by any central authority.
00:52This means that cryptographic failures...
00:55are permanent and final in the protocol.
00:58So what's actually being built with these...
01:00proposals?
01:01Well, let's go through them.
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