these take a while, as I've still not automated processing YouTube captions, because honestly, I just don't bother with most of these talks.

if you actually find this kind of comment helpful, zaps aside, please comment so that I have some inkling of whether it's useful; mere zaps for effort are nice, although probably not enough to motivate posting the entire transcript.

Hey guys, welcome to my talk, BIP 110, how Bitcoin wins. My name is Chris Guida. I am a Bitcoin medium of exchange researcher and BIP 110 reviewer and cheerleader. And here's where we are and when we are. Okay, so a little background on BIP 110. it was a proposal introduced by a developer named Nathan M in October of 2025. It is now a wildly popular UASF with about 15% of the network running it. it's about to activate its first stage um on August 8th in a couple of weeks and the second stage will be later in September. I've helped with reviewing, testing, and promoting it. And I'm extremely bullish on its activation. And that's why I'm here today to kind of explain to you guys why why I'm excited.

Okay. So, BIP 110 is how Bitcoin wins. So, what does it mean for Bitcoin to win? Uh, NGU, ETFs, bank custody, government reserves. Well, in my opinion, when Bitcoin wins, what that means is it's the end of the infinite money printer, also known as the separation of money and state. people like to say the separation of money and state um commonly in the Bitcoin community. I think this is a is an admirable goal, but I think we need to be more specific about what we mean by when we say that. What it means is the global reserve asset can no longer be created at will by connected elites. So, the problem is not that central bank money exists. The problem is that central bank money exists and it's the world reserve asset. It's the thing that everybody has their savings in. So, this is an especially pernitious form of central bank money. Bitcoin wins when people voluntarily choose it over fiat, right? Basically, we need to out compete the dollar. That's the goal. So that people choose to use Bitcoin instead of the dollar. it does this by maximizing along three axes: universal decentralized money

Okay, so a little background on the infinite money printer. Um, it robs from the rich to the sorry, it robs from the poor to feed the rich. Uh, it causes a lot of systemic injustice and most people understand that the re's systemic injustice, but a lot of people don't identify the source. Bitcoiners are way ahead of the curve on this. We understand that it's this in infinite money printer. Um, what does this how does this cause uh bad uh bad things to happen in the world? It rewards bad behavior while punishing good behavior. It finances war destruction and injustice. Uh it protects banks and corporations from the consequences of reckless behavior. Causes all sorts of malinvestment. Um it lets connected elites to create the the global reserve asset at will. So this is what we said before. Um and humanity is really headed over a cliff unless we fix the money. Um so just a little background on me. I I got kind of uh excited about Bitcoin once I saw the failures of some of these uh early attempts to these were all right after uh the 2008 financial crisis. Actually, Bitcoin sort of came out of the same uh financial crisis that there's a the famous thing in the Genesis block that says, you know, chancer on the brink of bailout for second bailout for banks. Um so that that that it points to Bitcoin's purpose um and also does a a proof of no premine. Um anyway, so all of these other movements came out of of that financial crisis. And I was really excited about that and got caught up in that energy that sort of like, you know, like let's let's have a revolution against against Wall Street, against the against the big banks, against the the money printer, like you know, everybody can see that the system is corrupt and that, you know, the mask has really come off. So we're going to win. But what happened? They depended on uh they depended on the goodwill of the fiat money system. They they depended on uh having a lot of funding. Um, and so when you depend on having a lot of funding, and your opponent can print money, you're at a disadvantage. Um, and so the money printer can fund institutions, hire their leaders, redirect their anger. Um, it can smear them in the media. It can make them look like they have no purpose, right? They have no principles. Like I would read uh um interviews of people from from Occupy Wall Street and they're like, "What's your movement about?" And they're like, "Well, we kind of don't know." you know, and it's just like, you know, I'm sure if you really talked to the Occupy Wall Street people, they would be like, "Yeah, they would have, you know, yeah, we we we think the system is corrupt and we're trying to to to reform it." So, but it didn't even need to do that. All it needed to do is print money and buy it, basically.

Bitcoin is different. it does not ask the system to reform itself. It creates an exit from the system. It operates without permission from the elites. It can finance the people and infrastructure replacing fiat because Bitcoin itself is money. We are not reforming the system, we are replacing it. And so that's why I would consider Bitcoin a a true revolution. and it will succeed where these other movements failed. And the UASF mechanism is Bitcoin's teeth. in 2017, when BIP 148 happened, I got really excited about Bitcoin because I was like, oh, it Bitcoin actually can ward off attacks from the money printer in a decentralized way. Uh, this is really cool. A lot of sort of decentralized or anarchctic systems struggle with collective defense and the UASF is how Bitcoin uh does collective defense uh without a central authority. Um and this was successful and and in my opinion that's actually why Bitcoin went up a lot in price in 2017. so yeah, basically you have some developers propose it, businesses choose what to accept, the users validate um you know that it forms into a movement and then it's really really hard to stop. yeah, these are the blocks that we will recognize as Bitcoin. Other blocks get rejected and it limits the danger even from a centralized mining industry. That's why it's still important even today. it shows that the nodes are in charge, not the miners. And this is this is just the system of Bitcoin and how it works. also we really don't want a centralized mining industry to be in control of Bitcoin's rules. That would be really bad. just a side note, filters and temporary UASFs are are kind of like an elements of an immune system. actually I really like Brandon Quiddam talking about how Bitcoin is sort of like a mycelium and it has a little bit of an immune system and there's these things called mushroom scientists which are sort of like the the filter or the you know the UASF developers who who uh who um manufacture these novel molecules in response to novel attacks and then those and then the the instructions for how to build those molecules propagate throughout the network and then the network defend itself defends itself against the new attack. mycelium operates chemically and Bitcoin operates with software. So, it's pretty much the same same mechanism.