Part 5/15:
A core part of the speech discusses the difference between smart and dumb networks. The speaker draws parallels to the early phone system, which was a smart network where much intelligence resided inside the infrastructure, versus the dumb internet, which simply moves data between endpoints. This design—pushing intelligence to the edges—creates highly flexible, innovative ecosystems.
He positions Bitcoin as a "dumb" network—it supports smart devices and applications without knowing or controlling what they do. The value and innovation happen at the endpoints, and anyone can develop on top of it without needing permission or comprehensive network revisions. This openness accelerates innovation, enabling everything from private wallets to complex applications.