Why Bitcoin Succeeds | The Saylor Series | Episode 12 (WiM050)

hey guys

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needs we've talked about how

gold emerged

its limitations

why it ultimately fails

talked about

why currency was introduced to augment

some of its shortcomings

but also suffers from its own problems

and it ultimately fails as we have seen

and are seeing

so how does

bitcoin fit into the picture

i mean simply put bitcoins the best

money that the human race has ever

had

the ability to embrace

we know gold is defective because

of its mechanical nature and we know

fiat's defective because of its

political nature

bitcoin why does bitcoin work right

bitcoin has

the things that you need in order to

construct a shared

immutable

correct ledger

right that's our target

shared immutable correct ledger

and bitcoin's got a base layer protocol

the base layer protocol is genetically

encoded in the system from day one the

21 million coins is one of the critical

parts of it

the

2.1 quadrillion satoshis

and

no more than that

i think uh the set i mean the second

part of the protocol is not just the

mathematical

coin

parameter it's also the proof of work

security model

so when we created it we created it with

21 million coin limit we created it

satoshi created it with a proof of work

and that is the part that makes it

more likely to be immutable

and shared

and correct

and the third part

is the balance of power between the

miners the nodes and the wallets or the

holders

i you know

it wasn't inevitable that you had to

build it this way

right uh bitcoin is an engineered

monetary system

so it's it's a feat of engineering

they built a protocol they chose

components they chose the cryptography

they chose proof of work

all of these were engineered components

and um

and then uh the balance of power between

the miners the nodes and the holders

with the wallets

that became clearer

in the block size wars i think

and following the block size wars i mean

first miners were the nodes and then the

miners and the nodes split

and uh

eventually we saw that um

the nodes themselves had a huge amount

of power

to check the power of the miners

but now we're seeing the emergence of

the power of the holders

and of course

the holders are all three of these

dimensions are decentralizing at a rapid

rate

so i would say that you know we need the

protocol at the base layer

that base layer protocol that that i

just described that replaces the gold

that was here at the beginning of the

universe

and it replaces the base layer protocol

that's the political artifact of any

kind of fiat currency

the second thing that bitcoin has

that makes it

a much better money is it as an

application layer protocol

the base layer protocol

you know ensures that we'll have never

have more than 21 million bitcoin i mean

that's the the most important thing and

then it ensures

what do i need i

i need uh

durability integrity

and security

so i need to know that it'll never be

more than 21 million bitcoin even a

thousand years from now

i need to know

that people aren't going to monkey with

you know material things like the

frequency

or the block size

that's the integrity part of it and and

uh

i guess in dirty durability integrity

they go arm and arm right in a way

because if if you change the frequency

and the block size you may inadvertently

end up changing the limit at some point

because you break it

and then you need security you need to

you need to know that no malwa factor

can hack it or break into the network

so

we're getting all of those things the

security the integrity the durability

via the base layer protocol

but the application layer protocol

is also important and that's you know

the ability to do final settlement

transactions at the base layer with a

bitcoin wallet address

and

you know you we could debate

interestingly robert like

do you need lightning or not

and that's an interesting debate

because i i think that if we just had

the ability to do base layer

transactions on the bitcoin network

the system is still perfected enough to

serve as a monetary system

you would end up with um

[Music]

you would end up with with uh

the layer two application being built

via

by a counter parties with some

counterparty risk

right instead of instead of what you can

do with lightning but the combination of

base layer transactions via bitcoin

wallet and then layer two transactions

via lightning wallet

i think those two things together

you know are kind of

they're clearly

superior

as an application level protocol

and if you group them together and say

that is the the

non-custodial

decentralized open source

protocol for moving money around in the

bitcoin standard

then you've got the the structure of

something really compelling

another way to describe this is

bitcoin gives you um a base layer

protocol to move large sums of money

around at small cost

in an hour

and it gives you

a layer two protocol to move

mid-level and small sums of money around

instantly

for almost nothing

on my lightning wallet you know i can i

can move a thousand satoshis at the cost

of one satoshi in a second

which is more efficient

right i can move a hundred thousand

satoshi's

it's like thirty dollars right i can

move thirty dollars for one satoshi in a

second

that makes that layer two protocol

you know faster

and more efficient than any other

currency transfer protocol that i'm

aware of in the history of the world

right and my understanding of it is as

the network proliferates and the network

density grows

the transactions per second actually

increase

and i don't think there's an upper bound

on that so the lighting network could

actually be

at full scale this global system of

you know instant final settlement

effectively which is mind-blowing

yeah i mean i think the lightning

network is really strategic to the

proliferation of bitcoin

but uh as as a theorist i think that

what's critical to bitcoin success is

not the lightning network but the

underlying bitcoin

final settlement

as long as someone can take final

settlement of a hundred thousand dollars

in an hour

for five bucks

or 50 cents or or

i think right now probably if you took

if you set a lower fee and you were

willing to wait longer right you can you

can take final settlement in a day

for

a nickel

some some very small amount and if you

want it done fast then you pay

more yeah but

i recall

that optionality is what keeps

counterparties honest as you said i

recall

you describing people being polite in

miami because everyone's potentially

armed

that kind of dynamic

yeah it means you can pull your bitcoin

off the exchange or out of the bank or

away from your counter party in an hour

yep

and i so i think that's critical i think

that's critical

i think lightning is

is uh

probably something that's going to

accelerate

you know the spread of bitcoin and it

and it's the logical next step if we can

engineer a decentralized non-custodial

crypto asset network

based upon private keys and crypt

cryptography and the like as bitcoin

then

there's no reason why we couldn't

engineer a layer to

a bitcoin that's also non-custodial

and decentralized

that makes a difference at a trade-offs

in essence i think the lightning network

is a decentralized

open

uh open proof-of-stake network

but but the the critical issue is it's a

proof-of-stake network not staked with

its own token but staked with the

underlying token of bitcoin

which makes it a much higher integrity

um

much higher integrity um

much longer living more secure

open decentralized network than one that

was created with its own token which

would be kind of self-referential right

right and the the i guess one other

slight difference there is the actual

revenues generated on lightning are for

routing transactions

versus just

staking the asset you get some

percentage yield off the asset you're

actually getting paid for services

rendered

yeah

which makes sense yeah

so

we've got two things we've got a base

layer protocol and we've got an

application layer protocol

and so why does the bitcoin standard

work or why is bitcoin uh the best

monetary system

right how does it succeed in reality

well let's start with inflation

the scourge of inflation which destroys

fiat and destroys gold

doesn't exist in bitcoin you've got a

cons a conservative system

and a mathematically complete system so

it's mathematically correct

and it is conservative in a

thermodynamic sense that that we don't

add additional energy in the system nor

does it deplete energy in the system

and the basis of that conservation

is that uh base layer protocol

right the base layer protocol plus the

proof of work together you could have

designed a system

which

wasn't

conservative right just because you get

everything else right if satoshi had

gotten everything else right

but then left some randomness or some

inflation in the token count

you know

it wouldn't have been ideal um

i think the second thing

that is a big attribute for it is uh

the difficulty of confiscation

so the the private keys

of cryptography are the strongest

property rights in the history of the

human race

so if we think about cryptography as the

as the basis of property rights

then truthfully the only property you

can really own

is

is um digital property on a secure

crypto asset network

of which the only one we know of is

bitcoin so right now

right the only property you can truly

own is bitcoin like look if we ever went

to alpha centauri and we went to a new

planet and and we cut off

you know cut off communication with the

earth it's possible that the dictator of

alpha centauri could spin up another

bitcoin network centauri network

and if it was a closed system given

enough

and it had the same exact

mathematics as this

as it spread as a virus

and infected the billions of people in

alpha centauri it would be its own

crypto acid network right so you can

imagine something like that

but right now what you've got is one

successful life form

and that is bitcoin and uh

and so you've got one successful digital

property

and now now we actually have

an engineered property and so you have

an a scientific basis for property

rights

and we never had it before and it's

illustrated pretty effectively it's like

if if you have a million dollars

and and um you

convert the million into a building

well the building can be seized by the

mayor by eminent domain you can lose

your building so that and you can't move

the building so that the building is

impaired property and

the building can be taxed

it is immobile it can be seized it can

be taxed

and it also has physical nexus which

means

you know a meteorite can fall on it or

an earthquake can wipe it out

so there are risks to the building

the useful life of the building is a

hundred years

maybe less if it's poorly constructed

so

and it's only appealing to people in

that geographic political nexus

if the building was in north korea

how valuable is a building in north

korea to an investment company in new

york city

right right so

so a building is property leaves a lot

to be desired land as property has the

same issue

you know a block in manhattan is a lot

more valuable than a block you know in

the middle of the desert

because the land is geographically

located next to

uh a lot of investors with a lot of

money that can actually develop the land

uh for some economic purpose

and the land can be impaired and taxed

you know the property tax uh you know in

fact there's a phrase in the real estate

business they always talk about triple

net

and you know triple net is like

like after taxes

after your taxes you know maintenance

after your expenses

etc um

so these are high maintenance properties

they're very expensive and not very

portable yeah

so you can you can rifle through the

properties well there's art there's gold

there's silver there's commodities

there's securities there are bonds there

are currency baskets

they all have

they all have some liability many of

them are currency derivatives and so as

currency derivatives they have

they have an you know dilution coming

from the inflation the underlying

currency

but the ones that have have physicality

are subject to search and seizure and

impairment

because you can't move them and then

some are

others

are unique maybe but

you know even though you might own art

people are going to create making more

or they're going to keep making more art

and so if you're looking for a property

that no one can seize that no one can

that is is hardest to impaired bitcoin

is the hardest to impair property

it's it's

technically i would say it's probably

the hardest to tax

the hardest to destroy

and the hardest to seize and the hardest

to impair

of any property

available to you to purchase right at

this point

i would say um

one thing i think is really interesting

here is that you know if we define

property

as an exclusive relationship between

an owner and an asset

but that relationship requires

enforcement you know typically it's

enforced via the government historically

um but bitcoin's different right bitcoin

is this property right

that's in you can enforce yourself yeah

enforced by the network and it's

actually

the first property right completely

independent of that monopoly on violence

like not only does it not require

enforcement by the government but is

completely independent of the government

and that um

that's just a lot to get your head

around i think that we've actually

invented a property right fully

independent of government

yeah it's

and and we'll talk about it more when we

get to talking about proof of work and

mining and the like

as you can go really deep into the bases

of security for this property

but for the purposes of the bitcoin

standard right now i think the most

important thing to be said is

is

it's the hardest thing to confiscate on

earth yep

and i joke you can't take it with you

if i shoot you in the head you can't

take your gold with you

the egyptian pharaohs built pyramids

take the goal with them they were all

robbed

if i said to you take a million dollars

and buy some property and then

and uh you have to make sure that um

and you're going to be murdered by

somebody that you and your family

next week buy some property that they

won't get after you're dead

what is that property

there's only one right yeah i mean

securities and bonds and currencies

won't last

gold all these things are seizable

you can't take them with you

but if you buy bitcoin and you hold the

private keys in your head when you die

the bitcoin goes with you and no one

else gets their hands on it and the

significance of that is because it's

impossible to confiscate with force

and because it disappears with your

death

then any hostile actor always has an

incentive to negotiate with you

because it's better for me to hold a gun

to your head and take half of it

then pull the trigger and get none of it

yep

and that's not true with any other

property in all other cases i can pull

the trigger and get all of it

yeah

and so you you have an unstable

situation

with that property and the interesting

thing is that confiscation element

it works at the individual level the

institutional level in the nation-state

level

so if one nation is going to declare a

war in another nation and murder

everybody they get their gold

they also get their land

they also get their factories i mean

there's a joke neutron bomb i'll just

nuke you and we'll leave the cities i

might get the gold the silver the

farmland the buildings the factories

the ships

but i wouldn't get the bitcoin

and so

the spoils of war bitcoin is not spoils

of war

right

other things maybe

but bitcoin is not spoilers of war

with regard to a bank or or a financier

if you own the bitcoin and someone puts

a claim against you the way it normally

works is

like

i've got a million dollars with a bank

and i borrow against it and then they

decide to mark my securities down and

they force liquidate me and they sell

all my securities and take my property

that happened uh that happened with arc

archos architos

i mean it happens all the time it

happens all the time on crypto exchanges

if you have your crypto on the exchange

or your bitcoin and you borrow against

it

and then you can't meet a margin call

they can force liquidate your

your assets and they seize them but if

you pull your assets off the exchange

and if you hold your private keys then

your bank can't seize your assets in a

hostile fashion

they would be more likely to negotiate

with you

and because you can take custody of it

you don't necess you don't necessarily

need

to rely upon this all or nothing either

i give you all my stocks and i borrow

against them or you have none of them

we could split the difference with

i give you proof that i have it

right proof of reserves without the

transfer of the asset

and return for a different type of loan

so let me ask you a question real quick

so we're touching on something really

important that

bitcoin

alters the economic logic of violence

which is a very important

element of how humans organize

themselves yeah and you mentioned

previously you know the beginning of the

series how war

has this tendency to accelerate learning

for people you know kind of under the

duress of war or the desperation of

warfare we figure out new new ways of

doing things

do you think

armed conflict in the 21st century could

accelerate

nation state adoption of bitcoin as this

sort of

advantage dawns on them that they can't

be you know they can be plundered of

their gold but not necessarily their

bitcoin yeah i mean i think i think all

stress all stress will accelerate the

adoption of new technology

right for example

when people are fighting wars like when

we're fighting wars we were hauling over

c-130s or freighters air freighters full

of pallets of cash right

yep

so

normally the way you fight wars is with

gold or with cash or something

and uh and if you're cut off right and

you need to buy or or sell materials of

some sort you need hard currency

so i i think that uh yeah it will

accelerate the adoption of technology

like bitcoin

uh and and coming back to this issue

right because it's not confiscatable

it doesn't invite violence on your

person from other family members

like for example you ever worry about

being murdered by a family member be

because of whatever your will says

if you're if you had your bitcoin in a

multi-signature relationship or

multi-sig something or other

then maybe uh maybe it changed the

dynamic so i think um

i think all sorts of violence

you know against the individual against

the company or the institution or

against the uh

the municipality or the nation state i

think those are all less likely

and more likely to result more less

likely to happen and more likely to

result in negotiation

so why else is bitcoin going to succeed

why is it succeeding well because

hypothecation is so much more difficult

i'm not saying impossible but the layer

one and the layer two protocols bitcoin

and lightning those mitigate the need

for hypothecation

right it's it's less likely you would

need

you would need to trust all your assets

if i can move

one percent of my assets a day for a

satoshi

then i wouldn't put all my assets in a

bank

right now all of your assets all your

stocks are probably in a bank you don't

hold any of them right

in theory you could actually take

possession of your stocks is like

certificates and put them in a safe

deposit box and you know take them out

of street name they say

yeah i don't even know if you can do

that people don't do it yeah i think

that i

i may be wrong about this but i think

the dtcc now officially owns all stocks

even if you own the certificate

yeah so it's harder and harder yeah

yeah so the protocols mitigate

hypothecation and also they punish

um hypothecators

like if someone did go naked short

bitcoin in order to make a quick dollar

and you pulled all your bitcoin off the

exchange and they have to then settle

right creates a massive short squeeze

yeah so whenever you pull those

securities away from the hypothecator

then they get squeezed

so if i knew that it was impossible like

if you had a billion in gold i know

you're never going to take delivery of

it i can

you know short it 101

and if i knew you'd never take delivery

the bitcoin i might get a little bit

cute but

but in a world where people can then

you know there are there are exchanges

that

fail

just like there are bad banks that fail

it's just that they're failing

continually in bitcoin because that's

the nature of the free market and that's

how the free market

squeezes out

um defective actors and malicious actors

right

and the ones that

the ones that have perfected security

and the like they succeed

so the the fourth dimension of

of um virtue for bitcoin is uh you know

superior authentication

and again the layer one the layer two

protocols and cryptography in general

what you can do proof of keys and the

like and proof of

reserves they um they solve the

authentication issue

and

it's maybe it's solved

you know for the first time effectively

you know when you want to settle or you

want to buy a piece of real estate

sometimes it takes a week two weeks to

do a title search

and it's a manual process so you're

talking about a hyper expensive

manual process to even to even do a

title search on a small amount of

property

and bitcoin gives you a way that's i

mean presumably it

it's somewhere between thousand and a

million times cheaper and faster

like it's not an order of magnitude it's

it's many orders of magnitude better on

the authentication

and maybe more important than that um

it's all you can automate the

authentication

so that means that a computer program

could authenticate 100 million different

holders

every hour

for a nickel

right and when you get to that level

that opens up the possibility to create

new types of businesses and new types of

applications that that otherwise would

have been cost prohibitive because the

friction involved

bitcoin succeeds succeeds over fiat

based upon transportation and uh

dynamics too the fifth element

of virtue

it's fast on layer one

and it's instant on layer two

moving a hundred million dollars of

property on layer one in an hour is fast

but moving a hundred million dollars or

maybe even moving them moving a hundred

thousand dollars on a layer two in a

second for nearly free

is instant

and so so it's just much faster

and and uh it comes with no

no artificial geopolitical

um

geopolitical constraints

right even when you have fast on fiat

you have fast subjects of geopolitical

constraints that are continually

shifting whereas fast and bitcoin has no

geopolitical jurisdiction it's

cyberspace it's orthogonal to

geopolitical space

and um

what you want is a situation where a

billion people in china

could all authenticate themselves and

trade on a value network

through the great chinese firewall to a

website sitting in cuba or sitting in

the u.s

you'll never do that with any kind of

fiat system right in fact in fact the

entire

chinese system is constructed to to

create a capital firewall so that

capital can't flow out of china or in

china the central bank chokes it in

order to in order to maintain the rmb

peg

versus the dollar

so that idea that i can i can cross that

layer instantly

that means i can build

i can build a value exchange into a

billion transactions a minute

and i can build a value exchange that

flows in a billion transactions a minute

for a billion people across 100 million

different applications

and they can all they can all move

fluidly right so i guess it's the

difference between

if you want a metaphor right

liquid fluid flow

uh into a container

like that's bitcoin and lightning

or

um

you take uh

one kilogram gold blocks

and you can move or or even london good

delivery bars right

are they 400 gram

400 no 400 ounce or whatever i forget

yeah 400 ounce london good delivery bars

you can do what you can build whatever

you want with those

but one of them is it's like legos that

are 400 ounces each and the other

is water

liquid right or air

you know there's just no comparison

between the two static versus dynamic

yeah and completely liquid like yeah try

what i want you to do is construct a

tornado

with london good delivery bars of gold

yeah

you can you know you can imagine a

tornado with air and water

or a whirlpool or a cyclone

you just can't imagine that with

big you know

bars of gold

because one's discreet and the other is

continuous so it's the difference

between discrete fluid dynamics

and maybe arithmetic

with uh legos or something you know it's

like

you're like well legos is fine yeah it's

fine for third graders

yeah

but legos you can't design a rocket

nozzle with legos right

you're not going to design the wing of a

supersonic airfoil with legos

you know you need continuous fluid

dynamics

you need more optionality right again

we're back to this

there's some core point here where

again earlier the customer optionality

to withdraw their bitcoin out of the

bank at any time

keeps the service provider honest

yeah so then the service providers

actually have to compete for the

business which gives us lower prices

better services more innovation more

wealth more freedom

and it's it's this it all it's all

rooted in this precision

uh

of customer choice right where the

similar with the legos you don't have as

much options with a big block but if

you're at the molecular level of the

fluid you have a lot of optionality

there is a dance between counter parties

and

you know are you dancing you know using

two ton granite blocks

or are you dancing

you know using water are you dancing

with air

and what what what structures can you

create

um

and

you know if we take all those things

together

and you consider the consequences for

distribution right bitcoin is something

that can be distributed to everybody on

earth for free effectively free so it's

truly liquid what i need is if i wanted

to distribute something to 8 billion

people and i wanted

8 billion transactions an hour forever

like i want that degree of fluidity

i need to do it at the price of a

satoshi a transaction i need to do it

with

very low friction so the so

this low transport cost this low

friction results in massive distribution

and we can see with gold for example

there isn't one ounce of gold for

everybody in the world to give them and

so there's no way to distribute money

with gold

and if we take fiat we know there's 1.7

billion people that are unbanked

maybe more

right and so

and and we know the ones that are banked

are imperfectly banked and the banks

don't cross-connect so

we can't find a good way to distribute

money via fiat or by a goal but via

bitcoin we do have a clear way

and i mean the last element is this

division right the ability to break it

down i can't break down a gold bar a

gold coin

i can sort of break down fiat but in it

but even one penny is like too much

sometimes

being able to go to one satoshi is

better than one penny

yeah

especially

because of this one thing

one of the big problems in cyber

security

is um

is

spamming and scamming

so

i i can't use the dms of my instagram

because they're all 99 of the

communication is spam or scam

i can't really use the dms of

non-verified or non-followed individuals

in twitter because of the same thing

i can't really use email

without very expensive email filters

that are continually filtering out spam

and scam and the like so there's there's

massive amounts of cyber insecurity

every single day if you have a website

it gets attacked sometimes by a denial

of service attack

there are all sorts of hostile actors

that will do ddos attacks all the time

the reason for

for uh ddos attacks and scam and spam

is there's no cost

right

to attack it there's no skin in the game

and so

what we need is to introduce skin in the

game the way to do it is to require a

value exchange

whenever you move to a router if you

if you had to

uh to pay a price to send a message

at some point you would attenuate large

amounts of that scammy spammy activity

and that's why proof of work was

invented in the first place right adam

back was trying to come up with a

solution

to stop spam

but the other thing you can do is is um

you can actually tie um

the value say

a hundred thousand satoshi's as a

security deposit into your persona

online

if you if you posted a hundred thousand

satoshi's

to your twitter account

and if they gave you an orange check

and that was your security deposit then

the understanding would be you know if

you misbehave you get fined

and if you're a malicious actor

you know maybe you forfeit the security

deposit

this is the way it works when you're

renting a home

yeah this is the way it works in in

in all

all the real world you're a bonded

laborer

this is you can't drive a car without

proof of insurance

right i mean so we have these kind of

insurance policies or security deposits

or performance bonds

that pop up all through the real world

economy and in the absence of all of

those because you're a real world actor

you have a risk and the risk is if you

misbehave you have culpability you're

responsible you may get pulled over by a

cop

if you say something rude to somebody's

wife you may get punched in the face

i mean you have you have either economic

skin in the game or you have actual skin

in the game right if you walk out onto a

bridge that's rickety and you screw

around and do backflips and you fall off

the bridge you may die yeah there are

consequences in the real world and the

economic world but there are no

consequences in cyberspace for many of

these activities

and so the result is people actually

even create programs to create bots yes

and i might spit out a hundred million

fake michael sailors that do irrational

malicious things and they're not even me

they can't die

right and the the result of that that by

the way when you do that that's a denial

of service attack

the result of that is cyber insecurity

so the fluidity

the speed and the efficiency of the

bitcoin lightning network

has has the potential to give us a

solution to the cyber security problem

if we simply start to tie

a small lightning wallet or or an amount

into some of these systems that youtube

google and facebook and amazon and apple

and twitter and

medium and reddit

all these other places where people are

you know there's not a day that goes by

that someone doesn't post a michael

saylor video on youtube offering to get

your free bitcoin

like that's not me yeah yeah

but there's no verification on youtube

or registration so if you had to

actually post some deposit and if you

were forfeited the deposit but by the

way

it's not that they don't take down the

accounts they do

um they take them down within a day

of when i report them every day there's

10 michael saylor accounts that get

taken down on twitter it's just there's

no economic cost right exactly i mean i

i understated that really the truth is

in my news feed there's a thousand fake

michaels that have stolen my image and

my name

if you charged them all a quarter each

it would become a massive revenue source

for twitter the scammers would

immediately realize that there's a cost

to attack the system yes

the amount of malicious behavior would

drop by 99

this is a tragedy of the commons

effectively right the free loader

problem where there's no cost to these

imitators so they just keep repeating it

and apparently it's a profitable

enterprise because to your point there's

new ones every day

and this

and so the reason it exists is because

the fiat standard system makes it too

difficult to actually post something of

monetary value right

the only way you can post something of

monetary value in the fiat standard is

with a credit card and you dox yourself

and then you're not anonymous anymore

and so that's offensive to one group of

people that don't want to be

identified they want privacy but it's

also prohibitive to another group of

people that don't have a credit card

and a third group of people that have a

credit card but the credit card won't

clear across nation-state boundaries

boundaries

bitcoin solves that problem

yeah

and it fixes it so on one hand

one extreme

benefit is yeah bitcoin's a way to store

a billion dollars for a hundred years

on the other extreme bitcoins a way for

everybody on twitter to post 30 cents

in order to eliminate

99.9 percent of the malicious behavior

and improve the quality experience

now back to your dance

if twitter can ask for a hundred

thousand satoshi deposit

and if people give it and if twitter's

quality of service goes up by an order

of magnitude and their cyber security