Bitcoin Q&A: Governance and the transaction fee market
Paris Merkle Conference
Keywords/phrases: Establishing a transaction fee market. There is, and has been, a fee market for Bitcoin; it was not important until we reached critical capacity. Once you reach a point were capacity is constrained, fee markets come into play. Fee markets will happen, and if you don't build a primary fee market, people are going to build a secondary fee market. How do we create the possibility of fulfilling transactions at much greater volume for people who can't afford the current level of fee? Or if it continues to rise? The answer we seem to be arriving at is: secondary and tertiary layers above Bitcoin, the most promising of which is Lightning Network at the moment. Micro-transactions, nano-transactions.The Bitcoin blockchain is a very valuable commodity for applications; the fees make it so that it is not economical for everyone to use it as a back-up platform. No matter what capacity you create, an engineer will create an application to fill it. Fee markets help us make choices about which transactions are important. There are two ways to make choices: through authority or through a market. The market says "if the person sending the transaction thinks it's worth paying a fee, then it's a legitimate transaction." Because of this, adoption in some areas will require higher-level algorithms. ... https://www.youtube.com/watch?v=gdknUUVOdHU
Demonetisation in India and the new Aadhaar identity/ biometric management system. It should be called "Hack Me." The most important criteria is that the politicians who voted for it should be registered. The fundamental question is not the type of database, it is about centralisation vs. decentralisation. Blockchains do not solve the problem of centralisation.
This is part of a talk which took place on March 20th 2017 at the Singapore Management University for the Singapore Bitcoin & Ethereum meetups: https://www.meetup.com/BitcoinSingapore/events/237307480/
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https://youtu.be/Vcvl5piGlYg
Andreas M. Antonopoulos is a technologist and serial entrepreneur who has become one of the most well-known and well-respected figures in bitcoin.
Follow on Twitter: @aantonop https://twitter.com/aantonop
Website: https://antonopoulos.com/
He is the author of two books: “Mastering Bitcoin,” published by O’Reilly Media and considered the best technical guide to bitcoin; “The Internet of Money,” a book about why bitcoin matters.
THE INTERNET OF MONEY, v1: https://www.amazon.co.uk/Internet-Money-collection-Andreas-Antonopoulos/dp/1537000454/ref=asap_bc?ie=UTF8
MASTERING BITCOIN: https://www.amazon.co.uk/Mastering-Bitcoin-Unlocking-Digital-Cryptocurrencies/dp/1449374042
Subscribe to the channel to learn more about Bitcoin & open blockchains!
Music: "Unbounded" by Orfan (https://www.facebook.com/Orfan/)
Outro Graphics: Phneep (http://www.phneep.com/)
Outro Art: Rock Barcellos (http://www.rockincomics.com.br/)
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https://www.youtube.com/watch?v=GylSvJf53zI
Keywords/phrases: Layered technologies. Bitcoin is layer zero, Lightning Network is layer two. It's difficult to see how the layers evolve and what the interfaces between the layers are, which functions end up in which layers. There will also be multiple stacks. From an architecture perspective, protocols are not built monolithically; we're not going to do everything in a single layer.
This talk took place on September 13th 2016 at the Silicon Valley Bitcoin Meetup in Sunnyvale, California: https://www.meetup.com/Silicon-Valley-Bitcoin-Users/events/232546018/
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https://www.youtube.com/watch?v=13Iff4d3p3k
Decentralized Finance, or DeFi, has been a big topic in the industry for awhile now but many of you (especially people new to the space) have lots questions about it. In this upcoming bonus Livestream, aantonop answers your questions about DeFi. Whether you’re new or an expert, you’ll smile at least once and learn something. You’ll also get to chat with other people who are interested in these technologies, just like you. Join us for this live event.
The easiest way to not miss this event is to subscribe to this YouTube channel and turn on notifications or set your own calendar reminder right now.
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Community Builders who support this free work on Patreon get to ask questions and vote on questions at least a week before the event. Community Members who support this work on YouTube get to ask questions and vote on questions an hour before the event starts. Everyone else gets to ask questions and vote on questions when the event starts.
Early access is a small way Andreas can give something to the people who help to financially support the mission, while still including everyone.
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About aantonop: Andreas isn't promoting a company or an organization; he's paid by the community (people who support this work on Patreon and YouTube) and provides an unbiased look at open blockchain technologies, what they can do for our societies, and how to get involved (if you decide you want to). Learn more at https://aantonop.com
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https://www.youtube.com/watch?v=TAKZD1txBmI
This talk took place on September 20th 2016 at the @SFBTCMeetup in San Francisco, California: https://www.meetup.com/San-Francisco-Bitcoin-Social/events/228473660/
Are bitcoin payments irreversible? Many have criticized this as a "problem" for consumers. Some have gone as far as to design blockchains that are editable and give authority to a group to reverse transactions. In this talk, Andreas dissects the concept of irreversible agreements, hard promises and soft promises and the ties they have to systems of authority and autonomy.
Want to hear more about Bitcoin and open blockchains?
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https://www.youtube.com/watch?v=UJSdMFPjW8c
What are the economics of mining pools? How much profit do they make? Is it possible that certain wallets are collaborating with mining pools to propagate there first?
These questions are from the fourth session of MOOC 12, which took place on October 4th 2019. If you want early-access to talks and a chance to participate in the monthly live Q&As with Andreas, become a patron: https://www.patreon.com/aantonop
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Measuring Success: Price or Principle - https://youtu.be/mPMsbgWl9p4
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Advanced Bitcoin Scripting Part 1: Transactions and Multisig - https://youtu.be/8FeAXjkmDcQ
Advanced Bitcoin Scripting Part 2: SegWit, Consensus, and Trustware - https://youtu.be/pQbeBduVQ4I
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Software distribution security - https://youtu.be/_V0vqy046YM
What is mining? - https://youtu.be/t4p4iMqmxbQ
The mining process - https://youtu.be/L4Xtau0YMJw
Nonces, mining, and quantum computing - https://youtu.be/d4xXJh677J0
Iterating nonces and the block reward - https://youtu.be/tjn2aoMaFlY
Miners, pools, and consensus - https://youtu.be/JHz7LM4ncLw
Mining, energy prices, and fee market - https://youtu.be/hrVCd6Pt4l4
What is difficulty targeting? - https://youtu.be/h429LCTRmQw
Hash functions, SHA-256 mining, and addresses - https://youtu.be/zI9jnB8HFkI
Genesis block and coinbase transactions - https://youtu.be/strhfzJ56QE
Cryptographic primitives - https://youtu.be/RIckQ6RBt5E
The rules of Bitcoin (part 1) - https://youtu.be/VnQu4uylfOs
The rules of Bitcoin (part 2) - https://youtu.be/vtIp0GP4w1E
Rules versus rulers - https://youtu.be/9EEluhC9SxE
The value of proof-of-work - https://youtu.be/ZDGliHwstM8
Could a state-sponsored 51% attack work? - https://youtu.be/KUd8ZGgm6Qo
Honest nodes and consensus - https://youtu.be/KAhY2ymI-tg
Spam transactions and Child Pays For Parent (CPFP) - https://youtu.be/t3c0E4fkSNs
Is Bitcoin a democracy? - https://youtu.be/TC3Hq76UT5g
Governments versus Proof-of-Work or Proof-of-Stake - https://youtu.be/qrwgYDAoZV0
Decentralized power, leaderless governance - https://youtu.be/E5VbDlQTPzU
What is the role of nodes? - https://youtu.be/fNk7nYxTOyQ
Why running a node is important - https://youtu.be/oX0Yrv-6jVs
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Energy consumption - https://youtu.be/2T0OUIW89II
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Binan
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https://www.youtube.com/watch?v=kZ5QQ__J2Io
Should we have state-sponsored digital currencies, like the petro in Venezuela? Will cash be eradicated? Can cryptocurrencies support local and regional cooperatives, especially in credit lending? What does trust minimization really mean?
This is part of a talk which took place on January 29th 2019 as part of a community event at Paseo la Plaza in Buenos Aires, Argentina: https://antonopoulos.com/event/buenos-aires-event/
If you want early-access to talks and a chance to participate in the monthly live Q&As with Andreas, become a patron: https://www.patreon.com/aantonop
RELATED:
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Regulation and the bank boycott - https://youtu.be/8ypH69Cb1l0
Remittances and smuggling in Venezuela - https://youtu.be/RRXecXfWARw
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Hyperbitcoinization - https://youtu.be/AB5MU5fXKfo
Why permissioned blockchains fail - https://youtu.be/GEQzlJ_WL-E
Protocol development security - https://youtu.be/4fsL5XWsTJ4
How to avoid re-creating systems of control - https://youtu.be/EfoGnDoaBL8
Wallets, nodes, and monetary sovereignty - https://youtu.be/8Hb3tUn8s4E
Is bitcoin testing governments? - https://youtu.be/UfRGo2LAIpo
Will governments let privacy coins exist? - https://youtu.be/30sjEW70rLE
Geopolitics and state-sponsored attacks - https://youtu.be/htxPRTJLK-k
Governance and social attack immunity - https://youtu.be/PjOHatoX6Fk
Sanctions and censorship resistance - https://youtu.be/DeXe5eGRl7E
Andreas M. Antonopoulos is a technologist and serial entrepreneur who has become one of the most well-known and respected figures in bitcoin.
Follow on Twitter: @aantonop https://twitter.com/aantonop
Website: https://antonopoulos.com/
He is the author of two books: “Mastering Bitcoin,” published by O’Reilly Media and considered the best technical guide to bitcoin; “The Internet of Money,” a book about why bitcoin matters.
Subscribe to the channel to learn more about Bitcoin & open blockchains; click on the red bell to enable notifications about new videos!
MASTERING BITCOIN, 2nd Edition: https://am
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https://www.youtube.com/watch?v=dSpFbg7jlDw
Is proof-of-stake just an elaborate Rube Goldberg machine? Is it possible for an attacker to simply buy up all the stake on a network? Could a competing network be incentivized to do this? Can staking and DeFi co-exist? Can DeFi harm a staking network by offering better returns? In this clip, Andreas examines several common concerns about staking.
These questions are from both the January 2020 and February 2020 Patreon Q&A sessions, which took place on February 29th 2020 & January 25th 2020, respectively. If you want early-access to talks and a chance to participate in the monthly live Q&As with Andreas, become a patron: https://www.patreon.com/aantonop
Questions:
00:00 Is Proof-of-Stake just an elaborate Rube Goldberg machine?
05:17 Can staking and DeFi co-exist?
Related:
Bitcoin Q&A: Energy consumption - https://youtu.be/2T0OUIW89II
Bitcoin Q&A: Proof-of-Work (PoW), Proof-of-Stake (PoS), Delegated Proof-of-Stake (DPoS) - https://youtu.be/3W_3AQrQEOM
Bitcoin Q&A: Governments vs. Proof-of-Work or Proof-of-Stake - https://youtu.be/qrwgYDAoZV0
Bitcoin Q&A: The economics of mining pools - https://youtu.be/kZ5QQ__J2Io
Bitcoin Q&A: Mining incentives after 2140 - https://youtu.be/LNSlIiKyZJM
Bitcoin Q&A: Why "energy consumption" math sucks - https://youtu.be/uvFqEofdAZ0
Bitcoin Q&A: The value of proof-of-work - https://youtu.be/ZDGliHwstM8
Andreas M. Antonopoulos is a best-selling author, speaker, educator, and highly sought after expert in Bitcoin and open blockchain technologies. Andreas has written two best-selling technical books for programmers, “Mastering Bitcoin” and “Mastering Ethereum”. He has published “The Internet of Money” series of books, which focus on the social, political, and economic importance and implications of these technologies. He is known for making complex subjects easy to understand and highlighting both the positive and negative impacts these technologies can have on our global societies.
Subscribe to this channel to learn more about Bitcoin & open blockchains; click on the red bell to enable notifications about new videos!
Follow on Twitter: @aantonop https://twitter.com/aantonop
Website: aantonop.com
Subscribe to the channel to learn more about Bitcoin & open blockchains; click on the red bell to enable notifications about new videos!
MASTERING BITCOIN, 2nd Edition: https://amzn.to/2xcdsY9
Translations of MASTERING BITCOIN: https://bitcoinbook.info/translations-of-mastering-bitcoin/
THE INTERNET OF MONEY, v1: https://amzn.to/2ykmXFs
THE INTERNET OF MONEY, v2: https://amzn.to/2IIG5BJ
Translations of THE INTERNET OF MONEY:
Spanish, 'Internet del Dinero' (v1) - https://amzn.to/2yoaTTq
German, 'Das Internet des Geldes' (v1) - https://amzn.to/2LEiyqO
German, 'Das Internet des Geldes' (v2) - https://a
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https://www.youtube.com/watch?v=MHYS0xgZ9dQ
Does it matter if your crypto is on PayPal, a cryptocurrecy exchange, or if you own your own keys? What might seem like small differences are actually significant, it's the difference between having a seat reservation and flying standby. Watch this video to understand the concept cryptocurrency ownership in a whole new way.
Chapters
0:00 Introduction
1:11 Aviation and cryptocurrency
1:51 Different classes of ownership in cryptocurrencies
2:44 Big financial institutions that entered the cryptocurrency space
6:38 Business class
7:27 First class
8:43 People who had never flown on business and first class
11:07 Upgrading through skills/education
12:46 People who are going on a vacation and the people who predicted the flood
14:41 Aviation and cryptocurrency enthusiast
17:40 Standby
22:15 Always be prepared for a flood
23:23 Ownership in crypto has different levels
24:42 Get educated and help the people on the seats behind you
Talks like these are part of what has made Andreas the go-to person for cryptocurrency and open blockchain education. The crypto airplane is a talk that is intended to explain, in simple and relatable terms, how classes of cryptocurrrency ownership actually work. This talk is bursting with analogies that illustrate to even the least tech savvy people the differences in classes of ownership of bitcoin. Buying cryptocurrency through PayPal is like buying a standby ticket for a flight. You might get on the plane, but you might not is one example. Cryptocurrency explained in simple, relatable terms, is one of the things Andreas is known for.
COMMENT below and let us know what you think of the video. Post your follow-up questions there too!
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LEARN from Andreas in one of his popular Workshops which will teach you practical crypto skills. There’s even a FREE Intro to Bitcoin & Open Blockchains to get you started. https://aantonop.io/takeaworkshop You can also learn from one of his many books. Andreas has written three technical books for developers about blockchain technology, Mastering Bitcoin, Mastering Ethereum, and Mastering the Lightning Network (2021) published by O’Reilly Media. He’s also written The Internet of Money Series books, which explain why bitcoin, ethereum, and open blockchains matter.
About aantonop: Andreas isn't promoting a company or an organization; he's paid by the community (people who support this work on Patreon and YouTube) a
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https://www.youtube.com/watch?v=tYldJpSPeqg
You may have seen some of my Q&A videos posted to YouTube and wondered where they come from. Some of them come from monthly Livestream Q&A sessions with people who support me on Patreon. (We call Patrons what they are: Community Builders.) Recently, Community Builders voted to open up these sessions to anyone who wants to join. This community is made up of incredible people, and I’m so grateful to have their support. We recently had our first open monthly Livestream. It went so well, I’ve decided to have a few more bonus Q&A sessions over the next few weeks.
You may already know that my mission is to educate as many people as possible about #Bitcoin and open blockchain technologies. Participating in these Livestream sessions is one way to do that. Thank you for being part of this mission.
Learn more about becoming a Community Builder: https://patreon.com/aantonop
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