Bitcoin’s market-based governance system & the five consensus constituents: developers, miners, exchanges, merchants, wallets. Bitcoin’s “election” is held every 10 minutes and determines the most valid, longest cumulative difficulty chain. Consensus choices have monetary consequences. We need to be patient and have the long-view perspective. Many innovations have been developed over the last two years while bitcoin has been in political deadlock and “failing to scale.” This is a system of hard promises that can be softened (if you choose), that resists takeover, that is leader-less. Some people love free human expression and autonomy; others look at it and think, “Oh, you mean there’s a vacancy at the top? Where do I send my application?” The things we accept and the choices we make today, as participants in this network, will make a huge difference 20 years down the line.

This is part of a talk which took place at the ‘Bitcoins in Bali’ meetup on June 27th 2017 at the Hubud co-working space in Ubud, Bali, Indonesia: https://antonopoulos.com/event/bitcoins-in-bali-meetup/

RELATED:
Money as a System-Of-Control – https://youtu.be/FyK4P7ZdOK8
Bitcoin: Where the Laws of Mathematics Prevail – https://youtu.be/HaJ1hvon0E0
The Digital Currency Commons – https://youtu.be/nYBKWrqR4I8
Forkology: A Study of Forks for Newbies – https://youtu.be/rpeceXY1QBM
Is Bitcoin a democracy? – https://youtu.be/TC3Hq76UT5g
Separation of money and state – https://youtu.be/jGmtRA9S7_Y
Unstoppable code – https://youtu.be/AQx3E3F8Kz4
The revolution in trust – https://youtu.be/iWfpxB3HZOY
Governance trade-offs in decentralized systems – https://youtu.be/dtwaW79Fj7c
Scaling, trust, and trade-offs – https://youtu.be/vCxmHwqyJWU
SegWit, scaling, and consensus – https://youtu.be/Jc7mrR6AAto
Bitmain and the ASICBoost allegations – https://youtu.be/t6jJDD2Aj8k
Biggest threat to cryptocurrencies – https://youtu.be/MNXSDaD97x0
Decentralized immunity from state-sponsored attacks – https://youtu.be/ZBuHOGufW14
Ethereum, ICOs, and Rocket Science – https://youtu.be/OWI5-AVndgk

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

[NEW] MASTERING BITCOIN, 2nd Edition: https://www.amazon.com/Mastering-Bitcoin-Programming-Open-Blockchain/dp/1491954388

Subscribe to the channel to learn more about Bitcoin & open blockchains!

If you want early-access to talks and a chance to participate in a monthly LIVE Q&A with Andreas, become a patron: https://www.patreon.com/aantonop

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/)

source

28 COMMENTS

  1. POS may not be perfect but it's better than mining centralization and the massive energy cost of hardware to maintain consensus versus all that money going into R&D for the technology itself cough EOS

  2. Bitcoin's governance system, is like the political one: you choose it once in a while, but then can't affect its decisions.
    Some newer cryptos have a more flexible one, that allows finer control of individual proposals.
    The systems are not equal.

  3. I think exactly the same way.
    I believe crypto is on its way to replacing normal currency.
    I think it's inevitable.

    Why?

    Where is the gold that sovereign nations once held, the gold that represented their full authority and financed the victorious allies.

    It was only a few billion dollars worth of gold (in today's money). Now the dollar is becoming worthless.

    So only bitcoin remains.

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