ASICBoost and the allegations against Bitmain. What implications will this have on breaking the impasse between Bitcoin Core and Bitcoin Unlimited. I don’t know if the allegations on covert mining are true, but we do know that there is an energy consumption advantage and Bitmain owns the patent for these chips. They claim they’ve only used them on the testnet but not the mainnet, ‘for the good of the network.’ However, if they didn’t use it and won’t use it, then they shouldn’t mind if we disable it in a counter-optimisation. Covert ASICBoost threatens to derail protocol development. It’s not a free market if this invention is patented under the threat of state force. The source of the drama for many actors in this scaling debate is about bruised egos, not scientifically supported arguments on the technology.
This talk took place at the Silicon Valley Bitcoin meetup on April 11th 2017 at the Plug and Play Tech Center (@PlugandPlayTC) in Sunnyvale, California: https://www.meetup.com/Silicon-Valley-Bitcoin-Users/events/233760417/
Funny remix: https://youtu.be/PgSb48zoqik
RELATED:
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Proprietary editable blockchains & patent trolls – https://youtu.be/Pryy7n1a7UQ
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Governance trade-offs in decentralised systems – https://youtu.be/dtwaW79Fj7c
What is the biggest threat to Bitcoin? – https://youtu.be/1-XUbH1F0Os
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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
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Here is one thing you may be missing. Someone might next week, come up with another chip or way of gaining an advantage. It is sure to happen one day. Jihan can then say..well if others are going to get an advantage then maybe I will level the playing field. You critique doesn't seem to consider that possibility
So the question now is? Will Andreas condemn the same thing if it is not Bitmain?…
You are not using it? TURN IT OFF.
youtube.com/watch?v=PgSb48zoqik
Its sad to see the greed setting into this currency. This might be a reason that a altcoin like zcash or dash takes over as the dominant currency in future. I know I'm talking longterm because of the brand that btc have. But with a hardfork in BTC one never knows. Hopefully good will prevail.
Andreas, I have never seen you sell or pump a coin, token, ICO or any other product. You are NOT A SALESMAN. So many YouTube videos and speakers are salespeople. Even an Investment Advisor is a selling you something to make money.
That has gained you genuine trust and integrity, add in your technical knowledge and above all else is your genuine passion to create meaningful change.
This is important, In a decentralized and consensus based system, we have and need emergent leadership. And you have the ability the be an emergent leader. Just remember an emergent leader is not a boss and is no more or less than a member of the group who steps up and leads where they are strong. No extra pay or reward, and is extremely effective.
Google has now said that the top character trait hit they seek out in potential employees is the potential for emergent leadership. Your team/group trusts and respects your integrity and see your passion, and if you step up, and lead you will have people coming to support you….at google, these employees will get promoted quickly but the emergent leader initially doesn't do it for money, and they share credit equally with the team, instead of hey google boss I did most of the work and it was all my idea…the emergent leader builds trust trust and integrity by sharing the victory with the team, and a genuine emergent leader won't have to do most of the work, his/her team supporters will be inspired and confident via trust and cohesion to work extra time.
The emergent leader sees others strengths and inspires them to be an emergent leader where they are strongest.
Andreas in many ways you do this with or without even being aware. You have shown integrity for years. Bitcoin Jesus aka Roger Ver showed integrity for 6 months before the truth wasn't able to hide behind paid publicists to upkeep his image.
Andreas you are leading, please don't sell out to some company, I promise you the money will be a side effect of your passion and integrity.
Now we need an emergent leader making videos for Segwit and how Bitcoin and Even suggesting the original ethos, and suggesting how ethereum can help Bitcoin and Bitcoin can help ethereum. We need an emergent leader(honest with integrity, and genuine passion). Who can make sharp intelligent videos to get people thinking, and don't sell a product at the end, which ruins your integrity.
Please google what an emergent leader is, they are not bosses or owners or controllers….An emergent leader is a normal group member who steps up where they can help out with the groups benefit before personal gain. They listen more than most group/team members. They actually practice the art of noticing.
To Da Moon!
factor 19 is just an example. It can be much more. It can even turn a lossy business into a highly profitable one.
see here: https://www.reddit.com/r/Bitcoin/comments/64dfoq/asicboost_20_saving_in_energy_does_not_imply_20/
So everyone's gotta play fair for bitcoin to work? Good luck with that. I'm very curious to see how alternatives to PoW will pan out (Casper).
Jihan should Open-Source ASICboost technology just like elon did it for tesla.
1:43 to 2 mins
Super explanation with some interesting insights
1 > 7 Billion = Aantonop.
smart, visionary and witty as always
AsicBoost doesn't prevent certain protocol improvements. Its just not compatible with them. If people want to change the bitcoin network, we can still do it. The only thing that prevents changes are people and what signalling they support. If the header becomes immutable using certain hardware, so what? Just means their hardware won't work if we decide to upgrade. If some miners avoid upgrades and people move off their platform to support other miners, that old hardware will be obscelete.
Andreas always does the best explanation. Thank you!
So they magically have a 20% more efficient miner? That doesn't sound like market breaking to me. If they're better they should be rewarded for it.
People respond to incentives.
Miners having an incentive to do something that harms Bitcoin because it's more profitable than not-harming Bitcoin is something I worry about.
If you were https://twitter.com/JihanWu
what would you do, to keep your 100 million $ extra profit each year?
even when people are on to you!
Good talk, but you got the mining economics wrong. For example, profit margins are not less than 1%, in particular not for bitmain.
Furthermore, the effect of asicboost is greatly exaggerated in economic terms. The effect is more like 2-3 mn profit for bitmain per year if you do the math. The 100mn is wrong by a 1-2 order of magnitudes.
Where is that patent enforceable? China only? Last I checked, the Chinese didn't care for protecting intellectual property.
Bitcoin actually becomes centralised over this. There is no incentive not to have over 50% of the hashing power. There is only incentive.
its not about moumou the dog, its about profile x 20, it does not end here, the problem is not more profit ( its always good ) but more profit for a monopoly, this is agains the invention of crypto currency if the first place. thanks @anntonop for the great explanation.
Very good analysis as always, Andreas. Thank you.
Bitmain and Asicboost do not own patents, only patent applications, which do not give them a monopoly right (yet), maybe never will.
https://worldwide.espacenet.com/publicationDetails/inpadocPatentFamily?CC=CN&NR=105245327A&KC=A&FT=D&ND=&date=20160113&DB=&locale=
https://worldwide.espacenet.com/publicationDetails/inpadocPatentFamily?CC=WO&NR=2015077378A1&KC=A1&FT=D&ND=&date=20150528&DB=&locale=
Great explanation as always.
I love the examples that you used lol. Nice hearing your thoughts on the ASICBOOST happening.
Well put Andreas.
antpool just spoiled litecoin segwit with their new l3 miners. activation period down to 70% because of antpool