Why do blocks get confirmed every ten minutes? How is it ensured that a block is mined within ten minutes? What would happen if there are too many miners compared to transactions that need to be verified?
These questions are from the second and third sessions of MOOC 12, which took place on September 19th and September 27th 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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Andreas M. Antonopoulos is a technologist and serial entrepreneur who has become one of the most well-known and respected figures in Bitcoin. He is the author of “Mastering Bitcoin,” “The Internet of Money” series, and “Mastering Ethereum.”
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How does the consensus code know anything about time, there is no proof of time. Time after all is relative as in if you mine in a plain less time has passed … or the other way around? 🙂
So, what happens if the next block is mined in China, is being geographically close makes a difference?
Andreas – as always, another superb and clear explanation: competition in mempool between transaction senders and separately the competition between miners to win the block reward
Thank you.
I have a lot of respect for you and thank you so much (!) for what you are doing for Crypto community.
Thank you Andreas for all of your hard work and time you've spent educating people about this space. I really enjoy listening to you speak. I would be very interested to hear your thoughts on how Bitcoin compares to digibyte.
Qs:
1st: what happens if we unlock the key to unlimited energy? matter? How will this affect trust? is the concept of mining new reward concrete when this happens?
2nd:
BTC is deflationery, but world value is increasing; every moment a human is born and theoritically will give value to the world, why'd she participate in BTC which favors the preceeders and holders who won't always give as much value eventually? why wouldn't BTC be somehow uncapped at inflation that only balances a theoritcal value by humanity's existence? was BTC just an experiment, I myself believe it will last only decades before it erodes by the previous fact
you the man Andreas !!
Top ??
superb
Questions
Is there a risk to Bitcoin and all crypto if in fact CW gets said keys and is able to use them to access millions of early Bitcoins?
Is there a risk to Bitcoin if a bad actor (government, major financial institution) leverages heavily (futures and options) against Bitcoin to drive price so low that most miners are forced to shut down further pushing FUD and downward spiral? It would cost much less than a 51% attack.
thank you 🙂