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:

Money as a System-Of-Control –
Bitcoin: Where the Laws of Mathematics Prevail –
The Digital Currency Commons –
Forkology: A Study of Forks for Newbies –
Is Bitcoin a democracy? –
Separation of money and state –
Unstoppable code –
The revolution in trust –
Governance trade-offs in decentralized systems –
Scaling, trust, and trade-offs –
SegWit, scaling, and consensus –
Bitmain and the ASICBoost allegations –
Biggest threat to cryptocurrencies –
Decentralized immunity from state-sponsored attacks –
Ethereum, ICOs, and Rocket Science –

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

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.




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Music: “Unbounded” by Orfan (
Outro Graphics: Phneep (
Outro Art: Rock Barcellos (