What is the effect of voluntary burning or accidental loss? Does it impact deflation a lot? Why is there a limit for 21 million bitcoin? Why are there 8 decimal places? What are the implications of a decimal place increase? Are there sub-satoshi units on Lightning?
As mentioned starting at 4:04, watch Tadge Dryja’s presentation here: https://youtu.be/-lgYYz3y_hY
There was also a paper on the topic titled “Probabilistic Lightning,” written by Bloxham, Yuan ,Xia, and Jang, to which he contributed: https://courses.csail.mit.edu/6.857/2017/project/7.pdf
These are questions from the (late) April and May Patreon sessions, which took place on May 5th and May 26th 2018 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
RELATED:
Bitcoin, Lightning, and Streaming Money – https://youtu.be/gF_ZQ_eijPs
The Internet of Money: Five Years Later – https://youtu.be/6xIq0FdmsIA
The Lightning Network – https://www.youtube.com/playlist?list=PLPQwGV1aLnTurL4wU_y3jOhBi9rrpsYyi
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
The Lightning Network – https://youtu.be/vPnO9ExJ50A
Lightning’s security model – https://youtu.be/_GNsT_ufkec
Eltoo, and the early days of Lightning – https://youtu.be/o6eFZ5aI9N0
Misconceptions about the Lightning Network – https://youtu.be/c4TjfaLgzj4
Lightning Network scaling – https://youtu.be/4KiWkwo48k0
Lightning Network interoperability – https://youtu.be/1HYMWcJHGXc
Atomic swaps – https://youtu.be/fNFBA2UmUmg
Running nodes and payment channels – https://youtu.be/ndcfBfE_yoY
What is Segregated Witness (SegWit)? – https://youtu.be/dtOjjB4mD8k
SegWit and fork research – https://youtu.be/OorLoi01KEE
The 21 million supply cap – https://youtu.be/AABkJ55Zz3A
Divisibility and deflationary monetary policy – https://youtu.be/xhLgxX_wU6E
Inflation and debt systems – https://youtu.be/6CwxHiKf27A
HODLing and the “get free” scheme – https://youtu.be/MhOwmsW1YNI
Wealth distribution statistics – https://youtu.be/X2Qsz4eaSPY
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
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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
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How to open a LN channel for a sub-satoshi tx?
Creating new subdivisions of a currency unit is exactly the opposite of what centeal banks overseeing inflationary currencies do (Venezuela), namely cutting zeros at the end of the currency units, that is, removing subdivisions
Can you talk about Bitcoin in 2019, high and low possibility?
The “burning” is a dumb idea. Think of all the lost wallets, all those people Andreas sent free btc to. Do you think they still have their keys? I got $5 in btc back in 2013 as a promo with an app and the business went kaput, no way to get my keys because they were in the app. Wth?
LMAO "Curmudgeon of the year award" hilarious but true..
satoshi = noble 8 fold path
Thanks!
In my opinion. A good currency should be a stable coin. A deflactionary coin is not good for loans, for example.
Here is a question that I would love to hear your thoughts on, and hopefully there are more people interested to poke your brain on this one! So if you never read this, hopefully some one wants to post this question to your Q&A on patreon!
Question:
"
If Bitcoin becomes widely adopted in the future, could a debate be started over code changes to introduce inflation?
For example: They could convince a lot of people that we need inflation because a lot of coins are hoarded by a small group of people. Other arguments could be made ofcourse, and I fear a lot of people could easily be convinced by this.
Do you think it is likely that this will happen eventually, and what do you think the outcome would be?
"
Sorry if the question is long, but this is something I think about a lot. Perhaps right now we have a fixed supply, but what if the majority of the world gets convinced that we need to change that in the future…
FabriceManzo.donateToMyFamily=true; burnMyBtc=''are you crazy!!'';
Where do we submit our questions?
Peter Schiff and many other billionaires would say… look there is not 21 million bitcoins there are way way more. Facepalm! I thought only blonds on youtube were dumb when asked if they want a pizza cut into 8 or 12 slices and would respond saying 12 because they get more. I am like WTF? Divisibility is not rocket science! How did you become rich? Oh, work on Wallstreet, ah you just steal money got it.
#TIL milli satoshi
Hey Andreas, I love your videos!
4 main ideas to explore:
firstly: Bitcoin itself is just coins.. can the government come out and say that they don't accept bitcoin in exchange for usd/or fedcoin in much the same way that they confiscated gold?
Or is this type of thing to big to fail? At the moment where we have hyperinflation, what happens when the governments say.. We don't accept bitcoin exchange for fedcoin? Is that a realistic possiblity or is Bitcoin to big to fail in this sense?
secondly:
What is the real potential of crypto currencies? Its hard to appreciate. Wouldn't this in the long run win over the governments and the world? If Bitcoin or the successful cryptocurrencies lead to " curing cancer", or innovation after innovation.. in other words.. when it is TOO GOOD to ignore. Then how can you ban it?
How do we best mitigate the first problem while enhancing the potential of the second?
thirdly: I've heard one person say: Bitcoin is not backed by anything.. the price could just suddenly collapse. That is a valid statement. How do we learn to trust in Network-centric money? Its so new that people are afraid of it … in part because of the disruptive power!
and fourth: looking far into the future is the threat of A.I. potentially taking over the world. … etc etc can we decentralize artificial intelligence?
21×2=the answer to life the universe and everything…..
Thank you Andreas for all the knowledge. Beer on me.
The Montgomery what?? ?
You should be the public voice of crypto to congress and sec
I never knew about the subtle difference of inflation/not inflation in regards to sub satoshi denominations ??
second layer solution is the smart way to go about it imo
Yes, I will burn it all… It will be too great gift for anyone to have my bitcoins.
Very insightful Andreas. Thank you for the answers.
Where can I get a graph of bitcoin, eth, et cetera measured in millisatoshis? …..Also, where can I get a graph of Bitcoins USD as well as millisatoshis before it was .39 until all the way back since its beginning/its first day it had a measured price. Do you accept tips? Thank you.
Brilliant as always !
Thank You Andreas!
Thanks for all the work you do
God evry god
Watched, liked & shared = true;
Greetings from Kenya Africa
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