If multiple governments collaborated, could they launch a 51% attack on Bitcoin? If all it takes to attack a proof-of-work (PoW) network is enough electricity, wouldn’t you want the game theory of delegated proof-of-stake (DPoS), or a hybrid system? Could chainlocks prevent 51% attacks?
These questions are from the July monthly patron session, which took place on July 28th 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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Love that you have an open mind about PoS and PoW instead of most people who pick one camp and see the other as inferior or flawed. I feel this is going to become a problem for Bitcoin with it's 'maximalist' community together with it's slow development, it's very hard to work with them and it's difficult to implement something new. Most of the time when someone mentions interoperability bitcoin maximalists will say it's nonsense but interoperability will likely be very important in the future, like you say PoW and PoS chains both have their uses and solve different problems and work better together.
Development gets slowed down by greed.
Climate change? I hope you don't believe in this crap.
Governments are not at risk from crypto currencies.
It is the banking world that is being disrupted.
Proof of work and proof of stake = Decred
Great work aantonop!
One big problem about Proof-of-Stake currencies, which few people speak on, is that it's impossible implement a full level of privacy on layer 1, because the amounts in the addresses need to be visible.
miners have no incentive to attack the network as they would destroy the value of their mining equipment if they did. so not only does the bribe has to be worth the risk if it fails, it has to be worth more than the entire farm ur using to attack the network as if it succed, them asics go worthless. a 51% attack on bitcoin requires hundreds of millions, if not billions in hardware cost. that has to be incorporated into the bribe as well. NOT HAPPENING.
Which rise of fascism are you referring to, Andreas?
Cardano is projected to be 100 times more decentralized than Bitcoin…1000 nodes minimum
Mushrooms and animals.
1:13 – That argument really pisses me off.
YES THEY DO. If the bottom line is going to be affected, YES THEY DO.
All about PoS, what are your thoughts on Algorand's PurePoS Andreas? Staking ROI's look fantastic…
Andreas how – in easy yet convincing way explain to somebody how bitcoin is beeing developed – a friend argued with me that bitcoin is centralized because there is a core development team and therefore they can implement changes into bitcoin structure and they have the power over other community members. What is the explanation to that? Please!
11:15 DASH chainlocks explained.
We need proof of shit for xrp, bch, bsv !
LOL, governments are broke as a joke. I'd have to rack up $800k in credit card debt to have the financial prowess of USA.
There is a NEW TECHNOLOGY that will revolutionize DIGITAL CURRENCY. There is about a 30 day window left before this CROWD FUNDING investment will be taken down. This is the same as if, someone told you about GOOGLE or APPLE before they went PUBLIC. This technology secures ALL digital assets and a lot more and the inventor is allowing friends of friends to get a chance to have a small piece and to possibly become wealthy after they go public. The link is: @t this is the anti-blockchain technology. This technology is 100% Quantum Computer SAFE, where all cryptocurrencies are not. The currency that is about to launch from this technology is @t that does 8 Million Transactions Per Second, BTC can only do +/- 7 TPS. DO NOT MISS THIS!!! @t is the technology's website. This is going to change so many things – like making it impossible to hack companies servers, safeguarding their customers credit cards and info and a whole lot more!
My boyeeeeee, what up A!! You are the MAAAAAAN. keep up the good work, homie!! God Bless.
I know you travel a lot but, could you please buy quality portable camera and microphone please ? Especially microphone. Thank you.
Thanks for the comments on Dash! Impressed to see you went deep and understand it. More people would do well to do the same.
Look. Let's assume 51% attacks ultimately fail all the time. The government could still stock up on bitcoins.
An interesting solution from Dash
DPOS is different than regular POS. In POS you have to purchase the tokens themselves. Not just the means of production.
Thought experiment. Is easier to buy the car making factory, or corrupt its leadership. Or easier to buy 51% of all the cars it has ever produced? Even if you could track them down.
You are smart
Delegated proof of stake is not proof of stake. About something like PoS from PivX and Neblio. Let me say some trivia: there has never, ever been a single 51% attack on any of these PoS systems. NOT ONCE.
The good thing about PoS is that it's always strong, in both bear and bull market.
You can't solve climate change. It has and will always change and you can't stop it.
Thanks for explaining Chainlocks!
Since you mentioned support for hybrid models, Andreas, I'd love to hear your thoughts on Elastos's AuxPoW+DPoS consensus mechanism. ELA Miners merge mine with the Bitcoin network to leverage its security, and DPoS nodes only validate the blocks; they have no ability to produce them.
would absolutely love to hear Andreas thoughts on Andrew Yang
china's great firewall has successfully blocked access to steemit in china, at least to a nice extent. You need a vpn to access that. so, PoS is flawed. PoW seems more powerful, in this case.
Thanks Andreas. I migrated most of my portfolio from Bitcoin to Dash in 2017. The ChainLocks tech from the 'Dash Core Group' (who are not Dash) has been a very welcome addition. I remember the Ghash days with bitcoin, when I was not happy. Let both Dash and Bitcoin prosper moving forward.