How should Bitcoin, as a network protocol, be scaled through a layered architecture? One of the fundamental principles of network protocol design is to have separation between the layers so they don’t bleed into each other with unintended side-effects. These are the same principles in software engineering, where your goal is to create functions that first do one thing as simply as possible, and the build more complex abstractions using those primitives (once they are proven reliable). This ensures predictability of performance and security. When the internet and World Wide Web were built, the layers were not quite as separate as they should have been; the consequence is an immeasurable lack of privacy (or “fungibility of packets”). Retro-fitting it on top has not been easy or effective.

This talk took place at the Riga Art Space for the Baltic Honeybadger conference on November 25th 2017 in Riga, Latvia:

Watch the rest of the talk here:

Scaling complex systems –
The internet will eat your business –
Delivering Liberty, At Scale –
Bitcoin, Payment Security, and Consumer Protection –
Worse Than Useless: Financial Surveillance –
The Killer App: Engineering the Properties of Money –
Beyond Price: Bitcoin’s Impact on the Future –
Introduction to the Internet of Money –
The Lightning Network –
Altcoins and the scaling debate –
Scaling is a moving target –
Scaling, trust, and trade-offs –
From barter to abstract money –
Fungibility, privacy, anonymity –
Coinbase vs. the IRS –
Could governments take over exchanges? –
Alternatives to centralised exchanges –
HODLing and the “get free” scheme –

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

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.



Highlights from “The Internet of Money” (Volume 2):



Subscribe to the channel to learn more about Bitcoin & open blockchains!

If you want early-access to talks and a chance to participate in a monthly LIVE Q&A with Andreas, become a patron:

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



  1. Monero – I know, it's hard to mention another coin because of a promise that you've made to yourself but isn't Monero a higher quality money because of its fungibility? Don't you want to promote the highest quality money available?

  2. Better be quick, they're getting entrenched.

    Other question is how far do we take privacy. Do we not allow any kind of way for police to use technology to solve crimes.

  3. If you can keep your head when all about you
    Are losing theirs and blaming it on you,
    If you can trust yourself when all men doubt you,
    But make allowance for their doubting too;
    If you can wait and not be tired by waiting,
    Or being lied about, don’t deal in lies,
    Or being hated, don’t give way to hating,
    And yet don’t look too good, nor talk too wise:

    If you can dream—and not make dreams your master;
    If you can think—and not make thoughts your aim;
    If you can meet with Triumph and Disaster
    And treat those two impostors just the same;
    If you can bear to hear the truth you’ve spoken
    Twisted by knaves to make a trap for fools,
    Or watch the things you gave your life to, broken,
    And stoop and build ’em up with worn-out tools:

    If you can make one heap of all your winnings
    And risk it on one turn of pitch-and-toss,
    And lose, and start again at your beginnings
    And never breathe a word about your loss;
    If you can force your heart and nerve and sinew
    To serve your turn long after they are gone,
    And so hold on when there is nothing in you
    Except the Will which says to them: ‘Hold on!’

    If you can talk with crowds and keep your virtue,
    Or walk with Kings—nor lose the common touch,
    If neither foes nor loving friends can hurt you,
    If all men count with you, but none too much;
    If you can fill the unforgiving minute
    With sixty seconds’ worth of distance run,
    Yours is the Earth and everything that’s in it,
    And—which is more—you’ll be a Man, my son!


Please enter your comment!
Please enter your name here