Do you think it is a problem that Bitcoin private keys can be destroyed, in terms of a store-of-value? Should we re-distribute bitcoin which hasn’t moved for a long period of time? Should we do something about lost coins? Is there potential for centralization through concentration of ownership of bitcoin? Has there ever been a deflationary experiment? Wouldn’t people stop spending altogether?
These questions are from the fourth and fifth sessions of MOOC 11, which took place on February 22nd and March 1st 2019 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
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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.
Follow on Twitter: @aantonop https://twitter.com/aantonop
Website: https://antonopoulos.com/
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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MASTERING BITCOIN, 2nd Edition: https://amzn.to/2xcdsY9
Translations of MASTERING BITCOIN: https://bitcoinbook.info/translations-of-mastering-bitcoin/
THE INTERNET OF MONEY, v1: https://amzn.to/2ykmXFs
THE INTERNET OF MONEY, v2: https://amzn.to/2IIG5BJ
Translations of THE INTERNET OF MONEY:
Spanish, ‘Internet del Dinero’ (v1) – https://amzn.to/2yoaTTq
French, ‘L’internet de l’argent’ (v1) – https://www.amazon.fr/Linternet-largent-Andreas-M-Antonopoulos/dp/2856083390
Russian, ‘Интернет денег’ (v1) – https://www.olbuss.ru/catalog/ekonomika-i-biznes/korporativnye-finansy-bankovskoe-delo/internet-deneg
Vietnamese, ‘Internet Của Tiền Tệ’ (v1) – https://alphabooks.vn/khi-tien-len-mang
MASTERING ETHEREUM (Q4): https://amzn.to/2xdxmlK
Music: “Unbounded” by Orfan (https://www.facebook.com/Orfan/)
Outro Graphics: Phneep (http://www.phneep.com/)
Outro Art: Rock Barcellos (http://www.rockincomics.com.br/)
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What do you think of litecoin? Is there any reason to have it or just bitcoin only?
The Great Depression was an example of deflation. Money was still backed by gold, not fiat.
Please explain how a deflationary currency wouldn’t lead to hoarding of wealth as people would rather keep their bitcoin than buy goods with them? Also explain how lending would work?
Quantum computing will eventually allow us to recover all lost private keys by unwinding the public addresses. Bitcoin will eventually implement quantum resistance. However, legacy addresses of lost Bitcoin will still be recoverable through quantum computing.
Is there a way to know the number of bitcoin that have been lost forever?
Currency inflation encourages consumption and debt. Currency deflation (not caused by debt deflation or a credit crunch) encourages saving and investment. Rich economies are the ones that save an invest, not the ones that consume and get indbeted.
7:00 I never thought about that, I hear all the time that the BTC lost are lost forever, but it make total sense that at some point in time the weaker protection will be forced.
I can image potential situation where that could be a problem like it you stay in the coma for decades or freeze yourself a few centuries ;).
as always, spot on.
100 Bitcoins*. You're referencing a number of units… not the whole. It has an S on the end.
Stupid question, but If we could just keep on subdividing wouldn't that make it kinda worthless?
I nominate the term “ANTOSHI” for the more atomic unit. Ie what if each satoshi had another 8 decimal places and each of those units would be called an ANTOSHI
– ants are small
– it’s an homage to Andreas Antonopoulos
I first thought “SUBTOSHI” would be a good word but it sounds too close to “SATOSHI”.
what about investments? who will invest if holding a strong deflationary Bitcoin is the best investment? This will make interest rates explode in order to compete for funds. Will innovations be stifled by a strong deflationary Bitcoin?
Anton IS the teacher….
Sometimes guys a little left of center a brilliant. Hats off to you from right of center.
I swear I watched at least the first two questions and answers in a previous video. Am I the only one that remembers that?
Loss of keys doesnt mean everyone gets a gift. It's still considered in circulation even though there is no access to it. There is no BTC burn where quantity is remeasured.
good as well
I've annotated an excerpt on DEFLATION in The Ethics of Money Production by Jorg Guido Hulsmann. It helped my understanding, hope it will help someone else too! https://www.reddit.com/r/Bitcoin/comments/art0am/empirical_evidence_does_not_seem_to_warrant_the/
wow man, your explanation on deflationary currency blew my mind. It was the last hurtle for me, which I never had an answer for until now. Thank you!
We definitely need a better, more fool proof way to self-store our crypto. Up coming custody solutions will probably banks alive and well for the foreseeable future until we do.
bounty idea is great!!