What will happen in the next couple of weeks regarding the upgrade to SegWit and the potential for a network fork? How do I keep my bitcoin safe? Ask your wallet providers and exchanges what they’re going to do (if you trust them).

This is part of a talk which took place on July 7th 2017 at a Bloktex event hosted by the Wisma BeeOn Group in Kuala Lumpur, Malaysia: https://antonopoulos.com/event/the-future-of-money-kuala-lumpur-malaysia/

RELATED:
Scaling is a moving target – https://youtu.be/pT9kJq_Ogrk
Forkology: A Study of Forks for Newbies – https://youtu.be/rpeceXY1QBM
Fee markets, SegWit, and scaling – https://youtu.be/zxt-FLzZPhg
What happens to our bitcoins during a hard fork? – https://youtu.be/sNR76fWd7-0
Rules vs. Rulers – https://youtu.be/9EEluhC9SxE
Does Lightning need SegWit? – https://youtu.be/qQuNv_qx1xs
The revolution in trust – https://youtu.be/iWfpxB3HZOY
Altcoins and the scaling debate – https://youtu.be/slbpdW-H3yk
Governance trade-offs in decentralised systems – https://youtu.be/dtwaW79Fj7c
Ethereum: Lessons from the hard fork – https://youtu.be/hnAWAVNnGCw
Is Bitcoin a democracy? – https://youtu.be/TC3Hq76UT5g
Bitmain and the ASICBoost allegations – https://youtu.be/t6jJDD2Aj8k
Unlimited vs. Cypherpunks – https://youtu.be/5adgo4-32HU

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 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.

THE INTERNET OF MONEY, v1: https://www.amazon.co.uk/Internet-Money-collection-Andreas-Antonopoulos/dp/1537000454/ref=asap_bc?ie=UTF8

MASTERING BITCOIN: https://www.amazon.co.uk/Mastering-Bitcoin-Unlocking-Digital-Cryptocurrencies/dp/1449374042

[NEW] MASTERING BITCOIN, 2nd Edition: https://www.amazon.com/Mastering-Bitcoin-Programming-Open-Blockchain/dp/1491954388

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: https://www.patreon.com/aantonop

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/)

source

28 COMMENTS

  1. The problem isn't bitcoin. Bitcoin can be decentralized all day but it doesn't matter. The problem is exchanges and wallets which are centralized by greedy individuals who only want to line their own pockets and until that gets fixed, bitcoin is no different than any other stock or commodity.

  2. Love the end of the video. It's exactly that: We have created an enormous, complex society to "ensure" trust. Created zillions of b*llsh*t jobs. The last couple of years should have woken up a lot of people, and still… Well spoken!

  3. The statements here are generally good advice, however keeping your Bitcoin on a reputable exchange (eg Kraken, Bitstamp)[1] is not necessarily a bad idea. It is dangerous because these centralized exchanges might go bankrupt or steal the money, get hacked, etc. but those are always issues, nothing related with Aug 1 UASF.[2]

    For those without significant technical skills, an exchange might be a better option for ensuring you properly isolate coins (against replay attacks) in the case of a chain split. You are trusting the exchange to handle this properly, but that is not necessary a bad thing. They will have an incentive to do it correctly and make coins on both chains exchangeable ASAP. This is what we saw with ETC fork.

    I respect Andreas and agree that we should remind users that "if you don't control the keys, it's not your Bitcoin". However in the case of a permanent chain split, this may temporarily be less of a concern than the likelihood of screwing something up while spending from your ancient paper wallet for example.

    Finally, it should be noted that in the case of a chain split, bitcoin deposits and withdrawals will almost certainly be temporarily disabled at exchanges. The bitcoins and split coins, will probably be trade-able soon after the split, so those with coins on an exchange will probably be able to sell / buy sooner. If there is very dramatic price movement (likely), then having at least some coins at an exchange would be a very good idea.

    [1] Note this does not apply to random unmaintained wallets, web wallets, small exchanges, etc, definitely consider moving your money out of those.
    [2] Take a look at https://bisq.io if you want to support an alternative that is decentralized.

  4. What can I use to "control" my bitcoin ? I'm worried about a desktop wallet if my computer dies, and for hardwares wallet (cold storage) I'm worried to lose them…. do you have any alternative so I can control my coins?

  5. im with coinbase and they are FDIC Regulated for $250,000 of your funds
    i dont think they are going to run away with my money, although i do have a ledger wallet for bitcoin…
    just saying, coinbase, for example has been very prompt with me in answering my question and has gained my trust… and i do sleep soundly although im excited to watch the price action with the crypto currency … thanks for ur video today as always very well done!

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