Bitcoin Q&A: Denominations and Voluntary Burning Video

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

Chapters
0:00 Voluntary burning and accidental loss effects over the long-term on bitcoin. Could voluntary burning of bitcoin inadvertently harm Bitcoin?
2:07 A bitcoin is only divisible to eight decimal places. What if we run out of granularity? What if a satoshi ends up being too expensive to do anything with it? Will we need to have even smaller units?
5:01 Sometimes people ask me why the supply limit is twenty-one million bitcoins? I couldn't find any information about why Satoshi Nakamoto has chosen this number. Why not 18 million, 25 million, or something else? Do you know? Why eight decimals?
8:18 Do you believe that the number of satoshis in a fully mined, 21 million bitcoin network will be sufficient to support a scaled number of users and layered applications?

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
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

[NEW] THE INTERNET OF MONEY, v2: https://www.amazon.com/Internet-Money-Andreas-M-Antonopoulos/dp/194791006X/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

Translations of MASTERING BITCOIN: https://bitcoinbook.info/translations-of-mastering-bitcoin/

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

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/)
Join the aantonop Channel: https://aantonop.io/joinaantonopyt

About the Site 🌐

This site provides links to random videos hosted at YouTube, with the emphasis on random. 🎥

Origins of the Idea 🌱

The original idea for this site stemmed from the need to benchmark the popularity of a video against the general population of YouTube videos. 🧠

Challenges Faced 🤔

Obtaining a large sample of videos was crucial for accurate ranking, but YouTube lacks a direct method to gather random video IDs.

Even searching for random strings on YouTube doesn't yield truly random results, complicating the process further. 🔍

Creating Truly Random Links 🛠️

The YouTube API offers additional functions enabling the discovery of more random videos. Through inventive techniques and a touch of space-time manipulation, we've achieved a process yielding nearly 100% random links to YouTube videos.

About YouTube 📺

YouTube, an American video-sharing website based in San Bruno, California, offers a diverse range of user-generated and corporate media content. 🌟

Content and Users 🎵

Users can upload, view, rate, share, and comment on videos, with content spanning video clips, music videos, live streams, and more.

While most content is uploaded by individuals, media corporations like CBS and the BBC also contribute. Unregistered users can watch videos, while registered users enjoy additional privileges such as uploading unlimited videos and adding comments.

Monetization and Impact 🤑

YouTube and creators earn revenue through Google AdSense, with most videos free to view. Premium channels and subscription services like YouTube Music and YouTube Premium offer ad-free streaming.

As of February 2017, over 400 hours of content were uploaded to YouTube every minute, with the site ranking as the second-most popular globally. By May 2019, this figure exceeded 500 hours per minute. 📈

List of ours generators⚡

Random YouTube Videos Generator

Random Film and Animation Video Generator

Random Autos and Vehicles Video Generator

Random Music Video Generator

Random Pets and Animals Video Generator

Random Sports Video Generator

Random Travel and Events Video Generator

Random Gaming Video Generator

Random People and Blogs Video Generator

Random Comedy Video Generator

Random Entertainment Video Generator

Random News and Politics Video Generator

Random Howto and Style Video Generator

Random Education Video Generator

Random Science and Technology Video Generator

Random Nonprofits and Activism Video Generator