In this classic bitcoin and open blockchain talk, Andreas discusses the concept of immutability and the essential characteristics that arise from energy-intensive Proof-of-Work.
This talk is featured in The Internet of Money volume 2, which can be purchased in multiple languages in paperback, ebook, or audiobook:
https://aantonop.io/tiomv2ebooks/Chapters
0:00 Introduction
2:11 Immutability
4:54 Why is bitcoin immutable?
7:49 Proof-of-work
11:15 Bitcoin is the first planetary scale digital monument of proof-of-work
12:20 You can't change the past
13:47 The purpose of mining
15:51 Proof-of-work is also proof-of-stake but proof-of-stake is not also proof-of-work
18:00 Re-writing history
24:43 The longest difficulty chain wins
27:36 The first digital artifact that provides forever history, that provides true digital immutability
28:49 Can we really afford this? Is this a waste of energy?
39:19 Suppose that solar energy advances with its efficiency, would that make proof-of-work unworkable because the marginal cost of solar energy is zero?
43:26 Proof-of-work is not a waste because it's secure but if proof-of-stake is not as secure but secure enough, is that far more superior?
47:21 Can immutability be transferred?
48:45 Proof of capacity
50:28 Well-funded attacks on bitcoin
52:53 Issue on exchanges
54:37 Update on alternative currencies
59:14 What happens when generation of new coins drops to zero? Will the miners keep mining and will the network fees be reasonable?
1:03:36 Are you aware of interest rate type markets for bitcoin and other cryptocurrencies?
1:07:03 What's happening with the interface between bitcoin and the traditional financial system and why are there not more ETFs?
1:10:02 If bitcoin is layer 0 and layer 1 is lightning network, what's layer 2 and have I thought about other layers?
1:12:17 Bitcoin core roadmap
This talk took place on September 13th 2016 at the Silicon Valley Bitcoin Meetup in Sunnyvale, California:
https://www.meetup.com/Silicon-Valley-Bitcoin-Users/events/232546018/. Want to hear more about Bitcoin and open blockchains?
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https://aantonop.io/joinaantonopyt#bitcoin #Cryptocurrency #BitcoinEducation
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