"High" transaction fees and the future feasibility of micro-transactions. Transaction costs represent inherent real-life constraints on scalability and resource availability in the network. It costs money to host fully validating nodes. There is no such thing as a free lunch. Bitcoin was able to achieve zero-fee transactions because the cost was subsidised by the mining reward and bitcoin's value increasing at a faster rate than resources were being consumed. It is not because of the block size limit; as you scale up, the amount of competition for space will also grow. We will see increases in the block size eventually, and add second-layer systems like Lightning Network.
Bitcoin is a dynamic and evolving system and the rate of innovation has exploded over the last few years. Appointing third parties to determine which transactions are "spam" opens up opportunities for censorship. Sufficient fee is a market-based mechanism. Even if your transaction doesn't have sufficient fee at the time, it could still be confirmed later when there is less demand for the network. Transaction malleability. Segregated Witness is the best scaling that exists right now. For many miners, it represents a potential loss of profit but only if they're not willing to evolve their software and participate in payment channels. If we choose not to expand the scale of the network, that doesn't mean Bitcoin stops working; it means that Bitcoin will specialise in high-value, global, secure transactions. Nobody gets to decide what Bitcoin and we don't know what it will become. The recipe has been replicated in other cryptocurrencies, and that's how a market should work -- allowing the full forces of evolution and specialisation to operate.
Chapters
0:00 "High" transaction fees and the future feasibility of micro-transactions
1:58 Bitcoin is a dynamic and evolving system
4:22 Segregated Witness
5:54 If we choose not to expand the scale of the network, that doesn't mean Bitcoin stops working; it means that Bitcoin will specialize in high-value, global, secure transactions
This is part of a talk which took place at the JW Marriott Sahar (International Airport) on March 26th 2017 in Mumbai, India:
https://www.townscript.com/e/bitcoin-talk-by-the-world-famous-andreas-antonopoulos-203132Watch the full talk here:
https://youtu.be/ONvg9SbauMgRELATED:
The Lightning Network -
https://youtu.be/vPnO9ExJ50ALightning, full nodes, and miners -
https://youtu.be/dlJG4OHdJzsBitcoin & Blockchain in Norway -
https://youtu.be/5ODDCx6VL2YWhat happens to transaction fees when the block reward is zero? -
https://youtu.be/FffX32ENGKcRules vs. Rulers -
https://youtu.be/9EEluhC9SxEGovernance and the transaction fee market -
https://youtu.be/gdknUUVOdHUScaling is a moving target -
https://youtu.be/pT9kJq_OgrkWhy we should worry about optimization, not scaling -
https://youtu.be/J3sEcuCc9fgAltcoins and the scaling debate -
https://youtu.be/slbpdW-H3ykThe Scaling Rites of Passage -
https://youtu.be/rZi86_ovB3YIs Bitcoin development centralised? -
https://youtu.be/7hm4Ro4wdTkAndreas 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/aantonopWebsite:
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=UTF8MASTERING 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/1491954388Subscribe 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/aantonopVideography: Zebpay Bitcoin India
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/joinaantonopytAbout 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. 📈
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