"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.
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-...
Watch the full talk here: https://youtu.be/ONvg9SbauMg
RELATED:
The Lightning Network - https://youtu.be/vPnO9ExJ50A
Lightning, full nodes, and miners - https://youtu.be/dlJG4OHdJzs
Bitcoin & Blockchain in Norway - https://youtu.be/5ODDCx6VL2Y
What happens to transaction fees when the block reward is zero? - https://youtu.be/FffX32ENGKc
Rules vs. Rulers - https://youtu.be/9EEluhC9SxE
Governance and the transaction fee market - https://youtu.be/gdknUUVOdHU
Scaling is a moving target - https://youtu.be/pT9kJq_Ogrk
Why we should worry about optimization, not scaling - https://youtu.be/J3sEcuCc9fg
Altcoins and the scaling debate - https://youtu.be/slbpdW-H3yk
The Scaling Rites of Passage - https://youtu.be/rZi86_ovB3Y
Is Bitcoin development centralised? - https://youtu.be/7hm4Ro4wdTk
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-Mon...
MASTERING BITCOIN: https://www.amazon.co.uk/Mastering-Bi...
[NEW] MASTERING BITCOIN, 2nd Edition: https://www.amazon.com/Mastering-Bitc...
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
Videography: 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/)
censorship of books and movies Bitcoin Q&A: Fee markets, SegWit, and scaling | |
| 440 Likes | 440 Dislikes |
| 15,935 views views | 184K followers |
| Science & Technology Creative Commons Attribution licence (reuse allowed) YouTube Video Editor View attributions | Upload TimePublished on 20 Jun 2017 |
Related keywords
banking holidays,micropayments for online content,internet explorer for mac,money tree,government jobs,censorship resistant,antonopoulos libra,internet radio,specialisation for job,power of attorney,banking and insurance,centralisation in management,market near me,government definition,bitcoin chart,resistance band exercises,internet speed test,mining osrs,centralisation merits and demerits,politics quiz,banking on bitcoin,blockchain developer,solution center özyeğin,centralisation definition,money laundering,blockchain school mendoza,money order near me,third-party risk management,politics of dancing,politics definition,third-party logistics refers to,centralisation 206 fusible,mba specializations,money market account,money man,antonopoulos moschofilero,mining away lyrics,censorship traduccion,resistance band workouts,network damatlık,micropayments examples,government grants,powerdirector,andreas pietschmann,politics and the english language,micropayments blockchain,mining away,powerpoint to pdf,marketwatch,power factor,centralisation of power,censorship sound,specialisation economics,network ayakkabı,solution oriented,centralisation and decentralisation meaning,micropayments definition,ethereum mining,bitcoin to usd,resistance fall of man,centralisation and decentralisation in management,specialisation synonym,mining fatigue,centralisation benefits,micropayments app,powerpoint,mining simulator codes,network marketing,market crates,power iso,blockchain español,powerpoint templates,mining simulator,bitcoin value,mining guide osrs,bitcoin halving,specialisation infirmier,specialisation definition,solution pack,resistance 3,solutions ne demek,ethereum halving,specialisation advantages and disadvantages,money heist,cryptocurrency aantonop,banking jobs,third-party beneficiary,money heist season 3,censorship pros and cons,money heist season 4,aantonop bitcoin,market research,andreas wynn,internet speed,ethereum classic news,government mule,internet archive,andreas pizza,market street mission,third-party research,ethereum classic price,resistance to change,money in the grave,bitcoin price usd,third-party data,specialisations in mba,network pantolon,blockchain pdf,ethereum wallet,banking 365,censorship laws in mexico,market table,ethereum price,resistance exercises,solution center,antonopoulos christina md,specialisations dragon age inquisition,power vpn,internet near me,ethereum white paper,third-party administrator,censorship significado,micropayments paypal,mining games,third-party doctrine,internet outages,blockchain technology,bba specializations,mining bitcoin,politics watchdog,http://blockchain.info,aantonop website,money converter,finance charge,andreas katsulas,antonopoulos broncos,solution ne demek,moneylion,aantonop github,bitcoin price,andreaschoice,bitcoin price prediction,resistance formula,specialisation en medecine,market capitalization,government center,micropayments gs hack,aantonop loop,bitcoin price today,mining gloves osrs,government holidays,antonopoulos cardiology,banking services,solution explorer visual studio,micropayments credit score,finance news,bitcoin atm,andreas 25,centralisation meaning in tamil,define centralizacion,politics for dummies,third-party special needs trusts,https://www.network.com.tr/,antonopoulos joe rogan,government per diem rates,networking,government bonds,banking technology,ethereum 2.0,finance department,specialisation meaning in hindi,solution provider,government shutdown 2019,micropayments newspapers,solution synonym,government assistance,censorship synonym,centralisation and decentralisation,mining guild osrs,finance a car,resistance 5e,poweramp,andreas athanasiou,government cheese,marketo,third-party payer,market news,money in the grave lyrics,internet service,antonopoulos meaning,networking nedir,power division,marketing jobs,resistance calculator,micropayments gs not working,resistance bands for legs,centralisation meaning in hindi,politics podcast,mining gazette,andreas keller,third-party cookie check,censorship youtube,moneybagg yo,banking definition,censorship examples,micropayments gs,blockchain que es,bitcoin sv,specialisation disadvantages,solution explorer,andreas vesalius,finance companies,marketaxess,third-party logistics,bitcoin cash price,internet explorer download,micropayments gs customer service,micropayments stripe,banking careers,market bistro,andreas christensen,ethereum price prediction,banking with citibank,bitcoin calculator,network outlet,andreas antonopoulos,antonopoulos,government shutdown,censorship in usa,politicspa,mining calculator,internet explorer,censorship definition,politics and war,resistance bands walmart,resistance training,antonopoulos wine,finance manager salary,bitcoin price chart,internet providers,antonopoulos twitter,aantonop video,network elbise,finance of america,centralisation volet roulant,http://finance.google.com,specialisation meaning,banking news,centralisation meaning,centralisation and decentralisation principle,specialisation of cell,solution architect,internet service providers,mining diamonds,power bi,politics and prose events,resistance equation,censorship in mexico,marketing,aantonop wiki,third-party definition,bitcoin etf,network abiye,aantonop email,finance internships,network tişört,ethereum price usd,network marketing nedir,blockchain definicion,bitcoin mining,blockchain for dummies,micropayments gs login,finance definition,ethereum to usd,solutions promena,mining journal,ethereum coin,bitcoin wallet,network çanta,politics can be defined as,censorship in china,micropayments credit card,the division 2 specialization,power rangers ninja steel,solution nedir,solutions,specialisation advantages,blockchain traduccion,blockchain summit latam,government student loans,government rate setting,andreas hotel and spa,third-party vs third party,bitcoin cash,marketing manager salary,micropayments gs phone number,antonopoulos moschofilero 2017,power movie,finance major,antonopoulos bitcoin book,bitcoin stock,ethereum stock,power rangers super ninja steel,power bank,ethereum reddit,antonopoulos legal group llc,network mont,market futures,andreas munzer,censorship movies,andreas gabalier,mining jobs,ethereum news,antonopoulos and associates,andreas gursky,bitcoin news,resistance synonym,power rangers dino charge,third-party complaint,banking apps,poweramp full version unlocker,specialisations in the royal marines,micropayments for content,politics of love,money lyrics,andreas johnsson,finance google,moneygram,centralisation et décentralisation administrative,internet of things,finance jobs,antonopoulos law firm,internet essentials,andreas moritz,solution inn,finance manager,centralisation ecl,blockchain argentina,politics is,censorship in art,andreas vollenweider,blockchain academy,resistance is futile,banking terms,government contracts,network ne demek,banking jobs nyc,aantonop patreon,bitcoin atm near me,banking regulations,network gömlek,censorship in spain,solution essay,network online,network nedir,micropayments gs refund,antonopoulos funeral home,specialisation in,centralisation de trésorerie,government travel card,mining lyrics,network kadın,ethereum value,money heist cast,aantonop events,politics synonym,politics and prose,blockchain explorer,banking industry,micropayments for news,antonopoulos legal group,specialisation of labour,internet outage map,blockchain como funciona,power bank price in bd,government phones,censorship and book banning cannot be justified,finance salary,ethereum vs bitcoin,third-party or third party,ethereum foundation,third-party integrations,mining training osrs,moneyball,politics today,finance calculator,government auctions,market cap,internet speed check,third-party beneficiary clause,blockchain wikipedia,resistance women,politics1,banking online,banking with citi,censorship in the media,resistance game,blockchain curso,resistance bands,blockchain stellar,resistance definition,centralisation golf 4 ne fonctionne plus,solutions krem ne işe yarar,aantonop twitter,finance yahoo,internet modem,market hotel,mining near me,mining company,government agencies,power supply,money network,marketplace,third-party cookies,blockchain wallet,third-party apps,market economy,centralisation disadvantages,solution partner,antonopoulos vineyards,power rangers,finance jobs nyc,antonopoulos group,politics news,ethereum classic,third-party designee,blockchain aplicaciones,networkdry,micropayments platform,markets today,internet providers near me,andreas fault,finance minister of india,aantonop youtube,money order,politics and prose bookstore,antonopoulos books,solutions türkiye a2,solutions türkiye a1,government surplus,resistance bands amazon,censorship meaning,andreas lubitz,moneypak,antonopoulos & virtel pc,finance degree,banking jobs near me,internet tv,politics shoes,banking hours,ethereum predictions,internet explorer 11,
No comments:
Post a Comment