The Internet of Money: Five Years Later

The Internet of Money: Five Years Later

[MUSIC] [PAMELA MORGAN] Now it’s time to move to our
second performance of the night. Our next performer is a best-selling author,
prolific public speaker, and a community builder. He’s the reason many of us got into Bitcoin,
and the reason why many of us understand it. He took a break from writing his fourth book,
“Mastering Ethereum,” to be here with us tonight. When he’s not writing, he’s traveling the
world, working to bring education about Bitcoin and open blockchains to communities everywhere. His Patreon supporters make that work possible,
and they’ve made this event tonight possible as well. Most importantly, our next speaker is the
kind of person who would actually organise and host an event like this; one that benefits
a local community instead of himself. Please help me welcome Andreas M. Antonopoulos! [Applause] [ANDREAS] Wow! Thank you, thank you. Thank you so much… I can’t see any of you. [Laughter] It’s all one big black thing. But I’m just so thrilled to be here. Thank you all for coming out, thanks for making
it. Thank you to all of the volunteers. It was a really touching moment this morning;
we did the sound check and practice run, and watching twenty-five people — who all volunteered
— scurrying around and getting all the things we had planned and trained for a 1.5 months
together. You made it, so here we are! Thank you. [Applause] They put some yellow tape here
so I don’t fall into the moat of lights in the front. [They] make it difficult because I tend to
pace. I want to talk about the three components
of this incredible space that we all work, live, and breathe every single day. This isn’t just a technology, it’s not just
an economy, it’s not just a community. It’s all three [of those things], this multi-faceted
thing where technology, economy, and community feed off each other. They come in these crashing waves that just
sweep us off our feet and make us feel small, sometimes elated, sometimes terrified. You get all these waves of memes… [Laughter] And craziness, and FOMO (fear of
missing out), and HODL, and BUIDL. All of these great community expressions that
we see. The last six months have been weird for all
of us. We watched this incredible run-up in the price. It dominated the conversation. If you’ve been in this space for a while,
this isn’t new to you; you’ve seen this happen, this is maybe the six, seventh, or eighth
big bubble-like [trend] where you see this massive increase in price. We’ve seen it before. I remember, at some point in October, I started
getting calls from journalists. They asked me to comment on this. They would ask, in a very cagey way, “So what
do you think? Could this possibly, maybe be a bubble?” [Laughter] I [said], “Of course it’s a bubble. We’re living in the era of the everything-bubble. But really, it’s not the bitcoin bubble you
should be worried about, that everybody is very aware of. I’d be more worried about the subprime auto
loan bubble, the stock bubble, the bond bubble, the real-estate bubble…” [Applause] “The student loan bubble, the debt
bubble, the foreign exchange bubble, the tech bubble, the (everything) bubble. Yes, bitcoin is in a bubble – the most obvious
of the bubbles right now.” Twenty-four hours later, someone made a video
with me in a Darth Vader mask… They said, ‘Andreas went over to the dark
side.’ [Laughter] ‘He’s calling it a bubble.’ Told you so. All I said was: be careful! Obviously, some people were not careful. Price dominated everything. I think many of you have probably had this
experience: you come into this space, you don’t know what is going on. It’s all very weird, complicated, and difficult
to understand. But you find someone who can explain in some
detail, and you start barely understanding some of the things around you. Then you suddenly realise that even though
you are quite aware that you don’t know what the hell is going on in this Bitcoin space
(or in the related spaces, the entire cryptocurrency space), to everyone you know, you become the
“expert.” They come to you and ask, “You know about
Bitcoin… should I invest in IOTA?” [Laughter] “You know about Bitcoin… is this
a good time to get in?” Maybe you told them [to do that] when the
price was $200 or so, and they ignored you. They thought it was silly internet money. But on the morning that it hits $19,000, they
call you up and ask, “Is this a good time to get in?!” [Laughter] Depending on whether they’re a good friend
(in which case you say, “Hell no. Wait!”) or that douche bag who bullied you
in highschool (in which case you say, “Yeah! Now’s the time to get in, Chad”)… You wouldn’t do that, of course. Everyone in this theater is wonderful, we
wouldn’t do that. But the best part: after you told them to
get in at $200, they ignored you, and they called you up at $19,000, in January and February
you start getting [another kind of call]. I know you’ve had them. Someone calls you up and they ask, “Are you
okay? I saw on CNBC that bitcoin… crashed!” It’s “destroyed,” it’s “gone,” it’s “down
in the doldrums,” it’s “a mess.” “Are you okay?” Now, let’s not minimise the fact that a lot
of people who did go in at $19,000 (probably in a very ill-advised way) are hurting. That’s not funny, that’s a bad investment
decision and you should be very careful because these things are still extremely volatile. But it is also extremely ironic when people
call you up and ask, “Are you okay? Because we heard it crashed.” A year ago, we were just over $1,000. Price-wise, we’re still up a cool 800%. Your answer should probably be: “You’re in
S&P Index Funds – are you okay?” [Applause] The day that I start hearing about your investment
on TV, you won’t be okay. Nobody will be okay. You see, even my talk here is dominated by
price, which is not something you hear me talk about a lot. But it’s à propos – it’s the times we’re
in. Then suddenly, the price tanks. The meetups start getting roomy again. [Laughter] The phone calls stop. Some people start laughing at you again, saying,
“I told you it was crazy magic internet money that would crash…” And the cycle repeats. Do you guys like farmers’ markets? [AUDIENCE] Yeah! [ANDREAS] If you go to a farmers’ market this
weekend, they’re going to have two things: rhubarb and pumpkins. Because it’s winter. You’re not going to find a great array of
beautiful organic vegetables; those come from Mexico at this time of the year. In the local farmers’ market, all they can
deliver at this time of year is rhubarb. In a great analogy to the economic situation
we’re in, if you went to the farmers’ market and noticed it’s not very popular, you might
say, “Huh! Farming is dead, I knew it. I saw it on CNBC.” [Laughter] But [the farmers] are about to start planting,
and we are too. We’re about to start planting. What happens right after one of these great
explosions in price, interest, FOMO, and the crazy rush to the exchanges, is that nothing
else can get done. Nobody can get anything done because of all
the distraction, of trying to deal with an influx of newbies, where everyone you meet
is brand-new. And they have questions like: Can’t anyone
just guess all the private keys? What happens when the last bitcoin is mined? Not bad questions, the same questions we all
had in the beginning. Nothing else can happen if you’re running
an exchange or other customer-facing operation. You’re signing up 150,000 new customers per
week who don’t know what the hell they’re doing. You do not have time to do anything else. It’s all operations, it’s fire-fighting every
step of the way. Coinbase, for example, implemented SegWit
in February. That’s not a coincidence. Right until the end of December and into early
January, they had no time to do anything else. I don’t know this because I talked to them,
I’m just guessing. We could all see what was happening, it was
absolutely insane. This was repeated across the entire industry. Anybody who was involved in a business, running
any meet-up or training session, trying to write the next book and getting fifteen requests
from journalists every single day about ‘Oh my god, is this a bubble?’ Everyone was just overwhelmed and that’s not
a good time to get anything done. Harvest time is the craziest time. That’s the time when we start planting the
seeds. Community and technology lag behind economy. Right now, let’s be honest – the “economy”
isn’t about having a lot of economic activity based on the import / export business, doing
remittances, creating new and crazy applications, doing micropayments. About 99% of the interest in the “economy”
is just pure speculation and just chasing the very next opportunity. That’s okay, we have to go through that phase. But it is very distracting. Now we can start the real work. In a group like BOB (Bitcoin Open Blockchain
Meetup) or any of the big meetup community groups, you’re going to have this linflux
of people who are excited about the price and the only reason they came is because of
the price. Let’s be absolutely honest. They’re not interested in the principles of
“debanking all of us,” “banking the next six billion,” “freeing the world from the terrifying
oppression of central banks,” “returning to a gold standard,” or whatever else we might
have as one of our guiding principles. They certainly don’t give a damn about decentralization,
concentration of power, reinventing systems, creating more human-accessible and global
peer-to-peer markets. They care about whether we’re going to the
moon. But once they’ve been burned, they’re not
going to sell most of their cryptocurrency immediately. They’re going to let it sit for a while and
try to figure out what to do next. Here’s the interesting thing: 95% of the people
who came into our industry just during this big boom have never done a single cryptocurrency
transaction. Their only experience with cryptocurrency
is doing an ACH or wire transfer into a custodial exchange that printed a number on their screen,
telling them that they have something they don’t actually have… which is cryptocurrency. They haven’t learned the most important rule,
and that rule is: your keys, your coins. [AUDIENCE] Not your keys, not your coins! [ANDREAS] Who is going to teach them that? You are. The BOB meetup will. They have everything to learn. Right now, they know nothing. All they know is that they didn’t get to buy
a Lamborghini and they’re still trying to tell their significant other that they’re
down by 60% on the “investment” they weren’t supposed to make. Now is the opportunity to teach all of the
basics, to educate, to support, and to expand that vision. They came for the price? Make them stay for the principles. They need to understand why we do this. [What is] the best way to [get them to] understand
why we do this? Every single one of you who has a deeper reason
for doing this, express that with authenticity, with passion, with enthusiasm. Do that face-to-face as part of local community. Now is the most important moment for local
community. Now is when we help educate people on why
we do this, why we care so much about this, and to dispel all of the weird rumors and
myths that they hear. Help focus their education on the things that
matter. Somewhere in that [group of newcomers] may
be a business partner for your next startup, a graphic designer who can help you make a
UX or UI for a wallet that doesn’t suck, a marketer who can sell this without resorting
to pictures little gold coins as their only graphic. Somewhere out there is a developer who wants
to follow the same vision that you have. Somewhere out there is an operations manager
who can help you actually turn this into a viable business. They’re going to be at your local meetup. We got the wave of the economy. Now we need to build community. At the same time, people are investing in
startups, building new protocols, planting the seeds in the technology for the next great
wave of adoption so that we can be ready, deliver better user experience, deliver more
applications that are more meaningful and change people’s lives. We can make this easier to use, more secure
— easier to use more securely! This applies to all of the cryptocurrencies
and crypto-assets out there. We are right at the beginning, we are at the
pre-DNS age of the internet. We all love this stuff, we’re all into it. We will be willing to learn the hard stuff,
overlook the kludgy interfaces and terrible non-nonsensical stuff that happens in our
industry. I mean, really — it is horrible. Right? This is not the cryptocurrency technology
that is going to become mainsteam. It cannot be. It’s too clunky, it’s too complicated, it’s
too difficult to understand. It’s not intuitive to most and you can make
simple mistakes that could wipe out your holdings. We need to fix all of that. For every one of those problems, there is
a potential billion-dollar industry. That’s how you can tell the difference between
an entrepreneur and someone who only looks at the doom-and-gloom side. In 2007, hundreds of journalists were writing
article after article about how the internet would fail because no one could find anything. Larry Page and Sergey Brin looked at that
and said, ‘How about we solve that problem instead of saying that it’s going to end the
internet?’ Right now, right in this room… I know for a fact there are several people
in this room who are working on making the next application, the next great Lightning
wallet, the next big-block Bitcoin Cash application, the next Ethereum smart contract. It doesn’t matter. Build it, make it better. It’s too important to lose focus over petty
disagreements and minor issues. [Applause] I don’t care what you build. Build something. Make something better. If you’re not a developer, send a help desk
request, fix a minor documentation problem, create a video, paint a painting, make a poster. Get up in front of your local meetup and describe
your experience so that others can be helped. Everyone has a role to play and that’s what
community is about. Everybody else thinks the cryptocurrency market
just died in January. They look at the seemingly empty field and
think nothing is happening, yet that field is planted. We’re waiting for one good rain, a few days of sunshine,
and we’re going to do this all over again. It’s going to be even crazier the next time. We will be better prepared, with better applications,
education, technology. And stronger community. Thank you. [Applause] I hope you are all as excited as I am
[for] the next part of this. One of my favourite parts of the evening [is] the
completely out-of-control, random Q&A session. [Laughter] We have microphones in the center section.
Where you see the light over there, is a microphone. If you want to ask me a question,
you go to that microphone. We have about 10 or 15 minutes to go through
as many questions as you want, as many questions as we can fit in that time. Line up behind that microphone
where you see the light there. [AUDIENCE] Good evening, Mr. Andreas.
How are you doing? [ANDREAS] Good evening, indistinct
black blob in the background. [Laughter] Very nice to meet you. I can’t see anything!
Go ahead. [AUDIENCE] It’s nice to speak to you again. My question is, what are your thoughts about
proof-of-work versus proof-of-stake? [ANDREAS] That’s a great question.
One of the historical facts that’s really… quite interesting is that proof-of-work
was invented after proof-of-stake. It was invented by [a few people in the 90s
and then utilized by] Satoshi Nakamoto [in Bitcoin]… because proof-of-stake systems hadn’t been able to work before. I don’t know if they will work now [but] I’m optimistic.
I think proof-of-stake systems are possibly… an interesting way of doing consensus. There are many very smart people
working on this kind of technology. If you’re involved in [technological innovation],
one of the things you learn is that… if you use words like “never,” you’re more likely to end up
on one of those historic lists of quotes by idiots… [Laughter] who said things couldn’t be done. For example, ‘heavier-than-air flight is impossible.’ ‘After the Paris fair, electrification will die as the fad it is.’ ‘One telephone should be enough for each city.’ ‘One computer should be enough for each country.’ And other great quotes like that, which you can find. I’m not going to ever say you can’t do something. I’m actually hopeful, I’m optimistic, and
I would like to see what people come up with. What I can tell you: I think there is a
fundamental, qualitative difference… between proof-of-stake and proof-of-work. I think there is something very special about
having an extrinsic investment in energy that you absolutely cannot get back, which creates what
I’ve called a thermodynamic guarantee of immutability. Immutability based on the physics of expended energy, which makes that game theory
very painful if you get it wrong. That has some drawbacks.
A lot of people point to it and say that it’s expensive. But compared to what? I think we should add up
all of the armoured cars, lit offices, printed money, bank vaults, and all of the other
waste that goes into fiat. [Applause] There may be truth to the idea that
we can only afford one proof-of-work network. Just one. I think proof-of-stake becomes more powerful
and stronger if you can checkpoint it now and then… into a truly immutable proof-of-work chain. If the only proof-of-work chain we can afford is Bitcoin,
that’s a damn good differentiator. [Applause] [AUDIENCE] Thank you, sir!
[ANDREAS] Thank you. [AUDIENCE] Good evening, Mr. Antonopoulos.
To follow up his proof-of-work question, is ASIC-resistance futile?
Are we at the mercy of Bitmain? Do we all have to buy an Antminer
to have a say in the network? [ANDREAS] ASIC-resistance is futile.
Not only is it futile, I think it’s not desireable. One of the challenges of going to supposedly
ASIC-hard algorithms, or resetting the proof-of-work, is that [it is still] possible for people
to recruit botnets, hacking other people’s computers… to use them [for mining]. If it’s GPU-mining,
they will hack and recruit gamers’ computers. Not only does it have that really bad side-effect,
but in the end you can build an ASIC for anything, and it will always be better than a
general purpose computing system. No matter what you do.
If you need a lot of RAM, you’ll add a lot of RAM. If we reset the proof-of-work algorithm to
“de-throne” the current leader(s) of that system, we’ve created a level playing field into which any
company that happens to have a couple billion dollars… in spare cash, the operational experience,
all of the fabrication [facilities] ready to go, all of the staffing and warehouses ready to fill with
[machines for] the new proof-of-work algorithm… can dominate the space. Whoops! We are actually going to make it even more centralised,
because that first-mover advantage will be enormous. Especially for a company that has been obsoleting
and rebuilding their ASICs every three or six months. If you think about it, these companies
are ASIC replacement pipelines. They are very efficient at it. So if you’ve just pulled their
timeline forward by three months? [Eh, no problem]. Rather what I’m interested in, is what happens when
we reach the limits of Moore’s Law in terms of density. We’re there now. We’re looking at
10-nanometer chips being developed. That creates a level of competition which is interesting. There are no more 10x, 100x,
or 1000x improvements to get. The shelf life of one of these ASIC machines,
[where it’s still going to be profitable], is now 2 – 3 years. That completely changes all of
the economics in the market. It’s going to take a few years for that to play out. But I think we have just reached peak centralisation
in mining, and it’s going to get decentralised from here. [Applause] [AUDIENCE] Thank you.
[ANDREAS] Let’s see. I could be wrong. [AUDIENCE] One of the things that
we’re always talking about is adoption. You talked about this often tonight. A lot of people show concern over the transaction fees,
but I’m actually curious about the tax side of things, the regulation and that actually being
a higher percentage of a transaction, if we’re having to consider that
with how the tax code is written currently. What do you see as the roadmap for regulation
to change in order for cryptocurrency to be used… the way we would like it to be used? [ANDREAS] I’m not very optimistic about how
that’s going to play out in the United States, at least. I don’t think it’s an accident that reporting requirements
for capital gains, for even tiny transactions, are such… that it makes it a nightmare to do your taxes properly,
to be “lawful” in terms of paying your taxes. I know [because] I have to do it.
I do it and it’s a huge reporting burden. When you have to [fill out] a 300-page
tax return in order to report $35 in gains, something is fucked up with this system.
[Laughter] [Applause] What I can tell you is, my accountant
(who happens to be in the audience today) is going to make more money than
the IRS is on [my] capital gains this year. For the work [involved in] reporting.
That is backwards, that is messed up. And what is that going to do?
Is that going to stop Bitcoin? In the United States? Or is that going to stop the United States in Bitcoin? You can get your country out of Bitcoin,
but you can’t get Bitcoin out of your country. [Applause]
Guess who doesn’t report capital gains? Money launderers.
Guess who doesn’t report capital gains? Criminals.
Guess who doesn’t report capital gains? Well, people in Congress, as we recently found out…
[Laughter] [AUDIENCE] You already said “criminals”! [ANDREAS] When there’s a policy in place that is
designed to penalise people trying to do “the right thing,” while the people who are going to break the law anyway
avoid taxes altogether and are still going to do that, you have to question whether the purpose of that policy
is to support an industry that is still trying to use… technology from the ’70s and treat us to a 9-to-5,
Monday to Friday, business-as-usual bullshit system… that they call banking. I think that’s the real reason
why you’re seeing these regulatory responses. It is [another form of] bail-out for the banks, again.
And it’s going to fail. [Applause] But it’s going to keep happening and escalating
in many countries around the world. The good news: in the countries where this [technology]
matters the most, where the rule of law is weak, the government is corrupt, and the people
are mostly unbanked, they don’t give a shit. They’re going to use it anyway.
This is a losing battle [for the regulators]. If you thought this was going to be easy or that
governments weren’t going to fight dirty, you might be surprised by this. The bottom line is that no matter what they try to do,
no matter how much regulation they try to impose, they cannot stop this technology.
[AUDIENCE] Thank you. [Applause] [ANDREAS] This is the last question we can do.
[AUDIENCE] Hi Andreas. My question is: The Lightning Network is getting its legs underneath it. Second layer solutions. This is a two-part question. 1. Do you think the Lightning Network is going well?
2. If we’re going to need a third layer, what is that… going to look like? What is your vision
for a third layer on top of Lightning? [ANDREAS] I think the Lightning Network is going well.
I think there’s a general tendency to be impatient… about technology. “Hurry up and invent it for me,
I’ve been waiting for two years now!” The truth is that these things are not easy, but the pace
of development has been accelerating across the board. I’ve been running Lightning nodes for just over 8 months,
running a mainnet node since the end of the year. I think we’re going to see more and more applications.
We’ve barely scratched the surface. I’ve very excited about some of the
new technologies that are being developed. Atomic multi-path routing, which allows you to
use several small payment channels to make… one aggregate payment that routes
over many different paths, but is atomic. Which means you don’t need to create
a channel as big as the payment you want; you can instead create eight small ones and
aggregate them to make a bigger payment. That will lead to more decentralisation
of the network, which is great. There’s another technology that’s coming along,
which is payment channel factories. Various cut-through technologies that allow you to open
a channel in the same transaction that you close it. Or to increase the funding in a channel without
[closing the current one] and opening a new one. That basically cuts through funding
and tops up a channel. These are really the third layer. Of course, one of the
things people criticise about the Lightning Network… which I think might end up being one of its greatest strengths, is that it doesn’t specify routing algorithms. Right now we have a very basic, flood-based network. The routing algorithm is fairly simple;
it’s called source-based routing. That means every node creates its own route
to make a payment; the source makes the route. That give us a lot of privacy, but it’s
not a very efficient way of routing. There’s this other network that also decided not to embed the definition and specifications for routing within the base protocol. I don’t know if you’ve heard of it; the protocol is
called TCP/IP and it tells you nothing about routing. There is not a single line of routing in the TCP/IP
protocol. The first routing protocols for TCP/IP sucked. One of the interesting things is that on a network of
networks, just in the case of the Lightning Network, a network of blockchains, routing is something you can do at multiple layers with multiple different algorithms. Simultaneously. There are more than twenty-five
routing algorithms that run on the internet today. Local routing, area routing, long-range routing.
Most of you never heard of any of these protocols, yet that technology continues to develop
and evolve as we need to reach bigger scale. The decision to not put routing into TCP/IP
allowed routing to be developed independently, and to progress much faster than the base protocol. That was the third layer. In the Lightning Network,
the routing protocols we have now are pretty basic. If you think that’s a weakness of Lightning,
you haven’t been paying attention. That’s the third layer. I imagine many different routing protocols
that can be used for Lightning. One of my ideas that I would love to see implemented
is to route based on metrics other than channel fees. For example, I would like to see the ability to route on
‘the most private route,’ selecting privacy as the metric. To be able to only select and route through nodes that guarantee they don’t keep logs of
any transactions that flow through them. There are so many other ways we can do this,
so I’m very excited to see where the future takes us. This is a massive, active research opportunity
across major universities around the world, that are going to re-invent routing for this new medium. I’m excited to see what comes next.
Thank you everyone, so much! [Applause]

100 thoughts to “The Internet of Money: Five Years Later”

  1. How is routing and route discovery coming along on Lightning network? Is it working and/or stable at least?

  2. i remember the first videos i ever saw with andreas not many people interested, we've come along way. andreas is for sure the voice of reason in crypto

  3. When he speaks I respect all of it but I see tech of KomodoPlatform in his views of future. Thanks and let it grow

  4. As usual a very inspiring talk – thank you.

    ** Questions

    Thoughts on PoW vs PoS

    Is ASIC resistance futile or dare we at the mercy of Bitmain and do we all have to buy an AntMiner to have a say in the network?

    Changes to the Taxcode moving foreward in order for crypto currencies to work as we want then to .

    You can get your country out of bitcoin, but you can't get bitcoin out of your country.

    Is the Lightning networking doing well as of right now?
    If we need a third layer solution what would that look like?

  5. I just realized your icon is your hairline. Had a good laugh. Love it all– great book. Keep it up.

  6. I run a moving labor service.. I wonder how I can help grow and learn in this space. I have some crypto in coinbase wallets but not sure about how to safely store cryto nice and cold offline even though I have watched many videos on the topic of cold storage.

  7. i love the part that you said "you can move your Country from bitcoin BUT you can't move bitcoin from your Country" that is so true 🙂

  8. Great video Andreas. What do you think about GDPR?
    Offtopic: WTF MS is buying gitHub. Gutted. Why didnt they do an ICO ???

  9. Sitting on the fence will insure you end up with splitters in your arse Andreas.
    Bcash? Big Blocks? Petty differences?

  10. Yup we all gotta do our part. I run a meet up in Long Beach California every 2 weeks. I also assist in one of the largest meetups in LA. Our last event drew in 400 attendees. Next stop for me is media work.

  11. Andreas, are you not worried about Microsoft buying github and trying to maybe control cryptos somehow….? I am hoping all the coders and developers are moving away from that platform. Interested in your thought

  12. Your a real person, an educator ..the fact that i understand bitcoin is because of you..God Bless you Andreas..

  13. Thank you, Andreas!!! For bringing so much clarity! The world needs a Voice like yours! Principles!!!!! Value!!!!

  14. Andreas you're the one who motivated me the most to contribute to the community. I've started my YouTube channel that helps web developers to get into the space and start developing Dapps. Not sure if I will ever make a living out of it but just feeling helpful is amazing

  15. What a moving speech! Thank you Andreas for all your passionate work for the entire crypto ecosystem. :')

  16. we have to go trough that fase.. of speculation: aren't you ashamed to say this after a decade of no innovation. except some bugfix that might or work or not called lightning network.

  17. have to say it doesn't seem like much concrete progress has been made. few convincing applications for blockchain tech

  18. "Your keys your coins, not your keys not your coins" …Truth…If you don't hold it you don't have it…

  19. I thoroughly enjoy all your interviews and speeches. Thank you for all that you do for our universal community Andreas! 🙂
    Please come to Australia soon!

  20. well cryptos and bitcoin arent legal in my country yet. bt i m planning to give a presentation to my juniors where i finished my school. lets see how it goes

  21. going trough comments it's pretty obvious. you ppl need someone to spoonfeed you.. this guy isnt rich, nor is he an expert in economics or even cryptography or network topology… he just tells you what you want to hear. now say moooooo

  22. Although I appreciate and love people of his passion. This kind of people are needed in our world to keep balance to everything he is against. But reality is a bitch. Like it or not. He looks at things very "superficial". Not meaning to say he is like us regulars. His depth is still beyond majority. I mean real depth. One just needs to ask one self how did the world become as it is. The answer is really simple and also very complex. Basically we are today because of what we really are.

  23. Crypto is a god given weapon against satan/ the evil forces of man. Tell your friends! Privacy is a god given right.

  24. I literally just read "Infrastructure Inversion " from my, yes, paper back copy of "TIofM" and it was amazing. I'm very excited for the future. Thanks for the insight.

  25. Does anyone have an opinion on a blockchain with 5 different mining algorithms. Only one algo being sha256 for ASICs. The other 4 algos being geared towards CPU and GPU. All the ASIC power in the world would only produce 20% of the rewards. Is this not the solution to "ASIC resistance is futile?" I am not here to promote and idea, but to learn. Please leave feedback.

  26. Andreas, at 27m, in answering proof-of-work versus proof-of-stake question with an answer of checkpointing PoS in PoW just described vericoin and verium.

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