Is Bitcoin Too Slow?
Рет қаралды 11,329
2 ай бұрынJoin the private Bitcoin forum:
www.bitcoinuniversity.com/bit...
In this video, I discuss whether Bitcoin is too slow to be global money. I conclude that it is not too slow. Bitcoin's throughput is approximately the same as FedWire, which currently functions as the global settlement layer for the US dollar.
People who tell you that Bitcoin is too slow almost always have an altcoin that they want to sell you instead.
Want a faster base layer solution than Bitcoin? You'll have to give up on decentralization and neutrality and settle for a more centralized solution, which brings with it the possibility of censorship and capture.
The Bitcoin blockchain is becoming the new global money settlement layer, equivalent to FedWire today-- or moving physical gold around using boats and trains and planes under the gold standard.
Money always scales in layers, just as Bitcoin is scaling from on-chain to higher layers like the Lightning Network and fedimints.
Not investment advice! Consult a financial advisor.
BSV market cap:
coinmarketcap.com/currencies/...
BTC market cap:
coinmarketcap.com/currencies/...
BSV tps chart:
whatsonchain.com/block-stat/t...
BTC tps chart:
bitcoinvisuals.com/chain-tx-s...
BSV blockchain size:
whatsonchain.com/block-stat/t...
BTC blockchain size:
bitcoin.clarkmoody.com/dashbo...
FedWire annual stats:
www.frbservices.org/resources...
US dollar is a melting ice cube:
www.visualcapitalist.com/wp-c...
I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos. My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.
#Bitcoin
#crypto
Disclaimer
Neither Bitcoin University, nor any of its directors, officers, shareholders, personnel, representatives, agents, or independent contractors (collectively, the “Operator Parties”) are licensed financial advisors, registered investment advisors, or registered broker-dealers. None of the Operator Parties are providing investment, financial, legal, or tax advice, and nothing in this video, on this KZfaq channel, or at www.Trader.University or www.BitcoinUniversity.com (henceforth, “the Sites”) should be construed as such by you. This video, channel, and the Sites should be used as educational tools only and are not replacements for professional investment advice. Trading or investing in new and volatile assets like Bitcoin can be risky.
@Bitcoin_University 2 ай бұрын
WARNING: There are a number of scammers who are using my image and channel name to try to connect with my viewers on WhatsApp and other platforms to scam them. Just so you know, I will never refer you to "my personal trader" or try to connect with you personally to sell you something. I am trying to ban these scammers as quickly as they pop up. You can always recognize a scammer by clicking on the image and seeing how many videos he has. All of these guys have zero videos, while I have hundreds. I also now have a checkmark next to my name, so that you can distinguish the real Bitcoin University from the imposters. Follow me on Twitter @mattkratter
@Dunkdamonk 2 ай бұрын
I like to think Michael Saylor is listens to BTC Kratterisms to help him relax too
@theantil7 2 ай бұрын
He does! He's shared his videos several times on Twitter. Hey Saylor! 👋🏼
@fusion9619 2 ай бұрын
That would be... Kratterismic
@chopsinistra4860 2 ай бұрын
That is both funny and true 😆
@Splinter9543 2 ай бұрын
Your material is always great. One of the few channels where I’ll watch every post. Keep at it. 👍
@Bitcoin_University 2 ай бұрын
Thank you
@Telecasterfan 2 ай бұрын
I think Jimmy Buffett said it best when he sang, "BSV's just a fork of a fork, a fork of a fork, a fork of a fork of a failure."
@Bitcoin_Shango 2 ай бұрын
G’morning all. I try to keep patient w/new folks coming in to the space, because they don’t know what they don’t know & I understand that. But what plucks my nose hair, is when they comes in & try to tell those who’ve been here 2 or more cycles “how things should be” without any research or experience 😂 I say if it’s too slow…go. Feel free to support any chain you like. But remember everyone pays their crypto-tuition. Either through time & research or pain & lost money; everyone pays. Take care, everyone.
@Bitcoin_University 2 ай бұрын
That's so true: "I'm new to Bitcoin and I'm here to fix it"
@dandickerson9706 2 ай бұрын
100%. Nothing is free, everyone pays in some way shape or form. That is why we say everyone gets Bitcoin at the price they deserve. Only people who have paid will understand.
@stephaniukj 2 ай бұрын
Happy 1 year anniversary of Bitcoin University🎉 Thank you for all your hard work, Matthew. This channel has been a huge part of my Bitcoin journey and I orange-pill folks with it a lot. Many more years of continued success and winning.
@Bitcoin_University 2 ай бұрын
Thank you! I hadn't remembered the date. Thanks for sharing my videos-- I appreciate the support!
@ancapistaomarxista4071 2 ай бұрын
Good one Matt!
@ASICbeat 2 ай бұрын
Thx for another great Vid 🧡 Request: It would be awesome to hear your take on BTC in contrast or comparison to fine arts. Art (crypto) isn’t scarce but fine art (btc) is. Both BTC and a Monet are a store of value simply because, collectively, we say it is. They have a similar amount of inherent value. Both are proof of work/time. Even if comparing BTC with art is rather silly, at least it’s less “toxic” and insulting to potential newcomers who either love Fiat or like gold.
@Johntron08 2 ай бұрын
Excellent explanation, thanks Matthew!
@edwarddurrans8489 2 ай бұрын
I think it would be good for you to make another video about leaving tips in Bitcoin. That video was awesome!
@is4737 2 ай бұрын
"Proof of War" !! 😀😀 great sarcastic humor, which also probably reflects the truth. Loved it..
@fowchiiiliedpuppiesdied 2 ай бұрын
Another winner, Matthew..thanks!
@DovGordon 2 ай бұрын
"...keep $10 in the custodial wallet at a time." And you move it from the base layer? That would be very expensive. What am I missing?
@BatmanBoss 2 ай бұрын
Thanks buddy
@nikikinz 2 ай бұрын
Another great video, thanks.
@RandySmith-iz1ml 2 ай бұрын
Keep up the great videos.
@Godsservant778 2 ай бұрын
It’s the haters’ brains that are too slow.
@stevep.3472 2 ай бұрын
The “slow block time” argument to me seems like a litmus test to determine if someone has a solid understanding of Bitcoin. Unfortunately, the faster block time marketing gimmick seemed to work again for a lot of ship coins on the last cycle. Charlie Lee gets it, that’s why he dumped all his LTC. Thanks for another great post sir!
@Bitcoin_University 2 ай бұрын
Yes, you're right-- it's a very good litmus test
@searchingfortruth4783 2 ай бұрын
Please can you do a video on bitcoin distribution? Thanks
@orpheusness2422 9 күн бұрын
I’m mostly all in on BTC but I’m impressed with Internet Computer Protocol. Very impressive what it can do
@bitcoinpoemspro1406 2 ай бұрын
Thx Matthew
@ezBlu. 2 ай бұрын
love the concept of proof of war
@maxxsee 2 ай бұрын
your arguments doesn't appear to be very well thought out. The argument that the avg TSP of BTC comes out about the same as current bsv is not really what it's about, since the chain needs to support the high amount of transactions needed at any point, so why even bring that up? Secondly, no it's not being used currently, but if it were to be used what then, that is the q. At a high load, how would they compare. You don't want to make a fair comparison it seems. The lightning network is an extra solution that bsv would allegedly handle without any extra solutions, isn't that better? You are welcome to inform why it would be worse. For the record, I'm not endorsing any crypto.
@paullamb1100 2 ай бұрын
According to the World Payments Report 2020 by Capgemini, total non-cash payments globally were projected to reach 3 billion transactions per day by the year 2023. To support this scale, blocks would need to be around 5GB each. Compared to such a scale, there is virtually no difference between current BTC, BCH, or BSV block sizes, rendering the latter two's initial value proposition moot. To operate at this scale on the base layer, every node on the network would need to download a whopping 5GB of data approximately every 10 minutes. The block chain would grow at a rate of 0.7 TB per day, meaning today's average home computer would consume its entire storage capacity in under 2 weeks. It would be utterly prohibitive for the average person to run a full node, meaning that job would be inevitably centralized and require trust in that central authority by virtually every user of the network. Increasing block size was never the solution to the scaling problem. Layering was always the way this technology was going to scale. Adoption simply hasn't reached the level to make this obvious to everyone, which allows these ship coiners to FUD BTC and pump their bags.
@maxxsee 2 ай бұрын
Hello thanks for input. I think the argument against nodes being run by random individuals without the equipment needed is that btc today is infact mined by larger companies mostly and that in order for effectiveness to be at the highest possible level bussiness will enter in and compete @@paullamb1100 I also don't quite buy that people in general strive after complete decentralisation so it's somewhat of a niche thing to promote decentralisation and arguably it's also less safe for the customer that don't know tech (being able to report theft for one thing would be possible on bsv but not on btc). I'm a novice in this field so take this comment with a grain of salt or two
@Bitcoin_University 2 ай бұрын
@@paullamb1100 Great comment, Paul. I will be featuring it in today's video
@MA-me3rm 2 ай бұрын
Hey Deceiver. You should debate Sir Toshi.
@Perezosos309 2 ай бұрын
😂 nice title. Before understanding Bitcoin I taught it was. Now just living with the fact that I’m cannot keep up with it all 😂. Just learning as much a I can 😎. Nice video. Matt.
@zechsmerquise3132 2 ай бұрын
ya'll remember to subscribe and "like" every single video on this channel. we gotta spread the most important educational content on KZfaq right now! the world is moving to a Bitcoin standard, and it's up to us on how fast that happens!
@pops4316 2 ай бұрын
Not slower than shitcoin investors
@Bitcoin_University 2 ай бұрын
Made me laugh
@TheGamingCanadian 2 ай бұрын
I learned that the hard way 😭
@benabele3552 2 ай бұрын
Will the numerical value of on chain transaction fees stay the same? I’m thinking it will increase with demand. That said, what is the minimum you would recommend holding in cold storage for the next 10 years?
@bebitcoinize 2 ай бұрын
Thanks for lessons Prof bitcoinizer
@simpleideas8848 2 ай бұрын
New video love it from php.
@johntherealestateman 2 ай бұрын
I took your advice on a cold storage wallet, but I’m a bit confused. What type of wallet should I use for small daily purchases?
@TheGamingCanadian 2 ай бұрын
Day 25 of telling Matthew his uploads are appreciated!
@Throwingness 2 ай бұрын
I know there are a million other cryptos to shill, but what do you think of KAS? It's a PoW orders of magnitude faster than anything. Much faster than any PoS. I thinks it's coming for the #2 position.
@HDJavy 2 ай бұрын
There is no second best
@heygoober1653 2 ай бұрын
Shipcoiners: "parachute land too slow" *cuts cord
@M3LTUP 2 ай бұрын
When you are ready to spend BTC. You can move some to Lightning or ICP or other BTC L2 and do micro transactions. So BTC tps. doesnt really matter.
@r.a.6382 Ай бұрын
ICP natively on chain is great and I cant wait for them to integrate kaspa. I would never in a million years trust or use LN. So many issues with it.
@summerbreeze5115 2 ай бұрын
Even in 2024 Some people on YT call it Bubble :"/ Some people are so hard to Orange pill
@Bitcoin_University 2 ай бұрын
Reality will eventually orange pill them
@yehimstone5492 2 ай бұрын
A wise man once said, Everyone gets bitcoin at the price they deserve.
@Bitcoin_University 2 ай бұрын
@@yehimstone5492 Yes, it's true
@Gr8Incarnate 2 ай бұрын
This is a plus. It means we can accumulate more BTC before it's too late.
@birdmanphill 2 ай бұрын
If you include batching, Bitcoin is closer to 11.6 TPS, per data from Matthew Mežinskis in his latest rip on TFTC
@TheShaolin015 2 ай бұрын
Can you do a video talking about bitcoin’s ability to stay decentralized after the halving essentially stops miners who are incapable of making profit? Seems like the halving decreases the amount of miners within a country which further centralizes the network. And you may say that they and all the regular people can join a pool but in the end it’s the pool owner that can choose which transactions go through. And years down the road many miners could be forced to join pools even across state lines. No hate here just curious on your thoughts.
@ktk2426 2 ай бұрын
Litecoin (LTC) is leading on bitpay in terms of transactions vs all other cryptos including Bitcoin. I’m curious what your thoughts are on this. Is there any particular reason people prefer this method over more popular cryptos like ETH and BTC? Thanks!
@TheGamingCanadian 2 ай бұрын
1:22 I think the comment was referencing Teranode which is an upgrade that BSV will be going through, that will make BSV be able to handle 1M TPS, still on test net
@jeffjeffjeffjeff2588 2 ай бұрын
Who cares about that shitcoin tho?
@TheGregcawthorne 2 ай бұрын
If the blocks are almost empty, can't they be trivially compressed?
@scottf5929 2 ай бұрын
Matt, what if all plebs banded together and bought non ETF BTC on the halving day no matter the price? We have numbers.
@nobobonobo 2 ай бұрын
I find btc's lack of throughput very concerning. Basically we have to give up on btc's promise of self sovereignty and go all in on custodial wallets unless there are significant advances in layer 2 solutions. Let's assume a world where btc becomes the global currency and brings in 4 billion people. If it can only process 10 transactions per second. It would take 13 years just for those people to be able to do 1 transaction (opening a lightning channel) on the network. Am I missing something here? How could the btc network feasibly handle that volume? What l2 solutions are available or are currently being built that provide a path without comprising on self sovereignty?
@paullamb1100 2 ай бұрын
At that scale, there will be more than 2 layers. This technology is still in its infancy. Like the early internet (or any other new transformational technology), it will be built out and optimized over many years as it gains adoption. Imagine discussing live streaming to someone in 2005 when YT was all cat videos that you spent more time waiting to buffer than the video itself.
@sunbirdism 2 ай бұрын
Nonsense, 10 years ago BTC was actually used: it was cheap, easy and instant. But we are supposed to believe that today this isn't possible, when some of the shitcoins are able to do it? I like to give 10 dolars of peer-to-peer cash to a homeless guy. Can't do it anymore. BTC is dead. @@paullamb1100
@r.a.6382 Ай бұрын
Correct analysis. Not only 12 years but also the cost of a weeks pay or more in sats just to transact. LN is centralized and has a whole host of problems. If satoshi were still developing I'm sure they would be over in r/kaspa with the rest of the people that understand the flaws in btc/eth and want to actually fix it instead of just fork it for profit like ltc/cash lol.
@sunbirdism Ай бұрын
@@r.a.6382 you are forgetting one of the most important parts: privacy
@paullamb1100 Ай бұрын
@@r.a.6382 You don't need to create another coin to make the scalability tradeoff that Kaspa makes, even if it has found the best answer to the trilemma. Nor do you need to make that tradeoff on the base layer via hard fork, either. One could, for example, implement ghostdag on a higher layer with BTC as its unit of account, then batch and settle on the base layer with existing consensus parameters (thus not impacting base layer security or trust in Bitcoin's immutability). My point is that it is very early in the history of this technology, and assuming the future state will have exactly the same limitations as the current state is just a lack of imagination. Necessity is the mother of invention.
@tomc3485 2 ай бұрын
Proof of war . Wow! That’s actually true!
@pupfriend 2 ай бұрын
High TPS? Great, just wait until some popular video game tries to incorporate a "high TPS" chain into their game and try streaming shipcoins to and from a few hundred thousand users in real time. That "high TPS" will immediately become insufficient, and they'll have to abstract to a layer 2. So, they've exchanged decentralization and security for throughput when they'll just have to transact on a layer 2 anyways. Of course, video games are just one example. There is essentially unlimited demand for layer 1 block space, so no amount of TPS will ever be enough.
@D_ND_H 2 ай бұрын
Why can't TPS scale with Moores law or even 10% of moores law? (Or whatever moores law's equivalent is for node computing becoming cheaper per mb over time). Why strive to just be as fast as fedwire? The population will grow, that's a fact, and most of that growth is gonna come from regions in which a $100-$1000 fee is too much. Even for an $15.000 apartment such a fee would be big in proportion. I feel like you lose some freedom if you are forced into having to maneuver on second layers only. I like bitcoin how it is right now, for cheap transactions i can use the lightning network but on top of that I have the option to stay on the base layer without potentially opening myself up to new attack vectors. I can think of a way to exploit the fact that people can't maneuver around on the base layer as much as today, so i have no doubt governments could as well. Why not take that away from them?
@yanguhury 2 ай бұрын
You could talk more about XMR
@Bitcoin_University 2 ай бұрын
XMR is hot potato money: kzfaq.info/get/bejne/Z7KEh5qo3N-5cYU.html&ab_channel=BitcoinUniversity
@jithagoat 2 ай бұрын
What if all bottom layers become centralised and custodial while the main chain becomes to expensive to use
@shatterthemirror8563 2 ай бұрын
Centralized things don't become harder to use. It's it hard to use your brain for being centralized on your shoulders? Bitcoin centralization may be a flaw although a small one since it's very decentralized and yet it wouldn't hinder it's use, quite the opposite.
@Bitcoin_University 2 ай бұрын
Main chain is the bottom/base layer. Higher layers can be custodial or non-custodial
@jad1497 2 ай бұрын
There will be no shortage of innovation and competition on the layered solutions. The best part is that Bitcoin is not a company, it's an open-source protocol that anyone on earth can opt in to develop and test different layer solutions for the problems we think of today. Patience is key.
@nomadshiba 2 ай бұрын
btc base layer is easier to use than lightning network every time i tried to use a lighting network wallet, they require an email and password, which i dont like idk i wanted to use lightning network but its always more complex than just using the base layer
@Bitcoin_University 2 ай бұрын
Phoenix wallet doesn't require email and password
@sunbirdism 2 ай бұрын
I have to pay fee to get btc in my Phoenix wallet. How can BTC be peer-to-peer cash for normal and poor people? Answer: It can't.@@Bitcoin_University
@Freedomfortruth90 2 ай бұрын
Or electrum is another great wallet, no email required. Supports both OG and lightning transactions
@nomadshiba 2 ай бұрын
@@Bitcoin_University just discovered it before seeing your reply, amazing!
@DietaryCar 2 ай бұрын
4th industrial revolution is a brand new type of economy with its focus on micropayments of dats new oil/ information.
@Otto9889 2 ай бұрын
Bitcoin University, please review Tectum project. A L2 BTC protocol that claim 1 miljon TPS
@mf-ud1uo 2 ай бұрын
GOOD BASE LAYER FOR THE MARK OF THE BEAST SYSTEM......
@user-ol7tl1vf5m 2 ай бұрын
If Bitcoin layer 0 can “settle” (keyword here) on average in 10 minutes and it takes the fiat system over 1 month, is the fiat system too slow? Do the people who ask these Bitcoin questions actually even understand their fiat system?
@Bitcoin_University 2 ай бұрын
No-- because if they understood fiat, they would immediately become Bitcoiners
@nedbarker6868 2 ай бұрын
BTC is also secured by 100,000 plus ( maybe millions) of ASIC’s worldwide
@SAL-fs1mr 2 ай бұрын
yes, but even the miners can't violate the protocol rules set by everyone running a full node
@Djharmon09 2 ай бұрын
Nom nom nom. BTC eat em up.
@daytradingnl4734 2 ай бұрын
Even when BTC wouldn’t be as good as BSV, it wouldn’t matter. The big money only wants to use a standard of which they are sure, is going to stay here. And btc is that one. Besides it being well thought through, its a brand.
@davedismantled 2 ай бұрын
“Big money” doesn’t seem conducive to crypto fundamentals. Neither do Blackrock, Government whales or central banks.
@shanem2449 2 ай бұрын
No BSV 1 million TPS, Nothing compares, Even XRP, HBAR, And XLM cant come close!
@toddalquist3391 2 ай бұрын
comment 4 the algo
@texas420xxx 2 ай бұрын
I've also subscribed ❤
@Bitcoin_University 2 ай бұрын
Thank you
@Gr8Incarnate 2 ай бұрын
Welcome to one of the only channels on crypto worth watching.
@drumstix131 2 ай бұрын
Someone needs to string together all bunch of Matts dry humor
@LaoTzuChi 2 ай бұрын
I saw an interview with Roger Ver, and his arguments about the big block wars and how the original concept of bitcoin becoming electronic cash that’s truly decentralized P2P has been hijacked is interesting to say the least. I think we can definitely agree that bitcoin has unfortunately found itself under a lot of regulatory practices that seem to be handcuffing its capacity. Thoughts?
@gw6056 2 ай бұрын
Totally agree....the original in its original format was terrifying for the financial elites
@SAL-fs1mr 2 ай бұрын
in that interview, was Roger being honest in discussing what the trade-offs would be if big blocks were implemented?
@Bitcoin_University 2 ай бұрын
Roger Ver is a liar and is misrepresenting the outcome of the block size wars
@Xurisbela 2 ай бұрын
@@Bitcoin_Universityyou should then create a video "Why Roger Ver Is a Liar" and prove your arguments. If your information is sound, he won't be able to say anything.
@Bitcoin_University 2 ай бұрын
@@Xurisbela I'd rather not give him the free publicity. He's been widely discredited for years
@afribeanner 2 ай бұрын
I think we are witnessing the Market Cap of BTC gradually overtaking the MC of Gold in real time, and this is great news for Humanity. With CBDCs fast approaching I will happily pay the high fees on the lightning network to avoid the Slave coin.
@baldheadjamaican2551 2 ай бұрын
Yea its stubborn when it wants to go down
@Bitcoin_University 2 ай бұрын
BTC or BSV?
@baldheadjamaican2551 2 ай бұрын
@@Bitcoin_University btc
@adigazgurt 2 ай бұрын
BSV is $1 billion overvalued.
@Bitcoin_University 2 ай бұрын
I agree
@LaoTzuChi 2 ай бұрын
I agree with Roger Ver, and probably a great many others when we say that the free market is hardly free. Unfortunately, it is so manipulated by government and other controlling entities, you can hardly call it a free market.
@Bitcoin_University 2 ай бұрын
Please don't mention that scumbag's name on my channel-- he's not a credible figure that you should be listening to. Free markets include the government as an actor and participant. Free market decisions often route around governments, as is happening with BTC
@LaoTzuChi 2 ай бұрын
@@Bitcoin_University , first of all, I highly respect you. I’m a little surprised that you are trying to make decisions for me. Also, I am a little surprised that you are not open to discussion, but would rather censor what or who is mentioned in discussion. Is this a censored channel? If you are in the game of education, you should be willing to receive commentary and appropriately respond in a way that is enlightening and not come across as being an agent of censorship. For these reasons, I actually question whether or not you are the real Matthew Kratter or just a member posing. Real truth in this world is hard to come by especially when we aren’t present and actual witnesses of events, but instead have to depend on the words of others that were there. Take the whole C 19 fiasco over the past few years. The enormous amount of lies, deception, corruption, And everything else has made it tremendously cloudy for people to understand what actually happened. I would’ve imagine the same could be said for the deeper history of bitcoin. But, maybe you are someone who wears a mask which means you might be someone who hasn’t thoroughly embraced the perspective of those that you would call scumbags. I’m not defending him, I’m just trying to be open minded and consider all perspectives, as I continue on my journey to better understand Bitcoin.
@sunbirdism 2 ай бұрын
So markets can't be manipulated, that most people still trust the dollar. Any real arguments against Rogers position, except for arguments of authority. @@Bitcoin_University
@LaoTzuChi 2 ай бұрын
@@Bitcoin_University , by deleting my comment, you’ve answered my question. Sad, brother.
@Bitcoin_University 2 ай бұрын
@@LaoTzuChi I didn't delete it. Please repost
@LongDefiant 2 күн бұрын
Layer 2, Layer 3?? No deal. You'll end up with fractional reserve lending where there will be multiple claims on every BTC... Just like they did gold. Eventually you'll have bank runs on BTC and a failure of the blockchain.
@joey86bu1 2 ай бұрын
If you are buying coffee with your BTC, you are doing it wrong. You are supposed to spend the asset / currrency that is losing purchasing power (fiat) not the one that is gaining purchasing power.
@Bitcoin_University 2 ай бұрын
While that's true, there's nothing wrong with spending BTC when you own zero fiat. If you have living expenses, you have no choice but to spend BTC
@joey86bu1 2 ай бұрын
@@Bitcoin_University Ya true but my statement was a if you have both scenario. If you don't have fiat then obv you can't spend what you don't have...unless you're using credit or something.
@Fudmottin 2 ай бұрын
Bitcoin's biggest advantage was being first be a practical solution, IMO. I do also appreciate being able to run a full node with all the data on an affordable SSD that you can buy from Amazon. It also has minimal impact on my Internet access. I can still stream video, etc. I think people would use BTC as cash more often with a Visa like solution. But as they say, we are still in early days.
@fusion9619 2 ай бұрын
IMO Bitcoin should be even slower. We're going to want to be able to mine effectively on both sides of the sun simultaneously. A Future problem...
@paullamb1100 2 ай бұрын
I have thought about this a lot, considering that we will inevitably become a space faring, multi-planetary species. My thoughts on this is that we could build a new type of L2 (or L0, depending on your perspective) which can link multiple L1 base layers (i.e. multiple instances of what we currently call the Bitcoin network). To keep the cap at 21 million BTC, coins would enter the new chains via a base layer transaction, utilizing the linking layer, and they would move between chains via that layer as well. Coins which left the original chain would remain locked on the original chain between periodic settlements via the linking layer, to prevent double spend across chains. Therefore the security would still be decentralized via mining on L1 of each chain at the current 10 minute intervals, and chains would sync with each other at whatever frequency plays well with the speed of light.
@paullamb1100 2 ай бұрын
To give an example of the concept in practice: Imagine you live on Earth, and have acquired a visa to work on Mars for a year to help build out a new ASIC mining facility there. You sign a transaction to transfer your savings from the Earth Bitcoin network to the Mars Bitcoin network. You then hop on a flight, and by the time you have arrive at Mars, your transaction has been included in a settlement between the two networks. Your balance back on the Earth network is now locked, and an equal balance is now ready for transacting on the Mars network. You use it to rent an apartment on Mars, buy some essentials, etc. You begin working, and accumulating BTC on the Mars network. A couple months in, you are given an opportunity to do a lucrative job on Jupiter's moon Io. You sign a transaction to transfer some of your balance to the Io Bitcoin network, and hop on a flight to Io. Upon arriving, the balance you transferred has settled, and is locked on the Mars network, and an equal amount is now ready for transacting on the Io network. You finish the job and get paid, and sign a transaction to transfer your new Io ballance back to Mars. Back on Mars, your finish building out the mining facility, and sign a transaction to move your new balance that you have accumulated back to Earth. Upon arriving back at Earth, everything has settled, and you pick up operating on the Earth network.
@fusion9619 2 ай бұрын
@@paullamb1100 I think we'll try that and other possible solutions, but in the end we'll get slower and larger blocks, either by soft or hard fork. It might be called "the block time wars" retrospectively (as opposed to the block size wars, which already happened). But this shouldn't happen until after we have full hyperbitcoinization with ubiquitous L2's. I think there will be a split between the inner solar system and everything else - assuming there's even any cheap energy outside the inner system, which I doubt. Actually, amending that a little, Jupiter should definitely be included within the time range of future blocks - so the center of hash will be the transverse of Jupiter/Sol (which I think is called Lagrange point 0?) - simply because 21 is the alchemical sign of Jupiter, the king of the gods, and I find that entertaining.
@xsilentg 2 ай бұрын
🧡🐢💨
@sunbirdism 2 ай бұрын
Only a currency in use (peer-to-peer cash) for everyday can transfer information about supply and demand in terms of a system of reward within an viable economy. Because BTC is made slow and expensive, it can't serve that purpose. Layer 2 option can NOT solve this issue because still expensive and bad user experience. People experiencing high inflation can't build a new economy based on BTC. They can only save in BTC. That's why BTC is caged and exactly where the controllers want it to be. In a vault, not used as peer-to-peer cash. So no freedom at al.
@Bitcoin_University 2 ай бұрын
XMR suffers from even greater blockchain bloat due to ring signatures etc. Fortunately very few people use it, so bloat has been contained so far.
@sunbirdism 2 ай бұрын
Let's talk about XMR, and not about the argument.@@Bitcoin_University
@sunbirdism 2 ай бұрын
BTC is slow AND expensive, not peer-to-peer cash... your "free market" is deciding for BTC having less and less market share over the years because of that failure
@Bitcoin_University 2 ай бұрын
Sorry that you understood nothing in the video. Sorry that you also don't understand that block subsidy needs to be eventually replaced with transaction fees. Which shitcoin do you like?
@sunbirdism 2 ай бұрын
I like decentralized shitcoins that can actually be used as instant peer-to-peer cash with zero effort and no ridiclous fees so it can actually be used by everyone. I would like to be able to give a homeless guy 10 dollars of BTC. Oh, wait, I can't. Can I pay someone 100 dollars instant of BTC without having to pay 7 dollars transaction fees? BTC is useless, how can I pay anyone with it? Wasn't that the whole purpose? How can you not see this problem? How can it serve people when it lacks this ability? BTC is the main shitcoin of all shitcoins. Don't give me that bullshit that it is not possible, when other coins can actually do it, securly, fast and cheap.@@Bitcoin_University
@sunbirdism 2 ай бұрын
A shitcoin that is fast, easy, peer-to-peer and cheap to transact, so I can give a homeless 10 bucks. BTC IS DEAD.@@Bitcoin_University
@sunbirdism 2 ай бұрын
Can't even give 10 USD worth of BTC to a homeless guy. You need more proof for: BTC is DEAD?@@Bitcoin_University
@SAL-fs1mr 2 ай бұрын
"hey homeless guy, get this Bitcoin lightning wallet, ok, now let me scan your qr code to send 10 bucks worth of Bitcoin, and there, it already settled instantly, with only 1 cent in fees" - yes, that is already possible today, you are just dense.
@sunbirdism 2 ай бұрын
Lightning network is a failure
@Bitcoin_University 2 ай бұрын
Says the guy pushing XMR
@sunbirdism 2 ай бұрын
I'm not pushing XMR, I'm for any shitcoin that actually can be used as a cheap and fast peer-to-peer electronic cash in everyday life on earth. @@Bitcoin_University
@john-vv1ln 2 ай бұрын
how about compare to HBAR or XRP, BTC will never be a global currency, keep dreaming
@SAL-fs1mr 2 ай бұрын
The chance of BTC becoming global money is a billion times greater than your favorite shipcoins, dreamer. And lightning is already faster than those centralized ponzi schemes.
@texas420xxx 2 ай бұрын
Oh Anthony I'm a new comer hhhh..love ur sence off humour❤.CSW had to lose this case!if u new the ins and out.
@Bitcoin_University 2 ай бұрын
Sorry, thought you were the same guy
@texas420xxx 2 ай бұрын
@@Bitcoin_University I am sir
@TheSaidame 2 ай бұрын
Proff of war 😂😂😂
@dn2817 2 ай бұрын
I hope those scammers putting out adverts with fake AI Michael Saylor “giving away ETH and bitcoin” all go to jail & get shut down. Who allows this garbage?
@hayleylewis1458 2 ай бұрын
It’s getting harder and more expensive to get Bitcoin off exchanges…can someone please make a video about on how people can use lightening?
@SAL-fs1mr 2 ай бұрын
start with only using services that have lightning enabled.
@sunbirdism 2 ай бұрын
Lightening failed hard and BTC is dead because of slow and expensive, far from being peer-to-peer cash. For the moment cash is better than BTC, cause i can give 10 usd to a homless guy, but not BTC.