Bitcoin Problems – Computerphile

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Bitcoin may be doomed to failure as the blockchain struggles to scale up; Professor Ross Anderson from the University of Cambridge explains.

EXTRA BITS – Bitcoin & Crime: https://youtu.be/ve0HbZ9NHb8
Computers Without Memory: https://youtu.be/vhiiia1_hC4
AI Safety: https://youtu.be/IB1OvoCNnWY
How Bitcoin Works: https://youtu.be/JyxRH18YlpA

http://www.facebook.com/computerphile

This video was filmed and edited by Sean Riley.

Computer Science at the University of Nottingham: http://bit.ly/nottscomputer

Computerphile is a sister project to Brady Haran’s Numberphile. More at http://www.bradyharan.com

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41 Gedanken zu „Bitcoin Problems – Computerphile

  • 2. August 2020 um 1:53
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    Digibyte is better than bitcoin. It is similiar to bitcoin in that it is 21 billion instead of 21 million coins. But the transaction speed is virtually instantaneous.

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  • 2. August 2020 um 1:53
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    I never thought I would be making so much from hacksmart32 on IG, but they suprised me with 3.9btc within few hours of investment…

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  • 2. August 2020 um 1:53
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    I never thought I would be making so much from hacksmart32 on IG, but they suprised me with 3.9btc within few hours of investment…

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  • 2. August 2020 um 1:53
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    people in the third world do not need to run a full node and have fast internet to transact. Having internet at all is a luxury in the third world but for people living in cities it is possible to "bank the unbanked" if done properly.

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  • 2. August 2020 um 1:53
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    1. Bitcoin lightning solves the scalability issue by allowing off-chain transaction which will reduce the load on the network. It can make it easily possible to have thousands of transactions per second, and pay next to nothing in fees
    2. You don't need to download the entire blockchain to use bitcoin, you only need access to the utxo set and even then you don't need to download the utxo set.
    3. Use a hierarchal deterministic wallet that encrypts your details. This way you don't need to store a single private key on your computer. You can also keep a small amount of bitcoin in a wallet you spend with and keep the rest in a paper wallet or hardware wallet.
    4. You do not pay money to private keys, you send it to the persons public key (technically the address which is a hash of your public key) which then enables them to spend it with that public key's corresponding private key.
    5. Lightning will solve the problem of slow transactions
    6. You can use escrow services like bitPay to ensure that people won't scam you. Secondly, it is perfectly easy to keep your private keys to yourself as I mentioned earlier.
    7. Mining will always be around as they collect transaction fees. Of course, transaction fees may go up as the block reward decreases, but that isn't a problem with lightning, as the only fee you would pay is to close a payment channel

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  • 2. August 2020 um 1:53
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    More important is Bitcoin standard..
    Layers will be there on main net..

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  • 2. August 2020 um 1:53
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    This worlds now compatitavie anything…BTC is King.. This one Going anywhere.. Last day 11 year birthday..Alt's helps Daily volume..blockchain is next revolutionary product..no worries about my future.. Because problems are everywhere..

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  • 2. August 2020 um 1:53
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    Even i m hodler
    But his views are so solid
    And bitcoin drveloper team have to overcome if Bitcoin want to succed in new era

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  • 2. August 2020 um 1:53
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    The thing with Bitcoin is that it has no single point of failure, it's unconfiscatable and it's the best form of money we have now. All those other things will be improved on the network with time.
    Time will tell how this goes.

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  • 2. August 2020 um 1:53
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    A bunch of people around the world showing total devotion toward something and still has mysterious origins since we still don't know who founded it. With that said, Bitcoin is just a digital version of a cult.

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  • 2. August 2020 um 1:53
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    Hahaha this guy is soo funny bro time to upgrade to an iPhone. Bitcoin and blockchain will dominate whether you want it or not.

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  • 2. August 2020 um 1:53
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    Such shameless FUD. His points are easily dismissible. How convenient there wasn't a 2nd person sitting there to counter his issues, one by one. He needs to be alone to make a video so an uninformed audience can be dupped into thinking this guy warrants respect.

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  • 2. August 2020 um 1:53
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    Mobile money is safe and secure since as long as you have your phone SIM card you are safe. I have used it for the last 10 years (from Kenya) and the only way, I've seen that attackers can get to your money is either by swapping your SIM or rob you physically and access it.

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  • 2. August 2020 um 1:53
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    Bitcoin Cash (BCH), the updated version of Bitcoin, addresses all of these problems. It allows for near instant (0 confirmation) transactions, 1 million+ transactions/day, and lightweight mobile wallets.

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  • 2. August 2020 um 1:53
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    He thinks bitcoin is money, lol it is gold! Gold has no payment system, it doesnt need to have a payment system. Focus on the possibilities, not the impossibilities.

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  • 2. August 2020 um 1:53
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    Immutability is a key strength of Bitcoin, not a weakness. It is like digital gold now but scaling solutions will become highly developed and make it more of an everyday payment network for smaller transactions. New blockchains will soon have no credibility because all the incumbent mining infrastructure of existing chains will double spend and new competing chains. There is a tiny amount of digital real estate left that'll have the required decentralization to have integrity. BTC, LTC, ETC have the most integrity

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  • 2. August 2020 um 1:53
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    Hello I have 7000 usd in my block chain account about it's not transferring plz help me what to do plz

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  • 2. August 2020 um 1:53
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    Glad I listened to your list of Bitcoin problems. Now I'm even more sure Bitcoin will change the world!

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  • 2. August 2020 um 1:53
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    Isn't the Simplified Payment Verification in the original Bitcoin paper address exactly the client size issue?

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  • 2. August 2020 um 1:53
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    can someone poke a hole in this. Hoarding…once there are no more bitcoin to mine won't hoarding become a huge problem? I know they can be infinitely divided but again if a lot of people are hoarding …which won't they since no one currently accepts bitcoin at the grocery store, for rent etc. So then what? it deflates and we need less and less to buy things? that doesn't sound great when you consider the hoarders will always become more wealthy?

    anyone know?

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  • 2. August 2020 um 1:53
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    This professor is amazing!! Let's make a new digital coin called ANDCOIN with a complete banking service, named after professor ANDerson! Then it will meet professor ANDersons' rules.

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  • 2. August 2020 um 1:53
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    So you believe someone must help you with your money..? I wonder banking industry…

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  • 2. August 2020 um 1:53
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    this problems are solved now (in 2018) – 1) SPV 2) Sarah Chalke 3) Lightning Network 4) hardwar wallet against hacking… also, when you use cash who do you call if someone steals it to have it magically restored?

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  • 2. August 2020 um 1:53
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    Why does it matter that Bitcoin can't be used so easily in the third world? If they are poor, they won't be making huge business transactions anyways. Plus, even if they do (and in which case how are they poor, but even if they do need to) they can just use regular money.

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  • 2. August 2020 um 1:53
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    Professors Problem list gone wrong:
    1. You don't have to download the entire blockchain to use Bitcoin. There are wallet providers so you can use wallets that are as heavy as any app. Account ain't custodial, you hold your keys.
    2.Delay?? 10 mins for 1 confirmation. 1 hour = 6 confirmations (Secure enough to buy a tanker!) Same transfer through traditional banking?? 3 days at least.
    3.Nobody to phone! That is a feature Professor not a bug. If there was someone to call if something went wrong then that someone would be an authority! Authority is incompatible with a trustless system.
    4. That is a problem to be solved in the next 140 years when all Bitcoins will have been mined. Until then, game theory in action.

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  • 2. August 2020 um 1:53
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    The Lightning Network is supposed to fix most of it, though. Except the "someone to call in case of problem", which is too my main concern about crypto. You just can't have this along with decentralization.
    Which is why I believe that the future is centralized systems that protect you, like Paypal, feeding from all of your assets, whether it's your bank account(s), or your crypto assets.

    I think the #1 goal is that no one owns your assets, anyway. That no one owns them, can play with them & lose them, like a bank can. The payment system can be centralized, I don't see the problem with that. Safety requires centralization, and also has a cost.

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  • 2. August 2020 um 1:53
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    I heard that it adjusts the processing requirements over time, does that only go up, or would it go down if fewer miners were in the system? I could see a problem when the processing power levels off and starts to go down, but the system still requires the same amount of processing power to transfer coins. Money would become untransferable.

    Also, what prevents someone from creating a billion bitcoin accounts and then transfers money between them all day? Would that cripple the system?

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