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.
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how is my (BTC Core) wallet connected to my public key? How is the networking aspect?
Wow, I'm going to have to listen to this one a few time's.
I wonder what the timeframe is, for the … lump of history data for all previous transfers of bitcoins … to get too cumbersome to use, is. Will it be ~10 years? Will it be 20, 50, 100 or more years before it becomes impractical to keep using? I wonder if an algorithm for a cryto currency could be made, where a single unit of currency could maybe be consolidated (have one wallet own all pieces of one unique coin), and then have its history reset, making the size of the overall lump of history data smaller, and then start distributing pieces of the single unique coin again, as needed. I'm not really to knowledgeable about the finer details of how these coins are kept secure, and all that, but the way I'm imagining them to work, is like a hard drive that desperately needs to be defragmented.
lovely al qaeda book in the background lol
Ross, thanks for scaring the sheople!
Now I have some more time to load up on bitcoin!
True there is no recourse, bitcoin basically hands the end user both full responsibility and full control over their money, can't really have one without the other.
The thing with bitcoin is, its not only a fantastic piece of technical engineering, its also a marvelous piece of social and economical engineering. And its that latter part that will keep making it more and more relevant until it eventually will start forcibly replacing conventional currencies. The way that it just keep coming back from repeated booms and busts all on its own is proof enough that something has been done very right about it.
Its a very sneaky idea, to make a currency by design increase in value over time and to make it all but impossible to control at the same time. The first part makes it very desirable for an individual, the second part keeps it so. True its all kinds of harmful for the economy as we know it, by design I suspect, but that doesn't prevent it from spreading.
My economics professor said "you know what's better than Bitcoin…. money."
With all my respect, I do really love this channel, but please, double check the information you are sharing.. This video contains a lot of wrong information/interpretation … Maybe not intentionally, but it does…
The annotation links at the end for the other videos are not working.
So far Bitcoin is pretty de-facto and the software is evolving to meet demand.
For example, wallet recovery has gotten better. From my experience, the Electrum wallet popularized seeds, random words that are used to recover everything. This became an official but incompatible standard known as BIP32 and is being implanted on new or existing wallets and services. In that aspect, Bitcoin has become a lot more reliable.
Since this video bitcoin's price has increased by 50%.
"The growth of the Internet will slow drastically, as the flaw in
“Metcalfe’s law”—which states that the number of potential connections
in a network is proportional to the square of the number of
participants—becomes apparent: most people have nothing to say to each
other! By 2005 or so, it will become clear that the Internet’s impact on
the economy has been no greater than the fax machine’s." – Paul Krugman, professor at MIT 1998
When there's no more Bitcoins to mine, people will still be able to collect transaction fees through adding to the block chain. That will though be a change in the dynamic and it is a valid question whether or not that will work. The point about Bitcoin's scalability is also a good one. Would be nice if the Bitcoin fanboys would address these points rather than ignorantly dismissing them.
There's multiple solutions each one of the "issues" he cited. #newb
This guy in 1990: The rest of the world will never use the internet because it requires telecommunication infrastructure to access that they just don't have
This guy in 1990: The internet will never be able to handle the amount of information communication as something like the USPS
"The transaction delay is just too great"
The bitcoin delay to transfer funds to the other side of the planet: 1 hour or so …. Fees: pennies
Bank delay to transfer funds to the other side of the planet: 3-5 days or more …. Fees: tens to hundreds of dollars
Yet another "smart" person that just completely misses the entire point. The blockchain is not money for the internet. The blockchain is the internet OF money and commerce. The blockchain makes the entire financial system of trusted third party intermediaries as obsolete as the internet made postal mail. The blockchain is so much more than a payment system. It is the means for person to person trusted transfer of capital or commodities. Banks, brokerage houses, title companies, et al. will all be made obsolete by this technology.
Bitcoin is simply your "token" to access the blockchain. As more and more use are created the demand to access the blockchain grows and bitcoins become more "valuable".
Will "bitcoin" be the ultimate example of the blockchain's integration into global commerce ? Who knows, but the technology is exciting to see and is the future.
The blockchain can be changed and modified, and it is running up against existing structural limitations….. but they aren't unsolvable and several competing ideas are already trying to implemented
1. Blockchain size is an issue, yes.
2. Broadband connection: no issue, because it is not neccessary.
3. scale (transactions per second): that's a big issue, yes.
4. volumes of money: no issue at all, because a bitcoin can be split down to 1E-8 and the value of bitcoins will increase over time. The limitation to 21 million bitcoins is actually an advantage in the long run.
5. failures: no issue; either a transaction will happen, or it will not happen.
6. get hacked: not an issue, at least not worse compared with other today's payment systems. getting hacke is like being stolen your cash purse, so you must be careful anyway.
UR so funny
What more does bitcoin have to do to make you believe?
Now is the time to buy Ethereum, $5000 each by 2017
all these issues will be ironed out..Also if i buy a load of gold coins and lose them , i cant go to anyone for help either, that dosent stop me buying gold, just be responsible and careful how you store expensive items…
What is your opinion of other cryptocurrencies like ethereum, litecoin, dash and so on?
I kind of wish he would do a "pros" and "cons" of bitcoin. To say that it's just not viable, seems a little bias.
lol the guy needs to update his knowlegde i'm afraid..
Ethereum sounds like it's going to be the successor to Bitcoin. Will it fail for the same reasons? Or different reasons? Or will it succeed!
The issue I take with bitcoin is that it's intangible. If the world goes to shit tomorrow I can still use a dollar bill for a lot of things besides money (when bleached it can be a note paper, fire starter, toiletry, filter, bandage, ripped clothing patch etc.) And with it's emergency use versatility it still might serve as a convenient form of money. It has intrinsic value. Cryptocurrency doesn't.
guess he hasn't heard of segwit yet
I am somewhat under-qualified to make the following arguments (I am an electronics engineer, but my focus is telecom, not computer science), and so you can feel free to correct me where I am wrong, but I don't agree with the man in this video — for the following reasons:
1) The issue with size of the block chain and transaction processing times seems moot to me, since technological growth will quickly outpace these limitations (i.e. Moore's Law).
2) The lack of recourse in terms of Bitcoin being stolen seems to me to be no different than dollar bills or other physical currency being stolen.
Fact: All you need to use bitcoin is a feature phone and an internet connection.
So what's keeping bitcoin from dumping the oldest records?
Idiot. you can't complain that a system lacks "features" it was pushfully designed to avoid
Just looking at this man's very Anglo face pisses me off.
Ever experience credit cards abuse? Bankruptcy? Welfare? Depression? Chemical abuse? Misery and poverty? Should we allow such mental state to exist?
Oh is it based on the concept of " nobody get hurt?" A credit card of endless fund and no forcing of payment? Omg, endless consumption, pleasure, not even any sacrifices, no?? And it transferable to a tangible world, guys!! A convertible tender!!!
rolls eyes
Thanks for your semi-legit concerns but please, have a little foresight. Bitcoin will be ready in a few years for emerging markets where people currently have phones and access to the internet readily available (about 60% worldwide). People in villages without this technology are better off bartering or using hard fiat currencies for exchange until we raise the standard of living enough through free trade that even the remaining 40% will be able to use it. It's a process and it takes time. If it happened overnight we wouldn't appreciate it as much. Also Bitcoin is NOT going to adhere to government directives. Bitcoin is disruption. Bitcoin is NOT smooth jazz, Bitcoin is punk rock. Deal with it.
anyone else notice the Al Qaeda book right behind him?
"It's not a currency cause it doesn't have a help desk or built in recourse system." Is this guy high?? Where's golds help desk?? That implies that gold must not be money as well and people were clearly mistaken to be using it as such for thousands of years… Not quite sure this guy has any idea what he is talking about.
professor may I suggest this free PDF book by a well respected speaker/writer in the bitcoin space Andreas Antonopoulos, Mastering Bitcoin
Al Qaeda book behind his head?
Another late to the game "expert" with a damaged ego trying to catch up with the genius innovation that is bitcoin. I heard a similar lecture by a travelling professor who was selling an hour of unresearched drivel and his unsubstantiated personal opinions in exchange for free plane tickets and accommodation from the host university. Supposed "Non expert" interested persons in the audience were correcting nearly every sentence this supposed "expert" uttered as being factually wrong ….it was painful to watch his arrogance being dissected publicly by a bunch of undergraduates
Extremely interesting bookcase.
This guy doesn't get it. It doesn't need to compete with Mastercard or Visa for speed of transactions or recourse for fraudulent transactions – it's about freedom and uniting the world financially.
I'm sorry but he doesn't seem to know much at all about bitcoin..
doooomed!
This guy got alot of things wrong about bitcoin, most of the problems he brought up are 3rd party changes or problems that will heal themselves. I'm kind of dispointed that you guys brought this guy on to dispute Bitcoin.
Not everyone needs the entire blockchain there are already lightweight clients like Mycelium. Not to mention we will see off blockchain payment systems soon which will allow chargebacks. So that part is not an issue in my view.
I forget. What number do I call for a cash refund?
He's comparing it to payment systems. It's not really that. It's like cash, but online.
Horry County Schools was hacked with malware and was forced to pay the anonymous hackers 8k in bitcoins.
Disappointed in Computerphile to release a video with so many mistakes and misconceptions. I recommend having experts who understand the subject rather than someone who by the sounds of it hasn't even read the white paper for the protocol.