Probably the best way to generate the electricity to change the blockchain is to drive a Delorean 88 mph at the exact time lightning hits the clock tower.
Yes. Actually they have the central 'coordinator' until there's enough PoW on the network. Their plan is to have millions and millions of refrigerators and toasters with ASICs and full nodes mining without compensation. :D
the rich always get richer and it doesn't matter which protocol you are using, with POW the rich can always build large mining farms and purchase loads of mining machines, and then the economy of scale will drive the mining cost down by a lot, which means more profits, and these profits can then be used to keep on expending the mining operation if they will. in POS the validator is randomly assigned and the validator has to complete the validation process in a very small time window. This means it is very difficult and very costly to attack the system.
The Real Deal And what happens if someone owns enough mining hardware to attack the Bitcoin network? Same deal. And guess what, the three biggest BTC mining pools control >50% of the network.
Thank you for your great work! Question about power consumption (around 4:30min): If the network runs at 500MW to 1GW then it will have used up between 12 to 24 GWh in 24h - how do you come up with only 1.2GWh?
but what if there's a 51% attack where they change the current block and they don't start 3 weeks back? Seems like they could do that not too difficult
Read up on the difficulty adjustment property of Bitcoin. rewards/price & electricity costs will always eventually follow each other as a result of it.
you don't need that much processing power to simply record things to blockchain....in proof of work it's artificial math solving that requires 99.5% of the power
This is the best blockchain channel
Andreas you deserve seat on Olympos
Believe he would be happy there is no Olympos anymore ;) Of course he deserves our highest respect for all the job made!
Thank you so much for sharing videos like this with us! I really enjoy your work!
I’ve never seen anyone do it better.
I was thinking the other day that Bitcoin's Lighting Network sounds a lot like a proof of stake system. Was nice seeing Andreas mention that. 🤓
Your video is so good,hope you get better and better
1 point 21 gigawatts 😲
*clutches hair*
Great Scott 😇
Great Scott!
Yaaas
I so wish that some it person would have the courtesy to turn of the projector during the Q&A!
ME TOO
This will not happen again
Probably the best way to generate the electricity to change the blockchain is to drive a Delorean 88 mph at the exact time lightning hits the clock tower.
That's for a timemachine, not a blockchain.
Your video is so good hope you get better and better!!
Excellent video, Andreas. Much appreciated : )
What About iota. Apparently they don't need pos or pow. Is this too good to be true?
Yes. Actually they have the central 'coordinator' until there's enough PoW on the network. Their plan is to have millions and millions of refrigerators and toasters with ASICs and full nodes mining without compensation. :D
i think it was misleading to use a "rich get richer" argument. rich get richer in all protocols.
the rich always get richer and it doesn't matter which protocol you are using, with POW the rich can always build large mining farms and purchase loads of mining machines, and then the economy of scale will drive the mining cost down by a lot, which means more profits, and these profits can then be used to keep on expending the mining operation if they will. in POS the validator is randomly assigned and the validator has to complete the validation process in a very small time window. This means it is very difficult and very costly to attack the system.
The Real Deal And what happens if someone owns enough mining hardware to attack the Bitcoin network? Same deal. And guess what, the three biggest BTC mining pools control >50% of the network.
Super Clear !, as always... Thanks!
Thank you for your great work!
Question about power consumption (around 4:30min): If the network runs at 500MW to 1GW then it will have used up between 12 to 24 GWh in 24h - how do you come up with only 1.2GWh?
drdrdrmoe that’s almost enough energy to send you back to the future
Indeed. It was a minor mistake.
Sounds much clearer to ne now, thanks :D
Important issue of the current bitcoin implementation
but what if there's a 51% attack where they change the current block and they don't start 3 weeks back? Seems like they could do that not too difficult
When the POW rewards can no longer justify the electricity costs what happens to bitcoin? what happens when the miners switch off?
Read up on the difficulty adjustment property of Bitcoin. rewards/price & electricity costs will always eventually follow each other as a result of it.
With PoS, who validates the validators?
Everyone else in the network.
Wait but what physically does the processing in a pos blockchain?
you don't need that much processing power to simply record things to blockchain....in proof of work it's artificial math solving that requires 99.5% of the power
"The rich gets richer"!? That's also the case for pow, more or less(?)
thank you :) I going translate for portuguese brazilian
who is here on january 2nd 2020? btc ATH $30,000
1.21 gigawatts?!?!??!
Vericoin has proof of stake time which attempts to mitigate the rich get richer issue.
it a pity the audio is shitty, please subtitles
Quite biased but aren't we all
So he rants without giving any real info?
IOTA Ftw!!