I'm Andreas M. Antonopoulos, author of "Mastering Bitcoin", public speaker, podcaster and pundit. Ask Me Almost Anything

[FuelBurnerGtr]

What do you see as the biggest threat to Bitcoin?

The biggest threat to bitcoin is forgetting the core principles of openness, decentralization and privacy. If we abandon those principles, then bitcoin will have to be replaced by another system that supports those principles.

If you were the biggest enemy of bitcoin, how would you try to destroy it and then all its crypto alternatives?

[Evander Smart]

What do you attribute the recent Bitcoin price spike to?

Was it Chinese capital controls? The Russian MMM Pyramid? Market pressures after being undervalued over time? What did you think caused it?

[aantonop]

I wonder if you would explain a bit on why private blockchains are not good for the bitcoin community as a whole and also I'd like your thoughts on this blockchain alliance and why it's probably not good for the bitcoin community either. I have a good idea of why but I'd like you to elaborate with your strong ability to articulate with detail.

I think it's very important for people to understand this a bit more, thanks.

Private blockchains are good for bitcoin! They enable banks to spend millions of dollars to train developers on this technology. At the same time, private blockchains don't help the banks defuse the competitive disruption of bitcoin. Bitcoin is powerful because it offers open, transnational, borderless, decentralized, permissionless innovation for money. These are all attributes of decentralized Nakamoto consensus through proof-of-work and not attributes of a blockchain per-se. What banks are building are blockchains that are closed, local, insecure and permissioned. Such things may save banks some money on settlement, but they don't satisfy the enormous global demand for money and payment systems that can be used anywhere without geopolitical meddling, without surveillance, without borders and without permission. Only bitcoin does that.

As far as the "Blockchain Alliance" is concerned, I think the emphasis of our community should be on economic inclusion and expanding financial access around the world. We should follow the example of Apple, Google and other Internet companies that put their customers and their customer privacy above the narrow concerns of law enforcement. What we need in this world is not more surveillance, it is more financial freedom, more due-process and more accountability by government.

[joe_public]

Hi Andreas,
RESPECT
How long do you think we shall have to wait for people to see the potential of the 'protocol' outside of currency?
For example in connected cars, vehicle networks, ad-hoc networks of microcontrollers, etc.
These networks are safety critical, evidently vulnerable and I fear 'State' attempts to address these issues with centralised thinking will only make matters worse.
How do we get the message out - about the potential - beyond bitcoin - of this fundamental innovation ?

Joe

[aantonop]

Hi Andreas,

Thank you for you work and sharing knwoledge about bitcoin disruptive technology and the transformation of our society and our lives.

May i ask a question about bitcoin, migrants and trust :
why migrants doesnt use bitcoin when travelling or moving across borders ? or why doesnt exist enougth services for thoses relatively "unkanked" and their need of trust or moving values ?


David

Bitcoin is not yet easy enough to understand and use. We're still at the very early stages of this technology where the primary users are super-technical. It will take some time for the user interfaces and supporting infrastructure to be easy enough to use. In remittances specifically, you need to have exchange infrastructure with sufficient liquidity on both ends of the transaction. Until people can use bitcoin directly, they have to be able to quickly, easily and inexpensively exchange into their local currency. Most of the remittance destinations don't yet have that infrastructure. Patience... it will take time.

[Floesh]

Thank you Andreas for all you have done already for the Bitcoin community.

What do you think will happen with the miners and network security when the block reward will decrease by half next year and the price stays the same? Do you think this will increase the price? What are is price outlook in general?

[skyline]

Hi Andreas,

I was wondering if you had any thoughts on Blythe Masters reinforcing her former boss, Jamie Dimon's bitcoin statements at the very recent Bank of England conference:

Blythe Masters: "I came across a quote from the CEO of my alma mater, with which I totally agree. I have to say I think that pretty much sums it up in a nutshell. I happen to agree with what he's saying."

JPMorgan CEO Jamie Dimon has issued new remarks about bitcoin, dismissing the digital currency's potential to survive in the long-term.

Speaking at the Fortune Global Forum, Dimon said people were wasting their time with digital currencies such as bitcoin.

He added:

"This is my personal opinion, there will be no real, non-controlled currency in the world. There is no government that's
going to put up with it for long ... there will be no currency that gets around government controls."


Thank you.

[rogerver]

Andreas, Thank you for being the most amazing public speaker the bitcoin community could ever hope for.
We are certainly much further along today thanks to your oratory skills.

1. With a background in computer science, coding, and data Communications, how did you acquire your world class public speaking skills?

For anyone who doesn't know, here are a few amazing examples:

https://www.youtube.com/watch?v=xUNGFZDO8mM

https://www.youtube.com/watch?v=_0mykANOMGQ

[aantonop]

We already have dozens of altcoins as competing money protocols to choose from, and today, bitcoin's politics could theoretically drive fragmentation of the wealth we see in bitcoin in many directions.

I'm not sure whether market fragmentation would be a good or bad thing, given this early phase of crypto adoption.

Would you mind weighing in?

Is there a magic number of use cases at a given time that should have distinct coins/protocols? What will it look like when consumers go comparison shopping for 'coins' (or is that even realistic)?

Thanks for being excellent at all you do for Bitcoin.

I am not at all concerned about fragmentation of value. The market for digital currencies follows a power-law distribution (also known as a long-tail). Most of the value (90%) will be in 2-3 coins, with the other 10% divided among hundreds or thousands of coins.

In fact, alt-coins benefit bitcoin. Bitcoin is the primary reserve currency that supports all alt-coins. Want to buy an alt-coin? You have to spend bitcoin! All this ends up creating more liquidity and investment in bitcoin, as much as it fragments the value.

[aantonop]

Thank you Andreas for all you have done already for the Bitcoin community.

What do you think will happen with the miners and network security when the block reward will decrease by half next year and the price stays the same? Do you think this will increase the price? What are is price outlook in general?

I can't predict price. No one can. Anyone who does, even for 10 minutes, is lying.

The reward halving will change the inflation rate in bitcoin. How that affects the overall economy depends on the conditions of all the other parameters in the economy: price, adoption, transaction volume, hash rate, difficulty, investments, other currencies, world market conditions, etc.

We'll see!

[aantonop]

Hi Andreas,
RESPECT
How long do you think we shall have to wait for people to see the potential of the 'protocol' outside of currency?
For example in connected cars, vehicle networks, ad-hoc networks of microcontrollers, etc.
These networks are safety critical, evidently vulnerable and I fear 'State' attempts to address these issues with centralised thinking will only make matters worse.
How do we get the message out - about the potential - beyond bitcoin - of this fundamental innovation ?

Joe

Build stuff that makes people's lives better. Deliver value and people will see value. It's still too early for anyone other than those interested in the inner working of this system to be concerned or aware of the "potential of the protocol". Only innovators, investors and geeks can see that now. We need to realize this potential with applications for others to see it.

[Evander Smart]

What do you think is missing right now in the Bitcoin community, from the private sector?
Is there an app, a website, or a business that you feel the Bitcoin community really needs built, but is noticeably lacking?

There's a lot of open terrain in this new economic frontier. What direction needs the most attention, in your eyes?

[omarabid]

I never really got bitcoin until I read your book. After that, I become interested in the technology and bought a good 5 figures (USD) of bitcoins. I think most of the negativity that comes with it, is due to ignorance.

1. Do you really think that Bitcoin has over 1million active users? It seems to me if this is the case, then we should be already doing +1million transactions per day.

2. If we agree that educating people about bitcoin will help it grow, what is the next step? Should we have a non-technical people book about bitcoin? How can we get it to be read by +100 million person?

3. I learnt software development on my own, and it makes me money. If I want to get into the bitcoin world, how can I monetize my new skills?

[Mike Cautillo]

Hi Andreas......love your passion for and dedication to Bitcoin. I know it's helped me truly understand what Bitcoin is and what it can be and couldn't agree with you more regarding remaining steadfast in bringing awareness to Bitcoins true value and principles, so having said that......

What is the best thing I can do to help Bitcoin prosper and on a more functional point of view, being that volatility is one of the biggest current drawbacks in Bitcoin, what would you suggest to hedge against this for the everyday user. Thank you!!

Mike Cautillo

[aantonop]

Hi Andreas,

I was wondering if you had any thoughts on Blythe Masters reinforcing her former boss, Jamie Dimon's bitcoin statements at the very recent Bank of England conference:

Blythe Masters: "I came across a quote from the CEO of my alma mater, with which I totally agree. I have to say I think that pretty much sums it up in a nutshell. I happen to agree with what he's saying."

JPMorgan CEO Jamie Dimon has issued new remarks about bitcoin, dismissing the digital currency's potential to survive in the long-term.

Speaking at the Fortune Global Forum, Dimon said people were wasting their time with digital currencies such as bitcoin.

He added:

"This is my personal opinion, there will be no real, non-controlled currency in the world. There is no government that's
going to put up with it for long ... there will be no currency that gets around government controls."


Thank you.

That presentation was a stunning demonstration of hubris, nativism, hegemony, privilege and authoritarianism as I have ever seen. It reveals a world view in which the only part of the world that matters is the western developed world. The only economy that matters is the stock market. The only power that exists is that of the state and it is all-good, all-powerful and must not be questioned. It is a worldview in which might makes right and Masters is aligned with the top of the power pyramid and could therefore not be more "right". She smugly ignores the crimes of her fellow bankers as she supports further crime, such as negative interest rates, without any moral hesitation. Just as Masters called us all "bitcoin maximalists", she demonstrated what a "state maximalist" looks like. It was ugly and pathetic.

Fortunately, the world is bigger than the UK and US trading floors that Masters lives in. It contains countries that have constitutions (unlike the UK) and countries that do not believe in nor will accept western hegemony. The world contains 3 billion people with no banking, who won't let any government or banker stand in the way of securing the financial future of their children, if given that chance. Another 3 billion are underbanked, currency controlled and living under terrible governments.

We have a choice to make: Big-brother money that is under surveillance in a world where cash and other alternatives are banned? Or a free world where hundreds of currencies compete, with each individual free to choose the money that represents their principles?

I know what I choose.

[brucefenton]

Hi Andreas,

Great to see you, thanks for all you do.

1) You seem to have a very solid moral code, for example you ask events you speak at to have an anti-harassment policy and many who are active in the space know that you definitely make decisions which place your beliefs ahead of money. What helped shape your views? Why type of things should the industry be doing in your opinion?

2) Bitcoin has a solid community...a couple years ago everyone was friends and knew each other...now we see more competition, a few more people in the space who are not friends and more and more people joining who are new. As this industry continues to grow, how can we keep some of the benefits of that strong community? What's a good balance between focusing on individual connections and corporate influence?

Thanks again!

Bruce

[aantonop]

Andreas, Thank you for being the most amazing public speaker the bitcoin community could ever hope for.
We are certainly much further along today thanks to your oratory skills.

1. With a background in computer science, coding, and data Communications, how did you acquire your world class public speaking skills?

For anyone who doesn't know, here are a few amazing examples:

https://www.youtube.com/watch?v=xUNGFZDO8mM

https://www.youtube.com/watch?v=_0mykANOMGQ

Thanks for your kind words.

I started teaching computer classes when I was a teenager, in order to make money. In my college years I trained as a technical trainer (train-the-trainer!) and taught computer security seminars for several years. By my late twenties I started working on the conference circuit, speaking about security, cloud computing and data centers. I've spent more than 50% of my career development on public speaking. The secret to success is not a secret, it is endless repetition over two decades. By the time I discovered bitcoin I was already a professional public speaker with hundreds of presentations. So I decided to apply that skill to bitcoin.

[coinableS]

Hey Andreas!

One time you mentioned that you started with youtube videos, and you gained a following from there, is that correct?
Are any of your early-day youtube posts still available? Would you share the link of some of your first bitcoin videos?

Thanks!

[bilthon]

Hello Andreas. It seems to me that the current state of affairs is that the places in the world that had seen the most bitcoin awareness (North America and Europe) are the ones who probably need it less. I know you've traveled a lot, so have you seen anything that caught your attention? Is the currency being used in some part of the world more than you expected?

[cypherblock]

Do you think spending bitcoins on goods/services is important (as opposed to buy & hold / speculation) and what can we do to increase that spending in the community?

Is it important for brick/mortar merchants to accept bitcoin, or should we leave them be and focus on online only?

[BitcoinXio]

Hi Andreas,

Thank you for doing this AMA!

Can you speak to the recent price spike and speculate or offer any expertise on why you think the rise happened, and why it came back down, so quickly? Some media obviously pointed to ponzi's (the MMM scheme), some said it was due to China capital control evasions, some say just due to overall interest gaining momentum, but, nobody really knows. I'm just curious on what your take is?

Thanks in advance!

[aantonop]

I never really got bitcoin until I read your book. After that, I become interested in the technology and bought a good 5 figures (USD) of bitcoins. I think most of the negativity that comes with it, is due to ignorance.

1. Do you really think that Bitcoin has over 1million active users? It seems to me if this is the case, then we should be already doing +1million transactions per day.

2. If we agree that educating people about bitcoin will help it grow, what is the next step? Should we have a non-technical people book about bitcoin? How can we get it to be read by +100 million person?

3. I learnt software development on my own, and it makes me money. If I want to get into the bitcoin world, how can I monetize my new skills?

1. Yes, I think bitcoin has more than 2 million users, possibly as many as 5 million. Most of us (me included) do about 1 transaction a week or less. Many do one or two transactions a year. That is normal at this stage in the development of the system.

2. There are already dozens of books about bitcoin. The best thing to do is to become an example of an honest, helpful and enthusiastic bitcoin user yourself. Tell people about it without being pushy. Answer questions without being patronizing. Counter all the negative stereotypes by being an example of an honest and... "normal" user. Help people experience it and donate some funds to setup wallets for them. Spread the word one person at a time.

3. It's hard to monetize skills in any area nowadays, including in bitcoin. I can't say I have the secret to monetizing skills as I do a lot of my work for free. If you want to develop in bitcoin, start by writing open-source code that solves a problem you have and no one has solved yet.

[aantonop]

Hi Andreas......love your passion for and dedication to Bitcoin. I know it's helped me truly understand what Bitcoin is and what it can be and couldn't agree with you more regarding remaining steadfast in bringing awareness to Bitcoins true value and principles, so having said that......

What is the best thing I can do to help Bitcoin prosper and on a more functional point of view, being that volatility is one of the biggest current drawbacks in Bitcoin, what would you suggest to hedge against this for the everyday user. Thank you!!

Mike Cautillo

Not much you can do to help with volatility. Best thing you can do for bitcoin is to become an unelected ambassador. Be honest and helpful when telling other people about bitcoin. Show them that regular people use it and for good reasons. Demonstrate the power of the technology and help them setup a wallet. One by one, word of mouth.

[fqure]

Hi Andreas,

Thanks for sparing the time to answer questions, and for everything you've done!

I wonder if I could ask what you think bitcoin's prospects are for third world countries? Do you support Marc's idea that bitcoin can change the third world, or is that too idealistic?

[Jclight]

Can Bitcoin TPS be increased by reducing the time taken to create blocks eg to 1minute instead of 10 mins, instead of trying to increase the block size?

[aantonop]

Hey Andreas!

One time you mentioned that you started with youtube videos, and you gained a following from there, is that correct?
Are any of your early-day youtube posts still available? Would you share the link of some of your first bitcoin videos?

Thanks!

I maintain a playlist of all my youtube videos here:

https://www.youtube.com/playlist?list=P ... V24hFScvC0

[BitRebel]

Hey Andreas,

I really respect and honor the great things you have done to get the word out about bitcoin and the blockchain and I have personally learned a lot from you over the last few years...

My question is this, Bitcoin no doubt is the grand daddy of blockchain based digital currency and currently seems to have the most secure network provided by miners all over the world running full nodes and recently has increased in value spiking as high as $500... There is no doubt in my mind that Bitcoin has what it takes to achieve the goals originally intended but it seems like the centralized banks and corporations want to steal the blockchain technology for themselves leaving Bitcoin out of the equation... Is this possible? Can they succeed in what they are trying to accomplish with permission based or industry specific blockchains and eventually try to outlaw Bitcoin? And is it a good idea for the digital currency community to start to diversify and support other various types of digital currencies therefore creating variety, healthy competition, would it take some pressure off of Bitcoin as the target of choice by the centralized bankers and corporatocracy?

[aantonop]

Hello Andreas. It seems to me that the current state of affairs is that the places in the world that had seen the most bitcoin awareness (North America and Europe) are the ones who probably need it less. I know you've traveled a lot, so have you seen anything that caught your attention? Is the currency being used in some part of the world more than you expected?

I expected bitcoin to start getting big in countries that combine a need for such technology with a basic level of cellular infrastructure, english-speaking population (because most of the docs and apps are english) and literacy. The prime example of that is the Philippines and I think we're now seeing a surge in interest and use there, as well as several startups offering liquidity and remittances.

Much of the major 20th and 21st century technology development came from the west. However, just like autos, telephones, Internet and cellphones, over time these technologies have a much bigger impact around the world. Some types of technology that do not require a lot of infrastructure investment (eg. cellphones) cause a leapfrog effect where adoption spikes in remote rural and under-developed regions of the world. I expect the same will happen with bitcoin eventually. It will take years, perhaps more than a decade or two, but it will happen in some form or other.

[aantonop]

Do you think spending bitcoins on goods/services is important (as opposed to buy & hold / speculation) and what can we do to increase that spending in the community?

Is it important for brick/mortar merchants to accept bitcoin, or should we leave them be and focus on online only?

We should focus on online products and services across national borders - that's the sweet spot for bitcoin. Brick and Mortar merchant commerce with bitcoin only works if you achieve high-density of supply and high-density of demand simultaneously (buyers and sellers). This is very hard to achieve when adoption is not concentrated geographically and when the density of adoption is still low. Debit cards work better at that level than bitcoin, so unless we're looking at areas where debit cards aren't available, this is not going to be an easy path for bitcoin. But for cross-border sales of virtual goods and services, bitcoin is perfect. That market alone is hundreds of billions of dollars.

[aantonop]

Hi Andreas,

Thank you for doing this AMA!

Can you speak to the recent price spike and speculate or offer any expertise on why you think the rise happened, and why it came back down, so quickly? Some media obviously pointed to ponzi's (the MMM scheme), some said it was due to China capital control evasions, some say just due to overall interest gaining momentum, but, nobody really knows. I'm just curious on what your take is?

Thanks in advance!

Bitcoin's price is a chaotic system that reflects thousands of inputs in a way that no one can predict. Providing root-cause analysis of price movements is a fool's game. It is neither verifiable, nor predictive and therefore it is not science but mysticism.

Bitcoin's market cap is tiny and it operates globally on a 24/7 basis. That makes for a sentiment-driven, high-volatility price. It will continue to be volatile until it is much much bigger and has very well developed derivatives markets.