Bitcoin Q&A: How to Avoid Re-creating Systems of Control

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What are the implications of blockchain projects that re-create the same financial systems of control that we currently have? Should we use banks for custodial cryptocurrency services? Are there benefits to permissioned, centralised blockchains for supply chain management, digital rights management (DRM), healthcare data, or tokens for senior citizens’ credit? Why is decentralisation of control and minimising trusted third parties in finance is more important? What should we learn from the demonetisation & Gresham's Law in India? Can we achieve our dreams without capitulating on principles?
Chapters
0:00 Do we need to take a step back to go forward, letting the big banks store our cryptocurrency keys?
2:54 You were talking about financial institutions having caused many problems Bitcoin is combating. Curious that, as the blockchain ecosystem matures, these same institutions are hopping on the bandwagon. They are re-creating the same financial instruments, or have ambitions to if they haven't done it yet. I'm curious what you think the implications are, when these guys hop on the bandwagon.
7:46 Why would a company use a permissioned, centralized blockchain to track supply chain procedures? What efficiencies are gained compared to using a traditional database or the cloud?
11:04 Would someone who uploads the hash of a music file on the blockchain prove that he / she is the creator?
12:56 How would a patient holding his private key simplify healthcare record management? How could blockchain-based data be accessed if the patient holding the private keys is in a coma?
14:35 Could a blockchain be implemented to distribute credits to the elderly to pay their rent or for social activities, supposing the credits are validated by certain authorities (priests, social service clerks, etc.)?
These questions are from the MOOC 9.6 session, the June monthly Patreon session, and part of the Denver talk, which took place on March 23rd, June 24th, and August 6th 2018 respectively. Andreas is a teaching fellow with the University of Nicosia. The first course in their Master of Science in Digital Currency degree, DFIN-511: Introduction to Digital Currencies, is offered for free as an open enrollment MOOC course to anyone interested in learning about the fundamental principles.
If you want early-access to talks and a chance to participate in the monthly live Q&As with Andreas, become a patron: / aantonop
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Andreas M. Antonopoulos is a technologist and serial entrepreneur who has become one of the most well-known and respected figures in bitcoin.
Follow on Twitter: @aantonop / aantonop
Website: antonopoulos.com/
He is the author of two books: “Mastering Bitcoin,” published by O’Reilly Media and considered the best technical guide to bitcoin; “The Internet of Money,” a book about why bitcoin matters.
THE INTERNET OF MONEY, v1: www.amazon.co.uk/Internet-Mon...
[NEW] THE INTERNET OF MONEY, v2: www.amazon.com/Internet-Money...
MASTERING BITCOIN: www.amazon.co.uk/Mastering-Bi...
[NEW] MASTERING BITCOIN, 2nd Edition: www.amazon.com/Mastering-Bitc...
Translations of MASTERING BITCOIN: bitcoinbook.info/translations...
Subscribe to the channel to learn more about Bitcoin & open blockchains!
Music: "Unbounded" by Orfan ( / orfan )
Outro Graphics: Phneep (www.phneep.com/)
Outro Art: Rock Barcellos (www.rockincomics.com.br/)
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3 авг 2024

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Комментарии : 45

@kellyslattery8252 5 лет назад

I agree that if the bank has custody it has ownership. There is $0 deposit guarantee here in Australia since February 2018 - therefore any funds held on your behalf are at risk😢

@fredi1356 5 лет назад

Andreas, While I feel getting intensively educated by simply listening to you, I also get a superb entertainment that if I immediately would go to listen to some big producer "comedy" l would feel terribly bored... You are a great educator. THANK YOU ‼️❤️

@Castle3179 5 лет назад

Reputation is a POWERFUL centralizing force! Anyone who makes a system that uses it has to take that into account.

@UnframeofMind 5 лет назад

He who controls the private keys control the money. My 401k provider seemed to think they were going to somehow offer this. I asked them who would have custody of the private keys. "What's that?" said the rep. 😂

@lucasabduch8488 5 лет назад

Really good. Thanks for sharing

@j.martin4096 5 лет назад

Finally something that was not a great question!

@prochay 5 лет назад

Lol! I love this video. Gwan Andreas!

@coezivul 5 лет назад

Love your content! Thank you.

@butterygold 3 года назад

Yes rather counter-intuitive also to have your keys associated with a bank and its KYC policies

@zoidsoft 5 лет назад

As for blockchain combined with health records, Ivan Liljeqvist has said that the "pain point" that is solved has to do with informational siloes. I don't believe that he intended private information to be included unencrypted. But one of the problems with sharing data between institutions is that it's fraught with barriers to sharing information between institutions with which you want to share the data. However, I personally prefer privacy over convenience.

@jacobytnelson4130 5 лет назад

You're the man!

@nion456789 5 лет назад

Smashed the like

@consciouscrypto3090 5 лет назад

I don't understand how your answer to the first question fits with the market manipulation we saw over the last couple days. All the government has to do is steal enough BTC (e.g. Silk Road) then dump when they want to send the market down. All the traditional investment industry has to do is buy enough each time the government dumps (with forewarning of course) or when they successfully seed negative news, and then they gain enough % dominance on exchanges to control the price. Most of the big BTC holders I doubt are even using exchanges to trade BTC, so the prices they pay and volume they transact aren't even being factored in. Right now there is a concerted effort by our government in collusion with your financial industry to funnel people into the stock bubble. They have to beat down precious metals and crypto to succeed, as well as continually pumping money into bonds to reduce yields. I don't see how BTC is insulated from this at all.

@lchowdhury 5 лет назад

You are right, BTC is not clear from danger. Your post was insightful. You helped me connect the dots. Thank you. From my end and risky belief structure (or the gut feeling that this is the best move of my life), I got into crypto knowing that there will be wars of death, hacks, and ransoms for me to see the promised land. Logically, peer to peer currency is the absolute future. It has to be. My main concern will always be the security of holding on to my coins. That is all I really worry about.

@Metaroids 5 лет назад

Regarding the supply chain application. According to IBM, "Blockchain offers a shared ledger that is updated and validated in real time with each network participant. It enables equal visibility of activities and reveals where an asset is at any point in time, who owns it and what condition it’s in" Can anyone rebut this?

@CYI3ERPUNK 5 лет назад

andreas : 'um, no... ' XD ; TLDR =]

@graphicdesignandwebsolutio365 5 лет назад

Blockchain has a much better use case in pharmaceutical, maybe it could help with the opiod crisis, but that's probably too much like right to be thought of in the their industry

@kirkmccosker2430 5 лет назад

@aantonop Is gambling a valid use for blockchain applications?

@xenobob2773 5 лет назад

I dont get it. If you put a hash on the bitcoin blockchain of, say, a digitized mortgage paper - wont that make it unalterable without it being known it was altered?

@joebrannon 5 лет назад

I'm sorry but I still just don't understand, if say the United States made Bitcoin illegal, of what value would Bitcoin be to me here in the United States?

@mpolavieja 5 лет назад

That´s why one of the most needed devlopments is decentralized wallet recovery. Keeping your private keys safe is extremely hard, so a decentralized wallet recovery based on decentralized id is a must for a minimal satisfactory UX.

@123TheArsenal321 5 лет назад

I am not sure I agree for once. I think storing a cold storage wallet at a bank like place with security is necessary if you store the majority of your funds in it. Otherwise you could become a target. If people know that most people store the majoity of their funds in a secure vault or lock-box, they would not attempt to rob. You would still hold your private keys. Still your private key, still your money. The banks have no access to your BTC. Whenever you want to top up, you visit the vault and take spending funds out. Storing 200k worth of BTC at your home is dangerous.

@Tomyb15 5 лет назад

Does Gresham's law mean that bitcoin will never grow to the point that it will be widely accepted by many merchants and businesses, given that bitcoin coexists with a country's official fiat currency?

@aantonop 5 лет назад

Gresham's Law is that "bad money drives out good money." In practice, this means people are more likely to spend or give away their less valuable money first, and hold on to what they perceive as the valuable or "good" money. The more people perceive bitcoin as "good money" and the dollar / other fiat as "bad money," this leads to HODLing. Yes, it impacts merchant adoption at the moment. For the use cases where fiat is unsuitable or even unusable, that is where bitcoin will go first.

@michaelphoenix2501 5 лет назад

I got a man crush on Andres. 😂

@asherdp 5 лет назад

Hashes on a blockchain do not prove ownership, but they could still help in arbitration. In a dispute one could show that they published similar content prior to the offending party. Medical records would also benefit from increased privacy and control over who you reveal data to in a borderless fashion. That's important for immigrants, legal or otherwise.

@pitzpitz161 5 лет назад

All of that is already possible with timestamps on Bitcoin. Also, why would you publish a hash of your medical records? You'd still need to keep the data itself. I don't see any benefit.

@asherdp 5 лет назад

@@pitzpitz161 i agree that it can and should be done with bitcoin. I just find it odd that he's claiming no use case.

@asherdp 5 лет назад

@@pitzpitz161 you might as well ask what is the benefit of a borderless permissionless value exchange system?

@pitzpitz161 5 лет назад

Well, no, it's completely different. I promise I'll answer if you answer first (I asked first). By the way you forgot "decentralized" which is more important than both.

@asherdp 5 лет назад

Sure, ok. From a privacy perspective, there are many reasons you would not want to reveal your medical history to just anyone, let alone governments. For example, DNA records could be used to implicate (sp?) you in a crime, so you don't want them in a centralized database. At the same time, you need them to identify potential illnesses you might have, or to create personalized drugs. Say you are traveling and your device that has all your medical data is stolen or you are unconscious, how do you give healthcare providers the information they need? Perhaps your medical history is split up and encrypted to different keys and only certain combinations of dna markers can unlock them but only by certain public keys that happen to correspond to the network of providers in the area you are traveling to, and only if they pay a bond which which is also covered by your insurance provider. Or maybe it's some other completely different scheme no one's thought of yet. The point is the boundary conditions are set: there is a demand for a thing that doesn't exist yet, and it is up to entrepreneurs to meet that demand.

@KKlHUMYAI 5 лет назад

Imagine you want to withdraw your own money buy why you should request third party to allow it if anyone told me. BANK is secure for Crypto. No It is secure by Crypto system already,

@tianyihai2678 5 лет назад

Any blockchain applications that take data from outside of blockchain are meaningless. As for the party that generates the data, you either trust it, then why not just let it to build a centralized system, or not trust it, then the data getting into the blockchain is not trustworthy.