“Streaming Money” Keynote: Andreas M. Antonopoulos Says “Bitcoin Is An Incubator For Black Swans”

Andreas M. Antonopoulos delivered this exceptional keynote on “Streaming Money” at the Special Edition of the Bitcoin Wednesday Conference at the Eye Film Museum in Amsterdam on 19 October, 2016.

This presentation is full of gems.  At 49’10” he says, “Bitcoin is an incubator for black swans.”  At 22’45” he explains what happens when we start streaming money, and at 47’40” he reveals what he considers to be some “mind-blowing ideas”.

Some additional highlights:

The reason you will be the new 1 percent is because you took an enormous risk on an untested technology based on a vision you had rather than because your grandfather killed more people than my grandfather.” 33’50”

A chain split is part of Ethereum’s governance model due to its larger attack surface.” 40’50”

Banking as an institution is going to get replaced by banking as an application, and then banking as an open protocol.” 53’40”

The Lightning Network in a Nutshell 8’37”

What Happens When We Start Streaming Money? 22’45”

Bitcoin’s Gini Coefficient 33’40”

Mind-blowing Ideas 47’40”

“This calls for an EFF T-shirt.”  64’05”

 

The following is a detailled index with timing references for all of the subjects covered in this talk.

0’51” 2015 Introduction of a Time Function for Transactions
What Is “Check Lock Time Verify”?

2’30” Managing the Time Dimension of Money

2’50” “Check Sequence Verify” State Channels, Payment Channels, Lightning Network

3’45” Bi-directional Payment Channels Defined

6’23” Routed Network of Payment Channels

8’37” Lightning Network in a Nutshell

9’23” How Fast Can We Process Elliptic Curve Signatures

9’40” Transferring Satoshis in Milliseconds

9’53” QUESTION: In legal terminology this looks like an assignment of claims. So I was wondering what happens when a party does not comply with the terms?

10’10” A Series of IOUs: A Series of Foward-Looking Promises

10’40” A Trustless System of Smart Contracts

10’53” The Lightning Network and Onion Routing

11’25” Increasing Privacy

11’53” QUESTION Is this the basis of smart contracts?

12’01” Multisignature

12’10” Check Sequence Verify

12’15” Hash Lock Time Contracts

12’31” QUESTION Why would an intermediary want to do this?

12’58” Marketplace of Lightning Network Services

13’07” QUESTION: Does this introduce transaction fees?

13’35” Most Likely Fees for a Lightning Network Hub

13`55″ QUESTION: If you use a route that is less costly but has more hops won’t that introduce more settlement costs on the blockchain?

15’00” Without on-chain scaling won’t this push transaction fees away from the miners and therefore compromise Bitcoin’s long-term decentralization and scalability?

15’45” QUESTION: Is it possible that routing between two channels will cause transaction fees to be too high?

16’33” QUESTION: Will Lightning Network be compatible with Bitcoin Unlimited?

16’45” Lightning Network and Ethereum and Other Blockchains

17’33” Changing the Granularity of Time

17’40” Containers of Money and How They Control the Way We Think About Them

18’30” Possible Effect on Salary

19’00” Why Salary Is Paid Monthly

19’15” Banking System Constraints

19’30” Internet Streaming and Consumption

19’49” MP3 Music Disappearing

20’30” Value of Curation

20’40” Why Bad Things Happen When Andreas Hits Shuffle On His Music Playlist

20’50” From Tchaikovsky to Iron Maiden to Justin Bieber

22’00” Streaming Video, Streaming Music

22’45” What happens when we start streaming money?

23’00” Salary Paid Per Minute

24’00” Time Dimension of Money

24’45” “The term cash flow takes on a whole different meaning.”

26’00” Communication Network for Payments

27’00” Streaming Money

28’03” QUESTION: How do you see streaming money for entrepreneurs who are selling goods, not services?

29’40” Just-in-time delivery, Time-based services, Lending, Rotating Credit Accounts and Other Use Cases

30’00” QUESTION: How have you heard anything about anyone integrating the payment right into the media being streamed?

30’24” Streaming.io Video Streaming

32’29” QUESTION: Regarding Bitcoin economics, will the supply of new bitcoins be sufficient for widespread adoption?

33’17” QUESTION: Would that make us the new 1%?

33’40” Gini Coefficient

33’45” Bitcoin is Unequally Distributed

33’50” “The reason you will be the new 1 percent is because you took an enormous risk on an untested technology based on a vision you had rather than because your grandfather killed more people than my grandfather.”

34’20” Blockchains With Higher Velocity Currency

34’40” “Nobody is Going to Bail You Out.”

34’50” QUESTION Will quantum computers be a threat to Bitcoin?

35’00” Newsweek and Dorian Nakamoto

35’40” “Our nuclear weapons are secured by SHA and RSA Cryptography.”

36’21” What happens if we no longer have electricity and the Internet?

36’25” Perspective of Cannibalism. “The least of your problems is going to be I can’t restore my mnemonic BIP 39 seed, it’s going to be, my neighbor wants to eat me.”

36’45” Quantum Cryptography and Quantum Cryptoanalysis

37’08” Cryptography Has A Limited Effective Lifecycle

37’15” Expected Effective Lifespan of SHA-1

37’40” “All the encryption algorithms in Bitcoin can be upgraded, including, if necessary, the mining algorithm, SHA-256…. This is not a problem we have to worry about for 30 years.”

37’55” QUESTION: Will Upgrading the Algorithms Require a Hard Fork?

38’06” Actually the elliptic curve upgrade can happen with a soft fork because of segregated witness.

38’15” QUESTION: Won’t there be a period of time where quantum computing will be very unequal in availability, and in that period of time there be some risks to individuals who will be susceptible to that sort of attacker?

39’00” What Intelligence Agencies and Other Organizations Might Do If They Have This Type of Technology Before Everyone Else

39’30” Enigma Encryption in WW2

40’09” “Bitcoin is not an important target for anyone.”

40’30” QUESTION: Is a Chain Split Considered a Political Failure or Part of the Governance Mechanism of Bitcoin?

40’50” A Chain Split is Part of Ethereum’s Governance Model Due to Its Larger Attack Surface

41’05” Bitcoin’s Conservative Development Model

41’27” Divergence Between Ethereum Modern and Ethereum Classic

41’59” Divergence of Technologies

42’15” Whether the Market Says A Bitcoin Hard Fork is Critical

43’00” What We Mean When We Say Core

43’22” Conspiracy Theories About Core

43’30” Consensus Mechanism of Bitcoin: Committing Money to Choices

45’00” 5 Constituencies of the Consensus Mechanism: Miners, Developers, Merchant Services, Exchange Services, Wallet Designers

45’30” QUESTION: Do investors have to make that choice in case of a hard fork?

45’57” QUESTION: When was the last time you really got excited about something in the way that you think, “I never saw that coming?”

47’35” Scaling Conference in Milan

47’40” “Mind-blowing Ideas”: Showcase of Approaches to Privacy and Scaling

47’52” Covenant Technology: Recursive Constraints and Emin Gün Sirer

48’17” Time-locked UTXOs

48’33” Mimble Wimble : Elliptic Curve Mathematics, Radical Pruning, Extrame Scalability, Extreme Privacy All On One Chain

48’57” Encrypted Tor Link and Voldemort from Harry Potter

49’10 Incubator for Black Swans

49’38” “Tumble Bits, Zero Cash, Segregated Witness are fascinating to me.”

49’59” Innovation Has Been Accelerating for the Last Two Years

50’27” QUESTION: Do you know Professor David Yermack? Will accountants and bankers be out of jobs within 5 years? What is your opinion on smart contracts in this respect?

51’22” What Happens If You Don’t Embrace This Technology or Even Fight It

52’00” “Welcome to the new, exciting world of dumb programs wasn’t a very good marketing term, so we turned it into smart contracts instead.”

52’15” Lawyers who aren’t good programmers might not be good lawyers anymore.

52’28” QUESTION: Is a bank nowadays nothing more than a software company with a banking license?

52’40” QUESTION: Is the conclusion that the biggest threat of the ING Bank was Apple Pay and Google Pay, and now there is Bitcoin behind it?

52’58” The Bad News For Banks

53’10” How Banks Keep Innovation Under Control Through Regulation

53’20” Bitcoin Won’t Follow The Rules

53’37” Transformation of Banking

53’40” “Banking as an institution is going to get replaced by banking as an application, and then banking as an open protocol.”

54’22” Coup Attempt in Turkey: Twitter Beat Mainstream News Organizations by 45 Minutes

55’12” QUESTION: Do you know that we do not have an actual peer-to-peer communications platform yet? The way we hand over control of our messaging to Facebook and Twitter is relentless.

55’24” Decentralized Means of Communication and Messaging

55’33” Decentralization A Powerful Force, The Century of Decentralization

55’42” Mr. Gavin Andresen has said he is convinced that Mr. Craig Wright is the inventor of Bitcoin. Are you convinced of that too?

56’09” “Only bad things can happen if we find out who Satoshi Nakamoto is.”

56’25” QUESTION: Why would Gavin and some others risk their reputation and credibility by participating in that carnival atmosphere?

56’57” Why Con Artists Do Not Target Stupid People

57’40” QUESTION: When maybe only 1 or 2% of lawmakers who will be voting on proposed regulations know so little about the technology what do we have to look forward to?

58’20” Bad Law

59’30” “Bitcoin is a necessity everywhere cash is banned.”

60’10” QUESTION: What about technology that can restrict our ability to run unregulated software that doesn’t run on a trusted platform, like trusted platform modules such as Intel Secure Boot?

60’25” Every single phone in China is jailbroken.

61’40” “Innovation moves to open platforms.”

62’22” QUESTION: How hard is it to steal nuclear codes?

64’05” “This calls for an EFF T-shirt.”

64’30” How Code that is Centrally Managed Slows Down Exposure to Security Improvements – Why Every Microsoft Product Sucks in Security

65’58” Technology has always been an arms race.

66’45” Technological Fascism, Technological Liberalism, Technological Decentralization

67’18” QUESTION: Do you think we’re winning?

 

More background about Mr. Antonopoulos including more video can be found here.

 

 

 

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