Bitcoin Q&A: Reflections on the last five years

Bitcoin Q&A: Reflections on the last five years

What is the most significant thing you’ve changed your mind on with respect to cryptocurrencies in the last five years? Making predictions with certainty in a new and fast-paced industry; under-estimating the resilience of Bitcoin; the social attack / argument surface.

If you were to make one change to Bitcoin, what would it be? I would like to see more implementations of privacy features, which is already happening. However, no one person gets to make changes to Bitcoin. There is not much else I would change in the original design; I think it would be hubris even for me to say I can do it better. There has been a “next Bitcoin” that fixed supposed fatal flaws ever year since the beginning of Bitcoin, but none have superseded its design choices aimed at security, censorship resistance, and decentralisation. (And no, market capitalisation is not a great measurement for comparison.)

This is a question from the patron-only live Q&A which took place on February 24th 2018. If you want early-access to talks and a chance to participate in the monthly live Q&As with Andreas, become a patron:

Money as a System-of-Control –
Blockchain vs. Bullshit –
Investing in Education Instead of Speculation –
Decentralised exchanges and counterparty risk –
Fungibility, privacy, anonymity –
Altcoins and the scaling debate –
Do altcoins threaten to replace bitcoin? –
The Scaling Rites of Passage –
Scaling, trust, and trade-offs –
Scaling complex systems –
Governance trade-offs in decentralised systems –
Governance and the transaction fee market –
Unstoppable code –
We all started as critics –
Why running a node is important –
Altcoins and specialisation –
The new experimental science of consensus algorithms –
Security in proof-of-work vs. proof-of-stake –
Proof-of-Work (PoW), Proof-of-Stake (PoS), Delegated Proof-of-Stake (DPoS) –
Directed acyclic graphs (DAGs) and IOTA –
Consensus with decentralized oracles and real-world variables –
Intrinsic vs. extrinsic assets –
What is mining? –
Energy consumption –
Solar energy and mining in space –
What is the biggest threat? –
Immutability and Proof-of-Work: The Planetary Scale Digital Monument –
Bitcoin: “Failing to Scale” –
Ethereum, ICOs, and Rocket Science –
The Lion and the Shark: Divergent Evolution in Cryptocurrency –

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

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.





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Music: “Unbounded” by Orfan (
Outro Graphics: Phneep (
Outro Art: Rock Barcellos (