Bitcoin Q&A: Geopolitics and state-sponsored attacks

Jason has the top-rated question and asks, “What would a state-sponsored attack — technological,
not political or legal — on Bitcoin look like?” “What could be done to defend against it?”
That is a great question, Jason. I think I have talked before about political and legal
attacks on Bitcoin, which are the most viable ones. But what about technological attacks on Bitcoin? The most obvious technological attack is to try
to block traffic and use denial-of-service attacks, flood the network with nodes that provide
fake information, or delay things by clogging up… all available connections on real nodes
[without] relaying transactions [or] blocks. [They could] collect information
[for] various types of analytics. Oh, wait, that [attack] is already happening. [They could use] specific types of attacks [such as]
packet inspection, looking at internet traffic and trying… to determine [what is] Bitcoin-related
and then trying to block that traffic. All of these technological attacks have,
and will, [lead to] various countermeasures. If the network is under attack like that, there [are]
a number of things developers, node operators, and miners can do to diminish
the capabilities [of] that attack. Attacks are only going to spur on the deployment of
countermeasures, to strengthen the infrastructure, by making it more resilient to those and related attacks. There are a number ways to get around them, including:
the use of Tor (which is ‘The Onion Routing’ network), encrypted communications between peers (which was introduced with BIP-150
and BIP-151 by Jonas Schnelli [in 2016]), and various obfuscation and stealth techniques
in addition to Tor, to make traffic harder to analyse, [such as] filler traffic where packets are
transmitted whether or not a transaction exists. [That way,] you can’t do traffic analysis [as easily] on it. [Also,] the use of alternative communication channels, [such as] direct modem connections or
satellite connections between important nodes. A satellite broadcast — like a project
that Blockstream has been working on… which allows your nodes to receive the
blocks and transactions from satellites, in addition to network connectivity — or
even private satellite channels for miners. Direct satellite connections have a bit of latency,
but if you are being blocked that is a price worth paying. For the various denial-of-service attacks, [there could be]
forms of node reputation management [in addition to]… [what] already exists in Bitcoin Core
and other node implementations. In the peer-to-peer layer, if your node doesn’t route
well enough, [relays] invalid transactions or blocks , it will get banned [by other nodes]. [They] will remember its IP address and preferentially
connect to nodes which have been useful and truthful… that are remembered from the past. This means [Bitcoin is] already resistant to the kind of
denial-of-service attack that is most likely to happen. Anonymous asks, “If China required all
miners in their country to join a single… government-controlled mining pool, can
they effectively attack the Bitcoin network?” Yes. They could deny service, re-sequence
transactions, and [block] transactions, but they can’t steal any [bitcoin] that other people own. They can also fork the network, which they can
[already] do anyway. They can bog things down. Of course, if they do that and attack the Bitcoin
network, the Bitcoin network will counter-attack. It will counter-attack in a way that will
effectively not just disarm their attack, but also turn their equipment into worthless electronics,
burning a multi-hundred million dollar infrastructure, [equipment] which wasn’t used for very long
[and must be used to recoup the investment]. Very quickly, there will be a counter attack, which may
vary [from] denying service to Chinese IP addresses, cutting [those nodes] off from the network,
which may or may not be effective to a certain degree. Finally, the [countermeasure as a] nuclear option
is to [change] the proof-of-work algorithm. Who knows? There is so little little advantage
[for someone] to attack the network in that way. It is so expensive to do, with so little advantage.
Right now, China has a unique advantage. They are domestically producing bitcoins, not importing, and that does not require them to export yuan
currency in order [for people] to get those bitcoins… [due to] the [large] presence of miners in their country. Talk about ‘killing the goose that lays the golden
eggs’ [if they tried to attack Bitcoin that way]. No, I don’t think that is a smart strategic move.
Chinese culture is really good at strategy. You don’t stick around for 3,000 years as a culture
without knowing how to work out strategy. Kent says, “Western government pumps bitcoin price.” “Mainstream ‘fear of missing out’ (FOMO) at
pumped prices. Government tanks bitcoin price.” “[Government] acquires BTC from panic selling, causing
short-term [public relations] damage for masses.” “Pros and cons [of this strategy]?”
That is a very expensive way to mess with Bitcoin. Also, the government wouldn’t be the
only one acquiring bitcoin during the panic. There would be at least one other party
(like me) acquiring bitcoin during the panic, as well as [many] other people who have a long-term
perspective on this and are not chasing pumped prices. There are sophisticated investors who
could also use the futures’ market to… make a lot of money on this kind
of very expensive maneuver. Let’s look at some parallels from history. If it was that simple… A lot of people will tell you
that the gold and silver markets are manipulated. I have no doubt about that. I think the gold and
silver markets are manipulated to a great extent, but they still can’t do what you just described here,
this kind of [massive] pump-and-dump. They can [play with] supply and demand for
a long time [with] very big moves in the market, but they can’t do this kind of pump-and-
dump with FOMO-driven price flucuation. It [becomes] very expensive, very quickly,
and it doesn’t really achieve much, if anything. If it worked exactly as you [say], where the government
comes back and buys bitcoin from the panic-selling, those [buys will] drive the price back up. So what do you teach the market? It could
drop, but if it drops, it will come back [up]! If you teach the market that, they won’t
let it drop [like that] in the first place. As soon as it starts dropping, they will be buying
the dip, thinking [the price] will come back [up]. [As a result], the drops become shorter [and smaller]; the
whole pump-and-dump thing [becomes] very expensive. I think people who are really worried about these
[just] don’t understand how markets work. I probably don’t either, but I’m not concerned about
a government manipulating the price to that extent, in a way that is very expensive to them and for
very little return, in terms of the effect [on Bitcoin]. M.J. asks, “Do you think the United States
and the European Union may be forced… to embrace bitcoin [if] smaller nations do it first?” That is a fascinating question. Yes, I think we [will] start seeing more geopolitics play
[out around] this space, [especially] as more nations… try implementing their own cryptocurrencies, often
backed by oil or minerals available in that country. [If they are] using that to bypass sanctions imposed
by one of the superpowers, or to get more sovereignty, connecting [to] the concept of currency
[choice] and security [enabling] sovereignty… [It may be done] first [by] small nations, even rogue
nations and criminals, but then the rest get jealous. [They will think], “Oh, these ‘criminals’ and rogue
states [have] a lot of privacy and sovereignty.” “I’m not a criminal, but I [would like
to have] privacy and sovereignty [too].” That changes the strategic and geopolitical
impact of the whole cryptocurrency space… on the entire monetary system. I think the U.S. and E.U. [will be] forced to reckon… with the fact that, when they squeeze their respective
jurisdictions, there are plenty of other countries… that [will say], “We will take you.” Singapore, Switzerland, and a whole bunch of small
countries that may play to become the next Switzerland, the next Cyprus, the next Singapore, the next Hong Kong,
by [getting involved in cryptocurrencies] geopolitically. I think that [could] put a lot of constraints
on the actions of superpowers. It [disperses some] geopolitical
power, which is as it should be. The next question comes from Nacho. Nacho asks,
“If you were a state actor that was comfortable… carrying $200 trillion in debt and unfunded liabilities,
your ability to print money and run deficits, how would you attack Bitcoin?” “Could you spin up a hundred thousand nodes?
Could you take over consensus in some other way?” “What does the network response
to your most likely attacks look like?” Thank you, Nacho, for that question. Because we are engaged in technology, we assume
the types of attacks this system will face… will be technological attacks. But that doesn’t make a lot of sense [here].
If I am a state actor and want to attack [Bitcoin], I would use technological [attacks]
as the absolute last form of attack. Why would I go and play in the turf of the
other party, [where they] are damn good at it? Most governments are not that good [with] technology. It would be like trying to attack a young person on social
media; they are much better at social media than you. You don’t attack [these] platforms using [technological
attacks], that is not a very good [strategy]. You will lose. It is asymmetric warfare where
[Bitcoin has] a significant advantage. No, I would attack by creating legal uncertainty. How about [forcing you] to file capital gains
[reports] for every single [transaction you make], even if it was [just] for a pack of gum or cup of coffee? Make it impossible to engage in regular commerce. Instead of treating it as a currency, treat it
as a commodity. Oh wait, they already did that. It cost me more in accounting fees than my capital
gains [were worth] in order to do my tax reporting. How about making it legally vague as to
whether you are allowed to hold [bitcoin] or not? How about scaring the middle class
and the mainstream in various ways? How about using propaganda in the media,
[releasing] announcements by “officials” [saying]… this technology can’t be trusted, you will lose your
money, and [bitcoin users] are all criminals anyway? Those [attacks] are much more effective. Finally, how about using paid sock puppets to infiltrate
every public forum and scream [about manipulation]? [How about] creating drama [by] accusing everybody
of being a paid shill of [x] or [y] company? [How about] lying, being fraudsters and scammers? Who [would] want to engage in cryptocurrency when
people in the space seem so nasty and dramatic? Well, most of those people are not in the space. They are trolls who are [creating drama] for fun, or
[they are] paid infiltrators who are doing this as a job. Just recently, we found out that the central bank of
Poland paid a YouTuber about $30,000 to create… a laughably bad, public service announcement type
of video where they [try to] make crypto look bad. A guy takes his girlfriend to a pizzeria, then he tries
to pay with crypto, but he can’t, and so she walks out. It was just ridiculous. Anyway, this kind
of propaganda is definitely happening. If state actors attack a movement, they use infiltration,
surveillance, intimidation, coercion, blackmail, rumors, and drama, which they have done for
every grassroots movement in history. It is naive to think they are not doing it
this time. Why not? Of course they are. State actors [will] not use overt and direct technological
attacks, especially not against technologists, [when they can] use covert, underhanded,
psychological, reputation and sentiment attacks… to attack [the people using] this technology. They are already doing so. “Banksters versus Bitcoin.” Evan asks, “As big banks,
governments, and ruling organisations are threatened… — or should be threatened — by Bitcoin,
eventually they will lose money and power.” “How do you see this big upcoming battle playing out?” It is very difficult to predict how this battle will play out. I’m actually gratified by the fact that, so far, the main
reaction has been to underestimate the threat. There is one advantage here: historically, big incumbent
organizations [have] massively underestimated… the threat of disruptive technologies,
until it is too late to do anything about it. Whether it is Kodak underestimating digital
cameras and [being] steam-rolled by Nokia, which wasn’t even a camera manufacturer,
or car companies underestimating Tesla, or Walmart underestimating
Amazon and online shopping, or Blockbuster underestimating Netflix [and streaming]. Until very late into the competition, you were still
hearing many executives of these companies saying, “We have 100 years of tradition, loyal customers,
the quality and eternal joy of analog film behind us.” “These new technologies cannot
and will not possibly overtake us.” “Nobody will want to shop online.
Nobody can stream videos online.” “People like rewinding VHS cassettes.”
Okay, they never said that one, but still: hubris, dismissive attitudes, and complacency are
characteristics of large incumbent organisations. One of the things that makes me optimistic,
I think they will continue to underestimate Bitcoin. I hope they do for a very long time,
until it is far too late to do anything. Even if they did figure it out and wanted to try
[attacking], they don’t have too many options. They can’t compete against it because the very
architecture of these organizations is centralized. They can compete against decentralized threats. They can’t regulate it out of existence because
regulation is the first thing this technology disrupts. They can’t prevent people from using it;
in the places where it is needed most, people [will be] so desperate to gain financial freedom
that they will break any law put in their [way], risk imprisonment or worse, as we
have seen in places like Venezuela. They can’t intimidate people [into not] using it.
In the end, there is really not much they can do. But still, I’d rather they didn’t
figure that out until a lot later. [AUDIENCE] A related question: in your view, what will be
the geopolitical impact of [cryptocurrencies], especially when it comes to pegged
cryptocurrencies or rogue nations? [ANDREAS] Yes, the geopolitical impact of
[cryptocurrencies will be] absolutely enormous. Over the last fifty years, we have converted money
from being a store of value, medium of exchange, and unit of account, into a system of control
and [a tool] in a global geopolitical game. When you have national money,
or what I call ‘flag money’… Do you remember the old airlines [which]
had a flag on the tail? Those are obsolete. And now it is happening to money. The idea that money becomes a system of control… to play geopolitical games, through embargoes
and currency controls, is a relic of the industrial era. It is being rapidly obsoleted by this technology,
which has radical geopolitical implications. It removes the ability of sovereigns
to control the monetary supply, removes the ability of central banks to take entire
populations hostage on a crazy hyperinflation drive… into disaster, as we are seeing now in Venezuela,
Brazil, Argentina, Cyprus, and Greece, etc. In all of those cases, the initial reaction is to apply
currency controls, to stop the population from fleeing, and keep them all bound into this hostage experiment. That game is over. It is not yet visible; only a tiny sliver
of the population can actually escape the controls. But right now in Venezuela, we are seeing the largest
surge in [the buying and usage] of bitcoin in the world, [due to] their hyperinflation problems. Only a tiny percentage of the population can escape, but what happens when that [increases
to] 10%, 15%, 20%, 25% of the population? The entire hyperinflation experiment goes wrong and
the currency control system is fatally undermined. This has enormous geopolitical implications, yes.
Your initial reaction to this [may be], “We shouldn’t.” “We mustn’t.” “We can’t.” And yet it is [happening].
That is the basis we [must] start with.

100 thoughts on “Bitcoin Q&A: Geopolitics and state-sponsored attacks”

  1. What happens if 2 nodes had LN txn and 1 or both are just cut off from the BTC n/w for a long time(more than your lockin times) by their governments or systen failure?

  2. "But we shouldn't. But we musn't. But we can't… BUT IT IS, and that's the basis we have to start with."

  3. We are so focused on US and their restrictions but isn't the main player Japan? 60% of all Bitcoin were purchased with yens (if the info is correct at all). Also, China seems to be making a huge mistake trying to stop Bitcoin. Their government probably doesn't understand that this is a global cryptocurrency, not some American company trying to rule China.

  4. Thank you for everything you do Andreas. I hope I get the chance to go to one of your events someday, I'd love to shake your hand and buy you a beer man. Keep up the fight dude!

  5. I THINK a better question would be,
    "How is bitcoin preparing for a attack from a state sponsored quantum computing attack, by utilizing there almost unlimited access to VPN, as a state has no limit to there budget, DDOS on a massive scale"

  6. Thanks for the video. What is your opinion on market manipulators, and the media's attacks on cryptocurrency? How can we stop this?

  7. The biggest state-sponsored attacks are through media an social engineering changing the narrative of the definition of cryptocurrency in the eys of friends and family and others…they always win with this strategy…they might even demonize it as far as people looking at you for using it like your a terrorist based on a main stream media call to arms by the sheep who repost it on facebook and otherwise.

  8. Every time I feel scared that my government and banking jihadis are going to fuck us all up I listen to Andreas. After a few minutes a sense of calm falls over me. If only more people would listen to this instead of watching government propaganda on MSM. Thank you Andreas for being such an inspiration in the space!

  9. The BTC attacks to demonise, slow and limit the uptake have so far been overcome by the coin (keeps recovering). This means the resilience test of the asset is increasing every time this scenario occurs. Therefore should the developers also consider "datanise" this as a "resilience scale" which would further instill confidence and maintain stability?

  10. The Sheeple are sooooooooooooo retarded and always say blablabla its a tulip mania. When lightning goes mainstream ( and it will within 2 years) BTC will totally overrun the banking system

  11. Thanks for the fabulous content.
    How do you see the roll of the cryptoATMs in the mid and long term as a getaway for less a computer-native type of person?

  12. How can i buy bitcoin with ease and staying anonymous in america? I cant sell at a btc atm because i have to use my ID… i cant sell on an exchange because i have to present ID… i cant buy any where without ID… i cant escape the tax man.. i cant be free from my country's regulations..

  13. There are no real attacks, even bcash still is living, we have too much useless mining energy and bitmain scam

  14. Much respect to Mr. Andreas. Wouldn't it be cool to send bitcoin into space to use as currency in a space hotel? ?

  15. A few commenting on the poor backgrounds on Andreas's videos. He's not a marketeer, listen to his words, he doesn't need flashy backgrounds.

  16. Since Bitcoin posed a threat to government in most countries due to decentralization, would it possible for them to gang up altogether to ban Bitcoin, e.g. US, Europe, China, Russia, etc? By then what is the fate of Bitcoin?

  17. Wow Andreas, you're looking good brother! Going to have to call you "Slim Jim" =)
    Wish you the very best my friend!

  18. Blockbuster did not underestimate Netflix. They did everything they could do. They litterly send/"throw" a kitchen sink to them

  19. Financial activism dressed up as a get rich quick scheme or get rich quick scheme dressed up as financial activism?

  20. Step 2.
    Get large companies to try to stamp it out, so they can create their own.

    Google…bans ads, searches are manipulated to show all negative pages first.
    Facebook…bans ads.

    Since when have these companies cared if i lost money? They ram ads for stuff we dont need constantly…this is literally how they make money. So its fine to buy chinese crap that doesnt work…but bitcoin is the devil. If they didnt want us to lose money…why put it in a negative light causing market to drop? Hmm.

  21. You need to do more videos. 5-7 minutes, even if you repeat messages like, how to make a wallet or what app to use…

  22. We stand behind you brother;) And hope can only be where more of you step forward from the masses…but they will, the hellenic spirit of freedom is invincible and eternal;)

  23. When counterfeiters buy gold with their fake bills they can alter the public trading price of Old. Most of BTC is purchased with Federal Reserve Notes or it's eqivalent.

  24. Please don't become Roger Ver later on in the future.
    Please stay in Bitcoin for ever.
    And i will promise you that you have Asgardians backup.

    Cuz i am tired of CON ARTISTS !
    Bitcoin dont need Satoshi, but we need thinkers n leaders. And you are one, just don't sell it.!.!


  25. Bitcoin challenges the status quo and threatens the banks. They are definitely trying to scare people from using it.

  26. I'm going to watch the video now. Why don't we organize a cryptocurrency lobby like the NRA for example or many others. We could organize them in different countries. These lobbies would defend our best interests. Sorry if this is a silly question.

  27. Good info as usual. You might consider get a better camera and setting for these reports. PR is very important and many people judge the book by its cover.

  28. Wouldn't it be easy for a financial titan to simply create many accounts and then sell and buy they're own coins back at a lower price thus forcing prices down. They could then also buy any other coins that are being sold by people that are too fearful or desperate to HODL? This seems like a venerability and a very likely and effective attack vector to me!

  29. Hey what is your opinion of usi tech? I feel I lost 90% of my money to them… 0.5 BTC. You think I'll ever see it again? :/

  30. Andreas, thank you so much for finally addressing the manipulation by means of controlling the narrative. I think everyone has greatly underestimated the ease of doing it and that it has already been our biggest problem to date. Not only have they infiltrated the community and created huge amounts of friction but I also believe they do it with all this trading technical analysis BS. Years ago I was your first caller on the Let's Talk Bitcoin podcast. My question to you was, what about the powers that be and how they will manipulate bitcoin. I don't think you fully understood the depth of my concern and the many avenues of manipulation at that time, however it appears you do now. Studying the history of Money, Bankers, Power and the CIA will help people understand the who, how and why of what they do and the great lengths they go to to do it.

  31. The main threat is if governments ban together and issue fedcoin at the same time. One day everyone has fiat, the next day fedcoin (substitute nationally sponsored coin). Everyone is given one month to turn in fiat for fedcoin. Next step: outlaw all non-state crypto. The spineless masses will simply adopt gov options. "Turn in anyone using non-state crypto for fedcoin rewards."

  32. Easy to stop government attacks bc they use back end pizza transaction — simple — plug the sphincter, bruh .

  33. You bring very much needed peace of mind Sir! Thank you.
    But still I am alarmed at the possibility of the government entering this space already from the beginning. In that case they do not even need a technological attack, having back doors all over the place. I found 2 examples: TOR and ZCash.
    1. What to think of Yasha Levine's revelations about TOR?! 2/27/18 He published that he found 2500 documents, obtained through FOIA, that show that TOR is not grassroots, quote:
    …"almost 100% funded by three U.S. national security agencies: the Navy, the State Department and the BBG. Tor (is a) military contractor with its own government contractor number — a privatized extension of the very same government that it claimed to be fighting…

    Do we know more about this Yasha Levine? Is he for real?
    Maybe I missed it, but I did not see any reaction yet in the crypto community.

    2. ZCash. On their site they mention their sponsors – among others – to be:
    – U.S. Defense Advanced Research Projects Agency (DARPA) and the Air Force Research Laboratory (AFRL) under contract FA8750-11-2-0211
    They even state on the same page: "The views expressed are those of the authors and do not reflect the official policy or position of the Department of Defense or the U.S. Government."

  34. What would happen if a government attempted to attack as many mining sites as possible globally – what would be the solution to that problem. Also if they were successful in shutting down the majority, if not all of the large mining sites, will the difficulty to solve the mathematical problems be automatically be reduced to the point where the problems can be quickly solved by personal computers again, like the old days?

  35. Hi. I love your work and your positive contribution to this crazy world. I wrote this on the LTC foundation's channel.
    I just wanted to share here — maybe an idea like this could be useful? Just one well-written, short graphic that the BTC/LTC community can each individually share to their social media channels. It feels to me that we've left the bulk of our audience behind — all of them fearful, uneducated etc.
    See what your people think, anyway. 🙂

    Chris C
    1 hour ago
    Hello there, Dan, Sakura, and Tyler S

    I'm a quiet watcher of all of you — great work, keep it up.
    It seems to me that the crypto sphere has tapped out in terms of its advertising and raising awareness for the folk who want to make a quick buck or to 10x their stockpile.
    Twitter, Google, Youtube — all are banning ads, as we know. Searches for bitcoin and crypto in general are stagnant at best.

    There are guys like Andreas Antonopoulos, and you guys, who work tirelessly trying to raise awareness and to bring money flowing into the market … but what about your collective followers?

    We're not only legion, we're believers in this technology! Right?
    You are building a community — is it time to put the community to work?

    My belief is that the largest untapped audience for crypto are the people who have been fed their knowledge of the space from mainstream (fud inducing) media. John Oliver etc.
    This won't do.
    I imagine that at least 90% of the population believe they have a basic understanding of crypto. And that understanding STILL stands as the public believing we're a bunch of pimps, ho's, Columbian Cartel and tax dodgers. Am I right? Tell me, because I'm just guessing here.

    This huge portion of the population are on the outside of the crypto market because they believe what they think they know about it.

    But, we the ltc (and crypto in general) communities have social media!
    We have twitter, Facebook, Instagram, Pinterest etc.
    Could those channels ban each of us for posting a really smart, thought provoking, powerful graphic/info graphic to our respective pages?

    I figure that the 90% who are currently lost to this market would love nothing more than to see that it's 'regular' folk who occupy this space. People who believe in the blockchain and its inherent implications for society, the world, mankind etc.
    They truly have NO idea who we are and what we stand for.
    So is it possible we educate them?
    Is it possible that we could all pull together as a community and get the word out there?
    Something to spark curiosity? Something to get people thinking?
    Something that shows these lost souls that we, the investors in crypto, are just like them. With hopes and dreams of a better future etc?

    I'm not a marketer, copywriter, or graphic designer — so the graphic I'm posting here I just made in 2 minutes.
    But what if there were graphic designers in this community?
    What if there were copywriters who could write, killer, heart-tugging, brain fizzing copy? You know, all those winning keywords etc?
    If we could come up with something that would have people clicking on regular people's posts …. could this be like a metoo# campaign?
    To get people talking and curious and snuffling around to find out more?
    Imagine it …. your neighbour sees your post, and he's like "Honey, Derek down the road invests in crypto. I always thought he was a nice guy."
    People WILL dig deeper. If only to find out what their previously unassuming neighbour is up to.
    This kinda thing should be shared around all cryptocurrencies. Tron heads, Ripple Nipple's alike.

    Is it a good idea? Or no?
    I really, really, really feel that it's the uneducated (largest portion) of the market that needs to 'got at.'
    And I believe that it's 'regular' folk that could stir the pot.

    Here is my (Completely laughable) graphic idea…. but it's really just to get people thinking …. maybe there are people here who'd like to work together and make something of us.


    Drug Pushers
    Tax Evaders
    Arms Dealers

    WE ARE:
    Regular folk who believe in a better future for humanity.

    10X, To the moon, Lambo — these have all been done, and we've already magnetized (and in all likelihood, lost) this audience.
    It's the people who either know nothing about crypto, or THINK they know something based on whatever's come out of mainstream media.
    The public doesn't know WHO we are. And that needs to change. And I think a grassroots campaign like this might work.

    Obviously, if Tyler S, Dan and Sakura wanted this linked back to the litecoin foundation — then I'd guess there'd have to be some kind of material in place for BRAND NEW adopters. Maybe short instructional type videos that explain the blockchain, what it could change in the world etc. Maybe a short video on how to set yourself up on an exchange etc.
    This would only apply IF you wanted to add the LTC foundation as the source material.
    Otherwise … we could just word it so it just gets people looking and doing their own research.
    Not going to lie though — I think the brand new adopters are the gargantuan slice of the market, so maybe they really should be brought 'home' to the LTC foundation?

    Anyway, not to add to your workload …. really, I just wanted to know what people think of the idea as a whole. 🙂
    If it seems like a good idea to anyone. Run with it. Let's get people interested/fascinated/curious, in a 'regular' people to 'regular' people kinda way 🙂

  36. I was shocked to hear him brush off a Chinese state sponsored attack as not in their best interests… All what libertarians love about Bitcoin is contrary to China's interests. A few billion dollars in lost Bitcoin revenue is meaningless when compared to the threat it poses to the system. Why is nobody talking about this? It seems so plainly ironic that the power to mess with a decentralized network rests in the hands of President for life Xi Jinping. Does that give pause to anyone else??

  37. I believe that all (most) technologies will be forced to adopt blockchian or be passed by their competitors who do.
    My question is:
    When big companies like Google, Facebook, Banks and the government decide to develop their own blockchain and not make partners with existing platforms, or projects, what will this do to the existing crypto currency market? I’m having a hard time wrapping my head around this.

  38. Andreas, we understand your desire to not want to support one crypto over another but how can you even mention bitcoin cash when all hate that community expresses? You said it yourself that bitcoin has a scalability problem which block increase can’t fix if it’s to remain decentralized. Why tell people to use it? We are so confused on your statements. You are an idealist I assume but these two cryptos cannot co-exist. It sets a bad example for future devs that they can just steal the bitcoin name and its worth $. It has to be trademarked. Please explain your thought process on telling people they can use bitcoin cash for onchain transactions? Do you know something we don’t?

  39. It is perceivable that the state function of "printing money" will become obsolete; but what specific implications do you foresee? More defaults? More disintegrated states? What happens if this happens in a nuclear-capable autocracy?

  40. Hi Andreas. Thanks for all your contributions to the Bitcoin community. My question is how can I achieve the maximum possible anonymity using my mobile wallet and hardware wallet. In the past, I purchase a small amount of crypto from coinbace and they have all my personal information. I understand that sending crypto from my coinbace account to my other wallets (as I did) make those addresses completely traceable to me. If I create new addresses from my mobile and hardware wallets and never associate them (via transactions) with my old wallets be enough to achieve anonymity on those addresses? In what extent are tor and VPN necessary?

  41. Bitcoin will most likely grow in the 3rd world first. It will slowly take over small, poor countries that have untrustworthy governments or currencies. I like to make the analogy to the newspaper industry: Bitcoin will exist alongside the major currencies like the US Dollar, Euro, Pound, and Yen in the same way that USA Today exists alongside the NY Times, Wall Street Journal, etc. USA Today serves many small towns and cities universally the same way Bitcoin will serve a mix of countries and purposes.

  42. +aantonop
    Is this for real or just another attack?!

  43. Top and thank you a lot but in the explanation of the Gold & Silver Market you forgot to mention that Goldman & Sachs are selling empty these markets short for decades and the advantage they have is control themselves their Margin Account 😉 sorry for limited english.

  44. If you use TOR to hide sites you may wish to be anonymous on, but the also on another tab use it to login to say Facebook, is everything you do now exposed to that identity? Or is each tab its own?

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