"Bitcoin isn’t one thing you construct corporations on high of. Bitcoin is one thing you construct economies on high of" – Andreas Antonopolous

Transcribed by me from episode #385 of Let's Talk Bitcoin

Tweetstorm of the highlights: https://twitter.com/Sesame4Bitcoins/status/1087970527887667200

On the subject of various blockchains:

Jonathan Mohan: One in all my favorite folks to speak to about that is Joey from Augur as a result of he tried to construct Augur on high of Bitcoin. They [Bitcoin community] made him really feel like he was the dick for even asking, that he was losing their time. It was only a very poisonous expertise of attempting to work with that group these builders who attempt to construct on high of Bitcoin. He would flip to Ethereum and say, “hey, there's this bug I've that Ethereum can't deal with,” after which every week later Vitalik would simply replace the Ethereum protocol.

Andreas Antonopolous: I feel that's an ideal demonstration of not simply the distinction in philosophy however extra importantly the distinction in utility house. The rationale Bitcoin is, and has been, and continues to be conservatively developed is as a result of its space of specialization is tremendous sturdy, tremendous safe, tremendous deterministic, sound cash, and working in extremely adversarial environments the place you may't anticipate the goodwill and cooperation of anybody. Not the {hardware} distributors, not the miners, not world's governments, not establishments, and in that surroundings it serves some crucial wants that don't exist on the earth in the present day.

To be actually impartial, actually sound international cash, it has to do these issues, and which means you may't have the form of flexibility the place one particular person decides let's add one thing to the protocol with out very rigorously occupied with the entire implications that has down the highway – Bitcoin has specialised in that area.

It's why regardless that I consider we'll have a proliferation of various currencies in the long term, none of these will be capable to successfully compete for the one utility of tremendous safe sturdy sound cash that survives adversarial environments. And for precisely that purpose Ethereum, can't try this, won't ever try this. In truth, if it tries to do [sound money] it might really destroy its different advantages (flexibility). These are two completely different utility areas and you'll't occupy each on the similar time.

Certain, some builders are simply dicks and that has nothing to do with with the underlying concern however a few of that has to do with the truth that Bitcoin needs to be extra conservative with a purpose to serve that utility house. It can't merely undertake adjustments with out considering very very far forward concerning the implications these adjustments can have.

Bitcoin isn't one thing you construct corporations on high of. Bitcoin is one thing you construct economies on high of.

I by no means noticed actually Bitcoin as one thing that you simply construct corporations or apps on high of. The broader cryptocurrency house is enjoying that sport out, and paradoxically, all of these different issues/apps fail to work in the event you shut off the power for them to have a sound, impartial cash that may be exchanged it doesn't matter what, wherever.

Adam B. Levine: In order that form of brings to thoughts one other query, do you may have any previous strongly held convictions relating to Bitcoin or cryptocurrency the place you've modified your thoughts?

Andreas M. Antonopolous: Again in 2015. I believed that we needed to tackle scaling sooner fairly than later, and I made some feedback about that. I supported a tweet that Gavin Andresen made on the time about growing the block measurement and that was a perception that I held strongly. Over the following 12 months, I took a 180 and went within the precise wrong way. The rationale I made a 180 was actually easy: from the very early levels, I believed on this concept that the protocol ossifies over time because it will get embedded in additional gadgets. And as soon as it's ossified, you may't make any adjustments. So I've at all times thought we've got a narrowing window of issues we will change within the core protocol to make enhancements, the completely vital enhancements, earlier than that window shuts, after which you may't make any adjustments.

It's like IPV4 – it's in too many gadgets, you may't even improve it anymore. I consider that's occurring. When the scaling debates began I believed we had a window of about two to a few years. The talk round scaling which become an influence play demonstrated virtually that that window had already closed for a lot of controversial selections. That we couldn't attain consensus, and that the ability wrestle and skill to become profitable in that energy wrestle was already trumping engineering. At that time I noticed that in reality, that window was a lot narrower.

As soon as I noticed that, I additionally understood that there are different extra essential issues that should be carried out first: privateness being an important. And if we've got a slender window, privateness must be carried out within the base layer however scaling could be carried out within the second layer. Subsequently I flipped. I've began believing that privateness was wanted first and scalability may wait till later and largely be carried out on the second layer fairly successfully. I took quite a lot of flack for that, but it surely wasn't arbitrary. It was as a result of the information modified and primarily based on new information a strongly held opinion was price nothing as a result of I needed to revise my understanding of the house.

Jonathan Mohan: I don't assume the enemies of Bitcoin are the Rogers or the Bitcoin Money guys. I feel the true enemies are going to be the exchanges within the itemizing brokers and what they are going to or won't permit to be referred to as Bitcoin when a shopper presses “purchase,” when Bitcoin in the end does have privateness. There's no such factor as personal cash and I feel that everybody says that. Bitcoin must be extra like bodily {dollars}, and I feel that in the event you attempt to promote bodily {dollars} in the present day, you go to jail. I don't know the way authorized Bitcoin might be as soon as it's made personal and additional I don't know to what extent any of the folks we take into account allies just like the Coinbases of the world would in any method help a Bitcoin with privateness in it. I really I feel we're previous the purpose of Bitcoin having privateness, and if a Bitcoin have been to have privateness that it might be some marginalized fork that nobody can get entry to.

I feel so my worry has at all times been: be sure to're constructing SSL not PGP. Cuz virtually everybody makes use of SSL nobody makes use of PGP. I feel we're on the level now the place the information as they're, it's that if Bitcoin have been to turn into actually personal, it might be mainly the PGP of Bitcoin and the one which isn't could be the SSL of Bitcoin.

Andreas Antonopolous: I actually like the truth that the entire privateness developments proper now, particularly issues like taproot and graftroot are literally round obfuscation and believable deniability to provide the exchanges a “see no evil” out of precisely that conundrum. That means that if it seems to be like a fee to a public key and you'll now not inform the distinction between that and a Coinjoin, you're carried out.

Stephanie Murphy: I don't know what the longer term is gonna seem like, and no person is aware of. We will speculate and give it some thought and it's actually enjoyable, however on the finish of the day, none of us can actually even think about it absolutely and we're gonna have to attend and see what occurs, however that’s a part of the thrill. Being conscious that you simply don't know can also be thrilling as a result of you may simply be stunned by what comes out and never attempt to management all the things or plan all the things.

Andreas Antonopolous: I'd wish to take the other perspective, form of extra optimistic. As a result of what what you say is true and that's undoubtedly occurring however the reverse can also be occurring. Which is once I assume that there's an intractable downside or a really exhausting downside that we appear caught on, after which instantly an excellent resolution emerges from nowhere that no person anticipated. That was my expertise with for instance Ethereum. I had not imagined the appliance of good contracts in the best way Ethereum did it when it got here out once I learn that first whitepaper by Vitalik in 2014. I had not seen that coming. Mimble Wimble, Lightning Community, the softfork options in Segwit. There's all of those applied sciences and innovations that got here out of nowhere, there was nothing actually to organize me for the concept that these have been underneath growth or that somebody had considered them, then increase, instantly they're on the on the radar. In order that's additionally one other factor that makes this such an thrilling house: can't predict something apart from it received't be boring.

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