VIDEO: Just Released: Andreas Antonopoulous: Bitcoin Q&A: Consumer Protection & Irreversibility: | Crypto 101 - (4 mins) - Super practical resource here today!! (Other videos inside post also)
Andreas M. Antonopoulos is an early pioneer and adopter in the Bitcoin/Crypto space if you have not heard of him. He routinely puts out some of the best information going. He speaks plainly and simply with some humour!
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He travels the world preaching the Bitcoin, Liberty, Crypto and Blockchain gospel and is one of the most well respected lecturers and teachers in the crypto world!
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This resource showed up in my email inbox today, have a watch, share it with those who are learning.
Published on Jun 8, 2017
Irreversible transactions and consumer protection. Why would people want irreversible transactions? Will that slow down adoption? The difference between a system of hard promises which can be softened and a system of soft promises which can't be hardened. We're used to operating in a system of soft promises, where your bank can reverse your transactions whether you ask it to or not.
These blockchain system involve hard promises, but Bitcoin and Ethereum do not guarantee that a payment will happen irreversibly -- it guarantees that the contract within the transaction will be executed irreversibly. If that contract says "Without second thought, send this money to here and never look back," that is the contract which is going to be executed irreversibly. But that's not the only contract you can put in there. Options: 30-day refund payments, third-party escrows, reintroducing counter-party risk. The difference is that the owner of the money is the only one who can reintroduce those constraints.
It is an irreversible guarantee that the wishes you expressed as a consumer within your transaction script will get executed, simulating all of the softness that you want. Right now it's too difficult to do those scripts, but that's an engineering problem just a few rounds of incremental innovation away. We can offer more robust, more predictable guarantees for consumer protection than any system of soft promises. There will be bugs, but you iterate through the bugs.
This is part of a talk which took place on September 18th 2016 at the Silicon Valley Ethereum meetup in Mountain View, California: https://www.meetup.com/EthereumSilico...
RELATED:
Beyond National Money - Zurich March 2016 -
--
He travels the world preaching the Bitcoin, Liberty, Crypto and Blockchain gospel and is one of the most well respected lecturers and teachers in the crypto world!
--
This resource showed up in my email inbox today, have a watch, share it with those who are learning.
Published on Jun 8, 2017
Irreversible transactions and consumer protection. Why would people want irreversible transactions? Will that slow down adoption? The difference between a system of hard promises which can be softened and a system of soft promises which can't be hardened. We're used to operating in a system of soft promises, where your bank can reverse your transactions whether you ask it to or not.
These blockchain system involve hard promises, but Bitcoin and Ethereum do not guarantee that a payment will happen irreversibly -- it guarantees that the contract within the transaction will be executed irreversibly. If that contract says "Without second thought, send this money to here and never look back," that is the contract which is going to be executed irreversibly. But that's not the only contract you can put in there. Options: 30-day refund payments, third-party escrows, reintroducing counter-party risk. The difference is that the owner of the money is the only one who can reintroduce those constraints.
It is an irreversible guarantee that the wishes you expressed as a consumer within your transaction script will get executed, simulating all of the softness that you want. Right now it's too difficult to do those scripts, but that's an engineering problem just a few rounds of incremental innovation away. We can offer more robust, more predictable guarantees for consumer protection than any system of soft promises. There will be bugs, but you iterate through the bugs.
This is part of a talk which took place on September 18th 2016 at the Silicon Valley Ethereum meetup in Mountain View, California: https://www.meetup.com/EthereumSilico...
RELATED:
Beyond National Money - Zurich March 2016 -
The oxymoron of national blockchains -
A voluntary alternative to mandatory currencies -
Can cryptocurrencies support terrorism? -
Why we should resist financial surveillance -
Bitcoin and Blockchain in Norway -
The Stories We Tell About Money -
Fake News, Fake Money -
Blockchain vs. Bullshit: Thoughts on the Future of Money -
Bitcoin and the Banks - Five Stages of Grief -
How do banks react to Bitcoin? The Five Stages of Grief -
Why Bitcoin is the poison pill of global finance -
How will the currency war affect companies? -
Andreas M. Antonopoulos is a technologist and serial entrepreneur who has become one of the most well-known and well-respected figures in bitcoin.
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Follow on Twitter: @aantonop https://twitter.com/aantonop
Website: https://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: https://www.amazon.co.uk/Internet-Mon...
MASTERING BITCOIN: https://www.amazon.co.uk/Mastering-Bi...
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Please note -- I will have limited internet access for awhile -- so PLEASE do not be upset that I cannot reply right away, or to everyone. I am dealing with some changes, and will have limited time online and will be happy if I get a few blog posts up a week.
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Follow on Twitter: @aantonop https://twitter.com/aantonop
Website: https://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: https://www.amazon.co.uk/Internet-Mon...
MASTERING BITCOIN: https://www.amazon.co.uk/Mastering-Bi...
Thanks for reading, have a nice day.
If you liked this blog post - please Resteem it and share good content with others!
--
Some of my recent blogs:
--
If you feel my posts are undervalued or you want to donate to tip me - I would appreciate it very much.
--
Bitcoin (BTC) - 18J6RRuzX4V7b2CDbx7tWZYNBLkkGWsvWX
Ethereum (ETH) - 0x3Ad69Ff057C9533ca667B2d7E3E557F5eeFd4477
Ethereum Classic (ETC) - 0x5ab2b08d4ce8d454eb9d1ecc65c6d8b0c5f9784c
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Great post...thank you for sharing with us
Soon crypto currency dominates the world
Andreas is my favorite crypto educator.
This Bitcoin guru is giving conventions all around the world and he amazes me every single time. He is one of the persons that made me believe that the digital realm is going to happen wether you like it or not.
In 2014 he is saying stuff what will happen in the future and what is happening right now. (see the 11th movie in this post '5stages of grief')
He is telling about the 5 stages of grief.
When he was giving this convention, we were in stage 1/2 at that time.
Now we are in 3 and slowly entering stage 4.
He is giving me new thoughts of how the future will be.
A new digital economy that will have a greater impact then the internet itself.
Big changes will come, like poor people with almost no money to open a bank account and can finally be a bank of themselves by simply downloading a free app on their smartphone.