March Q&A – $7B Bitcoin Takeover, Taproot, Bitcoin Energy Consumption, NFT, LN Wallets + More [2021]

March Q&A - $7B Bitcoin Takeover, Taproot, Bitcoin Energy Consumption, NFT, LN Wallets + More [2021] thumbnail

Jeff Brown The Near Future Report

Looking for an entertaining, trustworthy, unbiased opinion on bitcoin and open blockchains? This is the place. You can see the timestamps and find the questions that interest you the most.

0: 00: 00 Pre-show banner
0: 03: 46 In a debate between A. Pompliano and M. Green, Green argued that a bad actor with $7bn can bring bitcoin down by DOS-ing it with empty blocks. What truth does Mr. Green’s message communicate? Would a nation attempt such a move, if at all? [Attila]
0: 11: 58 How can I create a 24 word seed that adheres to the BIP-39 standard, ideally with a passphrase, so that it can be imported to the most amount of wallets as possible? [Winst0nOBoogie]
0: 18: 25 If I keep generating new addresses on my bitcoin wallet without using those and finally deposit bitcoin on one after many unused ones, could it be that regenerating the wallet with my seed will show zero bitcoin balance in this wallet?
0: 26: 26 Do 21 quadrillion satoshi provide enough granularity for global adoption of 7 billion people using bitcoin? Is the Bitcoin protocol able to further subdivide bitcoin sats? In ants is short for the antonopoulos units, e.g. 1/100,000 of a sat)? [Peter]
0: 30: 58 I’m a bit fearful of running a LN wallet on my phone since the app or my phone are not always on. However, running a node from my desktop at home on my mobile phone is cumbersome and not practical. Can I create a combination that my phone controls? [pyrrhos]
0: 34: 44 How can we contribute to Mastering the Lightning Network by providing translations to other languages? I looked briefly in GitHub, but couldn’t find any reference. [Giovanni]
0: 37: 35 Is there an upper bound to the lifetime of a Lightning channel? It could I keep it open for ever? [Giovanni]
0: 41: 35 Hello dear Andreas, People here in MTL are very obsessed by Bitcoin’s over-consumption of energy, in regards of climate change. Do you think it would be wrong to tell them that Bitcoin’s noninflationary policy will help save the world? [Guillaume]
0: 45: 20 Why not give up Proof of Work altogether and use only Proof of Stake?
0: 47: 50 How do mining pools work? How are the rewards split by miners? How can a participant verify that they are contributing to a given hashrate? What prevents a pool miner from being selfish if they find a good nonce? [Giovanni]
0: 53: 04 What hobbies do you have besides crypto? [Patata frites]
0: 54: 12 What do you think about the fast track plan for Taproot?
1: 00: 02 How do I know my btc, eth, and especially the lesser known altcoins are real? This is the correct blockchain. [Stefan]
1: 02: 03 In a recent speaking of bitcoin episode you defined the identity problem as “one of the Holy Grails of computer science”. Could you expand on this? [Mattia]
1: 09: 33 How would you explain Bitcoin (capital B) to an 11 year old?
1: 10: 42 Should we try to attack bitcoin?
1: 11: 25 Bitcoin or Bitcoins?! [Mat G]
1: 12: 40 Are you concerned at all about the idea of fractional Bitcoining?
1: 14: 00 With the renewed interest in Non Fungible Tokens will I be able to trade my digital cats for a Lamborghini? [What Was I Thinking?]
1: 14: 48 How does transaction broadcasting work? Is it technically possible to send network traffic to a destination other than the one you are sending?
1: 16: 44 Are modern legal systems equipped to solve disputes involving bitcoin, especially its more technical elements? [Demosthenes]
1: 18: 52 Let’s say I broadcast a transaction with a 1sat/byte fee without the RBF flag. What happens if I pay a higher fee for the same input? What happens if the second transaction is confirmed and the first one becomes invalid? [Giovanni]
1: 23: 26 Regarding scalability and complexity: it seems there is a difference in philosophy between Ethereum (more bandwidth with side-chains) and Bitcoin (going off-chain with Lightning and RGB for layer 3). These are some of the differences. [yuto]
1: 27: 07 Can a smart contract on a blockchain execute a transaction of a coin of other blockchain? e.g. A smart contract on Ethereum that executes a bitcoin transaction. [Gabriel from Brazil]
1: 28: 35 What happens to my wallet if I add a passphrase to my seed after adding funds?
1: 32: 07 Down the Rabbit Hole: What is an NFT?
1: 38: 50 What are the biggest engineering challenges for the Lightning Network? [Giovanni]
1: 43: 40 Can NFT’s expire?
1: 45: 56 Kevin O’Leary discussed on CNBC that virgin coins may be sold at a premium, what do you think about virgin coins & does this destroy fungibility? [varounsvlogs] Last month’s livestream: A

BECOME a Patreon Community Builder: p
JOIN this YouTube channel: e
Subscribe to this YouTube channel. Andreas isn’t promoting any company or organization. He’s paid by the community (people that support this work via Patreon and YouTube). He provides an objective look at open-blockchain technologies, what they can offer our societies and how you can get involved. m