Andreas Antopolous Calls for Compassion, Patience, and Respect

Andreas Antopolous Calls for Compassion, Patience, and Respect

Let’s Talk Bitcoin podcast host, Andreas Antopolous, appeals to the crypto community for patience and kindness in the midst of the disquieting market downturn

The market begun plummeting last week, and people are panicking. Podcast host and Mastering Bitcoin author, Antopolous, gives a level-headed advice to the community.

On a question whether it is the time to sell, Antopolous replies that decisions have to be based on an individual’s situation instead of on ‘authorities’. As for him, he will continue to invest in technical skills and educating those who are interested in blockchain and cryptocurrencies.

The Very Bearish Market

BTC is currently priced at $4,549, down 14.98%. ETH is at $135.54, down 13.84%. Other digital assets are also seeing red. XRP is down 8.39% and LTC is down 15.47%.

Related news

Bitcoin is able to achieve Store of Value over long periods of time, says Andreas Antonopoulos

Andreas Antonopoulos, the author of Mastering Bitcoin and a Bitcoin proponent, spoke about the different stages for the maturity of Bitcoin, in his latest Q&A session on Youtube. He also elucidated on the three fundamental functions of money and its relation with the largest cryptocurrency. Antonopoulos was asked about his view of cryptocurrency in the future, taking into consideration that the current scenario is making Bitcoin money rather than the idea of using it in day-to-day commerce. This was followed by the author stating that the technology has different stages of the maturity, whereas that money has three fundamental function – Store of Value [SoV], Medium of Exchange [MoE] and Unit of Account [UoA]. He said: “[So far, Bitcoin is] able to achieve store of value over long periods of time, with a few asterisks. [Bitcoin is] not very good at doing medium of exchange. The velocity of transactions is not good enough yet. The blockchains [with faster confirmation times] sacrifice decentralization in order to do that. As a result, that is not a sacrifice worth doing. So, we’re not ready.” The author further stated that a Medium of Exchange requires the currency to have much lower fess, more capacity and faster transactions, adding even though these technologies do not exist as of now, they are being built to ensure these optimizations. Antonopoulos went on to say that transaction fees skyrocket and “kill every retail application”, when open blockchains get mainstream attention. He stated: “We [can’t] do little spurts [of scaling] that are required when everybody gets excited about cryptocurrency. So, retail, after dying a dozen times over the last four years, eventually gives up […] We are just not ready for retail. That doesn’t mean we won’t [ever] be ready for retail.” This, to him, is the same as stating that “we are not ready for Facebook or Netflix” in 1992. He stated that if Netflix was launched in 1992, then the internet would have melted down after a person downloads one movie. Additionally, the author stated that the cryptocurrency space will eventually reach that point and that it is just a “matter of maturity” Succeeding this, Antonopoulos elucidated about Unit of Account, which is the last milestone. He said: “Unit of account [will be reached] when people ask you, “How much is a dollar in bitcoin right now?” Where we use cryptocurrency as the measurement of value and don’t always refer to something else. That doesn’t happen [out of nowhere].” Moreover, according to him, the U.S dollar or the Euro do not have an inherent factor that makes it a good unit of account, stating that this is simply a matter of volatility. He stated that people start to price cups of coffee in satoshi, when the volatility is low and when people get comfortable with the units, which, in a sense, makes the cryptocurrency a unit of account. The post Bitcoin is able to achieve Store of Value over long periods of time, says Andreas Antonopoulos appeared first on AMBCrypto.

Why Bitcoin is Not in a Death Spiral, According to Andreas Antonopoulos

Over the past month, many reports about the materialization of a potential “death spiral” on the Bitcoin network were released, leading investors to be concerned about the short-term trend of the dominant cryptocurrency. According to a security expert and cryptocurrency researcher Andreas Antonopoulos, a death spiral is unlikely to happen in Bitcoin. What is a The post Why Bitcoin is Not in a Death Spiral, According to Andreas Antonopoulos appeared first on CCN

Crypto Master Andreas Antonopoulos Speaks About Bitcoin Mining’s Adjustment Difficulty Metric

Well known Bitcoin evangelist and author, Andreas Antonopoulos, recently spoke with members of the cryptoverse regarding the various difficulties involved in mining BTC. Answering public questions via a Youtube Q&A session a few days back, Antonopoulos spoke about the many issues affecting miners today and why a single BTC block is mined every 10 minutes. Elaborating further on the matter, the author said that the 10 minute average has been derived using computational data from the BTC network (that forms blocks every two weeks). Additionally, Andreas also went on to add that: “The rule in Bitcoin is [about] the difficulty of doing the calculation, which is adjusted every two weeks. The average number of blocks in a period of time [will] equal a block about every ten minutes.” More On The Matter When questioned regarding the overall viability of mining BTC in this day and age, Antonopoulos said that due to increasing hash power and energy commitments involved with the entire operation, it is becoming a little more difficult to yield profits effectively when procuring BTC these days. On the matter, he further stated: “Let’s say that instead of 2016 blocks, we had 2217 blocks, or effectively 10% more blocks. The network [would adjust] the difficulty [to be] 10% [more difficult], the same ratio as the [percentage] of extra blocks we had versus the number of blocks we should have. Similarly, if we were 10% short, we would adjust by about 10% in the difficulty target. That calculation happens every two weeks, at exactly the same block, and affects the difficulty of the next block across the entire network [of nodes].” Final Take As many of our readers already know, 2018 has seen Bitcoin face severe market pressure (with the premier bitcoin currently trading at a measly price point of $3,800). However, moving forward, it is being predicted by many experts (including Fundstrat’s Tom Lee and Galaxy Digital’s Mike Novogratz) that within the coming 6-12 months, Bitcoin will once again make a comeback and scale beyond its previous ATH of USD$20,000.
Bitcoin Exchange Guide

Hot news

By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.