How Your Bitcoin Can Suddenly Disappear (Network Partition)

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Информация о How Your Bitcoin Can Suddenly Disappear (Network Partition)

Название	:	How Your Bitcoin Can Suddenly Disappear (Network Partition)
Продолжительность	:	13.00
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WARNING: There are a number of scammers who are using my image andbrchannel name to try to connect with my viewers on WhatsApp and otherbrplatforms to scam them Just so you know, I will never refer you tobr"my personal trader" or try to connect with you personally to sell youbrsomething I am trying to ban these scammers as quickly as they pop up You canbralways recognize a scammer by clicking on the image and seeing howbrmany videos he has All of these guys have zero videos, while I havebrhundreds I also now have a checkmark next to my name, so that you can distinguish the real Trader University from the imposters
Comment from : Bitcoin University

Elegantly said, thoughtful analysis
Comment from : SOURCE CREATOR

$Dero fixes network partition issues!brbrIt's a block dag structure so transactions resolve at per transaction level
Comment from : Scott Vigil

ThanQ for such a detailed report brExcellent content as usual
Comment from : GhQsT

I don't compare any other asset to Bitcoin, cause there is no comparison to be made Those alt protocols are designed for different uses, so comparing them to BTC is really just counterintuitive
Comment from : GhQsT

#FireTheFed
Comment from : GhQsT

#Bitcoin is still the most honest monetary system ever created
Comment from : GhQsT

#Bitcoin verifies itself
Comment from : GhQsT

You should really go into a bit more detail about the chainwork algorithm The longest chain is not the one with the most blocks, but the one estimated to have taken the most hashes to create based on the difficulty level So a chain with less blocks will actually win if more hashrate was dumped into it If It did not work like this, you could have a weaker network defeat a stronger one by lowering the difficulty level
Comment from : Sean Shubin

If i was a hedge fund manager why would i invest into BTC, when said asset has lost over 35 of it's value in a matter of months? Can you honestly keep pumping the narrative that BTC is a store of value? What exactly can BTC do apart from being a 'store of value'?it has nothing to offer like so many innovative Layer 1's and 2's which are actually developing and implementing life changing technology, while BTC just trundles along like an old grandfather with false teeth falling out all the time
Comment from : Ether_Lana

I would recommend the “lesser hash network” miners do not stop mining, in the event that the “larger hash network” is nefariousbrbrWe need as many honest miners competing as possible in any event brbrRecommending they turn off their ASICs forfeits their only defense to the “larger hash network” brbrNodes could change consensus away from the “larger hash network” in extreme events
Comment from : Gregory Doyle

Love this content, this is amazing!!
Comment from : Firman Hanif

Matthew enjoy your content as always, but why does BTC keep dumping heavily on slightest bad news (eg fed minutes) and almost never pump on good news (EL Salvador, MSTR, taproot etc) ? I know we are supposed to be in bitcoin long term but the constant selling dumping is starting to take its toll Not even sure we may see past 50k let alone 100k this year Not a good look for BTC esp wider public and institutions or those like myself who bought at ATH
Comment from : Martin Macdonald

I like you content What do you think about Litecoin? I’m no expert on crypto but what I’ve gathered is that Litecoin is very similar to Bitcoin but and with faster transaction rate
Comment from : Jose Rivera

The real treat would be a Chinese firewall with some kind of packet sniffer I know mining is down in China, but if there were blocks mined in China with peekaboo problems
Comment from : Caesars7Hills

Blockstream satellite
Comment from : Chuck

A long enough partition can just fork the network and the side with the lower hash rate can still exchange their bastard coins (at probably a much lower price) while keeping holding their main chain bitcoin Kind of like trading your bitcoincash if bitcoin is down (I would never buy BCH but I have some from when it forked in a similar situation)
Comment from : Alex Leach

Satt phone is direct, no need for internet!!
Comment from : MARLO TREE

Very insightful, thank you
Comment from : j bloggs

How would you know if you are partitioned or not? How sure are you that you are not in that other network partition already?
Comment from : Mayou Martin Tampo

We need starlink!
Comment from : B R

Bitcoin is a failure Bitcoin mining in Kazakhstan is leading to power shortages Which caused the government to raise prices Which is now sparking riots Expect it to be banned there soon
Comment from : DJM

this is FUD!
Comment from : Rhaenen Targaryen

If this happens we’d probably be having other more disastrous problems as well
Comment from : Black Freud

It just disappeared
Comment from : cultured ape

Starlink just solved this problem in a very cheap way
Comment from : brberis

6:48 The fact that many viewers were "very disturbed" to learn that bitcoin is not literally iperfect/i tells you everything you need to know about the state of bitcoin mania at the moment
Comment from : Griffith FK

If partition happens, wouldn't that affect the price of bitcoin in those two partitions? Eurasia may be 30k and Americas may be 50k or so
Comment from : KBoy

Present
Comment from : Asmar Bilal Sr

Very interesting Thank you
Comment from : Brick Lawson

Comment from : Kristapennn on telegrqm

How to make your dollars disappear? Be a Bitcoin HODLer We're now almost 2 months into the bears gleefully and very profitably shorting every BTC rally BTC dives when the SPY tanks, but doesn't rally when the SPY soars The smart money never bought into the $100-200k year end fantasy They sold while channels like this one encouraged everyone to buy in the 50s and 60s BTC's SOV narrative fails when it loses over a third of its value in less than 2 months
Comment from : Rammski

How to make your dollars disappear? Be a Bitcoin HODLer We're now almost 2 months into the bears gleefully and very profitably shorting every BTC rally BTC dives when the SPY tanks, but doesn't rally when the SPY soars The smart money never bought into the $100-200k year end fantasy They sold while channels like this one encouraged everyone to buy in the 50s and 60s BTC's SOV narrative fails when it loses over a third of its value in less than 2 months
Comment from : Dispki Dkzuku

Algo
Comment from : Nice shirt

You demonstrate and articulate the problems with altcoins and their respective founders very well most of the time However, with Vitalik, you sometimes move into ad hominem attack territory, and when you do so, your remarks immediately lose their emphasis Look, I agree with your criticisms of Vitalik's vision of a "decentralized" monetary system, but you've repeatedly made fun of how he carries a cat purse (which he may or may not; I don't give a damn either way) and other aspects of his apparent personal appearance As someone with a PhD in English, you know better than most that by irrelevantly criticizing his appearance, fashion sense, or other irrelevant aspects of his individuality, you inadvertently weaken your own argument
Comment from : das boot

Interesting video as always - thanks!brI got a (maybe) interesting question: Are freshly mined Bitcoins (theoretically) worth more than "dirty Bitcoins" from ie weapon deals ?
Comment from : XCHNG

Markets crashing
Comment from : Will Tomorrow

I appreciate the black background!
Comment from : NGU Technology

Do you not invest in any other crypto apart from BTC?
Comment from : S M

Would it be feasible to mine a block on Mars? Please expand this thought experiment
Comment from : Über

Thanks Matthew, I appreciate the honest analysis If there was some global catastrophe causing this situation this is probably the least of our problems It does leave the door open for shenanigans by bad actors on the smaller partition to sell BTC, or buy things with BTC, that they know will come back to them after the network is restored
Comment from : Eighty Sea

3:40 Australia: Am I a joke to you? br:))
Comment from : Nenad Matic

Cat hiking hahaha 👍🇬🇧
Comment from : SupaMat

Ethereum is created by a Russian person, pre-mined, ignoring Code is law, lots of VC……
Comment from : 东北爷俩儿

Aren't big mining companies more efficient? So overtime they will outcompete everybody and become majority of hash rate?
Comment from : Morteza Habibpour

If the Bitcoin received by the car dealer are evaporated because of a partition, and being on the losing side brbrWhat about, if the transaction is reversed and sent back to the mempool, isn't the the car dealer going to receive his Bitcoin later, after the transaction has been mined again and thus added to the (longer) blockchain again?
Comment from : Zack Highland

"cat purse" LOL ;)
Comment from : Sachin

I used to enjoy your channel
Comment from : Bill Johns

Good morning, thx Mat I didnt even know fiber optic cables were ran thru oceans cross continental, incredible Do you consider FATF’s interests a great enough threat to btc to slow down its adoption significantly? Kinda vague but does the FATF alarm you?
Comment from : Adrenaline

What happens if the connectivity is thought satellite maybe the rule will be same that miners which are participating in majority of higher hash rate pool will get the benefit as they have more hash power
Comment from : Devesh Kukku

Who isn't subscribed? lol come on
Comment from : Brennen Farrell

Critical thinking that includes all plausible scenarios, not only the rosy ones, is what bulletproofs a project
Comment from : Anaestereo

This is why I like your content You really do point out weaknesses of the protocol rather than just emphasizing the strengths As others have pointed out, it seems that with Starlink, Blockstream, etc there would (*in theory*) still would not likely be a network partition even if all hard connections were severed EMP, asteroid strike and other events aside, I don't see the alternative As an aside I haven't heard you (or anyone that I can remember) comment on the symbolism in El Salvador (ie what that translates to) being the first country to adopt BTC as currency and the implications thereof Not to be sacrilegious but just an observation It might be that this only becomes apparent in retrospect and to be recognized by future generations I supposethat the action of this little country turns out to be saving for all
Comment from : Meets Criteria

How would we know if a network partition is happening?
Comment from : Fernando Zahonero

Thanks
Comment from : Fernando Zahonero

The citizens of Mars had always wanted to be able to return home and be able to spend their money there just as they did on Mars without having to exchange it for some earthbound currencybrHowever, after the rebels nuked their one remaining Bitcoin satellite interplanetary node station, they knew they couldn't hodl forever and therefore eventually had to give up hope of ever financially reintegrating with their home planet and instead opted to implement the spice-trade system based on trading on a sort of interplanetary darknet market
Comment from : Stash Oatey Mak-a-Noto

Wouldn't satellite internet (like starlink) or peer to peer internet like Helium avoid this scenario?
Comment from : Aref Moin

Unique content as always ! Keep it up Mat, all others are the same, but you Really appreciated !
Comment from : Preslav Iliev

Does the American contitent really have more hash power??? Is this because it became illegal in China? I always knew the US had only like 12 or 20 of the bitcoin has power and expected middle and south America to have less?
Comment from : Stepper

Hi Matthew, I've been listening to you for a while now, I appreciate your efforts Been dabbling in bitcoin since 2013 but never really committed for various reasonsbr How would bitcoin fare with the current magnetic pole reversal we're currently going through? br Reaching maximum effects in 2 or 3 years? Seems this will be the big one to change life on earth as we know itbrSuspicious observer channel seems to be diligently assessing all the information if you're interestedbrI've got to say, the more I consider it's ramifications, the more the world's nonsensical actions & notions make sense brIt would seem there has been a scramble to prepare for this behind closed doors for quite some time now brAll the missing money, debt mountain & distractions has most likely been poured into subterranean projects and other human survival insurance's brSounds a bit out there I'm sure but I'm interested in how bitcoin would fare in this scenario
Comment from : Rick Knight

Moral of the story - never be seen or get photographed in public with your cat purse Mr Kratter will be onto you quicker than Vitalik can say “Ethereum 20 is just around the corner”
Comment from : Andy Aungthwin

Satellite internet won't allow this to happen
Comment from : B T

I'm digging the dark mode appearance for your text It's much easier on my eyes
Comment from : Average Metal Drummer

If Satoshi were to reappear tomorrow (and convince us that he is the real deal by eg moving some of the "pre-mine"), would he still be powerless to corrupt the network if he were inclined to do so ?
Comment from : yiguanas812

Hey Mathew what would you say the flaws of Bitcoin is?
Comment from : Malcador Sigilite

I like cats🤔
Comment from : NappyWayz

Gold wins in this situationbrbrbrTurn off the Mining Gold still works
Comment from : Ddlj Ddlj

Fantastic thought experiment! Thank you matt
Comment from : Dread Pirate Roberts

Subscribe and like Video scenario causes brain cell growth Know what you own
Comment from : p00ka64

Problem is when y v BTC on cold storage you can't short it or sell it bcs all hodlhodl and others don't have connections to banks outside USA or EU or PH brWhat's your advice?brThks for your timebrBrgds
Comment from : baba

what will happen to lightning wallet transactions during the network partition?
Comment from : shashidhar reddy

In that case the Starlink will become the bitcoin link
Comment from : GR Joe

Great videos as always
Comment from : David Fenererer

It's important to remember that this is one of the reasons that the block stream satellites are up there There was some talk about this back in 2018, when the Russians were attempting a sequester experiment I actually wrote a paper on it and posted on steem it -- but steem it being what it is, I can't find it any longer
Comment from : Inside The Fire

Not a US resident, but recognise that what happens there is the main influencer of crypto prices I'm a committed long-term Hodler wondering what's been holding back BTC Could it be that retail traders are selling heavily because many of them are feeling the pinch caused by inflation, plus paying off taxes and various debts incurred by seasonal factors?
Comment from : colibri49

My New Years resolution: Unsubscribe right hand {click]
Comment from : Bob Gracia

Please explain how there can be internet active in multiple locations of the world but BTC nodes are not able to communicate with one another?
Comment from : Kodi Dude

Wouldn't satellites be able to keep both block chains together even without the transocean cables? 🤔
Comment from : Ian Baunoch

If that network went down stock markets etc would crash It's trans-oceanic and multi threaded for redundancy Satellites are also redundant Nothing short of WW3 would interfere
Comment from : Doe Joe

What if China is secretly mining bitcoin on a closed network with more hashpower than the known network? Could they reconnect and cause financial chaos?
Comment from : Patrick Reynolds

Couldn't those blockstream satellites be a way to keep the bitcoin miners connected even if the internet was partitioned? I understand they might not be developed enough at this time to do that, but within this decade isn't it a real possibility that they will be functioning well enough to function for an event like this?
Comment from : Ken Miller-Lopez

wouldn’t they mine roughly the same number of blocks since a block is mined every 10 minutes? i know the difficulty would adjust, but not sure how quickly it adjusts for the hypothetical 1 week timeframe
Comment from : Guy VanBuren