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Telegrams for Guests: Expert Programmer and Bitcoin Developer Jimmy Song (Patreon)

Published:
2021-03-23 21:55:42
Imported:
2021-12

Content

You would be forgiven for not knowing who my next guest is if you are not involved in the technical side of Bitcoin, but if you are - this guest needs no introduction.

Jimmy Song is a well respected programmer, consultant, and lecturer who has directly contributed accepted code to the Bitcoin project and actively trains new programmers to become Bitcoin developers.  This guy is the real deal when it comes to a Bitcoin talk:

https://www.linkedin.com/in/jimmysong

https://jimmysong.medium.com/

The episode will focus on Jimmy's background, a small intro section to Bitcoin, and as many reader mails as we can include discussing the future and technical details of the Bitcoin blockchain.  It is highly unlikely there is a technical question he can't answer - ask anything below!

If your question/comment is well written, insightful, and thoughtful - we just might ask it in the episode!  You have until the end of Thursday US Central time to be considered (~48 hours from now).

Comments

Anonymous

What do you think about the prospect of introducing Rust code to the bitcoin codebase? Thoughts on Rust in general as a bitcoin-core-level language? #RustEvangelismStrikeForce

Anonymous

Maybe you could speak a bit about how someone came up with the bitcoin Idea, and how it had/gained value in the early days?

Anonymous

If you agree that Bitcoin is the "gold" standard for being a holder of value, Litecoin being "silver" by comparison due to increased utility, in your opinion what would be bronze? (can be on a different chain). I feel like once Cardano ADA is fully rolled out this year, that it will have the highest utility of all "alt coins".

Anonymous

Pretty shure this will be a great episode :-) A friend of mine got me interested in mining and we both a rig og 6 280 toxic card mining Litcoins many years ago. To me mining was a fascinating way to heat the house. Could you explain i semi simple terms how cpu, gpu and antminers works differently when it comes to solving these mining puzzles

Greentauros

What does the difficulty curve actually look like over time, does this change based on how many people are mining, or rather based on the increase of computing powers of GPUs? Does there come a point in time where the difficulty curve makes it isn't worth it to mine? Thank you.

ishould

In 15 years do you think you'll be able to order a Big Mac for 99 Satoshis?

Dragonetti 031

Hi Tom and Jim(my) can you elaborate on the following information if its a fact or fiction and elaborate on it with your current knowledge? 1) It is claimed that their can ever be 21 Billion bitcoins on the network 2) That in (may) 2020 88% of the bitcoins where already mined 3) All the bitcoins would be mined in 2140 if not sooner 4) Will bitcoin be sustainable monetary source after it all is mined https://pbs.twimg.com/media/EwXzmfjWUAE5Hbn?format=jpg&name=medium source youtu.be/qfGY9n85cDc

qhfreddy

Where do you think we will see the current iterations of cryptocurrencies go? Is there some aspect that should be changed? Something that should be added? Maybe phrased differently, what are the problems with the current iterations of crypto that need to be addressed?

Anonymous

I have heard so many different opinions on ethereum moving from proof of work to proof of stake and I would like some clarification. My understanding is that holders will have up to 2 years to burn their ETH and convert to ETH 2.0. Might this lead to ETH 1.0 having more growth potential during the transition? Some people are saying this will consolidate control of the blockchain into fewer hands and those with large holdings. I've also heard it suggested that proof of stake could dramatically improve the power consumption of mining new blocks on the ethereum chain. Might this be true and why? Crypto has become the new fad and it seems like there are "crypto experts" showing up on every podcast and news channel lately and it's just gotten confusing.

Anonymous

Hi Tom and Jimmy, Do you think bitcoin is going to become heavily regulated? what are your general thoughts on how the government here in the US (and around the world) have handled crypto? What would the US government have to do to "kill" bitcoin at a functional level? thanks for you time.

Anonymous

Considering that PC gaming is an ultra-niche hobby and consumer market, should gamers embrace cryptocurrency mining due to the fact that it drives further innovation in the pc space and sort of "keeps the cards coming"? We all hear about the death of pc gaming but is crypto providing the lifeline pc gaming needs on occasion?

Beech Horn

Do you see Blockchain as a method of preventing tampering, corruption or attacks being used at SME's for asset, finance, logistics, etc systems? Naively, if you have 7 servers with the same highly critical immutable log data, each protected by different anti-malware/IPS solutions, the chances of someone compromising 4+ different solutions before being discovered would appear to be low. Is it that simple?

Timo H

A bit of challenging usual stance: What is role of altcoins, is there any other feasible approach (mostly economic/profit wise) to be anti-bitcoin maximalist? (ie. many coins are there, but without substantial profit for miner, users somehow, it will stay in niche, very small minority... ETH has rn lot of things aligned for it) Or to put it in other words, what would be required to challenge bitcoin as top dog? Or ETH for that matter?

Anonymous

Mining Bitcoin is an ASIC game and yet mining Ether is great on GPUs, although who knows how long that will last. How is the decision made to focus on different HW types? Are there pros and cons to the coins value or impacts to the blockchain itself? Way more folks have GPUs compared to ASICS, so why not get the most miners on a given network?

Anonymous

Bitcoin being a coin and Etherium being network, do you expect networks like Etherium to be the future of the digital marketplace? Or is there something special about specifically Bitcoin that will keep it dominating?

Anonymous

Bitcoin/blockchain are highly technical endeavors at their core which can lead to the general perception that they are as inscrutable to a layman as quantum physics or rocket science. Black boxes that they can't really understand, but that have huge effects on their world. What do you see as the biggest misconception by the general public with regards to bitcoin/blockchain?

Anonymous

As a fellow Christian, do you think Christian values helped you appreciate Bitcoin more? If so, in what way?

Anonymous

Where does the value produced by mining come from? I understand generally that you perform work to validate transactions onto the blockchain and get paid for this in whatever way a given crypto supports. Doesn't this create a positive feedback loop where you turn electricity directly into money, where the most effective way to maximize your profit is to buy more hardware to consume more power to produce more money? Such a feedback cycle is limited based on the value offered from transaction fees and the electricity price - doesn't this move towards a system where miners profit off eachother's transaction fees for buying new hardware and paying for electricity while using up all of the spare electrical production capacity, creating an equilibrium state where electrical consumption is maximized? That's the question really - for consuming massive amounts of power and hardware, what does a crypto ecosystem actually do? I've given my reasoning because it's more than likely some of my assumptions are wrong.

Anonymous

In your opinion, what are the dangers Bitcoin faces in the near (~10 years) future? Quatum Computing, regulations, not enough Bitcoin for people to have some...

Anonymous

Ok this will probably be a dumb question but I know little about cyypto. Given it would take ages to mine the entirety of the remaining Bitcoin, what will be the actual usable supply when mining for it will essentially stop. Also about how much of it is known to have been lost/destroyed? Bonus question. Why must some coins be mined and others (like ripple) are instantly available? Again, I apologize if this is super basic.

Anonymous

What to do with sluggishness and high-cost of Bitcoin transactions?

Valko Milev

First I want to re-ask one of my previous questions because this guest maybe will have other view point.Here is a link to my question https://pastebin.com/BZaLTpC7 .Basically this was my question for the IT manager but this guest is an expert programmer which is more close to my profession (programmer :D ). My second question is: Is it worth it to do trading with crypto or investing in crypto.Can I buy a house after 5 years if I buy 10 dollars worth of BTC now? My third question is: What will be the next big thing that maybe will explode and worth investing ?

Anonymous

2 questions - 1) Is it possible to outlaw Bitcoin? Even if it is formally outlawed as a currency is it truly ‘outlawed’ as long as someone is willing to accept it as payment? 2) NFT ‘money’ being converted to USD almost immediately and Tesla accepting Bitcoin as payment - does Bitcoin ultimately exist to bolster fiat currency, thus undermining its own existence?

Anonymous

(I'm a novice when it comes to bitcoin, so sorry for my more basic question) With the relatively high transaction fee that is found with bitcoin and ethereum transactions, do you see a more mainstream "median of exchange" crypto with faster transactions and lower fees to gain influence as bitcoin continues on its bullrun? Also do you see the attempts of this found in Stellar, Litecoin, BNB, etc... going to expand their presence in the crypto scene?

Anonymous

One of the biggest (legitimate) criticisms I have heard about Bitcoin is the 10-minute block time, and how long it can take for a transaction to be added to the ledger and verified with proof of work. And as Bitcoin, the network, and hash power grow, we see a trade-off between speed and expense of the transaction. So my question is, is this by design? As Bitcoin grows in popularity, was it meant to become less effective for smaller transactions, like a cup of coffee or a pizza? People want certain goods quick and cheap, where adding a $10 (or BTC equivalent) incentive to the miner make no sense, and neither does waiting 10 or more minutes. Thanks for coming on the Podcast, I really look forward to hearing what you have to say!

Anonymous

Very rarely is the first version of a new technology the last and/or best version - how will Bitcoin compete with innovators that improve on all of its core properties while also maintaining decentralization and security? What qualities would you have to see in an alternative to consider using it over Bitcoin?

Anonymous

Could you elaborate on the risk bitcoins decentralization faces due to economies of scale (https://en.m.wikipedia.org/wiki/Economies_of_scale)

KarbinCry

What would both of you say to the people being outrages by how much crypto / blockchain technology is killing our planet by causing global warming etc etc? I know it's mostly bullshit concern, but you know, there are people who really think crypto is hugely damaging to our environment and whatnot.

Anonymous

Bitcoin tends to be for those who can afford to invest , one who cannot invest suffers from being left out of Bitcoin , how does Bitcoin intend to be people's money if it leaves out a large portion of the population Bit coin has value for being decentralised, but is it truly decentralised ? It is centralised in the hands of people who has funds to afford. ( english is not my first language , I only hope I got my question correct)

Anonymous

Excited for the Guest and his time. I'd like to ask, economically, in the big picture, do you think the largest and most legitimate Cryptos have the potential to reach the reasonable levels of volatility that most mainstay commodities have, or will it always have the shadow of a "pump-and-dump" looming over it? Cheers and thanks!