Mining Pools and Centralization Risks

John Stefanopoulos joins me to discuss the future of Bitcoin mining and why its decentralization is important, running a full node, and how miners protect the Bitcoin network. 

John Stefanopoulos is the CEO and Founder of FutureBit.

// GUEST // 
Twitter: https://twitter.com/JStefanop1
Website: https://www.futurebit.io/

// SPONSORS // 
In Wolf's Clothing: https://wolfnyc.com/
NetSuite: https://netsuite.com/whatismoney
iCoin Hardware Wallet (use discount code BITCOIN23): https://www.icointechnology.com/
CrowdHealth: https://www.joincrowdhealth.com/breedlove
Wasabi Wallet: https://wasabiwallet.io/
Bitcoin Apparel (use discount code BREEDLOVE): https://thebitcoinclothingcompany.com/
Feel Free Tonics (use discount code BREEDLOVE): https://botanictonics.com
Carnivore Bar (use discount code BREEDLOVE): https://carnivorebar.com/

// OUTLINE //
00:00:00 - Coming up
00:00:34 - Intro
00:02:07 - Helping Lightning Startups with In Wolf's Clothing
00:02:54 - Introducing John Stefanopoulos
00:03:19 - Genesis of FutureBit
00:07:55 - Bitcoin Mining: ASIC, USB Miner, and Full Node
00:09:38 - What is Hash?
00:11:28 - Understanding Bitcoin
00:14:10 - Defining ASICs
00:16:56 - Centralized Market of ASIC Hardware
00:18:18 - Significance of Hashrate
00:21:31 - Ways to Incentivize People into Bitcoin
00:22:48 - Run Your Business From Anywhere with NetSuite
00:23:53 - Secure Your Bitcoin Stash with the iCoin Hardware Wallet
00:24:49 - What is a Full Node?
00:27:13 - Incentives for Running a Full Node
00:29:44 - A Quick Recap
00:31:57 - Decentralization Issue of Bitcoin
00:36:03 - What is a Mempool?
00:39:39 - Censorship Resistance Issue with Bitcoin Mining
00:41:55 - The Power of Numbers
00:45:02 - Take Control of Your Healthcare with CrowdHealth
00:46:04 - A Bitcoin Wallet with Privacy Built-In: Wasabi Wallet
00:46:56 - What is a Mining Pool?
00:50:25 - Centralization of Mining Pools
00:52:42 - Future of Bitcoin Mining
00:59:04 - The Mainframe Moment for Bitcoin Mining
01:01:18 - More Miners, Better Network
01:02:59 - Where to Find John on the Internet

// PODCAST // 
Podcast Website: https://whatismoneypodcast.com/
Apple Podcast: https://podcasts.apple.com/us/podcast/the-what-is-money-show/id1541404400
Spotify: https://open.spotify.com/show/25LPvm8EewBGyfQQ1abIsE?
RSS Feed: https://feeds.simplecast.com/MLdpYXYI

// SUPPORT THIS CHANNEL // 
Bitcoin: 3D1gfxKZKMtfWaD1bkwiR6JsDzu6e9bZQ7 
Sats via Strike: https://strike.me/breedlove22
Sats via Tippin.me: https://tippin.me/@Breedlove22
Dollars via Paypal: https://www.paypal.com/paypalme/RBreedlove

// WRITTEN WORK // 
Medium: https://breedlove22.medium.com/
Substack: https://breedlove22.substack.com/

// SOCIAL // 
Breedlove Twitter: https://twitter.com/Breedlove22
WiM? Twitter: https://twitter.com/WhatisMoneyShow
LinkedIn: https://www.linkedin.com/in/breedlove22
Instagram: https://www.instagram.com/breedlove_22
TikTok: https://www.tiktok.com/@breedlove22
All My Current Work: https://vida.page/breedlove22