Insights into the Developments for Bitcoin. Fabian Jahr the Bitcoin Core Developer explains how BTC actually works.
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Summary
Fabian, a Bitcoin core developer, discusses his journey into Bitcoin development and the importance of the Bitcoin Core project. He explains that the Bitcoin base layer is not yet complete and there is still work to be done in terms of maintenance, performance improvements, and code cleanup. He also highlights the significance of consensus changes, such as covenants, in enabling new features and scaling solutions. Fabian addresses the concern of potential threats from Bitcoin core developers, emphasizing the decentralized nature of the project and the importance of code review. He concludes by discussing the future of Bitcoin development and the need to address emerging technologies and potential vulnerabilities. The biggest vulnerability to Bitcoin is the potential loss of privacy and the adoption of central bank digital currencies (CBDCs) that undermine the value of privacy. The entry of powerful financial players and the centralization of mining pools could also lead to attempts to control and manipulate Bitcoin. The peer-to-peer nature of Bitcoin may be lost as more people rely on centralized exchanges and custodial wallets. The Human Rights Foundation (HRF) recognizes the value of Bitcoin in protecting individuals' rights and supports the use of Bitcoin for privacy and censorship resistance.
Takeaways
The Bitcoin base layer is not yet complete and requires ongoing maintenance, performance improvements, and code cleanup.
Consensus changes, such as covenants, are important for enabling new features and scaling solutions.
The threat of malicious actions by Bitcoin core developers is low due to the decentralized nature of the project and the importance of code review.
The future of Bitcoin development will involve addressing emerging technologies and potential vulnerabilities. The loss of privacy and the adoption of CBDCs are the biggest threats to Bitcoin.
The entry of powerful financial players and the centralization of mining pools could lead to attempts to control and manipulate Bitcoin.
The peer-to-peer nature of Bitcoin may be lost as more people rely on centralized exchanges and custodial wallets.
The Human Rights Foundation supports the use of Bitcoin for privacy and censorship resistance.
Chapters
00:00 Introduction and Background
05:45 The Role of Brink in Bitcoin Development
08:36 Number of Bitcoin Core Developers
17:51 The Slowness of Bitcoin Core Development
19:52 The Future of Bitcoin Base Layer Development
27:33 The Threat of Collusion Among Bitcoin Core Developers
34:13 The Future of Bitcoin Development
39:19 Vulnerabilities and Threats to Bitcoin
44:36 The Importance of Self-Custody and Peer-to-Peer Nature
49:32 Bitcoin's Role in Promoting Human Rights
52:06 Exploring Cross Input Signature Aggregation (CISA)
