Chapter
The Number of Nodes in Digital Currencies
2:45:20 - 2:53:52 (08:32)
The number of nodes in digital currencies is often not publicized as they do not have full nodes in the true sense, and it doesn't even matter how many nodes they have. Miners solve a proof of work problem and present it to the nodes for ratification and approval.
Clips
In this podcast, the speaker points out that the good feeling you get when your cryptocurrency goes up is often correlated with but distinct from the power of cryptocurrency to transform the world.
2:45:20 - 2:48:04 (02:43)
Summary
In this podcast, the speaker points out that the good feeling you get when your cryptocurrency goes up is often correlated with but distinct from the power of cryptocurrency to transform the world.
ChapterThe Number of Nodes in Digital Currencies
Episode#284 – Saifedean Ammous: Bitcoin, Anarchy, and Austrian Economics
PodcastLex Fridman Podcast
The process of Bitcoin mining involves solving the proof of work problem, and miners sell their commodities (Bitcoin blocks) to nodes.
2:48:04 - 2:51:15 (03:11)
Summary
The process of Bitcoin mining involves solving the proof of work problem, and miners sell their commodities (Bitcoin blocks) to nodes. However, some criticisms include the centralization of mining, with only a small number of miners controlling the majority of the hashing power.
ChapterThe Number of Nodes in Digital Currencies
Episode#284 – Saifedean Ammous: Bitcoin, Anarchy, and Austrian Economics
PodcastLex Fridman Podcast
The number of nodes in digital currencies is not as important as the way in which the currency is run.
2:51:15 - 2:53:52 (02:37)
Summary
The number of nodes in digital currencies is not as important as the way in which the currency is run. Computational power is always increasing and getting cheaper, leading to a future where nodes are always increasing.