Bitcoin Q&A: Difficulty targeting and the “death spiral”

Bitcoin Q&A: Difficulty targeting and the "death spiral"

What is difficulty and how is it adjusted? What if the difficulty could not be satisfied? Would sudden changes in mining hash power kill Bitcoin? Will mining ever be considered a central bank responsibility or national security issue, once the crypto economy becomes large enough?

These questions are from the MOOC 10.2 session, and the September and October Patreon Q&A sessions, which took place on September 14th, September 29th, and October 27th 2018 respectively. If you want early-access to talks and a chance to participate in the monthly live Q&As with Andreas, become a patron: https://www.patreon.com/aantonop

RELATED:
What is mining? – https://youtu.be/t4p4iMqmxbQ
Miners, pools, and consensus – https://youtu.be/JHz7LM4ncLw
The mining process – https://youtu.be/L4Xtau0YMJw
Nonces, mining, and quantum computing – https://youtu.be/d4xXJh677J0
What is difficulty targeting? – https://youtu.be/h429LCTRmQw
Honest nodes and consensus – https://youtu.be/KAhY2ymI-tg
Genesis block and coinbase transactions – https://youtu.be/strhfzJ56QE
Proof-of-work changes – https://youtu.be/AcaktuPdQrc
Why “energy consumption” math sucks – https://youtu.be/uvFqEofdAZ0
SegWit and fork research – https://youtu.be/OorLoi01KEE
What is the role of nodes? – https://youtu.be/fNk7nYxTOyQ
Why running a node is important – https://youtu.be/oX0Yrv-6jVs

Andreas M. Antonopoulos is a technologist and serial entrepreneur who has become one of the most well-known and respected figures in bitcoin.

Follow on Twitter: @aantonop https://twitter.com/aantonop
Website: https://antonopoulos.com/

He is the author of two books: “Mastering Bitcoin,” published by O’Reilly Media and considered the best technical guide to bitcoin; “The Internet of Money,” a book about why bitcoin matters.

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MASTERING BITCOIN, 2nd Edition: https://amzn.to/2xcdsY9

Translations of MASTERING BITCOIN: https://bitcoinbook.info/translations-of-mastering-bitcoin/

THE INTERNET OF MONEY, v1: https://amzn.to/2ykmXFs

THE INTERNET OF MONEY, v2: https://amzn.to/2IIG5BJ

Translations of THE INTERNET OF MONEY:
Spanish, ‘Internet del Dinero’ (v1) – https://amzn.to/2yoaTTq
French, ‘L’internet de l’argent’ (v1) – https://www.amazon.fr/Linternet-largent-Andreas-M-Antonopoulos/dp/2856083390
Russian, ‘Интернет денег’ (v1) – https://www.olbuss.ru/catalog/ekonomika-i-biznes/korporativnye-finansy-bankovskoe-delo/internet-deneg
Vietnamese, ‘Internet Của Tiền Tệ’ (v1) – https://alphabooks.vn/khi-tien-len-mang

MASTERING ETHEREUM (Q4): https://amzn.to/2xdxmlK

Music: “Unbounded” by Orfan (https://www.facebook.com/Orfan/)
Outro Graphics: Phneep (http://www.phneep.com/)
Outro Art: Rock Barcellos (http://www.rockincomics.com.br/)