Oleg Andreev on Bitcoin

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Oleg Andreev is the protocol architect at Interstellar (previously Chain). He is a software developer with interest in UI design, software architecture, information security and crypto-anarchy.


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Created by the pseudonymous Satoshi Nakamoto in 2009, Bitcoin is a peer-to-peer electronic cash system.

Finance and payments

Bitcoin reviews by Oleg Andreev

🔑 2 positive | 💩 0 negative


  • 🔑

    [T]he one and only litmus test [for whether a blockchain is truly decentralized] is whether you can fully control your money in the presence of many other people trying to control your money. Bitcoin is the only one that passes, by a large margin.

    2018-07-21 | Full Review

  • 🔑

    Bitcoin is not a business venture that must “scale” or “retain users”. It is simply one and only immutable monetary policy that works. Your choice is limited to embracing or ignoring this policy. There is no suggestion box.

    2018-02-21 | Full Review

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Monero is less scalable [than Bitcoin] because you have to store all transaction outputs (key images) instead of just unspent transaction outputs, since Monero does not know which outputs are fully spent (for larger ring sizes). And these must all be stored in fast random access memory for double-spend prevention. That’s an ever-growing pile of data!

While in Bitcoin, you can offload older UXTOs to a slower memory, because the access pattern is “UXTOs die young.” Also, UXTO set grows much slower or even can be stable (“1 UXTO per person”) while transaction volume grows forever.

Bitcoin scales way better than Monero or Zcash (that has the same requirement to store all “nullifiers” to prevent double spending).

2017-12-29 | Full Review

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I don't have a view on what the ultimate value of a Bitcoin will be nor do I care. I am interested in Bitcoin plain and simply because I believe it can be and possibly will be the financial and transactional protocol for the global Internet.

2013-11-24 | Full Review


If something is to displace Bitcoin now, it will have to have sizable improvements and it will have to happen quickly. Otherwise, this network effect will carry Bitcoin to dominance.

2014-01-21 | Full Review


Bitcoin takes powers from the central actors and returns it to merchants and consumers, savers and borrowers. Bitcoin brings back some pseudonymity in the transactions, and can be irrevocably traded like cash. And finally, it points a way towards a single currency – it is a bug, not a feature, that we have multiple global currencies with exchangers and transaction fees in between.

2013-11-07 | Full Review

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