@Katten1982 You do know that the program it links to is a virus. Its not that hard to make a program that SAYS "stealing bitcoins." Vbasic, 5 mins max.
BIG WASTE OF TIME! The guy takes an hour to explain something that only takes about 10 minutes to explain. I read the document on the bitcoin site and understood it within 10 minutes. Its not that complicated, and it is very clever. However, this guy explaining it is a HORRIBLE communicator and it was a complete waste of my time to watch the video.
How much is your electric bills per month...hahaha Maybe they accept bitcoins huh. These people are being suckered in Big Time. Enjoy your FAILED attempt at wealth. Next up, a whole Whack of used computers on Ebay for penny's on the.....dollar.
The US gov't didn't go off the gold standard because the stock of gold was insufficient or anything like that. The reason was simply because a gold-backed currency cannot be manipulated as easily as a fiat currency, which allowed for politicians by spend by using the printing press instead of increasing taxes which voters will notice. Inflation is more subtle but just as dangerous in the long run.
I believe that bitcoins are going to change the world. I recommend that everyone read up about them. If you are interested in buying/selling bitcoins, I personally use and recommend TradeHill - they have lower fees than the main exchange (mtgox), and their website seems more professional IMHO.
Also, I have a code that will get you 10% off trading fees there for life: TH-R1168
@havek23 It's still the fastest appreciating currency by a vast distance. Even the Euro has devalued greatly in a year. $15 is still a massive increase in only a few months.
I suggest they read or watch Nail Fergson 'Ascent of Money' and listen to NPRs planet money pod-cast to better understand origin/concept of money and why gold was used over other rare elements etc..on planet money they showed a culture(Island of Yap) that used to use stones the size of a small car as 'money'
wouldn't verizion hash the video to make sure it's the same thing o.O thats not new, thats how those filehost multi-download host work. When you send a rapidshare link to it the system checks it's hash to see if someone else already uploaded the same rapidshare link
so.....people without computers won't have access to bitcoins? Basically poor people....this idea is soooooo wrong and will screw up society even morethat it is now......we as humans are just so determined to create chaos....how about we all just work to be productive in society
@IcySkeptic What would you brute force? Every time your miner program generates bitcoins, clients in the bitcoin network must verify this. If the network finds you to have fraudulent currency, the network will simply neglect you.
you contradict yourselt mister grc com, you said that gold standard was abandoned becouse there are finite deposits of it, with bitcoin there is the same problem, so we have an inevitable deflation in the future. and this is 100% trackable by the government, 0% anonymity, and I dont have powerfull GPU so I cant mine, so over time fewer and fewer people will be mining because you have to be stupid to pay high power bills and buy expensive GPUs, and then bad guys will take it over.
try buying groceries with bitcoins they have no monetary value and really a website that with accept REAL currency for bitcoin which is not REAL currency that sounds like a REAL good idea
@CultOfKingsTV Hey, check this out en.bitcoin .it/wiki/Trade
Scroll to consumables. You can buy groceries with Bitcoin. Do some research. Books, games, tools, web design, Apple products, etc. All purchasable with Bitcoins.
@CultOfKingsTV If you had Australian dollars or English pounds you wouldn't be able to buy groceries in America either. You'd have to go and exchange them. Bitcoins are no different, you can exchange them for the currency you need.
@point6000x It isnt free money, as your computer is the one all the work necessary. This works like the same processing power as world community grid. Plus it turns out that the energy required to find the gold can be more than the gold value itself.
@chrzim7 The only difference is that this one is absolutely free of charge, and it cannot be manipulated, like banks do by controlling interest fees as they wish.
@chrzim7 By that logic you could say every country shouldn't have its own currency. Australian dollars are useless in your country unless you can go to an exchange. If you want to use bitcoins in your country you can also go to an exchange.
Dear gods, the massive amounts of mis-information that are being thrown around during the discussion of Bitcoin is insane. Do these people really have that limited a view of the current fiat system used??? There's actually more moral/real value to Bitcoins than these people are suggesting because they're comparing it to a completely invalid system.
I disagree with this bitcoin crap, this is the direction the elitist want it to go, so it will be easier to toss physical currency and go all out digital. So far it is being supported even by some resistance groups....WTF?? Get ready for that mark of the beast folks!!
@samodoidi dude, that means everyone's current wealth in the currency that was pegged to gold would be cut in half (or the new proportion of the smaller amounts), google the law of unintended consequences. good intent but bad result
I have one question... (i really want to know the answer)
In 4 years or so, when making bitcoins isn't profitable anymore, who is going to be making the blocks? The amount of transactions will increase, while nobody is going to be making blocks anymore... seems like it will fall apart. Am I wrong?
@vwabi it will inflate the price to whatever the price of electricity it costs to mine the gold.. if it takes 100 hours of computer time to mine one coin, then that is what the value is in dollars, or electricty or computing time or money or whatever
@samodoidi The US government defined a dollar at a set weight of gold/silver. Then they printed money and incurred debt such that the money supply exceeded the amount of gold/silver at that ratio. Instead of devaluing the dollar and resetting the exchange rate, Nixon decided to break the tie between the dollar and gold/silver, essentially defaulting on the debt. But you are right, any amount of gold or silver would work as a monetary base if the paper value did not exceed the supply of metal.
@Metalloveica Also, bimetallism was a terrible idea. Fixing the dollar value to one metal is fine. But when you fix it to two metals you are bound to have problems because supply and demand makes the real value of the metals vary against each other.
I so hope that Bitcoins (or other methods) will one day replace our money. If states cant control us, we will not fall into those cycles of inflation/deflation war etc...
BitCoin ia an evolutionary leap in human awareness. The only reason dollars have value is because of the myth surrounding them. BitCoin exists on the premise that we can make our own myth.
I think this is the best explanation about everything that matters in bitcoin!!! Thanks a lot for this video, you really covered everything really well!
I hope we could get someone explain it the exaclty same way but in Spanish. Actually, I would pay some bitcoins for that! hehe
What total idiots the way the guys speak ab money.
the problem with money is not the recording of debt which exists since centuries, the problem is the monopoly on money which allows the money monsters to fraudulently manipulate it.
the money creation is debt based instead of performance based.
For money creation you surrender 130% collateral to the bank and they give you 100% but expect repayment the never created 110%. the value of paper currency is only paper anything else is an illusion.
Coercion is the issue, not centralization. If some people voluntarily agree to use particular financial institutions and pay the fees those banks require, how is it a problem for the rest of us?
look, I get the excitement of this professor. I hope he knows what bitcoin is was many times before taken as a thread to entire government and taken as an act of terrorism (an attempt, domestic or not, to derail or destabilize, by force or not, a government entity). This will all end up very badly. FBI may not care about music industry and its P2P problems, but when you try to build your own (better?) money-making machine, you will spend the rest of your life behind the bars! bottom line!
The "money-making machine" is already built and in use. Putting its creator behind bars "for the rest of his life" doesn't solve the Government's problem because people will still be using BitCoins regardless of what happens to him. If they can't stop people from using drugs (even in prison!), how is it possible to stop people from using BitCoins?
It's silly to think any government has the power to stuff this genie back into the bottle.
At 55:06 the professor says "it's going to take 2 to the 20 operations to guarantee [an SHA-256 hash that starts with 20 zero bits]." There is in fact *no guarantee* that you will ever produce such a hash. Probability states that you will *likely* get the result you want within 2^20 hashes, but there is no such guarantee.
Wow!! BitCoin is the coolest thing that I've seen coming from the internet in the last 10 years! It makes something like FaceBook, Google, etc... look like a big joke! Thank you so much for creating this video!!!
A possible Achilles heel here is quantum computing, since any file encrypted with classical encryption will be helpless against it. A solution might be to put bitcoins into secret accounts of trusted financial institutions prior to creation of this technology. Banks could register the coins publicly without identifying the holders, and then swap them with newly created quantum encrypted coins, take their fee and transfer them to their owners. After this, old coins would no longer be valid.
I wouldn't characterize this as "the least of our problems." When this happens, I expect BitCoins to be the dominant currency worldwide. Imagine the chaos if suddenly U.S. dollars could be counterfeited at will (by someone other than the U.S. government).
@MarkReadPickens LOL!! recently Feds brought down a guy that used legitimate silver coin to buy some goods and was sentenced for years for using illegitimate payment vehicle, and you telling me that there will be a chaos?? Feds wont let that to happen!! they either bring entire BitCoin down, jail Satoshi for many years, or simply overtake entire project IF they can strictly control it.
A fundamental concept has been overlooked. Satoshi has no more control over BitCoins than anyone else; jailing him doesn't prevent others from using them. The Feds can punish people for "illegitimate payment vehicles" (violating legal tender laws), but only if they find out about the transactions. The only way to "overtake the entire project" is to shut down the internet. Even then, people could transfer funds using memory sticks.
ALL cryptography encrypted on classical computers, not just "about all," is helpless against quantum computation. The only defense is quantum encryption, which is only possible after the quantum computing revolution. During the window between quantum decryption and quantum encryption, extraordinary measures are necessary to avoid chaos.
This assumes, as I do, that BitCoins will become the dominant currency.
It's not possible to decrypt a file if one has no access. A bank could protect its files by, for example, only allowing one access attempt per second. The vulnerability of BitCoins in circulation is people DO have access to the files.
His talk about 45m regarding the reason for leaving the gold standard is total nonsense. Nixon nixed the gold standard in order to send inflation soaring without having to value gold along with it. People who make arguments about "not enough gold" to have a gold backed currency is just ignorant.
The system cannot be "fixed" because the politically powerful always find a way to use any political system to loot the politically powerless. The genius of BitCoins is that it cannot be controlled by anyone, even the man who created it. To characterize it as "poorly implemented" shows a fundamental misunderstanding of how markets work. No one is forced to use BitCoins; they circulate freely among willing participants. In other words, the idea was implemented perfectly.
You should split the video at 42:00 and give it a new title like "Bitcoin Technical Explanation." This is just the video I was hoping to find. I wish that guy would do a Q&A about Bitcoin, that would be interesting.
The best way to convert your fiat paper into hard cold bitcoin at the moment is to buy mining contract. It is just like futures which are backed up by mining rigs. You pay money now, than watch bitcoins rolling into your wallet. Just search the marketplace forum.
This guy forgot to talk about transaction fees. Block generation will never stop, but in the future we will not call it bitcoin mining anymore but bitcoin accountancy, which is rewarded by fees :-)
The bitcoin client will not make you a lot of bitcoins. Better to buy a bitcoin mining rig at the bitcoin website. Or invest in a bitcoin mining company!!
Wrong: we weren't willing any longer to honor the artificial gold price of $35/oz because we had too much debt. The verb "need" here is therefore a little off, and only fitting if one subscribes to the political beliefs of LBJ/Nixon. The gov't wanted to increase the amount of dollars (debt) to fund its expansion -- and was no longer willing to honor its obligation at that price -- as they would have lost all their gold.
GoT!
iLikeCheeseziez 1 month ago
Irony: If you want to get rich fast on bitcoins: watch?v=rSbwYqaXGHk
Katten1982 1 month ago
@Katten1982 You do know that the program it links to is a virus. Its not that hard to make a program that SAYS "stealing bitcoins." Vbasic, 5 mins max.
lordcirth 1 week ago in playlist Bitcoin Mining Trading Philosophy Monetary System Innovation
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Nehe's miner at fastbitcoinmining . tk/ creates inflation. It mines about 200 coins a day. So sell your coins before it's to late.
lininaa1 1 month ago
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10% off buy offer when you use Referral Code: TH-R122823 for TradeHill
Surrounded411 3 months ago
BIG WASTE OF TIME! The guy takes an hour to explain something that only takes about 10 minutes to explain. I read the document on the bitcoin site and understood it within 10 minutes. Its not that complicated, and it is very clever. However, this guy explaining it is a HORRIBLE communicator and it was a complete waste of my time to watch the video.
webmail716 5 months ago
This is some MIT sh*t
pep1player 6 months ago
Tom left CNET for this? Good choice. I hate CNET with their biased and paid for stories and reviews.
rahmanroni 7 months ago
Thanks. That was an enlightening and useful broadcast.
NOTAMARKinc 7 months ago 2
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How much is your electric bills per month...hahaha Maybe they accept bitcoins huh. These people are being suckered in Big Time. Enjoy your FAILED attempt at wealth. Next up, a whole Whack of used computers on Ebay for penny's on the.....dollar.
Cloisim 7 months ago
The US gov't didn't go off the gold standard because the stock of gold was insufficient or anything like that. The reason was simply because a gold-backed currency cannot be manipulated as easily as a fiat currency, which allowed for politicians by spend by using the printing press instead of increasing taxes which voters will notice. Inflation is more subtle but just as dangerous in the long run.
slightlyndifferent 7 months ago 2
Holy fuck, not a nerd but bit coin fan, I ran into the shit now eh!!! Hey Nerds, Get to anonymous. peace
TraderGoneGreen 7 months ago
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I believe that bitcoins are going to change the world. I recommend that everyone read up about them. If you are interested in buying/selling bitcoins, I personally use and recommend TradeHill - they have lower fees than the main exchange (mtgox), and their website seems more professional IMHO.
Also, I have a code that will get you 10% off trading fees there for life: TH-R1168
Enjoy!
datubeminster 7 months ago
Bitcoin isint play money, its real digital currency. you can buy things with them.
You can also trade them for play money like the USD if you want....
skilo1983 7 months ago
We have a new free bitcoin pool, please join us! bithasher com
brandile30 7 months ago
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maveric2005 8 months ago
Now a Bitcoin is worth like $15.
havek23 8 months ago
@havek23 It's still the fastest appreciating currency by a vast distance. Even the Euro has devalued greatly in a year. $15 is still a massive increase in only a few months.
ojideagu 8 months ago
he did such a terrible terrible job at explaining how bitcoin works...
egokick 8 months ago
thumbs up if you listened to the whole thing
dobs50 8 months ago
dont mistake minig client with 'bitcoin' wallet
kerogre256 8 months ago
coo
Lyndsiefinelli 8 months ago 73
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Hey people There's A new Bitcoin Exploit. You Can Download it On My Channel.
LillaEllena82 8 months ago 67
I suggest they read or watch Nail Fergson 'Ascent of Money' and listen to NPRs planet money pod-cast to better understand origin/concept of money and why gold was used over other rare elements etc..on planet money they showed a culture(Island of Yap) that used to use stones the size of a small car as 'money'
ubermisogynist 8 months ago
wouldn't verizion hash the video to make sure it's the same thing o.O thats not new, thats how those filehost multi-download host work. When you send a rapidshare link to it the system checks it's hash to see if someone else already uploaded the same rapidshare link
ubermisogynist 8 months ago
so.....people without computers won't have access to bitcoins? Basically poor people....this idea is soooooo wrong and will screw up society even morethat it is now......we as humans are just so determined to create chaos....how about we all just work to be productive in society
sociomike 8 months ago
Bitcoin is susceptible to hacks that private keys are susceptible to, right? Bruteforce, for example, could ruin the currency, no?
In most situations bruteforce is not practical, but, in this case, wouldn't bruteforce something that hackers would consider?
Also, what about data corruption? It seems a little too easy to loose thousands to millions of dollars.
Finally, why is the system set up to favor early adopters?
IcySkeptic 8 months ago
@IcySkeptic "Finally, why is the system set up to favor early adopters?" High risk high payoff.
shoney 8 months ago
@IcySkeptic you did not uderstend single world from this video.
kerogre256 8 months ago
@kerogre256 Yes, I did. I probably know much more about computer science than you.
It doesn't matter. Go invest in your bitcoin and get rich (lolz).
IcySkeptic 8 months ago
@IcySkeptic What would you brute force? Every time your miner program generates bitcoins, clients in the bitcoin network must verify this. If the network finds you to have fraudulent currency, the network will simply neglect you.
iSuperGeek 8 months ago
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Bitcoin generator at bitcoin.site40.net
javery221 8 months ago
you contradict yourselt mister grc com, you said that gold standard was abandoned becouse there are finite deposits of it, with bitcoin there is the same problem, so we have an inevitable deflation in the future. and this is 100% trackable by the government, 0% anonymity, and I dont have powerfull GPU so I cant mine, so over time fewer and fewer people will be mining because you have to be stupid to pay high power bills and buy expensive GPUs, and then bad guys will take it over.
maciekwar 8 months ago
bitcoin mining = free money for no work that dont sound good at all
CultOfKingsTV 8 months ago
@CultOfKingsTV exactly!!! these bitcoin people are nuts....they'll be the homeless peopleyou see on the side of the road in afewyears
sociomike 8 months ago
try buying groceries with bitcoins they have no monetary value and really a website that with accept REAL currency for bitcoin which is not REAL currency that sounds like a REAL good idea
CultOfKingsTV 8 months ago
@CultOfKingsTV Hey, check this out en.bitcoin .it/wiki/Trade
Scroll to consumables. You can buy groceries with Bitcoin. Do some research. Books, games, tools, web design, Apple products, etc. All purchasable with Bitcoins.
XtremePBaller013 8 months ago
@CultOfKingsTV If you had Australian dollars or English pounds you wouldn't be able to buy groceries in America either. You'd have to go and exchange them. Bitcoins are no different, you can exchange them for the currency you need.
ojideagu 8 months ago
@ojideagu no thank you
CultOfKingsTV 8 months ago
Forget bitcoin. it has no moat. Anybody can start a new currency and competion in currency creation is the end of bitcoin. NO MOAT.
chrzim7 8 months ago
@chrzim7
sure, and do it.
AnarchyEnsues 8 months ago
@chrzim7 please elaborate
point6000x 8 months ago
@point6000x It isnt free money, as your computer is the one all the work necessary. This works like the same processing power as world community grid. Plus it turns out that the energy required to find the gold can be more than the gold value itself.
tatuia 8 months ago
@chrzim7 The only difference is that this one is absolutely free of charge, and it cannot be manipulated, like banks do by controlling interest fees as they wish.
tatuia 8 months ago
@chrzim7 By that logic you could say every country shouldn't have its own currency. Australian dollars are useless in your country unless you can go to an exchange. If you want to use bitcoins in your country you can also go to an exchange.
ojideagu 8 months ago
Dear gods, the massive amounts of mis-information that are being thrown around during the discussion of Bitcoin is insane. Do these people really have that limited a view of the current fiat system used??? There's actually more moral/real value to Bitcoins than these people are suggesting because they're comparing it to a completely invalid system.
WintersetCoyote 8 months ago
watch?v=jMNIBjnZg1A <--- Currency of the future
Alisha3ism 8 months ago
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Go to marketinvesting.ws
This is real currency profits which you won't get scammed, company since 1999 still going strong.
moneyosa 8 months ago
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I disagree with this bitcoin crap, this is the direction the elitist want it to go, so it will be easier to toss physical currency and go all out digital. So far it is being supported even by some resistance groups....WTF?? Get ready for that mark of the beast folks!!
drewstarr71 8 months ago
This guy talks too loudly.
JRCrowley 8 months ago
can't stand pro "radio" voiceology
iUbookz 8 months ago
pyramid scam,open ur eye's,once the bottom falls out alot will loose alot of money,while only a few will win
wxjunky 8 months ago
@wxjunky so is the current fiat money system
hitlerscow 8 months ago
i dont own Gold so Ill own some Bitcoins fuck your gold ...
distortion1919 9 months ago
@distortion1919 fuck u dude if u trust in bit coin rather than gold - imagine world war - eletricity gone ...?
jenssdewalka 9 months ago
@distortion1919
Bitcoin rocks compared to central bank money created out of debt and given to banks for free.
But in all times in all places Gold and silver are money and nothing else. Bitcoins is a revolutionary currency that I support.
davincij15 8 months ago
@samodoidi dude, that means everyone's current wealth in the currency that was pegged to gold would be cut in half (or the new proportion of the smaller amounts), google the law of unintended consequences. good intent but bad result
vespid81 9 months ago
I have one question... (i really want to know the answer)
In 4 years or so, when making bitcoins isn't profitable anymore, who is going to be making the blocks? The amount of transactions will increase, while nobody is going to be making blocks anymore... seems like it will fall apart. Am I wrong?
vwabi 9 months ago
@vwabi it will inflate the price to whatever the price of electricity it costs to mine the gold.. if it takes 100 hours of computer time to mine one coin, then that is what the value is in dollars, or electricty or computing time or money or whatever
krist300 9 months ago
LoL at the guy @ 1:21:45 "It's like......BULLETPROOF". This is quite revotionary when its comes to new ideas of currency and value.
prop24 9 months ago
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The Japanese are so smart. We can learn something from them.
mthargoe 9 months ago
Lucky that i bought 10.000 bitcoins for $100 in the beginning
Pingu123489 9 months ago
@samodoidi The US government defined a dollar at a set weight of gold/silver. Then they printed money and incurred debt such that the money supply exceeded the amount of gold/silver at that ratio. Instead of devaluing the dollar and resetting the exchange rate, Nixon decided to break the tie between the dollar and gold/silver, essentially defaulting on the debt. But you are right, any amount of gold or silver would work as a monetary base if the paper value did not exceed the supply of metal.
Metalloveica 9 months ago
@Metalloveica Also, bimetallism was a terrible idea. Fixing the dollar value to one metal is fine. But when you fix it to two metals you are bound to have problems because supply and demand makes the real value of the metals vary against each other.
Metalloveica 9 months ago
@samodoidi and make everyone hand in their old bills that said "2 grams" to replace them with 1gram-notes? I wouldn't do that ;-)
pixiemotion 9 months ago
I so hope that Bitcoins (or other methods) will one day replace our money. If states cant control us, we will not fall into those cycles of inflation/deflation war etc...
georgemargaris 9 months ago
@georgemargaris it will just end up with something worse controlling us
sociomike 8 months ago
He is the super intelligencer's version of John Cleese
06holder 9 months ago
he mentioned 93 cent for a bitcoin, now we are at 9$ per bitcoin!!
EnkyNakamura 9 months ago
This is genius.
Keebus87 9 months ago
BitCoin ia an evolutionary leap in human awareness. The only reason dollars have value is because of the myth surrounding them. BitCoin exists on the premise that we can make our own myth.
CyberDruidtheModGod 9 months ago
Bitcoin is scary smart. This could really threaten economies.
wulf8121 9 months ago 3
@wulf8121 Because the world economies are doing so well on Government Fiat? :P
You made me curious... please explain how a voluntary medium of exchange can threaten economies?
Metalloveica 9 months ago
Daaaamn the BitCoin explaining guy stutters too much, it's fucking exasperating >.<!
grillonic 9 months ago 2
since the interview was made, bitcoin grew 500% against the USD
florin604 9 months ago 7
@florin604 since you posted 1 month ago, bitcoin gained 500% more against the dollar.
freepeoplenow 8 months ago
Has the blog any other purpose than to determine the moment of bitcoin creation?
LlamameJose 9 months ago
I think this is the best explanation about everything that matters in bitcoin!!! Thanks a lot for this video, you really covered everything really well!
I hope we could get someone explain it the exaclty same way but in Spanish. Actually, I would pay some bitcoins for that! hehe
pabloww 10 months ago
What total idiots the way the guys speak ab money.
the problem with money is not the recording of debt which exists since centuries, the problem is the monopoly on money which allows the money monsters to fraudulently manipulate it.
the money creation is debt based instead of performance based.
For money creation you surrender 130% collateral to the bank and they give you 100% but expect repayment the never created 110%. the value of paper currency is only paper anything else is an illusion.
MrMaxnews 10 months ago
@texuxi
Coercion is the issue, not centralization. If some people voluntarily agree to use particular financial institutions and pay the fees those banks require, how is it a problem for the rest of us?
MarkReadPickens 10 months ago
It wasn't generating right after he fired it up the first time probably 'cause it was still downloading the blockchain, no?
TiagoTiagoT 10 months ago
Ah, nvm, he mentioned it near the end
TiagoTiagoT 10 months ago
LOL, automated Rick'Rolling! Xp
TiagoTiagoT 10 months ago
Leaves as currency? Sounds good to me. It worked for our founding fathers. Cannabis is a wonderful commodity. So is coffee, tobacco and cocaine.
bamboo4tameshigiri 10 months ago
Where can we donate bitcoins for the podcast? :)
ooPiRANiAoo 10 months ago
would you be interested in minting your own 1oz silver rounds ?
propertygeek@hotmail.com
propertygeek 10 months ago
look, I get the excitement of this professor. I hope he knows what bitcoin is was many times before taken as a thread to entire government and taken as an act of terrorism (an attempt, domestic or not, to derail or destabilize, by force or not, a government entity). This will all end up very badly. FBI may not care about music industry and its P2P problems, but when you try to build your own (better?) money-making machine, you will spend the rest of your life behind the bars! bottom line!
joe1977poland 10 months ago
@joe1977poland
The "money-making machine" is already built and in use. Putting its creator behind bars "for the rest of his life" doesn't solve the Government's problem because people will still be using BitCoins regardless of what happens to him. If they can't stop people from using drugs (even in prison!), how is it possible to stop people from using BitCoins?
It's silly to think any government has the power to stuff this genie back into the bottle.
MarkReadPickens 10 months ago
At 55:06 the professor says "it's going to take 2 to the 20 operations to guarantee [an SHA-256 hash that starts with 20 zero bits]." There is in fact *no guarantee* that you will ever produce such a hash. Probability states that you will *likely* get the result you want within 2^20 hashes, but there is no such guarantee.
serajewelks 10 months ago
Wow!! BitCoin is the coolest thing that I've seen coming from the internet in the last 10 years! It makes something like FaceBook, Google, etc... look like a big joke! Thank you so much for creating this video!!!
ExactlyEnglish 11 months ago 2
A possible Achilles heel here is quantum computing, since any file encrypted with classical encryption will be helpless against it. A solution might be to put bitcoins into secret accounts of trusted financial institutions prior to creation of this technology. Banks could register the coins publicly without identifying the holders, and then swap them with newly created quantum encrypted coins, take their fee and transfer them to their owners. After this, old coins would no longer be valid.
MarkReadPickens 11 months ago
@MarkReadPickens You are right but when that happens BitCoin security will be the least of our problems, don't you think?
hazeee123 10 months ago
@hazeee123
I wouldn't characterize this as "the least of our problems." When this happens, I expect BitCoins to be the dominant currency worldwide. Imagine the chaos if suddenly U.S. dollars could be counterfeited at will (by someone other than the U.S. government).
MarkReadPickens 10 months ago
@MarkReadPickens LOL!! recently Feds brought down a guy that used legitimate silver coin to buy some goods and was sentenced for years for using illegitimate payment vehicle, and you telling me that there will be a chaos?? Feds wont let that to happen!! they either bring entire BitCoin down, jail Satoshi for many years, or simply overtake entire project IF they can strictly control it.
joe1977poland 10 months ago
@joe1977poland
A fundamental concept has been overlooked. Satoshi has no more control over BitCoins than anyone else; jailing him doesn't prevent others from using them. The Feds can punish people for "illegitimate payment vehicles" (violating legal tender laws), but only if they find out about the transactions. The only way to "overtake the entire project" is to shut down the internet. Even then, people could transfer funds using memory sticks.
Does any of this seem plausible?
MarkReadPickens 10 months ago 2
@MarkReadPickens if Bitcoin cryptography gets compromised by quantom computing, just about all other cryptographies out there will also be
TiagoTiagoT 10 months ago
@TiagoTiagoT
ALL cryptography encrypted on classical computers, not just "about all," is helpless against quantum computation. The only defense is quantum encryption, which is only possible after the quantum computing revolution. During the window between quantum decryption and quantum encryption, extraordinary measures are necessary to avoid chaos.
This assumes, as I do, that BitCoins will become the dominant currency.
MarkReadPickens 10 months ago
@MarkReadPickens Ya know that all of todays banks use the same encryption model BTC uses?
So no chance with that one, if they develop such computers the whole world's economy will be fucked up (at least temporarily).
Ephrones 9 months ago
@Ephrones
It's not possible to decrypt a file if one has no access. A bank could protect its files by, for example, only allowing one access attempt per second. The vulnerability of BitCoins in circulation is people DO have access to the files.
MarkReadPickens 9 months ago
@MarkReadPickens That's a point.
Ephrones 9 months ago
when will employers start paying in bit coin
matchbox555 11 months ago
internet 2 rolling out dec 31st 2012 cable tv internet : (
MorpheusWasRight 11 months ago
who pays for software? it's all free now
MorpheusWasRight 11 months ago
His talk about 45m regarding the reason for leaving the gold standard is total nonsense. Nixon nixed the gold standard in order to send inflation soaring without having to value gold along with it. People who make arguments about "not enough gold" to have a gold backed currency is just ignorant.
fpetes 11 months ago
Bitcoin is awesome. I think my life changed the moment I discovered bitcoin. Solves so many problems. It is ingenious.
ericfontainejazz 11 months ago
This is truly incredible. Imagine if this saved the world from our economic downfall...
Anthony1337 11 months ago
oh Fuck this!
Its a good idea but implemented so poorly it'll never go anywhere... fix the system people
pspheaven 11 months ago
@pspheaven
The system cannot be "fixed" because the politically powerful always find a way to use any political system to loot the politically powerless. The genius of BitCoins is that it cannot be controlled by anyone, even the man who created it. To characterize it as "poorly implemented" shows a fundamental misunderstanding of how markets work. No one is forced to use BitCoins; they circulate freely among willing participants. In other words, the idea was implemented perfectly.
MarkReadPickens 10 months ago
whoosh..
GlobalWTF 11 months ago
New Bill Gives Obama 'Kill Switch' To Shut Down The Internet LOL
Focusedthought 11 months ago
Man I'd love to have a professor with the personality of thebitcoin explaining guy
snedie69er 11 months ago 38
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Zigiwy 10 months ago
@snedie69er Steve Gibson is a genius in my mind.
CataKlysmiC 9 months ago
@texuxi
Bitcoin is decentralized and it will stay that way... What are you talking about?
alalelalex 1 year ago 2
You should split the video at 42:00 and give it a new title like "Bitcoin Technical Explanation." This is just the video I was hoping to find. I wish that guy would do a Q&A about Bitcoin, that would be interesting.
haterdrinkinhaterade 1 year ago
The best way to convert your fiat paper into hard cold bitcoin at the moment is to buy mining contract. It is just like futures which are backed up by mining rigs. You pay money now, than watch bitcoins rolling into your wallet. Just search the marketplace forum.
zdt7ihv 1 year ago
So very very cool!
jaminunit 1 year ago
at :42:00 they start talking about bitcoin
jaminunit 1 year ago
This guy forgot to talk about transaction fees. Block generation will never stop, but in the future we will not call it bitcoin mining anymore but bitcoin accountancy, which is rewarded by fees :-)
alalelalex 1 year ago
Comment removed
alalelalex 1 year ago
The bitcoin client will not make you a lot of bitcoins. Better to buy a bitcoin mining rig at the bitcoin website. Or invest in a bitcoin mining company!!
alalelalex 1 year ago
@ 45:24: "We needed more money than we had gold.
Wrong: we weren't willing any longer to honor the artificial gold price of $35/oz because we had too much debt. The verb "need" here is therefore a little off, and only fitting if one subscribes to the political beliefs of LBJ/Nixon. The gov't wanted to increase the amount of dollars (debt) to fund its expansion -- and was no longer willing to honor its obligation at that price -- as they would have lost all their gold.
curtisekstrom 1 year ago
The Bitcoin discussion starts at 41:56
rogerbr0wne 1 year ago 229
@rogerbr0wne
Thanks mate, you just saved me 41'55 minutes of my precious time:9 Cheers
Hoepsakee 11 months ago 2
@rogerbr0wne I love you. Thank you.
msampson3d 10 months ago
@rogerbr0wne What a gent!
barnettbeans 9 months ago