Cryptocurrency is a long way from being currency. They are highly speculative commodities. I was allured by Bitcoin’s possibility as a global non-sovereign reserve currency back in 2008/9, but that ain’t going to happen.
Originally bitgold from MIT , bitcoin became a huge phenomena with outside influence of criminal, clandestine networks and state actors operating to undermine other criminal and clandestine networks working on behalf of nation states and global entities that rely on the fluid nature of dark money. This "digitally tally stick system" is just another form of capital and with it come all the contradictions of capital. And I feel sorry for all those who were duped by this , and my message to those who have zero capital and resources to utilise this pirate currency is too prepare for crisis and risk, because all costs will be mitigated upon those with least purchase.
What he first described, the "ledger in our heads" IS "delayed" barter. The exchange of goods and services with a delay in the delivery of the counter. So, there was barter, just not with the immediate exchange.
Exactly. Barter is about the exchange of things that could be used, directly or through future exchange. Money has no usefulness other than to serve as a fluid ledger.
That´s because he´s talking out of his ass. A gift economy is based on voluntary reciprocity. People who don't reciprocate enough might get less gifts, but they will still get gifts.
My understanding is that in these old societies people didn’t barter in this exact sense. People just gave stuff to each other. It was more about being seen to carry you’re weight, people that just kept asking for stuff without giving back to the community were brutally murdered.
What I understand from his explanation is that barter involves trading of "different" goods so each party benefits and their unique needs are fulfilled. What he described was an exchange of "same" goods, just when either party possessed them. So if I take cloth from you on Day 1, you could come asking for cloth on Day 10, but you wouldn't ask for a cow in exchange for cloth (barter).
@@monalisasingh2331 I think that there is a difference between money and value. The 1st tribe that uses money might not associate money with value. What I mean is that when you barter you exchange things with stuff you need, to what is valuable to you personally at that moment in time. So I'm guessing that in the old days money isn't centralized either. The need to give money the same value is when different tribes use different currencies cauz then you have to explain the differences. For example 1 tribe uses money as a stand in for eggs, while another tribe uses it for goats so they then have to figger out how many eggs equals a goat. Unlike now when money is tied to centralized value like gold?
Mistakes: 1) 4:40 Bitcoin is divided into 100 million pieces, not 1 million. 2) 4:59 BTC is not deflationary, but disinflationary. That means that the inflation decreases. 3) 5:25 The amount of time between each halving doesn't decrease. A halving of maximum production happens every 210000 blocks, with each block being added approximately every 10 minutes (this is the network's target). I stopped watching the video at this point. What a shame to spread such inaccuracies 😞
When I hear someone say something is unhackable, I just feel like it's an invitation to hackers... and we've all seen the movies... it's _always_ hackable.
@@shz6148 When thieves want to steal it badly enough, and when governments want to tax it badly enough, somehow, some way, cryptocurrency will be brought to its knees.
Brad Templeton: "If someone controlled more than half the computers in the world they could take over bitcoin but that's pretty unlikely" Amazon Web Services: "Hold my beer"
Blockchain only has a use when you have a lot of parties needing to agree on something and none of them trust anyone else. Usually this problem is dealt with by just creating a database, putting some government or private agency in charge, and making it clear that anyone caught screwing with it is going to prison for a very long time. Then everyone trusts the database integrity. It works for land registry, it works for banks, it works for contracts... why would you use blockchain when the existing approach is working so well?
Bartering %100 without a shadow of a doubt was and still is today one of the best ways of exchanging value that exist. These power hungry ceos and other high level executives want a cashless society so they can have total control over the masses
If there's a Solar flare or a EMP pulse (nuclear war) or anything that disrupts electric equipments worldwide... The Bit in Coin is going away forever. That's why gold will always be GOLD.
U believe in the 'free market', but it is a structure based on scarcity and limited commodities, capitalism and its lack of humanity, is too self serving to provide longevity to our culture Perhaps look at a circular economy, sharing economy, or nature for a 'gifting/abundant model' of economy. Unfortunately modern bitcoin is not bringing it but perhaps the next similar but better invention will?
@@idunnmyhr8854 Indeed. Capitalism thrives on scarcity & desperation for people to enter the Employer / Employee relationship with low wages & conditions
@@idunnmyhr8854 scarcity exists in the world, it's not a cause of capitalism. Capitalism is actually an effective way of putting scarcity into use and getting more through value addition
Interesting. So in the earlier systems, the person with the most shells would be the most giving in society. As opposed to this system where you win by being the most ruthless, selfish and exploitative
No that is not real value. Just psychosis. Real value is something that can extend your life. Something that can feed you and keep you warm at night. Bitcoin cannot do that for you.
@@CakeIllusion If it possesses value, it can provide those amenities you talk of. You could say the same about gold... that won't feed you or keep you warm, but it can provide you wealth to access those things. Bitcoin is digital gold (will eventually be).
@@Sicaoisdead real digital gold would guarantee those properties to me. Bitcoin guarantees nothing. Therefore it will always lose compared to backed currency.
@@CakeIllusion But just like Bitcoin, humans are the ones that dictate whether gold is worth something. Gold is not accessible 24/7, difficult to store and can be stolen relatively easily. Bitcoin's strength is in it's security.
@@Sicaoisdead You can back a cryptocurrency with whatever. It does not have to be gold. You can back it with things that humans need to survive. It beats bitcoin any day.
I was very impressed by the first guy explanation of our monetary system. However, at this point cryptocurrency is not legal tender it just seems to be nothing more than very valuable arcade tokens that everybody wants to play with. everybody seems to have a currency these days. Companies have points, miles, and Rewards that encourage you to facilitate use of there products. Its what its pegged to. I'm no expert but I'm sure no dummy. Anything that seems complex I go right back to basics. Could this possibly something similar to the 1600 when they had the tulip bubble?
The vision is spectacular. But blockchain is decentralised not distributed. The miners still have a great say in the blockchain. Tyranny of majority is still a very likely possibility in blockchain. Whoever has 51% computational power, is the master of that blockchain. The vision of blockchain is great, but the implementation still has loopholes. I think distributed ledgers address this to a great extend
This video feels like an ad that is promoting using cryptocurrency and blockchain to hide from governments, avoid taxes and regulations. It is another way for the rich and powerful to improve their hand at the expense of the working classes.
When Bitcoin becomes so expensive to mine, who will continue to process transactions? If Bitcoin mining remains profitable forever, then eventually there wil only be a handful of mining companies left, at which point is that still decentralised?
Big think, how can Bitcoin be a commodity? You can’t touch it. You can touch oil. Gold. Wheat. Copper. Silver. You produce other things from commodities. Also what’s going to happen to bitcoins value when each country puts out their own digital currency? Bitcoin still going to a trillion dollars??
If there was a copy of instagram, facebook or any other social platform that was better than the original, would it be better and more widely used? The network affect is a real thing and bitcoin has it.
From a prepared speech by a guy who makes fortunes telling absolute tools whatever they want to hear. I am not claiming that all the speakers in the video are full of shit but this guy obviously should not talk about anything related to anthropology.
Go look at various historians and archeologists books on ancient economy. Commerce started with trading favors. The speaker even describes how economy developed.. .
Not that barter has never occurred. That no economy was ever based on barter as a precursor to the invention of a medium of exchange. He’s saying the story of “first barter, then gold, then credit” is wrong
Yes, on the lightning network the divisibility already goes further. The nominal values do not really matter, these can always be changed. Ie 1 sat is the smallest unit currently, but that is not a fixed concept and can be changed easily.
A gift economy is not based on keeping track of who owes what, that´s not how it works. Tribal societies as a rule did not trade internally, property was communal. In agricultural societies there was gift economies and debt based aconomies. Debt is the original money, as David Graeber explains in his book "Debt:the first 500 years"
Long story short, a Bitcoin transaction can take anywhere from 1 minute to 60 minutes or even a day or two to get confirmed, not to mention other security issues like losing your password and hackers using it as the sole method for ransom money. Hard to see it going legit for the common man as a everyday secure money tool. May be as a speculative investment, yes like what most people are doing now .. but I would rather sink my money in gold and silver for that!
I started to doubt credibility of the content when I heard one sir saying that Lithuania used Blockchain in elections. I am Lithuanian, I participated in elections and I wasn't aware about it. I did try to search of this fact and only thing I found that some people discussed possibility of using this technology. I would really appreciate anyone proving me wrong. Please share the source that states that it was used in the past. I hope I am wrong, otherwise how can we trust this content if similar examples are given so lightly to exaggerate the argument.
I think the second guy didn't explain well the halving system. It won't be shortening in months and weeks. It will happend each 210,000 blocks (around for years) from here to the last halving which will happen in around 120 years
Hit dislike at 00.40 where I heard 'barter never happened' couple of times. At this point of time, there are parts of world where some sort of barter system still exists.
You have a nifty pun-tastic handle. I feel the same way. It doesn't look like we can have much confidence in the hardware or software we use to encode bitcoin. It is doubtful it will outlive any of us or even be usable by anything in 20 years (rotary phones, horses and buggies, crt monitors, etc. can attest to that). The transaction rate with bitcoin is already super slow as it is and decentralized program writers make about as good program protocol code as you would expect from a bunch of strangers pretending they know each other on line... The smart contracts are full of holes and there are so many forks in the system that we are running out of names and air drops for them. Who do you even call if you are scammed or can't even get your funds to go through if the smart contracts breaks? We can't decentralize the law. I have no interest in vigilante justice. There is more that can be said, but it feels like a waste. Sorry. I felt like ranting. You are just a victim on all of this... (* Shrugs shoulders *) Maybe you can take it out on some of your other friends. (* Awkward nervous laughter *)
@@Kenny-tl7ir yeah, I am not sure why that last little part of my text turned into bold text. I think it has something to do with using "*". Anyway, the blockchain tech isn't bad tech, per say, but it is really inefficient and very energy hungry. It is also reliant on the fact that people will continue to offer to use their computers to run the code. I get the feeling the decentralized currency system, like bitcoin, is going to crash. There are better ways to use a decentralized ledger and there are much more efficient ways to do it. There needs to be a distinction between block chain and decentralized currency. The decentralized currency is really subversive and is going to break a lot of institutions in ways that the decentralized currency cannot accommodate for. You will also need friends and institutions to enforce your smart contracts if you end up getting scammed or the victim of illegal behavior, because you are the only one left to uphold the law if you let decentralized systems break all of your institutions. Decentralization in the absolute sense leads to anarchy.. That is not where I want to go, so no thank you. You can go ahead and gamble in your casino of cryptocurrency, but it is basically theft and I don't believe in it in the long run. The cost of entry into the crypto market is basically nothing. Anyone with a little spare time and just a little tech know-how can start a crypto coin, and it ends up devaluing the other coins as people rush to pump-and-dump the, so called "shit coin." Some people know it is worthless and whimsical, like Doge coin, as they scam the system to make a quick buck on the less fortunate people who invested too late (or who are not aware of the worthless value of the coin)... There are over 3000 active "shit coins," otherwise known as alt coins, and there are all kinds of social media blitzes and bots who trump up the coins just to promote the otherwise illegal pump-and-dump schemes that are not allowed in any other real and tangible stock market. It is all a scam. Don't gamble on it with a clean conscience because it is theft and it will, or at least should, crash. Investing in it even if you don't believe in it just enables it... (Sorry I had a quick edit and it ended up turning into an additional rant)
No ones in charge... that's the point of decentralized currency... no banks moving your money around causing markets to crash, and no government agencies to inflate or deflate the value of the currency. Bitcoin operates on a source code that is prewritten and would be extremely difficult and time consuming to alter. The last Bitcoin should be mined around the year 2040, leaving the amount capped forever, unlike gold and other precious metals, which you can find floating all around the solar system, waiting for a booming company like SpaceX or even Blue Origin to mine. Psyche 6 (Some name like that) for example, a nearby metallic asteroid between Jupiter and Mars (Not that far away, relatively speaking, theoretically SpaceX's new "Starship" rocket could get there and bring back a massive payload) has over 10 Quadrillion USD worth of gold alone. Many, many, many more times than the amount here on Earth.
That's bitcoin's big selling point: No-one controls it. No-one can control it. It was designed that way as a technology. That's both a strength and a weakness: You don't need to worry about a government devaluing the currency, but there's also nothing any government can do about volatility.
Nexo, Celsius Network, Blockfi, etc, allow customers to deposit crypto like Bitcoin and earn interest (Nexo can give up to 6 percent annual interest on Bitcoin), and in turn, these firms lend out crypto (example Bitcoin) to borrowers. Borrowers pay back crypto loans with interest, and the firms in return pay some interest to the same customers who deposit crypto with them.
@@mohamamdazhar6813 very similar to traditional banks. The only difference is that Nexo, YouHodler, etc, accept crypto deposits and lend out crypto currencies.
Okay, there is blockchain record of something (in this case record of bitcoin in your virtual wallet). Behind lots of security. Then somebody else creates _another record_ of that something that challenges that record. Decentralized or not, both are still _files_ something or someone has created that now have conflicting information. Now there is a conflict that has to be dealt with in the physical world. Enter two parties with different backing - financial, political, military, what have you. And no, your lawyers will not want to get paid by wealth whose very existence is in doubt in your specific case - you have to pay them with something else. And representatives of organizations that use some government-backed currency have no interest whatsoever to help you. Enter political and financial power to affect the result. Of course, blockhain evangelists think that their sacred creation can never be used for evil (or words to that effect) but I think all of us have heard all of that before.
"Then somebody else creates another record of that something that challenges that record. " This makes no sense and could only come by someone who have read no more than 10 minutes about how blockchain works
The main idea behind blockchain is that you can not create conflicting information. That's why it's inefficient compared to a centralized system. Blockchain is a very cool invention you'll have to read more about it to understand how it works
The argument is basically: if no one want bitcoin no one will want bitcoin. And that is true. Only time will tell and for now at least it is wanted, hence it's value. Money is money if enough people say it is, that's true for all expressions of value.
I dunno man, like nobody really understands the internet. People say they do, but can you really touch the internet? Build it? No. I won't go near it. You can do this with email, our bank accounts, countries, ...
Not within a social grouping. There's just no historical evidence for that happening, and plenty of evidence for other approaches to allocation. Barter did happen in the form of trade between distinct communities. You might agree with another town (Sometimes one a surprisingly long distance away) to give them some of your grain in exchange for an agreed quantity of tin, but that's a transaction between communities. Within a settlement though, property was more communal.
This is very iffy at best. The history of money? Well barter did exist! And for a long time barter and money existed alongside of each other. Simply because in a lot of circumstances it made no sense to have coin. And that had to do with circumstances. Very sparsly populated areas who had very limited trade and that only for a few months in the year. Needs must. Nessessary goods more valuable then any kind of coin. But it's true also, the use of some form of coinage goes way back, may they be kauri shells, precious stones (or amber) or bits of bone. But not everyone was linked to a trading route in those days. So, it's not black and white and barter DID EXIST! And it was as simple or complicated as needed be.
Barter existed mainly between societies. Within societies, everything was based on local notions of proper debt management. Over time this crystalized into debts being payable in transferable tokens, and the inherent notion of social worthiness to reverence and economic deference would be based upon accumulation of tokens. And that happened because of how power flowed and why power flows as it does: The Strong Will Do What They Can and The Weak Will Suffer What They Must. The notion that this truth justifies the tyranny of others is the notion that demands a call to action from the virtue of the self. And, AT BEST, we can have a government that is democratically representative of all people and is able to create some kind of equitable minimum within which we can survive in dignity. At worst we just have local tyrannies setting up their own kangaroo currencies and demanding you do what they want in order to get their currencies to pay the taxes that make the currency valuable.
@@TheRepublicOfUngeria Sorry, utter rubbish. Learn your history lessons. In medieval times the were many stretches of land that were inhabited, but yet so poor... they were of no interest to anybody save their inhabitants. Oh yes, there was a baron or such, who was nearly just as poor. Real backwaters. In the sticks. No commerce whatsoever. Just scraping to get by. Taxes were payed in... goods! That's how we come at our insights of the history of money, commerce and so on. Because a number of those ledgers have survived. Money wasn't worth a farthing for people in those circumstances. Debts were dealt with by means of agreements. If I give you these eggs then you will help me cleaning my gutters. Don't make it modern style complicatec. Check facts. Prosperity came overtime due to good seasons and population growth (veeeeerrrryyyy sssllloooowww) and THEN came trade and commerce. The bartering was on every scale... where money had no or not enough money.
@@TheRepublicOfUngeria Big words you barely understand and copied where from exactly? Learn your history, we literally have mentions and regulations of barter in most ancient law documents. How the fuck the alleged non-existence of barter is tied to the role of democratic representation or in any way a question of ideology is beyond any reasonable mind.
@@Hopesfallout I am saying that the economy itself was actually based on debt. Barter happened, but society wasn't BASED around barter. Sort of like how there are window washers in our economy, but our economy isn't based around window washing.
@@TheRepublicOfUngeria I suspect that you're a troll or something like that. What you call economy was in fourth century North Europe hardly worth that word in the rural areas! It was agreements and barter for most of the time. Debts? Oh yeah you were indebted, but never in the formal sense as we see it now! It was co-depency for survival! Only in the few trading centres was a more formal economy, but also on the basis of agreements. Loans and financing and whatnot... did not exist. Maybe on a very small scale. If you want to make a point, please come with simething we can verify. Or else shut up.
I think the biggest challenge facing blockchain and, therefore, bitcoin is political. On the one hand, the tendency to concentrate power in fewer and fewer hands, though unsustainable in the long run, in the shorthand could hand over control of most servers to a government with global control. In the long run, without a way to restrain the competition and concentration of power in ever fewer hands, civilizations tend to collapse and there goes the electrical power grid that blockchain rests on. Ask any Roman in the time of Augustus whether Rome, the strongest empire western Asia had seen (after Persia and Alexander's empire), would ever collapse and they would have said you were crazy. A stable, sustainable system that decentralizes political power is also the solution to that problem. (Not a bot or scam artist. Ü)
My concern has to do with who has authority to rectify illegal behavior? We might talk about transnational trades and visible ledgers, but who has authority to act when it is time to do so? If you are a small time player and are the victim of illegal behavior but the entire network is decentralized, who do you go to to file your appeal/complaint? If there is no central legal system, the law seems a little ambiguous in a decentralized world. The authorized use of pursuasive force cannot be decentralized and it should not ever be considered as a possibility that security is sellable to the highest bidder.
No-one has the authority. If you are the victim of a crime, you're screwed. This is a well-known issue with bitcoin. It's really the point behind it: The ideologues behind it wouldn't trust anyone with the kind of power that is needed to enforce the law, so they would rather have no law at all and depend upon every bitcoin user to secure their own assets.
Read comedy of coffin on kindle written by Avijit Kabiraj. Introduction : Two unemployed boys were employed by a mafia boss, their job is to bury a dead chef in the criminal's cemetery. The chef is the pasta maker whom the boss accidentally shot dead. The boys were chased by the police, shot by a sniper, rested in a church, kidnapped by an evil doctor, electrocuted, freezed, roasted, couple of ladies didn't spare them, survived the strange graveyard but when they returned after burying the dead chef, found the boss in a coffin......
Proof of work must go before cryptocurrencies can be decentralized AND sustainable. Currently cryptominers use about 50 TeraWatthours of power every year, which could power 7 million homes. That power is used to find random numbers that produce a number of leading zeros when put through another function. It needs to be wasted to keep the blockchain secure. That's what proof of work is. We need to find an alternative!
I do not really agree about the point there is no barter in the past because I saw myself there are so many transactions with barter when I was in elementary school. It was in 1997 in Indonesia, people doing transactions by changing their things or belongings under a certain agreement that happened even after people already have the money for transactions, and my Grand Ma and Grand Pa ever told me that they and their parents using barter in doing transaction sometime in the past.
As long as you can't pay your housing, food and other necessities with BTC and the big institutions still holds the power of the money you need to use, and holds the power to legitimize BTC itself.....it is not a currency....it is just a speculative asset.
Bla bla bla it's so funny people using words like "speculative assett" when they don't understand something. Of course you can pay for housing with BTC have you even asked?
@@fishbrainCTRL Then you can explain, BTC is dependent on being legitimized by banks, countries central bank and being in the monetary system and how BTC itself works it is not sustainable in the long run.....the anonymity, the large influx of illegal assets, the threat against their own system.....as soon as any of those parts become irritating, they are going to shut it down with restrictions and laws. And then it is worthless. Because it is not integrated in society as a whole....only in the financial market as a speculative asset.
@@pjukas bitcoin was never dependent on governments it literally was first used as a way to buy drugs online..if governments could shut it down you don't think they would have done it already?
@@pjukas also you're missing a HUGE part of the equation. Blockchain is the new layer to the internet. I call it the memory layer, or the layer that gives digital "mass" per-sey. You can't change a block that has been mined. The new layer of internet won't rely on centralised companies, it will purely be software on decentralised servers that can never be shut down.
@@KBTadieh let me simplify so you can understand, btc is not going to lose value, btc is going to vanish, bitcoin is limited in supply, with time bitcoin only decrease in qty, password lost, hardware failure,people die and their btc is lost with them, disasters like earthquake, (think long run 10, 50 years from now) and if you have an asset decreasing, it will eventually end, except they change the "limited" part of it, if that happens it becomes nothing more than a "currency", and that's make it fail the test of time.
The number itself does not matter. If there was only one bitcoin in the world it would work just fine. There is no difference between 1 and 21 mil in this context. You just have acces to a certain % of the nerwork.
@@jonathanvandriessche how long those fractions gonna last 10years, 20, 50, it'll reach a point of imbalance where if someone or government is holding 1btc (after 100yrs) and not selling any of it and the world is fighting over .0002 btc he could buy half the world. i'm not talking about next week or next year, limited supply of crypto is the value "now" and it's what's going to kill it "later"
Everyone especially in this video - relates scarcity with value. I can make a new coin tomorrow. Only has 2, one for me and one for the lucky moron. Scarcity in tech isn't a value.
Is there not a limit to how much wealth we as a society will allow one person to hoard before it becomes absurd? How much money do we agree to allow someone to take from the aggregate while not sharing in the proceeds gained under an infrastructure we built? How much? The rich almost have it all already. Half of what the rich rich own, if not more, belongs to the rest of us. We could take it, put it to good use through competent governing, and yet the rich would still be rich. Do not fret about taxes on the rich.
How to use this thinking so it will appeal to the 'self serving human' , How does one prove society's defined by how it strengthens it's weakest link? Looking at the benefits of a Norwegian economy , or the Carbon negative Bhutan investment structure for example? Not sure Though, It seems a fine art of how to preach the good ideas of a vital evolution on the ears that need to accept it.. If we use cooperation instead of competition it has the capacity of undermining and over powering competition, it just takes a fundamental shift in culture and belief structure. Maybe this is my limiting beliefs;)
✌️ Napoleon said whatever the mind of man can conceive and believe, it can achieve. A dude by the name of @evenkingsfall (his insta) never stops saying you have to THINK BIG to WIN BIG! Always keep that mindframe! Keep up the good content 💙
What are your hopes and hesitations when it comes to cryptocurrency?
Low transaction fees.
Cryptocurrency is a long way from being currency. They are highly speculative commodities.
I was allured by Bitcoin’s possibility as a global non-sovereign reserve currency back in 2008/9, but that ain’t going to happen.
Originally bitgold from MIT , bitcoin became a huge phenomena with outside influence of criminal, clandestine networks and state actors operating to undermine other criminal and clandestine networks working on behalf of nation states and global entities that rely on the fluid nature of dark money.
This "digitally tally stick system" is just another form of capital and with it come all the contradictions of capital.
And I feel sorry for all those who were duped by this , and my message to those who have zero capital and resources to utilise this pirate currency is too prepare for crisis and risk, because all costs will be mitigated upon those with least purchase.
market vs nominal values have been around for quite some time... some like it others don't...
Hope it works and doesn’t continue to be dominated by crime.
With the Wall Street and robinhood fiasco decentralization is more important than ever
What he first described, the "ledger in our heads" IS "delayed" barter. The exchange of goods and services with a delay in the delivery of the counter. So, there was barter, just not with the immediate exchange.
Exactly. Barter is about the exchange of things that could be used, directly or through future exchange. Money has no usefulness other than to serve as a fluid ledger.
That´s because he´s talking out of his ass. A gift economy is based on voluntary reciprocity. People who don't reciprocate enough might get less gifts, but they will still get gifts.
My understanding is that in these old societies people didn’t barter in this exact sense. People just gave stuff to each other. It was more about being seen to carry you’re weight, people that just kept asking for stuff without giving back to the community were brutally murdered.
What I understand from his explanation is that barter involves trading of "different" goods so each party benefits and their unique needs are fulfilled. What he described was an exchange of "same" goods, just when either party possessed them. So if I take cloth from you on Day 1, you could come asking for cloth on Day 10, but you wouldn't ask for a cow in exchange for cloth (barter).
@@monalisasingh2331
I think that there is a difference between money and value.
The 1st tribe that uses money might not associate money with value. What I mean is that when you barter you exchange things with stuff you need, to what is valuable to you personally at that moment in time. So I'm guessing that in the old days money isn't centralized either.
The need to give money the same value is when different tribes use different currencies cauz then you have to explain the differences.
For example 1 tribe uses money as a stand in for eggs, while another tribe uses it for goats so they then have to figger out how many eggs equals a goat.
Unlike now when money is tied to centralized value like gold?
Mistakes:
1) 4:40 Bitcoin is divided into 100 million pieces, not 1 million.
2) 4:59 BTC is not deflationary, but disinflationary. That means that the inflation decreases.
3) 5:25 The amount of time between each halving doesn't decrease. A halving of maximum production happens every 210000 blocks, with each block being added approximately every 10 minutes (this is the network's target).
I stopped watching the video at this point. What a shame to spread such inaccuracies 😞
Success is about focusing Your energy on what creates results and using what you already know
That feelings of being able to spend as much money on pointless stuff is the ultimate goal in life
Investing is good but it's up to you to get pass those fears and trust yourself to invest in a life changing mastermind.
Investing in bitcoin is another way of ensuring steady cash flow, I have been earning every week for a year now.
Crypto is a digital currency and the Most profitable investment of the new century
It is better to put the price of discipline than to pay the price of regret tomorrow and make the right decision to join the winning team today
The explanation of the first guy was amazing!
its alright
Meh... He mentioned scarcity, which is the complete opposite of the us dollar.
@@joecramerone US dollar is scarce for me. Give me some, since you have it in abundance
MI PAIS MI PAIS
Indeed
That dude at 15:00 hit the nail on the head… trust!!! Or lack of it, is a huge reason for blockchains to exist.
Bitcoin is just one cryptocurrency among many. Stop using the terms as interchangeable, they are not.
When I hear someone say something is unhackable, I just feel like it's an invitation to hackers... and we've all seen the movies... it's _always_ hackable.
It's unhackable
@@osamabinladen824 LOL! You _would_ say something like that. 😊
This is a different kind of unhackable
Bitcoin is 100 % unhackable. The most advanced algorithms in the world protecting the network
@@shz6148 When thieves want to steal it badly enough, and when governments want to tax it badly enough, somehow, some way, cryptocurrency will be brought to its knees.
Brad Templeton: "If someone controlled more than half the computers in the world they could take over bitcoin but that's pretty unlikely"
Amazon Web Services: "Hold my beer"
Crypto currency is the future, investing in it would be the wisest thing to do especially with the current rise
Crypto is our only HOPE:
For More guidance
W.H.A.S.P.P
+1.2.3.1.3.3.5.7.5.4.1
@@cretaceoussteve3527 do well to correspond
@@cretaceoussteve3527
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W.H.A.S.P.P
+1°2°3°1°3°.3°5°7°5°4°1........ //////////
Turn on, Tune in, OPT OUT ✌️
Really appreciate the last comment on decentralization. It's not just about efficiency it's about resilience and other externalities
Thanks for your comment. Write my manager regarding making good profit in BTC
W.H.A.S.P.P
+1.2.3.1.3.3.5.7..5.4.1
Do well to let him know I referred you to him his strategies are top Notch
He based the idea from David Graber's masterpiece Debt: the first 5000 years
One if the best books on money
No
Tony Saldhana doesn't belong in this forum. he's a "blockchain, not bitcoin" guy, he doesn't get Bitcoin. He should go back to 2015
Yeah he's the only one shying away from facts
Views on BTC spot-on. Views on blockchain...not so much. Funny how so few understand that blockchain adds 0 value in 99% of use cases.
Blockchain only has a use when you have a lot of parties needing to agree on something and none of them trust anyone else. Usually this problem is dealt with by just creating a database, putting some government or private agency in charge, and making it clear that anyone caught screwing with it is going to prison for a very long time. Then everyone trusts the database integrity. It works for land registry, it works for banks, it works for contracts... why would you use blockchain when the existing approach is working so well?
Bartering %100 without a shadow of a doubt was and still is today one of the best ways of exchanging value that exist. These power hungry ceos and other high level executives want a cashless society so they can have total control over the masses
5:25 Is what he said there correct? Are halvings supposed to happen more and more frequently?
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Sorry for late response I was very busy
Do well to respond thanks ✔️
If there's a Solar flare or a EMP pulse (nuclear war) or anything that disrupts electric equipments worldwide... The Bit in Coin is going away forever.
That's why gold will always be GOLD.
Pretty sure there would be alot more to worry about than just bitcoin going down if this happened.
agreed...
Democratize the enterprise. If decentralization is good for markets, it is good for production, the core of capitalism
Absolutely.
U believe in the 'free market', but it is a structure based on scarcity and limited commodities, capitalism and its lack of humanity, is too self serving to provide longevity to our culture
Perhaps look at a circular economy, sharing economy, or nature for a 'gifting/abundant model' of economy.
Unfortunately modern bitcoin is not bringing it but perhaps the next similar but better invention will?
@@idunnmyhr8854 Indeed. Capitalism thrives on scarcity & desperation for people to enter the Employer / Employee relationship with low wages & conditions
@@idunnmyhr8854 scarcity exists in the world, it's not a cause of capitalism. Capitalism is actually an effective way of putting scarcity into use and getting more through value addition
2021 online stock market is just difficult and unbelievable, I rather invest my money on crypto
Interesting. So in the earlier systems, the person with the most shells would be the most giving in society.
As opposed to this system where you win by being the most ruthless, selfish and exploitative
Here's a tip. Don't be a loser
The replies to your thoughtful comment, only prove your point, Sir
@@drealexatos3459 thank you for your kind and positive words, sir.
Anything made by human can be bypassed by another.
Scarcity creates value, simple. There are not many things in this universe that are unlimited... apart from fiat, apparently.
No that is not real value. Just psychosis. Real value is something that can extend your life. Something that can feed you and keep you warm at night. Bitcoin cannot do that for you.
@@CakeIllusion If it possesses value, it can provide those amenities you talk of. You could say the same about gold... that won't feed you or keep you warm, but it can provide you wealth to access those things. Bitcoin is digital gold (will eventually be).
@@Sicaoisdead real digital gold would guarantee those properties to me. Bitcoin guarantees nothing. Therefore it will always lose compared to backed currency.
@@CakeIllusion But just like Bitcoin, humans are the ones that dictate whether gold is worth something. Gold is not accessible 24/7, difficult to store and can be stolen relatively easily. Bitcoin's strength is in it's security.
@@Sicaoisdead You can back a cryptocurrency with whatever. It does not have to be gold. You can back it with things that humans need to survive. It beats bitcoin any day.
$GME TO THE MOOOOOOOOOOON 🚀🌙
Did you buy into this bot network scam or are you a bot yourself? Buying worthless stock to lose all your money. Genius idea!
I was very impressed by the first guy explanation of our monetary system. However, at this point cryptocurrency is not legal tender it just seems to be nothing more than very valuable arcade tokens that everybody wants to play with. everybody seems to have a currency these days. Companies have points, miles, and Rewards that encourage you to facilitate use of there products. Its what its pegged to. I'm no expert but I'm sure no dummy. Anything that seems complex I go right back to basics. Could this possibly something similar to the 1600 when they had the tulip bubble?
The vision is spectacular. But blockchain is decentralised not distributed. The miners still have a great say in the blockchain. Tyranny of majority is still a very likely possibility in blockchain. Whoever has 51% computational power, is the master of that blockchain. The vision of blockchain is great, but the implementation still has loopholes. I think distributed ledgers address this to a great extend
Very interesting and learned so much. THANKS.
Elon Musk just changed his profile text to #Bitcoin
This video feels like an ad that is promoting using cryptocurrency and blockchain to hide from governments, avoid taxes and regulations. It is another way for the rich and powerful to improve their hand at the expense of the working classes.
Agree. At first it sounds like it could be good for the little guy. But big picture its a libertarian wet dream that only ends in corporatocracy.
Bitcoin will be the future but the problem with it now is it's too volatile.
Thank you BIG THINK
Please answer, how will crises be managed in decentralized economy?
5:20 wrong, bitcoin creation will always be halved every 4 years. the frequency wont increase, the result is the same however
It's based on blocks mined, not years, but yeah. Basically like clockwork.
True. He also missed some zeroes for a sat. Quite a sloppy explanation by the speaker
When Bitcoin becomes so expensive to mine, who will continue to process transactions?
If Bitcoin mining remains profitable forever, then eventually there wil only be a handful of mining companies left, at which point is that still decentralised?
@@cretaceoussteve3527 that's interesting, thanks. I suppose mining cards will also get faster and more efficient/cheaper too.
Good point
No mining? Switch to Prove of Stake which requires no miner.
Big think, how can Bitcoin be a commodity? You can’t touch it. You can touch oil. Gold. Wheat. Copper. Silver. You produce other things from commodities. Also what’s going to happen to bitcoins value when each country puts out their own digital currency? Bitcoin still going to a trillion dollars??
If there was a copy of instagram, facebook or any other social platform that was better than the original, would it be better and more widely used? The network affect is a real thing and bitcoin has it.
Barter never happend? Where is this stuff from?
From a prepared speech by a guy who makes fortunes telling absolute tools whatever they want to hear. I am not claiming that all the speakers in the video are full of shit but this guy obviously should not talk about anything related to anthropology.
Go look at various historians and archeologists books on ancient economy. Commerce started with trading favors. The speaker even describes how economy developed.. .
I'm not sure this guy understands the meaning of barter.
Not that barter has never occurred. That no economy was ever based on barter as a precursor to the invention of a medium of exchange. He’s saying the story of “first barter, then gold, then credit” is wrong
@@Hopesfallout Which societies or tribes do anthropologists say had economies based on barter?
Wait, he says that 1 Satoshi could eventually be worth thousands but then says it could be used for small payments. Am I missing something?
Yes, on the lightning network the divisibility already goes further. The nominal values do not really matter, these can always be changed. Ie 1 sat is the smallest unit currently, but that is not a fixed concept and can be changed easily.
It’s called volatility.
A gift economy is not based on keeping track of who owes what, that´s not how it works. Tribal societies as a rule did not trade internally, property was communal. In agricultural societies there was gift economies and debt based aconomies. Debt is the original money, as David Graeber explains in his book "Debt:the first 500 years"
Long story short, a Bitcoin transaction can take anywhere from 1 minute to 60 minutes or even a day or two to get confirmed, not to mention other security issues like losing your password and hackers using it as the sole method for ransom money. Hard to see it going legit for the common man as a everyday secure money tool. May be as a speculative investment, yes like what most people are doing now .. but I would rather sink my money in gold and silver for that!
Big banks and wall street will never let this happen.
C.o.n.t.a.c.t. M.e. O.n
W.h.a.t.s.a.p *+1..2..1..3..2..9...7..4...3...9...0*
Sorry for late response I was very busy
Do well to respond thanks ✔️
Even they will start investing , who never needs money in this world
Excellent video. Thank you. Dollar Cost Averaging is your friend.
So what backs crypto currencies?
It’s funny how they compare the bits that make up a bitcoin to gold.
Me having multiple sclerosis and watching all these amazing economic opportunities come and go but I can't participate because I have nothing
Barter never happened 🤔
I don't know apps that are involved Bitcoin, havent been following .
You can see how deeply people are sold on the idea of money. Which gives power to those that can acquire the most. Nothing new here.
@Big Think money only enslaves us to our greed to control life. We will never have that kind of control.
Gold keeps its value for the next 900 years?? Don't think so, we'll have probably mined the shit out of 16 Psyche by then.
I started to doubt credibility of the content when I heard one sir saying that Lithuania used Blockchain in elections. I am Lithuanian, I participated in elections and I wasn't aware about it. I did try to search of this fact and only thing I found that some people discussed possibility of using this technology.
I would really appreciate anyone proving me wrong. Please share the source that states that it was used in the past.
I hope I am wrong, otherwise how can we trust this content if similar examples are given so lightly to exaggerate the argument.
@Big Think thanks, will do :) I would really like to know more about my countries innovations.
@@LinaPaulauskaite The reply is not from their real account.
I think the second guy didn't explain well the halving system. It won't be shortening in months and weeks. It will happend each 210,000 blocks (around for years) from here to the last halving which will happen in around 120 years
as soon as he mentioned email, it made more sense
Hit dislike at 00.40 where I heard 'barter never happened' couple of times.
At this point of time, there are parts of world where some sort of barter system still exists.
Lo! Paradigm Shift🤩
Blockchain is nothing without bitcoin. Blockchain is just a fancy ledger without the security of Bitcoin.
The joshua fedrick bots are strong with this video...
dogecoin on that dip!!
ETHEREUM babyyy
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W.h.a.t.s.a.p *+1..2..1..3..2..9...7..4...3...9...0*
Sorry for late response I was very busy
Do well to respond thanks ✔️
But can we really compare now to 3000 years ago?
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Sorry for late response I was very busy
Do well to respond thanks ✔️
Problem with Bitcoin is anyone can create another bitcoin. Just copy and paste the source code.
You have a nifty pun-tastic handle.
I feel the same way. It doesn't look like we can have much confidence in the hardware or software we use to encode bitcoin. It is doubtful it will outlive any of us or even be usable by anything in 20 years (rotary phones, horses and buggies, crt monitors, etc. can attest to that). The transaction rate with bitcoin is already super slow as it is and decentralized program writers make about as good program protocol code as you would expect from a bunch of strangers pretending they know each other on line... The smart contracts are full of holes and there are so many forks in the system that we are running out of names and air drops for them. Who do you even call if you are scammed or can't even get your funds to go through if the smart contracts breaks? We can't decentralize the law. I have no interest in vigilante justice.
There is more that can be said, but it feels like a waste. Sorry. I felt like ranting. You are just a victim on all of this... (* Shrugs shoulders *) Maybe you can take it out on some of your other friends. (* Awkward nervous laughter *)
@@DialecticUnity you are going to NEED your friends when you are a nocoiner and the rest of the world adopts Bitcoin kek
@@Kenny-tl7ir yeah, I am not sure why that last little part of my text turned into bold text. I think it has something to do with using "*".
Anyway, the blockchain tech isn't bad tech, per say, but it is really inefficient and very energy hungry. It is also reliant on the fact that people will continue to offer to use their computers to run the code. I get the feeling the decentralized currency system, like bitcoin, is going to crash. There are better ways to use a decentralized ledger and there are much more efficient ways to do it.
There needs to be a distinction between block chain and decentralized currency. The decentralized currency is really subversive and is going to break a lot of institutions in ways that the decentralized currency cannot accommodate for. You will also need friends and institutions to enforce your smart contracts if you end up getting scammed or the victim of illegal behavior, because you are the only one left to uphold the law if you let decentralized systems break all of your institutions. Decentralization in the absolute sense leads to anarchy..
That is not where I want to go, so no thank you. You can go ahead and gamble in your casino of cryptocurrency, but it is basically theft and I don't believe in it in the long run.
The cost of entry into the crypto market is basically nothing. Anyone with a little spare time and just a little tech know-how can start a crypto coin, and it ends up devaluing the other coins as people rush to pump-and-dump the, so called "shit coin." Some people know it is worthless and whimsical, like Doge coin, as they scam the system to make a quick buck on the less fortunate people who invested too late (or who are not aware of the worthless value of the coin)... There are over 3000 active "shit coins," otherwise known as alt coins, and there are all kinds of social media blitzes and bots who trump up the coins just to promote the otherwise illegal pump-and-dump schemes that are not allowed in any other real and tangible stock market.
It is all a scam. Don't gamble on it with a clean conscience because it is theft and it will, or at least should, crash. Investing in it even if you don't believe in it just enables it...
(Sorry I had a quick edit and it ended up turning into an additional rant)
Unlike gold Bitcoin rises
So it's like gold
But who's the controller of bitcoin and how the value increases or decreases
No ones in charge... that's the point of decentralized currency... no banks moving your money around causing markets to crash, and no government agencies to inflate or deflate the value of the currency.
Bitcoin operates on a source code that is prewritten and would be extremely difficult and time consuming to alter. The last Bitcoin should be mined around the year 2040, leaving the amount capped forever, unlike gold and other precious metals, which you can find floating all around the solar system, waiting for a booming company like SpaceX or even Blue Origin to mine. Psyche 6 (Some name like that) for example, a nearby metallic asteroid between Jupiter and Mars (Not that far away, relatively speaking, theoretically SpaceX's new "Starship" rocket could get there and bring back a massive payload) has over 10 Quadrillion USD worth of gold alone. Many, many, many more times than the amount here on Earth.
That's bitcoin's big selling point: No-one controls it. No-one can control it. It was designed that way as a technology. That's both a strength and a weakness: You don't need to worry about a government devaluing the currency, but there's also nothing any government can do about volatility.
wait ... how we going to take loan for smthg
mohamamd azhar you have a point right there... how?
Nexo, Celsius Network, Blockfi, etc, allow customers to deposit crypto like Bitcoin and earn interest (Nexo can give up to 6 percent annual interest on Bitcoin), and in turn, these firms lend out crypto (example Bitcoin) to borrowers.
Borrowers pay back crypto loans with interest, and the firms in return pay some interest to the same customers who deposit crypto with them.
@@thewanderer4509 owww ty man. so these guys will operate like our current bank right?
@@mohamamdazhar6813 very similar to traditional banks.
The only difference is that Nexo, YouHodler, etc, accept crypto deposits and lend out crypto currencies.
Okay, there is blockchain record of something (in this case record of bitcoin in your virtual wallet). Behind lots of security. Then somebody else creates _another record_ of that something that challenges that record. Decentralized or not, both are still _files_ something or someone has created that now have conflicting information.
Now there is a conflict that has to be dealt with in the physical world. Enter two parties with different backing - financial, political, military, what have you.
And no, your lawyers will not want to get paid by wealth whose very existence is in doubt in your specific case - you have to pay them with something else. And representatives of organizations that use some government-backed currency have no interest whatsoever to help you. Enter political and financial power to affect the result.
Of course, blockhain evangelists think that their sacred creation can never be used for evil (or words to that effect) but I think all of us have heard all of that before.
"Then somebody else creates another record of that something that challenges that record. "
This makes no sense and could only come by someone who have read no more than 10 minutes about how blockchain works
The main idea behind blockchain is that you can not create conflicting information. That's why it's inefficient compared to a centralized system. Blockchain is a very cool invention you'll have to read more about it to understand how it works
The argument is basically: if no one want bitcoin no one will want bitcoin. And that is true. Only time will tell and for now at least it is wanted, hence it's value. Money is money if enough people say it is, that's true for all expressions of value.
I wonder how much Dogecoin it would take to get to the moon..... 🙌💎
Hold my brothers and sisters....HODL!
I was thinking the same thing 🚀👩🚀🌙
Dogecoin supply is unlimited.. so don't go for that... go for bitcoin... its supply is limited...
@@leisureclub_ This isn't a long term investment, for now. Elon said some interesting things on boathouse last night. 2000% gains and counting.
I dunno man, like nobody really understands blockchain. People say they do, but can you really touch blockchain? Build it? No. I won't go near it.
I dunno man, like nobody really understands the internet. People say they do, but can you really touch the internet? Build it? No. I won't go near it. You can do this with email, our bank accounts, countries, ...
Wait, they never exchanged cows for sheep, or horses for sheep?
Not within a social grouping. There's just no historical evidence for that happening, and plenty of evidence for other approaches to allocation. Barter did happen in the form of trade between distinct communities. You might agree with another town (Sometimes one a surprisingly long distance away) to give them some of your grain in exchange for an agreed quantity of tin, but that's a transaction between communities. Within a settlement though, property was more communal.
Is Bitcoin more than a transfer protocol, I mean
our paper currency is definitely not scarce, might just use tree leaves looking at the rate of printing money across the world
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This is very iffy at best. The history of money? Well barter did exist! And for a long time barter and money existed alongside of each other. Simply because in a lot of circumstances it made no sense to have coin. And that had to do with circumstances. Very sparsly populated areas who had very limited trade and that only for a few months in the year. Needs must. Nessessary goods more valuable then any kind of coin. But it's true also, the use of some form of coinage goes way back, may they be kauri shells, precious stones (or amber) or bits of bone. But not everyone was linked to a trading route in those days. So, it's not black and white and barter DID EXIST! And it was as simple or complicated as needed be.
Barter existed mainly between societies. Within societies, everything was based on local notions of proper debt management. Over time this crystalized into debts being payable in transferable tokens, and the inherent notion of social worthiness to reverence and economic deference would be based upon accumulation of tokens. And that happened because of how power flowed and why power flows as it does: The Strong Will Do What They Can and The Weak Will Suffer What They Must. The notion that this truth justifies the tyranny of others is the notion that demands a call to action from the virtue of the self. And, AT BEST, we can have a government that is democratically representative of all people and is able to create some kind of equitable minimum within which we can survive in dignity. At worst we just have local tyrannies setting up their own kangaroo currencies and demanding you do what they want in order to get their currencies to pay the taxes that make the currency valuable.
@@TheRepublicOfUngeria Sorry, utter rubbish. Learn your history lessons. In medieval times the were many stretches of land that were inhabited, but yet so poor... they were of no interest to anybody save their inhabitants. Oh yes, there was a baron or such, who was nearly just as poor. Real backwaters. In the sticks. No commerce whatsoever. Just scraping to get by. Taxes were payed in... goods! That's how we come at our insights of the history of money, commerce and so on. Because a number of those ledgers have survived. Money wasn't worth a farthing for people in those circumstances. Debts were dealt with by means of agreements. If I give you these eggs then you will help me cleaning my gutters. Don't make it modern style complicatec. Check facts.
Prosperity came overtime due to good seasons and population growth (veeeeerrrryyyy sssllloooowww) and THEN came trade and commerce. The bartering was on every scale... where money had no or not enough money.
@@TheRepublicOfUngeria Big words you barely understand and copied where from exactly? Learn your history, we literally have mentions and regulations of barter in most ancient law documents. How the fuck the alleged non-existence of barter is tied to the role of democratic representation or in any way a question of ideology is beyond any reasonable mind.
@@Hopesfallout I am saying that the economy itself was actually based on debt. Barter happened, but society wasn't BASED around barter. Sort of like how there are window washers in our economy, but our economy isn't based around window washing.
@@TheRepublicOfUngeria I suspect that you're a troll or something like that. What you call economy was in fourth century North Europe hardly worth that word in the rural areas! It was agreements and barter for most of the time. Debts? Oh yeah you were indebted, but never in the formal sense as we see it now! It was co-depency for survival! Only in the few trading centres was a more formal economy, but also on the basis of agreements. Loans and financing and whatnot... did not exist. Maybe on a very small scale. If you want to make a point, please come with simething we can verify. Or else shut up.
I think the biggest challenge facing blockchain and, therefore, bitcoin is political. On the one hand, the tendency to concentrate power in fewer and fewer hands, though unsustainable in the long run, in the shorthand could hand over control of most servers to a government with global control. In the long run, without a way to restrain the competition and concentration of power in ever fewer hands, civilizations tend to collapse and there goes the electrical power grid that blockchain rests on. Ask any Roman in the time of Augustus whether Rome, the strongest empire western Asia had seen (after Persia and Alexander's empire), would ever collapse and they would have said you were crazy. A stable, sustainable system that decentralizes political power is also the solution to that problem. (Not a bot or scam artist. Ü)
Yes, and it will save us from your socolism and ACTUALLY help the poor and middle class
Any proof on the anthropologists agree that there were no barters statement??
My concern has to do with who has authority to rectify illegal behavior? We might talk about transnational trades and visible ledgers, but who has authority to act when it is time to do so?
If you are a small time player and are the victim of illegal behavior but the entire network is decentralized, who do you go to to file your appeal/complaint? If there is no central legal system, the law seems a little ambiguous in a decentralized world. The authorized use of pursuasive force cannot be decentralized and it should not ever be considered as a possibility that security is sellable to the highest bidder.
No-one has the authority. If you are the victim of a crime, you're screwed. This is a well-known issue with bitcoin. It's really the point behind it: The ideologues behind it wouldn't trust anyone with the kind of power that is needed to enforce the law, so they would rather have no law at all and depend upon every bitcoin user to secure their own assets.
Read comedy of coffin on kindle written by Avijit Kabiraj. Introduction : Two unemployed boys were employed by a mafia boss, their job is to bury a dead chef in the criminal's cemetery. The chef is the pasta maker whom the boss accidentally shot dead. The boys were chased by the police, shot by a sniper, rested in a church, kidnapped by an evil doctor, electrocuted, freezed, roasted, couple of ladies didn't spare them, survived the strange graveyard but when they returned after burying the dead chef, found the boss in a coffin......
Elon likes this
101 is supposed to mean your,e going to explain what bitcoins are . Don't waste people's time. This was a click-bait
They did explain the fundamentals without the technical stuff. Well done imho
The reason I think Bitcoin will fail is because a lot of it gets lots easily and permanently. There will never be 21 million bitcoins
yes. it is time to invest in blockchain and be the next millionare
📣 Blockchain knowledge recently has been the number one demanding skill.👈🏾
In my opinion, exchanging money with goods is still considered as barter so I would have to disagree with what he says about barter never exist
Thanks for your comment. Write my manager regarding making good profit in BTC
W.H.A.S.P.P
+1.2.3.1.3.3.5.7..5.4.1
Do well to let him know I referred you to him his strategies are top Notch
im here before r/wallstreetbets start YOLO-ing on Bitcoin!!
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We’re coming
Proof of work must go before cryptocurrencies can be decentralized AND sustainable. Currently cryptominers use about 50 TeraWatthours of power every year, which could power 7 million homes. That power is used to find random numbers that produce a number of leading zeros when put through another function. It needs to be wasted to keep the blockchain secure. That's what proof of work is. We need to find an alternative!
Why institutions would want to invest to bitcoin ? They can introduce their own centralized digital currencies instead of investing to bitcoin.
Buy some and hold, you won't regret. Luck is begging you to buy so you can say I was lucky.
Thanks for your comment. Write my manager regarding making good profit in BTC
W.H.A.S.P.P
+1.2.3.1.3.3.5.7..5.4.1
Do well to let him know I referred you to him his strategies are top Notch
I do not really agree about the point there is no barter in the past because I saw myself there are so many transactions with barter when I was in elementary school. It was in 1997 in Indonesia, people doing transactions by changing their things or belongings under a certain agreement that happened even after people already have the money for transactions, and my Grand Ma and Grand Pa ever told me that they and their parents using barter in doing transaction sometime in the past.
wait until quantum computers are perfected
No value here you are selling transactions who’s bank account is receiving the money transfer?
Your 1 million USD can now be exchanged for 20 digital coins. Make sure you spend each one wisely.
Crypto is our only HOPE:
For More guidance
W.H.A.S.P.P
+1.2.3.1.3.3.5.7.5.4.1
As long as you can't pay your housing, food and other necessities with BTC and the big institutions still holds the power of the money you need to use, and holds the power to legitimize BTC itself.....it is not a currency....it is just a speculative asset.
Bla bla bla it's so funny people using words like "speculative assett" when they don't understand something.
Of course you can pay for housing with BTC have you even asked?
@@fishbrainCTRL Then you can explain, BTC is dependent on being legitimized by banks, countries central bank and being in the monetary system and how BTC itself works it is not sustainable in the long run.....the anonymity, the large influx of illegal assets, the threat against their own system.....as soon as any of those parts become irritating, they are going to shut it down with restrictions and laws. And then it is worthless. Because it is not integrated in society as a whole....only in the financial market as a speculative asset.
@@pjukas bitcoin was never dependent on governments it literally was first used as a way to buy drugs online..if governments could shut it down you don't think they would have done it already?
@@pjukas also you're missing a HUGE part of the equation. Blockchain is the new layer to the internet. I call it the memory layer, or the layer that gives digital "mass" per-sey.
You can't change a block that has been mined. The new layer of internet won't rely on centralised companies, it will purely be software on decentralised servers that can never be shut down.
¿Por qué no habla en español y que Google ponga subtítulos?
Barter never happened? Please, give us a break.
interesting
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Sorry for late response I was very busy
Do well to respond thanks ✔️
So the barter system was a lie? Is this true? Where’s this guy getting his information from?
Remember that +30% of bitcoin is lost in first 10 years, gone and never to be recovered, crypto will fail the test of time.
What correlation is there between the two... losing your bitcoin and the value of bitcoin.
Do you people even think before speaking?
@@KBTadieh let me simplify so you can understand, btc is not going to lose value, btc is going to vanish, bitcoin is limited in supply, with time bitcoin only decrease in qty, password lost, hardware failure,people die and their btc is lost with them, disasters like earthquake, (think long run 10, 50 years from now) and if you have an asset decreasing, it will eventually end, except they change the "limited" part of it, if that happens it becomes nothing more than a "currency", and that's make it fail the test of time.
@@KBTadieh are you dumb?, what value something will have if there's none of it.
The number itself does not matter. If there was only one bitcoin in the world it would work just fine. There is no difference between 1 and 21 mil in this context. You just have acces to a certain % of the nerwork.
@@jonathanvandriessche how long those fractions gonna last 10years, 20, 50, it'll reach a point of imbalance where if someone or government is holding 1btc (after 100yrs) and not selling any of it and the world is fighting over .0002 btc he could buy half the world. i'm not talking about next week or next year, limited supply of crypto is the value "now" and it's what's going to kill it "later"
What is a Satoshi? He never answered the Satoshi question. Major gaslighting
Hi, a satoshi is 0.00000001 BTC. Hope this helps.
If you believe that's gaslighting, then you don't know what gaslighting is.
Someone give me a practical use for BTC that someone, after all these years, has managed to create. ANY good use for it... I'll accept 1.
Everyone especially in this video - relates scarcity with value. I can make a new coin tomorrow. Only has 2, one for me and one for the lucky moron. Scarcity in tech isn't a value.
What happens to the US economy when crypto currency becomes more trusted than the dollar?
If it becomes standard to back national currency by crypto, a lot of governments are fucked.
Do you believe that the US government will allow that to happen? US will probably break before that happens
Is there not a limit to how much wealth we as a society will allow one person to hoard before it becomes absurd? How much money do we agree to allow someone to take from the aggregate while not sharing in the proceeds gained under an infrastructure we built? How much? The rich almost have it all already. Half of what the rich rich own, if not more, belongs to the rest of us. We could take it, put it to good use through competent governing, and yet the rich would still be rich. Do not fret about taxes on the rich.
How to use this thinking so it will appeal to the 'self serving human' , How does one prove society's defined by how it strengthens it's weakest link?
Looking at the benefits of a Norwegian economy , or the Carbon negative Bhutan investment structure for example?
Not sure
Though,
It seems a fine art of how to preach the good ideas of a vital evolution on the ears that need to accept it..
If we use cooperation instead of competition it has the capacity of undermining and over powering competition, it just takes a fundamental shift in culture and belief structure.
Maybe this is my limiting beliefs;)
Computer programmers own bitcoin
✌️ Napoleon said whatever the mind of man can conceive and believe, it can achieve. A dude by the name of @evenkingsfall (his insta) never stops saying you have to THINK BIG to WIN BIG! Always keep that mindframe! Keep up the good content 💙