6
This content is rated TV-MA, and is for viewers 18 years or older. Are you of age?
Sorry, you are not old enough to view this content.

Bitcoin for dummies: The 404

About Video Transcript

The 404: Bitcoin for dummies

2:43 /

Jill Schlesinger carefully explains Bitcoin to The 404 guys so that their brains do not explode.

-So here's a deal with Bitcoin, and the US [unk]-- -'Cause Bitcoin's been around for a very long time. -Since 2009. -That's a long time. -That so funny that you say it's very long. Okay, better get-- -Well, in internet time, that's like a decade. -True. It's a virtual currency. -Right. -So it has a very anonymous, interesting development-- -Right. -that in 2009 this comes out, kind of, as asleep [unk] for couple of years, that no one's really thinking. What, the financial crisis, right? And it comes as a result of this idea that, what is currency worth? And Bitcoin kind of came around because people were freaking out, and they're saying that, "well, you don't know what anything's worth it before, right?"-- -Right. -then the market was tumbling and everything was nuts. So flash forward to, about 2011, and it went from, say a few cents of per Bitcoin to like a dollar of Bitcoin to $2-- -Right. -'till like $13 per Bitcoin in the beginning of the year. At which point, things trying to get kind of interesting because people are starting to pay attention. And now all of a sudden, we saw Bitcoin go from, say, 13, 14, $15 up to the 40s. -Yeah. -Then right when Cyprus was basically going into bank accounts and saying, "okay, you've got money here, we're gonna take money out of your account to pay for our bail out?" Bitcoin went to 266 bucks. -Uh huh. -Now it's back in the 40s and the 50s, and people are really starting to say, well, maybe this idea of an electronic currency has-- -That's constantly changing, you know. -that's constantly changing, has some merit. Now, here's the downside, it's not regulated. -Right. -And, you know, that's kind of crazy, now-- -It could be messed with a little bit, right? -Totally, can be messed with, could be manipulated, could be speculative, and from the-- from the federal reserve's point of view, and which I think, they're gonna start to get in on this as they say, it also can be used to launder money. -The concept of Bitcoin is one of these-- it's like flirting with quantum physics. -Yeah. -You know, it's like this intangible sort of abstract idea, some people really get it, some people don't. -I think that it was really created because people were saying, "why is it that we arbitrarily, say a dollar is worth a dollar?"-- -Right. -Right? I mean so, this is like a very existential-- -Sure. -financial conversation-- -Yeah. -and it's fascinating because, it is true that the only reason a dollar is worth a dollar is 'cause we all agree-- -Right. -that that's the case. But when you look at Bitcoin, I think that there're' people who were, you know what-- you know, honestly they're programmers, they're super smart people, right? They're saying, "well why is it that the dollar is worth a dollar?"

New releases

Gesture-enabled touchpad fits on your thumbnail (Tomorrow Daily 164)
24:28 April 20, 2015
On today's show, Khail and Ashley discuss MIT's new mini touchpad and where you might use it, a learning project called zSpace that...
Play video
How to navigate the Apple Watch in 10 helpful moves
2:59 April 20, 2015
Two buttons, a microphone and a force-sensitive screen: here are the ways to make the Apple Watch do things quickly and efficientl...
Play video
Android Wear adds Wi-Fi support, wrist gestures
2:49 April 20, 2015
Google's smartwatch software update introduces new features to battle the Apple Watch. Meanwhile, a Quirky security measure bricks...
Play video
4 cool new things about emojis in iOS 8.3
1:33 April 20, 2015
We'll show you all the new tricks you can do with emoji symbols in iOS 8.3.
Play video
Which is better: Star Trek or Star Wars?
6:18 April 20, 2015
CNET's Luke Westaway and Rich Trenholm ask which of the two greatest geek franchises deserves the top spot.
Play video
Smarter driver: How to spot counterfeit car parts
1:38 April 20, 2015
Brian Cooley tells you what you need to know to avoid buying bogus auto parts.
Play video
Sony's newest $1,500 sound bar offers Bluetooth headphone listening
0:44 April 20, 2015
Sony's HT-ST9 sound bar is the company's newest flagship at $1,499 and it offers some unique features such as support for Bluetooth...
Play video
Mini's concept begins where Google Glass left off
1:51 April 19, 2015
The carmaker's Augmented Vision is a new concept projecting information, navigation and safety information onto a set of glasses.
Play video