"Bitcoin for dummies"
will start after this message from our sponsors.
Bitcoin for dummies
-So here's a deal with Bitcoin, and the US [unk]--
-'Cause Bitcoin's been around for a very long time.
-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.
It's a virtual currency.
-So it has a very anonymous, interesting development--
-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?"--
-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--
-'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
And now all of a sudden, we saw Bitcoin go from, say, 13, 14, $15 up to the 40s.
-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.
-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
Now, here's the downside, it's not regulated.
-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.
-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?"--
I mean so, this is like a very existential--
-and it's fascinating because, it is true that the only reason a dollar is worth a dollar is 'cause we all agree--
-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?"
The 404 Show: This is the end
The 404 Show 1,596: It's the end of an era with Steve Guttenberg...
The 404 Show 1,595: Spotify's best music of 2014 with Shanon...
The 404 Show 1,594: You're getting a selfie stick this holiday,...
The 404 Show 1,593: Even more revealing Sony leaks, US gets fatter,...
The 404 Show 1,592: Using Tinder to hitchhike, foiling bike thieves...
The 404 Show 1,591: Sony keeps getting hacked, Black Mirror,...
The 404 Show 1,590: The flip phone returns, Street Fighter 5,...
The 404 Show 1,589: Records were meant to be broken (podcast)
The 404 Show 1,588: 20 years of PlayStation, Google improves...