Bitcoin for dummies
-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?"
Up Next
The 404 Show: This is the end
Up Next
The 404 Show: This is the end
The 404 Show 1,596: It's the end of an era with Steve Guttenberg (podcast)
The 404 Show 1,596: It's the end of an era with Steve Guttenberg (podcast)
The 404 Show 1,595: Spotify's best music of 2014 with Shanon Cook (podcast)
The 404 Show 1,595: Spotify's best music of 2014 with Shanon Cook (podcast)
The 404 Show 1,594: You're getting a selfie stick this holiday, VR's future in exercising (podcast)
The 404 Show 1,594: You're getting a selfie stick this holiday, VR's future in exercising (podcast)
The 404 Show 1,593: Even more revealing Sony leaks, US gets fatter, lazier (podcast)
The 404 Show 1,593: Even more revealing Sony leaks, US gets fatter, lazier (podcast)
The 404 Show 1,592: Using Tinder to hitchhike, foiling bike thieves on Facebook (podcast)
The 404 Show 1,592: Using Tinder to hitchhike, foiling bike thieves on Facebook (podcast)
The 404 Show 1,591: Sony keeps getting hacked, Black Mirror, will VR ever work? (podcast)
The 404 Show 1,591: Sony keeps getting hacked, Black Mirror, will VR ever work? (podcast)
The 404 Show 1,590: The flip phone returns, Street Fighter 5, Eaten Alive (podcast)
The 404 Show 1,590: The flip phone returns, Street Fighter 5, Eaten Alive (podcast)
The 404 Show 1,589: Records were meant to be broken (podcast)
The 404 Show 1,589: Records were meant to be broken (podcast)
The 404 Show 1,588: 20 years of PlayStation, Google improves captcha, dead tech of 2014
The 404 Show 1,588: 20 years of PlayStation, Google improves captcha, dead tech of 2014
Tech Shows
Latest News All latest news
Apple to Talk AI in June: This WWDC Is a Big Deal
Apple to Talk AI in June: This WWDC Is a Big Deal
New Xbox Leaked
New Xbox Leaked
Hands-On with Ford's Free Tesla Charging Adapter
Hands-On with Ford's Free Tesla Charging Adapter
Apple and Meta Are Competing for Your Memories
Apple and Meta Are Competing for Your Memories
Nvidia's Project GR00T vs. Tesla Optimus: Competing Robot Strategies
Nvidia's Project GR00T vs. Tesla Optimus: Competing Robot Strategies
What Google Gemini AI on the iPhone Could Look Like
What Google Gemini AI on the iPhone Could Look Like
Most Popular All most popular
First Look at TSA's Self-Screening Tech (in VR!)
First Look at TSA's Self-Screening Tech (in VR!)
Samsung Galaxy S24 Ultra Review: More AI at a Higher Cost
Samsung Galaxy S24 Ultra Review: More AI at a Higher Cost
'Circle to Search' Lets Users Google From Any Screen
'Circle to Search' Lets Users Google From Any Screen
Asus Put Two 14-inch OLEDs in a Laptop, Unleashes First OLED ROG Gaming Laptop
Asus Put Two 14-inch OLEDs in a Laptop, Unleashes First OLED ROG Gaming Laptop
Samsung Galaxy Ring: First Impressions
Samsung Galaxy Ring: First Impressions
Best of Show: The Coolest Gadgets of CES 2024
Best of Show: The Coolest Gadgets of CES 2024
Latest Products All latest products
Hands-On with Ford's Free Tesla Charging Adapter
Hands-On with Ford's Free Tesla Charging Adapter
Nuro R3 is an Adorable Self-Driving Snack Bar
Nuro R3 is an Adorable Self-Driving Snack Bar
First Look: The $349 Nothing Phone 2A Aims to Brighten Your Day
First Look: The $349 Nothing Phone 2A Aims to Brighten Your Day
Best of MWC 2024: Bendable Screens, AI Wearables and More
Best of MWC 2024: Bendable Screens, AI Wearables and More
This Concept Laptop from Lenovo Has a Transparent Display
This Concept Laptop from Lenovo Has a Transparent Display
Motorola's Rollable Concept Phone Wraps on Your Wrist
Motorola's Rollable Concept Phone Wraps on Your Wrist
Latest How To All how to videos
Windows 11 Tips and Hidden Features
Windows 11 Tips and Hidden Features
Vision Pro App Walkthrough -- VisionOS 1.0.3
Vision Pro App Walkthrough -- VisionOS 1.0.3
Tips and Tricks for the Galaxy S24 Ultra
Tips and Tricks for the Galaxy S24 Ultra
TikTok Is Now on the Apple Vision Pro
TikTok Is Now on the Apple Vision Pro
Get Your TV Ready for the Big Game: Super Bowl Setup Tips
Get Your TV Ready for the Big Game: Super Bowl Setup Tips
How to Use a Quest 3 Like the Vision Pro