Many of you have asked me what the heck Bitcoins are. Well, I spent 3+ hours today trying to get this video right in one shot. Every time I went on a huge tangent about currencies so I had to start over and tried really hard to keep it simple. But it's just not a very simple discussion.
Challenge: If you're part of the first 100 people to subscribe to my blog and put your public wallet address in the comments, I will deposit a small fraction of a bitcoin into your wallet. It won't be much, but it will get you started. Offer ends 1/1/2014 :)
Cheers
Hey.. good job on the explanation of bitcoin.
ReplyDeleteI had a few useful links but when I selected the Comment as then preview my original comment got wiped :(
A couple things: Bitcoin is a true FIAT currency that no government can control. This might be its downfall.
The USD was tied to gold until Nixon untied it. Tying to gold helped stability of USD.
Detailed technical explanation how bitcoins work. http://www.michaelnielsen.org/ddi/how-the-bitcoin-protocol-actually-works/
My favorite is the fan on ESPN Gameday got 24k by making a needs money sign with his bitcoin QR.
Good job on the video
Greg
In one of my earlier takes I explained why we stopped backing the dollar with gold. Most people don't know this, but since the US had a huge trade deficit with other nations, those nations ended up with more dollars than they new what to do with, so they'd bring it back and trade it for gold. Well, that wasn't going to work well because we'd run out of gold quickly as our trade deficit grew (Think China/US trade deficit). That's exactly why we stopped, no other reason.
DeleteThe advantage of not having government control over BTC is that regimes like Syria cannot keep their people from moving their assets around. The only way to move your wealth out of Syria for example right now is to physically move it out of there which is not realistic. Diamonds are probably one of your only options but you'll lose 10-20% of it on trade if you're savvy.
Thanks for the comment. Don't forget to post a wallet ID if you want a small BTC fraction.
Nice video! What do you make of the news from China re: BTC?
ReplyDeleteI Can haz BTC?
Wallet: 1HUq7qwQLxcytUsu9qU12ijK8fRbXcgzWw
I think China is making a HUGE mistake doing this. They have been hoarding this stuff for years and now they're burning it. It's actually great for all of us if you as me.
DeleteIn addition to the "fraction of a bitcoin" you are going to send me, I'd like "hours of footage" please.
ReplyDeleteNice work, Tan. I enjoy the rants and your video prompted me to get my first bitcoin wallet. Coinbase address below:
ReplyDelete1LpJt2o8uhvRj3ohXrRQSWg9m2btBqmqTt
Hope things are well with you,
Rob Beane
This comment has been removed by the author.
DeleteYou got it Rob. You got your Bitcoin fraction :) Enjoy it
DeleteCan I please have a "fraction of a bitcoin"? I'm also very interested in watching your "hours of footage."
ReplyDeleteWallet: 1BzhsX8AzemS7qX4ZeH4wh9H4v1k4puz2Y
Thanks Tan!
Thanks for taking the time to explain this, it's helped clear concerns/confusion with bitcoin.
ReplyDeleteMy wallet is
s13pajSLQV4kMu9KyuZDYpbNs7fHwTN933G
Scott, that is not a valid Wallet address.
Delete12KPkBfPJzP1rfGrvfqbEXvsUcw55w1R4C Alistair :-)
ReplyDeleteDone Alistair
ReplyDeleteVery informative video. I would like to suggest this interesting article about the future of Bitcoin in the employment section: http://www.21stcenturynews.com.au/bitcoin-creating-jobs/
ReplyDelete