How bitcoin works podcast app

The Top 26 Blockchain, Crypto, Bitcoin, Altcoin Related Podcasts To Go From Novice To Pro

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So who are we and how bitcoin works podcast app are we doing here? My name is Tyler Jenks. We both work at Very. Very is a software consultancy based out of Chattanooga, Tennessee. We specialize in application development, design, product development, and we are starting to get pretty deep into blockchain development as well. Blockchain is a really interesting topic. There are quite a few different podcasts that are out there. There are so many different people talking about it now.

People regard it as this thing that is supposed to fix everything — that you how bitcoin works podcast app build any sort of app on the blockchain. We would like to how bitcoin works podcast app some of the things that are going on. But first, a little bit about us.

So again, my name is Tyler Jenks. The reason I care about this stuff and I started Very a number of years back, it kind of goes back to my college years. It is number one in the world for entrepreneurship. What does that mean. They teach people to be entrepreneurs, they teach entrepreneurship. So two of the other partners here at Very were classmates of mine at Babson. And actually, Jesse, I met even before then because he was on the track team there. But anyway, while I was at Babson, trying to figure out what I wanted to do, I knew I wanted to get into entrepreneurship.

And Facebook had just really started happening on campus when I was a freshman. So it was about how bitcoin works podcast app year old and had kind of blown up. Youtube was already quite big, and there were all these really interesting phenomena happening online. But I was just Googling around my sophomore year, I remember it clear as day, I was sitting at my desk in my dorm and stumbled across a blog called Robotic Nation.

The people that are working there, they put on these headphones and how bitcoin works podcast app software tells them what to do. Basically step-by-step throughout the day, just sort of micromanages them and tells them: And so you know, just step-by-step guides everybody through it, and it becomes more and how bitcoin works podcast app sophisticated over time and in the story, the fast food chain becomes this gigantic enterprise.

Long story short, it creates all this great value, and then this sort of dystopia in the how bitcoin works podcast app comes about as a result of it. And it really kind of struck me. The way it was presented is you know, this very logical progression of what happens as certain technologies take hold and the kinds of problems they solve, the kinds of problems they create and how it kind of how bitcoin works podcast app into this really remarkably different world.

A lot of people referenced Ray Kurzweil and this concept of singularity, which is what he started writing about in It was a very similar thought process, a very similar progression as these various technologies take more and more hold, and they become more and more ubiquitous around the world — and not just in rich countries but everywhere. And his conclusion is also that we reached this point of total utopia essentially, after all these things finally break down these fundamental problems.

So this kind of stuff got me interested in the tech side of things. I did have some programming language background. I loved Microsoft Excel, I took a class in C at the time, and a few things like that. But I knew that I wanted to launch businesses that were in the technology space.

And so fast-forwarding after my first business, which we raised a bunch of money around and it ended up not working out, I decided to go back and finish my degree.

The whole concept around it was: Like the really big, hairy, nasty problems. Human trafficking, access to clean water in underdeveloped parts of the world, climate change, hyperinflation, global deforestation, cost of healthcare, identity. All these sorts of things that a lot of people just sort of regard them as: So the whole class for the entire semester is about challenging that really quick conclusion that people tend to draw about these things and start to break down these really big problems into maybe smaller and smaller parts and try to really find those root causes if you can.

And then maybe try addressing the root problem. And so how bitcoin works podcast app this is a long-winded intro to the whole thing — but it turns out blockchain and a lot of other things like artificial intelligence, how bitcoin works podcast app of things, the internet in generalbut blockchain specifically is how bitcoin works podcast app of those technologies that when you really think about it for a little bit, and what it does and what it means, you can envision a lot of these really big problems in the world starting to become not so big because some how bitcoin works podcast app the root problems are actually solvable with a blockchain solution that achieves critical mass.

And so that, for me, is why I am so interested in Very becoming very deep in blockchain development and getting involved and meeting with really interesting people who are trying to use blockchain to solve all kinds of problems around the world.

Yeah, that makes a lot of sense. There is always something different that needs to be fixed or solved or thought about in a unique and different way. And then I see with blockchain that that pace of change is so much faster than technology in general.

So it seems like an area where there's so going to be so much change so quickly, and I think it could be really exciting for us to be along for the ride. Another example is Bitcoin in general.

The price of Bitcoin sincewhen how bitcoin works podcast app first one was mined, the genesis block was mined, they traded back in at about a tenth of a cent per Bitcoin. In 18 months, after you start working on something, something completely different may have made it irrelevant. So, a little more about this podcast. Focus on problems that are in the world today. Maybe talking about some of the history of those problems, some of the people that are involved how bitcoin works podcast app it.

What nations are involved, whatever it happens to be, and go into real detail about why these problems exist and what the core of the problems is and how it affects people.

I hope to go into some real detail about it and maybe spend five or 10 minutes just going into the history of these problems and painting a picture of just how big and how grave they are and how much pain they cause, only for the purpose of illustrating why blockchain matters as it relates to that problem.

And then bringing in some guests that are really smart people who are in the process of building their own blockchain solutions, probably on top of Ethereum, but there are all kinds of other ways they can do it. They can do it on Hyperledger, they can do private blockchains, there are public blockchains that are all over the place. And then maybe getting a little bit into the technical side of things.

But this podcast is not going to be focused on the tech. Those are very interesting topics. But it will still be a very fuzzy understanding of what blockchain is. So this will be a good starter example. It typically only happens in times of war. Civil war or otherwise. It can be that exaggerated. This sounds like a really foreign concept in the United States — like, man, things have to be really messed up somewhere, this must be a pretty rare thing.

In general, the United States enjoys an extremely strong currency. Almost all the international trade happens in the U. So we have this really unusually powerful currency, and it means basically nothing to anyone here. But anyway, hyperinflation nonetheless is something that is a real, real problem. The price of oil has dropped really, really markedly over the past handful of years. That can fuel the unrest very easily because hyperinflation causes all kinds of problems.

The value of that is going to zero. Think about your parents for example, working how bitcoin works podcast app hard to put together some money to put you through school someday.

And then, you know, this sort of situation happens and then the value of that money just —. Well and even so much beyond that — what if your parents or your grandparents and everyone that you know, all the things they worked toward their whole lives is just gone.

Every generation of wealth that maybe, if somebody passed some wealth along, that becomes worth nothing. All of your friends are going through the same thing. Usually what happens in these periods of hyperinflation is also a lot of people lose their jobs because of a lot of businesses go under. How bitcoin works podcast app money that a business has accumulated how bitcoin works podcast app uses to pay its bills goes to zero. So a lot of people lose their jobs.

A lot of people start going hungry. So this is a how bitcoin works podcast app —. It happens a lot more frequently than people realize. But you know, just previously to this, Zimbabwe was going through an extremely aggressive period of hyperinflation. In NovemberZimbabwe reached a peak inflation rate of The value of all the money just goes to zero basically. In no time flat. And that had to do with war. There was a war with the Congo. It turns out that there are 22 examples of countries going through periods of hyperinflation, just in the last 25 years.

But at the end of the day, this is a real problem that happens all over the world and it has to do with fiat currency. It has to do with the fact how bitcoin works podcast app money, paper money, has no implicit value.

It says backed by the full faith in government — whatever it states on the U. People are putting faith in the government to protect the value of the currency, and they fail to do that. They are the ones that make all of the decisions, and they have this huge responsibility to be good actors in the interest of their citizens. Some external factor comes into play, and then suddenly that central authority becomes unstable, they become unreliable, and they start breaking all the rules.

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Its potential is much more exciting than that. Andreessen, a Web pioneer , is now on the board of companies like Facebook and eBay. He is not a disinterested observer in the Bitcoin debate: And so Bitcoin basically holds the promise of being the first solution to establishing trust over an untrusted network.

And that public ledger is maintained by a set of computers all talking to each other using a protocol. But it is very easy to do that now digitally using Bitcoin. That said, Lawsky is also excited about the possibilities of a technology like Bitcoin, which could bring down all sorts of transaction fees. This may be bad news for traditional banks, credit-card companies, and other fee-seeking middlemen. But, as Lawsky points out, a lot of other people stand to benefit:.

Marc Andreessen argues that they are missing the larger point:. The episode also addresses a question many of you asked when Freakonomics Radio ran a fund-raising campaign: I think this company solves all your problems if you want to receive donations in Bitcoin https: I couldn't fathom how this wasn't trivially discovered and brought up. I guess maybe this whole Internet thing might not actually be catching on If the point is that it is cheaper without middle-men, then a solution to making it easy to accept bit coins is to have a middle-man seems pretty absurd, no?

Retailers still come out ahead since essentially the consumer is paying for fraud, not the credit card companies and retailers [ie if my bit coin wallet is compromised or lost, it is my problem, not their problem]. The Hobby Lobby case going before the Supreme Court highlights our flat currency. We can use our paychecks for whatever we want and it's only constrained by our geography and perhaps a few other negligible variables.

The other part of our payment that is not fungible is employee benefits which is programmed to be used for healthcare. Since it could be used for contraceptives, Hobby Lobby is arguing that infringes on its religious freedoms. A cryptocurrency payment could be programmed to ensure that employees of a particular company do not purchase goods or services that violate an employers' standards.

The decision that the Supreme Court arrives at will apply to all of us. Why can't a cryptocurrency obviate the need for one-size-fits-all laws and create rules for individual companies at a more granular level? If I work at Hobby Lobby and they pay me in bitcoins that can't be used to buy contraceptives, what stops me from cashing out my bit coins and then buying whatever I'd like with cash?

Someone ran the data transfer numbers of public ledger cryptocurrencies like Bitcoin and quickly determined that a single system can only support about , users before the data transfer loads became impractical.

If that stands it will be impossible for every person to participate in the Bitcoin system and normal users will have to rely on trusted third parties to do the verification process and charge a fee for the service.

At that point we have just come full circle back to banks. The bitcoin network can only handle a maximum of transactions in every block. A block get mined around once every 10 minutes. That is roughly 7 transactions per second. For a real world example, visa processes around tps. Now, the bitcoin fanatics will tell you "oh we can just increase the number of transactions per block, it's an artificial limit!

Every single transaction is between and bytes. Lets plug in visa's numbers to see just how large this will get. That's megabytes that every single bitcoin user needs to download every 10 minutes just to use the currency.

Remember that bitcoin is just a distributed ledger. So every single user also has to store that MB every 10 minutes. There is no reasonable solution to this that doesn't involve using some sort of third party.

Who you would have to trust. I'm still a little confused, maybe because I didn't pay much attention on my economy class, but I still don't understand how this digital transfer of currency works.

My question is, what happened to the physical cash I left with the intermediary, or bank or whatever company that converted that value into bitcoin? Isn't it still there when the other person in china withdraws it in cash in the other end of the transfer? Isn't it like duplicating money but in two different parts of the planet?

The important point here is that most money isn't actual physical cash, it's entries in various accounting systems.

What happens when you pay a bill on-line? A number gets subtracted from your account in your bank's accounting system, and added to the bank account of the company you pay. In principle it's the same for doing a transfer to someone in China: The Paul Krugman quote you used on your show was taken of context as professor Krugman has explained many times whenever someone brings it up.

He is very outspoken again Bitcoin and a very established economist with views that run counter to many of those in the field of macroeconomics. I think it would be great to invite him on your podcast sometime.

Paul Krugman has too much self-confidence, which makes me talk BS all the time without understanding how stuffs work. Any quote is always taken outside of context: He's making the same again with bitcoins, even though nobody really knows if bitcoin is going to vanish or become the next monetary revolution.

He should copy the humility of Dubner or Levitt, who rarely engage in this "folly of prediction". And by the way, if Krugman isn't invited very much in Freakonomics, it's probably because his field of studies is not covered by the podcast, if only because the show is more oriented towards microeconomics rather than macro.

The reason Politicians don't like aka "are concerned" about bitcoin is because it makes it harder for them to tax away everyones income. That, plus the internet being basically its own self-governing entity is exposing how corrupt, inflexible, and outdated the majority of modern governments are. Its NOT hard to transport drug proceeds offshore. Too Big To Fail Banks have been doing it for years!! WHo is Lawsky trying to spread that propaganda too?? They Are Able to transfer the millions they earn off their capital that they have sent to the U.

I've been listening to Freakonomics radio for a while now, and I love it. Sometimes the musical breaks in between segments, or at the end of the podcast are really cool. Does anybody know where I can find out the names of the pieces sampled in the shows?

Who carries a backpack with money between borders? If its not something illegal going on. I dont get how Bitcoin will help here? Hey, I'm curious to know who was playing the guitar riff at the end of the podcast? Corporate Social Responsibility programs can attract better job applicants who'll work for less money. But they also encourage employees to misbehave Season 7, Episode 35 They are the most-trusted profession in America and with good reason. They are critical to patient outcomes especially in primary Season 7, Episode 35 Three former White House economists weigh in on the new tax bill.

Please help on my lack of economic knowledge A Freakonomics Radio Rebroadcast. A New Freakonomics Radio Podcast. Nurses to the Rescue!

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