5 Bitcoin, Crypto, and Blockchain

This week we talk about what Bitcoin is, how it works in theory, how it works in practice, and what the criticisms are.

The feedback form is at htotw.com/contact
Leave us voice message at +1 (208) 996-8667 or htotw.com/speakpipe
Support the show on a monthy basis with Patreon or just once with PayPal, credit or debit card, Apple Pay, or Google Pay links are at htotw.com/donate
Subscribe at htotw.com/subscribe
Join our Discord server at htotw.com/discord

Crypto

Disclosure - I own 0.00666 Bitcoins
What is a block chain
What’s a transaction

On chain
Off chain

Why is cryptocurrancy a thing?

Decentralized - No one entity owns it
Universal - Not tied to fiat currencies
Private - Can’t be tracked and tied to your personal identity

How’s that worked?

As of April 3, 2022 the top 10,000 addresses or about 0.03% (0.0277794%) own about 60% (59.16%) meaning the remaining 99.97% own the remaining 40%
Until China banned mining in 2021 60-70% of all mining was in China
Universal - Can get around sanctions
Private - KYC
Fees on transactions can easily match Paypal, Stripe, or Credit Cards

Criticisms

Volatility - It’s gambling
It’s insecure - By 2017 data breaches resulted in about 1 million bitcoin being stolen from exchanges
An estimated 20% of bitcoin have been lost due to people losing their private keys
Crime - Estimated to be about 3%, but transcations still happen between KYC exchanges and Russian black market exchanges
Climate

Sources
- https://mitsloan.mit.edu/ideas-made-to-matter/bitcoin-who-owns-it-who-mines-it-whos-breaking-law
- https://bitinfocharts.com/
- https://en.wikipedia.org/wiki/Bitcoin#Design
- https://news.climate.columbia.edu/2021/09/20/bitcoins-impacts-on-climate-and-the-environment/
- https://www.bbc.com/news/technology-56012952
Feedback

Alan via the contact form about Time Zones

This episode is brought to you by:

Henry K
Danielle
Pat Acks from the Humanists of Idaho
SoJo
Big Easy Blasphemy
Darryl G
Arthur K
Samuel C
Beatriz A
Levi C
Richard G
Balázs
Steve F
Brad R

And by our $1 patrons and those who want no reward.

Contact information, show notes, and links to Social Media and the like can be found at https://htotw.com

The music in this episode is:

Welcome to the Show by Kevin MacLeod
Link: https://incompetech.filmmusic.io/song/4614-welcome-to-the-show
License: https://filmmusic.io/standard-license

NewsSting by Kevin MacLeod
Link: https://incompetech.filmmusic.io/song/4124-newssting
License: https://filmmusic.io/standard-license

Ditty Pong by Kevin MacLeod
Link: https://incompetech.filmmusic.io/song/4676-ditty-pong
License: https://filmmusic.io/standard-license

Disco Sting by Kevin MacLeod
Link: https://incompetech.filmmusic.io/song/3653-disco-sting
License: https://filmmusic.io/standard-license

Sweeter Vermouth by Kevin MacLeod
Link: https://incompetech.filmmusic.io/song/4450-sweeter-vermouth
License: https://filmmusic.io/standard-license

Full shownotes can always be found at https://htotw.com/5
Download episode

This week we talk about what Bitcoin is, how it works in theory, how it works in practice, and what the criticisms are.

The feedback form is at htotw.com/contact
Leave us voice message at +1 (208) 996-8667 or htotw.com/speakpipe
Support the show on a monthy basis with Patreon or just once with PayPal, credit or debit card, Apple Pay, or Google Pay links are at htotw.com/donate
Subscribe at htotw.com/subscribe
Join our Discord server at htotw.com/discord

Crypto

Disclosure – I own 0.00666 Bitcoins
What is a block chain
What’s a transaction

On chain
Off chain

Why is cryptocurrancy a thing?

Decentralized – No one entity owns it
Universal – Not tied to fiat currencies
Private – Can’t be tracked and tied to your personal identity

How’s that worked?

As of April 3, 2022 the top 10,000 addresses or about 0.03% (0.0277794%) own about 60% (59.16%) meaning the remaining 99.97% own the remaining 40%
Until China banned mining in 2021 60-70% of all mining was in China
Universal – Can get around sanctions
Private – KYC
Fees on transactions can easily match Paypal, Stripe, or Credit Cards

Criticisms

Volatility – It’s gambling
It’s insecure – By 2017 data breaches resulted in about 1 million bitcoin being stolen from exchanges
An estimated 20% of bitcoin have been lost due to people losing their private keys
Crime – Estimated to be about 3%, but transcations still happen between KYC exchanges and Russian black market exchanges
Climate

Sources

– https://mitsloan.mit.edu/ideas-made-to-matter/bitcoin-who-owns-it-who-mines-it-whos-breaking-law

– https://bitinfocharts.com/

– https://en.wikipedia.org/wiki/Bitcoin#Design

– https://news.climate.columbia.edu/2021/09/20/bitcoins-impacts-on-climate-and-the-environment/

– https://www.bbc.com/news/technology-56012952

Alan via the contact form about Time Zones

This episode is brought to you by:

Henry K
Danielle
Pat Acks from the Humanists of Idaho
SoJo
Big Easy Blasphemy
Darryl G
Arthur K
Samuel C
Beatriz A
Levi C
Richard G
Balázs
Steve F
Brad R

And by our $1 patrons and those who want no reward.

Contact information, show notes, and links to Social Media and the like can be found at https://htotw.com

The music in this episode is:

Welcome to the Show by Kevin MacLeod

Link: https://incompetech.filmmusic.io/song/4614-welcome-to-the-show

License: https://filmmusic.io/standard-license

NewsSting by Kevin MacLeod

Link: https://incompetech.filmmusic.io/song/4124-newssting

License: https://filmmusic.io/standard-license

Ditty Pong by Kevin MacLeod

Link: https://incompetech.filmmusic.io/song/4676-ditty-pong

License: https://filmmusic.io/standard-license

Disco Sting by Kevin MacLeod

Link: https://incompetech.filmmusic.io/song/3653-disco-sting

License: https://filmmusic.io/standard-license

Sweeter Vermouth by Kevin MacLeod

Link: https://incompetech.filmmusic.io/song/4450-sweeter-vermouth

License: https://filmmusic.io/standard-license

Full shownotes can always be found at https://htotw.com/5

Download episode