so blockchain have always been a huge
fan of the question everybody wants to
know about is what’s going on with
Bitcoin aetherium you know is it a
currency do you feel like the destroyer
of worlds here I mean you can
essentially eliminate how many jobs by
doing that make destroyer of jobs
creator of better ones you see these
little tribal battles now happening in
the cryptocurrency space where where
they pick up a flavor you know they pick
a team and it’s like a team sport and
whoever uses anything else is the enemy
what’s that belief nation it 7 my one
word is believe and I believe in you I
believe you have Michael Jordan level
talent at something and I want you to
find it embrace it and use it to make a
difference now I started the
cryptocurrency series because there’s a
lot of people investing in the
cryptocurrencies there’s a lot of people
making a lot of money there’s a lot of
people losing a lot of money and so I
wanted to be able to make a series to
help educate you to make the right
decisions so today we’re going to learn
what Mark Cuban and Peter Thiel and
others think about Bitcoin and
cryptocurrencies joy ok let’s kick it
off with rule number one be open to new
things with lloyd blankfein
if goldwyn customers your customers come
to you and say we really want to have
this as part of our portfolio do you
have any choice but to get involved a
Bitcoin look I have I have a level of
discomfort with it as I have it just
level of discomfort with anything that’s
new but I’ve learned over the years that
there’s a lot of things that work out
pretty well that I don’t that I don’t
love I remember when they first came out
with cell phones I’m thinking why would
anybody want this thing it lasts you
know battery lasts about 10 minutes and
ways of you know ways of time you have
to have it on your back and is there’s a
there’s phone machines every 15 feet why
would anyone want this guess what and
this is that one and here I know I read
a lot of history and I know once upon a
time a coin was worth five dollars if it
had five dollars worth of gold with it
and then a piece of paper was worth $5
but only if it was backed by gold in the
year and the Treasury or silver in the
silver certificate and even then people
were suspicious now we have paper that’s
only backed by Fiat
the government says I think that’s what
it’s worth maybe in the new world
something gets backed by consensus
instead of a government Fiat maybe it’s
a consensual arrangement by people that
agree that it’s worth something kind of
like what social media does it’s not my
natural state of comfort but if you told
me that you know if we went into the
future bitcoins were successful I would
be able to explain how is a natural
evolution from hard money by the way why
is gold worth anything more than the
jewelry value in gold that’s kind of a
consensus that people have because no
government says I’m gonna pay you $1,300
an ounce of gold it is that if somebody
why is it worth that you can’t eat it
why is it worth that because it’s been
like that for a long time and so maybe
200 years from now even someone like me
might be comfortable with it but right
now I tell you I don’t have an
investment of it but I’m not willing to
poopoo it and that’s why I say I’m open
to it
rule number two be careful when
investing with Mark Cuban
so blockchain have always been a huge
fan of the question everybody wants to
know about is what’s going on with
Bitcoin aetherium you know is it a
currency no it’s not a currency right
the way blockchain and even with the bit
cash or all the extensions and the segue
to and all that they can’t process
enough transactions for it to actually
be a currency right it’s a challenge and
in terms of what’s the right valuation
Bitcoin ethereum etc the crypto
currencies are a lot like stocks that
don’t pay dividends they’re worth what
somebody will pay for them there are a
lot like collectibles right
the beauty of Bitcoin is there’s a
finite number that can ever be made and
as time goes on it gets harder and
harder to make them right so as long as
people who own it don’t sell it
the scarcity levels through the
and right now you’re seeing a lot of
demand come in because it’s like the old
days of day trading on internet stocks
everybody in there brother is talking
about it everybody takes a little you
know dip in it now all of a sudden they
made some money right and then they tell
their friends so the demand is far
outstripping the supply and that’s going
to cause the price to go up so is it a
currency no is there intrinsic value
everybody can argue I think at some
point there will be I don’t know what
there is today but it’s worse what
somebody will pay for it and that’s
driven by supply and demand and the
demand is far outstripping the supply so
the price will keep on going up rule
number three is join the revolution with
Vitalik bou Turan raised in Canada two
Russian parents
Vitalik Bou Turin is the blockchain
movements biggest celebrity he created
the etherium block chain when he was
just 21 years old and it’s
cryptocurrency the ether is second only
to Bitcoin it’s market cap increased by
over 10,000 percent in 2017 so I heard
about Bitcoin for the first time in
maybe February 2011 eventually I found a
guy who was willing to pay me five
bitcoins per article for writing
articles for his Bitcoin blog and what
was Bitcoin worth at the time each
Bitcoin was zero point eight dollars
zero point eight go to do five per
article and now that would be $5,000 an
article right more or less okay being a
high school guy with not much money I
thought 1.5 dollars an hour was a fairly
reasonable wage so I that was a good
deal to you yeah fight for 1.5 I can’t
earn 20 bitcoins then I spent eight and
a half of them on a t-shirt and I figure
oh cool this all actually works and what
really struck out as me was this idea
that it actually is still possible for
people to come together and create an
entire new financial system this like
seemed they were kind of very empowering
to me
you’ve heard of BitTorrent and all the
various file-sharing networks like all
the various decentralized messaging
systems there’s this group of cypher
punks that thought okay you can do all
those things energy centralized way but
why can’t we do decentralized cash it’s
for example if I have you know some song
and I wants to send you the song over a
decentralized network I do
yeah that’s fine I have the song you
have a song money is fundamentally
different because money requires some
notion of memory so I have a hundred
several dollars
I send you the hundred digital dollars
and then I make another transaction
which looks exactly like with that first
transaction except the only difference
is it sends someone else one hundred
digital dollars I published both
transactions at the same time clearly
both of those transactions cannot
succeed you have to have some mechanism
that keeps track of the fact that I sent
you these hundred dollars and so that
after I send the first transaction I in
the system knows that I no longer have
the money and so the second transaction
fails with that Bitcoin it’s you don’t
need banks to send money anymore it’s
just something that happens directly
peer-to-peer and etherium extends that
to making digitally enforceable
agreements if that changes whole
industries doesn’t it and it hasn’t yet
but we’ll see do you feel like the
destroyer of worlds here I mean you can
essentially eliminate how many jobs by
doing that make destroyer of jobs
creator of better ones because that’s
pretty good rule number four focus on
the positives with Edward Snowden do you
have any crypto currencies do you have
any digital money are you excited about
crypto currencies so as a as a privacy
advocate I would recommend no one ever
say that they have crypto currencies but
what I can say
[Music]
very good I like this audience what I
would say is this when I was working on
the sort of great project of my life
back in 2013 and trying to figure out
things like how could I get this archive
of material to journalists how could I
persuade them that this is real that
this you know is practical how could
they see things in a safe way that’s
uncontrolled that’s unseen that’s
happens permissionless Lee there’s a
question of well do I need server
infrastructure of my own maybe the
answer is yes okay how do I pay for that
anonymously
maybe maybe someone like me may have
used Bitcoin for something like that so
I think there are a lot of technologies
that we are here there are a lot of
technologies that are we are here for
today or they have served our interest
in the past that have never gotten the
kind of public shoutouts that maybe they
could have but when you create new human
capabilities people will use those and
yes it is true these things will
absolutely be abused but if we do not
believe that people will use these new
capabilities more often for good things
than for bad things we might as well
pack up the game and say the human race
is over it’s done progress needs to stop
and we need to become less capable as
people we need to focus not on limiting
what humans are able to do we need to
focus on creating better people right
and the way we do that is by living good
lives living positive examples by being
good people right who touch other lives
in positive ways and make them want to
be creative successful you know even
self-sacrificing and in certain contexts
when we talk about which
cryptocurrencies are interesting to me
I’ve said before and I’ll say again Z
cash for me is the most interesting
right now
because the privacy properties of it are
truly unique but we see more and more
projects that are trying to emulate this
and I think this is a positive thing
monaro is out there I’ve used Manero
just like everything at Hell ult’s out
there and this is the idea here is that
you see these little tribal battles now
happening in the cryptocurrency space
where where they pick up a flavor you
know they pick a team and it’s like a
team sport and whoever uses anything
else is the enemy and this is an
enormous mistake because the entire sort
of population of cryptocurrencies users
is a tiny minority of the human
population and that has to change if you
want your rights to be sort of asserted
and defended when this gets to the
Democratic stage of regulation yeah we
wore teams we need more projects we need
more users I don’t care what you’re
particularly gence or affiliation is
because we already see government’s
finally reaching the point where they’re
becoming very very nervous and moving
closer and closer to the point of
muscular intervention in how these
technologies can be used and we do not
have broad public familiarity youth
that’s willing to defend not just their
coin but everybody else’s we’re gonna
run it a real problem but I don’t think
the coin will last forever and this is
something that I I think will be perhaps
less popular with some people in the
room but you know we need to think about
all the technology projects that we have
seen in the past the first browser
created is not the best browser that we
have ever seen Bitcoin does important
work and I do think it will have
enduring value for a long time but
particularly when we look at the core
development team and their rate of
improvement to the protocol they simply
need to do better or they will not be
able to compete and rule number five the
last one before a very special bonus
clip is don’t underestimate it with
Peter Thiel there’s about 70 billion
dollars worth of Bitcoin in the world
there’s nine trillion worth of gold
and and if Bitcoin ends up being the
cyber equivalent of gold you know it has
a it has a it has a great potential love
so that’s and so it’s a very different
kind of thing from what people so what
people in Silicon Valley normally focus
on companies not you know algorithms or
protocols but this may be this may be
one exception that’s uh that’s very
underestimated
well people question it and I know
there’s been so much debate about
Bitcoin but they question it because
what is it based on I mean you see that
the dollar is based on you know the the
trust of the Treasury the trust of the
US government what is Bitcoin based on
well the the arguments it’s based on the
on the security of the math which tells
you that it can never be
it can never be deluded by government it
can never it can never be
it can’t be hacked and it’s a form of
money that’s absolutely that’s secure in
an absolute way and of course you guys
the same questions about gold that’s why
I use the gold analogy you say what is
gold based on why it’s gold valuable
well it’s it’s a tangible asset it’s a
tangible asset but it’s also hard to
mine so if it was easy to mine gold then
it wouldn’t be that guy because we just
have way more gold
so Bitcoin is also it’s it’s my noble
like gold it’s hard to mine it’s it’s
actually harder to mine and gold and so
in that sense it’s it’s more constrained
and so yeah there there number of things
that that that I think make it somewhat
similar to gold and then the question is
just does this become does this become
more widely
anonymous right I mean that’s one of the
beauties of it you can be anonymous
using Bitcoin yes it’s a half anonymous
half not so it’s it’s again this
intermediate thing there’s a question
whether that’s right or not but it’s
it’s a bearer instrument so if you if
you have the Bitcoin if you know the key
you can you can go anywhere most the
time most securities are registered not
bearer securities so it’s a very unusual
now I’ve got a special bonus clip from
Roger Vere talking about it’s a huge
industry that I think you’re really
gonna enjoy but before that I want to
know what is your take what do you think
about Bitcoin cryptocurrencies are you
in it are you curious do you not care
any thoughts you have leave it down the
comments below thank you guys so much
for watching I believe in you I hope you
continue to believe in yourself and
whatever your one word is much love see
Network all these computers around the
world that are doing mining a more
accurate description of what they’re
doing is actually there securing the
Bitcoin network so the more computers
that are mining the more secure the
Bitcoin network is and the Bitcoin
network is somewhere on the order of
several thousand times more powerful now
than the world’s top 500 supercomputers
combined so it’s absolutely an
incredible feat of Engineering yeah wait
so how do you get that kind of computing
power like are there just I assume
there’s farms of servers just like it’s
just someone that invested in it in a
farm right I mean is that what works and
initially it was just people at home in
their bedroom because you know you if
you found a block you would get a dollar
I mean so it wasn’t that excited but now
today when you find a block on the
blockchain you get you know eighty
thousand plus dollars so now it’s big
big business so people have big giant
warehouses filled with tens of millions
of dollars of this mining equipment
using you know tens of megawatts of a
power per per location and it’s a big
big business at this point and you can
still do it at home one of the most
important factors though is the cost of
electricity so the cheaper your
electricity is the more profitable your
Bitcoin mining can be so I assume
there’s some Bitcoin people that
probably want to go into solar and move
to Nevada or something yep and then
there’s people going around looking at
buying power plants and buying
hydroelectric dams or all sorts of stuff
it’s really become a a worldwide major
industry at this point yeah I mentioned
to you the DNA we’re gonna have to do
some definitions here so blockchain what
is blockchain it’s a blockchain is just
a fancy name for this worldwide ledger
that’s kept on everybody’s computer
that’s running up this copy of the
software and the ledger stays in sync
with every other copy so that’s that’s
basically what a blockchain is and the
reason it’s called a blockchain is that
ledger it’s not updated all the time
it’s updated in steps and each step or
update is a block of new information
that’s attached and they’re all chained
together mathematically so they’re all
in order so of a new block gets added to
the end of the blockchain on average
once every ten minutes and now the the
blockchain is I don’t know coming up on
half a million blocks long and it’s been
going on for nine years now something
wolves long media the most important
work ever if you had to think of one
word that’s most important to you or
that sums you Apple
that would be collect a little beacon
pay believe nation if you want to know
what the most important one word is for
Tony Robbins Gary Vaynerchuk
Oprah Winfrey will.i.am and Howard
Schultz I have a very special secret
video for you check the description for
details [Music]
fan of the question everybody wants to
know about is what’s going on with
Bitcoin aetherium you know is it a
currency do you feel like the destroyer
of worlds here I mean you can
essentially eliminate how many jobs by
doing that make destroyer of jobs
creator of better ones you see these
little tribal battles now happening in
the cryptocurrency space where where
they pick up a flavor you know they pick
a team and it’s like a team sport and
whoever uses anything else is the enemy
what’s that belief nation it 7 my one
word is believe and I believe in you I
believe you have Michael Jordan level
talent at something and I want you to
find it embrace it and use it to make a
difference now I started the
cryptocurrency series because there’s a
lot of people investing in the
cryptocurrencies there’s a lot of people
making a lot of money there’s a lot of
people losing a lot of money and so I
wanted to be able to make a series to
help educate you to make the right
decisions so today we’re going to learn
what Mark Cuban and Peter Thiel and
others think about Bitcoin and
cryptocurrencies joy ok let’s kick it
off with rule number one be open to new
things with lloyd blankfein
if goldwyn customers your customers come
to you and say we really want to have
this as part of our portfolio do you
have any choice but to get involved a
Bitcoin look I have I have a level of
discomfort with it as I have it just
level of discomfort with anything that’s
new but I’ve learned over the years that
there’s a lot of things that work out
pretty well that I don’t that I don’t
love I remember when they first came out
with cell phones I’m thinking why would
anybody want this thing it lasts you
know battery lasts about 10 minutes and
ways of you know ways of time you have
to have it on your back and is there’s a
there’s phone machines every 15 feet why
would anyone want this guess what and
this is that one and here I know I read
a lot of history and I know once upon a
time a coin was worth five dollars if it
had five dollars worth of gold with it
and then a piece of paper was worth $5
but only if it was backed by gold in the
year and the Treasury or silver in the
silver certificate and even then people
were suspicious now we have paper that’s
only backed by Fiat
the government says I think that’s what
it’s worth maybe in the new world
something gets backed by consensus
instead of a government Fiat maybe it’s
a consensual arrangement by people that
agree that it’s worth something kind of
like what social media does it’s not my
natural state of comfort but if you told
me that you know if we went into the
future bitcoins were successful I would
be able to explain how is a natural
evolution from hard money by the way why
is gold worth anything more than the
jewelry value in gold that’s kind of a
consensus that people have because no
government says I’m gonna pay you $1,300
an ounce of gold it is that if somebody
why is it worth that you can’t eat it
why is it worth that because it’s been
like that for a long time and so maybe
200 years from now even someone like me
might be comfortable with it but right
now I tell you I don’t have an
investment of it but I’m not willing to
poopoo it and that’s why I say I’m open
to it
rule number two be careful when
investing with Mark Cuban
so blockchain have always been a huge
fan of the question everybody wants to
know about is what’s going on with
Bitcoin aetherium you know is it a
currency no it’s not a currency right
the way blockchain and even with the bit
cash or all the extensions and the segue
to and all that they can’t process
enough transactions for it to actually
be a currency right it’s a challenge and
in terms of what’s the right valuation
Bitcoin ethereum etc the crypto
currencies are a lot like stocks that
don’t pay dividends they’re worth what
somebody will pay for them there are a
lot like collectibles right
the beauty of Bitcoin is there’s a
finite number that can ever be made and
as time goes on it gets harder and
harder to make them right so as long as
people who own it don’t sell it
the scarcity levels through the
and right now you’re seeing a lot of
demand come in because it’s like the old
days of day trading on internet stocks
everybody in there brother is talking
about it everybody takes a little you
know dip in it now all of a sudden they
made some money right and then they tell
their friends so the demand is far
outstripping the supply and that’s going
to cause the price to go up so is it a
currency no is there intrinsic value
everybody can argue I think at some
point there will be I don’t know what
there is today but it’s worse what
somebody will pay for it and that’s
driven by supply and demand and the
demand is far outstripping the supply so
the price will keep on going up rule
number three is join the revolution with
Vitalik bou Turan raised in Canada two
Russian parents
Vitalik Bou Turin is the blockchain
movements biggest celebrity he created
the etherium block chain when he was
just 21 years old and it’s
cryptocurrency the ether is second only
to Bitcoin it’s market cap increased by
over 10,000 percent in 2017 so I heard
about Bitcoin for the first time in
maybe February 2011 eventually I found a
guy who was willing to pay me five
bitcoins per article for writing
articles for his Bitcoin blog and what
was Bitcoin worth at the time each
Bitcoin was zero point eight dollars
zero point eight go to do five per
article and now that would be $5,000 an
article right more or less okay being a
high school guy with not much money I
thought 1.5 dollars an hour was a fairly
reasonable wage so I that was a good
deal to you yeah fight for 1.5 I can’t
earn 20 bitcoins then I spent eight and
a half of them on a t-shirt and I figure
oh cool this all actually works and what
really struck out as me was this idea
that it actually is still possible for
people to come together and create an
entire new financial system this like
seemed they were kind of very empowering
to me
you’ve heard of BitTorrent and all the
various file-sharing networks like all
the various decentralized messaging
systems there’s this group of cypher
punks that thought okay you can do all
those things energy centralized way but
why can’t we do decentralized cash it’s
for example if I have you know some song
and I wants to send you the song over a
decentralized network I do
yeah that’s fine I have the song you
have a song money is fundamentally
different because money requires some
notion of memory so I have a hundred
several dollars
I send you the hundred digital dollars
and then I make another transaction
which looks exactly like with that first
transaction except the only difference
is it sends someone else one hundred
digital dollars I published both
transactions at the same time clearly
both of those transactions cannot
succeed you have to have some mechanism
that keeps track of the fact that I sent
you these hundred dollars and so that
after I send the first transaction I in
the system knows that I no longer have
the money and so the second transaction
fails with that Bitcoin it’s you don’t
need banks to send money anymore it’s
just something that happens directly
peer-to-peer and etherium extends that
to making digitally enforceable
agreements if that changes whole
industries doesn’t it and it hasn’t yet
but we’ll see do you feel like the
destroyer of worlds here I mean you can
essentially eliminate how many jobs by
doing that make destroyer of jobs
creator of better ones because that’s
pretty good rule number four focus on
the positives with Edward Snowden do you
have any crypto currencies do you have
any digital money are you excited about
crypto currencies so as a as a privacy
advocate I would recommend no one ever
say that they have crypto currencies but
what I can say
[Music]
very good I like this audience what I
would say is this when I was working on
the sort of great project of my life
back in 2013 and trying to figure out
things like how could I get this archive
of material to journalists how could I
persuade them that this is real that
this you know is practical how could
they see things in a safe way that’s
uncontrolled that’s unseen that’s
happens permissionless Lee there’s a
question of well do I need server
infrastructure of my own maybe the
answer is yes okay how do I pay for that
anonymously
maybe maybe someone like me may have
used Bitcoin for something like that so
I think there are a lot of technologies
that we are here there are a lot of
technologies that are we are here for
today or they have served our interest
in the past that have never gotten the
kind of public shoutouts that maybe they
could have but when you create new human
capabilities people will use those and
yes it is true these things will
absolutely be abused but if we do not
believe that people will use these new
capabilities more often for good things
than for bad things we might as well
pack up the game and say the human race
is over it’s done progress needs to stop
and we need to become less capable as
people we need to focus not on limiting
what humans are able to do we need to
focus on creating better people right
and the way we do that is by living good
lives living positive examples by being
good people right who touch other lives
in positive ways and make them want to
be creative successful you know even
self-sacrificing and in certain contexts
when we talk about which
cryptocurrencies are interesting to me
I’ve said before and I’ll say again Z
cash for me is the most interesting
right now
because the privacy properties of it are
truly unique but we see more and more
projects that are trying to emulate this
and I think this is a positive thing
monaro is out there I’ve used Manero
just like everything at Hell ult’s out
there and this is the idea here is that
you see these little tribal battles now
happening in the cryptocurrency space
where where they pick up a flavor you
know they pick a team and it’s like a
team sport and whoever uses anything
else is the enemy and this is an
enormous mistake because the entire sort
of population of cryptocurrencies users
is a tiny minority of the human
population and that has to change if you
want your rights to be sort of asserted
and defended when this gets to the
Democratic stage of regulation yeah we
wore teams we need more projects we need
more users I don’t care what you’re
particularly gence or affiliation is
because we already see government’s
finally reaching the point where they’re
becoming very very nervous and moving
closer and closer to the point of
muscular intervention in how these
technologies can be used and we do not
have broad public familiarity youth
that’s willing to defend not just their
coin but everybody else’s we’re gonna
run it a real problem but I don’t think
the coin will last forever and this is
something that I I think will be perhaps
less popular with some people in the
room but you know we need to think about
all the technology projects that we have
seen in the past the first browser
created is not the best browser that we
have ever seen Bitcoin does important
work and I do think it will have
enduring value for a long time but
particularly when we look at the core
development team and their rate of
improvement to the protocol they simply
need to do better or they will not be
able to compete and rule number five the
last one before a very special bonus
clip is don’t underestimate it with
Peter Thiel there’s about 70 billion
dollars worth of Bitcoin in the world
there’s nine trillion worth of gold
and and if Bitcoin ends up being the
cyber equivalent of gold you know it has
a it has a it has a great potential love
so that’s and so it’s a very different
kind of thing from what people so what
people in Silicon Valley normally focus
on companies not you know algorithms or
protocols but this may be this may be
one exception that’s uh that’s very
underestimated
well people question it and I know
there’s been so much debate about
Bitcoin but they question it because
what is it based on I mean you see that
the dollar is based on you know the the
trust of the Treasury the trust of the
US government what is Bitcoin based on
well the the arguments it’s based on the
on the security of the math which tells
you that it can never be
it can never be deluded by government it
can never it can never be
it can’t be hacked and it’s a form of
money that’s absolutely that’s secure in
an absolute way and of course you guys
the same questions about gold that’s why
I use the gold analogy you say what is
gold based on why it’s gold valuable
well it’s it’s a tangible asset it’s a
tangible asset but it’s also hard to
mine so if it was easy to mine gold then
it wouldn’t be that guy because we just
have way more gold
so Bitcoin is also it’s it’s my noble
like gold it’s hard to mine it’s it’s
actually harder to mine and gold and so
in that sense it’s it’s more constrained
and so yeah there there number of things
that that that I think make it somewhat
similar to gold and then the question is
just does this become does this become
more widely
anonymous right I mean that’s one of the
beauties of it you can be anonymous
using Bitcoin yes it’s a half anonymous
half not so it’s it’s again this
intermediate thing there’s a question
whether that’s right or not but it’s
it’s a bearer instrument so if you if
you have the Bitcoin if you know the key
you can you can go anywhere most the
time most securities are registered not
bearer securities so it’s a very unusual
now I’ve got a special bonus clip from
Roger Vere talking about it’s a huge
industry that I think you’re really
gonna enjoy but before that I want to
know what is your take what do you think
about Bitcoin cryptocurrencies are you
in it are you curious do you not care
any thoughts you have leave it down the
comments below thank you guys so much
for watching I believe in you I hope you
continue to believe in yourself and
whatever your one word is much love see
Network all these computers around the
world that are doing mining a more
accurate description of what they’re
doing is actually there securing the
Bitcoin network so the more computers
that are mining the more secure the
Bitcoin network is and the Bitcoin
network is somewhere on the order of
several thousand times more powerful now
than the world’s top 500 supercomputers
combined so it’s absolutely an
incredible feat of Engineering yeah wait
so how do you get that kind of computing
power like are there just I assume
there’s farms of servers just like it’s
just someone that invested in it in a
farm right I mean is that what works and
initially it was just people at home in
their bedroom because you know you if
you found a block you would get a dollar
I mean so it wasn’t that excited but now
today when you find a block on the
blockchain you get you know eighty
thousand plus dollars so now it’s big
big business so people have big giant
warehouses filled with tens of millions
of dollars of this mining equipment
using you know tens of megawatts of a
power per per location and it’s a big
big business at this point and you can
still do it at home one of the most
important factors though is the cost of
electricity so the cheaper your
electricity is the more profitable your
Bitcoin mining can be so I assume
there’s some Bitcoin people that
probably want to go into solar and move
to Nevada or something yep and then
there’s people going around looking at
buying power plants and buying
hydroelectric dams or all sorts of stuff
it’s really become a a worldwide major
industry at this point yeah I mentioned
to you the DNA we’re gonna have to do
some definitions here so blockchain what
is blockchain it’s a blockchain is just
a fancy name for this worldwide ledger
that’s kept on everybody’s computer
that’s running up this copy of the
software and the ledger stays in sync
with every other copy so that’s that’s
basically what a blockchain is and the
reason it’s called a blockchain is that
ledger it’s not updated all the time
it’s updated in steps and each step or
update is a block of new information
that’s attached and they’re all chained
together mathematically so they’re all
in order so of a new block gets added to
the end of the blockchain on average
once every ten minutes and now the the
blockchain is I don’t know coming up on
half a million blocks long and it’s been
going on for nine years now something
wolves long media the most important
work ever if you had to think of one
word that’s most important to you or
that sums you Apple
that would be collect a little beacon
pay believe nation if you want to know
what the most important one word is for
Tony Robbins Gary Vaynerchuk
Oprah Winfrey will.i.am and Howard
Schultz I have a very special secret
video for you check the description for
details [Music]
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