[Music]
welcome back to the pretty corner of
your well today we'll only have two
headlines the first one will be having
and the second one will be decent
now the having occurs every two hundred
ten thousand blocks or roughly every
four years and reduces the block subsidy
so the money that the miners are getting
by around 50% currently that is twelve
and a half per second every ten minutes
and it will be reduced to six point two
five after around the 12th of May as you
can see behind me there is a clock the
upper time is based on the current block
time so it takes around eight point
eight minutes not 10 minutes to mine a
block and the reason is that everybody
that has got an a6 minor switched it
machine on to take advantage of the
current still 12 and a half Bitcoin that
the system emits every around 10 minutes
or currently every eight and a half
minutes so you have to watch the upper
time because that is the one that counts
there is no time within the Bitcoin
blockchain it's just block and every
look I said takes around ten minutes to
be mined and so there's this time
difference coming from now how do you
say it correctly is it having or
happening I was asked well you can use
both in the in the blockchain itself in
the code it says having it's hardwired
and they're hard-coded in there and if
you want to take a look into that also
the 210,000 blocks is hard-coded in
there you go in to github.com then into
the blockchain github and there into the
side directory SCR and there you search
for a file called validate dot cpp in
there just to control f to find to
search for having and you'll find it
there and you'll find also the formula
and there and the other one with the two
hundred ten thousand blocks you'll find
in in a file called chain perms dot CPP
and the
question is okay what happens after the
let's say that's to 12th of May 11 for
me whenever that having happens will the
Bitcoin system crash no it won't because
it's not the first time it's not the
third time that this happens and and the
miners that have got old machines are
not operating economically anymore we'll
just switch off their machines or we'll
move to another network the plenty of
our networks that accept or that that
can work with ASIC machines so only the
best machines will continue working on
the Bitcoin blockchain that has always
been like that just to remind you back
in 2013 when somebody came up with the
ASIC for the first time all those GPS
miners GPU - sorry the GPO - were
obsolete and could be switched off
because none of them were really mining
any bitcoins anymore so it life will
continue and also if let's say a
substantial amount of Bitcoin or switch
off the machines then as it's currently
happening with the time the time will be
inverted so it will take longer than 10
minutes to mine a Bitcoin and to mine a
block and and after 2016 blocks the
difficulty will be just it anyway and it
will be back to the usual ten minutes so
there's nothing to worry about this is a
natural effect that happens on the
blockchain on the Bitcoin blockchain and
it's not the first time it's the third
time that this happening now but just
just take a look out I mean it's an
interesting it's an interesting thing
that's happening because it will reduce
the subsidy or the inflation rate from
the Bitcoin blockchain to around only
one point seven nine percent now the
second one will be effect will be really
is a really interesting one it's called
D SEP and it's translated into digital
currency electronic payment and that is
the remember of China on a blockchain so
that happened now as we at category-five
announced it back in December last year
they have done it now they're rolling it
out and it would have I'm pretty sure
global and
so they're gradually replacing the paper
money with the blockchain money and as
you probably know from China if you go
to a small market and you want to buy it
something very cheap you don't buy it
with cash anymore you pay there with
your cell phone a little bit like Apple
pay they have got their systems and
everybody has got that over there they
don't sometimes they don't even accept
credit cards anymore and in future it
will be only this famous D SEP and
you'll see two charts in a second behind
me when it's a picture of that cell
phone application and the other one is
just a comparison to cash and and other
valuables now they're rolling it out
very carefully it's only in few cities
where they're rolling it out and testing
it they will be involving huge vendors
like McDonald's Starbucks that we'll be
testing in these cities the the D SEP at
a stage every merchant must accept the D
SEP because it's the official currency
of of China it is a blockchain based on
many things that we know from our
blockchain industry will be incorporated
in there with the only one will big
difference it's centralized now what
does that mean
so if the government in China or the
Central Bank of China decides to do
something then everybody will have to
follow that and that means that for
example if they give you some money
or you have got some money in your in
your wallet and they can tell you where
to spend it you can't do anything
against that because it's not paper
anymore you cannot just go somewhere and
pay with cash you have to pay with the D
SEP and they can tell you where to buy
it and the question I will be asked well
what happens with us here
it's the symbol it's going to be similar
just wait a few years I mean not to the
extreme that they will tell us what
we're what to do and not to do
with the money because that will be a
little revolution in the Western world
but if the government gives you $1,200
they can decide where to spend where you
they want you to spend it and that can
be regulated and done through as a
digital currency so watch out we'll keep
you informed on this here and that's it
from me here at the crypto corner I wish
you a fantastic week and that thinks may
pan out the way you want to to be panned
out so hope to see you next week
thank you for watching thanks Robert
just a reminder we're not giving you
financial advice here on the show rather
we're simply giving you the facts and
leaving it up to you