1 00:00:00,340 --> 00:00:04,309 [Music] 2 00:00:04,309 --> 00:00:04,319 3 00:00:04,319 --> 00:00:06,389 welcome back to the world of cryptos 4 00:00:06,389 --> 00:00:06,399 welcome back to the world of cryptos 5 00:00:06,399 --> 00:00:08,950 welcome back to the world of cryptos welcome back to the crypto corner 6 00:00:08,950 --> 00:00:08,960 welcome back to the crypto corner 7 00:00:08,960 --> 00:00:10,950 welcome back to the crypto corner today i have got a different treat for 8 00:00:10,950 --> 00:00:10,960 today i have got a different treat for 9 00:00:10,960 --> 00:00:12,870 today i have got a different treat for you and this is something that you can 10 00:00:12,870 --> 00:00:12,880 you and this is something that you can 11 00:00:12,880 --> 00:00:13,430 you and this is something that you can use 12 00:00:13,430 --> 00:00:13,440 use 13 00:00:13,440 --> 00:00:15,190 use with your friends in the library or on 14 00:00:15,190 --> 00:00:15,200 with your friends in the library or on 15 00:00:15,200 --> 00:00:17,910 with your friends in the library or on the bar and to impress them 16 00:00:17,910 --> 00:00:17,920 the bar and to impress them 17 00:00:17,920 --> 00:00:19,590 the bar and to impress them with some special knowledge that you 18 00:00:19,590 --> 00:00:19,600 with some special knowledge that you 19 00:00:19,600 --> 00:00:22,150 with some special knowledge that you have around the bitcoin blockchain 20 00:00:22,150 --> 00:00:22,160 have around the bitcoin blockchain 21 00:00:22,160 --> 00:00:24,390 have around the bitcoin blockchain and the big question always is how safe 22 00:00:24,390 --> 00:00:24,400 and the big question always is how safe 23 00:00:24,400 --> 00:00:26,390 and the big question always is how safe is bitcoin and for that i prepared a 24 00:00:26,390 --> 00:00:26,400 is bitcoin and for that i prepared a 25 00:00:26,400 --> 00:00:27,269 is bitcoin and for that i prepared a little 26 00:00:27,269 --> 00:00:27,279 little 27 00:00:27,279 --> 00:00:31,349 little uh presentation so let's dive into it 28 00:00:31,349 --> 00:00:31,359 uh presentation so let's dive into it 29 00:00:31,359 --> 00:00:33,350 uh presentation so let's dive into it so how safe is bitcoin and let's take a 30 00:00:33,350 --> 00:00:33,360 so how safe is bitcoin and let's take a 31 00:00:33,360 --> 00:00:35,270 so how safe is bitcoin and let's take a look at the components of the 32 00:00:35,270 --> 00:00:35,280 look at the components of the 33 00:00:35,280 --> 00:00:37,830 look at the components of the bitcoin blockchain and these are the 34 00:00:37,830 --> 00:00:37,840 bitcoin blockchain and these are the 35 00:00:37,840 --> 00:00:39,510 bitcoin blockchain and these are the components you've got the blockchain 36 00:00:39,510 --> 00:00:39,520 components you've got the blockchain 37 00:00:39,520 --> 00:00:41,030 components you've got the blockchain with the genesis block so the first 38 00:00:41,030 --> 00:00:41,040 with the genesis block so the first 39 00:00:41,040 --> 00:00:41,910 with the genesis block so the first block 40 00:00:41,910 --> 00:00:41,920 block 41 00:00:41,920 --> 00:00:43,910 block and then this is the current block and 42 00:00:43,910 --> 00:00:43,920 and then this is the current block and 43 00:00:43,920 --> 00:00:45,670 and then this is the current block and then you've got miners 44 00:00:45,670 --> 00:00:45,680 then you've got miners 45 00:00:45,680 --> 00:00:47,830 then you've got miners that are competing to add your 46 00:00:47,830 --> 00:00:47,840 that are competing to add your 47 00:00:47,840 --> 00:00:49,190 that are competing to add your transactional 48 00:00:49,190 --> 00:00:49,200 transactional 49 00:00:49,200 --> 00:00:51,029 transactional all the transactions to the blockchain 50 00:00:51,029 --> 00:00:51,039 all the transactions to the blockchain 51 00:00:51,039 --> 00:00:52,549 all the transactions to the blockchain and for that 52 00:00:52,549 --> 00:00:52,559 and for that 53 00:00:52,559 --> 00:00:55,110 and for that they have a calculation uh it's like a 54 00:00:55,110 --> 00:00:55,120 they have a calculation uh it's like a 55 00:00:55,120 --> 00:00:57,110 they have a calculation uh it's like a very simple one it's just finding like 56 00:00:57,110 --> 00:00:57,120 very simple one it's just finding like 57 00:00:57,120 --> 00:00:57,990 very simple one it's just finding like like a very simple 58 00:00:57,990 --> 00:00:58,000 like a very simple 59 00:00:58,000 --> 00:01:01,510 like a very simple puzzle so it's not a big deal um 60 00:01:01,510 --> 00:01:01,520 puzzle so it's not a big deal um 61 00:01:01,520 --> 00:01:04,950 puzzle so it's not a big deal um in what the the work they have to do but 62 00:01:04,950 --> 00:01:04,960 in what the the work they have to do but 63 00:01:04,960 --> 00:01:06,789 in what the the work they have to do but there has been an evolution and type of 64 00:01:06,789 --> 00:01:06,799 there has been an evolution and type of 65 00:01:06,799 --> 00:01:08,950 there has been an evolution and type of machines that are doing this type of 66 00:01:08,950 --> 00:01:08,960 machines that are doing this type of 67 00:01:08,960 --> 00:01:09,910 machines that are doing this type of work 68 00:01:09,910 --> 00:01:09,920 work 69 00:01:09,920 --> 00:01:13,350 work and so back in the early days in 2009 70 00:01:13,350 --> 00:01:13,360 and so back in the early days in 2009 71 00:01:13,360 --> 00:01:14,789 and so back in the early days in 2009 when bitcoin was started 72 00:01:14,789 --> 00:01:14,799 when bitcoin was started 73 00:01:14,799 --> 00:01:17,670 when bitcoin was started we were using normal laptops very simple 74 00:01:17,670 --> 00:01:17,680 we were using normal laptops very simple 75 00:01:17,680 --> 00:01:18,149 we were using normal laptops very simple thing 76 00:01:18,149 --> 00:01:18,159 thing 77 00:01:18,159 --> 00:01:20,310 thing computer was doing the job perfectly 78 00:01:20,310 --> 00:01:20,320 computer was doing the job perfectly 79 00:01:20,320 --> 00:01:21,590 computer was doing the job perfectly well 80 00:01:21,590 --> 00:01:21,600 well 81 00:01:21,600 --> 00:01:23,990 well and as you know every 10 minutes a block 82 00:01:23,990 --> 00:01:24,000 and as you know every 10 minutes a block 83 00:01:24,000 --> 00:01:26,230 and as you know every 10 minutes a block is created 84 00:01:26,230 --> 00:01:26,240 is created 85 00:01:26,240 --> 00:01:29,270 is created that's that's part of the consensus and 86 00:01:29,270 --> 00:01:29,280 that's that's part of the consensus and 87 00:01:29,280 --> 00:01:30,149 that's that's part of the consensus and therefore 88 00:01:30,149 --> 00:01:30,159 therefore 89 00:01:30,159 --> 00:01:32,069 therefore the more computer we're attaching to the 90 00:01:32,069 --> 00:01:32,079 the more computer we're attaching to the 91 00:01:32,079 --> 00:01:33,190 the more computer we're attaching to the system 92 00:01:33,190 --> 00:01:33,200 system 93 00:01:33,200 --> 00:01:36,469 system the difficulty had to be increased and 94 00:01:36,469 --> 00:01:36,479 the difficulty had to be increased and 95 00:01:36,479 --> 00:01:40,149 the difficulty had to be increased and so in 2011 graphic cards 96 00:01:40,149 --> 00:01:40,159 so in 2011 graphic cards 97 00:01:40,159 --> 00:01:42,069 so in 2011 graphic cards were the it so you couldn't use a 98 00:01:42,069 --> 00:01:42,079 were the it so you couldn't use a 99 00:01:42,079 --> 00:01:43,590 were the it so you couldn't use a computer anymore you had to use a 100 00:01:43,590 --> 00:01:43,600 computer anymore you had to use a 101 00:01:43,600 --> 00:01:44,789 computer anymore you had to use a graphic card 102 00:01:44,789 --> 00:01:44,799 graphic card 103 00:01:44,799 --> 00:01:48,870 graphic card and that continued until about 2013 104 00:01:48,870 --> 00:01:48,880 and that continued until about 2013 105 00:01:48,880 --> 00:01:50,710 and that continued until about 2013 when so-called ac computers were 106 00:01:50,710 --> 00:01:50,720 when so-called ac computers were 107 00:01:50,720 --> 00:01:52,310 when so-called ac computers were invented and these computers the only 108 00:01:52,310 --> 00:01:52,320 invented and these computers the only 109 00:01:52,320 --> 00:01:53,429 invented and these computers the only thing they do 110 00:01:53,429 --> 00:01:53,439 thing they do 111 00:01:53,439 --> 00:01:57,109 thing they do is they do these 112 00:01:57,109 --> 00:01:57,119 is they do these 113 00:01:57,119 --> 00:01:58,550 is they do these crypto transactions they don't do 114 00:01:58,550 --> 00:01:58,560 crypto transactions they don't do 115 00:01:58,560 --> 00:02:00,709 crypto transactions they don't do anything else you can't run windows on 116 00:02:00,709 --> 00:02:00,719 anything else you can't run windows on 117 00:02:00,719 --> 00:02:01,590 anything else you can't run windows on them 118 00:02:01,590 --> 00:02:01,600 them 119 00:02:01,600 --> 00:02:04,789 them just the simple hash calculations that 120 00:02:04,789 --> 00:02:04,799 just the simple hash calculations that 121 00:02:04,799 --> 00:02:07,429 just the simple hash calculations that they do and nothing else 122 00:02:07,429 --> 00:02:07,439 they do and nothing else 123 00:02:07,439 --> 00:02:10,790 they do and nothing else so um as you can see it's already fairly 124 00:02:10,790 --> 00:02:10,800 so um as you can see it's already fairly 125 00:02:10,800 --> 00:02:12,869 so um as you can see it's already fairly large number and this is 2015 it's a 126 00:02:12,869 --> 00:02:12,879 large number and this is 2015 it's a 127 00:02:12,879 --> 00:02:14,229 large number and this is 2015 it's a fairly large number 128 00:02:14,229 --> 00:02:14,239 fairly large number 129 00:02:14,239 --> 00:02:17,430 fairly large number so just to highlight those numbers 130 00:02:17,430 --> 00:02:17,440 so just to highlight those numbers 131 00:02:17,440 --> 00:02:21,510 so just to highlight those numbers at the moment the hash rate of bitcoin 132 00:02:21,510 --> 00:02:21,520 at the moment the hash rate of bitcoin 133 00:02:21,520 --> 00:02:24,550 at the moment the hash rate of bitcoin is in this area here yeah so it's a 134 00:02:24,550 --> 00:02:24,560 is in this area here yeah so it's a 135 00:02:24,560 --> 00:02:25,910 is in this area here yeah so it's a number one 136 00:02:25,910 --> 00:02:25,920 number one 137 00:02:25,920 --> 00:02:29,190 number one with 18 zeros behind it 138 00:02:29,190 --> 00:02:29,200 with 18 zeros behind it 139 00:02:29,200 --> 00:02:30,869 with 18 zeros behind it those are the calculations that these 140 00:02:30,869 --> 00:02:30,879 those are the calculations that these 141 00:02:30,879 --> 00:02:32,229 those are the calculations that these computers in 142 00:02:32,229 --> 00:02:32,239 computers in 143 00:02:32,239 --> 00:02:35,190 computers in all together do per second so it's a 144 00:02:35,190 --> 00:02:35,200 all together do per second so it's a 145 00:02:35,200 --> 00:02:37,670 all together do per second so it's a huge number 146 00:02:37,670 --> 00:02:37,680 huge number 147 00:02:37,680 --> 00:02:40,070 huge number and uh to look at those machines so this 148 00:02:40,070 --> 00:02:40,080 and uh to look at those machines so this 149 00:02:40,080 --> 00:02:41,990 and uh to look at those machines so this is for example the latest the best of 150 00:02:41,990 --> 00:02:42,000 is for example the latest the best of 151 00:02:42,000 --> 00:02:43,750 is for example the latest the best of the best at the moment 152 00:02:43,750 --> 00:02:43,760 the best at the moment 153 00:02:43,760 --> 00:02:46,630 the best at the moment it's the micro bt watts minor m30s that 154 00:02:46,630 --> 00:02:46,640 it's the micro bt watts minor m30s that 155 00:02:46,640 --> 00:02:47,430 it's the micro bt watts minor m30s that can do 156 00:02:47,430 --> 00:02:47,440 can do 157 00:02:47,440 --> 00:02:50,229 can do a 112 tera hashes per second and 158 00:02:50,229 --> 00:02:50,239 a 112 tera hashes per second and 159 00:02:50,239 --> 00:02:51,110 a 112 tera hashes per second and consumes 160 00:02:51,110 --> 00:02:51,120 consumes 161 00:02:51,120 --> 00:02:54,229 consumes 3 000 what 162 00:02:54,229 --> 00:02:54,239 3 000 what 163 00:02:54,239 --> 00:02:57,190 3 000 what so quite significant and this is how the 164 00:02:57,190 --> 00:02:57,200 so quite significant and this is how the 165 00:02:57,200 --> 00:02:58,070 so quite significant and this is how the machine looks like 166 00:02:58,070 --> 00:02:58,080 machine looks like 167 00:02:58,080 --> 00:03:00,149 machine looks like yeah so it costs four thousand dollars 168 00:03:00,149 --> 00:03:00,159 yeah so it costs four thousand dollars 169 00:03:00,159 --> 00:03:01,750 yeah so it costs four thousand dollars and these machines look like this here 170 00:03:01,750 --> 00:03:01,760 and these machines look like this here 171 00:03:01,760 --> 00:03:04,550 and these machines look like this here they make a hell of a noise because 172 00:03:04,550 --> 00:03:04,560 they make a hell of a noise because 173 00:03:04,560 --> 00:03:07,990 they make a hell of a noise because they run at 100 percent all the time and 174 00:03:07,990 --> 00:03:08,000 they run at 100 percent all the time and 175 00:03:08,000 --> 00:03:11,509 they run at 100 percent all the time and they consume as you can see 3 000 watts 176 00:03:11,509 --> 00:03:11,519 they consume as you can see 3 000 watts 177 00:03:11,519 --> 00:03:14,710 they consume as you can see 3 000 watts a lot of electricity so a miner has to 178 00:03:14,710 --> 00:03:14,720 a lot of electricity so a miner has to 179 00:03:14,720 --> 00:03:15,990 a lot of electricity so a miner has to really calculate 180 00:03:15,990 --> 00:03:16,000 really calculate 181 00:03:16,000 --> 00:03:17,910 really calculate whether it's worse using these machines 182 00:03:17,910 --> 00:03:17,920 whether it's worse using these machines 183 00:03:17,920 --> 00:03:21,270 whether it's worse using these machines at a specific electricity rate or not 184 00:03:21,270 --> 00:03:21,280 at a specific electricity rate or not 185 00:03:21,280 --> 00:03:24,390 at a specific electricity rate or not okay so far so good let's look at 186 00:03:24,390 --> 00:03:24,400 okay so far so good let's look at 187 00:03:24,400 --> 00:03:27,910 okay so far so good let's look at what that really means so i've done here 188 00:03:27,910 --> 00:03:27,920 what that really means so i've done here 189 00:03:27,920 --> 00:03:28,710 what that really means so i've done here a little 190 00:03:28,710 --> 00:03:28,720 a little 191 00:03:28,720 --> 00:03:31,190 a little credit a little table so back in 2009 192 00:03:31,190 --> 00:03:31,200 credit a little table so back in 2009 193 00:03:31,200 --> 00:03:31,990 credit a little table so back in 2009 you saw 194 00:03:31,990 --> 00:03:32,000 you saw 195 00:03:32,000 --> 00:03:33,430 you saw a human would probably do one 196 00:03:33,430 --> 00:03:33,440 a human would probably do one 197 00:03:33,440 --> 00:03:34,949 a human would probably do one calculation per second that's very 198 00:03:34,949 --> 00:03:34,959 calculation per second that's very 199 00:03:34,959 --> 00:03:36,630 calculation per second that's very generous i would say more 200 00:03:36,630 --> 00:03:36,640 generous i would say more 201 00:03:36,640 --> 00:03:39,350 generous i would say more 0.1 because it's not that easy to for a 202 00:03:39,350 --> 00:03:39,360 0.1 because it's not that easy to for a 203 00:03:39,360 --> 00:03:41,350 0.1 because it's not that easy to for a human brain to do that puzzle 204 00:03:41,350 --> 00:03:41,360 human brain to do that puzzle 205 00:03:41,360 --> 00:03:45,509 human brain to do that puzzle a cpu is doing between 600 000 or 150 206 00:03:45,509 --> 00:03:45,519 a cpu is doing between 600 000 or 150 207 00:03:45,519 --> 00:03:46,229 a cpu is doing between 600 000 or 150 million 208 00:03:46,229 --> 00:03:46,239 million 209 00:03:46,239 --> 00:03:48,390 million per per second in average i took two 210 00:03:48,390 --> 00:03:48,400 per per second in average i took two 211 00:03:48,400 --> 00:03:51,589 per per second in average i took two million the gpo goes up to 20 million 212 00:03:51,589 --> 00:03:51,599 million the gpo goes up to 20 million 213 00:03:51,599 --> 00:03:54,470 million the gpo goes up to 20 million and here we've got the ac computers yeah 214 00:03:54,470 --> 00:03:54,480 and here we've got the ac computers yeah 215 00:03:54,480 --> 00:03:55,350 and here we've got the ac computers yeah so 60 216 00:03:55,350 --> 00:03:55,360 so 60 217 00:03:55,360 --> 00:03:58,070 so 60 uh terahash per second that's what they 218 00:03:58,070 --> 00:03:58,080 uh terahash per second that's what they 219 00:03:58,080 --> 00:03:59,270 uh terahash per second that's what they do 220 00:03:59,270 --> 00:03:59,280 do 221 00:03:59,280 --> 00:04:02,229 do yeah next step is the current hash rate 222 00:04:02,229 --> 00:04:02,239 yeah next step is the current hash rate 223 00:04:02,239 --> 00:04:04,149 yeah next step is the current hash rate is 150 exahash 224 00:04:04,149 --> 00:04:04,159 is 150 exahash 225 00:04:04,159 --> 00:04:05,830 is 150 exahash and that's equivalent to two and a half 226 00:04:05,830 --> 00:04:05,840 and that's equivalent to two and a half 227 00:04:05,840 --> 00:04:07,509 and that's equivalent to two and a half million ac computers 228 00:04:07,509 --> 00:04:07,519 million ac computers 229 00:04:07,519 --> 00:04:09,990 million ac computers yeah so in average if you take the 230 00:04:09,990 --> 00:04:10,000 yeah so in average if you take the 231 00:04:10,000 --> 00:04:11,350 yeah so in average if you take the average number if you take the average 232 00:04:11,350 --> 00:04:11,360 average number if you take the average 233 00:04:11,360 --> 00:04:12,470 average number if you take the average number you have got two and a half 234 00:04:12,470 --> 00:04:12,480 number you have got two and a half 235 00:04:12,480 --> 00:04:14,149 number you have got two and a half million computers 236 00:04:14,149 --> 00:04:14,159 million computers 237 00:04:14,159 --> 00:04:15,990 million computers that are specialized on this subject 238 00:04:15,990 --> 00:04:16,000 that are specialized on this subject 239 00:04:16,000 --> 00:04:18,390 that are specialized on this subject here securing the bitcoin net 240 00:04:18,390 --> 00:04:18,400 here securing the bitcoin net 241 00:04:18,400 --> 00:04:21,749 here securing the bitcoin net network and if you take a look at the 242 00:04:21,749 --> 00:04:21,759 network and if you take a look at the 243 00:04:21,759 --> 00:04:22,710 network and if you take a look at the cost so 244 00:04:22,710 --> 00:04:22,720 cost so 245 00:04:22,720 --> 00:04:24,950 cost so you saw the latest of the best is three 246 00:04:24,950 --> 00:04:24,960 you saw the latest of the best is three 247 00:04:24,960 --> 00:04:26,629 you saw the latest of the best is three thousand or four thousand dollars 248 00:04:26,629 --> 00:04:26,639 thousand or four thousand dollars 249 00:04:26,639 --> 00:04:28,230 thousand or four thousand dollars so i take an average of thousand five 250 00:04:28,230 --> 00:04:28,240 so i take an average of thousand five 251 00:04:28,240 --> 00:04:29,830 so i take an average of thousand five hundred dollars 252 00:04:29,830 --> 00:04:29,840 hundred dollars 253 00:04:29,840 --> 00:04:33,189 hundred dollars uh multiplied with 2.5 million 254 00:04:33,189 --> 00:04:33,199 uh multiplied with 2.5 million 255 00:04:33,199 --> 00:04:36,230 uh multiplied with 2.5 million uh computers uh or asic machines 256 00:04:36,230 --> 00:04:36,240 uh computers uh or asic machines 257 00:04:36,240 --> 00:04:38,670 uh computers uh or asic machines that is a bill just hardware bill of 258 00:04:38,670 --> 00:04:38,680 that is a bill just hardware bill of 259 00:04:38,680 --> 00:04:40,550 that is a bill just hardware bill of 3.75 billion 260 00:04:40,550 --> 00:04:40,560 3.75 billion 261 00:04:40,560 --> 00:04:44,150 3.75 billion uh us dollars to to just 262 00:04:44,150 --> 00:04:44,160 uh us dollars to to just 263 00:04:44,160 --> 00:04:47,350 uh us dollars to to just take over 50 of the network 264 00:04:47,350 --> 00:04:47,360 take over 50 of the network 265 00:04:47,360 --> 00:04:50,469 take over 50 of the network so who will do that yeah so that in 266 00:04:50,469 --> 00:04:50,479 so who will do that yeah so that in 267 00:04:50,479 --> 00:04:51,030 so who will do that yeah so that in itself 268 00:04:51,030 --> 00:04:51,040 itself 269 00:04:51,040 --> 00:04:53,990 itself is a very difficult thing to achieve 270 00:04:53,990 --> 00:04:54,000 is a very difficult thing to achieve 271 00:04:54,000 --> 00:04:55,749 is a very difficult thing to achieve assuming that you're able to get those 272 00:04:55,749 --> 00:04:55,759 assuming that you're able to get those 273 00:04:55,759 --> 00:04:57,350 assuming that you're able to get those machines because they're constantly sold 274 00:04:57,350 --> 00:04:57,360 machines because they're constantly sold 275 00:04:57,360 --> 00:04:57,909 machines because they're constantly sold out 276 00:04:57,909 --> 00:04:57,919 out 277 00:04:57,919 --> 00:04:59,270 out so getting two and a half million 278 00:04:59,270 --> 00:04:59,280 so getting two and a half million 279 00:04:59,280 --> 00:05:01,029 so getting two and a half million computers that 280 00:05:01,029 --> 00:05:01,039 computers that 281 00:05:01,039 --> 00:05:03,749 computers that are asic machines that are able to do 282 00:05:03,749 --> 00:05:03,759 are asic machines that are able to do 283 00:05:03,759 --> 00:05:05,590 are asic machines that are able to do these calculations 284 00:05:05,590 --> 00:05:05,600 these calculations 285 00:05:05,600 --> 00:05:07,430 these calculations for a price of around four billion us 286 00:05:07,430 --> 00:05:07,440 for a price of around four billion us 287 00:05:07,440 --> 00:05:09,590 for a price of around four billion us dollars i don't think that anybody is 288 00:05:09,590 --> 00:05:09,600 dollars i don't think that anybody is 289 00:05:09,600 --> 00:05:10,070 dollars i don't think that anybody is capable 290 00:05:10,070 --> 00:05:10,080 capable 291 00:05:10,080 --> 00:05:12,230 capable of finding that and that's the beauty of 292 00:05:12,230 --> 00:05:12,240 of finding that and that's the beauty of 293 00:05:12,240 --> 00:05:13,670 of finding that and that's the beauty of the proof-of-work of 294 00:05:13,670 --> 00:05:13,680 the proof-of-work of 295 00:05:13,680 --> 00:05:17,110 the proof-of-work of bitcoin yeah so um 296 00:05:17,110 --> 00:05:17,120 bitcoin yeah so um 297 00:05:17,120 --> 00:05:20,629 bitcoin yeah so um in other words the big question is 298 00:05:20,629 --> 00:05:20,639 in other words the big question is 299 00:05:20,639 --> 00:05:22,550 in other words the big question is if you've got your wealth whatever that 300 00:05:22,550 --> 00:05:22,560 if you've got your wealth whatever that 301 00:05:22,560 --> 00:05:24,790 if you've got your wealth whatever that is yeah if it's hundred dollars if it's 302 00:05:24,790 --> 00:05:24,800 is yeah if it's hundred dollars if it's 303 00:05:24,800 --> 00:05:26,550 is yeah if it's hundred dollars if it's 10 million dollars whatever if you want 304 00:05:26,550 --> 00:05:26,560 10 million dollars whatever if you want 305 00:05:26,560 --> 00:05:28,629 10 million dollars whatever if you want to do a transfer from 306 00:05:28,629 --> 00:05:28,639 to do a transfer from 307 00:05:28,639 --> 00:05:30,950 to do a transfer from your account to a foreign account what 308 00:05:30,950 --> 00:05:30,960 your account to a foreign account what 309 00:05:30,960 --> 00:05:32,469 your account to a foreign account what would you prefer to use 310 00:05:32,469 --> 00:05:32,479 would you prefer to use 311 00:05:32,479 --> 00:05:34,310 would you prefer to use would you prefer to use the banking and 312 00:05:34,310 --> 00:05:34,320 would you prefer to use the banking and 313 00:05:34,320 --> 00:05:36,070 would you prefer to use the banking and the government systems 314 00:05:36,070 --> 00:05:36,080 the government systems 315 00:05:36,080 --> 00:05:37,749 the government systems where you can be sure that they'll 316 00:05:37,749 --> 00:05:37,759 where you can be sure that they'll 317 00:05:37,759 --> 00:05:39,909 where you can be sure that they'll charge you a high fee 318 00:05:39,909 --> 00:05:39,919 charge you a high fee 319 00:05:39,919 --> 00:05:42,310 charge you a high fee and in many cases the money doesn't even 320 00:05:42,310 --> 00:05:42,320 and in many cases the money doesn't even 321 00:05:42,320 --> 00:05:44,390 and in many cases the money doesn't even arrive on the other end 322 00:05:44,390 --> 00:05:44,400 arrive on the other end 323 00:05:44,400 --> 00:05:47,510 arrive on the other end because the bank will have some sort of 324 00:05:47,510 --> 00:05:47,520 because the bank will have some sort of 325 00:05:47,520 --> 00:05:49,510 because the bank will have some sort of problems with the transfer or you're 326 00:05:49,510 --> 00:05:49,520 problems with the transfer or you're 327 00:05:49,520 --> 00:05:50,790 problems with the transfer or you're doing something 328 00:05:50,790 --> 00:05:50,800 doing something 329 00:05:50,800 --> 00:05:52,629 doing something where you have got over 2 million 330 00:05:52,629 --> 00:05:52,639 where you have got over 2 million 331 00:05:52,639 --> 00:05:54,150 where you have got over 2 million computers 332 00:05:54,150 --> 00:05:54,160 computers 333 00:05:54,160 --> 00:05:55,749 computers securing the network that nothing 334 00:05:55,749 --> 00:05:55,759 securing the network that nothing 335 00:05:55,759 --> 00:05:58,629 securing the network that nothing happens where no humans are involved 336 00:05:58,629 --> 00:05:58,639 happens where no humans are involved 337 00:05:58,639 --> 00:06:01,670 happens where no humans are involved where the software is open source and 338 00:06:01,670 --> 00:06:01,680 where the software is open source and 339 00:06:01,680 --> 00:06:03,590 where the software is open source and where other computers which other nodes 340 00:06:03,590 --> 00:06:03,600 where other computers which other nodes 341 00:06:03,600 --> 00:06:05,029 where other computers which other nodes are constantly checking that everything 342 00:06:05,029 --> 00:06:05,039 are constantly checking that everything 343 00:06:05,039 --> 00:06:06,790 are constantly checking that everything is correct i think the answer is very 344 00:06:06,790 --> 00:06:06,800 is correct i think the answer is very 345 00:06:06,800 --> 00:06:07,830 is correct i think the answer is very simple 346 00:06:07,830 --> 00:06:07,840 simple 347 00:06:07,840 --> 00:06:10,390 simple yeah so this just to put you in persp 348 00:06:10,390 --> 00:06:10,400 yeah so this just to put you in persp 349 00:06:10,400 --> 00:06:12,150 yeah so this just to put you in persp perspective what it means 350 00:06:12,150 --> 00:06:12,160 perspective what it means 351 00:06:12,160 --> 00:06:14,309 perspective what it means uh if somebody says hey but bitcoin 352 00:06:14,309 --> 00:06:14,319 uh if somebody says hey but bitcoin 353 00:06:14,319 --> 00:06:16,390 uh if somebody says hey but bitcoin consumes a lot of electricity 354 00:06:16,390 --> 00:06:16,400 consumes a lot of electricity 355 00:06:16,400 --> 00:06:19,029 consumes a lot of electricity yeah but the reason is it's the most 356 00:06:19,029 --> 00:06:19,039 yeah but the reason is it's the most 357 00:06:19,039 --> 00:06:20,390 yeah but the reason is it's the most secure network in the world 358 00:06:20,390 --> 00:06:20,400 secure network in the world 359 00:06:20,400 --> 00:06:22,150 secure network in the world you will not find anything that is more 360 00:06:22,150 --> 00:06:22,160 you will not find anything that is more 361 00:06:22,160 --> 00:06:24,390 you will not find anything that is more secure than the bitcoin network 362 00:06:24,390 --> 00:06:24,400 secure than the bitcoin network 363 00:06:24,400 --> 00:06:26,469 secure than the bitcoin network and that's why also all the software is 364 00:06:26,469 --> 00:06:26,479 and that's why also all the software is 365 00:06:26,479 --> 00:06:27,510 and that's why also all the software is open source 366 00:06:27,510 --> 00:06:27,520 open source 367 00:06:27,520 --> 00:06:29,189 open source so that everybody can check what's 368 00:06:29,189 --> 00:06:29,199 so that everybody can check what's 369 00:06:29,199 --> 00:06:31,110 so that everybody can check what's running on those machines 370 00:06:31,110 --> 00:06:31,120 running on those machines 371 00:06:31,120 --> 00:06:34,230 running on those machines and yeah that's the future you're part 372 00:06:34,230 --> 00:06:34,240 and yeah that's the future you're part 373 00:06:34,240 --> 00:06:35,270 and yeah that's the future you're part of the future 374 00:06:35,270 --> 00:06:35,280 of the future 375 00:06:35,280 --> 00:06:38,550 of the future so that's it from you today today 376 00:06:38,550 --> 00:06:38,560 so that's it from you today today 377 00:06:38,560 --> 00:06:40,550 so that's it from you today today so i thank you very much for watching 378 00:06:40,550 --> 00:06:40,560 so i thank you very much for watching 379 00:06:40,560 --> 00:06:41,990 so i thank you very much for watching and i hope you enjoyed this little 380 00:06:41,990 --> 00:06:42,000 and i hope you enjoyed this little 381 00:06:42,000 --> 00:06:42,629 and i hope you enjoyed this little excurse 382 00:06:42,629 --> 00:06:42,639 excurse 383 00:06:42,639 --> 00:06:45,590 excurse into bitcoin safety and bitcoin security 384 00:06:45,590 --> 00:06:45,600 into bitcoin safety and bitcoin security 385 00:06:45,600 --> 00:06:47,270 into bitcoin safety and bitcoin security and i'm really looking forward to see 386 00:06:47,270 --> 00:06:47,280 and i'm really looking forward to see 387 00:06:47,280 --> 00:06:48,309 and i'm really looking forward to see you next week 388 00:06:48,309 --> 00:06:48,319 you next week 389 00:06:48,319 --> 00:06:50,309 you next week so thank you very much for watching have 390 00:06:50,309 --> 00:06:50,319 so thank you very much for watching have 391 00:06:50,319 --> 00:06:51,670 so thank you very much for watching have a great one bye-bye 392 00:06:51,670 --> 00:06:51,680 a great one bye-bye 393 00:06:51,680 --> 00:06:53,510 a great one bye-bye robert thank you so much just a reminder 394 00:06:53,510 --> 00:06:53,520 robert thank you so much just a reminder 395 00:06:53,520 --> 00:06:55,029 robert thank you so much just a reminder that we are not providing financial 396 00:06:55,029 --> 00:06:55,039 that we are not providing financial 397 00:06:55,039 --> 00:06:57,270 that we are not providing financial advice but only sharing what's happening 398 00:06:57,270 --> 00:06:57,280 advice but only sharing what's happening 399 00:06:57,280 --> 00:07:00,070 advice but only sharing what's happening in the cryptocurrency marketplace always 400 00:07:00,070 --> 00:07:00,080 in the cryptocurrency marketplace always 401 00:07:00,080 --> 00:07:00,710 in the cryptocurrency marketplace always remember 402 00:07:00,710 --> 00:07:00,720 remember 403 00:07:00,720 --> 00:07:02,629 remember that the cryptocurrency markets are ever 404 00:07:02,629 --> 00:07:02,639 that the cryptocurrency markets are ever 405 00:07:02,639 --> 00:07:04,469 that the cryptocurrency markets are ever changing and they're always volatile 406 00:07:04,469 --> 00:07:04,479 changing and they're always volatile 407 00:07:04,479 --> 00:07:06,790 changing and they're always volatile they never close you should only spend 408 00:07:06,790 --> 00:07:06,800 they never close you should only spend 409 00:07:06,800 --> 00:07:26,469 they never close you should only spend what you can afford to lose 410 00:07:26,469 --> 00:07:26,479 411 00:07:26,479 --> 00:07:28,560 you