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[Music]

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welcome back to the world of cryptos

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welcome back to the world of cryptos
 

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welcome back to the world of cryptos
welcome back to the crypto corner

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welcome back to the crypto corner
 

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welcome back to the crypto corner
today i have got a different treat for

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today i have got a different treat for
 

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today i have got a different treat for
you and this is something that you can

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you and this is something that you can
 

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you and this is something that you can
use

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use
 

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use
with your friends in the library or on

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with your friends in the library or on
 

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with your friends in the library or on
the bar and to impress them

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the bar and to impress them
 

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the bar and to impress them
with some special knowledge that you

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with some special knowledge that you
 

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with some special knowledge that you
have around the bitcoin blockchain

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have around the bitcoin blockchain
 

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have around the bitcoin blockchain
and the big question always is how safe

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and the big question always is how safe
 

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and the big question always is how safe
is bitcoin and for that i prepared a

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is bitcoin and for that i prepared a
 

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is bitcoin and for that i prepared a
little

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little
 

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little
uh presentation so let's dive into it

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uh presentation so let's dive into it
 

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uh presentation so let's dive into it
so how safe is bitcoin and let's take a

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so how safe is bitcoin and let's take a
 

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so how safe is bitcoin and let's take a
look at the components of the

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look at the components of the
 

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look at the components of the
bitcoin blockchain and these are the

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bitcoin blockchain and these are the
 

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bitcoin blockchain and these are the
components you've got the blockchain

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components you've got the blockchain
 

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components you've got the blockchain
with the genesis block so the first

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with the genesis block so the first
 

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with the genesis block so the first
block

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block
 

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block
and then this is the current block and

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and then this is the current block and
 

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and then this is the current block and
then you've got miners

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then you've got miners
 

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then you've got miners
that are competing to add your

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that are competing to add your
 

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that are competing to add your
transactional

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transactional
 

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transactional
all the transactions to the blockchain

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all the transactions to the blockchain
 

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all the transactions to the blockchain
and for that

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and for that
 

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and for that
they have a calculation uh it's like a

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they have a calculation uh it's like a
 

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they have a calculation uh it's like a
very simple one it's just finding like

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very simple one it's just finding like
 

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very simple one it's just finding like
like a very simple

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like a very simple
 

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like a very simple
puzzle so it's not a big deal um

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puzzle so it's not a big deal um
 

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puzzle so it's not a big deal um
in what the the work they have to do but

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in what the the work they have to do but
 

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in what the the work they have to do but
there has been an evolution and type of

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there has been an evolution and type of
 

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there has been an evolution and type of
machines that are doing this type of

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machines that are doing this type of
 

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machines that are doing this type of
work

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work
 

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work
and so back in the early days in 2009

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and so back in the early days in 2009
 

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and so back in the early days in 2009
when bitcoin was started

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when bitcoin was started
 

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when bitcoin was started
we were using normal laptops very simple

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we were using normal laptops very simple
 

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we were using normal laptops very simple
thing

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thing
 

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thing
computer was doing the job perfectly

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computer was doing the job perfectly
 

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computer was doing the job perfectly
well

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well
 

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well
and as you know every 10 minutes a block

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and as you know every 10 minutes a block
 

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and as you know every 10 minutes a block
is created

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is created
 

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is created
that's that's part of the consensus and

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that's that's part of the consensus and
 

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that's that's part of the consensus and
therefore

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therefore
 

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therefore
the more computer we're attaching to the

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the more computer we're attaching to the
 

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the more computer we're attaching to the
system

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system
 

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system
the difficulty had to be increased and

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the difficulty had to be increased and
 

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the difficulty had to be increased and
so in 2011 graphic cards

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so in 2011 graphic cards
 

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so in 2011 graphic cards
were the it so you couldn't use a

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were the it so you couldn't use a
 

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were the it so you couldn't use a
computer anymore you had to use a

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computer anymore you had to use a
 

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computer anymore you had to use a
graphic card

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graphic card
 

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graphic card
and that continued until about 2013

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and that continued until about 2013
 

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and that continued until about 2013
when so-called ac computers were

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when so-called ac computers were
 

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when so-called ac computers were
invented and these computers the only

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invented and these computers the only
 

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invented and these computers the only
thing they do

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thing they do
 

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thing they do
is they do these

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is they do these
 

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is they do these
crypto transactions they don't do

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crypto transactions they don't do
 

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crypto transactions they don't do
anything else you can't run windows on

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anything else you can't run windows on
 

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anything else you can't run windows on
them

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them
 

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them
just the simple hash calculations that

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just the simple hash calculations that
 

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just the simple hash calculations that
they do and nothing else

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they do and nothing else
 

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they do and nothing else
so um as you can see it's already fairly

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so um as you can see it's already fairly
 

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so um as you can see it's already fairly
large number and this is 2015 it's a

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large number and this is 2015 it's a
 

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large number and this is 2015 it's a
fairly large number

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fairly large number
 

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fairly large number
so just to highlight those numbers

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so just to highlight those numbers
 

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so just to highlight those numbers
at the moment the hash rate of bitcoin

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at the moment the hash rate of bitcoin
 

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at the moment the hash rate of bitcoin
is in this area here yeah so it's a

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is in this area here yeah so it's a
 

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is in this area here yeah so it's a
number one

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number one
 

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number one
with 18 zeros behind it

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with 18 zeros behind it
 

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with 18 zeros behind it
those are the calculations that these

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those are the calculations that these
 

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those are the calculations that these
computers in

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computers in
 

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computers in
all together do per second so it's a

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all together do per second so it's a
 

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all together do per second so it's a
huge number

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huge number
 

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huge number
and uh to look at those machines so this

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and uh to look at those machines so this
 

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and uh to look at those machines so this
is for example the latest the best of

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is for example the latest the best of
 

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is for example the latest the best of
the best at the moment

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the best at the moment
 

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the best at the moment
it's the micro bt watts minor m30s that

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it's the micro bt watts minor m30s that
 

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it's the micro bt watts minor m30s that
can do

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can do
 

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can do
a 112 tera hashes per second and

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a 112 tera hashes per second and
 

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a 112 tera hashes per second and
consumes

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consumes
 

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consumes
3 000 what

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3 000 what
 

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3 000 what
so quite significant and this is how the

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so quite significant and this is how the
 

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so quite significant and this is how the
machine looks like

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machine looks like
 

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machine looks like
yeah so it costs four thousand dollars

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yeah so it costs four thousand dollars
 

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yeah so it costs four thousand dollars
and these machines look like this here

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and these machines look like this here
 

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and these machines look like this here
they make a hell of a noise because

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they make a hell of a noise because
 

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they make a hell of a noise because
they run at 100 percent all the time and

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they run at 100 percent all the time and
 

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they run at 100 percent all the time and
they consume as you can see 3 000 watts

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they consume as you can see 3 000 watts
 

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they consume as you can see 3 000 watts
a lot of electricity so a miner has to

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a lot of electricity so a miner has to
 

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a lot of electricity so a miner has to
really calculate

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really calculate
 

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really calculate
whether it's worse using these machines

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whether it's worse using these machines
 

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whether it's worse using these machines
at a specific electricity rate or not

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at a specific electricity rate or not
 

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at a specific electricity rate or not
okay so far so good let's look at

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okay so far so good let's look at
 

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okay so far so good let's look at
what that really means so i've done here

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what that really means so i've done here
 

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what that really means so i've done here
a little

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a little
 

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a little
credit a little table so back in 2009

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credit a little table so back in 2009
 

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credit a little table so back in 2009
you saw

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you saw
 

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you saw
a human would probably do one

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a human would probably do one
 

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a human would probably do one
calculation per second that's very

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calculation per second that's very
 

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calculation per second that's very
generous i would say more

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generous i would say more
 

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generous i would say more
0.1 because it's not that easy to for a

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0.1 because it's not that easy to for a
 

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0.1 because it's not that easy to for a
human brain to do that puzzle

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human brain to do that puzzle
 

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human brain to do that puzzle
a cpu is doing between 600 000 or 150

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a cpu is doing between 600 000 or 150
 

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a cpu is doing between 600 000 or 150
million

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million
 

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million
per per second in average i took two

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per per second in average i took two
 

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per per second in average i took two
million the gpo goes up to 20 million

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million the gpo goes up to 20 million
 

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million the gpo goes up to 20 million
and here we've got the ac computers yeah

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and here we've got the ac computers yeah
 

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and here we've got the ac computers yeah
so 60

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so 60
 

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so 60
uh terahash per second that's what they

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uh terahash per second that's what they
 

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uh terahash per second that's what they
do

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do
 

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do
yeah next step is the current hash rate

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yeah next step is the current hash rate
 

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yeah next step is the current hash rate
is 150 exahash

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is 150 exahash
 

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is 150 exahash
and that's equivalent to two and a half

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and that's equivalent to two and a half
 

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and that's equivalent to two and a half
million ac computers

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million ac computers
 

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million ac computers
yeah so in average if you take the

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yeah so in average if you take the
 

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yeah so in average if you take the
average number if you take the average

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average number if you take the average
 

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average number if you take the average
number you have got two and a half

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number you have got two and a half
 

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number you have got two and a half
million computers

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million computers
 

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million computers
that are specialized on this subject

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that are specialized on this subject
 

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that are specialized on this subject
here securing the bitcoin net

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here securing the bitcoin net
 

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here securing the bitcoin net
network and if you take a look at the

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network and if you take a look at the
 

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network and if you take a look at the
cost so

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cost so
 

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cost so
you saw the latest of the best is three

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you saw the latest of the best is three
 

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you saw the latest of the best is three
thousand or four thousand dollars

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thousand or four thousand dollars
 

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thousand or four thousand dollars
so i take an average of thousand five

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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

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hundred dollars
 

253
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hundred dollars
uh multiplied with 2.5 million

254
00:04:33,189 --> 00:04:33,199
uh multiplied with 2.5 million
 

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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

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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
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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
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is a very difficult thing to achieve
assuming that you're able to get those

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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
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machines because they're constantly sold
out

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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
 

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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