Bitcoin | News

What is Bitcoin? An Explanation: VIDEO

Bitcoin

You may be hearing a lot about the digital currency Bitcoin in the news lately. If you've been scratching your head as to what this is all about, this brief animated film might explain a few things.

Watch, AFTER THE JUMP...

W_bitcoin

Bitcoin Explained from Duncan Elms on Vimeo.

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Comments

  1. HOLY CRAP, welcome to a mini crash that should come right before or after the video game crash.

    Posted by: Fenrox | Apr 9, 2013 1:31:21 PM


  2. im really just as confused as i was before.

    Posted by: jim | Apr 9, 2013 1:53:58 PM


  3. Seems rather like an elitist-type of currency to me. So, if I can't program a computer (much less if I don't own one) I can't take part in the Bitcoin monetary scheme.

    This seems like a total class division set-up. Imagine if this type of thing takes over, if you don't own a computer or don't know how to "mine" Bitcoins, you're automatically scuttled to the trashbin of society.

    Think of all the poor, uneducated people this type of setup would disenfranchise the world over.

    Actual currency, as flawed as it is, works for EVERYONE, not just those with computers or those who know tech-speak.

    Brave New Horrible World.

    Posted by: johnny | Apr 9, 2013 3:40:47 PM


  4. This still doesn't explain, and no one can explain to me, why coming up with a solution to a problem earns you 50 bitcoins. Ok, they magically appear in your bitcoin account, but what does the author or bank of bitcoins have to gain from somebody solving your algorithm? Are the answers predetermined? How does the author know when you have a correct answer? There has to be a database of correct answers somewhere.

    Posted by: Richard Harney | Apr 9, 2013 4:55:08 PM


  5. WTF? Way over my head (or out of my interest zone)...

    Posted by: AriesMatt | Apr 9, 2013 5:58:59 PM


  6. Damn! This is really one of those times when I realize that the more that I know...the more I discover how much I really don't know.

    Posted by: Rich | Apr 9, 2013 8:56:49 PM


  7. Is there an app for that?

    Posted by: JonnyNYNY2FLFL | Apr 9, 2013 9:56:28 PM


  8. @Richard Harney: Once you've solved a complex algorithm; verifying that answer is correct is many orders of magnitude faster. The objective isn't to benefit the 'author' but rather to force those 'mining' bitcoins to use all their processing power for a set amount of time and thus slow their bitcoin production to a desired level.

    There doesn't need to be a precompiled list of answers, nor even a precompiled list of problems; because once a problem is solved, verifying it's correctness simply requires plugging in the variables and checking that the equation is balanced, this is much simpler than actually determining the possible values of the variables (which is what is required to solve the equation)

    As to what the author gains; the 'author' is not a single person, but is rather a representation of all people in the system, and what they each gain by someone mining a bitcoin (i.e., solving a complex algoithem) is more bitcoins in the economy as a whole.

    Posted by: DavyJones | Apr 9, 2013 9:57:45 PM


  9. WTF did I just watch? I have no idea what any of that just meant.
    If that narrator thought he was explaining a concept to us, he needs to rethink "explaining."

    Posted by: Marc | Apr 9, 2013 11:55:18 PM


  10. The Deep Web: a very bad neighborhood.

    Posted by: Eddie | Apr 10, 2013 4:42:26 AM


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