Iceland, China, Ten Minutes discussed on On The Media


Mind by he prospectors thousands of computers churning in such places as Iceland and China solving puzzles for which successful miners are rewarded with small purses up digital coins every ten minutes the give somebody twenty five pecan cryptocurrency pioneer Vernay Gupta is the CEO of material so there's a job for us to be done taking all the transactions of John the last ten minutes and making sure that they don't contradict each other and then publish in a block which contains all those transactions to the entire world so everybody can agree what the car back balances are in the bitcoin system but the job is so profitable that there's very strong competition to get the job on the one who was the fastest computer in about ten minutes walk gets the twenty five bit coin on the job over time twenty one million bid Collins will be mind and no more New York times financial reporter Nathaniel Popper author of digital gold bit coin in the inside story of the misfits and millionaires trying to reinvent money says it's part of the U. to hope you envision to protect the value of the money from incompetent corrupt or simply desperate governments this idea really harks back to the idea of the gold standard which took a lot of power away from governments to issue as much currency is they wanted big coin provided this alternative of an asset that you could hold digitally without having to have it under your mattress and that at least seem to hold the promise that it would keep its value better than the peso or whatever local currency it was that was doing going away it's an ingenious way to limit the money supply but only one approach to digital money at the moment there are well over two thousand crypto currencies from number two theory I'm too golem to zipper two hello Tinker Bell pixie coin each representing a different user need or economic ideology one constitutes about sixty percent of the world's crypto value but there are more than three hundred billion dollars worth of rival denominations nineteen of which are worth at least a billion dollars nay Honda Rula so holders of big coin often feel like they're buying into this vision of a money that is in controlled by government they can't be inflated away where no one can stop you from making payments and no one can take your wealth away from you there's a crypto currency for pretty much any field or topic you could think of there's dental quien a crypto currency for dentists there's Jesus coin there's an art project the came from someone who is a former student at MIT title coin which is about sort of cleaning your since you purchased this currency in order to absolve yourself of your sins basically we're seeing all these different ways for people to buy into a future that they believe in by becoming a holder of this coin everyone of these currencies is differentiated by its force if you have money military Ms vin a Gupta who previously coordinated the launch of fear him they take the four also if you have money they implement as code and then they shifted to the world and if people like it they buy it and if they don't ignore so which believe system choices correct when I don't know which religion is correct yes the technology is mind boggling across the board but once again like Mesopotamian temples or Tinker Bell it comes down to faith there are even schisms like the one that split the Catholic and orthodox churches in the world.

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