This week we talk about what Bitcoin is, how it works in theory, how it works in practice, and what the criticisms are.

• The feedback form is at htotw.com/contact
• Leave us voice message at +1 (208) 996-8667 or htotw.com/speakpipe
• Support the show on a monthy basis with Patreon or just once with PayPal, credit or debit card, Apple Pay, or Google Pay links are at htotw.com/donate
• Subscribe at htotw.com/subscribe
• Join our Discord server at htotw.com/discord

Crypto

• Disclosure - I own 0.00666 Bitcoins
• What is a block chain
• What’s a transaction
  • On chain
  • Off chain
• Why is cryptocurrancy a thing?
  • Decentralized - No one entity owns it
  • Universal - Not tied to fiat currencies
  • Private - Can’t be tracked and tied to your personal identity
• How’s that worked?
  • As of April 3, 2022 the top 10,000 addresses or about 0.03% (0.0277794%) own about 60% (59.16%) meaning the remaining 99.97% own the remaining 40%
  • Until China banned mining in 2021 60-70% of all mining was in China
  • Universal - Can get around sanctions
  • Private - KYC
  • Fees on transactions can easily match Paypal, Stripe, or Credit Cards
• Criticisms
  • Volatility - It’s gambling
  • It’s insecure - By 2017 data breaches resulted in about 1 million bitcoin being stolen from exchanges
  • An estimated 20% of bitcoin have been lost due to people losing their private keys
  • Crime - Estimated to be about 3%, but transcations still happen between KYC exchanges and Russian black market exchanges
  • Climate

Sources
- https://mitsloan.mit.edu/ideas-made-to-matter/bitcoin-who-owns-it-who-mines-it-whos-breaking-law
- https://bitinfocharts.com/
- https://en.wikipedia.org/wiki/Bitcoin#Design
- https://news.climate.columbia.edu/2021/09/20/bitcoins-impacts-on-climate-and-the-environment/
- https://www.bbc.com/news/technology-56012952

Feedback

• Alan via the contact form about Time Zones

This episode is brought to you by:

• Henry K
• Danielle
• Pat Acks from the Humanists of Idaho
• SoJo
• Big Easy Blasphemy
• Darryl G
• Arthur K
• Samuel C
• Beatriz A
• Levi C
• Richard G
• Balázs
• Steve F
• Brad R

And by our $1 patrons and those who want no reward.

Contact information, show notes, and links to Social Media and the like can be found at https://htotw.com

The music in this episode is:

Welcome to the Show by Kevin MacLeod
Link: https://incompetech.filmmusic.io/song/4614-welcome-to-the-show
License: https://filmmusic.io/standard-license

NewsSting by Kevin MacLeod
Link: https://incompetech.filmmusic.io/song/4124-newssting
License: https://filmmusic.io/standard-license

Ditty Pong by Kevin MacLeod
Link: https://incompetech.filmmusic.io/song/4676-ditty-pong
License: https://filmmusic.io/standard-license

Disco Sting by Kevin MacLeod
Link: https://incompetech.filmmusic.io/song/3653-disco-sting
License: https://filmmusic.io/standard-license

Sweeter Vermouth by Kevin MacLeod
Link: https://incompetech.filmmusic.io/song/4450-sweeter-vermouth
License: https://filmmusic.io/standard-license

Full shownotes can always be found at https://htotw.com/5

Support the show