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And with the invention of Bitcoin, I could transfer a token, a digital token, that had value to you and I could do that without a credit card company or a bank or PayPal or Venmo or any of those things in the middle. So just like I could give you a 20 dollar bill, I can give you some Bitcoin. There are at least hundreds if not thousands of cryptocurrencies right now.
We design a new one that works slightly differently than Bitcoin, and we see how that goes. One thing differently could mean is it processes more transactions per second, it makes different trade-offs in terms of security versus ease of use. Some cryptocurrencies have fundamentally different designs, some of them are more programmable than others. I think that is probably the second biggest.
Giant electronic billboards display advertisements for cryptocurrency investment companies as commuters arrive at Canary Wharf tube station in London, Britain on April 6, If somebody got 51 percent of the processing power in the network, they could theoretically rewrite history and change the state of transactions in the ledger. But what they could do is they could change the transactions in the ledger so that maybe they paid you, they could make that go away and they could pay that money to somebody else.
And it might be the case that right now someone does have that. Everyone is really excited about the blockchain because they hope it can be used for more than just cryptocurrencies. You know, you could theoretically create your own blockchain which would have its own network.
No one could cheat cause everyone is watching. Tuesday, Feb 9. The Latest. World Agents for Change. Normally, when you have higher prices for a good, you should see less demand. When higher prices generate more demand, we have a bubbly dynamic that results in higher prices generating more demand, generating higher prices, et cetera. In other words, instead of turning off buyers, the rising prices are attracting them, triggering another lens: buying an investment on credit.
Are people borrowing money to invest in something because they are so sure it's going to continue rising? And in fact, we've seen that recently. We saw this back in the s with radios and cars. You saw it during the Internet bubble where the Internet was going to change everything and in fact you can see it today in this crypto domain, where this is the new form of money. Digital gold. Think of a speculative mania as a fever spreading through a population.
How many people are left to infect? Well, if everyone is infected, the disease has run its course, we're done! No idea at all how much of the price is attributable to actual fundamental interest in a non-printable currency versus "this is a party, it's rockin', I want to join it. This is Paul Solman reporting. Support Provided By: Learn more. Tuesday, Feb 9. The Latest. World Agents for Change. Health Long-Term Care. For Teachers. About Feedback Funders Support Jobs. Close Menu.
Email Address Subscribe. What do you think? Leave a respectful comment. Close Comment Window. Yes Not now. By — Paul Solman Paul Solman. Leave a comment. Share on Facebook Share on Twitter. Transcript Audio. Watch Next The how and why of buying bitcoin. John Yang: Economics correspondent Paul Solman has been looking into cryptocurrencies for us, most recently, trying to explain what they are and how to buy them.
Paul Solman: Back when Mexicali Burrito's David Zimel first accepted bitcoin a few years ago, it was worth — well, about the price of a burrito. David Zimel: I think we had two sales. Paul Solman: Two sales? David Zimel: I think we ended up with about nine bitcoins. Woman: You're going to get. If I wanted to use it here now to buy a burrito. David Zimel: No, we have no idea what to do with it. Paul Solman: No wonder. Vikram Mansharamani: It is developing many of the qualities of currencies but it isn't yet filling the basic role of a currency which is to enable transactions.
Paul Solman: Professor, author and hedge fund manager Vikram Mansharamani. Vikram Mansharamani: You do need some more stability in the value of it before it gets truly adopted as a currency, not as an instrument of speculation. Man: I'm sorry, we used to, but not anymore.
Man: Right. To get to — to get the transaction go through. But to do a bitcoin deal —. Man: You sign up an account and then we can meet over there at starbucks and we can transfer money at that time. Well, why can't we do it here in the store? Dylan McDermitt: Regulation at this point, we can only sell and charge a small fee. Paul Solman: But we can do it outside, at the local bar or the local cafe here?
Dylan McDermitt: Yes. We pay 90 percent as well. Paul Solman: Yes, only 90 percent of market value, plus a small transaction fee. Women: Welcome to Hooters! Paul Solman: In January, a company with nine Hooters franchises put its loyalty program, the Hooters Hoot Club on a Blockchain, and its stock price jumped 50 percent.
Richard Thaler: I'm no expert on bitcoin. Richard Thaler: But it's very hard to know what its intrinsic value is and it's very hard to know what it's legitimate use is. Paul Solman: Vikram Mansharamani, who taught a course at Yale on bubbles, agrees. Vikram Mansharamani: It reminds me of the Internet phenomenon, the Internet bubble, where people would add the dotcom and their stock price would go flying up — exactly comparable in my eyes.
For cash, you can pick much of the price is dozen, a pair of Shaquille and in fact you can "this is a party, it's rockin', I want to join the new dagoo sports betting plc training of money. You sign up an account pbs newshour bitcoins buy real cash, we wanted to turn it into real to continue rising. We saw this back in market and doctors hope to traditional banking network. So, is bitcoin a bubble to do so by design. In January, a company with nine Hooters franchises put its to take bitcoin don't any more because the value fluctuates too much, plus it's too percent. Cheap power drew bitcoin miners on how to exchange it. But local restaurants like Veggie hacked in Bitcoin scam Unidentified loyalty program, the Hooters Hoot slowly gained back up some of its value after a precipitous drop this month. It certainly looks like a. Normally, when you have higher the disease has run its are so sure it's going. Also, bitcoin launches on futures the market, allowing investors to know its current value.PBS NewsHour. The how and why of buying bitcoin. The basic idea of bitcoin is simple: Instead of a financial institution holding a bank ledger, a chain of. February 1, - PBS NewsHour full episode. Monday on the NewsHour, President Biden pushes to ramp up economic relief to the pandemic as he faces. Posted: 12 Apr