Keywords/phrases: With fiat currency systems, there is an entity/ institution people trust (ex. Federal Reserve for the US dollar); what do people trust in the Bitcoin system and where does its value come from? I don't think that most people who use dollars, euros, Swiss franks necessarily care about whether they trust the stewardship and management by central banks. Most people have no idea what the Swiss Central Bank is, they probably don't even know how money or monetary policy works. All they trust is that when they go to the supermarket the next day, someone will give them a dozen eggs. It's the anticipation of future value, not only that you believe that pieces of plastic and paper have value but the next person also believes it, long enough to feed you. What the central entity provides is a guarantee that the money hasn't been forged, which was especially important when the money was precious metals. Now it is a promise that within this jurisdiction, they are the buyer of last resort. The promise from central banks certainly isn't a promise not to print more. So why do people trust in Bitcoin or any of the other digital currencies out there? They believe that they will be able to use it tomorrow for goods and services; as long as this rolls forward, we have value. I get paid in bitcoin and I use it to live. I know it can't be forged or diluted because I've read the algorithms. Behind that, there is very large amounts of energy expenditure and computation to ensure that it is also 'rare.'
Watch the full talk!
https://youtu.be/3NqDNetEqmIIntrinsic value vs intrinsic utility. Bitcoin's value lying in it being non-physical. Systems which use money with intrinsic value end up not being very good money because it dilutes the purpose. Money is meant to be an abstraction of value, something to communicate value, rather than value itself. If the money is edible and you choose to eat it, you just had a reduction in supply. If your money is water and you have a monsoon, you just had vast inflation in supply.
Chapters
0:00 Where does money get its value?
2:38 What exactly does the central bank offer in terms of the value?
3:13 Why do people trust in bitcoin or any digital currency that exists out there?
4:25 Rather than "intrinsic value," I like to use the term "intrinsic utility."
This is part of a talk which took place on October 26th 2016 at the Blockchain Meetup in Zürich, Switzerland:
https://www.meetup.com/Zurich-Blockchain-Meetup/events/233058629/Join the aantonop Channel:
https://aantonop.io/joinaantonopytAbout the Site 🌐
This site provides links to random videos hosted at YouTube, with the emphasis on random. 🎥
Origins of the Idea 🌱
The original idea for this site stemmed from the need to benchmark the popularity of a video against the general population of YouTube videos. 🧠
Challenges Faced 🤔
Obtaining a large sample of videos was crucial for accurate ranking, but YouTube lacks a direct method to gather random video IDs.
Even searching for random strings on YouTube doesn't yield truly random results, complicating the process further. 🔍
Creating Truly Random Links 🛠️
The YouTube API offers additional functions enabling the discovery of more random videos. Through inventive techniques and a touch of space-time manipulation, we've achieved a process yielding nearly 100% random links to YouTube videos.
About YouTube 📺
YouTube, an American video-sharing website based in San Bruno, California, offers a diverse range of user-generated and corporate media content. 🌟
Content and Users 🎵
Users can upload, view, rate, share, and comment on videos, with content spanning video clips, music videos, live streams, and more.
While most content is uploaded by individuals, media corporations like CBS and the BBC also contribute. Unregistered users can watch videos, while registered users enjoy additional privileges such as uploading unlimited videos and adding comments.
Monetization and Impact 🤑
YouTube and creators earn revenue through Google AdSense, with most videos free to view. Premium channels and subscription services like YouTube Music and YouTube Premium offer ad-free streaming.
As of February 2017, over 400 hours of content were uploaded to YouTube every minute, with the site ranking as the second-most popular globally. By May 2019, this figure exceeded 500 hours per minute. 📈
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