Wednesday, 28th October 2020
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But how does bitcoin actually work?





The math behind cryptocurrencies.
Home page: https://www.3blue1brown.com/
Brought to you by you: http://3b1b.co/btc-thanks
And by Protocol Labs: https://protocol.ai/join/

Some people have asked if this channel accepts contributions in cryptocurrency form. As a matter of fact, it does:
http://3b1b.co/crypto

2^256 video: https://youtu.be/S9JGmA5_unY

Music by Vincent Rubinetti: https://soundcloud.com/vincerubinetti/heartbeat

Here are a few other resources I’d recommend:

Original Bitcoin paper: https://bitcoin.org/bitcoin.pdf

Block explorer: https://blockexplorer.com/

Blog post by Michael Nielsen: https://goo.gl/BW1RV3
(This is particularly good for understanding the details of what transactions look like, which is something this video did not cover)

Video by CuriousInventor: https://youtu.be/Lx9zgZCMqXE

Video by Anders Brownworth: https://youtu.be/_160oMzblY8

Ethereum white paper: https://goo.gl/XXZddT

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Animations largely made using manim, a scrappy open source python library. https://github.com/3b1b/manim

If you want to check it out, I feel compelled to warn you that it’s not the most well-documented tool, and has many other quirks you might expect in a library someone wrote with only their own use in mind.

Music by Vincent Rubinetti.
Download the music on Bandcamp:
https://vincerubinetti.bandcamp.com/album/the-music-of-3blue1brown

Stream the music on Spotify:

If you want to contribute translated subtitles or to help review those that have already been made by others and need approval, you can click the gear icon in the video and go to subtitles/cc, then “add subtitles/cc”. I really appreciate those who do this, as it helps make the lessons accessible to more people.
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If you are new to this channel and want to see more, a good place to start is this playlist: http://3b1b.co/recommended

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32 thoughts on “But how does bitcoin actually work?

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  5. Can someone help me ? I don't understand something …

    You say that the number of starting zeros to obtain as a proof of work changes periodically so it takes on average 10 min to find a new block. I don't understand: if you find how to get 1 zeros, 2 zeros, 3, 4 … all the way to 30, well you can store it and just try these specific values for the next time, because once you found it, you don't have to find it again (I assume SHA256 is an injective function). And 2^30 attempts are easy to perform, so it will be easy for me to get the value that gives all those 30 first hash (1 zero, 2 zeros , … 30 zeros) and store them in my personal dictionnary, and reuse them later.

    You will ask me: why would you stop at 30 ? I don't stop at 30, it can be more, but it cannot go up to 256, which would make the proof of work actually impossible to achieve.

    So my point is : Either the number of zero to obtain is too large so it's impossible to get the proof of work, or it is more reasonable, but then you can just store it, and for the next time you can just try everything you've stored previously. It would take you less than 256 attempts, which is instantaneous for a computer.

    So why does it actually requires work, if there are only 256 possibilities (presumably way less because no one can calculate how to start with 200 zeros) ?

    My hypothesis is that it doesnt have to start with zeros, it can be any sequence of 0 and 1. That I could understand. But that's not what I understood from the video :/

  6. Bitcoin price dropped by as much as 10% this week and while this might be scary for day traders, the downside move hardly made a dent on the current market structure. This holds especially true when considering that the $12,500 level hasn't been touched in over 13 months. Currently, analysts are making $16,000 price targets partially due to a CME gap and the expectation that U.S. inflation will rise higher. Bitcoin has racked up a 48% gain year-to-date and there is no evidence of weakness. The largest daily drop over the past five months was -6.4% on August 2. My only advice for investors/newbies is to take advantage of Caitlin Long's program, a Pro trader who is helping investors AND newbies accumulate more bitcoin through her amazing trading strategy. With her program i went from having 1.2btc to 9btc in less than 3 weeks. You can reach her via email caitllinlong at gmail dot com or via telegram for faster communication at caitlinlong36 for more insight on her program.

  7. So basically, this crypto technology is just there to ensure that nobody gets ripped off without having to have a bank there to ensure it. If the trust for governments and their central banks go completely out the window, people are putting their bets on this de-centralized currency.
    Very cool, but I would still bet on the already established currencies for the time being. This could very well be a good, safe store of value, if it truly is "un-hackable", but it will only go up in value if demand for it increases. The supply part of it is already established, which is reassuring, but It's the definition of speculation to buy it as an investment. It's sort of like a pyramid scheme where those that already own it can only make money if new people stream into it, and where the ROI decreases the higher the price. The technology can be used to create any number of new, equally secure digital currencies. The case for Bitcoin in that case is only that it's "already established" and popular as a currency which justifies its price, but why would you in that case abandon the dollar, peso or yen? You could say the same thing about those, and since they are already being turned into digital currencies with their own ledgers and keys, why would you swich over? What would be the purpose?
    This is as far as I get in my reasoning. Am I missing something? Please help me understand why it's necessary to introduce these new currencies.

  8. At the end of the day the protocol aims to replace one trusted agent with a majority vote of non-trusted agents, which is not the same thing as an actual trusted agent. That's the big fail and it has nothing to do with the underlying mathematics.

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  14. Actually trading has not been easy for me.lost a lot of money through+500,FBS,also lost a lot of money to trading assistants and copy traders, almost gave up on Forex/ Bitcoin trading.but friend of mine introduced me to a good broker,at first i thought it was another way to waste my hard earned savings.but my greatest suprise was my investment of $3000 came out with $6580 in 10 days trading…You just have to be patient with them till your trades are completed..to be honest I didn't just recovered all my previous losses,l made much more than my past expenses. Actually he charges about 15% which won't affect you in any way since his trading efficiency comes in multiples of investment l personally recommend Expert Mrs Linda trading services for best copy trading always trade with them and stop loosing your money .. reach out to them and Believe me a here's his contact details
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    WhatsApp….. They're reliable 💯

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