What should be included in a video explainer of cryptocurrency?
I've had a lot of demand from my audience on David Pakman Show for an explainer video about cryptocurrency. What topics should be covered in this video? Which cryptos, what elements of blockchain should be explained, etc?
Looking forward to producing this one and sharing it with the Steemit community!
You should include the fact that using cryptocurrency may turn you into a libertarian ;)
Biggest thing about cryptocurrencies Bitcoin/Litecoin/ethereum/etc... is that it is "censorship resistance transactions" more in-depth about censorship resistance is
only to participants in the transaction (and those they designate https://people.xiph.org/~greg/confidential_values.txt
Unfortunately that's all I could think of off the top of my head, I'd be ecstatic if you even saw the above reply, I've been involved within this atmosphere for a couple years now, and following your youtube channel for even a little longer ; )! I don't know of a single person with as many followers as you within the cryptosphere on any plate form to date.
All these things are way beyond what is important to know as a newbie entering crypto. Focus on the basics.
Explain that since copies of the information are kept by different people it's really hard to censor a blockchain. We need to be able to trust that the news we read are not edited a year later, even our own words can be edited or deleted. So truth, outside a blockchain, can be manipulated and it is. That to me is the biggest pro for this technology. On Steemit, for example, even if people don't like one of my post and start flagging it they simply can't delete it. They can hide it, have it grayed out, if enough people vote negatively I won't be making money for that post. But they can never delete my words and that's a relief.
Help! So, I am all for cryptocurrencies and their potential, but I still have a bit of trouble with about the decentralization aspect of it. Central banks control the money flow, registered banks charge fees for processing and loaning that money. We want to get rid of that, so crypto was created. But now, we have (essentially) a central organization monitoring the creation and release of their own cryptocurrency units and subunits - I still support it as I think it's vital to ensure it maintains its value through control of inflationary or deflationary factors. What I don't get is mining. The mining of crypto is what decentralizes it so that bankers don't charge us transactions fees. Yet, from what I've gathered, mining is expensive, and the only way to benefit from doing it is to invest a crap ton of money into hardware, and then paying for energy consumption since these super-processors suck up energy. Leaving most of the mining up to people (businesses) focused on mining operations full-time. Is that not unlike banks?
I would still like to know about the process. I feel I have either oversimplified, overcomplicated, or completely misunderstood the decentralization aspect of crypto. Again, love crypto, I just want to understand what makes it different, as a currency, from fiat. I also understand that crypto has potential beyond currency.
That's one reason Proof of Stake has benefits over proof of work. Steem Power is essentially Proof of Stake...you don't mine but you earn interest for holding. Full Proof of Stake also implies you're running a node on your computer which verifies transactions. So nothing is fully decentralized. And yeah they can change the game but that is called a fork. There will be at most 21 million Bitcoin. That's a parameter in the code and if someone changed that you'd have to fork off or copy and paste and it wouldn't really be Bitcoin anymore. The original Bitcoin would still survive unaffected as people would still want to mine that.
Thanks @albensilverberg!
The reasons for it in the first place. Decentralization, consensus, flagless currencies (even Steem is a currency though it serves other purposes). Proof of work and proof of stake are basic concepts if people want to know about the mining side. The rules can be set in the algorithm so users and holders of the currency know what to expect as far as things like inflation. Also the 24/7 nature of crypto currencies and not having to put your money in a bank (you can hold the private keys).
Theres a lot of people who do this already, but I think the trick is that no one plans it out and they end up confusing a bunch of people. But i would say the proof of ___ is the biggest thing that people dont understand.
How Bitcoin was conceived and invented, the evolution of Blockchain with The Ethereum Project, and how this translates into ICO's and is responsible for hundreds of unique start ups, all seeking to advance blockchain technology into wider adaptation by the mainstream business community.
I would stick to the central elements of blockchain-based cryptocurrency. Those take long enough to grok on their own.
ie. the idea of a public ledger which everyone keeps a copy of. New pages are added by a process of consensus. That process of consensus always builds upon the prior pages. They have a game-theory based mechanism to discourage cheating, where even when cheating is allowed within the cryptographic rules, cheaters always incur a high risk of loss. Generally blocks created by cheaters are not built upon, and the cost to create the block is a loss for the cheater.
Proof of work as the original consensus algorithm should certainly be discussed although many modern blockchains use alternatives such as Delegated Proof of Stake on Steem.
You are sending some people here to watch your show.
SO, a very simple one, how to use steemit to just watch your show and pay? I've just joined, got some free steem? Which I guess I can upvote. If upvote your show, surely that gives you more money than someone upvoting a comment ? Steem runs out, I buy more steem and keep clicking, is it that simple?
So baby steps, how do I watch your show as "pay per view" on this site. I don't understand understand anything people are asking you to explain in the comments section, nor to I want to just yet. Basics first.
Maybe just a word about this joining process, why the delay, whats the "Great news, we've just approved your account" all about ? Insanely long password, should we change that ?
When I buy something on line, (eg amazon or DPS membership), I don't expect a "Great news, we've just approved your purchase".
Explainer of crypto can take months :) it is soooo complicated. For example steem is technicaly way ahead of other cryptos while bitcoin is lame duck. Still markets are doing crazy shit.
For people main theme should be security and privacy. Once you enter here you are on your own. Good thing is tech is advancing. Users do not need to care about tech and crypto functions. They should know how to hold and spend cryptos safely. It is not hard at all