Conversation with Terry Gross of NPR and Nathaniel Popper (author of Digital Gold) on Bitcoin

in #bitcoin6 years ago

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Long-time, award winning journalist and radio personality (Terry Gross) interviews Nathaniel Popper (author of Digital Gold) on Fresh Air w/ Terry Gross.

Published on National Public Radio (NPR). Podcast is linked at the bottom of the list of questions.

Terry's questions...

  • So for those of us who have never used bitcoin and don't really understand how it works, you tell me, why should we care?

  • How much money is invested in bitcoin now?

  • So what is a bitcoin?

  • Was bitcoin created to solve certain problems with money as we know it?

  • Bitcoin grew out of a movement, wanted privacy. But I'm not sure exactly where the line is between privacy and secrecy, but there's been a lot of secrecy surrounding the use of bitcoin because the first place it really took off was the underground market, like, on the dark web, the black markets on the dark web selling drugs and sex, right?

  • And it's the same phenomenon with ransomware, when somebody's computer is basically being held hostage by malware, and the only way to get access to your computer back is to pay the designated amount of ransom money in bitcoin. But, of course, experts warn that even if you pay it, you might not necessarily get access to your computer again. But - so that's something that's caught on.

  • And I should say that applies not just to individual computers, but also to, like, whole networks and to hospitals and, you know, around the globe.

  • In terms of the dark web and the illegal markets for illegal goods on the dark web that you have to pay for with bitcoin, some of those sites have been shut down, including Silk Road, the one that you mentioned, and more legit uses of bitcoin are emerging now. So what are some examples of that?

  • So I'm not sure we know who invented money, but we do know who invented bitcoin. Except we don't know because...

  • Yeah. It's a pseudonym. He never really revealed who he was. Even you, who have been covering this for years, don't know who he is..... I'm sorry. Yeah. I don't even know it's a he, right?

  • So when Satoshi Nakamoto, whoever that is, started bitcoin, he or she issued something between, like, guidelines and a manifesto. Like, a nine-page document. Can you sum up, for those of us who don't really understand this (laughter), the principles that were laid out in those nine pages?

  • Well, for this to work, it really requires a level of faith. When you're talking about, say, dollars, it's backed up by the U.S. government. And if you have money in a bank, a certain amount of it is backed up by the FDIC. You know, if you invest in the stock market, it's going to fluctuate, but you have shares in something whereas with bitcoin it just seems like an act of faith in bitcoin.

  • So when bitcoin was first released into the world, it was determined by the person who released it, who goes by the name Satoshi Nakamoto, he or she determined how much bitcoin there would be in this world. There's a finite amount of bitcoin that will ever be released to make sure that, like gold, it retains its value. So it's a kind of complicated process how bitcoin is created or mined. Mined is the word that's used. New bitcoin is mined. So would you just tell us a little bit, like, in a comprehensive way about how new bitcoin is mined?

  • So you can't just say, well, I want to create new bitcoin. It's a kind of interesting process. You're basically competing with other people who also want to create new bitcoin. So what do you have? Do you have, like, a lot of computers competing with each other? And what's the competition? Like, what are the...

  • Who decides who wins?

  • I know you visited a server farm in Iceland. Did you go to one in China, too?

  • So bitcoin is being used as an investment vehicle in the U.S. It's being used for investing, in speculation. How is that playing out here?

  • Say this is a bubble, what happens? I mean, like, the price of bitcoin has been shooting straight up, but things that go up sometimes come back down.

  • So of the maximum 21 million bitcoin that can be released by - what were - year was it, 2040?

  • 2140, right - oh, 21 - wow, 2140.

  • I'm hearing, like, 2040. That's, like - that's so far away.

  • So, how many bitcoin have already been released?

  • The architecture of the system seems pretty ingenious. Would you explain what the blockchain is and how, like, major banks are trying to borrow that system?

  • So you're not allowed to invest in bitcoin because you cover it for The New York Times. Are you allowed to use it, and have you used it?

  • So if you want to get bitcoin to make purchases, how do you get it?

  • Have you had any great bitcoin adventures in researching your book or writing for The New York Times that you could share for - share with us?

To hear all the questions AND ANSWERS please visit this webpage and click the play button. Whether you're a long-time crypto-investor, brand new to bitcoin or just curious and wan to know what it's all about - I am certain you'll enjoy this...

(Terry Gross) interviews Nathaniel Popper (author of Digital Gold) on Fresh Air w/ Terry Gross. ...
Click HERE ===> https://www.npr.org/2017/11/09/563050434/once-an-underground-currency-bitcoin-emerges-as-a-new-way-to-track-information

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