Best Quick Read Summary on How Blockchain and Crypto Work?

[LoneRanger]

Bitoger's like to know how stuff works. This bitoger would like to learn how blockchain works, and crypto currencies. I have a vague impression that it's governed by algorithms which limit the quantity issuable, due to mathematics. Or something. I know blockchain is a cyber networking concept not applicable only to crypto currency, but I'm stumped from that point on.

I need a "Blockchain for Dummies" book, preferably on Kindle. Also "Crypto for Dummies." Anyone know of anything quick and to the point on these technologies?

 

[KrisZ]

All I know is they are a waste of electricity.

 

[MrHorspwer]

A couple explainer podcasts:

https://www.marketplace.org/2019/11/25/what-is-a-cryptocurrency-anyway/

https://www.npr.org/2019/10/16/770695227/episode-753-blockchain-gang

and one about the power consumption when mining:

https://www.npr.org/2019/07/12/741216855/bitcoins-energy-bill

 

[slacktide_bitog]

Originally Posted by KrisZ
All I know is they are a waste of electricity.

 

[Leo99]

Fiat currency baffles me. A US dollar is worth 0.77 Canadian dollars today. Might be worth 0.80 Canadian dollar tomorrow. Just can't understand how that is calculated. Now you throw in a non-government regulated currency... I understand it takes x dollars of electricity to mine a Bitcoin but why does that make it valuable.

 

[Vern_in_IL]

https://www.investopedia.com/terms/b/blockchain.asp

 

[97prizm]

Blockchain is interesting stuff. Pbs ran a show on it a couple months back. It's supposed to keep counterfeit goods out of supply chains among other things. I don't know why more companies don't sell direct to Target and Walmart among other stores. A few years back i had several "GE" microwave light bulbs blow after a month or so. Start looking and the base and stamping was not right. Almost guaranteed they were counterfeit. Supposedly blockchain lets companies keep track of who they're actually getting products from.

 

[Dinoburner]

Don`t think I`ll participate in anything so whimsical USD notwithstanding.

 

[Leo99]

Originally Posted by 97prizm
Blockchain is interesting stuff. Pbs ran a show on it a couple months back. It's supposed to keep counterfeit goods out of supply chains among other things. I don't know why more companies don't sell direct to Target and Walmart among other stores. A few years back i had several "GE" microwave light bulbs blow after a month or so. Start looking and the base and stamping was not right. Almost guaranteed they were counterfeit. Supposedly blockchain lets companies keep track of who they're actually getting products from.


In the drug industry, we just started to use serialization. We now put a unique serial numbers on the pallet, and cases and patient units. The serial numbers go into the cloud where in the US, a 3rd party holds them. In the EU, the government holds them. When the drugs get to their destination, the receivers can check with the cloud and verify they received the correct serial numbers. https://www.lilly.com/products/anti-counterfeiting/serialization give a nice summary of what the pharma industry is doing to keep the drug supply safe.

 

[Mad_Hatter]

It's a novelty so to speak. It's paradoxical, the very thing needed to make Bitcoin widely acceptable is the thing Bitcoin is against (-the middle guy), regulations/regulatory action by central banks. Central banks are used by govts to do everything from fund wars, control inflation, employment, ensure the safety and soundness of the banking and financial system, enable consumers to access credit and stabilize the financial system in times of crisis... and most importantly, keep the ruling class in power.

Could BC replace currencies and central banks, maybe someday but not anytime soon, not in my lifetime I don't believe.. it's a very very complex topic.

 

[LoneRanger]

Wish I could remember where I read it a couple months ago but they were talking about Blockchain technology and that vehicles could be equipped with a form of it to where in traffic your car could communicate with the car in front of you to request an action such as let me pass or etc and offer up a credit of some commonly accepted type which the driver ahead of you could add to their car's bank of credits which eventually they could use for auto service at garages/shops that accept that type of credit token as payment or as discount off services. It made my head spin. It was in a magazine I think it was when I was in the waiting room at my Ophthalmologist's office for my eye exam in November. Can't remember the mag and I got called back right as I was finishing up the article. It might have been "Wired" magazine. My eye MD is pretty into tech and has Wired on the waiting room tables along with other periodicals. I think the article was talking along the lines of only self-driving/autopilot cars doing this blockchain cross talking with each other on the roads.