Bitcoin Cashers support Stefan Molyneux

How to follow, study and keep up to date with the Ethereum project. This info or link might help with newbies or people you would like to send info to regarding what ethereum is.

Iv been asked to put together some info / links on the Ethereum Project by a few people lately that iv met or talked to and since its Sunday and i got a half day from work here it is:
I emailed them and then pasted it here so sorry if its a bit clumped together. Cant get the grasp of how reddit breaks up sentances 8-()
https://www.ethereum.org/ Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference.
These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property. This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middle man or counterparty risk.
The project was bootstraped via an ether pre-sale during August 2014 by fans all around the world. It is developed by the Ethereum Foundation, a Swiss nonprofit, with contributions from great minds across the globe.
Ethereum Blog: https://blog.ethereum.org/
Note: This is not investment advise, This email is just to show you what Ethereum is, what these 1000's of computer scientists, developers, programmers and hackers are building. A whole new internet run from millions of peoples computers all over the world to create the "Ethereum Virtual Machine" or world computer that 7 Billion people can log onto at the same time. It is censorship resistant, encrypted and the Ethereum Blockchain can not be hacked. This is going to change the world as we know it.
There is a built in currency called "Ether" or "ETH" and can be purchased from any of many exchanges listed below.
Note 2: ETC or Ethereum Classic is a smaller blockchain project that also uses the EVM (Ethereum Virtual Machine) and id advise to stay away from that project, it has not got the 1000's of developers building it like ETH does, it apparently has one or 2 developers that went their own way, The EVM can also run private and consortium blockchains that alot of big and small companies are building on for their inhouse private operations. Like a Intranet (intranet is a private network that is contained within an enterprise)
Its very hard to understand at first what exactly blockchain is so here are some videos that i think explains it well:
BBC 2015 https://www.youtube.com/watch?v=0X33lgMbvdI
Ethereum: the World Computer https://www.youtube.com/watch?v=j23HnORQXvs
An Ethereum Interview Series // Teaser from the recent Devcon2 https://www.youtube.com/watch?v=gHseIdJ0SJU
What is Ethereum? https://www.youtube.com/watch?v=Clw-qf1sUZg&t=123s
ETHEREUM explained in 100 seconds. https://www.youtube.com/watch?v=eRDKP8nCVtU
Vitalik Buterin explains Ethereum https://www.youtube.com/watch?v=TDGq4aeevgY
DEVCON1: Understanding the Ethereum Blockchain Protocol - Vitalik Buterin
https://www.youtube.com/watch?v=gjwr-7PgpN8
2016 China Devcon2: Ethereum in 25 Minutes https://www.youtube.com/watch?v=66SaEDzlmP4&t=1s
Joseph Lubin - The Basics of Blockchain and Etherum https://www.youtube.com/watch?v=0ilYnuP1qd4&t=50s
DEVCON1: Ethereum for Dummies - Dr. Gavin Wood https://www.youtube.com/watch?v=U_LK0t_qaPo
Blockchain is Eating Wall Street | Alex Tapscott | https://www.youtube.com/watch?v=WnEYakUxsHU
How the mysterious dark net is going mainstream https://www.youtube.com/watch?v=pzN4WGPC4kc&t=378s
The four pillars of a decentralized society | Johann Gevers https://www.youtube.com/watch?v=8oeiOeDq_Nc
Gavin Wood: Why is Blockchain a game changer? https://www.youtube.com/watch?v=ygZWhQXZtl4&t=188s
Brock Pierce: Blockchain technology https://www.youtube.com/watch?v=3lMvo0PPxjQ&t=619s
2014 Keiser Report: New Crypto Phenomenon Ethereum https://www.youtube.com/watch?v=hdAnyC45ZbU (starts at about 12 mins)
Devcon2 Videos from 2016 https://www.youtube.com/channel/UCNOfzGXD_C9YMYmnefmPH0g/videos
Devcon1 and other Ethereum Videos from 2014 & 15 https://www.youtube.com/useethereumproject/videos
Soundcloud: (these are great with Arthur speaking directly to Developers that are building on Ethereum)
The Ether Review - Arthur Falls https://soundcloud.com/arthurfalls
ConsenSys Media - Arthur Falls https://soundcloud.com/consensys
Evan Van Ness sends out "The week in Ethereum" latest here: http://www.weekinethereum.com/
Id highly recommend subscribing to his news letter here http://evanvanness.us14.list-manage1.com/subscribe?u=4c6ec57a148e890524b6ac91f&id=7061f7fa65
Ethereum Rules and Getting Started Guide https://www.reddit.com/ethereum/comments/4ws9um/rethereum_rules_and_getting_started_guide/
Reddit:
https://www.reddit.com/ethereum/new/ News, development and everything apart from price. Most news about Ethereum can be found here daily
https://www.reddit.com/ethtradenew/ price and trading discussions
Ethereum News commentators i watch:
Crypt0 https://www.youtube.com/useobham001/videos
Mr Yukon C https://www.youtube.com/channel/UClfAgeZvfwC9hcJrFisW8cQ/videos
Ethereum people to follow on twitter to get linked and fed important blockchain info:
@SingularDTV @golemproject @ethcoreproject @MrYukonC @EthereumCanada @ConsenSysLLC @R3CEV @DigixGlobal @AugurProject @NickSzabo4 @ethereumJoseph @Gatecoin @aantonop @BobSummerwill @GeorgeAHallam @el33th4xor @awrelllRo @mingchan88 @peter_szilagyi @koeppelmann @LefterisJP @stephantual @wmougayar @jeffehh @TaylorGerring @avsa (there is plenty more i just don't have them on my twitter yet)
To run a node from your computer you can download the "Ethereum Wallet" here: https://github.com/ethereum/mist/releases
Instructions:
How to Install the Ethereum Wallet https://www.youtube.com/watch?v=Y3JfLgjqNU4&t=7s
How to Back up and load the Ethereum Wallet https://www.youtube.com/watch?v=CZ8ZCtbxD0M&t=2s
How To Watch Tokens and Other Smart Contracts with the Ethereum Wallet https://www.youtube.com/watch?v=V_KJ84jkPi8
Ethereum and other blockchain project prices http://coinmarketcap.com/
There are many exchanges that trade Ether around the world http://coinmarketcap.com/currencies/ethereum/#markets
Some ones i have used are: www.kraken.com Accepts Euro, Dollar, GBP etc.. by SEPA or international bank transfer and you can buy Ether
www.poloniex.com (does not accept fiat but it is the largest volume for trading crypto pairs, I have used www.bitstamp.net in the UK to buy Bitcoin and then send them to Poloniex to swap for Ether )
www.yunbi.com A very good exchange based in China and have listed a few ethereum tokens, you need to swap through CNY (Chinese Yuan) but its easy and very good support.
www.bittrex.com No Fiat but also lists some Ethereum Based tokens
www.gatecoin.com Based in Hong Kong and you can send Euro and Dollar, Also lists alot of Ethereum Based tokens, Volume is very low at the moment as they recover from a hack but they offer very good support.
The safest place to store you Ether is on a hardware wallet like this one https://www.ledgerwallet.com/products/12-ledger-nano-s.
You can also store all you Ethereum based tokens or shares on this device https://ledger.groovehq.com/knowledge_base/topics/how-to-secure-your-eth-tokens-augur-rep-dot-dot-dot-with-your-nano-s
The way "I view" the incentive to keep Ether (ETH) is the following and the reason i think it will go up in value is because of "The velocity of Ether moving through the Ethereum economy (Platform)". So the more Ether is used the higher the price will get and in a number of years will see us move down to the lower units finney, szabo, shannon, babbage, lovelace, and wei as the digital economy grows. Ether has 18 decimal places 1,000,000,000,000,000,000. Because after POS Ether total supply will be set at approx. 100 Million with a small inflation of 1 to 3% that pays the computers running it.
So ether will be more like the reserve currency and trade currency between all the other currencies, contracts and Dapps interacting in the Ethereum digital economy. But its main function is like a gas to run the network. Every transaction you have to pay a tiny amount to the network that goes to all the computers running the network. less than 1 penny.
Ethereum Based Tokens / Synthetic assets (What is a Synthetic Asset https://www.youtube.com/watch?v=St9DBpNBP1Q)
On coinmarketcap.com you can see there are 642 other Blockchain projects listed and some like Bitcoin are 8 years old. 90%+ of these projects are junk projects developed by 1 or 2 people and are just copies of Bitcoin. Some have added extra functions over Bitcoin and Bitcoin is a very secure but slow payment DAPP but cant do much else besides payments.
Ethereum was built from scratch and is built like lets say "android or a smart phone" so that DAPPS can be plugged in as you should have heard from the above videos. So there are now a good few DAPPS that are nearly completion that were built on the ethereum blockchain by different groups of developers. There are alot more but 328 are listed here: http://dapps.ethercasts.com/. So there is not just 643 blockchain projects there are over 1000 but all the ones on Ethereum can communicate or interoperate with eachother. Some notable ones you can see listed on coinmarketcap are Augur, Iconomi, DigixDAO, Golem, SingularDTV etc..... All these because they are built on the Ethereum blockchain can interact with eachother but the other 600+ blockchains can not. This is what makes Ethereum different from the rest.
As DigixDAO is the one i have studied most ill give an example of a DAPP thats built on Ethereum and why a DAPP would be usefull
In industry most work is automated, the operators no longer have to take process samples manually and send to the lab or go and top up a tank manually with certain additives, This is all done by automation, When the process is at a certain temperate, level, viscosity etc.. the instrumentation measures this and adds or pumps the necessary ingredients / additives to make sure the final product is made correctly. This automation has saved alot of costs and manual labour in industry.
What Digix / blockchain is doing is automating alot of the back office paperwork, accounting, agreements etc... Example: company that owns a gold vault (Like Silver Bullion) have employees handling paperwork / sales etc and when people sell and buy gold it changes hands or changes registered ownership and the employees have to manually do this paperwork. What Digix provides is automated software that does all this automatically in 14 seconds. For billing / storage if you have gold stored in the vault you pay about 1% a year so you know if you have $10,000 worth of gold then you need to pay about $100 a year which you pay by topping up your gold (DGX) by $100 and its taken out automatically each day by a tiny tiny amount.
The good thing is that if you have Gold Tokens as your savings instead of Fiat and you need to borrow $ short term you can borrow $ by agreeing to lock your Gold Tokens in a smart contract in the software and pay interest for that loan. If you pay back the loan over 3 months then the gold tokens are automatically returned to your address and you havent missed a gold rally or a Fiat devaluation. If you dont pay it back then the person who lent you the $ gets all your gold (or the % not paid) Again this process is automated in a smart contract and the bullion employee didnt have to settle all the paperwork, transfers of gold or get contracts and agreements signed by both parties, This is done by digital signature / agreements and saves the Vault operator alot of costs.
The vault operator can also earn a bit of the loans interest and $ can be provided by them or even 3rd parties. Using the Ethereum blockchain this can be done for lots of different industries from banking, stocks, insurance, gambling, pritty much everywhere
Other non Ethereum related Youtube people i follow, mainly Economics, Geo-politics, Gold / Silver etc.... These people give some very good info that you wont get from the big media companies or state media. Maybe this will help you understand why you should not keep 100% of your wealth in $ and maybe a few % is worth keeping in Crypto or ever Gold Physical or easier DGX (DigixDAO) or DGD.
Greg Hunter https://www.youtube.com/useusawatchdog/videos
Gerald Celente Trends in the News https://www.youtube.com/usegcelente/videos
Gregory Mannarino https://www.youtube.com/useGregVegas5909/videos
Realist News Jsnip4 https://www.youtube.com/usejsnip4/videos
SGT Report https://www.youtube.com/useSGTbull07/videos
Stefan molyneux https://www.youtube.com/usestefbot/videos
X22 Report https://www.youtube.com/useX22Report/videos
Clif High https://www.youtube.com/results?search_query=clif+high
Noem Chomsky https://www.youtube.com/results?search_query=noem+chomsky
Health
Dr John Bergman https://www.youtube.com/usejohnbchiro/videos
Nutrition Facts Org https://www.youtube.com/useNutritionFactsOrg/videos
Any questions just ask
submitted by TonyMcCarp to ethereum [link] [comments]

How to follow, study and keep up to date with the Ethereum project. This info or link might help with newbies or people you would like to send info to regarding what ethereum is.

Iv been asked to put together some info / links on the Ethereum Project by a few people lately that iv met or talked to and since its Sunday and i got a half day from work here it is:
https://www.ethereum.org/ Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference.
These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property. This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middle man or counterparty risk.
The project was bootstraped via an ether pre-sale during August 2014 by fans all around the world. It is developed by the Ethereum Foundation, a Swiss nonprofit, with contributions from great minds across the globe.
Ethereum Blog: https://blog.ethereum.org/
Note: This is not investment advise, This email is just to show you what Ethereum is, what these 1000's of computer scientists, developers, programmers and hackers are building. A whole new internet run from millions of peoples computers all over the world to create the "Ethereum Virtual Machine" or world computer that 7 Billion people can log onto at the same time. It is censorship resistant, encrypted and the Ethereum Blockchain can not be hacked. This is going to change the world as we know it.
There is a built in currency called "Ether" or "ETH" and can be purchased from any of many exchanges listed below.
Note 2: ETC or Ethereum Classic is a smaller blockchain project that also uses the EVM (Ethereum Virtual Machine) and id advise to stay away from that project, it has not got the 1000's of developers building it like ETH does, it apparently has one or 2 developers that went their own way, The EVM can also run private and consortium blockchains that alot of big and small companies are building on for their inhouse private operations. Like a Intranet (intranet is a private network that is contained within an enterprise)
Its very hard to understand at first what exactly blockchain is so here are some videos that i think explains it well:
BBC 2015 https://www.youtube.com/watch?v=0X33lgMbvdI
Ethereum: the World Computer https://www.youtube.com/watch?v=j23HnORQXvs
An Ethereum Interview Series // Teaser from the recent Devcon2 https://www.youtube.com/watch?v=gHseIdJ0SJU
What is Ethereum? https://www.youtube.com/watch?v=Clw-qf1sUZg&t=123s
ETHEREUM explained in 100 seconds. https://www.youtube.com/watch?v=eRDKP8nCVtU
Vitalik Buterin explains Ethereum https://www.youtube.com/watch?v=TDGq4aeevgY
DEVCON1: Understanding the Ethereum Blockchain Protocol - Vitalik Buterin
https://www.youtube.com/watch?v=gjwr-7PgpN8
2016 China Devcon2: Ethereum in 25 Minutes https://www.youtube.com/watch?v=66SaEDzlmP4&t=1s
Joseph Lubin - The Basics of Blockchain and Etherum https://www.youtube.com/watch?v=0ilYnuP1qd4&t=50s
DEVCON1: Ethereum for Dummies - Dr. Gavin Wood https://www.youtube.com/watch?v=U_LK0t_qaPo
Blockchain is Eating Wall Street | Alex Tapscott | https://www.youtube.com/watch?v=WnEYakUxsHU
How the mysterious dark net is going mainstream https://www.youtube.com/watch?v=pzN4WGPC4kc&t=378s
The four pillars of a decentralized society | Johann Gevers https://www.youtube.com/watch?v=8oeiOeDq_Nc
Gavin Wood: Why is Blockchain a game changer? https://www.youtube.com/watch?v=ygZWhQXZtl4&t=188s
Brock Pierce: Blockchain technology https://www.youtube.com/watch?v=3lMvo0PPxjQ&t=619s
2014 Keiser Report: New Crypto Phenomenon Ethereum https://www.youtube.com/watch?v=hdAnyC45ZbU (starts at about 12 mins)
Devcon2 Videos from 2016 https://www.youtube.com/channel/UCNOfzGXD_C9YMYmnefmPH0g/videos
Devcon1 and other Ethereum Videos from 2014 & 15 https://www.youtube.com/useethereumproject/videos
Soundcloud: (these are great with Arthur speaking directly to Developers that are building on Ethereum)
The Ether Review - Arthur Falls https://soundcloud.com/arthurfalls
ConsenSys Media - Arthur Falls https://soundcloud.com/consensys
Evan Van Ness sends out "The week in Ethereum" latest here: http://www.weekinethereum.com/
Id highly recommend subscribing to his news letter here http://evanvanness.us14.list-manage1.com/subscribe?u=4c6ec57a148e890524b6ac91f&id=7061f7fa65
Ethereum Rules and Getting Started Guide https://www.reddit.com/ethereum/comments/4ws9um/rethereum_rules_and_getting_started_guide/
Reddit:
https://www.reddit.com/ethereum/new/ News, development and everything apart from price. Most news about Ethereum can be found here daily
https://www.reddit.com/ethtradenew/ price and trading discussions
Ethereum News commentators i watch:
Crypt0 https://www.youtube.com/useobham001/videos
Mr Yukon C https://www.youtube.com/channel/UClfAgeZvfwC9hcJrFisW8cQ/videos
Ethereum people to follow on twitter to get linked and fed important blockchain info:
@SingularDTV @golemproject @ethcoreproject @MrYukonC @EthereumCanada @ConsenSysLLC @R3CEV @DigixGlobal @AugurProject @NickSzabo4 @ethereumJoseph @Gatecoin @aantonop @BobSummerwill @GeorgeAHallam @el33th4xor @awrelllRo @mingchan88 @peter_szilagyi @koeppelmann @LefterisJP @stephantual @wmougayar @jeffehh @TaylorGerring @avsa (there is plenty more i just don't have them on my twitter yet)
To run a node from your computer you can download the "Ethereum Wallet" here: https://github.com/ethereum/mist/releases
Instructions:
How to Install the Ethereum Wallet https://www.youtube.com/watch?v=Y3JfLgjqNU4&t=7s
How to Back up and load the Ethereum Wallet https://www.youtube.com/watch?v=CZ8ZCtbxD0M&t=2s
How To Watch Tokens and Other Smart Contracts with the Ethereum Wallet https://www.youtube.com/watch?v=V_KJ84jkPi8
Ethereum and other blockchain project prices http://coinmarketcap.com/
There are many exchanges that trade Ether around the world http://coinmarketcap.com/currencies/ethereum/#markets
Some ones i have used are: www.kraken.com Accepts Euro, Dollar, GBP etc.. by SEPA or international bank transfer and you can buy Ether
www.poloniex.com (does not accept fiat but it is the largest volume for trading crypto pairs, I have used www.bitstamp.net in the UK to buy Bitcoin and then send them to Poloniex to swap for Ether )
www.yunbi.com A very good exchange based in China and have listed a few ethereum tokens, you need to swap through CNY (Chinese Yuan) but its easy and very good support.
www.bittrex.com No Fiat but also lists some Ethereum Based tokens
www.gatecoin.com Based in Hong Kong and you can send Euro and Dollar, Also lists alot of Ethereum Based tokens, Volume is very low at the moment as they recover from a hack but they offer very good support.
The safest place to store you Ether is on a hardware wallet like this one https://www.ledgerwallet.com/products/12-ledger-nano-s.
You can also store all you Ethereum based tokens or shares on this device https://ledger.groovehq.com/knowledge_base/topics/how-to-secure-your-eth-tokens-augur-rep-dot-dot-dot-with-your-nano-s
The way "I view" the incentive to keep Ether (ETH) is the following and the reason i think it will go up in value is because of "The velocity of Ether moving through the Ethereum economy (Platform)". So the more Ether is used the higher the price will get and in a number of years will see us move down to the lower units finney, szabo, shannon, babbage, lovelace, and wei as the digital economy grows. Ether has 18 decimal places 1,000,000,000,000,000,000. Because after POS Ether total supply will be set at approx. 100 Million with a small inflation of 1 to 3% that pays the computers running it.
So ether will be more like the reserve currency and trade currency between all the other currencies, contracts and Dapps interacting in the Ethereum digital economy. But its main function is like a gas to run the network. Every transaction you have to pay a tiny amount to the network that goes to all the computers running the network. less than 1 penny.
Ethereum Based Tokens / Synthetic assets (What is a Synthetic Asset https://www.youtube.com/watch?v=St9DBpNBP1Q)
On coinmarketcap.com you can see there are 642 other Blockchain projects listed and some like Bitcoin are 8 years old. 90%+ of these projects are junk projects developed by 1 or 2 people and are just copies of Bitcoin. Some have added extra functions over Bitcoin and Bitcoin is a very secure but slow payment DAPP but cant do much else besides payments.
Ethereum was built from scratch and is built like lets say "android or a smart phone" so that DAPPS can be plugged in as you should have heard from the above videos. So there are now a good few DAPPS that are nearly completion that were built on the ethereum blockchain by different groups of developers. There are alot more but 328 are listed here: http://dapps.ethercasts.com/. So there is not just 643 blockchain projects there are over 1000 but all the ones on Ethereum can communicate or interoperate with eachother. Some notable ones you can see listed on coinmarketcap are Augur, Iconomi, DigixDAO, Golem, SingularDTV etc..... All these because they are built on the Ethereum blockchain can interact with eachother but the other 600+ blockchains can not. This is what makes Ethereum different from the rest.
As DigixDAO is the one i have studied most ill give an example of a DAPP thats built on Ethereum and why a DAPP would be usefull
In industry most work is automated, the operators no longer have to take process samples manually and send to the lab or go and top up a tank manually with certain additives, This is all done by automation, When the process is at a certain temperate, level, viscosity etc.. the instrumentation measures this and adds or pumps the necessary ingredients / additives to make sure the final product is made correctly. This automation has saved alot of costs and manual labour in industry.
What Digix / blockchain is doing is automating alot of the back office paperwork, accounting, agreements etc... Example: company that owns a gold vault (Like Silver Bullion) have employees handling paperwork / sales etc and when people sell and buy gold it changes hands or changes registered ownership and the employees have to manually do this paperwork. What Digix provides is automated software that does all this automatically in 14 seconds. For billing / storage if you have gold stored in the vault you pay about 1% a year so you know if you have $10,000 worth of gold then you need to pay about $100 a year which you pay by topping up your gold (DGX) by $100 and its taken out automatically each day by a tiny tiny amount.
The good thing is that if you have Gold Tokens as your savings instead of Fiat and you need to borrow $ short term you can borrow $ by agreeing to lock your Gold Tokens in a smart contract in the software and pay interest for that loan. If you pay back the loan over 3 months then the gold tokens are automatically returned to your address and you havent missed a gold rally or a Fiat devaluation. If you dont pay it back then the person who lent you the $ gets all your gold (or the % not paid) Again this process is automated in a smart contract and the bullion employee didnt have to settle all the paperwork, transfers of gold or get contracts and agreements signed by both parties, This is done by digital signature / agreements and saves the Vault operator alot of costs.
The vault operator can also earn a bit of the loans interest and $ can be provided by them or even 3rd parties. Using the Ethereum blockchain this can be done for lots of different industries from banking, stocks, insurance, gambling, pritty much everywhere
Other non Ethereum related Youtube people i follow, mainly Economics, Geo-politics, Gold / Silver etc.... These people give some very good info that you wont get from the big media companies or state media. Maybe this will help you understand why you should not keep 100% of your wealth in $ and maybe a few % is worth keeping in Crypto or ever Gold Physical or easier DGX (DigixDAO) or DGD.
Greg Hunter https://www.youtube.com/useusawatchdog/videos
Gerald Celente Trends in the News https://www.youtube.com/usegcelente/videos
Gregory Mannarino https://www.youtube.com/useGregVegas5909/videos
Realist News Jsnip4 https://www.youtube.com/usejsnip4/videos
SGT Report https://www.youtube.com/useSGTbull07/videos
Stefan molyneux https://www.youtube.com/usestefbot/videos
X22 Report https://www.youtube.com/useX22Report/videos
Clif High https://www.youtube.com/results?search_query=clif+high
Noem Chomsky https://www.youtube.com/results?search_query=noem+chomsky
Health
Dr John Bergman https://www.youtube.com/usejohnbchiro/videos
Nutrition Facts Org https://www.youtube.com/useNutritionFactsOrg/videos
Any questions just ask
submitted by TonyMcCarp to Futurology [link] [comments]

I Finally Figured Out Bitcoin

I Finally Figured Out Bitcoin
Economists, Lieutenants, Agents in the Field,
lend me your ears!
www.fmz.com
For I have finally figured out bitcoin! And truthfully, this is one of my best mental achievements. And hopefully, through my ability to write clearly and explain things, I may be able to explain bitcoin to us all.
I had listened to this podcast of Stefan Molyneux on bitcoin. It was very good, but did not fully answer my question, "why does a bitcoin have any value?" However, what the podcast did do is bring my perception or "observation" up high enough that I could finally see and conclude how bitcoin does actually have value.
www.fmz.com
To understand why bitcoin has value, you first need to think about why currencies exist in the first place.
The answer from an economics 202 class is "to avoid barter."
Barter is horribly inefficient. If you are a cow herder and want a pint of ale, well, you're out of luck. Because you can't trade a whole cow for a measly pint of ale. Nor can you slice off pieces of beef from the live cow to make the trade more fair. Therefore, if any kind of economic trade and progress is to be made, you need a currency.
Historically, this has meant anything from gold and silver to salt and sea shells. But regardless of what item inevitably becomes an local economy's currency, they all have some key traits and qualities in common.
Divisibility - You can divide gold, silver or salt into measurable quantities. Pounds, ounces, grams, etc. This allows you to scale the currency to the value of the item you wish to purchase.
Durability - The currency cannot rot or decay over time. Milk is a bad currency because in 3 years time it will be quite gross. Gold in 3 years time will still be gold.
Store of Value - The currency must also maintain its value and purchasing power over time. If you're like Venezuela and constantly printing off more commie paper money, it will lose its value. But with a limited supply (gold, silver, diamonds, etc.) you can assume that currency will still have roughly the same amount of purchasing power as it did.
Finally, FMZ
Intrinsic Value - The currency must have some kind of real value. Gold can be used for jewelry. Silver can be used in electronics. Copper can be used in plumbing. Salt can be used in cooking. In other words, people will take it as a currency, because even if they don't use it themselves, they know somebody who will. It does have an intrinsic value unto itself.
And it is here (intrinsic value) where most people get lost on bitcoin.
Bitcoin meets all the OTHER characteristics and traits of a good currency. It's divisible. It's durable (infinitely as it is digital). And it will not decay (again, binary doesn't decay).
www.fmz.com
But precisely what practical, real world application does it have? You can't use it in electronics. You can't make jewelry (aka - buying sex) with it. So why does it have any intrinsic value at all?
The answer lies in comparing a currency's "intrinsic value" versus its value as a currency.
For example look at what has served as the primary currency throughout most of human history - gold.
Why does gold have intrinsic value? FMZ
Economists will answer, "because you can use it in jewelry" which is the polite person's way of saying, "men can buy sex with it."
But does that make any sense? That ONE thing you can do with gold, "make jewelry" is why it served as the standard currency for thousands of years across the planet? What you'll soon realize is that, yes, while gold can be used to make jewelry it serves a much more important function to society as a currency. In other words, an item's value as a currency is really not dependent on its intrinsic value. It just needs SOME intrinsic value to get people to have faith in it and start trading it.
Salt can be used to flavor and store food. Was that grounds enough to make it the Mali Empire's default currency?
Silver can be used to make jewelry and some industrial items. Was that grounds enough to make it the currency of the wild west?
Large clam shells could make some funky and uncomfortable bras in ancient Polynesia. Was that grounds enough to make it the default currency in the south Pacific?
Apparently so, because it DID HAPPEN. But not because of jewelry making potential or food storage potential. That was just "enough" intrinsic value to suffice. It was because those items provided more value to the economy as a currency than it did some as jewelry making materials or food flavoring. And to prove it an interesting comparison would be to compare the amount of gold (or silver) actually being used as jewelry versus that of currency, bullion or investment. I'd surmise over time, 90% of silver and gold has been used as a currency and NOT tiaras.
Understanding that a currency derives most of its value from its NON-intrinsic value traits, and only needs a "little" intrinsic value, this then puts the focus on how bitcoin derives it's "little" but necessary intrinsic value.
The answer is simple - scarcity.
Consider diamonds.
Why do they have value? FMZ
Taking the jewelry and industrial drilling uses of it away, why do they have value?
The answer is, they don't. They serve no purpose. At least from a PRACTICAL or PURPOSEFUL perspective.
But because they are so rare people will scramble for them. But understand what we're talking about when we talk about "scarcity" or "rarity." It is in relation to other things.
www.fmz.com
On this planet there is 9 quadrillion megatons of dirt and maybe 100,000 pounds of diamonds. Both dirt and diamonds have no real practical use or value, but diamonds are considered infinitely more valuable. Ergo, when we talk about scarcity, is merely a RATIO between two items that determine whether it is valuable or not. It is simply the ratio of the supply of one thing on the planet (copper) versus that of another (platinum).
And this is why bitcoin has that wee bit of necessary intrinsic value. It is very much like diamonds in that is has no practical use, but it is scarce. Matter of fact, diamonds, gold, silver, rare earth, etc., are constantly being dug up out of the ground. The makers of bitcoin have limited their supply to 21 million units forever, making it even more scarce.
In the end, bitcoin is really nothing more than a private sector currency akin to digital diamonds. And it is my opinion, you have a currency that is better than any official government fiat currency out there as it cannot be hyper-inflated away by a central bank. However, there are some drawbacks to bitcoin.
One, it is completely dependent upon the internet working. Any post apocalyptic event that shuts it down or turns off the electricity, and it's about as valuable as those gold ETF's you have. Two, it is not yet universally accepted by people. This may change over time, but it is a distinct (though growing) minority who use bitcoin. Three, it is such a threat to other established currencies I have no doubt in my mind governments will do everything they can to put the kibosh on it. Fourth, it can be undermined by another digital and more preferable currency.
Regardless, whether bitcoin ends up becoming a universally accepted currency is another matter. the key economic lesson to take from this is what drives the value of a currency is not so much its intrinsic value as much as it is the amount of value society puts on it as a tool for exchange.
FMZ
submitted by FmzQuant to u/FmzQuant [link] [comments]

[Table] I spent almost 2 years Hitch-Hiking throughout the United States with no money, no phone, and no ID. I slept outside and ate for free. No contact w/ friends/family, no couch surfing, AMA.

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Date: 2014-03-20
Link to submission (Has self-text)
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Questions Answers
After the crazy adventure you embarked on, what are you up to now? And how did the experience impact you personally? :) My god, the confidence is incredible. I now have done the scariest thing most people can imagine and I enjoyed it immensely. It's hard to get scared of the challenges of this world when you have that under your belt. I'm 23, I'm a part-time mattress salesman, part-time Bitcoin news aggregator. I'm in a fantastic relationship and the future is fucking bright. :D.
Sounds like a solid career plan. Hell yes, one thing is for sure, putting that on a resume WILL get you the interview.
That's awesome, my SO and I have always talked about just selling all of our belongings and going traveling, this inspires me to start bugging him about it again :P. Awesome! I also made a video a while back if you need more motivation. Link to www.youtube.com
You are so adorable! I want to be best friends with you. Aaawww.
Good on you for doing this. I've done a few such trips/journeys in my life as well (except with different goals, constraints, etc.), and like you it changed my outlook on life and my fellow man/woman forever. How many miles would you estimate you traveled in those two years? What was your favorite location and why? And of course the reverse, what was a shithole you couldn't wait to get out of and why? Hello fellow traveler! Glad to hear you got a lot out of it as well. I would say I travelled approx. 3000 miles total, crossing the country twice and going up and down coasts a few times.
Stockton!! My wife and I were both born there. Shitty town indeed. Glad to hear ya'll are out!
My town was actually mentioned on reddit! Stuart florida is where its at man! Hey! Do you know the Vintage Guitar Shop that used to be there?
What about Houston? Didn't spend much time there, but I do hope to soon!
Where did you poop? If outside, did you carry toilet paper? Best question ever. EVER. I always pooped indoors, fast food restaurants mostly. Sometimes libraries and other establishments, but mostly fast food places.
Were you ever harassed by the cops for loitering/sleeping in public/etc.? If so, how did they handle your lack of I.D.? I got two tickets for "trespassing" (sleeping on private property), one cop to search my bags for drugs (Not my thing) and several skeptical questionings. There were also a few times where I got tired of hitching and decided to just walk on the highway so a cop would give me a ride to the next exit. Worked almost every time. :D.
How did you pay the fines for the tickets? Let's just say I didn't pay them...
What (if anything) came of it? Nothing, they were local so as long as I don't get in any legal trouble in those cities I'm fine.
When did you decided enough is enough and it's time to head home? Actually, part of why I left was to get away from my abusive parents. I went back when I decided I wanted to see them with new eyes, to make sure I wasn't just being young and rebellious. I've since cut ties with them for good. Best decision ever. :)
Sweet, were you ever in a life threatening situation? Nope.
What did you do during winter months? I mean, depending on where you ended up, it's awful hard surviving the elements. Like the birds, south for the winter. Texas, Arizona, Louisiana, Florida.
Would still freeze in texas and arizona though. I live in texas. Me too, warm sleeping bags are still essential.
Could you comment on what your absolute necessities were, what you carried with you at all times? A lot of the time I had literally only a sleeping bag, sometimes books, sometimes a guitar, sometimes a tent, etc. also a bag of paper notes from people I met. Still have that. :)
How was Minnesota? Didn't make it to MN on that trip, been there since (in summer) loved it.
When arriving at a location, were you preferential to any routines? Look around, find a place to sleep, find other travelers.
Any wildlife encounters? Almost stepped on a rattle snake! Jeee-Zus!
How many times did you get laid? Enough. ;)
What did your friends say when you told them of your plan? Did some try and talk you out of it? Did some want to join you? At the time I was having a falling out with some major friends (I was becoming an Athiest) but the other friends and coworkers I told thought it was crazy, but crazy awesome. I think it was inconceivable to them at the time. No one tried to talk me out of it, but no one wanted to join either.
You mentioned in another comment about your abusive parents. Did you grow up in a very religious community? Did you coming out as an atheist influence your relationship with your parents? Nail on the head. Evangelical Christians. Turns out their love is conditional on doing what they want you to do.
Why no ID? Because it's awesomer (now a word), I wanted to go as far to the bottom as I could.
What was the best and the worst you found down there? Best: Knowing I could live and enjoy what most people consider the scariest.
Worst: Wasn't able to go to all the cool money-costing things.
I was kind of hoping for. Best: (a remarkable story about human kindness) Worst: (A terrifying story involving a satanic sex cult, a truckload of ferrits and a currently seated Senator) A follow up question: Why? What if I told you a remarkable story about a trucking sex cult of ferrit senators teaching me lessons of sexy human kindness? And why? Because it was fun!
Go on... We'll lets just say never talk to a French canary unless you're ready to line dance with Frank Zappa again.
You have lived the life I dream about exquisite
I guess I'm curious about more details about how you got enough food every day? How did people react when you asked for "throwaway food"? How did your family/friends react to all this? Did you tell them you were going to do this before you left or did you just take off? Okay, so when I felt hunger coming on I would go to the nearest restaurant/gas station/place with food and tell them what I was doing and ask if they had any food they were going to throw away or work I could do in exchange for food. Most were at least nice in saying no (usually for legal reasons(lawsuits)) but many actually whipped something up, something new and fresh, those people were awesome! Some reacted rudely or confusedly, but the vaaast majority were at least nice. :). My family/friends thought it was absolutely nuts, some knew beforehand but others just heard through the grapevine. As far as skyping, message me some times that work for you, I'm in central time.
How old were you when you embarked and what made you decide you wanted to do that? Every day The thought of just fucking off like that crosses my mind. I was 20, I wanted to radically change the direction of my life, and what better way to do so? I learned about things I could never have imagined existed and I'll tell you it was one HELL of an education.
That is awesome. But did it drastically change your life? Are you humble & don't need money to be happy? Or did you learn something and apply that to make more money or what did you learn?? I would say It helped me see money as more of a tool than anything. If the money isn't fun, it's not worth going after. Once I got that happiness ought to be the goal and not money, money became easier to obtain and less scary.
I know you're done for the night, but hopefully you'll answer a few extra questions sparked by your "one HELL of an education". How did you decide where you wanted to go (after you went to Oregon)? I saw you mention in a different comment that you tried to find other travelers when you got to a city. How does one do that? Message board, gathering place? What, if anything, did you sort of "toss in" which ended up really coming in handy? And last but not least, simply any other advice you'd have that might seem obvious to you, but not to something only starting to consider hitching? It quickly becomes natural, but you look for tourist areas, street musicians, people with big backpacks, etc. Take this as an opportunity to practice being somewhat of a radical. Test the bounds of what is socially acceptable and determine when it is a good idea to run beyond those bounds. Try to live so differently from how you live now that you'll have no choice but to see the world differently on the other end. Be the guy you want to be. But you must build him(her), he won't just come when you ask him to, you must prove that you are worth his presence. BONUS QUESTION: I loved traveling alone, I saw it as a great opportunity to get to know myself (and practice #6), traveling with a partner is not bad, but I think being alone will help you in ways a partner cannot. Learning to be comfortable alone is key. Plus, you'll always make friends and travel with them short-term, so you will never be too lonely. Also, you can do a lot more alone. If you're alone you only need a consensus of one which although sometimes may not be easy, is a hell of a lot easier than a consensus of two or three. Aye! Of course! The most important advice! Have fun! Thanks for the good questions, feel free to let me know how the adventure goes, my message box is always open. :D.
Reminds me of Alexander Supertramp It's an honor.
What was the worst and best thing strangers did foto you? The worst was a man who decided to molest me in my sleep. I became much more cautious about people after that and did not have anything similar happen ever again.
The best were numerous, being given guitars was great. All the people who gave great meals, advice, rides, places to stay, stories and tips for where to go were awesome.
What is the most memorable advice you received? "Never fall into bored submission" and "You'll do fine wherever you go, kid."
Wow, that's heavy, there's some amount of weirdos out there! How was your mood, we're you down a lot? Or embracing life? Most of the time it was a blast, but that was a shitty time as one can imagine...
I want to put the former on my wall. I want to put both on my children's wall, if I ever have any. Do it, send me pictures. :)
Of course! I would have thought enough was enough at that stage Yeah, but the other rewards were great, and I learned how to avoid that. I had been getting bad vibrations from the guy, but ignored them. No more of that.
Well, I guess I'll start. Did you have any crazy experiences? Was there a reason you did it? Getting a ride from the leader of the local chapter of the KKK -Hopping a train from California to Oregon -Traveling with crust punks and hippies -Being given a total of 5 free guitars on my journey.
Why did I do it? I wanted to go out and see the world without having money or joining some group. I wanted to see what life was like on the bottom, or as close as I could get.
What is crust punk? What happened to all the guitars? Glad you are safe and well! Homeless punk rockers. :) As far as the guitars I gave them up when I was done with them. Thanks!
What does "on the bottom" mean to you? To me, it means living under a bridge with several untreatable horrible diseases, no support whatsoever, and getting physically attacked daily, or something. If that happened to you, I have to say that absolutely sucks and I'm sorry. As for me, yes it could have been "worse", but that's not what I'm referring to. I mean being by most people's standards "on the bottom", no money, no social standing, few resources.
If you could re-live one day of this journey...which day and why? I think the first day, it would be fun to feel what it was like pre-adventure again, I'd love to compare my happiness to now. (Much happier now)
What was the most fucked up thing that happened? I was walking towards the desert in Blythe, California getting ready to find a spot to camp, when a drunk man in a poncho comes up to me and says his name is Running Bear. He offers me vodka and says I can stay in his shanty. He points to the arco gas station and says "You see that gas station? I built that with my own two handsss, man!" He took me to his uncle's property where his shanty was and showed me his uncle's barn, which was full of giant tires and explains "Don't sleep in there, the black widows will eat you alive!" he then shows me his uncles giant fiberglass tubs. "Don't sleep in there! That shit will cut you up!" He explained that he and his girlfriend, a "skinny white bitch with biiig fake titties" would cook a rotisserie chicken for dinner. The chicken was raw and sitting out in the open air outside on a table. There were peppers and lemons near it. He explained that I could sleep in his shanty and I did, but I woke up not too long later to hear him and his girlfriend arguing, ending with him pouring gasoline all over her. That was very scary and sad, I didn't know what to do so I just left.
What was the most amazing? Same goes for amazing, but I'll just say when I arrived in New Paltz, NY and within a few minutes some friendly voices asked if I wanted to go swimming. :)
What surprised you the most? Also hard to answer, but for now I'll say the sheer amount of people living this kind of life. Maybe millions in the US alone.
What didn't you realize ahead of time that should have seemed stupidly obvious? NOT TO BRING 100 POUNDS OF STUFF.
What's the worst and best parts about not carrying an ID? Worst, maybe more risky? Didn't really find out. Best? More badass.
What did you miss the most while you were out there? Consistency, I love surprises and chosen instability if it's for something worthwhile, but I'm glad to be in a predictable world again.
What do you miss most now that you're back? Spontaneity. The opposite of the above. But fundamentally I'm glad to be here times 1 million, just as I was glad to be there times 1 million. :)
What did you do for personal hygiene? Showers, clothes, etc. At the time (things have changed) I showered a couple times a month on average, when I was invited into someone's home, or I swam.
How did your hair look in the end (head and face!)? Face has always been pretty clean as I seem to be incapable of bearding.
How did you handle coming back (financially)? Started from the bottom, asked for help, and worked like hell.
I'd like to add that I'm jealous and wish I could man up and do this. I've wanted to for years, but it's hard to drop all of my friends and family and leave them worried. I always say if it's gonna be one of those things you're gonna kick yourself for you might as well do it. We all will die one day.
What would you say is a good age to go on such an adventure? I'm sure being young helped against any hitch-hiking suspicions from others. Being young helps, but as long as you don't look crazy and aren't an asshole, you should be fine. Too many people use age as an excuse for anything.
Ive dreamed about doing this sort of thing before, the only thing really holding me back is my girlfriend. did you start out with any sort of itinerary? a list of spots you wanted to see? what did you bring with you, change of clothes maybe? backpack? protection? it hought if were to ever actually start to walk i would want a gun or some sort of fighting proficiency. What tips would you provide to the intrepid traveler? On weapons: I did start out with a knife, but soon realized I'd rather just not put myself in situations where I'd need protection and ditched it. Never needed it. When I started I brought everything. Tent, axe, books, everything. I kept getting rid of more and more stuff until I had just a sleeping bag and a couple odds and ends. When I started, I wanted to go to Oregon, and I did, then when I did that I just went wherever I wanted to. :)
Where and when (month-wise) did you start? how long did it take to get to oregon? was that leg of the trip more walking or hitching rides? Orange, CA. October 1st. It took about two weeks to get to Oregon, I was mostly hitch-hiking, but I was just learning at that point.
Sounds somewhat like Into the Wild. Was it a similar experience? Very similar, except I chose not to try to escape my fellow man.
What's the best way to safely pick up a hitchhiker, or to safely hitchhike? For both: talk to them. Get a good reading on them. Are they calm, happy, attentive? You may be in the car for a while, do they seem like they'd be fun to hang out with for a while. AVOID CHARITY CASES, either their car broke down and it's no big deal or they're on an adventure and don't want charity cause they're having fun. In both cases, play it safe, there will be plenty others. My average pick up time was about a minute, so if you don't pick them up someone else will. Make sense?
What are you up to these days? I live in Austin, I'm a part-time mattress salesman, part-time Bitcoin news aggregator. I'm building an awesome relationship and those are my major focuses. :)
Should also note that I'm working towards getting my income completely online so my SO and I can travel regularly, maybe full time.
Hi! Thanks for sharing your experiences! My question is, based on your experiences, how do you think the experience would differ if you were female? Did you encounter a lot of women on your travels as well or was it mostly men? Any other relevant thoughts about how gender would affect an experience like this? Hey there, being a dude makes it easier I'm sure. The women I encountered were either in partnerships, teams or packing weapons and a dog. Unfortunately we live in a world where men like to rape from time to time and that is something to be aware of. Although I can't give direct advice on the subject, I can say it is possible but to be smart. Wish the world was different. :(
What was the most unbelievable/craziest thing you saw on your travels? That's a HARD question to answer, so I'll give a crazy thing. I was picked up by a team of traveling magazine salesmen. They were all young and shared the same hotel room. (I have my doubts they were actually selling magazines) the leader took me to a strip club and said he wanted to hire me as a bodyguard and would train me with firearms. I got the hell out. Crazy enough? :D.
This is one thing normal people don't usually believe about traveling. Things get weird fast when you jump off the map. Hell, things are already pretty weird on the map!
Is that right? or are you exaggerating? I imagine there'd be some stigmas attached to such an awesome adventure. what kind of labeling has been layed on you? If you know how to tell a story right, you can get anyone excited. They'll bring you in just cause they want to hear the story.
Do you fear that as you acclimatise to being back in a modern society that the joy you achieved as essentially a stoneage traveller will turn to depression as you find that the travelling nature of humanity is strangled out of you by things such as work and sitting down? Fuck no! I feared that, but I'm now working towards getting my income online so my SO and I can travel regularly! Plus after doing that for two years I really appreciate me some stability. :D.
So what was your typical day like? Typical day is hard to say. If I was trying to get somewhere, I would be standing on the side of the road with my thumb out or walking. I sometimes walked for days at a time. When I would get hungry, I would go from restaurant to restaurant asking if they had any "throw-away" food I could have for free.
If I was in a city or town I wanted to stay in for a while, I would be hanging out with other travelers, playing music, asking for tourists leftovers or exploring.
Lots of aviation, but this is as close to a typical description I could give you for now.
aviation. YES AVIATION!!! LOTS OF AVIATION! No, err, umm variation, autocorrect.
Good god, you're as fast as you are chirpy. Blows smoke from recently fired pistol.
You mentioned that you brought books with you. Have you ever thought of writing one about your travels and adventures? I would imagine plenty of people (including myself) would enjoy reading it. I have thought about it, what would be interesting to you in a book like that?
I'm sure you had plenty of crazy experiences and learned some important life lessons on your journey. Both of which would be worth reading about. I'm pretty sure everyone has wished they could do what you did at one point in time. I'll continue thinking about it, it would be fun to write a book...
Hey, I hope it isn't too late to ask some questions: Did you ever get mugged or robbed on your way? And what's the best advise you might have for someone who wants to do something like this? Thanks! Nope, no mugging. I did leave a tent in the woods for a while and it was gone when I got back, but I would hardly call that a robbery. The best advice? If you want to do it, go do it. But that's good general advice too. :D.
Zombies.. Zombies love hitch-hikers. Case closed.
I'd love to, in fact I'm planning to after my degree :) Do it! Have a ton of fun!
What kind of books do you read? George Orwell - Down & Out in Paris & London.
Stefan Molyneux - On Truth, The Tyranny of Illusion.
Timothy Ferris - The Four Hour Work Week.
Dale Carnegie - How to Stop Worrying and Start Living.
Ayn Rand - The Fountainhead.
There's many others but these are the first that come to mind.
Did you ever met Kai the hatchet wielding hitchiker ? Unfortunately no...
Ok, have to ask: How did your mom and dad feel about this adventure? Scared shitless, but I should clarify that my parents were not good people and this also helped me get away from them.
Damned sorry to hear that. Sounds like you turned out pretty well though. Stay pure! Thank you, I think I did pretty well with the random crazy I was born into.
How often did you have to sleep in the woods? When did you decide the tent was not needed? I'd say 75% of nights were spent in the woods, I was rarely getting rained on and lugging around the tent was a bummer, so I decided just to use the sleeping bag and find other modes of shelter ( buildings, tall trees, etc.) for those few rainy nights. Eventually I discovered that tarp are the best things ever for rain protection.
Was there any part of your adventure where you were stuck with no options and thought "damn this was a bad idea..." ? Not really, I always had options. But sometimes I was scared that I finally had run out. I now think I'll always have options until I'm dead.
What do you think were the most important skills? Understanding psychology, trusting my guts, logic ( to avoid crazy people), improvisation, understanding fear, assertiveness, curiosity.
Congrats. Sincerely. Like many others here I have long dreamt of doing the same. Have you considered sharing more of your stories in the form of a novel? I would love to read about it, in more detail than here. Did you every feel on the brink of giving up and going back to the norm? If so, what made you feel that way, other than the stability? As far as the novel goes, that may be something I'm interested in, but at least at this point, I'm not. What kinds of details would you be interested in hearing more about?
As far as "giving up", no, I don't think so. I don't see what I'm doing now as much different, just a later section of the same life. I loved hitch-hiking, but I also love having a job, and an apartment, and buying cool soap dispensers. I think life can and might as well be awesome and it wasn't difficult to stay away from not being awesome, if that makes sense. :D.
I'm sorry I didn't mean giving up in that notion. what I meant to say was, at any point did anything happen to you or maybe just home sickness that had you wanting to go home, or to see your friends? Sorry for the poor grammar and all. 420. Not really no. I didn't like my home life so much.
Simple question but how old are you? Simpler answer 24 tomorrow. :)
So how old were you when you left home? I was 20.
Why? Because.
What' styling you down? If you don't mind a stranger prying.. "Brooo... What's stylin, man?"
I know some travelers and they all seem to have acquired some sort if nick name over the years, were you ever given a street name? I gave myself the name "Felix Walker" then later just called myself "Home."
Interesting. Any particular reasoning that you wouldn't mind sharing? Sure, Felix is Latin for happy and Walker is English for walker, plus it's catchy! Home was the name of an Edward Sharpe & the Magnetic Zeroes song I really liked at the time, it was clever due to my "homelessness" and it was catchy!
Hahaha I like that. You seem to have good humor, I'm sure that served you well in some less-than-comfortable situations I'm sure you found yourself in. Humor always helps.
So, I was also a big fan of Into The Wild. I was wondering, have you crossed over the Salton Sea at all? I have planned to take a trip their senior year of high school (Junior now). I just want to explore the country before I start all my hard work you know? I haven't, but you should! Please take some time off, everyone wants it, everyone needs it, not enough do it. It'll make you wiser and more badass.
No doubt man. Thanks for answering! No worries!
Any advice for someone who wants to do something similar? I hope to one day take off on my bike from my home in wisconsin and keep going south until i hit ocean - hopefully on the southern tip of south america! Im currently a freshman in high school, so i have plenty of time. I've been thinking of taking a year off from school after i finish high school, before going to college. Is that a good idea, or should i wait until after college? Brother, if you weren't legally bound to stay in school now I'd say go now! A lot of people tell themselves they'll wait until after their first year of college to do X, then until after they graduate, then until after they've had a good job on their resume, then after they're married, then after they have kids, then after the kids are grown, then when they retire. By that time their motivation is gone and their health is going. Don't do that. Either do it now or do it soon. It'll be awesome.
Thanks for the encouragement! How much of your trip was planned? Did you just take off one day or did you map out a specific route? No worries, I started with the goal to go from souther California to Corvallis Oregon, after that I had flexible, general goals that I made up as I went along i.e. Get to East Coast, Go to New York, go back to California, etc.
What did you eat?? I'd love to do this but I get suuuper cranky without my food. I think I'd need to pussy out a little and bring money for food. Food! You'll be fine, lots of strangers will give you grub. I came nowhere near starving.
Last updated: 2014-03-24 20:26 UTC
This post was generated by a robot! Send all complaints to epsy.
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An interesting bitcoin analogy: Bitcoin wallets as safety deposit boxes

Understanding Bitcoin - Stuntman Stoll 11-24-2013
There are plenty of articles and videos that try to explain bitcoin, but I don't think they do justice in showing the genius behind it so I'll give it a try.
For starters, let work with an analogy (that is original as far as I know). Think of a wall of safety deposit boxes (they are called addresses in bitcoin lingo). The face of each box is 4”x4” and has a glass door which a numbered key can open. Each box has a number label on the door that is different than the number that is on the key (but the number's are linked – they only work with each other [the address can be deduced from the key but not vise-versa). Each safety deposit box has has a slit in the door so that people can be given the number to the box, find it, put coins in the box (from their box), see how much money is in the box (remember, it has a glass door), but they can't do anything with the contents without the separate numbered key. The safety deposit boxes are instantly available to anyone in the world with an internet connection, and anyone can claim as many boxes as they want for free. There are no names on the boxes but it isn't completely anonymous because there is a ledger with all of the transactions between the safety deposit boxes. There are a LOT of safe deposit boxes. It is based on 256bit cryptography which means it takes a string of 256 0's and 1's to identify each key, and therefore each box. The number of combinations those 0's and 1's can be arranged in could be shown as 2256, or about 1ee77 (ie. 1 with 77 zeros behind it). The size of the wall of safety deposit boxes (remember 4”x4”) would be 2ee34 miles square (or 3,700,000,000,000,000,000,000 light-years square or about 37 billion times the size of the known universe). That makes the odds virtually zero that anyone would accidentally (or purposely) stumble upon the key that is associated with your safety deposit box.
Bitcoin as an idea was invented in 2009 by an unknown person or group of people who went by the pseudo-name Satoshi Nakamoto. It is believed that the first real world transaction took place in May 2010 when a pizza was bought for 10,000 bitcoin. It likely was invented in response to earlier attempts to create a digital currency to compete with the US dollar. Two of the most (in)famous attempts were E-gold and Liberty Dollar. They were both set up as a digital currency that was centralized on one computer system which had its currency backed by gold (and other precious metals in the case of Liberty Dollar. Liberty Dollar also minted their own physical coins). People could enter the currency by depositing gold or US dollars, and could cash out in gold or US dollars. The digital currency had the same value as the gold backing it. E-gold ran from '96 to '09 when the government shut it down, fined the company $3.7million, and confiscated 2.8 tons of gold (some of the currency holders were able to get their money back earlier this year). The owners pleaded guilty to avoid jail, but got a smorgasbord of other punishments including felony records, personal fines, monitored home detention, community service, etc.. The judge said they deserved lenient sentences because they didn't intend on engaging in illegal activity (news flash – some currency holders will use the money for bad things). Liberty Dollar ran from '98 to '09 when the government shut it down and seized 5 tons of gold and silver. The owner pleaded not guilty, was convicted in 2011 and is awaiting sentencing facing 20 years in jail. The prosecuting attorney described the Liberty Dollar as "a unique form of domestic terrorism" that is trying "to undermine the legitimate currency of this country"
I see E-gold as the near perfect currency. It took gold, which is nature's perfect store of wealth, and solved its short comings as a currency by making it digital. That solved the problems of counterfeiting (might fake a gold coin but you can't fake digital when the server knows where all the currency is), transferability (it's a pain to physically move gold), and divisibility (you can't make change with gold coins). The problem was that it was in plain sight for the government to shut down and steal the gold. Bitcoin's response was to make something that was completely intangible (nothing for the government to steal), decentralized (no company or server for the government to shut down [the computing is done by thousands of computers across many countries]), anonymous (relatively), but otherwise the currency was made to mimic what gold is like in the real world. Like with gold, there are a finite number of bitcoins (21,000,000) that are “mined” into existence. There are roughly 10,000,000 now in circulation with the maximum number to be reached in the year 2140. Mining is the term used for people who use their computers to process the enormous ledger that keeps track of all of the bitcoins. Those “miners” earn bitcoins from the system as it slowly releases the steady set rate of bitcoins into circulation, and from people who choose to donate a small amount to complete transactions (transactions are otherwise free). You can transfer fractions of a bitcoin. Each one is divisible down to .00000001 bitcoin.
Back to the analogy – It is one thing to claim one the 1ee77 safety deposit boxes (addresses) and its contents in theory, but it is another to actually use it to make transactions out of it. There are a number of programs that help you do this. You can either download a program onto your computer which you link your address(es) and key(s) to, or you can do it through a web based program. I believe the best way is online with blockchain.info. Of course there are issues with security (as with anything internet related) but there are methods to protect your money which I won't go into here. Speaking of blockchain.info, “blockchain” is the term for the complete ledger that keeps track of all the bitcoins in circulation. That blockchain is being solved continuously by thousands of computers worldwide. Ten times per hour, the work of those computers is compared to make sure there are no mistakes or fraud, and the blockchain is finalized every 6 minutes. That ledger is public and easily searched. It is kind of fun to go to blockchain.info and search an address of a person you know (it likely isn't that person's only address). For example, Stefan Molyneux (he's a minor celebrity in the anarchist world) has a youtube podcast channel and accepts donations at the address 1Fd8RuZqJNG4v56rPD1v6rgYptwnHeJRWs. If you search that address you can see the transactions and that there are about $300,000 worth of bitcoin in it.
To acquire bitcoins, you either become a miner (but that has become specialized and futile for most part unless you have fancy hardware) or someone with bitcoins transfers them to you (the way you get US $ [unless you do “quantitative easing” on your own with a color Xerox machine]). Since your employer probably doesn't pay in bitcoin, some ways of getting them would be to find someone local to trade with (craigslist, localbitcoin.com), ebay, or (the easist way) through a bitcoin exchange (coinbase.com is the best one for US citizens).
Now lets compare bitcoin to other methods of payment. The following is made with the assumption that bitcoin aps on smartphones are being used and that a payment of 1000 US dollars is made. -With paper check, it takes about a minute in person, a few days by mail, takes about a week to clear the bank, and is usually free for both parties (good luck with international payments). -A wire transfer usually take an hour of leg work for the average Joe to complete, is cleared very quick, and cost between $25-$50 for domestic and international. -Credit card requires special hardware for the receiver, takes a couple seconds to complete in person (a few minutes online), takes 1 or 2 days to clear the bank, and cost the receiver $20-$30 for a $1000 transfer. -Bitcoin takes about 10 seconds to complete (whether in person or across the world). Payment notification is instant, it takes 6-12 minutes to be “cleared” (finalized in the blockchain), and is free (unless you choose to donate a little to the miners).
Bitcoins started out worthless, are now worth about $850 each, and no one knows what they will be worth in the future. If a fundamental flaw is discovered, they will go back to worthless. If bitcoins become widely used and accepted, the value will greatly increase. The value is mainly dependent on how many people use it to save and/or transfer money. For purposes of comparison, lets look at the market cap (capacity [ie. total value of all of it]) of a few different things in trillions US $.
Bitcoin ------------------------------------------------------------------- .008 trillion Apple stock ---------------------------------------------------------------- .47 trillion Gold ------------------------------------------------------------------------ 8 trillion US$ M1 supply (monetary base) ------------------------------------------- 2 trillion US$ M2 supply (includes full value of checking, savings, cd accounts) ------ 10 trillion Worldwide M2 money supply ------------------------------------------ Around 50-60 trillion
IF bitcoin became ubiquitous worldwide and accounted for 1/5 of all currency and had a market cap of 10 trillion, that would make each bitcoin worth $1,000,000 each. I think the odds of that are very slim, but who knows?
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