Bitcoin - Intro to Political Economy
Economy | Information | History | Online | Facts | World | Global | Money
COURSE OVERVIEW: Introduction to Political Economy is a self-contained and nontechnical overview of the intellectual history of political economy, the logic of microeconomics, and the definitions used in macroeconomics. It introduces the notion of a political economy, emphasizing the moral and ethical problems that markets solve, and fail to solve. LECTURE OVERVIEW: 1. Venezuela as an example: a "shortage" of money? 2. Bitcoin: Is a global crypto-currency, has been around since January of 2009. It is not issued by any entity, but rather is peer-to-peer / decentralized. It trades over the internet, or “feature phones.” The protocol is open source. The participants are owners, buyers, and "miners," or people who transmit and check transactions. 3. The maximum number of Bitcoins will be about 21 million. A bitcoin is a unit of measurement, but the “unit” depends on solely on how people value it in transactions. No physical existence. 4. Five essential steps in a Bitcoin transaction: Step 1: owner of Bitcoins signs in, using public key (or Bitcoin Address) a bit like username) and a private key (a bit like password). Step 2: owner of Bitcoins sends X Bitcoins (highly divisible) to another Bitcoin Address. Step 3: This information is then broadcast by the software on the sender’s phone or PC, and received by all the (active) nodes in the network Step 4: All the active nodes add the (pending) transaction to the relevant (current) block. A block is like a ledger entry, divided into 10 minute intervals. All the transactions in one 10 minute interval are in the same block (blocks are disjoint: 10:10 to 10:20, 10:20 to 10:30, and so on…) Step 5: The block is run through a hash function by miners. This is a unique set of characters that contain all the information in the entire block, though knowing the hash won’t let you reproduce the block. Blocks are linked to previous blocks, creating a blockchain. The value of every account is evident on the blockchain. Subscribe to our YouTube Channel for more! Follow us at https://twitter.com/dukepolisci Like us at https://facebook.com/dukepolisci Follow us at https://instagram.com/dukepolisci Produced by Shaun King, Duke University Department of Political Science Multimedia Specialist
Comments
-
Hey folks let´s have a whatsapp group so we can discuss and help each other getting things right with bitcoin . if you have a whatsapp account add me . Just let me know why you add me and I will add you to the Bitcoin World W Group +559498150-8410 - anything less then being serious about this , I will delete you from the group! Thanks
-
He had better be careful, this is a good way to loose your job at any college .......I think he did a fair job, but left out important points, like the entire idea of Fiat Currencies is to hide the theft of other peoples productivity, not only though monopolies, but also though inflation (central banks are the only ones who can print counterfeit Fiat, or type it into a computer out of nothing) and taxation, which is very much a part of the Fiat Currency scam which is perpetuated by a banking cartel headed by the Rothschild Bank (Bank of England) .... Another part of this is to dump vast quantities of Fiat into the stock market to manipulate and distort price discovery and "pump" the markets, creating vast profits for people aware of the manipulation and it's timing ..... Fiat currencies are the main reason that truly free "Free Markets" can not exist in fact .... And, the concept of Capitalism has been demonized and perverted by "rent seeking" being made into a legitimate "business", enabled by the criminal Fiat Currency monopoly ....
-
This is a very important lecture for students. I truly hope that the majority of college students have been doing their research.
-
A few major mistakes, but overall a good lecture.
-
53:15 "What's possible is the Dr Evil attack... All you'd have to do is erase the blockchain."
This is misinformative. A copy of the blockchain is distributed on every node on the network, so all copies would have to be erased at the same time.
59m 12sLenght
42Rating