MI033: Bitcoin, Cryptocurrencies, and Blockchain Part 2 with Preston Pysh (Investing Podcast)
The Intrinsic Value Podcast - The Investor’s Podcast Network
The Investor's Podcast Network
4.6 • 592 Ratings
🗓️ 25 March 2020
⏱️ 53 minutes
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Summary
Transcript
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| 0:00.0 | You're listening to TIP. |
| 0:02.5 | In today's episode, Preston and I continue our conversation from last week's episode. |
| 0:07.3 | If you haven't already listened to last week's show, I'd recommend you go back and listen to it |
| 0:11.9 | before continuing on with this one. |
| 0:14.2 | Without further delay, let's jump into part two right where we left off. |
| 0:19.0 | You're listening to Millennial Investing by the Investors Podcast Network, |
| 0:23.4 | where your host, Robert Leonard, interview successful entrepreneurs, |
| 0:27.2 | business leaders and investors to help educate and inspire the millennial generation. It's kind of hard to fathom, honestly, and it's from someone who doesn't know a ton about |
| 0:45.7 | Bitcoin, it's kind of hard to see why it wouldn't be better than gold or why it wouldn't |
| 0:51.1 | do all the things that you expect it to do. So, yeah, I mean, I definitely agree with you. |
| 0:56.5 | Now, let's talk about mining. |
| 0:58.1 | We've talked about blockchain. |
| 0:59.2 | We've talked about a couple different cryptocurrencies in Bitcoin. |
| 1:02.4 | Let's have a discussion about mining. |
| 1:05.0 | What exactly is that? |
| 1:06.9 | This one's hard. |
| 1:07.9 | For somebody who's not extremely technical to understand this, it's going to be hard to really kind of plow through it. So let me just try to describe it like this. |
| 1:18.2 | Almost everything that you look at in Bitcoin can almost have a correlation to the physical gold market. So are there companies out there mining for gold right now? Yes, there are. They're digging the gold out of the ground. How do you know that they're digging out of the ground? Well, you could look at all their expenses on their income statement. And you can see all the hardware, all the equipment, all the man hours. And when you look at that and you know the probability of how much resources you got to expend to pull one ounce of gold out of the ground, you can get an idea of the amount of work that went into basically achieving that feat of finding something that scarce, which gold is extremely scarce. |
| 1:57.3 | With Bitcoin, which you have is a bunch of people that are running their processor |
| 2:04.1 | on their computer, and they're trying to solve a puzzle. And this is their work. So there's a riddle |
| 2:09.8 | that's published every 10 minutes or until the block is discovered and the next block occurs. |
| 2:15.0 | But on average, it's around 10 minutes. And it publishes |
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