Bitcoin mining algorithm details hair
On an April afternoon in , a twenty-seven-year-old tech entrepreneur named Bradford Stephens arrived at a stucco bungalow near the canals of Venice, California. He had recently started a new data-analytics company, and had come to speak with a coder named Brandon Smietana, whom he hoped would get involved. Stephens had already met Smietana online, where he uses the handle Synth, and where he often debated minute points about math and programming. When Stephens and Ryan Rawson, an employee who tagged along, arrived, Smietana invited them into a carpeted den. A computer sat on a table, its casings removed to reveal a tangle of circuits; a sleeping bag lay on a sofa.
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Quantum computers and the Bitcoin blockchain
Please enjoy this transcript of my interview with Balaji S. Srinivasan balajis , an angel investor and entrepreneur. Transcripts may contain a few typos. Tim Ferriss owns the copyright in and to all content in and transcripts of The Tim Ferriss Show podcast, with all rights reserved, as well as his right of publicity. For the sake of clarity, media outlets with advertising models are permitted to use excerpts from the transcript per the above.
For the sake of clarity, media outlets are permitted to use photos of Tim Ferriss from the media room on tim. This interview was transcribed by Rev.
All opinions are mine alone. Or his. There are risks involved in placing any investment in securities or in Bitcoin or in cryptocurrencies or in anything. None of the information presented herein is intended to form the basis of any offer or recommendation or have any regard to the investment objectives, financial situation, or needs of any specific person, and that includes you, my dear listener.
Tim Ferriss: Hello, boys and girls, ladies and germs. This is Tim Ferriss. Welcome to another episode of the Tim Ferriss Show. He was also the co-founder of Earn. You can find him on Twitter at balajis. And you can find much more about him on his website, balajis. Balaji, thanks for coming on the show. Tim Ferriss: And I thought we would start with a number, and that number is Balaji Srinivasan: Sure. And what does it refer to? He had just self-taught math from a textbook.
He wrote these letters to mathematicians around the world, and most of them ignored him, just thought he was a crank. And one guy brought him out to England, this guy G. Hardy, who thought this guy has to be a genius because no one would make up these equations. You just intuit the result. So where does come from, ? But basically on his deathbed, Hardy came in to try to cheer him up.
And so, have you ever seen Good Will Hunting? Balaji Srinivasan: Yeah. So Good Will Hunting was kind of based on that. And —. But to me, for many years actually, before joining Andreessen Horowitz, what I was going to do is turn the MOOC course that I had done in into a global talent search. Because just like you have the Hubble Telescope looking for dark matter around the universe, I thought of the mobile telescope, the telescope provided to us by mobile, could help us find the dark talent in the Global South, the undiscovered talent.
And the idea is that basically we who have been fortunate enough to have some resources or winnings, we can offer a hand up to all these people, bring them into the global economy, level them up, give them what we know in terms of education, or teaching, or what have you. And all of the stuff can be delivered, I know it sounds like a cliche, but at scale over the internet, you produce it once and you can replicate across millions of people.
Knock on wood. Tim Ferriss: Amazing. Now, before we move further ahead, what was the subject matter and the intent behind the MOOC that you taught? Balaji Srinivasan: Great question. So the subject matter, the title was Startup Engineering.
And the concept was that it was basically the class that I wish I had had before doing my first startup. And so it was kind of like a time capsule back to somebody who was into math or into just technology in general, but was just completely naive about how to actually run a business or anything like that. When doing my first startup actually, this is a first approximation, but I thought that the primary difficulty would be calculating difficult integrals. We can knock that out before breakfast.
Because the thing is, I was a career academic for many years, and in academia, there is a high premium placed on novelty of results, technical difficulty. In math, you learn how to think rigorously and go premise, premise, premise, conclusion, really interrogate your results. Famously like the parallel postulate of Euclid is not something you can just take for granted, you get different geometries if you assume different conditions there.
You have to keep updating it. So that was one piece. And the second piece was the philosophy of startups, meaning what is the difference between a startup versus small business, or why is this happening now? So National Science Foundation had this thing called the Acceptable Use Policy in place for many years, and it prevented commercial traffic on the internet. How about that? So the dotcoms —.
Balaji Srinivasan: Yeah, the dotcoms that we know and love were actually not feasible until I think about , plus or minus one or two years, but I think it was , they repealed the AUP. And the reason people fought it, they said there was going to be spam, and porn, and malware on this commercial internet, and it was all going to be broken, because before that, it was an academic and military internet.
Everybody was sort of a quasi-trusted user on it. You had to have a. They were right. All that stuff did happen. But the benefit was worth it. The downside was mitigated by I think the upside, and that was the birth of the commercial internet.
It really was something where one rule was holding back all this innovation. So stuff like that was the kind of stuff that I tried to convey in the course, alongside the nitty-gritty. And I think most of the time, that kind of stuff is not taught in the same place from the same person with one coloring the other. Tim Ferriss: Thank you. That was a very comprehensive answer. I love comprehensive answers. And we may end up teasing out the details on all sorts of things in this conversation, including some of what one of our mutual friends described as one of several Balajisms, including the line immutable currency, infinite frontier, or maybe frontiers, and immortal life.
Balaji Srinivasan: Okay. I just want to put that out there for the record. Go ahead. And I think that part of what fascinates people about you is how often they would consider you prescient. And often that comes with a degree of fear, not of you, but of the consequences of you being right. Before we do that, we can, if you want to say something first, we could dive into it.
I like to think that I look for large deviations, so that you can actually get large upside as well as large downside. Tim Ferriss: There are both, and Cassandra, for those wondering, that is a mythological reference, correct? Tim Ferriss: So we will come back to some of these predictions. Is one correct and one not? But you had some perspectives on the podcasting world, relative to perhaps other ecosystems.
So basically, let me give some definitions first. So product is merit and distribution is connections. And so for example, a great blog post that nobody sees is a great product with terrible distribution.
Conversely, a really dumb article, or whatever, that is a piece of content that is in a feed that is seen by millions is a terrible product with great distribution, right? And these are actually essentially disjoint things. But most of the time these are disjoint things and you have to put as much thought into the distribution of the product.
How do you get to Walmart? How do you get to this distributor? How do you get on Amazon? Like 5-Hour Energy, why is it in the checkout aisle, and why are others at the back? That is not an accident. So again, a software analogy. Think about Microsoft or Oracle. And how does that relate to the podcasting thing? Well, if you think about distribution, not just for sales or for companies, but for ideas, media creators can have great content, which is a great product, or they can have lots of followers or lots of influential followers to show good quantity and quality, respectively, of their distribution.
And podcasters, when two people tend to do a podcast together, they tend to have comparable distribution. An armed society, polite society. Tim Ferriss: It sounds like something that should be put on the license plates here in Texas.
But the contrast to this is like a journalist versus a subject.
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Please enjoy this transcript of my interview with Balaji S. Srinivasan balajis , an angel investor and entrepreneur. Transcripts may contain a few typos. Tim Ferriss owns the copyright in and to all content in and transcripts of The Tim Ferriss Show podcast, with all rights reserved, as well as his right of publicity.
A Perfect Guide to Choosing the Best Cryptocurrency Mining Rig
Dice coin prediction. Play now Info. The equation would be Robinhood listing confirmation updates after coinbase, Binance and webull! Wink crypto price prediction , , Mutual Information provides both a formal as well as a notional way to approach the problem of prediction by reimaging inference as a game of optimal imitation. View Dice DICE price prediction chart, yearly average forecast price chart, prediction tabular data of all months of the year and all other cryptocurrencies forecast. Hand the box to the child, and ask them to guess the contents without looking inside. The dice are meant to introduce an element of chance to these games; we expect that the outcomes of the rolls will be truly random.
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How many bitcoins are there and how many are left to mine?
These are the core obsessions that drive our newsroom—defining topics of seismic importance to the global economy. Our emails are made to shine in your inbox, with something fresh every morning, afternoon, and weekend. Each chapter examines an object that is driving radical change in the global economy. Buterin: A lot of different base-layer protocols that we rely on in the internet, in peer-to-peer networks, in various kinds of communications, these protocols have provided huge amounts of value. But there has always been this public goods problem in trying to actually fund the ongoing development and maintenance of these protocols. One of the worst examples of this was the Heartbleed bug back in , when basically a huge number of websites ended up getting hacked. In that particular case, they ended up getting their act together and coming up with a funding strategy. In general, you know that when you have public goods, public goods are going to be in very many cases underfunded.
I would like some clarification on the cost base for cryptocurrency mined as a hobby. I have seen conflicting opinions on this. Some say that the cost base should be zero, and others that the cost base should be the market value at the time it is mined. I've asked this question before and haven't got a straight answer.
Cryptos are created by virtual mining - a process in which computers solve an incredibly difficult maths equation and are rewarded with cryptocurrency. When Bitcoin was first created by Satoshi Nakamoto in , the founder put a hard limit of just under 21 million on the total number of bitcoins there could be in the world. They did this by putting a cap in the algorithm, meaning computers will no longer be able to solve the equation - mine Bitcoin - once 20,,, are mined. With the current total of just over It involves using a computer to solve a mathematical problem with a digit solution to create new coins.
A cryptocurrency is a digital currency that relies on cryptography for regulation and security. Cryptocurrencies are decentralized currencies because there is no central bank or regulatory authority. In , a computer scientist named David Chaum introduced the concept of a digital currency. DigiCash was founded in by David Chaum, the inventor of cryptography. The company eventually failed due to competition from companies that could process transactions faster and cheaper.
Proof-of-work is the algorithm that secures many cryptocurrencies, including Bitcoin and Ethereum. Most digital currencies have a central entity or leader keeping track of every user and how much money they have. Proof-of-work is needed to make the online currency work without a company or government running the show. More specifically proof-of-work solves the "double-spending problem," which is trickier to solve without a leader in charge.
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