Are Bitcoins and Unusual Hats the Future of Currency? | Idea Channel | PBS Digital Studios

 

 

 

Are Bitcoins and Unusual Hats the Future of Currency? | Idea Channel | PBS Digital Studios

If you’ve ever played Team Fortress 2, you know how valuable hats are. To those who haven’t: yes, HATS! If a community agrees on the value of something, then that thing can become a currency, to exchange for other goods. Just like american dollar bills (or euros, yen, or any other currency), or… bitcoins. Bitcoins are an online currency worth over 0,000,000, and though they are just 1s and 0s, some think that this is the future of money. On the other hand… mo bitcoins mo problems.

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Links:
What is a Bitcoin?

Music:
Roglok: http://vimeo.com/musicstore/track/21166
Binarpilot: http://www.jamendo.com/en/track/661417/geeks
Pocaille: https://soundcloud.com/pocaille/tachyon-pulses
EatMe: http://www.jamendo.com/en/artist/348390/eatme

Want some more Idea Channel?

Here’s Last Week’s episode: “Is Futurama the Best Argument Against Transhumanism?” http://youtu.be/Gdyc7BpKic0

Want another one? Here ya go: “Are MP3s & Vinyl Better Than Live Music?” http://youtu.be/WsZMZ86zgF4

Here’s Some More: “Top 5 Most Artful Video Games” http://youtu.be/IAs4Dy-lh8E
Video Rating: 4 / 5

17 thoughts on “Are Bitcoins and Unusual Hats the Future of Currency? | Idea Channel | PBS Digital Studios”

  1. TF2 is the best way to acquire games on steam think about it u find items u
    buy keys with items u use keys to trade for games or sell them for money
    and buy the game on steam and at the end you have spent absolutely none of
    ur own money sure it might take some time but its free

  2. Well, you can get a lot more lunch money for a bitcoin than you could back
    when you made this video. Back in Febuary of 2013 they were worth about 16
    dollars. Now they’re 600, and the adoption rate is increasing dramatically
    and the rate of the increase is increasing. Overstock, dish network,
    expedia, and Dell all take them now (among many many others).

  3. I think someone must have already commented on this, but here it goes: the
    Brazilian currency is called “real” or “reais” in its plural form.
    “Conto” was the national currency more than one century ago, I believe.
    After that we had the “Cruzeiro”, “Cruzado”, “Cruzado Novo”, “Cruzeiro
    Real”… (not necessarily in that order) and then finally the “Real”.
    As of today, 1 real is worth 0.45 US Dollars.

  4. A dollar’s value is not nothing. Most Americans have debt denominated in
    dollars. We need them to pay mortgages and the like. So long as there is
    more debt than there are dollars to pay the debt, the dollar have real
    value beyond any fictional agreed upon value like Bit Coin.

    Of course this value is generated by historical decisions (to take on debt)
    and in that respect it is “fictional”. But now that those decisions have
    been made, the value becomes real. 

  5. Since you mentioned that no-one can buy dinner with bitcoins, one of my
    favourite cafe’s actually accepts them now. Why, I don’t know (since i
    doubt pretty much anyone is using them to buy food), but its an option.

  6. Gold has no intrinsic value either. Aside from it’s use for wiring and
    scarcity it’s just another pretty metal.

  7. Just for the record, there ARE places where you CAN buy dinner with
    bitcoins. Not cars though…. still waiting on that one.

  8. MrBulbasaurlover

    Wait, am I missing something? Isn’t Refined Metal in TF2 worthless ( and
    if it isn’t, isn’t it going to be? ) because of all of the random item
    drops in TF2? With every item someone finds, doesn’t the value of metal go
    down?

  9. Well considering how code works. Yes and no. It depends on many things. In
    games It is supply/demand/ and rarity.

    Rarity is sometimes not needed.

    But, the Demand is always.

    It is like Card game eco. They are based on how much on how many people are
    willing to throw money at something.

    For example. If a character everyone really likes or class gets a item
    everyone wants. It sky rockets.

    If a class or character few or less likes gets a item. It will be cheaper.

    If a character or class is played by a streamer or pro. Price for items go
    up for that time.

    If they rag on a character or class. Price goes down.

    Basically, It is like stock market. Where people are told but do not really
    know.

  10. Bitcoin will always have problems and I’m going to tell you why. First of
    all, don’t get me wrong, I understand that the US dollar is a disaster.

    The reason Bitcoin will always have problem is because:
    1. It is produced by labor and power “spent computer cycles” that is
    worthless, nonredeemable, and does not perpetuate the economy.

    2. There are now many cryptocurrencies, so there is no limit to how much
    cyptocurrency can be produced, just like the US dollar.

    3. Hackers are making the currency unreliable, just like what the US
    Federal Reserve Bank is doing to the dollar.

    Issue 1. in more detail.
    Lets say I decided make my own real world currency. So what I did is take
    pile of rocks and told everyone that if they moved the rock back and forth
    between two destination that I would issue them my currency for their
    labor.
    I don’t believe my currency would have any value, because moving the rock
    serves no purpose, and does not create a valuable resource in our economy
    and markets.

    Backing your money with resources that have value in our economy makes
    more sense. It could be anything, but I’m going to use gold and silver as
    an example to make my point.

    Like Bitcoin it takes a lot of labor to mine gold and silver. But the
    difference from Bitcoin is that gold and silver are a valuable resource in
    our world. Spent computer cycles are not a valuable resource.
    Gold and silver can be used for many things, including money, for dental
    and medical, jewelry, electronics ect… things we need, want and use in
    every day life. Things we purchase in our economy. Things that make our
    life easier and better. The labor used to extract precious metals like gold
    and silver creates a “Valuable” resource.
    Bitcoin is essentially spent computer cycles, and the created spent
    computer cycles have no other value in our economy because as humans we
    have no use for spent computer cycles. If we need unspent computer cycles
    we purchase a computer, “which by the way has a lot of gold and silver in
    it”.
    I hope this helps you all understand why cryptocurrencies will never work
    in the long run. Bitcoin is no different than the US dollar that became a
    fiat currency in 1971 under the Nixon administration.
    Put your money in more tangible valuable resources. There are thousands
    of valuable item in this world. Real estate, precious metals and stones,
    ect…

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