Blockchain Explained (In 120 Seconds)

Tyler Durden's picture

Last week we offered the ultimate beginner's guide to WTF Blockchain is. However, for those with even shorter attention spans - squirrel - WIRED magazine has managed to explain why there is such fervor surrounding the blockchains in under two minutes.

Saving the planetfixing healthcarereplacing conventional currency - there is apparently nothing that the shared-database technology known as blockchains can’t fix. At least, that’s the impression given by the horde of governmentsbanks, entrepreneurs, and tech companies working on the technology.

But what is a blockchain and why the excitement? If you’ve got 2 minutes, WIRED can explain...

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jmack's picture

    I am still amazed no one has developed block chain method of secure, accurate voting.....

FreeShitter's picture

No is a scam in itself. Voting solves nothing.  Its meant to give the plebes a false illusion. 

jmack's picture

less so if the voting was secure and accurate.  much of your complaint would be invalid if you could stop busing cross state lines/districts, dead people voting, illegitimate voters etc.    But some of the issues you allude too would still remain.

FreeShitter's picture

The problem with voting, is are voting in a rigged enviornment that is trying to fix a rigged system that is AGAINST you. So instead of voting, carry that pitchfork.

Scornd's picture

It's the Peer to Peer and removal of a middle man that is the primary benefit to Bitcoin---And "voting" because as you know u have a middleman with fiat FRNs and "Democracy" or whatever you want to call it-- becomes bloated and corrupt....The ignorance on this technology is pretty sad concidering the possibilities to eliminating third party's and their taxation for protection racket....

Got The Wrong No's picture

Vote and carry a pitchfork. If we hadn't voted Hillary would be president. Not voting just give them a free ride. 

FreeShitter's picture

The president is the fed and the vice pres is goldman and their proxies...until you wake the fuck up and realize this, you are just voting for more economic slavery. Trump/Hillary are just puppets that work for them.

Justin Case's picture

According to new voter turnout statistics from the 2016 election, 47 percent of Americans voted for nobody, far outweighing the votes cast for Trump (25.5 percent) and Hillary (25.6 percent) by eligible voters.

And the “I voted for nobody” group is actually much larger than the 47 percent reported because that number only includes eligible voters. How many millions of Americans under the legal voting age — not to mention the countless millions who have lost their voting rights — voted for nobody, as well? Factoring in those individuals, around 193 million people did not vote for Trump or Clinton. That’s nearly two-thirds of the population of the United States.

secretargentman's picture

Labelling the group "I voted for nobody" is inaccurate and disingenuous. They didn't vote at all. That's very different from "voting for nobody". If you want to vote for nobody, write it in on the ballot. Don't be lazy. 

divingengineer's picture

I agree, just because they didn’t vote doesn’t mean they had no preference.
They just didn’t want to stand in line for an hour to vote for the lying douche of their choice. Or they have young kids, or they work at a sweatshop that won’t let them take time off to vote, or they care for an elderly relative.....or about a million other possible reasons.

rwe2late's picture

 Everything you mention is irrelevant

when the choice of candidates and issues are fixed, rigged, constrained, deceptive

and the voters are ill-informed by government lies, secrecy and propaganda.


[something about not seeing the forest for the trees)

jmack's picture

it is not irrelevant, but it is not the complete fix.   There are issues with incumbent advantage and the propaganda you speak of, but those problems will be less if you stop the precinct level voter fraud.   But make no mistake, they will invent new shenanigans to lessen the correcting influence of accurate, secure voting.   


     But block chain would be a very easy fix to a large number of problems, and could be implemented very easily, and people could back check their votes actually registered as they wanted to enter them after the fact.  The fact that it is not being implemented yet, is an indictment  of the current power structures in and of itself.


       In fact, with our tech level today, they should have real time voting where everyone in an elective office should have to maintain a certain positive vote total, say 35%,  so not a poll per say, but a block chain register where his supporters can go back in to change their vote to nay, and if their yea vote total drops below the threshold the person is essentially recalled from office.  the larger the office the lower the percentage threshold, so like a house member should have to maintain 40% yeas, a senator 35% yeas and the president 30% yeas. 

OverTheHedge's picture

Why have representatives at all? Why not have the public vote directly?

Obviously, the representatives will be a bit miffed at this idea, but with current technology, it is entirely possible. The swiss seem to manage, and they still use bits of paper.

StychoKiller's picture

Do some research on the "Tyranny of the Majority."

Golden Phoenix's picture

When the mob rules they vote to give themselves a lot of free stuff until there's nothing left. And if we didn't have the electoral college large states would run roughshod over small states. As an example without the EC Hillary would've won the election just because California citizens and otherwise voted that way. 

A Republic and EC allows legislators to vote to give themselves and their crony friends lots of free stuff until there's nothing left just as nature intended. ;)


herbivore's picture

I'm less concerned with the accuracy of voting than I am about my inalienable rights. What happened to my inalienable rights- you know, those rights that are inherent to my being a human being, that can't be taken away by the masses and their majority votes. 

Paul E. Math's picture

And how does electronic voting fix Citizens United?  You know, the supreme court decision to allow unlimited campaign spending by corporations and the rich?

How does electronic voting stop the MSM from being controlled by the rich?

When your only 2 options are a giant douche and a shit sandwich, the voting process become pretty meaningless.

jmack's picture

Trump spent half of what Hillary spent.    Try to pull your head out of your ass and answer  your own stupid questions.  Getting the correct data to make your decisions would be a good starting point, instead of parroting MSM/establishment talking points.

Justin Case's picture

Democracy in America is pure fantasy. None exists. Money-controlled duopoly power runs things. Voters have no say whatever.

America is a one-party state with two wings, in lockstep on major issues mattering most.

Elections mock legitimacy, farcical by any standard. Candidates are bought like toothpaste, cardboard cookie cut-outs of each, distinguishable by their rhetoric alone, promising one thing, delivering another.

Each electoral cycle has the same outcome. Dirty business as usual wins every time. Police state tyranny substitutes for constitutionally guaranteed rights.

Fascist governance runs things, wrapped in the American flag. Voting Republican or Democrat is like choosing between death by hanging or firing squad.

Americans are the most out-of-touch, uninformed people anywhere, easy marks to be manipulated, deceived and betrayed.

All duopoly candidates are pro-business, pro-war, anti-populist, anti-labor, anti-governance serving everyone equitably and fairly.

All exclusively support wealth, power and privilege, the public interest be damned. The evidence speaks for itself.

Post-9/11, fundamental freedoms were lost, tyranny replacing them, heading toward becoming full-blown.

America’s criminal class is bipartisan, waging endless wars on humanity at home and abroad, responsible for the greatest wealth transfer to the privileged few at the expense of all others.

Social justice is being systematically eliminated, constitutional rights practically gone, international law entirely ignored.

America was never beautiful. No nation in world history ever more greatly threatened humanity’s survival. The possibility of cataclysmic nuclear war should scare everyone.

It doesn’t matter who’s president or in Congress. America’s imperial agenda remains unchanged - reckless, ruthless, lawless.

Voters believing elections can change things are living in a fantasy world. The entire process is rigged and corrupted, independents entirely shut out. Billionaires like Ross Perot and Michael Bloomberg, if he runs for president, are the exceptions proving the rule.

Anyone outside the duopoly system is marginalized and ignored, media scoundrels giving them no coverage.

The system is rigged to assure continuity. Names and faces change. Policies stay the same - too corrupted to fix, money-controlled gangsterism, a bipartisan criminal class running things.

The business of America is endless wars of aggression, corporate favoritism, elitism at the expense of equity and justice, stealing from the poor for the rich, eliminating the bedrock middle class, transforming the nation into a ruler-serf society - unsafe and unfit to live in, pursuing reckless policies risking humanity’s survival.

Tuesday headlines feature results from Monday’s Iowa caucuses, a meaningless exercise in theater, no “cornfield crucible,” The NYT’s duplicitous characterization, relishing Cruz beating Trump, subdued about Sanders in a virtual tie with Clinton.

A long, agonizing primary season lies ahead, dominating mainstream news (sic) reporting, most people getting it on television.

Before it became the dominant medium, a prescient observer said if it caught on, we’d have a nation of morons.

Americans are an easily manipulated populace, what journalist Walter Lippmann once called “the bewildered herd.”

Ordinary people are spectators, not participants in policymaking, unaware how duopoly power harms their welfare, indifferent about doing anything about it - why America is the greatest threat to world peace and humanity’s survival.

Son of Captain Nemo's picture

Beautiful summary J C

The only thing I would add to everything you've so eloquently stated in your synopsis is that we will look on "hopefully" with the best of intentions at the erosion of the Spanish State which isn't about Spain AT ALL,... but rather HAS EVERYTHING TO DO it's property owner in "Brussels" as a "mirror" of our own demise and degradation.

I'm not that hopeful that 300 million Americans have the attention span or even care enough to remove themselves from the bread & circus of standing vs. kneeling at staged sporting events instead of the treason that is being allowed in their names!

Well Done!

divingengineer's picture

What can I tell you, adapt to the reality of the world around you, or fail.

Endgame Napoleon's picture

BlockChain can ensure that your vote for the lobbyist’s slave is actually your vote.

jmack's picture

Perhaps, but still an improvement over what we currently have.

HRClinton's picture

As I explained on 10/11/17... . . HRClinton  bwh1214 Oct 11, 2017 10:51 AM

Time for some schooling...

1. Blockchain is the Backbone of Crypto-currencies. It is the Primordial Seed for a whole new Monetary Ecosystem. 

2. Blockchain is an all-digital ecosystem of globally-distributed ledgers that form the various crypto-currencies.

3. BTC is not a conventional Commodity or Asset. BTC is the Adam of crypto-currencies. It does not matter if Adam lives forever. His crypto descendants will continue the line.

Because this is a Global, Decentralized Ecosystem, you can NOT apply conventional and traditional models of "Asset Investment" (shorting, crashing, manipulating, etc.).

It is very much like the birth of the Federal Reserve System in 1913. Once born and "walking, talking", it is virtually irresistible. 

What you are buying into, is not an Asset, but shares in the Monetary System itself. Because of its decentralized nature, Darwinism in the global crypto-currencies will determine which ones will become the Top Tier cryptos, and which ones will occupy lower tiers.

Because they are all a mortal threat (zero sum game) to existing fiat currencies, the CBs are still trying to catch up and figure out how they can benefit from this, and how to issue their own version that will dominate by Decree. This is why we are seeing diverging views from bankers and finance people.

Time will tell. 

My prediction: I agree with the International Man, that Blockchain will be BIG. Blockchain will be the Internet of Currencies of the 21st century. 

As for you out there... you can join, resist or get out of the way.

Economics Considered's picture

Crypto-"coins" are NOT money and are highly unlikely to EVER be money. 

Crypto-coins are two things.

1.   They are a true ponzi scheme.  E.g. you cannot get one plugged nickel for the vastest amount of coin UNLESS & UNTIL someone else puts money in to provide money for you to take out.   THINK ABOUT IT - not ONE plugged nickel.

2.   If someone does agree to provide you goods or services in 'exchange' for your coin, it is ONLY because there is an active ponzi in operation and the coin can be redeemed in a VERY short time interval for money.  Even then my guess is that the seller is somewhat nervous about ANY float of coin he has.   It is not unlike businesses near the Canadian border who will take Canadian money ONLY taking into account the current exchange rate - and even then likely charge you a slight premium to hedge the value.

Before you bluster, answer a VERY simple question.  If the exchanges were all shut down (i.e. no active ponzi) - would your coin be worth anything?

A second question if you are a little more sophisticated - why do people operate a ponzi - and why does anybody want to operate one of the coin exchanges?

tmosley's picture

You don't know what a ponzi scheme is. What you describe is the same as literally every other market that ever has and ever will exist.

Ponzi schemes claim to produce a dividend, and instead of actually doing productive work, pay the dividends from new investments.

If you can't see the difference, then you are genuinely too stupid to be investing in anything, and should just keep all your money in CDs. Because you are stupid. Really stupid.

doc333's picture

Gold - self evident for 5,000 years

Bit - evident after much explanation for 5 years

we'll see

tmosley's picture

This is valid criticism.


doc333's picture

OK, I take back my last  insult aimed toward you -  ratioanality always should be rewarded

abyssinian's picture

Gold price - maniuplated by central banks for 30 years and maniuplation will continue forever


Bitcoin - never been hacked and central banks did not, can not  and will not ever hack or maninulate it forever! 



Justin Case's picture

With all of the manipulation, how in the world did gold rally almost 8x in 13 years. These manipulators are obviously the most incompetent ones ever. If the so-called manipulation is true, then the old master manipulators like the great Jesse Livermore, would be totally mocking these modern day bumbling losers. They are apparently a bunch of Inspector Clouseaus. Why won’t one of the gold permabulls (sanely) explain to me how gold had that massive rally even with all of the manipulation.
Why is gold over $1200.00? I bought it at $280.00/oz CDN. Silver @ $3.50/oz. Whaaaa happened?

Golden Phoenix's picture

Obviously a pyramid scheme. You can't sell your gold unless you find a greater fool. But you won't be able to spot a greater fool if the power goes out. And if there's an EMP your car won't work to get you there. 

OverTheHedge's picture

Bitcoin will never be manipulated? Are you SURE?

How much to buy every single bitcoin ever mined? Right now, today? How much?

The Vampire Squid can write you a cheque for that today, and it's a Sunday (at least, it is where I am). Now the big boys are in, expect the price to leap all over the place, for their benefit.

Dame Ednas Possum's picture

Because you are boring prick. Really boring prick.

I_rikey_lice's picture

Take a fucking day off mosley. You post on every fucking crypto thread. Don't you have any sort of actual life? Fucking pathetic. 


blah blah blah ...peanutz...oldbug...cognitive dissonance...we've heard it all..take a night off and watch a movie and jerk off or something....maybe use some of your winnings and rent a woman for for the night.

11b40's picture

So, you are on every thread reading TM. VD even shows up to bash him when he is nowhere in sight, and any time there a crypto mention, you professional bashers start calling for him. Getting a little tiring. Don’t like cryptos? Don’t buy ‘em. See? Easy.

JLee2027's picture

I agree, the only dowside I see is IF blockchain can ever be hacked, the entire system fails. Yes/No?

tmosley's picture


Also, if gold ceased to exist, the entire gold system fails.

In either case, all it takes is a wave of that magic wand!

Dame Ednas Possum's picture

Ha ha... such a stupid prick.

doc333's picture

1st year physics - matter cannot be created or destroyed - so gold isn't going anywhere

ephemeral, unseen digital numbers - not so much

tmosley's picture

Wrong on both counts. Gold is trivial to destroy with an atom smasher or a nuclear weapon.

Distributed ledgers can't really be destroyed without also killing all the humans on Earth. 

lil dirtball's picture

> Distributed ledgers can't really be destroyed without also killing all the humans on Earth.

This is such utter nonsense. Your 'distrubuted ledgers' are electronic bits that can only be accessed thru electronic means. They have nothing - nothing - to do with humanness other than, for the moment, having humans interact with it via software. If you eliminated all the tech (phones, servers, computers, routers ... etc), one could effectively destroy all your 'distributed ledgers' and not one single human need die.

Unbelievable, the nonsense you spew.

tmosley's picture

You going to hack every computer and disconnected hard drive on the planet at once?

If you can do that, then you are a god, and can also unmake all the gold on the planet.

jmack's picture

you dont have to do every one at once, you just have to get to 51% of the network.  if you have a large nascent zombie horde of worm infected computers, globally, or not even pc home computers, but internet connected machines like cameras, scada nodes, etc. and just for a few minutes you can become 51% or better of the network, you can wreak some havoc, particularly if you are doing large false transactions.   


   Gettting away with it is another matter entirely, but it is conceivable to me.  At least as concievable as someone shooting 600 people at an open air concert in vegas. 

Arnold's picture

I got Quantums, baby.

lil dirtball's picture

> You going to hack every computer and disconnected hard drive on the planet at once?

Hacking computers = killing humans

And, the software required to play with your specific electronic bits does not reside on every computer and every hard drive on the planet. At best it's a very small population of the whole.

I still think you're fulla shit.