Blockchain Explained (In 120 Seconds)

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...

Comments

Scornd FreeShitter Sat, 10/21/2017 - 19:35 Permalink

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....

In reply to by FreeShitter

Justin Case FreeShitter Sat, 10/21/2017 - 23:01 Permalink

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.

In reply to by FreeShitter

divingengineer secretargentman Sun, 10/22/2017 - 12:02 Permalink

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.

In reply to by secretargentman

jmack rwe2late Sat, 10/21/2017 - 19:34 Permalink

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. 

In reply to by rwe2late

Golden Phoenix OverTheHedge Sun, 10/22/2017 - 08:49 Permalink

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. ;) 

In reply to by OverTheHedge

Paul E. Math jmack Sun, 10/22/2017 - 11:28 Permalink

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.

In reply to by jmack

Justin Case rwe2late Sat, 10/21/2017 - 23:04 Permalink

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.

In reply to by rwe2late

Son of Captain Nemo Justin Case Sun, 10/22/2017 - 09:26 Permalink

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!

In reply to by Justin Case

HRClinton FreeShitter Sat, 10/21/2017 - 19:12 Permalink

As I explained on 10/11/17...http://www.zerohedge.com/news/2017-10-11/its-decentralized-revolution-novogratz-sees-bitcoin-10000-within-year#comment-10440763..HRClinton  bwh1214 Oct 11, 2017 10:51 AMTime 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.

In reply to by FreeShitter

Economics Considered HRClinton Sat, 10/21/2017 - 19:22 Permalink

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?

In reply to by HRClinton

tmosley Economics Considered Sat, 10/21/2017 - 19:28 Permalink

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.

In reply to by Economics Considered

Justin Case abyssinian Sat, 10/21/2017 - 23:22 Permalink

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?

In reply to by abyssinian

I_rikey_lice tmosley Sat, 10/21/2017 - 20:02 Permalink

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.

In reply to by tmosley

lil dirtball tmosley Sat, 10/21/2017 - 20:11 Permalink

> 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.

In reply to by tmosley

jmack tmosley Sat, 10/21/2017 - 20:31 Permalink

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. 

In reply to by tmosley

lil dirtball tmosley Sat, 10/21/2017 - 20:35 Permalink

> 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.

In reply to by tmosley