Getting the Feel for Bitcoin

Featuring Trace Mayer

Trace Mayer, host of the Bitcoin Knowledge Podcast, has some sagely advice for anyone thinking about making their first foray into the world of cryptocurrencies.

Published on
25 April, 2017
Topic
Technology, Crypto-currencies
Duration
4 minutes
Asset class
Crypto-currencies
Rating
21

Comments

  • BK

    Bruce K.

    16 5 2017 20:51

    1       0

    I'm hesitant to "talk my own book," literally, my own book on blockchain technology and Bitcoin. The book starts from first principles and explains the why, what, and how. Check out "The Bitcoin Tutorial" on Amazon ... another option for your education process.

    • BT

      Bryan T.

      20 8 2017 14:55

      1       0

      A couple of the reviews indicated it was rather daunting to get through at times, but I'm going to try . Bruce thanks for the lead it looks like a rather inexpensive investment and even a few good ideas at the price point listed would be outstanding.

  • vL

    vincent L.

    2 5 2017 15:07

    0       8

    marketing bitcoin again. there are a few crypto currencies and i defintiely cant see bitcoin being mass adopted..waste of time

  • gb

    gabriel b.

    26 4 2017 09:17

    4       2

    I guess I'll go against the grain and say that while the advice given here is fine, i think there needed to be more meat. A lot has been going on since the last dedicated RV video on bitcoin with price action, scaling debates, etf proposals etc... let alone the massive run up in etherum. I was disappointed not to have any substantive talk on any of these topics in the first bitcoin video in forever.

  • PN

    Paul N.

    25 4 2017 21:58

    6       0

    Trace's podcast is probably the best one in bitcoin for people who are already reasonably knowledgable about it. Listen especially to any of the episodes with bitcoin developers like Adam Back, Peter Todd, and Eric Lombrozo.

  • PT

    Pamela T.

    25 4 2017 16:56

    2       0

    Succinct, logical, actionable suggestion. Perfect!

  • M.

    Milton ..

    25 4 2017 16:47

    18       0

    We've got a full interview with Trace coming onto the platform in the coming weeks... never fear!

  • LV

    Luís V.

    25 4 2017 14:35

    3       0

    Excellent video and argument. More on the subject, please.
    Nice format too - the end with the synopsis is a must!
    Hat Tip to guest and RV team.

  • TM

    The-First-James M.

    25 4 2017 13:49

    9       0

    To follow on from my previous post, I'm a techie by trade but only have what I'd describe as a reasonable summary-level understanding of Bitcoin at this stage. However, this knowledge came in very useful at a Blockchain Investment Company presentation in London last week. It became clear to me early on from audience questions that most of themhad no clue about Blockchain Distributed Ledger Technology, Bitcoin, or the Tokenised nature of a Blockchain transaction (i.e. Bitcoin is just a token at the end of the day). Gauging the level of knowledge of the audience (mainstream retail and broker crowd) from the questions helped me realise that the take-up trend in Blockchain and Crypto has MUCH further to run, assuming some of these folk go away and do their homework and get involved. Also, my own understanding helped me get a better appreciation about what the sample investee company presenting is trying to accomplish in the Smart Contract space. Also made me realise that Ethereum maybe has much further to run - as its smart contract scripting language (Solid) makes it much easier for developers in both the corporate and open source Worlds to play around with - meaning potentially rapid takeup. I still think Bitcoin is the superior of the two chains as I think its Proof of Work protocol is far more secure than Ethers Proof of Stake, but Ethereum bears watching.

    • TM

      The-First-James M.

      25 4 2017 14:04

      0       0

      Sorry. Typo in my post above. Ethereum's smart contract programming language is called "Solidity", not "Solid". Point I was trying to make still stands. Gives developers an accessible way to play around with Ethereum and experiment with smart contract-based problem solving.

    • PN

      Paul N.

      26 4 2017 04:30

      4       1

      Proof of Stake is very vulnerable to all kinds of attacks by the large owners of the token, because it gives them the majority of the power. The only current way to make it safe is to make it centralized i.e. ensure that those owners are a group of trustworthy individuals that would never hijack the system at the expense of others for their own benefit. None of the top level core developers have anything good to say about it from my own reading. This article outlines some of the arguments against it:
      http://weuse.cash/category/proof-of-stake/

    • PN

      Paul N.

      26 4 2017 04:39

      2       0

      Here are two of the best bitcoin developers Adam Back and Greg Maxwell talking about Proof of Stake (https://www.youtube.com/watch?v=jE_elgnIw3M&t=1h19m34s) and here is Andrew Poelstra's research paper on it (https://download.wpsoftware.net/bitcoin/pos.pdf). Both are extremely critical of the system.

    • TM

      The-First-James M.

      26 4 2017 09:30

      1       0

      Hi Paul. I don't dispute any of that. I guess the point I was attempting to make is that because Ethereum is more accessible to everyday developers (non-blockchain specialised) to play around with via Solidity, there will be take up. Also, most companies consider themselves to be trustworthy. I appreciate that you or I might disagree, but this will not hinder Ethereum take-up. The only thing that will, I think, will be a real or widely perceived security scare. Probably just a matter of time on that front. Regarding Bitcoin and Smart Contracts, I think Rootstock are the company to watch in this space.

    • PN

      Paul N.

      26 4 2017 11:08

      1       0

      I'm sure companies will play around with the scripting language to make their own databases but I wouldn't equate that to more adoption of the Ethereum network itself nor the $ETH token. I happen to also think private blockchains are a farce but that's a different topic.

    • TM

      The-First-James M.

      26 4 2017 12:05

      0       0

      I'm with you, re. private blockchains. Totally understand that they are the mirror opposite of a trustless network.

    • TM

      The-First-James M.

      26 4 2017 12:05

      0       0

      I'm with you, re. private blockchains. Totally understand that they are the mirror opposite of a trustless network.

  • TM

    The-First-James M.

    25 4 2017 13:37

    4       0

    Likewise. It would be great to get Trace back for a full interview. I agree with him is that self-education is the best way to own Bitcoin or any other cryptocurrency. Starting with online wallet software such as Xapo, Coinbase and Blockchain.info is not a bad place. You can then learn about Crypto-Trading Exchanges such as Kraken if this yanks your chain, or buying from individuals through an Escrow Service such as Local Bitcoins. In terms of secure storage, you can also look at cold storage with an online provider, or, if you prefer, personal storage on a device such as a Trezor Wallet. Plenty to learn here.

  • TJ

    Terry J.

    25 4 2017 12:36

    1       0

    Excellent starting advice for all us novices in cryptocurrencies. Be great to have more depth on Bitcoin and the myriad of other cryptocurrencies now in existence.

  • JS

    John S.

    25 4 2017 11:13

    4       0

    Sound advice - hope we'll get a full interview with Trace soon