3Blue1Brown - 2017-07-07
The math behind cryptocurrencies. Home page: https://www.3blue1brown.com/ Brought to you by you: http://3b1b.co/btc-thanks And by Protocol Labs: https://protocol.ai/join/ Some people have asked if this channel accepts contributions in cryptocurrency form. As a matter of fact, it does: http://3b1b.co/crypto 2^256 video: https://youtu.be/S9JGmA5_unY Music by Vincent Rubinetti: https://soundcloud.com/vincerubinetti/heartbeat Here are a few other resources I'd recommend: Original Bitcoin paper: https://bitcoin.org/bitcoin.pdf Block explorer: https://blockexplorer.com/ Blog post by Michael Nielsen: https://goo.gl/BW1RV3 (This is particularly good for understanding the details of what transactions look like, which is something this video did not cover) Video by CuriousInventor: https://youtu.be/Lx9zgZCMqXE Video by Anders Brownworth: https://youtu.be/_160oMzblY8 Ethereum white paper: https://goo.gl/XXZddT ------------------ Animations largely made using manim, a scrappy open source python library. https://github.com/3b1b/manim If you want to check it out, I feel compelled to warn you that it's not the most well-documented tool, and has many other quirks you might expect in a library someone wrote with only their own use in mind. Music by Vincent Rubinetti. Download the music on Bandcamp: https://vincerubinetti.bandcamp.com/album/the-music-of-3blue1brown Stream the music on Spotify: https://open.spotify.com/album/1dVyjwS8FBqXhRunaG5W5u If you want to contribute translated subtitles or to help review those that have already been made by others and need approval, you can click the gear icon in the video and go to subtitles/cc, then "add subtitles/cc". I really appreciate those who do this, as it helps make the lessons accessible to more people. ------------------ 3blue1brown is a channel about animating math, in all senses of the word animate. And you know the drill with YouTube, if you want to stay posted on new videos, subscribe, and click the bell to receive notifications (if you're into that). If you are new to this channel and want to see more, a good place to start is this playlist: http://3b1b.co/recommended Various social media stuffs: Website: https://www.3blue1brown.com Twitter: https://twitter.com/3Blue1Brown Patreon: https://patreon.com/3blue1brown Facebook: https://www.facebook.com/3blue1brown Reddit: https://www.reddit.com/r/3Blue1Brown
It must be so tough to break down such smart things to the level that us internet scrubs can understand
i second that
"To call it astronomicly large would be giving way too much credit to astonomy."
My new favourite quote :)
@A_WILD_ABRA appeared You ruined everything.
Has potential to be a good insult...
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As a trained astronomer, I found this hilarious
Make this ur status on AoPS.com
I am a person who never writes comments on videos. But after watching this, I simply had no other option than to appreciate the quality of this video. Everything about this video is incredible, the research done and the way of explaining. I am definitely sharing this video with everyone I know and becoming a regular at this channel!
قمت بعمل صائب
This is indeed one of the topmost-quality channels on YT. IMO, Grant Sanderson is amazingly knowledgeable & communicative – a dynamite combination.
Fred
3blue1brown is greatly underrated
@hülye ló hülye ló Welp, tbh, it doesn't even take a "research" to figure it out. I mean, common, LinkEX mentioned it in literally this EXACT tred just a few comments above. So all it takes is ONE. f*cking. single. scroll., and knowing how to read f*cking letters.. Sadly, some peaple are too stupid for that, and instead they start answering posts without reading a tred, nor even simply turning their brain on and thinking before saying.
To call him astronomically underrated would be giving a lot of credit to astronomy
are you that iit bhu guy
you NEED CRYPTO clothes-->> https://www.youtube.com/watch?v=LOBpQO7hDCI
Waiting for 3Blue1Crown , i bet itll be better than G.O.T
"You should see me in a crown!"
- Lorde 3Blue1Crown
3jewel1crown
3RoyalBlue1Crown
Satoshi is a genius......This explanation of his genius, is genius. Subscribed half way through it....
Funny how all these idiots in here seem to know what "Satoshi" did when in reality no one even knows who or what he is. Even if it is a "he" or a single person. So many self proclaimed "Crypto Experts" running around. Truth is 99% of you don't know fuck all what you're talking about.
@Yurivel STFU, you have no idea what you're talking about. Babbling idiot.
@user name taken can you provide some learning materials for learning more about this?
That is why Satoshi is not one single person :) Blockchain is new miracle to kill central bank.
you NEED CRYPTO clothes-->> https://www.youtube.com/watch?v=LOBpQO7hDCI
Imagine having to actually do this in real life on a ledger...
"Okay, so I'll just do some super complex maths... "
* Five hours later *
"Right, now to write down this super long very specific and vital number... "
* One hour later *
"Now to verify the transactions... using super complex maths... "
* Five days later *
"Okay, now to check I ran the numbers right-"
...except that finding one of those special numbers by hand would take millions of years
@R. M. Tosh I mean, if the blockchain was implemented for calculation by hand, the hashes would definitely be shorter.
Yep. Can't do that of course in a world where computers (or even handheld calculators) exist though.
If you make the blockchain calculable by hand, it's going to be trivial to crack with a computer. (unless you can find something that is difficult for a computer to process or which is difficult to code a routine for.)
If someone wants to try it for real, you can use a website like this: https://www.devglan.com/online-tools/rsa-encryption-decryption
Setup:
- generate your keys
- all exchange public keys
- safekeeper creates google form linked to a spreadsheet for ledger line submissions, shares in read only mode
To transfer LD:
- think of a random number or word, make sure you haven't used it to do the same transaction before, could use sequential ids or date
- encrypt a message with your private key "10/10/2020 send 500 ld to bob" - you are free to add any text there (could just leave a signed note with 0 transfer)
- fill out the form with these fields: your random word, your name, your encrypted message
You also could have unencrypted fields for the amount and recipient, so you can see it at first glance without decrypting the message having verified it earlier.
To verify a transaction:
Spreadsheet line contains: "10/10/2020", "Alice", "10/10/2020 sending 500ld to Bob", 500ld, Bob
- take the encrypted message from the spreadsheet and decrypt it using the public key belonging to Alice (trusted from exchange)
- if you are able to decrypt the message using Alice's public key, it must come from her - make sure the ID/date at the beginning of decrypted message matches the ID in the spreadsheet. The spreadsheet should have a formula to check for re-use of IDs, marking transactions invalid.
- if you cannot verify it, you can submit a new entry describing the situation, with plaintext obscenities instead of encrypted message
@Kapin Maintaining a ledger is actually easier in real life. The only reason this comes across as complex is due to the cryptography involved to prevent people from cheating by fabricating data. How do people think banks balance out at the end of the day? A bank has a ledger (balance sheet) of all money incoming and outgoing. Other banks have ledgers too of all money incoming and outgoing, which some of the transactions will cross over to another bank's ledger due to their interaction.
If a bank conducts an audit, its ledger should balance out.
Scenario 1: If the ledger doesn't balance out, that means there was an error input by an employee or money was lost/stolen. At that point, the bank must tally everything. If any physical money was involved from the vault, the vault must be recounted. If the ledger is still short, they'll start the whole process all over again and recount. Eventually an investigation is opened to find out what happened to the money.
Scenario 2: If the ledger does balance out, that means there were no errors and all monetary transactions were accounted for. What if a ledger balances out, but only because an employee stole $100 from a vault and wrote down that the $100 was accounted for? This malicious activity can't be hidden for very long because eventually that employee will have to transfer the contents of a vault over to a new owner and it will turn up short, revealing that $100 went missing under the employee's watch.
Scenario 3: An entire bank is corrupt, constantly forging ledgers and fabricating financial documentation in order to get everything to balance out after pocketing the stolen money. This malicious activity can't be hidden for very long because any banks perceived to be involved in malicious activities can be audited by an independent third party and occasionally are subject to an independent audit by a third party regardless of whether or not they were suspected of malicious activities.
Prior to centralized banking through the creation of the Federal Reserve, individuals bank themselves audited one another. Discrepancies between each bank's ledger through cross-examination, and any discrepancy between an individual bank's ledger and financial documentation(s) identified cheaters. Because of decentralized banking, banks could police each other to prevent cheaters. Post decentralized banking, the entity that audits and polices each bank is the Federal Reserve, which also handles the production of money in the United States. The U.S. treasury is supposed to handle the production of U.S. currency, but what happens instead is the Federal Reserve loans money to the U.S. Treasury who then prints physical U.S. currency. The U.S. Treasury pays back that loan (plus interest) to the Federal Reserve, causing the U.S. Government (or American people) to be placed in perpetual debt. For example, if you start out with 0 dollars and I loan you $1 at 10% interest, you would have to pay me back $1 and 10 cents. However, in order for you to pay back that 10 cents interest, you need me to loan you another $1 at 10% interest, so you again have to pay 10 cents on.
The question, since decentralized banking caused banks to police each other by randomly auditing one another and now centralized banking enables the Federal Reserve as the de facto entity to fulfill this role, what entity audits the Federal Reserve to guarantee it doesn't turn corrupt and begin creative accounting? The answer is no one. There is no entity. Now you know why the Federal Reserve, established in 1913, for over 100 years, has never been audited. An audit would unveil all the malicious activities going on in the U.S. banking industry and what's happening with that interest the U.S. Treasury (or American people) are forced to pay.
Anyways, the Achilles' Heel for cryptocurrency (something decentralized) other than it being dependent on the Internet (something centralized) is quantum computing. Once developed, a quantum computer would be able to mine any block and would take over the entire blockchain.
By far the best explanation of blockchain I've ever seen.
please make a video on transforms (laplace ,fourier,z- transforms) as these will help many engineering students.Many people take it for granted very little is known about its physical meaning,there are subjects in engineering based on transforms like signals and systems, signal processing, control theory your vedios will surely make a difference in understanding these subjects.
All you need to know/https://www.digistore24.com/redir/223831/JMilner/
Seems you are an ECE guy
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Hi Fellas! Cryptocurrency Trading is the Forex (Foreign Exchange) of
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normally for USD, GBP and EUR. Cryptocurrency Trading is an alternative way to
get involved in the Crypto-World. It doesn’t require mining hardware nor
investing in bitcoin hyips or bitcoin cloud mining which is said to have a high
level of risk involved. Crypto trading is now seen as a good opportunity to
make good money. Many coins quadruple their value in less than a week when a
good strategy is implemented. I have been trading it for close to 2 years now
and I've made about 120K due to the fact that I invested wisely and now my husband
have also joined the Crypto-World with me. yall reach webghost33 on telegram
You got it
Hey, Thanks for the content ! Saved me a lot of time for the research. In 26 mins i got basically to know crypto without
reading the news one by one. Thankss
@Patrick Jos " just 1btc " is like $10,000 now
@Patrick Jos ALSO both of these accounts above me are private without any trace of human being using it so I wouldn't trust whoever that mf is in the slightest. Unless you actually want to get scammed
All 3 of them*
Oh shit this whole comment is a fucking scheme Holy fuck
Dang... 26 minutes??? I've been listening to this in full attention for 26 minutes?? This channel is amazing..
3:08 Wait, I've spent more than I received, therefore I need to put MORE money in the pot? You wot?
The others who have received more than they have spent, get to receive more. $___$
The best explanation of cryptocurrency I've seen. I finally understood it! Sharing this on Twitter, you deserve it 👍
is this sarcasm? lol
This explanation feels clear, but I couldnt understand it
Yeah bro i agree
One idea is that blocks of data are "light" but can be made heavy by proof-of-work. By chaining heavy blocks together the structure becomes too heavy to move. Does this make it easier or more confusing?
Fabio Pilnik more confusing
You need 50% of the network to move the heavy chained block?
@Kadour - The ideas are fairly complex so you may to pause and think about each concept individually then together. It may help to try to articulate what you don't understand specifically.
This is one of the clearest explanations I’ve ever heard of anything ever. Thank you
It's clear but I couldn't understand it
It's a shame people don't trade knowledge in such a comprehensible way more often.
Oh wow, I was still quite unsure on the concept until your example at 20:00 were you explained why someone couldn't put a transaction in without the consensus of the other network members, then I got it straight away. Amazing video!
I wish I'd seen this back in 2009. I'd have bought a whole tonne of them.
I had tried to understand how crypto-coins work before, but never had become that clear as this explanation here! Excelent work!
0:58 there is that one Dogecoin and Doge is meme Lmao..
What an amazing video.
This is the first time, after many tries, that I understand how cryptocurrency works. It makes much much more sense to me now. Thank you for this.
Yeah, but I have a phone app that decodes sha256 in one seconf
I mine bitcoins. You need to start mining bit coins too. Click on this link for more information. https://bitclubnetwork.com/sgatambe/signup.html
same here man!
I disagree. He skipped a lot of details
This will break it down to the lowest common denominator/https://www.digistore24.com/redir/223831/JMilner/
24:17 YESS HE MENTIONED WAIT BUT WHY I'M SO HAPPYj
Thank you, I now finally fully understand how the blockchain and proof of work works, I knew they were there and I knew something about them, but now I feel like I really understand it.
1. So a node broadcast a transaction.
2. Miners listen to it and find the POW( the special number) to add to the transaction so that the hash for that transaction starts with certain pattern which has been agreed upon by those participants in the network.
3. Then the miner converts that transaction to a block and adds it to the chain and distribute.
Is my understanding correct or not.
Omg this channel is so good at explaining I never understood what blockchain were until this
14:37 - How special is that special number really... I must have access to your hash function! XD
here's how it works: money goes in.
bogdanoffs take money.
repeat.
Excellent work! This is, by far, the best video about blockchain i've seen on youtube.
Oh my god I’ve never watched such a great explanation about crypto currency, thank you so much
13:26 the input is "Challenge"
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I thought we were renting a computers power for internet money. that should by more logical. and transparent.
best video on the internet that actually explains what's going on. I wonder if you could make some cryptography videos explaining the processes used and why they're so hard to crack.
Man you are really great in explaining things, i have been trying to understand how bitcoin works for a long long time and never succeeded.
A huge thank you
"To call it astronomically large, would be giving way too much credit to astronomy", lol
Actually, "astronomically large" is an apt description. 2^256=8^64 < 10^78, which is the estimated lower bound of the number of atoms in the universe. Furthermore, 2^256=16^32 > 10^29, which is roughly the diameter of the observable universe in millimeters.
+Jason Martin 2^256=/=8^64 since 256/3 is not 64 but 85.33333333...
Your "2^256=16^32" is also wrong. since to go from 2 to 16 you need to raise 2 too the power of 4 so you need to divide 256 by 4 to get the new exponent which is 64.
So in short, 2^256=8^(85+1/3)=16^64
Or just enough?
I am an astronomy student and I found that sentence otherworldly.
This video has to be the most comprehensive explainer video on crypto currencies. Your explanation was relatable and as lucid as it can get.
Subscribed right away.
Keep up the good work.
P.S I wish I had professors like him :)
I'm mining your channel and it's so rich in knowledge.... Best in the world i have ever heard of about Bitcoin / Block chain.... Thank you sir!
The "Ah ha!" moment 17:21
Despite the quick decline from $6,900, Bitcoin is still higher than it was three days ago when it was wallowing in the lows of $5,000. A trend has appeared on Bitmex futures market that shows the bulls are still in control meaning bitcoin is still bullish, has corrected and once solidifying the $6,500 resistance bitcoin will rise well over $7,000. This is an indication to buy more at the current low and consider trading to increase that portfolio. I did this during the last big dip when I bought an additional 5 btc which I traded with Nathan Trueman’s signals and within a couple of weeks, my trading portfolio grew from about 5 btc to over 10 and his accuracy is just outstanding. Nathan is a true leader in his rights and I think more like him have to emerge to assist the ever-growing population of crypto enthusiasts. Nathan can be reached via WhatsApp (+44) 7723984457 or Telegram (@nathantrueman) for inquiries or assistance
Nathan is a huge breakthrough in the crypto world, great and massive awareness should be created because we all can win in crypto
Respect should be put on his name because he is a great man
Nathan is just the best. His analysis are top notch and i have made very impressive improvement since i started copying his trade alerts
One of the best traders i have ever made acquaintance with
I have heard a lot from colleagues about Mr Nathan and now here. Time to see for myself
I mean, that is an instant subscription from me. I've seen only one video, But I can already tell that author really does his research, knows his subject. Animation is minimalistic yet informative, filled with fun with easy to understand examples. Narration is smooth and friendly. Overall, that's what makes a great educational channel on Youtube. Very well done sir, I am sure You're gonna hit 1m sub till the end of this year!
Kolos he didn’t hit one million but all of that is true.
Hope this channel reaches that amount of subscribes. Even if not, it is definitely amazing in content and form, and shows in a very clear way how "real" math works (which, as we"ve seen here, has many technological applications).
The more I learn the more I feel like I don't know anything at all
thats normal
That's how you know you're really learning ;)
Always entertain the fact that no matter how much you think you know, you really don't know that much. Unless you're a PhD at a specific field.
Gods Of every Example:
Alice & Bob
Awesome that’s the first time someone has explained this tech in words I can understand. Thank you.
Thank you so much for putting this up, so very understanding video. Now i understand why Mr Donald Anderson strongly recommended your channel to me, keep up the good works
@Arton Smith wow, this is amazing, seeing a lot of good reviews on bitcoin mining. now i so regret wasting all my money on stock trading
@Tory K.B So sorry for your loss, contact Mr Donald Anderson on 4donaldanderson4@gmalI,com for a change
It`s really difficult to see someone such as wise and understanding as Mr Donald with his amazing strategy i earn more than £15,000 monthly
From day one when i started mining with his pool i knew it was my end of worries?
@Arton Smith plug talk man
WHERE WILL I HAVE BEEN WITHOUT HIS HELP, AM SO GRATEFUL TO HAVE BEEN PART
Wow, i’m about to enter a graduation in maths and well this is awesome
Please do more like that ^-^
Wow! This is the best explanation video that I have ever seen. Now I truly understand how it works. Thank you so much!
Don't let this make you forget the fact that Mr Krabs sold Spongebobs soul for 62 cents
5:42 are you talking about RSA encryption?It sure resembles me of it.
... And this is how Alice and Bob broke up.
ICOs are usually pyramid schemes. Especially if someone advertises it in a youtube comment section along with links that will give "bonuses". Also, an actual miner will completely destroy a phone so there is no point in draining your battery for mining.
Because of Eve?
Peercoin is 8$ wtf
Best Explanation In The World. I Wish You Could Be My Professor.
23:00 the best infinite sum ever.
I truly can't explain the amount of respect I have for you! I am maintaining a list of incredible persons who helped me in some point of my life for free and you are on the top of that list. I will surely contribute some amount, once I start earning. God bless you! Keep making awesome videos! Love from India.
Jae Pil Choi - 2018-10-25
It is a miracle that I can watch this free. No way I could have known any knowledge at this level without actually paying someone more than $10. The value you're creating is in-valuable.
kim Winston - 2020-03-09
Hi Fellas! Cryptocurrency Trading is the Forex (Foreign Exchange) of
cryptocurrencies. This means, you are able to trade bitcoin and altcoins
normally for USD, GBP and EUR. Cryptocurrency Trading is an alternative way to
get involved in the Crypto-World. It doesn’t require mining hardware nor
investing in bitcoin hyips or bitcoin cloud mining which is said to have a high
level of risk involved. Crypto trading is now seen as a good opportunity to
make good money. Many coins quadruple their value in less than a week when a
good strategy is implemented. I have been trading it for close to 2 years now
and I've made about 120K due to the fact that I invested wisely and now my husband
have also joined the Crypto-World with me. yall reach webghost33 on telegram
GGR TheMostGodless - 2020-03-14
@MaRaX93
Should be, but it is NOT free... as long as I know something valuable and someone is willing to pay me to learn it, why shouldn't I charge for it. Now, if I know something valuable and NO ONE is willing to pay me, I can either keep it to myself or put it out there for people to see and learn and perhaps appreciate it.
Token claimchnn - 2020-03-20
you NEED CRYPTO clothes-->> https://www.youtube.com/watch?v=LOBpQO7hDCI
Beatrice Palmer - 2020-03-20
You are paying for it, with ad time
WORLD-TECH/IT - 2020-03-20
yes, that is why we all like his videos