What the hell is a bitcoin

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What The Hell Is Bitcoin and How Is It Used In The World?

3 351 views | 24 Feb. 2018

In this Majority Report

In this Majority Report clip, professor and author David Golumbia joins the show to discuss cryptocurrency and how it's used.

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I appreciate the overview, but please, Sam, don't disparage the blockchain as a right-wing conspiracy! That's backwards thinking, distorted by the partisan tribalism; and it's inaccurate. This man, though perhaps well-meaning, reveals his political illiteracy when he throws out the term "anarchists" as an example of right-wing extremism; as an anarchist, I resent that. For those who don't know what anarchy is, please read Noam Chomsky. It's true that a lot cryptofans are some form or other of libertarian, but if you're honest, libertarians are right to insist on privacy and the freedom to pursue one's own course in peace and goodwill to others who think differently. This tribalism keeps us fragmented and powerless, which we must not be if we are to overcome the corporate class that is consuming this government. But whether you agree with me on that or not, I know you aren't interested in spreading misinformation. Imagine if we could have our own currency that wasn't controlled by the FR? Imagine if, instead of going to Walmart and buying my kid a toy, I could go online and see handmade gifts from an artist in a developing country who now, instead of a sweatshop, can become an entreprenuer. With just access to a cellphone and no need of a bank, and whose financial security is not dependent on their country's fiat currency or the whim of the latest warlord controlling their region. And micro payments? Brilliant. The blockchain will have a bigger impact than television or the internet, or perhaps even the internal combustion engine.


This guy's a fund of misinformation! Show me the coin that "increased a thousand percent in a few months"! I think he's trying to persuade us a bit too hard; when you have facts and certainty, you don't need hyperbole.

Bobby Gonzalez

Was this meant to be informative, the reasons why 500 companies stoped taking bitcoin is because there are easier ways to turn your coins into cash like coinbase, pretty soon robynhood I believe by the end of the this month.


Rofl, idk why they're trying to politicize bitcoin, it's the ultimate revolution that gives power to the people.

don bot

It is not relevant, just a money maker for a few people. China now own's 3/4 of world's gold backing the yen, they are set to sink everyone else with their money as the new standard. Nothing, even floating in the clouds money like bitcoin will fall. If Tesla had been allowed to provide free energy to the world, we would have no money anywhere and would be living as close to peace and utopia the world will ever see. hmmmmm

Sevil Natas

The idea that we want currencies to stay the same value is something that an English professor might think but an economist would not agree. Do we, as Americans, want the American dollar to just stay the same value or rise in value? No country wants their currency to stagnate.

Now I understand that the volatility of the cryptos are pretty crazy, but to think that currencies should stay the same value over time is crazy. Hopefully the cryptos will mature and the volatility will settle down over time. It's the Wild West right now.

We as Americans are a bit spoiled because we feel very little volatility in our currency. The Dollar is the world's currency and in our enormous economy we don't feel the volatility of the dollar, but it does fluctuate. In other smaller countries, they do feel their currency fluctuate, sometimes on a daily basis. The idealistic idea (redundant) behind cryptos is that these currencies rise above the local polotics of the countries where they are used, thus avoiding the avoiding the horrors of currency implosion and the false elations of the artificial expansions of economies through the printing of money. In the case of the US, the Feds management of the economy, in China, "Currency Manipulation".

Unfortunately, cryptos are also loved by Sam's favorite friends, libertarians. They bring a nasty and greedy side to the original ideals of cryptos, in my opinion.

When it comes to the question of, "Is Bitcoin being used as a currency?", no it is not being used as a currency as much as the founders had hoped. It has been a victim of it's success in that way. The value has gone up so high and so many people have seen the fact that people who've held it over time have made such lkarge gains, thye loath to spend it like currency because of the peotential in lossing out on the big gains. Once, if ever, the volatitlity starts to settle down and the possibility for massive gains by holding on to the coin over time lessen, it will again become a currency.

Bitcoin is what we make it to be. There is no corporation controlling it, no government manipulating it, it cannot have an agenda, it should never be given rights, it is a tool, there for everyone's use, equally.

Career Use

It's funny how people call Bitcoin a scam yet still are okay being screwed by bank fees.

Peter Perfect

Buy bitcoin!

Oliver Masiosare

This guy has a book about bitcoin but does not explain the important stuff about bitcoin, Andreas antonopolous is the guy to have in your show


I am a HUGE Progressive. And I am also a HUGE fan of Cryptos (not Bitcoin because is like the outdated AOL of the Cryto World [First on the block but outdated]). I am very much of the belief that Crypo Currencies should appeal to Progressives, Libertarians, and anyone who wants to give the establishment and banking world the middle finger. It is in no way a Libertarian only trading network.

Rose M

Gross, just had an NRA ad before the video :-/

Silver Snark

I need the next batch of GPU's to be released already! I want to be able to play final fantasy 15 at Max graphics and I really REALLY don't feel like being gutted for $600+...


Sam, I think you're being 'libertarian-baited', lol.

Herman S.

In the English department. I don't get how cryptocurrencies are a right-wing thing..wtf?


I buy and trade Bitcoin.


I'm glad this channel is finally talking more about crypto currency. Unfortunately, this was a piss poor explanation of what Bitcoin is.

If you want to know more about Bitcoin, check out this video:


Mark Feigenbutz

Was anyone else expecting an interview with an actual tech expert?

Peeple Eeter

Im tired of furthering the argument behind fiat currencies having actual value. Bitcoin is exactly that, a way to further a pointless argument.
Money is really a silly thing, yet we want to take it so seriously.


sounds like bitcoin is an attempt to legalize the black market, and i am by no means a fan of the current corrupt capitalist system, as deregulated as it has become, but this sounds like a libertarians wet dream, unobstructed capitalism with the ridiculous promise it will police itself based on everyone's self awareness and moral judgement... hahahahahahahahaha

Mac B



Not a rational view of crypto.

Murray Mclellan

This reminds of tulips

Leo Wallace

Bitcoin is an energy waster. No matter how much love, you have for this new technology; it will never be an economical fiat monetary system. The moment you lose the electrical supply that run the computer systems; you will take notice of all the downsides! Real quick! Hopefully a smart nation will never fully go all in with cryptocurrency and do away with it's physical 'money.'

V. A. Odin

Wow, this video is about 18 months too late. I think the craze is deflating.


There are experts, who are coders who could give you the real scoop. Some that would be super, if you can get them would be Andre Andropolis, Ivan on Tech or Data Dash are all honest and articulate coders who are able communicators. There are others of course, but these are the top three in those categories, imo.


I appreciate this Sam, but at the same time I don't think his guest was able to explain it to the degree he'd hoped

Jason Armstrong

I don’t think I’ve seen a bigger scam since Scientology

Phil Brittin

...Bitcoin is the 1980's Version of the "Condo/Time Sharing Scam -- Digitized".

Christian Thomas

It’s clear Sam is getting this Bitcoin money now just by his past few vids about it & blockchain lol WELCOME TO THE GET MONEY CLUB!!!!

Same real hustler and about his money! Everybody in crypto is real money getters

What the hell is a bitcoin

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What the hell is a bitcoin

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