A natural evolution of trade from the the arduous process of bartering, where traders

貿易的自然演化 艱辛的交易過程，在這裡，商人們

needed to find an equivalent exchange of goods to complete a transaction.

等價交換所需 以完成交易。

The advent of metal coins, which had a known and reliable value, allowed trade to flourish.

金屬錢幣的出現，它有一個已知的。 和可靠的價值，使貿易得以蓬勃發展。

It facilitated the diversification of jobs, and even invented a new one, the banker.

它促進了就業的多樣化。 甚至還發明瞭一個新的，銀行家。

As trade flourished, and coins were minted, the wealthy needed a secure location to keep

隨著貿易的繁榮，錢幣的鑄造。 富人需要一個安全的地方來保存

their money safe.

他們的資金安全。

Banks became common place, where vasts amount of money was stored, and the responsibility

銀行成為常見的地方，在那裡大量的 儲存的錢，並負責

of keeping track of it fell into the hands of these bankers.

追蹤的責任落到了 這些銀行家的。

The banker could facilitate trades between people, without the physical coins, from which

銀行家可以在以下情況下促進交易 人，而沒有實物錢幣，從這些錢幣中。

the currency gained its value, ever needing to be seen.

貨幣增值，永遠需要 要看。

This evolved to the world we now know where electronic and paper money is commonplace,

這就是我們現在所知道的世界，在這裡... 電子貨幣和紙質貨幣是很常見的。

a system based on trust.

一個基於信任的系統；

Trust that this money has intrinsic value, trust that became tarnished by the global

相信這筆錢有內在價值。 信任，但卻因全球

financial crisis where bankers created excessive amounts of another new form of currency debt,

金融危機中，銀行家們製造了過度 另一種新形式的貨幣債務的數額。

a currency based on assumed future earnings.

a 基於假設未來收益的貨幣。

When this system fell apart with the crash in property prices, many ran back to the tried

當這個系統崩潰的時候 樓價上漲，很多人又回到了久經考驗的狀態。

and true method of using gold as a safe and reliable currency, resulting in the prices

和真正的方法，把黃金作為一種安全和 幣，導致價格

peaking at the height of the crash, but one clever individual started to wonder is there

在車禍的高峰期，但一 聰明的人開始懷疑是否有

are better way.

是更好的方式。

That person was allegedly “ Satoshi Nakamato” the mysterious founder of the first cyptocurrency,

那個人據說是 "中和聰"。 第一個電子貨幣的神祕創始人。

Bitcoin.

比特幣。

Satoshi released this statement conveying his motivation for creating bitcoin:

聰哥發表了這一聲明，傳達了 他創建比特幣的動機。

“The root problem with conventional currency is all the trust that's required to make it

"傳統貨幣的根本問題 是所有的信任，需要使它。

work.

工作。

The central bank must be trusted not to debase the currency, but the history of fiat currencies

必須相信中央銀行不會貶值。 幣，但貨幣史

is full of breaches of that trust.

是充滿了對這種信任的破壞。

Banks must be trusted to hold our money and transfer it electronically, but they lend

銀行必須被信任來持有我們的錢和 以電子方式傳輸，但他們借出了

it out in waves of credit bubbles with barely a fraction in reserve.

信貸保麗龍一波接一波地湧現，幾乎沒有 儲備的一部分。

We have to trust them with our privacy, trust them not to let identity thieves drain our

我們要相信他們，我們的隱私，相信他們 他們不要讓身份竊賊榨乾我們的

accounts.

賬目。

Their massive overhead costs make micropayments impossible.

他們龐大的管理成本使得小額支付。 不可能。

“

“

Cryptocurrencies were invented primarily to eliminate the banking system middle men from

加密貨幣的發明主要是為了 清除銀行系統的中間人

this trust system.

這種信任制度。

To ensure the security of people's hard earned money and allow for cheap accessible transactions.

為確保人民民眾的血汗錢安全。 錢，並允許廉價的無障礙交易。

A beautiful idea, that in practice has its flaws.

一個美好的想法，在實踐中卻有其 缺陷。

In order to eliminate these middle men, we need to find a way of creating a trust system

為了消除這些中間人，我們 要想辦法建立一個信任體系。

between individuals using the currency.

使用貨幣的個人之間。

A way of ensuring that someone cannot simply write a transaction crediting their account

一種確保某人不能簡單地 賒賬

with bitcoin, without permission.

與比特幣，未經允許。

This is where the blockchain comes in.

這就是區塊鏈的作用。

In its purest form, Bitcoin is a currency that uses a system of complicated keycodes

在其最純粹的形式下，比特幣是一種貨幣 複雜的密碼系統

to verify transactions between individuals.

核查個人之間的交易；

Batches of transactions are filed into something called a block every 10 minutes.

分批的交易被歸檔到某項 每10分鐘叫一個區塊。

For bitcoin the max amount of transactions per block is around 2,400, so bitcoin has

對於比特幣來說，最大交易量 每個區塊約為2400個，所以比特幣有

a max transaction speed of 4 transactions per second.

最大交易速度為4次交易 每秒鐘。

Each of these blocks needs to be verified in order to verify the transaction history

這些區塊中的每一個都需要驗證 為了核實交易記錄

and cryptocurrencies do this in a pretty surprising way.

和加密貨幣以一種非常令人驚訝的方式實現了這一點 辦法。

By guesswork.

通過猜測。

Bitcoin uses a system called a cryptographic hash function, in this case Sha-256. to verify

比特幣使用的是一種名為 "密碼學 "的系統。 哈希函數，在這種情況下，Sha-256.以驗證

each block and it works like this.

每個塊，它的工作原理是這樣的。

SHA-256 simply outputs a string of 256 bits, that's a 256 long string of 1s and 0s, for

SHA-256只是輸出一個256位的字符串。 那是一個256長的1和0的字符串，對於。

a given input.

一個給定的輸入。

The output seems random, but it's not.

輸出看似隨機，實則不然。

SHA-256 will always give the same output for a given input, BUT, as far as we know, it's

SHA-256總是會給相同的輸出。 但是，據我們所知，它是一個給定的輸入，但是，它是

impossible to take the output and figure out what the input was.

無從下手 輸入的是什麼。

It's a one way street.

這是一條單行道。

That means, in order to generate a specific desired output, the only way of doing it is

這意味著，為了生成一個特定的 所需的輸出，唯一的辦法就是要做到

by trial and error.

通過試驗和錯誤。

Guessing inputs and checking the output.

猜測輸入，檢查輸出。

And to do this quickly requires a significant amount of computational power.

而要做到這一點，需要大量的 量的計算能力。

Essentially employing millions of little monkeys in your computer to type numbers until one

基本上僱傭了幾百萬只小猴子 在電腦中輸入數字，直到有一個

manages to get it correctly.

辦法讓它正確。

So how does this apply to the blockchain verification of Bitcoin?

那麼，如何應用於區塊鏈驗證呢？ 的比特幣？

For a block to be added to the chain it needs to be signed with a SHA-256 input that will

要將一個塊添加到鏈上，它需要 要用SHA-256輸入簽名，將

result in a predetermined string of zeros at the start.

結果是一個預定的零串。 在開始的時候。

The number of zeros needed is determined by how much computational power is trying to

所需的零數由以下因素決定 有多少計算能力是試圖

verify the blockchain.

驗證區塊鏈。

The more zeros needed, the more computational power is needed.

需要的零越多，計算量就越大。 權力是需要的。

We want the blockchain to be verified every 10 minutes, so in order to maintain that verification

我們希望區塊鏈每一次都能得到驗證。 10分鐘，所以為了維持這種核查。

time, the number of zeros needed keeps rising as more computational power is dedicated to

時間，所需的零數不斷增加。 隨著更多的計算能力被用於

the network.

的網絡。

It is through this huge dedication of computation power that ensures security of the blockchain.

正是通過這種巨大的計算量的奉獻。 力，確保區塊鏈的安全性。

It would be unfeasible for an individual to rewrite the blockchain with false information,

一個人要做到以下幾點是不可能的 用虛假資訊重寫區塊鏈。

as they would first need to dedicate enough power to sign previously written blocks, and

因為他們首先需要投入足夠的資金 簽署以前書寫的區塊的權力，以及

manage to keep up with the blocks currently being written by the rest of the network.

趕得上 正在被網絡的其他部分編寫。

A herculean task, as we are about to see.

正如我們即將看到的那樣，這是一項艱鉅的任務。

There are more nuances to this system, and I highly recommend you watch 3blue1brown's

這個系統有更多的細微差別，而且。 我強烈推薦你看3blue1brown的作品。

video on the subject if you want to learn more.

視頻上的主題，如果你想學習 更多。

This blockchain technology is fascinating, and has a huge amount of potential outside

這個區塊鏈技術很吸引人。 並具有巨大的潛力外

of just cryptocurrencies, but it has negative side effects, which have been exacerbated

的只是加密貨幣，但它有負的 副作用，而這種作用又加重了。

by the hijacking of the bitcoin hype train.

被劫持的比特幣炒作列車。

The blockchain is verified by miners, these are people who guess the inputs for SHA-256

區塊鏈是由礦工驗證的，這些 是猜測SHA-256輸入的人。

to generate the desired output, and they are rewarded for doing so with some bitcoin.

以產生所需的輸出，並且它們是 用一些比特幣進行獎勵。

To increase your chances of being the first person to correctly guess an appropriate input,

為了增加您成為第一個 人，以正確猜測一個合適的輸入。

you need to maximise your computational power, basically employ more monkeys, but obviously

你需要最大化你的計算能力。 基本上僱傭了更多的猴子，但顯然

this has a breakeven point.

這有一個盈虧平衡點。

Computation requires expensive equipment, and equipment prices have only risen as the

計算需要昂貴的設備。 和設備價格只漲不跌，因為

demand for blockchain verification tech increases, and it also requires electricity.

對區塊鏈驗證技術的需求增加。 而且還需要電。

There are giant mining farms in the wastelands of Iceland that use the cheap geothermal energy

荒原上有巨大的採礦場。 廉價的地熱能源的冰島人

and the abundance of cool air to minimise their electricity costs for this very reason.

和豐富的冷空氣，以最大限度地減少。 他們的電費就是因為這個原因。

But the price of Bitcoin has inflated so dramatically that it's still profitable to dedicate a

但是，比特幣的價格已經急劇膨脹了 獻身於此還是有利可圖的。

huge amount of computation power to mine, and it has risen to damaging levels.

巨大的計算力來挖掘。 並且已經上升到破壞性的程度。

One Chinese mining facility was reportedly spending 80,000 dollars a month on electricity,

據報道，中國的一個採礦設施被 每月花8萬元電費。

but was turning over 1.5 million per month.

但每個月卻要翻開150萬。

With returns like that, it would make perfect sense to expand and increase your electricity

有了這樣的回報，這將是完美的 擴充和增加你的電力的意義

demands, and this is exactly what we are seeing.

要求，而這正是我們所看到的。

Digiconomist have constructed a Bitcoin Energy Consumption Index which has estimated that

Digiconomist已經構建了一個比特幣的能量 據估計，消費指數

the network of computers that verify bitcoin transactions draw 3.4 Gigawatts (GW) That

驗證網絡 交易額為3.4千兆瓦（GW）。

3.4GW adds up to 30.1 terrawatt hours (TWh) of energy per year.

3.4GW增加到30.1太瓦時（TWh）。 每年的能源。

That is on par with the energy use of the entire country of Serbia, or roughly 0.8 percent

的能源使用量相當。 塞爾維亞全國，約佔0.8%。

of total energy demand in the United States, equal to 2.9 million US households.

佔美國能源需求總量的。 相當於290萬美國家庭。

To put the energy consumed by the Bitcoin network into perspective, we can compare it

要把比特幣所消耗的能量。 網絡的角度來看，我們可以將它

to another payment system like VISA.

到另一個支付系統，如VISA。

According to VISA, the company consumed a total amount of 0.19 terrawatt hours of energy

據VISA公司介紹，該公司消費了一個。 能源總量為0.19太瓦時。

globally for all its operations.

全球範圍內的所有業務。

This means that VISA has an energy need equal to that of around 17,000 U.S. households.

這意味著，VISA的能源需求等於 到約17000個美國家庭的。

We also know VISA processed 111.2 billion transactions in 2017.

我們還知道，VISA處理了1112億個 2017年的交易。

Vastly more than the Bitcoin network's 100 million transactions, at a fraction of the

遠遠超過比特幣網絡的100 百萬筆交易，而價格卻只佔到市場價格的一小部分。

cost.

費用：

Comparing to VISA may be unfair, as they require those pesky middle-men that we are striving

與VISA相比可能有失公平，因為他們需要的是 那些討厭的中間人，我們正在努力。

to eliminate and move towards decentralisation.

以消除和走向權力下放。

You should however consider that the brunt of Bitcoin verification is not being performed

然而，你應該考慮到，首當其衝的是 的比特幣驗證沒有進行

by individuals like you and me, we simply cannot compete with our consumer level technology,

像你和我這樣的人，我們只是 無法與我們的消費級技術競爭。

but by a small group of large mining facilities.

但由一小批大型採礦設施。

Centralised facilities where the power is in the hands of a few.

集中的設施，其中電力是 在少數人手中。

So is there any hope for Bitcoin?

那麼比特幣還有希望嗎？

We need consider that the system is not in equilibrium.

我們需要考慮的是，這個系統並不是在 平衡。

The Bitcoin network is limited to a production of 21 million coins.

比特幣網絡只限於產 的2100萬枚硬幣。

Over time there will be fewer bitcoins left to mine, a feature of the original plan by

隨著時間的推移，剩下的比特幣會越來越少。 礦，這也是原計劃的一個特點。

bitcoin's mysterious founder Nakamoto.

比特幣的神祕創始人中本。

Once the majority of bitcoins have been mined, the block reward will become an insignificant

一旦大部分比特幣被開採出來。 區塊獎勵將變得微不足道

percentage of miners' overall earnings.

佔礦工總收入的百分比。

Instead, miners will get their reward from small transaction fees, which are already

相反，礦工將從 小額交易費，這已經是

part of the network.

網絡的一部分。

So in equilibrium, the energy demanded by the network will only be driven by these small

所以在平衡狀態下，所需的能量為 網絡將只由這些小

transaction fees, which is currently significantly below coin-value.

交易費用，目前已大幅 低於幣值。

Making it even less profitable to flood the market with computation power.

使其更無利可圖，氾濫成災。 市場與計算能力。

This is where we come to our next point in why Bitcoin isn't working.

這就是我們的下一個重點。 為什麼比特幣沒有用。

Cryptocurrencies have been hijacked by the hype.

加密貨幣已經被劫持了。 炒作。

The vast majority of transactions occurring for bitcoin are not to buy goods and services,

絕大多數交易發生在 為比特幣不是為了購買商品和服務。

as currency was invented for, but are simply trades of currency.

作為貨幣被髮明的目的，但僅僅是 貨幣的交易。

Swapping traditional currency for a share of the bitcoins on the market.

將傳統貨幣換成股票 市場上的比特幣的。

This may sound familiar to you, because it's exactly what gold is used for.

這可能聽起來很熟悉，因為它是 究竟黃金是用來做什麼的。

This is not what Bitcoin was created for.

這不是比特幣誕生的目的。

Bitcoin was created so that you would never have to use dollars again.

比特幣的誕生是為了讓你永遠不會... 又要用美元了。

That you would trade your dollars for bitcoins, and never trade back.

你會把你的美元換成比特幣, 並且永不退換。

But Bitcoin is too volatile for anyone to use it like that.

但是，比特幣的波動性太大，誰都不可能 用它這樣。

Bitcoin has become an incredible volatile investment vehicle, with thousands of people

比特幣已經成為一種不可思議的波動性 投資工具，有數千人

attempting to trade on speculation and achieve this dream of becoming a bitcoin millionaire.

投機取巧 這個成為比特幣百萬富翁的夢想。

But in order for a currency to work in a society it needs stability, people need to trust that

但為了讓貨幣在社會中發揮作用 它需要穩定，人們需要信任

the money the own today will be worth the same amount tomorrow, this is why the dollar

今朝有財今朝醉 明天同樣的金額，這就是為什麼美元

is so successful.

是如此成功。

Several countries around the world use the dollar because their own currency has become

世界上有幾個國家使用 美元，因為他們自己的貨幣已經成為

so volatile no-one can put their trust in it.

風雲變幻，莫衷一是 它。

How can we expect Bitcoin to become a useful currency when it's value jumps so dramatically

我們如何才能期待比特幣成為一個有用的 幣值暴漲

between dates due to irrational speculation, and market manipulation.

由於非理性的猜測，日期之間。 和市場操縱。

For now Bitcoin is largely a useless environment damaging investment vehicle, which was not

目前來說，比特幣基本上是一個無用的環境 損壞的投資車輛，這不是

the vision Satoshi had for it.

聰對它的憧憬。

Even if the bitcoin prices manage to stabilise as equilibrium is reached, it's limited

即使比特幣價格能夠穩定下來 勢均力敵

transaction time of 4 transactions per second will likely prevent it from ever becoming

交易時間為每秒4筆 將可能阻止它成為

a useful currency, and will more likely become a wealth storage method similar to gold.

一種有用的貨幣，並將更有可能成為 一種類似於黃金的財富儲存方式。

Blockchain technology and cryptocurrency are a fantastic idea in theory.

區塊鏈技術和加密貨幣都是 理論上來說是個不錯的主意。

Just as paper money and debt are, but they're flawed for the same reason.

就像紙幣和債務一樣，但它們是。 瑕不掩瑜，原因同上。

People.

人。

If there are ways of exploiting a system for financial gain, people will find it.

如果有辦法利用系統進行 經濟利益，人們會發現。

The only way stopping that is to set up systems to prevent exploitation, and this is what

唯一能阻止這種情況的辦法就是建立制度。 以防止剝削，這就是

other currencies like Ethereum are trying to do, while building upon the foundation

其他貨幣如Ethereum正在嘗試 要做的事，在此基礎上

Bitcoin laid, but if history has proven anything, if there are ways of exploiting a system for

比特幣奠定，但如果歷史證明了什麼。 如果有辦法利用系統進行。

financial gain people will find it.

經濟利益人們會發現。

You can learn how to manipulate system for your personal gain by starting this course

你可以學習如何作業系統，以 您的個人收益，開始這個課程

on the Math of Quantitative Finance on Brilliant.

在輝煌上的《量化金融的數學》。

Which will take from from an introduction to Quantitative Finance, through to probability,

其中將從介紹 到數量金融學，再到概率。

statistics and finally Markov Chains.

統計學，最後是馬爾科夫鏈。

Anyone who follows me on twitter will know that I enjoy tracking the stock market and

關注我微博的人都會知道 我喜歡跟蹤股市和

understanding how it works.

瞭解它的工作原理。

Even though I've rarely talked about Finance on here, it is just as important for you to

雖然我很少談金融 在這裡，對你來說同樣重要的是

know how to save through compound interest, determine the expected impact of opportunities

知道如何通過複利來儲蓄。 確定機會的預期影響

like Bitcoin, and be confident that your retirement account will be sufficient.

如比特幣，並對您的退休生活充滿信心。 賬戶就可以了。

And the best way to understand is by applying these concepts yourself, which is exactly

而最好的理解方式就是應用 這些概念自己，這正是

what Brilliant allows you to achieve.

Brilliant讓你實現的目標。

These may initially sound complicated and scary, but Brilliant guides you through problems

這些可能最初聽起來很複雜，而且 嚇人，但Brilliant會指導你解決問題。

that are broken into digestible sections that bring you from knowing nothing to having a

抽成可消化的部分。 讓你從一無所知到擁有

deep understanding of the physics and math that underlie everything in our lives.

文理兼通 是我們生活中一切的基礎。

What's more, if you go to Brilliant.org/RealEngineering, you can do the entire course for free!

更重要的是，如果你去Brilliant.org/RealEngineering。 你可以免費做整個課程!

And once you complete this course, you could land a fast-track interview with top finance

一旦你完成這個課程，你可以 快速獲得頂級金融界的面試機會

companies!

公司！

To support Real Engineering and learn more about Brilliant, go to brilliant.org/RealEngineering

支持真實工程，瞭解更多 關於Brilliant，請訪問 brilliant.org/RealEngineering。

and sign up for free.

並免費註冊。

And also, the first 73 people that go to that link will get 20% off the annual Premium subscription.

還有，前73名去的人。 鏈接將獲得年度高級訂閱8折優惠。

As always thanks for watching and thank you to all my Patreon supporters.

一如既往的感謝你的觀看，謝謝你 向我所有的Patreon支持者致敬。

I just released a new reward in the form of early access to scripts, so if you would like

我剛剛發佈了一個新的獎勵，形式是 腳本的早期訪問權，所以如果你想獲得

to see and influence the scripts to these videos over a week before they hit YouTube.

來看待和影響這些腳本。 視頻上傳到YouTube前一週多。

Please consider supporting on Patreon.

請考慮在Patreon上支持。