Is Cryptocurrency Killing Us? (ft Jay Foreman) | The Big Question | Earth Science

[@mememaster2772]

It’s nice to see Jay helping out small channels

[@putikeswarasudarsono]

He's paid a lot I'n pretty sure

[@putikeswarasudarsono]

@@joeyjoseph2948 you know this is a sarcasm don't you?

[@banjo9144]

r/woooosh

[@coasteryaris6710]

@@joeyjoseph2948 it is not though

[@danielcarter1512]

@@joeyjoseph2948 I'm pretty sure the BBC isn't owned by the government but rather a public corporation created by the government, but you are right they do have a decent amount of money

[@keithvertrees9008]

It’s interesting to see Jay’s sense of humor so reserved in this video compared to his own channel.

[@driftviews]

@@crimsonvale7337 Perhaps not especially interesting. I bet there was an an uninteresting meeting at the BBC where the amount of tone-down was calibrated, at which the most interesting item on the agenda would have been the biscuit crumbs.

[@BigBlack81]

@@driftviews Not sucking up, but your comment was and is amazing here. And so damned apt.

[@Kelastris]

@@driftviews your comment is an absolutely perfect example of the British sense of humour.

[@UselessDuckCompany]

I'll watch anything with Jay Foreman. Awesome job!

[@crisrose9707]

hello there...

[@CommentGuy94]

BBC, please hire Jay Foreman as a parttime presenter or hosting a programme

[@7afeedalsunnah218]

The BBC is too thick to see his talent.

[@signorpippistrello]

Jay Foreman once again had me listen to something I didn’t give a shit about in the first place. I know a bit about London‘s airports and bicycle lanes, too. Never been to London.

[@AmrothYevital]

I'm a simple man, when I see Jay in a thumbnail, I click on the video. Couldn't care less about crypto.

[@joedalton77]

Jay Foreman is Banksy

[@alexpotts6520]

*Pranksy. I'm sure any resemblance to guerrilla artists alive or dead was entirely coincidental.

[@abrtn00101]

Is this why he doesn't upload his videos more often? Because when he isn't making and uploading videos he's making new stencils or traveling and painting them onto walls? The mystery deepens...

[@bend1483]

Honestly... wouldn’t surprise me.

[@robmckennie4203]

"no fees" *proceeds to explain how the people processing payments get fees*

[@hantuchblau]

There are no minimum fees. Crypto is fiat money so the builtin rewards miners receive appear from thin air. If there was no way to create new bitcoins there, well, would be no bitcoins. That said many miners only accept or at least prioritize transactions that leave them a small amount as a fee. This isn't technically necessary but stops people from sabotaging the system by wasting ungodly amounts of energy.

[@robmckennie4203]

@@hantuchblau Not technically necessary, but practically absolutely necessary.

[@robmckennie4203]

@@hantuchblau also I don't know how I missed this, crypocurrencies are *not* fiat, the whole thing with crypocurrency is that they aren't fiat, that's one of the reasons people like them

[@alexjohnward]

@@hantuchblau there are no fees with nano, nor are they needed.

[@gljames24]

@@hantuchblau No, there is a cap at 21 million bitcoin. As the chain gets closer to that point, the roi of mining will decrease, and all transactions will have to begin charging fees to be able to even afford operating the chain.

[@DanRichardson]

Mate why would you record in that echofest of a room

[@stevemattero1471]

I rather liked it

[@ChrisSham]

I have no strong opinions on the echo levels, one way or the other.

[@user-yx7dp2pl8t]

Contrast

[@jockalladrick8255]

I know the BBC can be a bit of an echochamber, but it's not that bad mate!

[@CyclingSteve]

Because a BBC producer made him do it.

[@youngbloodfantasy91]

MAP MEN MAP MEN MAP MAP MAP MEN

[@mcbain23]

We are the men.. and here is the map!

[@rsaalf.9731]

Men men men men

[@joshsera]

men men men men

[@david131092]

I’m sorry - everything Jay Foreman does is pure gold. Disclaimer- I’m not sorry

[@jessekendall8441]

it's very good to see jay foreman with that bbc logo in the top left corner

[@hetty5531]

I love Jay! Why was this filmed in a room that produces that much of an echo though?

[@ARcam789]

Finally Jay Foreman on actual TV! Good for him!

[@thetntsheep4075]

Singapore is indeed a medium sized country.

[@The_NSeven]

Just like Kazakhstan

[@Madhattersinjeans]

@@The_NSeven And my axe

[@GardenData61371]

@@Madhattersinjeans And my bow.

[@KidFoThaWin]

I need the audio track of the reverb only

[@MarkWilliams-ev1mb]

0:57 "first there was barter" There's actually no evidence for early barter systems. Gift and debt economies are what preceded money according to most historians and anthropologists.

[@williamchamberlain2263]

Then what were the American native trading federations up to, pre-Columbus?

[@evilsorosfundedgovernments433]

@@williamchamberlain2263 Trading can exist in gift economies. It's just that the myth of everyone in ancient economies exchanging goods through direct barter is not very accurate.

[@dontcallmelil8619]

More Jay Foreman! Soo happy to see him associated with BBC

[@trazwaggon]

I got an ad for crypto mining equipment...

[@bourgeoisecurdlesnoot2284]

Please let us have more Jay Foreman. We desperately need that

[@knuckl6972]

Jay just explained blockchain better than anything else I've ever seen or read

[@OwainOwine]

The BBC does not deserve Jay Foreman

[@morten7177]

Jay is obviously great, but his editing is an essential part of what makes his videos great. Excited to see Jay on the BBC though! They just need to give him a team that can replicate his style more thoroughly.

[@pfefferle74]

Miners don't verify transactions. They just calculate the hashes. Everyone can verify the integrity of all the transactions of the blockchain.

[@squiffyk7]

3:34 Where have I seen this meme?

[@howtubeable]

Jay Foreman's Eyes (Kim Carnes should do a song about them.)

[@SometimesDev]

Bitcoin is still a lot greener and less energy usage compared to using fiat currency (That's traditional central bank currencies like USD, GBP, EUR, Etc) when you look at the whole picture - banks, credit cards, cash, central banks. Not to mention that Bitcoin is the most secure payment method in the world whilst being 100% transparent with all transactions being public making it easy to detect tax evasion and money laundering.

[@alexandermarsh4501]

This is why jay foreman needs his own show

[@Delibrium]

i love his channel and his map men videos. also he looks like how they did in 90's indie rock videos

[@gnuPirate]

Dang, I was unaware the level of energy consumption was this bad. Great video.

[@Pickchore]

Thanks for that. .. Jay makes everything interesting and amusing. .. For those that don't know, check out Map Men and Unfinished London. .

[@willsham45]

Wish I mined more back in the day...says everyone

[@IamNasman]

I managed to do no homework during my whole time at secondary school, I got moaned at a lot, put on report for a whole year and caned a couple of times, but it didn’t count against my qualifications at the end and I left with 8 ‘O’ levels, these were the things before GCSE’s. English Lang’ and Lit’, physics, chemistry, biology, history, maths and geology, all A, B and C grades, thus proving homework was a total waste of everyone’s time.

[@Emppu_T.]

I remember this presenter from such successful shows as unfinished London and Map Men Map Men Map Map Map Men Men Men Men Men

[@FlymanMS]

Why this man is not PM yet?

[@puttonyG]

How can the sound quality be so bad???

[@TomRaine]

So whats the energy uses for swift..? Beyond all the plastic cards produced, all the offices, data processing centers, anti-fraud systems?

[@Onyx218_]

Any closed captions?

[@ccityplanner1217]

How can an amount of energy by the size of Portugal? Energy is measured in joules, Portugal is measured in hectares. 0:46: You've got a problem with your tau.

[@1owk3y]

6:25 okay thats WAY off. The bitcoin TRANSACTION doesn't use that much power - what you see there is the power involved in the CREATION of that BitCoin. Creation of BitCoin obviously involves massive amounts of energy... so why is the cost the producing physical currencies not mentioned here? Did Visa make this diagram? Think about the cost of LITERALLY MINING for the metals used in pressing coins, using oil for plastic (if you're in Australia anyway) for notes. Do you know how much work goes into making an Australian banknote? Probably more than creating bitcoins... and that's before you factor in storage, distribution, physical security, human staff...

[@ductuslupus87]

So with Miners take a cut from the transaction involved, what's to say that they won't become the new bankers?

[@sulack]

Read the White paper

[@ricardoamendoeira3800]

He simplifies it too much, the role of miners is completely different from bankers and anyone can be a miner, you don't need permission from anyone. The work you (your computers) do for the network is easily verifiable to be correct or not, and so there's no need to vet who joins the network.

[@inthestyleai]

I've made a crypto-currency before mostly because I wanted to understand the programming behind it. There are some great internet-related benefits for crypto-systems like heightened security. But overall I feel crypto as a currency is quite a bad idea. As a coin becomes more valuable, more people will mine it which in turn makes it harder to obtain per miner hash. The more hashes required on the network, the more electricity it uses. A lot of the crypto community too love non-ASIC coins, but non-ASIC coins are less effective per hash than ASIC miners. Then if crypto acted like how all the speculators wanted that would mean it would be deflationary. A deflationary currency may sound nice if you are a billionaire, but for the non-1%ers it is a horrible system to be in. Why? because people will horde more and spend less. The less people spend, fewer jobs are needed to create and sell those goods and services.

[@IkeOkerekeNews]

I disagree.

[@inthestyleai]

With which part?

[@Elmaxo1989]

Deflation isn't bad. Costs have been decreasing in the electronics sector for years, and people aren't just sitting around saying, "whelp, I really need a computer, but they are going to be cheaper/faster next year, and more so the next year. Guess I will literally never buy a computer?" No, at some point you buy it despite deflation, because we all prefer to satisfy our desires *now* rather than later. And yet the electronics industry is highly profitable 🤔🤔🤔🤔🤔

[@stitchfinger7678]

@@Elmaxo1989 Deflation isn't just "things got cheaper" It means business HAVE to charge less for things, even though in the grand scheme, things didn't get cheaper for them.

[@craggolly]

So much reverb in that damn empty apartment

[@charliecrome207]

Did you make your profile pic it's cool

[@craggolly]

@@charliecrome207 yeah i did

[@charliecrome207]

@@craggolly are you a graphic designer or something

[@craggolly]

@@charliecrome207 yes, am a graphic designer

[@stitchfinger7678]

Does the difference in power consumption include things like transport, bureaucracy, and oversight that bitcoin literally does not require in any way?

[@sebastienh1100]

Jay Foreman Ft. Some technical topic I don’t care about at all

[@maxhill9254]

thx, I really love Jay Foremans style and humor.

[@JeSuisRene]

Jay? Doing a show for the BBC?

[@donovanfausette8521]

"rewarded with the crypto currency involved" just sounds like sales tax...

[@jomolololo4398]

Electricty makes the world go round , akways find the elec cost were the con of crypto

[@Bellonging]

I am so glad the squiggly toys for kids in banks. Videos over, best part was the fact that all banks seem to have them and I don't know when it started.......

[@sarcasmo57]

Hey ladies I bought Bitcoin at 20k.

[@hydrogigantialista]

i want to know more about london

[@BoofHoover]

I Don’t know a single person who still mines cryptocurrency. Waste of time building and running.

[@peetabix]

Jay sounds more and more like Michael Caine

[@ekermann]

Unsustainable... Geez like regular fiat doesn't consume energy in vast amounts.

[@seneca983]

Fiat doesn't need proof of work so it's more efficient in that way.

[@stitchfinger7678]

@@seneca983 But it also needs infinitely more oversight, infrastructure and bureaucracy Whereas crypto uses infrastructure that was in the ground before crypto was even invented, has no paperwork by definition, and is regulated by everyone at once.

[@seneca983]

​@@stitchfinger7678 Proof of work is costlier.

[@SciStone]

6:56 Wrong, more transactions wont increase energy usage. energy usage is independent of number of transactions. If from one day to another bitcoin transactions suddenly quadrupled it would have 0 effect on the total energy consumption of all miners and the energy/transaction would go down by 75%. the energy/transaction metric makes no sense for blockchain based currencies.

[@powerjbn9283]

Anon Ymous it has an indirect effect though. Practically, the more people use it, the more it’s worth, the more people mine it, the greater the energy usage.

[@SciStone]

@@powerjbn9283 at the same time the emissions (mining rewards) are decreased periodically reducing the profitability. But that's not the point, I was addressing the very common misconception that there was a proportionality between number of transactions and energy use of Mining which is plain false.

[@hikari_no_yume]

The energy/transaction metric is useful as a point of comparison for how inefficient the system is. It is however correct to say that energy usage doesn't scale up with the number of transactions, it scales up with the number of people competing to mine. In practice this means ever-increasing energy use and ever-decreasing efficiency, a deliberately anti-efficient system.

[@stitchfinger7678]

@@hikari_no_yume But the system already isn't practical for individuals so how fast can it still even grow?

[@tzshchsjsjxijyo]

We need more classic jay foreman

[@feemofeelody]

Than go on his channel.

[@jwadie]

There's a lot of misinformation here, one block is done every 10 mins, a large amount of transactions can be done per clock (this is increasing with things like segwit), so more transactions doesn't require more energy.

[@SometimesDev]

And the lightning network would end up being the VISA / Mastercard equivalent (if normal transactions can be compared to bank transfers) that are settled instantly and cost hundreds of a penny per transaction.

[@wnettleford]

And so hopefully Jay Foreman fans will now fully understand how much work (prep and filming days) goes into each one of his gags on his own channel. I’m guessing he had a maximum of two days to make this, one location and lots of BBC producers telling him ‘you can’t do that!’

[@JayForeman]

Warren N Thanks! :) This isn’t actually my video at all, I’m simply the presenter reading autocue.

[@willdatsun]

disposable tea cup? ummm!

[@tarkelprice6875]

I liked the subtle monty python reference at the beginning.

[@dansaunders1655]

What was that?

[@Autotrope]

Jay does need to be in more places

[@alkaholic4848]

So it costs a lot more to make than traditional currency, costs a lot more to transact, is completely unstable, and has the potential to de-stabalise the entire world's economy. What the hell makes people think this is a good idea? The current system we've got isn't perfect but it's better than the car crash that is crypto-currency.

[@fen0221]

Is this the British equivalent of the Dutch ‘NOS op 3’ ?? But this one is funnier

[@MerijnH]

Oh damn. I guess it is haha. But with Jay Foreman so indeed much funnier

[@user-yx7dp2pl8t]

These videos are damaging to humanities development

[@switch-no-comply778]

Do elaborate

[@TotoroChinchilla]

are banks killing us? think of all the energy and human resources that could have instead been applied towards something productive for humanity while we let decentralized software handle our money..

[@RickyHarline]

The problem is that cryptocurrencies are already consuming orders of magnitude more energy than the conventional finance system even though they're processing less than 1% of the transactions of credit cards. In its current state scaling up Bitcoin or any other popular cryptocurrency would be a disaster. We need a significantly more efficient cryptocurrency if we want them to mainstream-- they are unsustainable and unscalable in their current form.

[@jaywilliams720]

is currency killing the planet??? yes

[@pilchardpliskin9381]

Theres other solutions to cryptocurrency's power consumption. Arranging blocks into DAGs or lattices seems to be secure, even with very low power requirements for its proof of work. Proof of Capacity/ Proof of Storage uses pre-computed data stored on hard drives to mine, so the competition to mine a block is based on how much hard drive space you have, not how much processing power you have and that requires significantly less energy.

[@arx3516]

if there's nothing to backin up bitcoins (gold, a government, a bank), what stops bitcoins to become worthles at any moment?

[@hikari_no_yume]

absolutely nothing

[@stitchfinger7678]

Same thing that stops American dollars from becoming worthless since we left metallic standards F A I T H F R O M I N V E S T O R S

[@fishtank39]

clicked because of jay and FINALLY learned how cryptocurrency works (and why i keep seeing articles about it being bad for the planet).

[@trazwaggon]

AYYY MY MANS GOT BRACES NOW

[@SourProductions0]

imagine getting braces AND appearing in a video in a room with a load of echo

[@chefboyardee2223]

jay foreman for prime minister

[@suthinscientist9801]

Well, crypto currencies are killing the government monopoly on the issuance of money. That's why governments are trying to shut it down or severely regulate it.

[@sadmanh0]

I only clicked cause if Jay Foreman

[@SyntheticParanoia]

I was waiting for the cup of coffee to fall down eventually.... still in the wait

[@brushfuse]

I enjoyed this: making all those tedious conversations with crypto fanboys at afterwork drinks make just a little bit more sense.

[@SometimesDev]

Haha, most Crypto enthusiasts try to explain how it works instead of just explaining the problem it solves. I myself am involved in blockchain and cryptocurrency and don't appreciate when this happens too.

[@AidenAidens]

Map man map man

[@iawnlad]

Good ol' Jay.

[@TheSmart-CasualGamer]

Bit Coin Bit Coin Bit Bit Bit Coin Coin.

[@nagualdesign]

What an odd species we are, burning coal to create steam, to turn a turbine, generating electricity to use in supercomputing in order to solve equations that we deliberately make fiendishly difficult and increasingly so, in order to create a _currency._ Not goods or services that people want to buy with some form of currency, but the currency itself. :-/

[@stitchfinger7678]

Markets are saturated. Somebody already uses that power to make those things. Why should I?

[@JoelMoralesEscobar]

Long life Jay Foreman

[@CharalamposKoundourakis]

Jay!

[@jeromefitzroy]

Map Man!

[@marengbj]

echo

[@navex0420]

MORE JAY

[@joaolourencomvf]

As a portuguese I can only feel proud

[@alimiskeen]

nah, jay foreman is better when he produces the video.

[@vinny142]

Ofcourse the ultimate irony of Crypto that it was setup to be more reliable than bank-run currencies and even after ten years the *only* use for *any* crypto currencies is speculation: people buy crypto currencies *exclusively* in the hope that the value will increase so they can sell it at a profit. There are no shops that accept crypto currencies because the value changes every hour. And what do people do when they make some money on crypto? They stick it in the bank because when it comes right down to it, they trust a bank. Also: it really is just a matter of time before the blockchain guys are hit by a virus or some scandal involving some high-ranking politicians. Money is *NEVER* run in an honest way and to think that blockchains will make a difference in that is just naive.

[@justdoitlater9507]

i want that moustache

[@TheDarkFalcon]

Literally got an advert for cryptocurrency trading while watching this video :') (plus500 or something)

[@FinlayLavery303]

Foreman is Banksy.

[@samjudge1240]

Ironic how cryptocurrency is being questioned "is cryptocurrency killing us?" From the bbc....yeah I'm sure this it true.

[@robuni9119]

Jay scares me at this resolution.

[@dotbongz]

Map men special episode next?

[@springgreengoober]

Is it Little Howard's Big Question?

[@StigSlashBro]

YES JAY ❤️

[@Tomurow]

Jay reminds me of Fred Harris. Those who know, KNOW.... 🤓👍

[@dbackscott]

8:20 what the hell is this "tea" that you speak of? 😜

[@charlottegreenway5307]

Map mennnnnnnnn pleaseeeee

[@FredOlv]

oh hey jay

[@CARUSAR21]

Great video good explanation and great to see Proof of Stake getting attention. One big error: Bitcoin transactions don't cost any energy at all, the network as a whole does... When the capacity and effeciency of Bitcoin increases (it will, in many ways) the energy cost per transaction will go down a huge amount. I do worry about the mining cost at this time, but long term Bitcoin will be way more efficient and more based on green energy. You could even argue that the ability to mine and use excess green energy to get BTC could be a catalyst for more green energy investments.

[@SometimesDev]

Yup, the cost to mine is only affected by how many people are also mining, nothing to do with transactions. Surely they could explain the benefits of blockchain and then explained how only the amount of miners affect energy consumption and cost. (Of course by miners I am referring to the total hashrate of the network)