How I built a bitcoin empire | Marco Streng | TEDxTrinityCollegeDublin
ฝัง
- เผยแพร่เมื่อ 18 พ.ค. 2017
- "How I built a bitcoin empire" looks at how a simple college kid from Germany had his life turned upside down by the 'rush for gold' of the 21st century.
Marco is the 27-year-old CEO of the largest bitcoin mining company in the world, Genesis Mining. Trained as a mathematician, he dropped out of university to pursue his business idea. Today, Genesis Mining boasts 300,00 daily customers, and prides itself of having created one of the most sustainable and profitable business models in the Bitcoin Cloud mining world.
This talk was given at a TEDx event using the TED conference format but independently organized by a local community. Learn more at www.ted.com/tedx
![เปิดบ้านสุดหรู "เเจ็ค the ghost" ลั่นถ้าป๋องกพลลำบากผมเลี้ยงเอง!! l [Nickynachat]](http://i.ytimg.com/vi/1xbW4vULqGc/mqdefault.jpg)
I listened to this whole speech and I still have no idea how he 'Built' a bitcoin empire. He just talked about things that happened along the way, not actually how he built it.
He got lucky speculating with bitcoin, he made a river of money when it reached 100 bucks, then he invested in mining. That's it. The merit of this story is that they jump in the opportunity.
Stephen Troup i agree he did not do a great job explaining since English isn't his mother tougne though if you understand how Bitcoin works,you will get it. if u say u been mining btc back in 2009-2012 no one will believe if u say ur brokk
Ted - hey you want to do a talk for 20? we will call it how you built the mines. Ms- do I have to tell them how I did it? Ted - no you can talk bs for 20 just waste thier f*cking time. F*cking idiots. Ms - Deal ! Ted - And don't winge you little bi*** your getting paid.
Yah, I think that would be helpful if he share what he have done to built that and which people should do, avoid when doing thing like that. That might easy to catch up.
Wait till the bubble on this pond scheme bursts, then he will have nothing but a one million dollar electric bill. It only "works" by getting others to jump in to the pyramid. If you have a bit coin supposedly worth $1 million, how are you going to unload it? People ultimately want real money.
.
I don't follow the logic where he jumps to his lesson to young people based on his experience. His team got into Bitcoin mining and has turned it into a profitable business. His lesson to young people, "If you want something and you're really behind it, in today's modern world you can reach everything." I would think the lesson was, "If you see a big opportunity, jump in and try."
correct
and you shouldn't listen to your girlfriend
Drew B. Agreed.
Its not only about opportunity... its also about fresh new Ideas.
"Nothing is as powerful as an idea whose time has come." -Victor Hugo
no, his "lesson" is 'join Bitcoin so that my billions can turn into trillions and you'll get some cents a year that don't even cover the power bill'
So remember, if you're ever feeling down, some guy searched through a garbage dump and failed to find his computer with 300,000 BTC in it just cos his girlfriend told him it was useless.
300.000.000
Unless he has he private key on the laptop, you'll never get the bitcoin on there. It's gone forever.
Yus That would be worth $1.8 billion today... He'll have to be under suicide watch for the rest of his life.
Read a story it was actually 7,500 bitcoins, and this dude botched the actual story...talk about over exaggeration. Likely a story that turns into a story, that ends up being an over exaggeration of the original story. watching this video was simply a waste of time. Just explained how he looked for facilities and that he had to guard against any potential risks
$3 billion today. He must have killed his gf and himself by now.
That hot-cold situation would be ideal for running Stirling engine generators for way better energy efficiency
I program this program to program a program
Ricardo Mata you killed me xD
He is mining the mines.
Feels like recursion
Keep saying it, its like an intercourses to me Frodo.,
🤣🤣🤣🤣😭
Just curious if they designed a new management or other OS console to manage all these machines... simply using a basic stratum pool host and linking all them seems inefficient given the distance and size... Large scale - I want to learn how they do it... what custom stuff is out there to be modified and reused...???
I found that the difficulty of mining bitcoins is regularly adjusted to keep mining at a constant speed regardless of the amount of people that mine. Market mechanics dictate that when the value of the bitcoin goes up, the amount of money spent by miners will go up to match that. Miners spend their money primarily on electricity. So large part of the bitcoin value is made of pure electricity waste. And some people are hoping that the bitcoin would become the world currency, basically making the worlds currency from wasted electricty.
Can some bitcoin guru tell me how that is not a problem ?
Do you have any idea how much energy/resource/power/manpower is wasted on any fiat currency anyway?
Nothing comparable to a currency that draws its value out of energy wastage. Theres many trillions worth of currency in the world, you waste that kind of money in energy (directly in electricity + indirectly trough the mining hardware production) to make a new currency ?
The whole notion of creating a currency out of pure waste. Its.. out of this world.
Lol, you have no idea how much the banks and brokers use to run their servers then... also consider transportation of real physical money and the resources/fuel need to store it. Crypto currency is literally nothing compared to that.
Of course i have an idea. Bit it simply cannot be nearly as much as THE VALUE OF ALL THE MONEY CREATED!!
PS: i am a strong proponent of a decentralized currency that cannot be controlled by any party. And i am happy to see cryptocurrencies experimenting with it. I hope it will be the future in some way or another. But bitcoin cannot be it for this reason of electricity waste, so if another wants to become world currency, that is one of the issues to solve. And therefore i'd rather see bitcoin (and any other currencies that are backed by waste like it) end sooner than later. The longer that keeps going, the worse it gets. At this point indeed it is a funny joke and not all that significant (maybe a few powerplants worth of energy production total in the world for all the bitcoin miners) If it were to become a world currency however, that would grow 1000fold (just as bitcoins value) and 1000s of powerplants would have to be running just for mining bitcoins.
its all about solar energy and bitcoin miner ration. dont mine unless you have very cheap energy or have some green energy on tap. Solar is so cheap you can buy x panels per miner easy math
Thanks for sharing how you made it, very inspirational!! What you did took guts.
Coincidentally I'm watching this video a few hours after bitcoin passed the 2000$ mark..
Me also. How exciting
$2,700 u mean :D
I'm a tech guy. I feel very stupid and dinosaur how I missed this train to jump on.
something tells me that thats not the real crash i feel like it could go down below 800$ im thinking about pulling out my money today and put it back in when it gets to that level
mitch marner Actually, that's the way you can earn money. Mining on Genesis, then exchanging or using a Debit Card VISA to withdrawn the money on USD.
you can recycle heat back to electric?
I'd love some input on this: what confuses me is, if there are only the set 21 million BCs, how can you take 25000 graphic cards, and mine for years? Shouldnt we have mined them all by now? Or did I misunderstand the concept of mining?
Really interesting video; seems like a pretty solid guy.
Thank you for making this.
This guys story sounds almost unbelievable. It's like some movie or something.
what an incredible story ! Amazing, congratulations !
Check this paradox:
1- People used to exchange goods
2- It was not practical, so let's make gold valuable because it's scares.
3- Gold wasn't available everywhere, so let's just make paper valuable.
4- Paper isn't reliable anymore, so let's just make calculation valuable.
Who would have guessed that the value of things will shift all the way to nothing but calculations
Appel Orange
Appel Gold
Appel Paper
Appe l numbers!
Very good information. Lots of appreciation from my side. 100% true you said
what is bitcoin and how does it work? Ive read several articles on it and still don't understand the whole system.. like what is the difference between bitcoin and paypal?
Thx
So the BitCoins that went missing on that laptop.
Will they ever be in circulation again?
Or have they been removed from the pool, because they are attached to this guys private key?
Wow.. I still don't get it.. what exactly is this mining? if bitcoin is a digital thing, what exactly is this mining/.. because it seems very physical..
and if the electricity costs 1'000'000 dollars a month, HOW is it still worth it?...
His mining empire is probably based somewhere where the electricity costs are not too high or even at fixed costs. Plus because he has so many mining rigs, chances of him mining and collecting the fees is significantly increased compared to small miners.
Mining is basically using computerpower to solve algorithm in order for transactions to be delivered. Lets say I sent you a btc, the miners are the 'contributers' getting a btc from A to B and earn btc fees because of that.
Tell me best Bitcoin mining machine and it's price , where to order
This is such an inspiring story!
So what happens to the coins?
"Literally mines" - that reminded me of Series of unfortunate events
With that much power usage, it would seem more secure and more affordable to manage your own power.
Investment kayse kare
Interesting to see how big this can get. Not the best TED talks presentation quality - talk to the point. This was seriously a 5 mins presentation going round and round without concluding anything.
It's all about opportunity and no everything is not possible
There's a lot of comments unsure how he made his money. He doesn't explain it very well but I believe his early investment in bitcoin became worth a lot of money when it reached the $1000 mark. At this point I believe he sold much of his stock to buy new hardware, and kept selling bitcoin to pay for better mining hardware. But here's an interesting thought though. As I'm writing this bitcoin is worth about $17000, and he may well have made more money buy leaving the bitcoin rather than selling them and buying mining equipment because over time mining becomes more processor intensive.
Bobby Dazzler yes but buying hardware for mining is safer if bitcoin crashed he lost everything but hardware you can always sell
He keeps saying 'cards'. What is that? 25000 cards ? cpu ?
there's a film in his story somewhere...
I programmed this program
He`s german idiot.
What does that mean douchebag?
nakternal can you speak a second language?
How many languages can you speak
is this a public traded company? like mgti is
Did he just gloat for 19 min!???!
Seems like it!
They are offering only Ethereum and Monero now, anybody knows why?
sold out because they are the most transparent and genuine
next rig is up and running but will also soon run out. We have some reserves however, from Genesis
Thanks for the reply :)
Looking back at all these comments saying "should i invest now at 2,000 3,000 5,000?" thinking are they saying the same thing now that it is at $16,000. SMH
RIP to that $1,000 USD BTC alarm... its priced at $16,500 USD now (Dec. 08, 2017).
i actually put $200 in genesis on 5/5/2017, the record says my account has been making about $1 earning per day, but i don't get the coins to my wallets yet, the staff in email response said i need to wait for a month before i get those coins earning.
You must have bought with a credit card. You get money withdrawals everyday if you paid in crypto. They do 30 day period for credit card to prevent fraud.
Thank you, that's what the staff told me, so I am waiting to see my return on investment in a few days. I keep updating, that is a good experiment at least.
After 30 days $200 investment, I got paid 0.095 ETH, 3.1885 mBTC, and 0.325 LTC.
It is encouraging a return, but investing whatever you can afford to lose is always a good policy.
So, did you get your coins ?
funny enough Bitcoin are about to hit $3000, so the computer he trashed has $1bn in Bitcoin on it.
Rip that guy must be devistating
what happens to the lost btc... are they lost for ever?? or they go back to mining
dat boy bitcoins are highly divisible. So much so they're practically infinite.
Lost forever. Although the value might reflect on the price of other people's coins: if someone finds 1M lost BTC today, they can drive the global value of BTC down
How can they be lost if they're in some sort of wallet or on the block chain which is communal
I've been with Genesis for a year now. Very happy.
Clark Venable wasnt a scam? People say stay away from it
And it touches now $2800.
Bitcoin has reach 12 000$ yesterday December 05 2017.
Instead of buying or renting hash power, you guys should just straight up BUY the currency. Then trade on Poloniex or Bittrex.
is genesis mining true?
i have been mining there for almost 2 years its ok so far. you can use this code for a discount G1xCWZ
Steemitcom Steemitgr How? I'm interested in this. I have been doing some research. please send me info to 9731702@gmail.com
i emailed you
if anybody needs help,leave a response here.
Steemitcom Steemitgr can you send me information.. omarreyesz80@gmail.com
if war happen,there will be no elecrtric supply there will be no more internet,and how the bitcoins suppose to work as medium of exchange in time like that?
If there's no more internet, trust me you wont be needing to buy anything. You'll be needing to survive on animal meat and try not to get killed.
LOL get back in your nuclear shelter boooiiiiii
Ghost exactly!
I just watched this video and the price broke $7500 in the last week or two! Unreal
Coincidentally I'm watching this video a few hours after bitcoin passed the $4000 mark.
So the computer he trashed has $1.2bn in Bitcoin on it.
your location of your "farm" isn't hard to find. you just gave away afew hints. hello my friend.
Making good money compounding bitcoin daily after trying several sites and losing money. Happy to be PM'ed for details or questions
He got in at the beginning of the Gold Rush and the ridiculous inflation of Bitcoin resulted in his riches. There's nothing to learn here except that sometimes if you take risks and you're at the right place at the right time, you might make it out big. Now there's no point in mining bitcoin.
*When he started talking about Espionage and setting up a mining factory in Iceland in a top secret location, that's when it got interesting. I always thought those things were conspiracies.
If it was an empire in the beginning of 2017...what is it now then?
Bitcoin is now worth well over $2400. And even $2600 on some days. Wow.
Emmanuel Tran jokes on you....
Uncharted 5: The search of the bitcoin laptop. xD
its worth 617 million now. :O
Can't believe there is still a laptop somewhere, with 617 million dollars on it hahaha.
Mate.. talk numbers! 1 million on power cost? That means that you must mine at least 1000 btc's every month, but that would be low.. How much is it nowadays?
Sjard Willems v 1000 btc is 2800000 dollars
Ahmed now it is, but when this talk was it wasn't
bitcoin is about decentralization. except that it is centralized in Iceland 😂😂
That's not how it works.
Actually, it was an astute observation. Miners are supposed to be spread out. When the mining is centralized you have a conglomeration of power. People have even been worried about the fact that so much mining is done just in China. I'm sure it's still distributed enough to serve the purposes of decentralization, but it's certainly not good to have one massive mining company. Might be something that needs to be regulated.
Very true, the whole network is controlled and manipulated by there enormous pools some of which are collections of huge farms. For profit they do anything they want with the BTC using this collective majority power.
@@v1m30 I'm sorry, what???? What does it MEAN to "mine blockchain"? Steal?
Bitcoin just passed USD$6k. Where to next?
Man, the comment section is filled with people trying to advertise their stuff, everything is written so unnatural, and the sheer ammount of accounts makes the whole bitcoin thing look way scammier than it probably is.
It's weird, but as there is a set ammount of bitcoins minable in a set ammount of time, and all miners "share" the same pool, basicly. Making the requirement for bigger and bigger farms, to get a "fair" share, it's kinda counter intuitive to either give coaching, give away strategies and educate people on the matter. It just reduces your profit.
So, whats the conclusion from that statement. Bitcoin mining isn't really profitable, but "scamming" people is. Or it's a snowball system, that only works if the demand is ever increasing, pushing bitcoins up in value, to ensure profits for people that are in it for a while. (until the demand stops, the currency loses its value, and everyone affiliated with big farms allready sold off their stuff for a lot of money, and the last ones joining are "fucked").
Or last option, they do all of this out of pure generosity, like every millionaire / entrepreneur / business....you see where I'm coming from ?
Now it’s 11K
So you have a working laptop, use it for mining, stop mining, then throw away a perfectly fine laptop? Why would you throw away a laptop just because you no longer mine with it? Wouldn't you just keep the laptop and use it for the stuff you were using it before mining? Sounds odd.
for effect.
once you cant mine anymore with a laptop/pc its best to throw it away. This is because mining is gpu intensive, and it breaks the gpu very quickly if not handled correctly. With the gpu rendered useless, the laptop is essentially dead, becoming incredibly slow
Why would he need the original computer? I thought it's decentralized and copied over and over. Are you saying if we do these transactions and lose a computer (which is very easy to do if it gets destroyed for fire, tornado, lightning) we lose all our bitcoin?
Miner shall be limited to 2000 graphic card to operate. Imagine, if only one or two large miner operating the machines, then it does not served the purpose of decentralized technology, besides it could caused havoc by the hackers.
Over $6,100 now (10-22-2017).
question is... Can it run crysis 2?
Question, does the loss of net neutrality in America impede free access to bitcoin miners?
Yes bitcoins are limited to 21 million but what's to stop an infinite variety of crypto currencies from being created?
At least in Iceland mother nature provides the computers with free cooling.
So much for being decentralized. That looks pretty damn centralized to me.
im going to keep investing!
Good info
Hello, how as trading been for you so far?
beautiful survivor bias at the end!
$4600 AUD, increased 50% in 1 month
Did you just give up where the secret location of your headquarters??
price is now $14,000
What is he talking about?
I programmed the program and the program was programmed
It's 2,600 usd now! Still kicking myself for not buying any when a friend told me 4 years ago.
Anucha SeoDml thats how it goes..
Night Stryker I just got to to know about this yesterday I researched today and made up my mind to get 1 coin but too many scams here now what n where to buy
12:35 a guarded laundry..... yeah......
Bitcoin is a virtual money, the guy who lost his laptop lost all of his money! Why does a virtual money relies on a vulnerable hardware!? Suppose by any reason e.g. a volcano the mining facility in Iceland is destroyed what would happen to all that Bitcoins?
You can print it on paper as a backup plan =)
You can buy usb drives like nano s / trezor that can keep coins secured offline.
This circle is the limit
Awesome
Interesting..
$13,400 X BC 300,000 = $4,020,000,000
THATS BILLION WITH A BIG CAPITAL B!!!!!!
I WOULD STILL BE DIGGING IN THAT PILE AS OF TODAY. I WOULD DIG TILL MY HEART STOPS.
how do i start with bitcoin
Coinbase is pretty easy to figure out.
CheyAnne Sexton thank I'll check it out
Glad you made this decision. Bitcoin if you ask me would be the perfect option because analyzing the long term benefits of controlled circulation, there is a hike in the value which brings maximum profits and it's still rising! You can manage your account yourself but if you don't get a pro my friend.
Daniel Hill great man, but where do I find a pro?
CheyAnne Sexton can you give me some advice?
So am I to understand these folks are still using graphic cards? I figured they must have switched to ASICs, but at the end he says, "... because it's a generic computing powerhouse, it can also do simulations for medicine, protein folding..." Obviously, a BTC ASIC will not be able to do computations for medicine, protein folding, etc., so it seems there guys are still running GPUs? For the life of me, I cannot understand why that would be. They would achieve so much more profit even if they started using outdated ASICs that are now considered slow!
I wonder what the alarm was when BTC tested $5k
Rip to that 5000, price per bitcoin is $11000 now
Good morning all,
OBJECT OF DEBATE !!!!
1. How do you think that cryptocurrencies will evolve in the event of a global economic crisis, bank failures, and that all the world's currencies devalue enormously?
2. On what are cryptocurrencies based to create their own value, what is the concrete source of this capital?
3. Wouldn't we be creating a speculative bubble on cryptocurrencies?
4. Doesn't Staking Cryptocurrencies Look Like The American Or European Stock Exchange?
5. What happens to our cryptocurrencies and the blockchain if the internet disappears?
thank you,
cool story bro
Should I buy bitcoins now?
Its trading at 2580$
Akshay Kumar wait for it to drop, it should correct soon and then seize your opportunity
if you bought now your BTC = 4600 i hope you bought almost 10 :D
If you bought 5 months ago, your money would have tripled by now. Hope you did. 😉
You should buy right now because btc will be 10K and 1Mill after 10 years, experts said it
did you buy it yet
I'm watching this as Bitcoin passed 15.000$ and is not showing to stop
Found out about mining for coins about a year ago and didn't put anything into it. Now I'm kicking myself.
Oh shit mainstream is here
nigga we made it
Not even close to mainstream yet, which is the beauty of it... Things are just beginning.
THE FIRE RISES!
i always wanted to get me some bitcoin but never got the gist of it
Then get educated on it if you're interested. Udemy has some Bitcoin courses =)
I wish, mentally I wouldn't be able to process it
Do you know how cash works? I doubt =) There's the printing process, regulation, etc... Same with Cryptocurrencies. Invest a bit if you believe in it, it might be worth it. Best of luck
Just wondering what happen to the value of Bitcoin if this limited amount of crypto currency by 2040 when half, or worst, most of them got lost and unrecoverable in the block chains through human mishandling?
That laptop is now worth over 800 million...
$6,500 today...What an Amazing ride@!
Imagine if Ai tapped into all this processing power across the world
great talk, i can`t stop thinking about crypto and how it`s going to change the world
He still cant play Crysis on highest settings tho.
Yes there goes 90% of people singing praises about bitcoin and this guy and the scam ie genesismining. What this guy has essentially created, and kudos to him is something like a mutual fun for digitalcurrency. All this talk and glorification of this idea of bitcoin is to lure people into the rush with bitcoin at $2000 and past stories etc etc. So now people would go out and probe about mining their own, which they then realize is more or less like someone panning for gold besides the river in contrast to companies like genesis which have huge operations. So then people are presented with this option of investing with genisis and perhaps make a better use of their financial resources. With promises of return on investment soon etc the company genesis on their part is getting revenues not just from their mining business but also from the invest inflow for people jumping in on the bandwagon.
The company probably like any other startups got seed money from some high profile investors who in turn were lured for the very same reason.