Noon(er) Chat with Margy Lam

Okay, let's back up just a little bit and ask a couple other type of questions.

One is, where did crypto come from? You know, I hear blockchain.

And I remember the discussion that blockchain was what I envisioned was essentially following a product from start to finish in its manufacturing to consumption process.

And I always envisioned it like little RFID tags.

Am I on track?

No, that's actually, that's a pretty good analogy.

So yeah, cryptocurrency itself really started with Bitcoin, which is sort of a digital asset.

It's called currency, but currency, I don't know, I tend to think of currency as something like readily traded for most goods and services, which it's getting there, but it's not fully there today.

So I call it a digital asset because a lot more people are holding it than they are really trading with it today.

It's shifting quickly.

And how Bitcoin works is it's basically just digital transaction on a digital ledger, also called a blockchain.

So the currency is created.

It runs on its own network that can't be manipulated.

You can think of it

like I... sign in to this network with my computer, and if I tried to record a transaction that actually occurred, there'd be thousands of other computers attached to that network that are trying to verify that transaction, and they basically reject it.

I can't verify it.

It's a little different than how our financial institutions record their transactions online.

But

not

entirely so.

You basically have a ledger at your bank's financial institution, and people try to manipulate the ledger, too, of, you know, this person's withdrawing money or this person's depositing money into their account.

And there are some manual and digital verifications that go along with those transactions.

What makes Bitcoin different is that this all happens in what they call a trustless system.

Basically... via computer work um where trust institution i put my dollars with because i know that um they have a good

reputation that i've

Okay, let's back up just a little bit and ask a couple other type of questions.

One is, where did crypto come from? You know, I hear blockchain.

And I remember the discussion that blockchain was what I envisioned was essentially following a product from start to finish in its manufacturing to consumption process.

And I always envisioned it like little RFID tags.

Am I on track?

No, that's actually, that's a pretty good analogy.

So yeah, cryptocurrency itself really started with Bitcoin, which is sort of a digital asset.

It's called currency, but currency, I don't know, I tend to think of currency as something like readily traded for most goods and services, which it's getting there, but it's not fully there today.

So I call it a digital asset because a lot more people are holding it than they are really trading with it today.

It's shifting quickly.

And how Bitcoin works is it's basically just digital transaction on a digital ledger, also called a blockchain.

So the currency is created.

It runs on its own network that can't be manipulated.

You can think of it

like I... sign in to this network with my computer, and if I tried to record a transaction that actually occurred, there'd be thousands of other computers attached to that network that are trying to verify that transaction, and they basically reject it.

I can't verify it.

It's a little different than how our financial institutions record their transactions online.

But

not

entirely so.

You basically have a ledger at your bank's financial institution, and people try to manipulate the ledger, too, of, you know, this person's withdrawing money or this person's depositing money into their account.

And there are some manual and digital verifications that go along with those transactions.

What makes Bitcoin different is that this all happens in what they call a trustless system.

Basically... via computer work um where trust institution i put my dollars with because i know that um they have a good

reputation that i've