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.srt file of CCTV documentary of bitcoin. Part 1/5
http://www.youtube.com/watch?v=aw3OSTkdE-s
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1 | |
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Past Headlines... | |
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Hello Audience, thank you for watching Economics Half Hour. | |
I am Ma Hongtao. | |
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00:00:35,300 --> 00:00:40,000 | |
Recently, these online, virtual currencies named "Bitcoins" slowly creeped into the mainstream's view. | |
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In addition, domestic media sources broadcasted another bit that brought it closer to the hearts of Chinese people. | |
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According to these reports, after the Sichuan Earthquake, Bitcoin was used as donations entered the account of the relief fund. | |
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00:00:55,140 --> 00:00:57,140 | |
So what is Bitcoin? | |
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So where did bitcoin come from, and what can it be used for? | |
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This enigmatic currency is what we will explore today. | |
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Today, just like any other day, | |
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Duai starts the day by turning on his computer to go to a bitcoin mining site. | |
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8484.. | |
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Every minute the numbers are moving. It's exciting. | |
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I am making money, I am making money. | |
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A short couple hours, Duai didn't do anything. | |
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The computer mined 0.85 BTC. | |
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00:01:27,594 --> 00:01:29,736 | |
He then opens China's largest exchange website. | |
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Today's exchange rates are 800 RMB/BTC. | |
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This means, Duai made 700 RMB over the last couple hours. | |
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00:01:38,789 --> 00:01:40,951 | |
Sung is also a Bitcoin enthusiast. | |
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00:01:41,218 --> 00:01:44,217 | |
He and his comrades (lol) often talk about the bitcoin market. | |
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Did you buy any? | |
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I bought a little bit a while ago at 790. | |
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Got in at the right time. | |
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[Some Chinese idiom that idk describing] Bitcoin was born 4 years ago. | |
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In 2008, someone using the pseudonym Satoshi Nakamoto | |
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posted a research paper on a secretive cryptography mailing list | |
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that detailed his thoughts regarding Bitcoin. | |
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In 2009, he helped this organization establish an [domain name/open source?] project. | |
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officially announcing the birth of bitcoin. | |
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He's never shown his face, and later retired from management | |
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So whether this guy is a single person, or a group of people, on one knows. | |
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Bitcoin does not rely on any central distribution agency | |
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but rather uses a peer-to-peer, distributed storage | |
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to assist with the transfer of currency. | |
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And it uses cryptography to secure every step and reliability of the currency. | |
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Users can use computers, following the pre-set rules, | |
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use large number of calculations to "mine" bitcoins. | |
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During "mining," the computer searches for 64 digit numbers. | |
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Using continuous [crytographic solving?], it provides the network with [something] | |
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If the miner's computer successfully solves the correct number, he is rewarded with with 25 BTC. | |
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Because the bitcoin network adjusts the difficulty level, only 25 BTC are rewarded every 10 minutes. | |
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Meanwhile, users can instead trade online to obtain bitcoins. | |
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This machine room is Zhaiwenjie's mining location. | |
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All of these converted machines are specialized to mine Bitcoin. | |
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These graphics cards calculate day and night, the temperature inside the room is noticibly higher than outside. | |
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It's so hot it can almost cook eggs. | |
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It does indeed seem hotter here. | |
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How about the power consumption? | |
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Power costs about 60 RMB (~$10) a day. | |
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These are burnt out cards. | |
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How many have burned out? | |
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About... 10. | |
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Sunminjie’s machines are also haven't stop running. | |
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Although the temperature is high when sitting next to the computer, he is very happy. | |
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Mining is repeatedly running a very complicated encryption and decryption algorithm. | |
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Then it will be equally distribute to the people who connected to the network. | |
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Those who contribute the most (hashing power) will recieve the most. | |
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Although Bitcoin is a virtual currency that can’t be seen or touched, it cannot be ignored. | |
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On 23th April, “One” Foundation announced, had received the Intention to donate of 50 Bitcoins. | |
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This is the first time Bitcoin was used as donation in China. | |
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After a few days, the sum increased to 230 BTC. | |
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In the small remote European country, Cyprus, Bitcoins also showed its great promise. | |
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This year, Cyprus government collected taxes from bank deposits. | |
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And people suddenly discovered that the unregulated virtual currency Bitcoin can evade taxes. | |
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and exchange with US dollar and many other currency, thus decreasing their "Loss of wealth." | |
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Bitcoin ATMs even appeared in Cyprus. | |
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So what is Bitcoin in the eyes of the users? |
"on one knows" -> "no one knows".
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Hi. I've forked this gist and added three amendments.
For [domain name/open source], I have confirmed it to be "open source" by googling the term 开放源代码 which led me to this definition page: http://zh.wikipedia.org/zh-sg/%E5%BC%80%E6%94%BE%E6%BA%90%E4%BB%A3%E7%A0%81
For [cryptographic solving], I used the same method and assumed that he meant to say "decryption". However, that may be technologically inaccurate so I think "cryptographic operations" is a suitable replacement phrase.
If you are a native Chinese user, I think what I said here would sound rude. I apologize, because I wrote this note assuming you're not a native Chinese user.