Paul Vigna
speaker
1,291 appearances
13 recordings
1 series
first heard Jul 2017
last heard Apr 2022
Paul Vigna’s voice in public audio — every appearance, attributed to the second.
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Appearances
WSJ Your Money Briefing · Cryptocurrency: Coinbase Offers Interest to Park Cash · 1 Apr 2019
podcast
And the other half of what I was explaining before about how you have to put in money, how you have to put in something with the incentive for doing all that is money.
You get paid.
What you get is, and this is the mechanism by which these cryptocurrencies create new coins.
Every time you're involved in a transaction, confirming a transaction, a process, new coins are created.
And you, you don't get it every single time.
It's kind of a competition, not a competition, but I mean, it gets spread out among everyone who's involved.
You get paid in new tokens.
over a long term, however long you're involved, you will end up getting a pretty steady set rate of return.
That is basically why this looks like an interest rate.
If you're holding your tokens in Coinbase's custody service and they're starting off with one cryptocurrency, I should say, it's called Tezos, they expect they will add some others, but they're starting off with one.
No, not right now, because Bitcoin's entire network is based on a different type of, it's based on what's called proof of work, not proof of stake.
Tezos and some of these other ones, a lot of other ones are proof of stake.
That's why we call it staking, because you're putting up money.
In Bitcoin, you are basically, you're putting up computing power.
I mean, people talk about how energy intensive Bitcoin is.
It's because to participate, you have to put up what is essentially computing power.
There's a degree of difficulty that makes it such...
that it becomes very expensive.
You're putting up a lot of energy is what you're basically staking, you know.
And the reason why, again, is they want to make it hard for anybody to attack the system.
Showing 441–460 of 1,291 · page 23 of 65
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