We Study Billionaires - The Investor’s Podcast Network BTC150: Solving the Oracle Problem w/ Daniel Hinton & Steve Jeffress (Bitcoin Podcast)
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Oct 4, 2023 Daniel Hinton and Steve Jeffress, co-discoverers of a novel method to derive Bitcoin prices using blockchain data, dive into the fascinating world of financial oracles. They explain how these oracles seamlessly integrate real-world data into decentralized systems, making Bitcoin pricing more reliable. The duo shares insights on Unspent Transaction Outputs (UTXOs) and reveal intriguing patterns in Bitcoin transactions. They also discuss the future implications of their discoveries and how they could reshape the understanding of Bitcoin's value.
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The Oracle Problem
- Oracles solve the problem of blockchains not knowing about the outside world.
- They bring real-world data like prices or events onto the blockchain.
UTXOs Explained
- UTXOs are unspent transaction outputs, like individual bills in a wallet.
- When spent, a UTXO is destroyed, creating new UTXOs as change.
Bitcoin Price Discovery
- The Bitcoin price in USD is reflected in transaction patterns on the blockchain.
- This discovery allows price determination without external exchange data.