i have a current source of 50 v from a phone line can i reduce it into 12 volt to make a 12 v bulb glow?
Phone company is onto that scheme... It's been well known since the early days of Phreaking.
They monitor the current on their lines so they will catch you, disconnect you, and charge you. Even more fun, they've been known to deliver random power surges intended to dammage anything you may have plugged in.
Don't do it.
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Don't try tapping the phone - you'll break it.