So, I am already aware of a few things with the BitCoin. Block chain seems simple enough. Get paid for finishing "work" got it! Foreign, not a US based situation. OKIE DOKIE!!!
Can someone explain the "work" to me. I have been pondering this for days and it is driving me up the wall. Best I can tell is it is an encryption breaking system that they let out into the wild to see if they could market such technology... I think it has done quite well, given all the secrecy surrounding it. I have heard that it preforms crazy mathematical equations and the only reason that I see it as necessary, actually functional in anyway, is encryption mining. Can someone explain in detail how it is not being used in this way? What maths is it being used to figure out and why is it necessary to get everyone on board with this new system? Given it's ability to conceal data within itself (that would be, as I understand it, the very nature of the beast) keeping a log of everything that passes through it. I hear that it is encrypted itself so I am really just curious. Is BitCoin/block-chain really just a front for encryption mining? Can this new tech be used in a way that is not outwardly apparent? I myself have ran some miners in the past and they do consume loads of power, so they are obviously doing something.
Well, I am ready for bed now. WOW! I do not know that I have ever been that bored.
I am not sure that this video provided debunks my idea, if anything it adds to it some more crazy conspiracies!!! It is essentially the current Fiat system with some fancy maths to confuse the laymen. Mission accomplished! With each transaction being charged to compute they have found a way to tax the very movement of money. Gold Coin would be easier to deal with and far less expensive overall with reason to charge for movement if required because actual work would be preformed, not just computer maths. I feel it is an overly complicated system by design to funnel a little off the top when no one is looking. Considering the volume of electricity required to make the whole thing work I will lay blame on the Electric companies just fudging a way to get more money. With the uptick of mining and at least one group being able to "Hit the lottery" SIX times in a row... What are the odds? How is it possible, to reoccur once let alone 6 times altogether? Why would someone want to disable the ability to mine that fast, wouldn't the entire system benefit from the speed? So what everyone is mining the same rig, THAR BE BOOTY TE SPOIL! The system seems to be bogged down having to go through so many channels. I get the concept of decentralized so that governments cannot interfere but I am reminded that governments are largely comprised of "people", "people" that tell government what to do. They try to convince us it is the other way around but I have seen the man behind the curtain. Just a bunch more bells and whistles with fancy signs flashing about. All at the expense of the end user that benefits very little from the experience at large.+
With the amount of #hashes going back and forth I cannot see this as anything more than I had alluded to in my post. They are mining for encryption keys and making a log of it to use at a later time. If you can verify the first number/letter/symbol of the encryption you can cut your wait time down immensely by only running #hashes that start with that particular (symbol). It is only a matter of time before they have access to anything and everything "connected". Unless China has some power issues coming along that I am unaware of.+
Thank you!