Blockchain is it's Power. The bitcoin blockchain is the most secure database in the world. In fact we would be wise to embrace it and use it to secure our elections. Paper ballots alone can be hacked.. 2000 mules right? Paper ballot plus blockchain is unhackabke
I love this place but the ignorance behind bitcoin, which is not a crypto currency!, is breathtaking
Doesn't matter if they control the devices we use to access it. Digital currency is the worst idea ever if you don't trust the Government. They could disconnect us in an instant.
I knew a chemist. For a while he was always upset at people calling food organic, noting that inorganic food was impossible in chemistry terms. Being a reasonable guy, he learned to accept it and got over it as the trend grew. In that way bitcoin has pretty much become the definition of cryptocurrency.
I understand the difference between blockchain and currency. But I'm not sure what the definition of cryptocurrency is. Isn't it simply currency that is not centrally controlled? Honest question.
Two methods to support the net work, proof of work, and proof of stake. Proof of work is decentralized which is protected by the number of nodes, you need 51% control to manipulate the network. Proof of stake centrally controlled. Meaning controlled by the few therefore all you need is 51% control to manipulate change modify and steal.
Your asset is protected by the world‘s largest distributed global proof of work Computer nodes. You can run your own Node on your home network on a laptop. Think of the Proof of Work is like limewire to Insure, validate the network security and transparency.
I get that. I'm a big proponent of blockchain as being secure. But the fact that there's no army to ensure you can always exchange your coin for food or heat is a real weakness, despite the strength of its digital distributed accountability.
Compare bitcoin to a hypothetical coin, say Mormoncoin, where the Mormon church would guarantee to the best of their ability that you could always exchange ten coins for a bicycle, a starched shirt and a week's worth of potatoes, at any temple in the world: wouldn't that coin, if otherwise identical to bitcoin, be better by virtue of having a physical force behind it?
That's the argument he's making, the way I read it.
BTC is protected by The Decentralized Network, Which runs in China Brazil India United States, One in my basement or yours. You can centrally store your crypto off exchange run it off the node in your basement like your own private bank. And no one can stop you from spending it. Think about that.
Again is the Gestapo knocks on your door steals your node they will not have access to you BTC because it stored in the block chain, in the BTC White paper is called a time chain. You get out of jail you standup another node or login with your seed password and Bingo you have your BTC. Over simplified but that’s how it works.
Yes there are 20k coins introduced to the market trying to take down the king. All those coins introduced after BTC are centrally controlled they have a team of people And a CEO. Those bozo coins, are most likely the template created from the Ethereum Netwerk. Which is moving to proof of stake, September 15, 2022. All those coins can be manipulated for theft.
This argument does not help bitcoin... as it has no physical power behind it. Just a rule set.
Exactly. This is an argument against cryptocurrency, but whether or not OP of the post on this site understands that is unclear.
Blockchain is it's Power. The bitcoin blockchain is the most secure database in the world. In fact we would be wise to embrace it and use it to secure our elections. Paper ballots alone can be hacked.. 2000 mules right? Paper ballot plus blockchain is unhackabke
I love this place but the ignorance behind bitcoin, which is not a crypto currency!, is breathtaking
Agreed. So many people continue to conflate Bitcoin to DS, CBDC nonsense.
Doesn't matter if they control the devices we use to access it. Digital currency is the worst idea ever if you don't trust the Government. They could disconnect us in an instant.
If they want to start an apocalypse and make all of us literally go out and lynch these bastards, then sure.
That's not going to happen though.
I knew a chemist. For a while he was always upset at people calling food organic, noting that inorganic food was impossible in chemistry terms. Being a reasonable guy, he learned to accept it and got over it as the trend grew. In that way bitcoin has pretty much become the definition of cryptocurrency.
I understand the difference between blockchain and currency. But I'm not sure what the definition of cryptocurrency is. Isn't it simply currency that is not centrally controlled? Honest question.
Two methods to support the net work, proof of work, and proof of stake. Proof of work is decentralized which is protected by the number of nodes, you need 51% control to manipulate the network. Proof of stake centrally controlled. Meaning controlled by the few therefore all you need is 51% control to manipulate change modify and steal.
Your asset is protected by the world‘s largest distributed global proof of work Computer nodes. You can run your own Node on your home network on a laptop. Think of the Proof of Work is like limewire to Insure, validate the network security and transparency.
I get that. I'm a big proponent of blockchain as being secure. But the fact that there's no army to ensure you can always exchange your coin for food or heat is a real weakness, despite the strength of its digital distributed accountability.
Compare bitcoin to a hypothetical coin, say Mormoncoin, where the Mormon church would guarantee to the best of their ability that you could always exchange ten coins for a bicycle, a starched shirt and a week's worth of potatoes, at any temple in the world: wouldn't that coin, if otherwise identical to bitcoin, be better by virtue of having a physical force behind it?
That's the argument he's making, the way I read it.
BTC is protected by The Decentralized Network, Which runs in China Brazil India United States, One in my basement or yours. You can centrally store your crypto off exchange run it off the node in your basement like your own private bank. And no one can stop you from spending it. Think about that.
Is that mining? How do you do that, set up a node on your own computer? Do you make money this way?
Again is the Gestapo knocks on your door steals your node they will not have access to you BTC because it stored in the block chain, in the BTC White paper is called a time chain. You get out of jail you standup another node or login with your seed password and Bingo you have your BTC. Over simplified but that’s how it works.
Yes there are 20k coins introduced to the market trying to take down the king. All those coins introduced after BTC are centrally controlled they have a team of people And a CEO. Those bozo coins, are most likely the template created from the Ethereum Netwerk. Which is moving to proof of stake, September 15, 2022. All those coins can be manipulated for theft.