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.
This argument does not help bitcoin... as it has no physical power behind it. Just a rule set.
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.