AND FROM OUR FAVORITE "AMNESTY" RAGAZINE ---- You Can Forget About Crypto Now
(www.theatlantic.com)
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I sat and watched a show that was explaining crypto. I wanted to understand. So I watched as two individuals who understood crypto explaining how it works. After 2 hours they never connected the dots. They would be getting to a point, then say. Hold onto this we will come back to it. Guess what, they never got back to the point. They kept bring in something else. At the end they were high fiveing each other and yuking it up. They were like and that's how crypto works. I was like, how does it work that was all bs. I will never flush money down the toilet with this ponzy scheme. Here is their magic boogy man word that explains everything. BLOCKCHAIN. more like jerking my chain.
I will explain crypto in 5 mins. You don't need more than that. First I need to explain blockchain, that will take 4 mins. The remaining 1 min for crypto.
Think of Blockchain as an accounting book, a virtual accounting book, in which in, anyone can write their name on a new page and it becomes their page.
Imagine this person who wrote their name in a new page, being able to dig for a specific treasure, and each time they find one, they can go and write it down in their page.
No one else can write in your page. Only you can write in your page. You cannot write down you found a treasure unless you did indeed find it. No two people can claim the same treasure.
Finally imagine that each person can transfer the treasures that are recorded in their page, to any body else's page. And once they do it, its crossed out of your page and written into the other person's page.
So either you can discover a treasure and enter it in your page OR someone else can transfer the treasures entered in their page, to your page.
Imagine that all this is possible, because this Blockchain accounting book exists on the computers. And the reason why no one is able to make a mistake with this Book is because everyone whose name is in the book is always watching the book to ensure no one else is up to any shenanigans.
Also imagine that this particular treasure has no value other than being able to be entered into the book.
If you have successfully visualised so far, congrats, you understand the essence of Blockchain technology.
Now what is crypto? Crypto is nothing but the said treasure. It has no inherent value of its own, except being able to be recorded in the Blockchain book, and to be transferred to other people's page.
These are the facts. Anything beyond this is an opinion by some one or another.