Proof of who's work? Every one works at something. Not all work is valuable or good.
Who determines the value of the work? NFT was considered valuable at one point now they have lost value.
Blockchains can now be hacked. Anything digital can be corrupted.
As the oligarchy controls the internet, they will control BTC.
Your response leaves a lot to be desired to be desired.
Proof of SHA256 work. Not gonna explain Bitcoin mining in detail in this venue, but you can find videos or webpages explaining how it all works. Basically quadrillions of hashes are produced every second in order to find the next block. This next block contains the most recent transactions, verifying them, while also awarding 3.125 btc to the miner who found the correct nonce.
Your statements about hacking blockchains are not true (unless you have a link to share…) and the whole point of the cryptography behind the blockchain is that it can’t really be hacked. Even a tiny change will make the whole network reject your modified/hacked chain.
I’ll break it down Barney level for you. Bitcoin operates on a technology called “the blockchain”. The block chain is basically a ledger. If I give you 1 bitcoin, it’s transferred to you over the network, and is recorded in the ledger. The transaction is processed by “Bitcoin miners” but that is another topic. Just know that the miners get paid a small fee in bitcoin for processing the transaction. The ledger, ie the blockchain, is recorded on every computer that is used in mining/processing Bitcoin. To “delete” or “hack” bitcoin, you’d have to hack the entire Bitcoin network and every computer attached to it in order to change the ledger. This is simply not possible with the technology and encryption we have today. The downside that no one seems to acknowledge is that every Bitcoin transaction can be traced. Cash has a feature called “fungibility” which Bitcoin cannot replicate. However, other crypto currencies do have privacy and fungibility baked into their design, but those cryptos are not available on mainstream exchanges. Wonder why that is?
BTC holder here……A gold and silver backed currency note destroys the leash around the necks of the population. It also destroys the darkness holding that leash. Needed is a way to buy and sell without an internet connection; btc is a useful tool, however you must exchange a currency that has value for it……not a piece of paper with a Presidents picture on it which is fiat. GLTA..
I know that and you know that. Normie crypto bros don’t. That was my point. Too many people see BTC as a viable end to fiat and don’t understand the real implications of such.
Thanks.. Barney level helps a bit. I understand the encryption process. I appreciate you taking the time. I am for anything that gives power to people. Hope it works out.
Watch the "What Is Money" series 1- 9 on YouTube by Robert Breedlove as he talks with Michael Saylor. That's the foundation that you need to understand what Bitcoin is and what it is not. If you truly have a desire to know why BTC is not fiat money that's the place to start, imo.
Also check out any interviews with Jason Lowery if you want to know why Trump is planning to 'stockpile' Bitcoin and wants the USA to be a leader in this emerging digital asset.
Digital assets are not real assets unless they are based upon real world assets.
Any power user will eventually hack anything digital. Check banks.
If the internet is destroyed digital wealth is destroyed. Or adversaries can decide to empty all digital wallets on a whim.
Bitcoin was cool when it was apart from the ogliarch system. But that's not the situation no
Who says digital asset are not real assets? You? Millions of investors would beg to differ with your statement. If the Blockchain technology was hackable it would have happened by now. It's open sourced. Empty digital off-line wallets? How? Only the owner has the seed phrases and usually the phrase is memorized in their heads. Try hacking that. Bitcoin is made for adoption by countries and the people. It was developed to replace the centralized banking system.
Your comments show you haven't done any real research on bitcoin. That's why I directed you to certain YouTube interviews.
BTC is not fiat. Anyone who understands bitcoin knows this fact.
BitCoin is Block Chained Energy.
No more Billions sent to Ukraine to be Laundered
What is BTC based upon? Teach me.
Proof-of-work. Literally not hard to understand.
China's doing most of the work and have most of the crypto. Might as well call it CCP coin.
Proof of who's work? Every one works at something. Not all work is valuable or good. Who determines the value of the work? NFT was considered valuable at one point now they have lost value. Blockchains can now be hacked. Anything digital can be corrupted. As the oligarchy controls the internet, they will control BTC. Your response leaves a lot to be desired to be desired.
Proof of SHA256 work. Not gonna explain Bitcoin mining in detail in this venue, but you can find videos or webpages explaining how it all works. Basically quadrillions of hashes are produced every second in order to find the next block. This next block contains the most recent transactions, verifying them, while also awarding 3.125 btc to the miner who found the correct nonce.
Your statements about hacking blockchains are not true (unless you have a link to share…) and the whole point of the cryptography behind the blockchain is that it can’t really be hacked. Even a tiny change will make the whole network reject your modified/hacked chain.
"If you don't understand it, I don't have time to explain it to you, sorry" (rough quote)
I’ll break it down Barney level for you. Bitcoin operates on a technology called “the blockchain”. The block chain is basically a ledger. If I give you 1 bitcoin, it’s transferred to you over the network, and is recorded in the ledger. The transaction is processed by “Bitcoin miners” but that is another topic. Just know that the miners get paid a small fee in bitcoin for processing the transaction. The ledger, ie the blockchain, is recorded on every computer that is used in mining/processing Bitcoin. To “delete” or “hack” bitcoin, you’d have to hack the entire Bitcoin network and every computer attached to it in order to change the ledger. This is simply not possible with the technology and encryption we have today. The downside that no one seems to acknowledge is that every Bitcoin transaction can be traced. Cash has a feature called “fungibility” which Bitcoin cannot replicate. However, other crypto currencies do have privacy and fungibility baked into their design, but those cryptos are not available on mainstream exchanges. Wonder why that is?
BTC holder here……A gold and silver backed currency note destroys the leash around the necks of the population. It also destroys the darkness holding that leash. Needed is a way to buy and sell without an internet connection; btc is a useful tool, however you must exchange a currency that has value for it……not a piece of paper with a Presidents picture on it which is fiat. GLTA..
Agree 100%. BTC and more so the blockchain, has huge potential. However, replacing the dollar (or any fiat) with crypto currency isn’t likely imo.
“The downside that no one seems to acknowledge is that every Bitcoin transaction can be traced.”
No one seems to acknowledge?! It’s acknowledged by Bitcoin itself in its white paper. It transparent nature is a feature not a bug.
I know that and you know that. Normie crypto bros don’t. That was my point. Too many people see BTC as a viable end to fiat and don’t understand the real implications of such.
Thanks.. Barney level helps a bit. I understand the encryption process. I appreciate you taking the time. I am for anything that gives power to people. Hope it works out.
Watch the "What Is Money" series 1- 9 on YouTube by Robert Breedlove as he talks with Michael Saylor. That's the foundation that you need to understand what Bitcoin is and what it is not. If you truly have a desire to know why BTC is not fiat money that's the place to start, imo.
Also check out any interviews with Jason Lowery if you want to know why Trump is planning to 'stockpile' Bitcoin and wants the USA to be a leader in this emerging digital asset.
Digital assets are not real assets unless they are based upon real world assets. Any power user will eventually hack anything digital. Check banks. If the internet is destroyed digital wealth is destroyed. Or adversaries can decide to empty all digital wallets on a whim. Bitcoin was cool when it was apart from the ogliarch system. But that's not the situation no
Who says digital asset are not real assets? You? Millions of investors would beg to differ with your statement. If the Blockchain technology was hackable it would have happened by now. It's open sourced. Empty digital off-line wallets? How? Only the owner has the seed phrases and usually the phrase is memorized in their heads. Try hacking that. Bitcoin is made for adoption by countries and the people. It was developed to replace the centralized banking system.
Your comments show you haven't done any real research on bitcoin. That's why I directed you to certain YouTube interviews.