Crypto Currency - Believers Only

A blockchain is just a ledger. You do not need a currency to go with that. It is a neat and clever way of securing the transaction history. But a transaction could be an entry in your medical notes rather than a record of a solved puzzle changing hands. It is secure because of the distributed ledger meaning you cannot go back and change all of them.

All these currencies are is a solved puzzle which is passed around as a token of worth. Each movement is recorded using the blockchain.

You can have a blockchain without the currency. But not the currency without the blockchain.

You can have a private blockchain without the currency.

You cannot have a public one without a currency.

Fwiw, you can change the ledger too. You just need 51% of the network nodes to agree with you.

Etherium classic (which is NOT etherium and should be avoided) has been 51% compromised 3 times.

Does anyone actually use Bitcoin to, you know, buy shit with?

Seems like it would be a real ball ache to price goods in, considering how volatile it’s been over the years.

Wally No one wants to pay 1 bitcoin for something and then find out they could have paid half a bitcoin the next day.

Yeah that’s what I was getting at.

mono-stereo No doubt in my mind that’s why Tesla are happy to accept bitcoins. Didn’t most of their Q1 profit come from bitcoin investing?

mono-stereo I think it’s used a lot on the dark net at the mo for buying powder and hitmen.

LT42 Got any links LT?

I think the main reason bitcoin won’t take off is because most people haven’t got a fucking clue how it works.

Smallman1 Give us a quick run down on how TCP/IP protocols work please Smallman? It powers the internet which doesn’t seem to have had a problem with people not knowing how it works under the hood.

Convenience and functionality wins every time - as soon as there’s an app that makes a difference to convenience to people’s lives or offers something new, it’ll get mass adopted and people won’t give a shit about how it works.

LT42 It was more the hitmen tbh mate.

Wally Give us a quick run down on how TCP/IP protocols work please Smallman? It powers the internet which doesn’t seem to have had a problem with people not knowing how it works under the hood.

Convenience and functionality wins every time - as soon as there’s an app that makes a difference to convenience to people’s lives or offers something new, it’ll get mass adopted and people won’t give a shit about how it works.

Lol.

Wal’s in a right old echo chamber.

Smallman1

https://www.coinbase.com/price/ethereum

Happy to be here mate, coining it in.

Wally Come on wal. People just fire up their browser and hand over loads of data to google. That’s how the internet works. And if you want to use the dark web you need to have some more understanding.

Bitcoin is entirely traceable thanks to its public ledger.

First you need to buy some, then put it in a wallet, but not a wallet that somebody might run off with, then you need to launder it so that the bitcoins you purchased using your debit card are not actually traceable to you, and they get used by a russian mafia gang instead, but get traced back to you (that is season 2 of this thriller) and then you need to hand over your address to somebody who posts narcs through the post to you. I cannot see any potential vulnerabilities in that at all.

I do wonder about that but I don’t understand it enough. One can assume there’s a way all around those scenarios if these “businesses” have been running smoothly for a number of years now.

benson

People just fire up their browser

This is exactly my point - me and you are around the same age - do you not remember what the internet used to be like before browsers existed? People with the old 14k modems hooking up to text pages and bulletin boards? Back then the internet was a nerd’s pursuit that was going to die in a ditch. It was oh so stupid and pointless wasn’t it? And then, bang, browsers came out which led to mass adoption and changed our way of life. Is it so impossible to actually conceive that something similar could happen with blockchain tech that leads to mass adoption?

It took me 10 mins to register with coinbase and buy an Etherium coin a month ago (which has since just under doubled in value) I’ve no idea what you’re trying to say with all the cloak and dagger stuff in your second paragraph.

LT42 Coinbase did an IPO on the NYSE recently and was selling at $350 a share. Etherium is in the top 20 companies in the world based on market cap. They are very much businesses and not “businesses” imo.

Wally I’m talking about the darkweb “businesses”, Wal, I’m sure that’s what Benson is on about.