24hourcampfire.com
24hourcampfire.com
Previous Thread
Next Thread
Print Thread
Hop To
Page 4 of 4 1 2 3 4
Joined: Oct 2010
Posts: 7,555
Campfire Outfitter
Online Content
Campfire Outfitter
Joined: Oct 2010
Posts: 7,555
Originally Posted by Milwroad
it can be controlled by Mr. Nakamura or whoever is setting up the bitcoin mining algorithms


Satoshi Nakamoto does not control Bitcoin nor do any individuals. The Bitcoin network is organized into nodes all of which are equal in terms of their ability to affect change in the way the network operates. If a majority of nodes choose to implement a change the change becomes standard and any node that declines either stops operating or forks out a new crypto.

Some people have speculated that one of the reasons China hosts so many nodes is that they are trying to build a majority so they can drive BTC in a direction that benefits China, one of which could be to give it a disadvantage against their nationally developed version.

"All" Nakamoto did was publish a paper describing Bitcoin and make its first implementation available to the public in 2009. He mined the first block, which contained some text referring to a bank bailout to suggest that was part of his motivation for creating it. The implementation solved a couple of major problems that were requirements for publicly traded decentralized digital assets to exist so it was pretty groundbreaking stuff.

BP-B2

Joined: May 2009
Posts: 616
Campfire Regular
Offline
Campfire Regular
Joined: May 2009
Posts: 616
Yes, all true. My point was just that this sort of asset is created by private parties. You did a nice job describing the mechanics. Nothing stopping others from creating similar "assets". which makes it unlikely it can become a reserve currency. But, stranger things have happened.

Last edited by Milwroad; 04/17/21.

The difference between genius and stupidity is that genius has its
limits.- Albert Einstein
Joined: May 2015
Posts: 2,081
erikj Online Content OP
Campfire Regular
OP Online Content
Campfire Regular
Joined: May 2015
Posts: 2,081
Originally Posted by oldtrapper
Originally Posted by Milwroad
Are you referring to my reply or erikj?



Sorry, erikj. Got confused, senior moment. ;-{>8


Bitcoin was designed to compete with the central banking model.

Btc has weaknesses for sure, but the tulip growers didn't experience a four year halving cycle or a two week difficulty adjustment.


@jameslavish

If you work 40 hrs/wk: at 5% inflation and after 5 years, you need a 28% pay raise or to work 44 more hours (*one full extra week* per month+) to make up the difference.

This is inflation
Joined: May 2009
Posts: 616
Campfire Regular
Offline
Campfire Regular
Joined: May 2009
Posts: 616
Yes, that is true about supply but to the extent that other crypto currencies can (and have) been created doesn't that make them sort of like tulips? You seem to know a lot about these, what happens after they create 21 million bitcoins or whatever the current limit is. Can those in the network all agree to create more? They are still like tulips in the sense that irrational exuberance can create an asset bubble. Many people are investing in bitcoins because they think they will make a fortune in a hurry. Some have. But that is the catalyst of asset bubbles.

Last edited by Milwroad; 04/17/21.

The difference between genius and stupidity is that genius has its
limits.- Albert Einstein
Joined: Oct 2003
Posts: 3,859
X
Campfire Tracker
Offline
Campfire Tracker
X
Joined: Oct 2003
Posts: 3,859
Bitcoin gets most of the recognition, and perhaps rightly so. But, there are many other cryptocurrencies and blockchains out there doing things that Bitcoin can't really do very well, and I think much of what we will see in the future is going to be built on these.

IC B2

Joined: Dec 2004
Posts: 9,341
S
Campfire Outfitter
Offline
Campfire Outfitter
S
Joined: Dec 2004
Posts: 9,341
Can you print a certificate of a bitcoin you own?
How are bitcoins mined as opposed to buying one?


The end of democracy, and the defeat of the American Revolution will occur when government falls into the hands of lending institutions and moneyed incorporations.
Joined: Nov 2003
Posts: 28,411
O
Campfire Ranger
Offline
Campfire Ranger
O
Joined: Nov 2003
Posts: 28,411
Interesting as always.


The degree of my privacy is no business of yours.

What we've learned from history is that we haven't learned from it.
Joined: May 2009
Posts: 616
Campfire Regular
Offline
Campfire Regular
Joined: May 2009
Posts: 616
Originally Posted by SAcharlie
Can you print a certificate of a bitcoin you own?
How are bitcoins mined as opposed to buying one?


https://www.investopedia.com/tech/how-does-bitcoin-mining-work/


The difference between genius and stupidity is that genius has its
limits.- Albert Einstein
Joined: Mar 2008
Posts: 15,625
O
Campfire Ranger
Offline
Campfire Ranger
O
Joined: Mar 2008
Posts: 15,625
When it comes to which cryptocurrency will be most trusted, it seems size (M) and longevity must give some preferential credibility. Before a currency reaches a threshold in total value, it can't be a real contender. While I am unfamiliar with other crypto currencies, it seems Bitcoin has to be the front runner, or does it have some discernable defects?


https://postimg.cc/xXjW1cqx/81efa4c5

[Linked Image from i.postimg.cc]

Soli Deo Gloria

democrats ARE the plague.

Joined: Oct 2010
Posts: 7,555
Campfire Outfitter
Online Content
Campfire Outfitter
Joined: Oct 2010
Posts: 7,555
Originally Posted by SAcharlie
Can you print a certificate of a bitcoin you own?


No, but you can print the cryptographic keys associated with the address where that BTC is held and it could be used to transact.

There are no "certificates" for BTC nor is there any data resident on the personal computers of the owners that represent the BTC themselves. All there is is a blockchain copies of which exist on thousands of computers. That blockchain is the ledger for all BTC transactions that have ever happened and the only place they exist.

Quote
How are bitcoins mined as opposed to buying one?


Mining a BTC is a prerequisite for transacting with it. All BTC that exist were mined. A portion of those have subsequently been sold, then the buyer sold them again, etc etc. You can buy any amount of those BTC you want via an exchange, or by contacting its owner and negotiating a price. Show him the above print of your public key and he can send you some, which the blockchain will prove out and make record of.

IC B3

Page 4 of 4 1 2 3 4

Moderated by  RickBin 

Link Copied to Clipboard
YB23

Who's Online Now
728 members (10gaugemag, 222Sako, 16penny, 160user, 12344mag, 21, 73 invisible), 2,696 guests, and 1,370 robots.
Key: Admin, Global Mod, Mod
Forum Statistics
Forums81
Topics1,187,623
Posts18,398,611
Members73,817
Most Online11,491
Jul 7th, 2023


 







Fish & Game Departments | Solunar Tables | Mission Statement | Privacy Policy | Contact Us | DMCA
Hunting | Fishing | Camping | Backpacking | Reloading | Campfire Forums | Gear Shop
Copyright © 2000-2024 24hourcampfire.com, Inc. All Rights Reserved.
Powered by UBB.threads™ PHP Forum Software 7.7.5
(Release build 20201027)
Responsive Width:

PHP: 7.3.33 Page Time: 0.157s Queries: 15 (0.005s) Memory: 0.8460 MB (Peak: 0.9497 MB) Data Comp: Zlib Server Time: 2024-03-28 15:20:21 UTC
Valid HTML 5 and Valid CSS