I have the idea, like the old Superman movie, that Richard Prior "mined" the .16% of a penny and diverted it to his dummy account and became very wealthy and a target for Robert Vaughn.
Is bitcoin the same ?
Or is it an entirely NEW invention ?
If it can't be explained in 25 words or less ... I relegate it to the same vague category as lawyers .... people that learn a different, dead language (latin) that you must hire so they can speak to YOU in English, something that is very easily understood in English, but that is THEIR job security.
If I have to have a computer "miner" that operates without my participation, and it operates on an inhuman level ... I don't see where this is even a viable thought ...
unless we HAVE crossed over into another world and human life is no longer something to live, but to manipulate.
I scare me sometimes.
It’s a digital form of S&H Greenstamps.
It is a peer to peer system where value is transferred between two parties without and intermediary. The transactions are posted to a public ledger so there can be no double spending or counterfeiting. There are a limited number of coins, which can be freely mined by anyone. That limit cannot be expanded by anyone, so hyperinflation is impossible. Finally, the entire system is open sourced, so changes cannot be made and applications can be built on top of it.
So, in 25 words: Open sourced, peer to peer system of secure, low cost transactions with no intermediary sucking fees that cannot be inflated.
Of course others will comeback with all of their tedious attacks disguised as questions. There are plenty of places to read about this.
—
bitcoins have value for all the same reasons gold has value as a transfer of wealth, with the added benefit of being weightless.
—
23/25 words.
Both currency and trading system, BC is the Napster of global finance. There is a disruption in the USD Force, and BC is it.