No one can explain what “crypto” is. I have not heard a simple, concise definition.
And if you cannot come up with a simple, concise definition, then you dont know what it is either.
The wife watches Dr. Phil......so by osmosis so do I occasionally.
He had several “knowledgeable” people on discussing the pros and cons of crypto.
The 3 that were pro crypto were young and a bit cocky....two of ‘em had these little smirks on their faces like they knew something no one else did. The third was a female and she was all in your face obnoxious about it.
The one guy that was warning about why not to get into crypto asked a few pointed questions, all the 3 yutes could do was be smartasses and insult the man......if they were selling crypto, it wasn’t a very good sales pitch.
At the end dr Phil admitted he was as lost as he was at the beginning of the show.......it was a scene man.
As with conventional gambling I like to say I can piss my money away just fine on my own....I don’t need any help.
SMH
To be fair, can anyone give a concise definition of what a Federal Reserve Note is? You have a normalcy bias because it has been around your entire life so you don’t question it. Pretend you were explaining Federal Reserve Notes to an alien. How would you do that?
How many of the Federal Reserve notes that you spend have actually touched your hands?
How are they created?
Once created, how do they get put into circulation?
Where do they get their value?
etc, etc, etc...
Can you give a “simple concise definition” for Federal Reserve Notes?
I own some random numbers. Some are generated from pass phrases (deterministic), others were just randomly generated. All of my random numbers can be put through a complex one-way function to produce an address. My address is in the blockchain because someone assigned value (# of bitcoin) to my address. They assigned it from their address, and they did it by signing the transaction using their random number which only they know.
Chicken and egg. How did they get theirs? Many were created years ago. But new addresses owned by miners are assigned value, automatically, every 10 minutes, when the miner completes a task and gets lucky competing against other miners. Those bitcoin are created from thin air by the algorithm. But the algorithm is well-designed and vetted so it can't be gamed. The task that the miners complete is to perform all the bitcoin transactions and record them in the block chain. All the transactions are validated by all miners so again, it can't be gamed.
All it amounts to is a way to immutably record transactions. The transactions are nothing more than transferring various amounts of bitcoin from some addresses to other addresses. The bitcoin themselves have utterly no existence other than that record (the blockchain). They have utterly no value other than a buyer is willing to send something of real value to a seller with some bitcoin in the blockchain. The seller uses his random number to transact the bitcoin from his address to the buyer's address.