Posted on 05/21/2019 8:51:21 AM PDT by cann
Craig S. Wright has been granted U.S. copyright registrations for the famed original Bitcoin white paper, and most of the original Bitcoin code (version 0.1). Importantly, the registrations issued by the U.S. Copyright Office recognize Wright as the author – under the pseudonym Satoshi Nakamoto – of both the white paper and code. This is the first government agency recognition of Craig Wright as Satoshi Nakamoto, the creator of Bitcoin. In addition to being Bitcoin’s creator, Wright is currently Chief Scientist of nChain, the global leader in advisory, research and development of blockchain technologies, which focuses on massive adoption of Bitcoin in the form of Bitcoin SV (Satoshi Vision).
The pseudonym Satoshi Nakamoto was used as author of the Bitcoin white paper, first posted online in 2008, and as author of the first Bitcoin code used in January 2009. Over the past 10 years, the true identity of Bitcoin’s creator has been the subject of intense curiosity. In late 2015 and early 2016, certain media outlets reported belief that Craig Wright is Satoshi Nakamoto, leading to significant debate since then.
(Excerpt) Read more at coingeek.com ...
Craig S. Wright, odd he does not appear to be Japanese?
How certain is it that this is, in fact, the Satoshi Nakamoto. This time?
Gotta run!
Just spotted a Sasquatch in the woods out back!!!
“Schmock schmock!”
I never have understood Bitcoin.
I understand it’s a medium of exchange. But how does it have value, except for everyone involved believing it has value? Is the value pegged in any way to dollars or any other currency of any country? And who decided that Bitcoin miners would get rewarded for doing complex computerized calculations with more Bitcoin in their accounts; who exactly is paying the miners for their time and effort?
> how does it have value, except for everyone involved believing it has value?
same as dollar, except not as obviously controlled by banksters
Just by chance, would you happen to have a large vat of Jello?
“...But how does it have value, except for everyone involved believing it has value? ...”
Often that’s good enough! Remember the big circular stones on Yap Island that are sued as currency. Everyone there says they have “value”. Therefore they do!
https://en.wikipedia.org/wiki/Rai_stones
Like you this I have trouble with!
“...And who decided that Bitcoin miners would get rewarded for doing complex computerized calculations with more Bitcoin in their accounts; who exactly is paying the miners for their time and effort?
......”
How does this create value?
No, but I yelled “fire” when
I fell into a vat of chocolate.
I think you ask some key questions...
“But how does it have value, except for everyone involved believing it has value?”
The US dollar has value because we believe it has value. We believe this because we have confidence in the US government. The currency itself is just bits of paper and metal.
Bitcoin has value among users because they value what is behind the cryptocurrency -some measure of privacy and freedom from most government controls.
“Is the value pegged in any way to dollars or any other currency of any country?”
Not pegged. The US dollar is not pegged to most currencies in the world. They float moment by moment.
“And who decided that Bitcoin miners would get rewarded for doing complex computerized calculations with more Bitcoin in their accounts; who exactly is paying the miners for their time and effort?”
Miners validate the blockchain technology by performing those calculations. This unlocks bitcoins to them. It was set up by the founder to limit the amount of bitcoin available.
The bitcoin tokens are provided to give incentive to continually validate the blockchain itself.
Best.
Virtual reality. I’ll take gold thank you.
> How does this create value?
As a hard-to-counterfeit (probably a lot harder than paper bills) medium of exchange with a degree of scarcity.
Once those attributes had been established, speculation could take its course.
That’s the block chain aspect of it.
Ok I can see it sort of.
I need t think about it some more.
I don’t think it is really confirmed that Craig Wright is Satoshi Nakamoto. This claim is not new — Wright has said this for years. It could be true. But many people think it is a scam. He is apparently taking people to court over this issue, but the final decision on the identity of Satoshi Nakamoto seems unclear (at least to me).
Yes. Schmock indeed. And Fink means good bread.
Wonder Bread used to advertise as
being ‘great for growing young bodies.’
Steve said, ‘Good. Grow me a young blonde girl.’
He was hilarious. As was his entourage. Tom Poston, Don knots, Louis Nye, Bill Dana, Dalton Allen. Just a great bunch.
You can’t carry gold around or divide it easily. You also can’t send it around the world with no limits, or any currency for that matter. You can with Bitcoin. Bitcoin is also immune from inflation as there will only be 21 million, and 18 million are in existence.
There is risk, but Bitcoin has the potential to do for the financial world, and the flow of money what the Internet did for information and commerce...
One more aspect, as important as the others.
It kind of goes with hard to counterfeit.
Hard to repudiate.
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