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Digital Currency for Dummies

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  • #46
    Originally posted by Irate Canadian View Post
    There is one way it can be broken...a quantum processor IIRC. Otherwise, the mathematics is sound.


    You are assuming that there is no flaw (either accidental or on purpose) in the hash code algorithm/software or introduced into the equation by some idiosyncrasy of digital processing (like the random/ pseudo-random number generating problem) - in fact I believe there was a problem with the android version of bitcoin wallets being hackable because of a flaw in the RNG code.

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    • #47
      Originally posted by Irate Canadian View Post
      There is one way it can be broken...a quantum processor IIRC. Otherwise, the mathematics is sound.
      ...
      Um, I'm not saying the math isn't sound - but you just made my point. A theoretical way to break it exists - and you just never know when someone comes up with a better theory...

      Unbreakable, like unsinkable, is just asking for it...
      "He is no fool who gives what he cannot keep to gain that which he cannot lose." - Jim Elliot

      "Forgiveness is the way of love." Gary Chapman

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      • #48
        I wanted to make sure we started on the same page. Unfortunately, so far Tealaura is not saying "go on" to me.

        I wanted to say something about inflation, how that term is being misused, but I need the "go ahead."

        But I at least can point out that there is no known example of a powerful government setting up a monetary system de novo. Today, it is true that most if not all monetary systems of the world are in the hands of governments around the world. But that was after the government hijacked the monetary system in its nation or country in every case. Before the hijack, the monetary system worked reasonably well at least. Think about the trade that I discussed in my initial post and worked out what must have happened! I would have gone on to explain how money came into being in a given nation or country.
        The greater number of laws . . . , the more thieves . . . there will be. ---- Lao-Tzu

        [T]he truth I’m after and the truth never harmed anyone. What harms us is to persist in self-deceit and ignorance -— Marcus Aurelius, Meditations

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        • #49
          Originally posted by Truthseeker View Post
          I wanted to make sure we started on the same page. Unfortunately, so far Tealaura is not saying "go on" to me.

          I wanted to say something about inflation, how that term is being misused, but I need the "go ahead."

          But I at least can point out that there is no known example of a powerful government setting up a monetary system de novo. Today, it is true that most if not all monetary systems of the world are in the hands of governments around the world. But that was after the government hijacked the monetary system in its nation or country in every case. Before the hijack, the monetary system worked reasonably well at least. Think about the trade that I discussed in my initial post and worked out what must have happened! I would have gone on to explain how money came into being in a given nation or country.

          I don't mind if you make your point but you weren't addressing the question I need answered at all. I got the answer I needed (thanks, Sam and Raph ). I'll read your answer if you like so feel free to go ahead.
          "He is no fool who gives what he cannot keep to gain that which he cannot lose." - Jim Elliot

          "Forgiveness is the way of love." Gary Chapman

          My Personal Blog

          My Novella blog (Current Novella Begins on 7/25/14)

          Quill Sword

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          • #50
            Originally posted by Teallaura View Post
            I don't mind if you make your point but you weren't addressing the question I need answered at all. I got the answer I needed (thanks, Sam and Raph ). I'll read your answer if you like so feel free to go ahead.
            Answer to what, "Are Bitcoins really money!?"
            The greater number of laws . . . , the more thieves . . . there will be. ---- Lao-Tzu

            [T]he truth I’m after and the truth never harmed anyone. What harms us is to persist in self-deceit and ignorance -— Marcus Aurelius, Meditations

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            • #51
              Originally posted by Truthseeker View Post
              Answer to what, "Are Bitcoins really money!?"
              Yes they are.





              /thread

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              • #52
                Originally posted by Truthseeker View Post
                Answer to what, "Are Bitcoins really money!?"
                No, how value enters into the system.
                "He is no fool who gives what he cannot keep to gain that which he cannot lose." - Jim Elliot

                "Forgiveness is the way of love." Gary Chapman

                My Personal Blog

                My Novella blog (Current Novella Begins on 7/25/14)

                Quill Sword

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                • #53
                  Originally posted by Teallaura View Post
                  No, how value enters into the system.
                  I suspect it works in basically the same way as ordinary money, i.e people agree to treat these virtual-/cryptocurrencies as if they have real value. I don't think the "mining" creates any real value. Unless everyone mining for cryptocurrencies are unknowingly lending their processing power to some shady hacking operation in order to break into peoples bank accounts or something.

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                  • #54
                    I just couldn't figure out how Alice had money in her account to begin with.
                    "He is no fool who gives what he cannot keep to gain that which he cannot lose." - Jim Elliot

                    "Forgiveness is the way of love." Gary Chapman

                    My Personal Blog

                    My Novella blog (Current Novella Begins on 7/25/14)

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                    • #55
                      Originally posted by Teallaura View Post
                      I just couldn't figure out how Alice had money in her account to begin with.
                      There are places where you can sell goods and take bitcoin as payment. Or as previously noted, buy bitcoin at an exchange. The bitcoin is kept in an encrypted wallet (basically software)

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                      • #56
                        Originally posted by Sparko View Post
                        There are places where you can sell goods and take bitcoin as payment. Or as previously noted, buy bitcoin at an exchange. The bitcoin is kept in an encrypted wallet (basically software)
                        I'm not giving you my perfectly almost good lawnmower for your rancid bacon - get over it.
                        "He is no fool who gives what he cannot keep to gain that which he cannot lose." - Jim Elliot

                        "Forgiveness is the way of love." Gary Chapman

                        My Personal Blog

                        My Novella blog (Current Novella Begins on 7/25/14)

                        Quill Sword

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                        • #57
                          Originally posted by Teallaura View Post
                          I'm not giving you my perfectly almost good lawnmower for your rancid bacon - get over it.
                          huh?
                          What would I do with a lawnmower? Mow the deck?

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                          • #58
                            Originally posted by Sparko View Post
                            huh?
                            What would I do with a lawnmower? Mow the deck?
                            Have you looked at it lately. Then again, a leaf blower would probably be better.

                            I'm always still in trouble again

                            "You're by far the worst poster on TWeb" and "TWeb's biggest liar" --starlight (the guy who says Stalin was a right-winger)
                            "Overall I would rate the withdrawal from Afghanistan as by far the best thing Biden's done" --Starlight
                            "Of course, human life begins at fertilization that’s not the argument." --Tassman

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                            • #59
                              Originally posted by rogue06 View Post
                              Have you looked at it lately. Then again, a leaf blower would probably be better.
                              Who's side are you on anyway?

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                              • #60
                                Originally posted by Sparko View Post
                                Who's side are you on anyway?
                                whichever side distracts you long enough for him to snaffle your bacon.
                                Be watchful, stand firm in the faith, act like men, be strong.
                                1 Corinthians 16:13

                                "...he [Doherty] is no historian and he is not even conversant with the historical discussions of the very matters he wants to pontificate on."
                                -Ben Witherington III

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