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To Trust The Block-Chain, Is To Trust The Book-Keepers

Posted By: Swami
Date: Monday, 23-Oct-2017 11:39:23

Bitcoin: How Cryptocurrencies Work - YouTube

https://www.youtube.com/watch?v=kubGCSj5y3k

~~~

Publicly verifiable book keeping, and maybe traceable transactions.

The book keepers get money out of thin air, for book keeping, and small fees for each transaction, while paying overhead costs.

The book-keepers/miners, are betting on being the new bankers.

~~~

Ever wonder how Bitcoin (and other cryptocurrencies) actually work? - YouTube

https://www.youtube.com/watch?v=bBC-nXj3Ng4

~~~

If you exchange product for product, there is no need for crypto-currencies or the blockchain, or trust.

A bitcoin = a group of public ledger calculations and notations about those calculations.

A bitcoin is the public book of transactions. How is this different from the present fiat currency?

A federal reserve note, is an instrument of debt. A Note. An IOU.

A bitcoin is a group of line items in an accounting book, which is passed around, as a virtual coin. The book-keepers (miners) claim that calculating and noting the transactions in a ledger, is the crypto-currency's intrinsic value. This is also the justification for getting virtual coins out of thin air, for doing these calculations. This is where the "money" supply is increased.

Yet the total supply is supposed to be limited over time. But recall, that this is all just software, which can be changed.

~~~

TED Talks: The Blockchain Explained Simply - YouTube

https://www.youtube.com/watch?v=KP_hGPQVLpA

~~~

The only thing decentralized about the blockchain/cryptos, are the read-only public book being available for the public to read. Not the read-and-write capability for the public book, just the read-only, already made entries.

Who is pushing the abstract uses of the blockchain idea? Is it the miners? The ones who get paid for processing the transactions? They get paid to update a database.

Again, how is this different from the existing banksters racket?

When will the transaction fees get bumped higher?

Trust the blockchain?

You mean trust the secret computerized encoding and decoding of information performed with complex mathematical calculations done on some distant computer farm, with software that you don't control. Do you control any modifications to that software, to that database? But you should trust it because, why?

It looks complex and difficult to comprehend, therefore it must be legit? Because they must be smart to be able to do all that math.

Kind of like the guy on the street corner, with the card table, the three walnut shells, and a pea, moving the shells around real fast, to confuse about where the pea is? Sure, the pea is safe. Your money, not so much..

Notice we have transactions being made transparent, for all to see. And being able to trace transactions historically, too.

The banksters and governments have wanted this for a very long time. They like being able to take a cut, and tax everything, remember? Will their transactions be openly available for analysis, and taxation?

~~~

Bitcoin and Cryptocurrency Mining - What is It & How Does it Work a Non-Technical Explanation - YouTube

https://www.youtube.com/watch?v=miYWkkAYXM0

Bitcoin Mining Explained - YouTube

https://www.youtube.com/watch?v=iyq4od8MBoE





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  • To Trust The Block-Chain, Is To Trust The Book-Keepers
    Swami -- Monday, 23-Oct-2017 11:39:23

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