/biz/ - Business & Finance

>>16583336
a scam?

money you can send to anyone over the internet that's not controlled by govt or corporation

>>16583336
A meme that went too far.

>>16583336

a meme.

it started as a research project however
and then quickly became a virtual digital speculative asset

it never ever been a "currency" not even close

>>16583336
a meme

>>16583333

>>16583336
premined shittoken

>>16583336
What satoshi knew that we didnt was that we needed a universal currency. One to rule them all.
The internet connected us on a societal level, what we needed was an economic link.

>>16583336
Blockchain is a ledger of transactions which consists of a chain of connected blocks. Each block has in it a big chunk of transactions. Each block has a header, which is like a label that is a big string of letters and numbers. One block is connected to the next in that when a new block is added to the chain, the current block's header is a mathematically difficult to find "rearrangement" (look up cryptographic hash function) of the previous blocks header and transaction data. Also, to "mine" a block a participant in the network (a miner) has to randomly try a shitload of different hashes until he finds one that meets the current mining "difficulty" (the desired hash must have a specific number of leading zeroes, for example) of the blockchain at hand. This is called a Proof of Work protocol.

The transactions themselves are secured by public key cryptography. Basically every user of the network has a private key and a public key. The user is the sole owner (most likely) of his private key but everyone has access to his public key that can be used like an address to send funds to. Funds are transferred from one address to another when an owner of a private key digitally signs a transaction to send funds. The recipient of these funds has the corresponding public key and can therefore verify that the transaction was indeed digitally signed by the owner of said private key, thereby making it incredibly unlikely that the funds were transferred without consent of the person associated with the public key (it is possible that the owner of the public key had his private key hacked or stolen or something). Essentially digital signatures enabled by public key cryptography ensure that transactions which occur on a blockchain were 99% intentional by the sending party.

Nakamoto consensus and mining decentralization. This one is pretty simple. Miners from anywhere around the world with electricity and an internet connection compete to find the correct hash. (cont)

>>16583336
A miner somewhere finds the correct hash adds it to the chain and is now in possession of a copy of "the longest chain". They broadcast this new longest chain to the entire network and the network accepts it because it is the current longest chain. This process continues forever as long as there are miners and users of the network (people sending funds from one public address to another). The chief vulnerability of this method of consensus is that if a single entity controls 51% of the mining hardware or more then there is a 100% chance that eventually (in a matter of hours to days, depending on the amount of mining resources controlled) they will be able to send/spend funds in one block, and then privately mine a separate chain that outpaces and becomes longer than the real longest chain. They broadcast the fake longest chain to the real network and the network accepts it, thereby allowing for a double spend of digital funds. The whole point of decentralizing mining, that is, desiring for many independent nodes to be mining at disparate places around the world, is to prevent this sort of 51% collusion attack. In practice, it is someone undesirable to execute a 51% attack since the attacker usually has to mine a shitload of blocks and use a shitload of electricity ($$$) to outpace the real chain, making it financially unrewarding.

The result of all this is a chain of transactions that can't be argued with (is immutable) due to how difficult the protocol makes it to double spend digital tokens.

Extend this now to any digital agreement rather than simply a transfer of funds. Such digital agreements would inherit the immutability that these digital tokens enjoy.

>>16583884
this. also ponzi scheme.

>>16583336
memecoin. It wastes more electricity in a year than what Sweden uses.

>>16583336
BSV

>>16583884
Bitcoin isn't premined, linkhodler.

>>16583929
premined shittoken

>>16583336
Fud should make you bullish. Notice the poorfag retards here? Why do you think they are poor? Because they are pussies that are too atupid to see its potential.

Long story short, look at btc as gold 2.0. Also, look up news of other countries. They are trying to deglobalize. They hate the u.s. and want to move away from the dollar hence why they have also been buying a SHIT ton of gold as of late. Fiat is dead and with it will come a boom to btc (and gold too as it's not completely replaced by btc and maybe never will, but btc will be superior long term).

>>16583929
Satoshi premined 1 million coins, brainlet.

>>16583970
The sad thing is that you actually believe that.

Do governments control electricity? Asking for a friend

>>16583888
Shut the fuck up

>>16583336
i don't actually know
still, i'm heavily invested in it