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Thread: Computer Science, blockchain

  1. #21
    TreeHouser Sponsor cory's Avatar
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    Kyle if there is a set, finite amount of bitcoin, that explains why it's worth has sky rocketed but how are billions more people going to use it if there is so little?
    Mastery is an illusion, grace a momentary gift, apprenticeship endless.

  2. #22
    Treehouser Sponsor Tree09's Avatar
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    It was never reallllllllllyyyyyyyy designed for that. From what I understand they did it as an experiment kinda, they thought it would be a cool thing for some nerds to trade for stuff. But then it got discovered that it was untraceable, so nerdy and effin brilliant drug dealers used it on the website silk road, which turned the deal in its head, and it went viral, and really got noticed.
    Kyle


  3. #23
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    Quote Originally Posted by cory View Post
    Kyle if there is a set, finite amount of bitcoin, that explains why it's worth has sky rocketed but how are billions more people going to use it if there is so little?
    I'm not certain of this, but I think it is possible to do transactions in fractions of bitcoins, thereby allowing an infinite number of people to use the coins as currency, no matter how high the price goes. I think it was already said, but the primary purpose of Bitcoin currency is to liberate money from the control of governments. They had a documentary on it on PBS TV. I think when Greece was having one of its financial meltdowns, and the government stopped people from making a run on the banks by locking them out of it, people who had their money in bitcoins were still able to get at it, as long as they had access to a computer.

    I still have a lot to learn, so if anything I've said is in error, feel free to correct me.

    Tim

  4. #24
    TreeHouser Sponsor cory's Avatar
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    Well I is glad the convo heated up a bit () here, I hope to learn and add more.
    Mastery is an illusion, grace a momentary gift, apprenticeship endless.

  5. #25
    Treehouser Sponsor SeanKroll's Avatar
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    I watched an interesting Netflix movie about Bitcoin. Banking on Bitcoin. Don't know anything more about BC or CS.
    If it looks like I asked a question, but put a period, it's probably a question.
    Don't know why I'm question-mark challenged online. 😀 New Year's Resolution, better proof reading.

  6. #26
    Treehouser Sponsor Tree09's Avatar
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    It's an absolutely brilliant idea, and is seriously revolutionary. Fractional reserve banking has been disastrous for mankind, and the idea of continuous exponential growth of everything is completely unsustainable. There's a story of a small town of farmers, who each had 10 dollars, and made $10 a year. A banker convinced them to put their money in his bank, and he would pay them the coming year's wages up front, and they just had to pay $1 of interest at the end of the year. They all try and do everything they can to make that $1, and they work so hard they ignore one neighbor when his house is burning down during harvest time. I've butchered the story, but basically by making more debt than there is cash, everyone is always struggling to catch up, and someone has to be a loser in order for the others to get by.
    Kyle


  7. #27
    More biners!!! Sponsor pantheraba's Avatar
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    Cory...it's a great topic, good thread. But I am like Butch...a dog watching TV. I have read descriptions of bitcoin several times but understanding still eludes me...and, yes, computer science is abstruse AF.

    Typing into a board that leads to a box and you can read it almost instantly...voodoo.
    Gary

  8. #28
    Treehouser Sponsor Fiddler's Avatar
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    so...BC being international...who insures it? World Bank?...or is it just gone when it disappears?

    Being only stored in your own computer, when your pc fries you've lost all your cryptocoins, cause they aren't stored on a server?

    With over 700 crypto currencies available it gets a bit confusing.

    KodaK coins are coming out...yes, from Eastman Kodak

    It's interesting but over my hacking grade.
    The early bird may get the worm, but the second mouse gets the cheese. -Steven Wright

  9. #29
    Treehouser Sponsor Tree09's Avatar
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    They aren't stored on your computer only, there's something like it has a running tab, which is continuously sent to everyone in the whole system at once, basically making every computer in the system have a ledger of it.... Or something like that, it is wayyyyyyyyyy over my head as well. I used to know a little programming, but those brain cells are long gone. I do know it uses tons of broadband and power tho, I read a few articles to that effect.

    As far as insuring it, the only reason that exists was the runs on the banks which helped trigger the great depression. Since we operate under the fractional reserve system, the banks didn't have to have the cash on hand, or at all. So to prevent future runs, the government decided to use tax dollars to insure it, so you didn't have to call the bank on their shit because you knew the government had your money if it disappeared. It's gotten to 10 percent now, meaning the bank needs to have 10 percent of its total deposits on hand, which also means they can loan out $100 for every $10 deposited, and then collect interest on that...
    Kyle


  10. #30
    TreeHouse Administrator MasterBlaster's Avatar
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    I don't know why it's so hard to understand.

    There needs to be a Bitcoin for Dummies tutorial somewhere!

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