Computer Science, blockchain

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cory

cory

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Computer science is, as Joe Rogan might say, some extremely heavy sh*t.

Tree forums got me started on the interwebs. I knew very little then about the ins and outs of things Cyber, but the forums (reading and posting) created some literacy. A few years ago there was a college text book on introductory 'puter science in my house, I opened it up curious to see how far into it I could get before getting lost- I didn't make it past the first half of a page. FWIW I graduated with high honors from college, was a B+ to A- HS student.

Wikipedia blows my mind, the info in there, especially regarding math, science and computer science. It is basically infuckingpossible to understand.

Which brings us to the point here: bit coin and blockchain. Do y'all understand it? Many feel it is or will be revolutionary, and these days, with things changing so incredibly fast, something like that will likely be affecting all of us, soon.

I surfed around on the topics, this was the best thing I found on it so far. It uses wikipedia as part of an analogy to explain blockchain, I had to wiki wikipedia to make sure I had a good understanding of what that was :|: But I still don't fully understand it.

https://www.coindesk.com/information/what-is-blockchain-technology/

Curious to hear your thougts.
 
Ew4GxPg.gif
 
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1 gif saying um, yeah sure, ok, and no replies, well alrighty then, guess we'll have to let the subject develop a bit more over time.
 
Beats the shit outta me.

I guess its another currency that does not exist.....kind of like our current currency.

What is that called? A Fiat currency?


I think just the opposite, actually. Things are going to get more primitive.
 
Block chain looks like more of what I can use Drop box for. Drop box here at my place shares files or a data base with 3 computers and a phone. So anyone updating the data base (of which each computer and phone has) automatically updates the other 3 as well. In fact, we can sit down and do data entry on say invoicing all at the same time with different books, adding to the spread sheet (data base file) this way.
We can also do that on Google Docs. But Google acts as our data base storage. Google would or a cloud would be more of a block chain.

As far as Bit coin. I have a hard time grasping it.
 
I'll never be able to afford to pack many around I think?

1 Bitcoin equals
18562.12 Cdn dollars

Seems odd to be going back to coins we just got rid of the penny? Worth 18g?
 
I know that bitcoin is an electronic fiat currency, with a set amount in the world, so it is never added to. Inflation is impossible because there is never any more of it. From what I remember it was developed kinda by pet project, almost an experiment of sorts. In its code, it's impossible to track transactions, which make it like cash. In today's modern world every dollar is tracked, which is why the drug trade has to launder money and the largest value bill is the $100, making it hard to transport huge volumes of it. The revolutionary reality behind it is that it isn't a governmental official fiat currency, so its existence threatens governments, especially the us. The U.S. has gone to great lengths to make the dollar the currency of the world, which gives us immense leverage and power in the world theatre.

Our economic system is a fractional reserve banking system, which means banks can loan out more money than it has. This creates more debt than there is cash out there to pay it back, which is no problem when the population grows at an exponential rate as well, so printing more money is a necessity. The only problem is that population growth is actually being caused by people living longer, while in developed countries the birth rate is plummeting. This is adding to the wealth inequality, because the younger generation has to provide for the elderly. So what's happening to the working age people is that their debt load is becoming higher and higher, while their higher paid jobs are shipped overseas. Most will take out loans for school as they have been programmed that college is necessary, which can't be discharged through bankruptcy, and then will likely be underemployed, becoming a wage slave for life.

When enough of them say frig this, we're done, digital currency like bitcoin can allow them to drop out of society and still function. The debt, which is designed into the system of fractional reserve banking and the dollar, can simply be walked away from, and since bitcoin is untraceable and non physical it's very very hard to tax or take, and illegal income isn't tracked so they could do whatever and the money is already clean. If enough of the population just switched over, the dollar would lose all value, because no one uses it so no one cares. Debt would disappear, and the rich would own very little. It would effectively topple everything, and because of that it's even more revolutionary than the printing press. I'm actually kind of shocked the government hasn't squashed the idea yet, while they still can.

I'm not familiar with blockchain yet...
 
If you had purchased a crapload of Bitcoins in the beginning, you'd be very rich right now... maybe, sort of... or not. IDK
 
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Tree09 said:
I know that bitcoin is an electronic fiat currency, with a set amount in the world, so it is never added to. Inflation is impossible because there is never any more of it...
I'm not familiar with blockchain yet...
Click to expand...

Great post Kyle, it added to my understanding.

I think blockchain is the mechanicsm by which bit coin operates. Did anyone read the OP link, it tried to explain.

Then there is bit coin mining..Duh, um, I think that is critical to the functioning and understanding of bit coin, but I don't quite understand it. What got me going on this OP was headlines that bit coin mining (which I think is peeps running their PC's to help maintain the bitcoin ledgers) uses immense electrical power which is causing or poised to cause environmental problems. Apparently there is a lot of it in Venezuela where the govt is a mess and power is mad cheap due to hydro electric
 
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Btw, anybody disagree with the notion that computer science is abstruse AF?:/:
 
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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?
 
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.
 
cory said:
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?
Click to expand...

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
 
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Well I is glad the convo heated up a bit (:P) here, I hope to learn and add more.
 
I watched an interesting Netflix movie about Bitcoin. Banking on Bitcoin. Don't know anything more about BC or CS.
 
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