4 ms·

yes?

• Ygg2 8y ago
  What is the value of currency you can legally print on any printer? Zero. Edit: any crypto-currency you can exploit gives you option to print yourself money.
  • Jommi 8y ago
    You're over reducing things to the point where they don't make sense anymore lol First of all, the value of a currency that could be printer on any printer might not actually be even 0. Secondly, cryptocurrencies do not operate in vacuum. Its not as simple as "printing yourself money".
    • Ygg2 8y ago
      Right, it could possibly be negative. Second, if I went to a store spent 199 dollars and those 199 dollars magically reappeared in my hand, didn't I create money out of nothing and reduce dollar value? Yes I did. Even if I never cloned any money I reduce the expectations of future stores that their money won't magically disappear. And yes, I am aware banks do this, but they are regulated and when they abuse it, you get a financial crisis.
  • erikpukinskis 8y ago
    Double spend isn’t like printing money on a printer. It’s more like being able to write two checks for your whole bank balance and having them both clear. So very relevant are: - whatever goods you bought with the checks need to be impossible to recall. So, like you need to find (two) someone’s who will effectively cash your check. You can’t buy a house because the police will come take the house back. - you need to do it fast. The second you make are the first transaction you need fork and start mining hard. 51% gives you a speed advantage, but it’s very small. It still takes time to get the network to follow you. Double spend is a very specific heist. Even if someone did it, it wouldn’t mean Bitcoin is valueless, it would just mean a certain class of heist is somewhat more probably and people need to adjust their security practices accordingly. Tricks like waiting for extra confirmations, requiring identification before accepting payment, etc, are easy remediations.