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I strongly believe that we need a lot simpler explanations to bring more people on board. Last month, I was in Turkey and explaining Bitcoin to my 60-year-old d
by m00dy 5y ago
I strongly believe that we need a lot simpler explanations to bring more people on board. Last month, I was in Turkey and explaining Bitcoin to my 60-year-old dad. He got the concept within minutes. His first question was about double-spending, and then he failed to grasp the mining concept and PoW. I think this happened because he lacks some abstraction ability.
- Marazan 5y agoYes, the mining and PoW is the thing that is absolutely insane so most people will assume they don't understand rather than they do understand and it is stupid.
- emerged 5y agoAlternatively, your 60 year old dad may have developed enough common sense in his years to sense the blockchain is largely an over hyped snake oil.
- m00dy 5y agoI don't think it is overhyped. We are still in the early days of blockchain, and I can easily say that it offers a cheaper & more inclusive financial system than the traditional one.
- paulryanrogers 5y agoHow is it cheaper if miners can afford to buy defunct power plants? How is it more inclusive if regulated countries still require KYC to buy into it or sell out? What can you buy with it without converting to fiat?
- akudha 5y agoI don’t know about regulation. But if you’re talking about Bitcoin’s energy consumption - there are alternatives (Nano, for example) that are not resource intensive
- korbdo 5y agoAgreed on "blockchain", which as been spun by marketers into a a snake oil for everything. The comment you're responding to referenced a lack of understanding of POW and doubles pending, which has are specific to Bitcoin, not blockchain.
- m00dy 5y agodouble spending is related to consensus algorithm which is not specific to Bitcoin
- robjan 5y agoWe first need to know why we should bring more people on board.