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The inner workings of Bitcoin are a lot less unknown than those of banks or governments. You might not agree with the principles of Bitcoin, or the valuation,
by thebean11 5y ago
The inner workings of Bitcoin are a lot less unknown than those of banks or governments.
You might not agree with the principles of Bitcoin, or the valuation, but it’s certainly transparent.
- JumpCrisscross 5y ago> inner workings of Bitcoin are a lot less unknown than those of banks or governments Those inner workings are analogous to the SWIFT protocol. Memorising its messenger codes won’t teach you much about banking. Where it matters—who owns what, controls what and to what end—both are opaque.
- thebean11 5y agoThe research and discussions between devs on protocol changes are public. The mechanics of who gets access to make transactions, who prints currency, and how transactions are confirmed is public.
- jpgvm 5y agoUnknown to you maybe, not unknown by bankers or bureaucrats. These systems have evolved over a very long period, with that comes mostly good but definitely some inefficiency which is periodically cleaned out when stimulus reach a breaking point. I wouldn't be so quick to dismiss the current system, it's on balance been a good system - doesn't mean it can't be improved of course but I think improvement should be the name of the game rather than wholesale rejection just because you don't understand why it is the way it is.
- thebean11 5y agoI'm not dismissing anything except the idea that Bitcoin is somehow opaque or unknown. > Unknown to you maybe, not unknown by bankers or bureaucrats. The difference is that I, as someone who is not a banker or a bureaucrat, do not have access to the information. With Bitcoin the code and developer communities are completely public.