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I think something is very wrong, when the base of the economy - money - is so complicated, that only few people understand it. This just gives room for fraud an

I think something is very wrong, when the base of the economy - money - is so complicated, that only few people understand it. This just gives room for fraud and bad conspiracy theories (the jews control all the money! .. so I heard couple of times) But a better alternative? Well, cryptocoins are not exactly simple either(despite their other flaws). And most other concepts I have heard of, are hellish in the details, too.

BurningFrog 4y ago
Bitcoin is pretty simple to understand. In part, I think that is why so many criticize it.
- andirk 4y ago
  I am a big fan of BTC and crypto and I see plenty of valid criticism. But most of it sounds like people wishing they got in at the beginning when it was offered to them. So now they must wish for its demise to counter.
rglover 4y ago
Bitcoin is the ideal alternative. It was designed to be exactly that. Crypto, on the other hand, is to Bitcoin what Herbalife is to healthy food. In terms of details, Bitcoin is straightforward. It can be boiled down to: instead of obscuring the system we use globally for exchanging value—leaving it prone to manipulation and corruption—Bitcoin makes this system trustless (meaning you don't have to take someone's word for it), transparent, and accessible to anyone, without limits, allowing them to transact globally. The reason most ignore Bitcoin is because the very people that run the existing system have the ability to push propaganda against it. The two favorites being: 1. It's bad for the climate (ignoring the existing system's required infrastructure which makes Bitcoin look like a hippie commune). 2. It doesn't have enough transaction capacity (ignoring or being oblivious to the Lightning Network/off-chain settlement). There is no technical reason that Bitcoin can't work; it's purely a problem of perception and operant conditioning.
- hutzlibu 4y ago
  Can you explain it to a child? I studied IT and I followed the whole thing and I barely understand it.
  - rglover 4y ago
    > I followed the whole thing and I barely understand it. What don't you understand?
    - hutzlibu 4y ago
      I do understand the basics. Enough to understand, that most who do talk about crypto, do not understand at all, what they are talking about. (not directed at you) And I could not explain the concept of cryptocoins to children either. Nor adults actually, unless they have a background in math. I mean the concept of the blockchain, allright. Even people who do not know cryptoalgorithms can get it. But mining coins? You can mine gold, that is understandable, but mining numbers? How do you explain that in simple terms?
      - rglover 4y ago
        > But mining coins? You can mine gold, that is understandable, but mining numbers? How do you explain that in simple terms? Similar to how mining for gold requires repeated strikes of a pick to reveal nuggets of gold, "mining for Bitcoin" requires repeated attempts to guess a random number (strikes of a pick) which has a shifting difficulty due to how many miners are trying to do the same thing (not unlike an increased difficulty of finding gold when there are multiple miners prospecting in the area). Assuming you didn't trade for/buy it off of someone, having a Bitcoin is analogous to having a gold nugget in that it proves you did the work (proof of work) to get it (picked at rocks, or, expended the necessary computation cycles to guess the correct number/nonce). Edit: Just like the amount of gold in the world is dictated by how much has been mined, the same analogy plays out for Bitcoin. The only difference is that the maximum amount of Bitcoin that can be mined is known and enforced algorithmically whereas physical gold is a guess/estimate. --- In terms of explaining it to others, they don't need to understand all of the technicals to "get it." People don't understand (technically) how their iPhone works but they "get it" and are able to use it.

BurningFrog 4y ago

Bitcoin is pretty simple to understand. In part, I think that is why so many criticize it.

andirk 4y ago
I am a big fan of BTC and crypto and I see plenty of valid criticism. But most of it sounds like people wishing they got in at the beginning when it was offered to them. So now they must wish for its demise to counter.

rglover 4y ago

Bitcoin is the ideal alternative. It was designed to be exactly that. Crypto, on the other hand, is to Bitcoin what Herbalife is to healthy food. In terms of details, Bitcoin is straightforward. It can be boiled down to: instead of obscuring the system we use globally for exchanging value—leaving it prone to manipulation and corruption—Bitcoin makes this system trustless (meaning you don't have to take someone's word for it), transparent, and accessible to anyone, without limits, allowing them to transact globally. The reason most ignore Bitcoin is because the very people that run the existing system have the ability to push propaganda against it. The two favorites being: 1. It's bad for the climate (ignoring the existing system's required infrastructure which makes Bitcoin look like a hippie commune). 2. It doesn't have enough transaction capacity (ignoring or being oblivious to the Lightning Network/off-chain settlement). There is no technical reason that Bitcoin can't work; it's purely a problem of perception and operant conditioning.

hutzlibu 4y ago
Can you explain it to a child? I studied IT and I followed the whole thing and I barely understand it.
- rglover 4y ago
  > I followed the whole thing and I barely understand it. What don't you understand?
  - hutzlibu 4y ago
    I do understand the basics. Enough to understand, that most who do talk about crypto, do not understand at all, what they are talking about. (not directed at you) And I could not explain the concept of cryptocoins to children either. Nor adults actually, unless they have a background in math. I mean the concept of the blockchain, allright. Even people who do not know cryptoalgorithms can get it. But mining coins? You can mine gold, that is understandable, but mining numbers? How do you explain that in simple terms?
    - rglover 4y ago
      > But mining coins? You can mine gold, that is understandable, but mining numbers? How do you explain that in simple terms? Similar to how mining for gold requires repeated strikes of a pick to reveal nuggets of gold, "mining for Bitcoin" requires repeated attempts to guess a random number (strikes of a pick) which has a shifting difficulty due to how many miners are trying to do the same thing (not unlike an increased difficulty of finding gold when there are multiple miners prospecting in the area). Assuming you didn't trade for/buy it off of someone, having a Bitcoin is analogous to having a gold nugget in that it proves you did the work (proof of work) to get it (picked at rocks, or, expended the necessary computation cycles to guess the correct number/nonce). Edit: Just like the amount of gold in the world is dictated by how much has been mined, the same analogy plays out for Bitcoin. The only difference is that the maximum amount of Bitcoin that can be mined is known and enforced algorithmically whereas physical gold is a guess/estimate. --- In terms of explaining it to others, they don't need to understand all of the technicals to "get it." People don't understand (technically) how their iPhone works but they "get it" and are able to use it.