Explain Bitcoin Please

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Oplopanax

Mountain climber
The Deep Woods
Nov 7, 2017 - 10:24am PT
What is bitcoin?

TomCochrane

Trad climber
Cascade Mountains and Monterey Bay
Nov 7, 2017 - 11:42am PT
so Bitcoin is a bubble and the Fed's petrodollar is not??

what an intriguing perspective

is anyone here paying attention to the BRICS?
kunlun_shan

Mountain climber
SF, CA
Nov 7, 2017 - 11:57am PT
I'm kind of astounded that this thread has focused so much on the reputation of bitcoin and what it's currently used for. With a few exceptions, most posters seem oblivious to, as Ed puts it, the broader applications of the underlying blockchain technology.

from https://www.raconteur.net/business/the-future-of-blockchain-in-8-charts

Canadian writers and researchers, Alex and Don Tapscott, authors of the new book Blockchain Revolution, explain that blockchain goes way beyond the second coming of the internet. The pair, like so many others, stumbled across blockchain via the bitcoin association, quickly realising the genie is out of the bottle.

For beginners, blockchain is essentially a database, a giant network, known as a distributed ledger, which records ownership and value, and allows anyone with access to view and take part. A network is updated and verified through consensus of all the parties involved. When something is added it cannot be altered and, if it looks valid to everyone, the update is approved.

“The first generation brought us the internet of information. The second generation, powered by blockchain, is bringing us the internet of value, a new, distributed platform that can help us reshape the world of business and transform the old order of human affairs for the better. But like the internet in the late-1980s and early-1990s, this is still early days.”

also https://econsultancy.com/blog/68693-the-importance-of-the-blockchain-the-second-generation-of-the-internet

But what does the blockchain mean for businesses outside of the financial sector? The answer lies in the areas of - privacy/information control, disintermediation, and business processes.

As mentioned above, the blockchain offers consumers opportunity to achieve greater control over their information. This will impact on most organisations, as they increasingly rely on the acquisition and application of customer data.

The importance of privacy is obviously a sensitive issue. One current solution for consumers is the selection of ephemeral applications like Snapchat and encrypted messaging, but the future might lie in the anonymity of blockchain technologies.

Another change will affect business sectors where there are many intermediaries, for example travel and tourism. Here, the blockchain’s ability to simplify and speed up interactions, will likely lead to a process of dis-intermediation.

stevep

Boulder climber
Salt Lake, UT
Nov 7, 2017 - 12:08pm PT
The US dollar and it's value is based broadly on the overall strength of the US economy and financial system. Not sure why you think it's strongly petro industry based. That sector is not that a big a slice of the US economy. Not like we're Saudi.

Pretty much all money is fiat currency. Even when we were on the gold standard, it's not as if gold is particularly useful compared to say iron. It just provides a tie to some fixed amount of thing. But that's really only useful when talking about inflation, which isn't really likely to be a significant issue any time soon.

Bitcoin isn't widely used and isn't really tied to anything of value. So I'd say to the extent that it has value, that's purely due to speculation.

All that aside, blockchain tech does potentially have real value for things like securing on-line voting, or secure exchange of medical records.
Oplopanax

Mountain climber
The Deep Woods
Nov 7, 2017 - 12:13pm PT
"Bitcoin must be good because blockchain" is logically equivalent to "A5 must be safe and easy because French free"
kunlun_shan

Mountain climber
SF, CA
Nov 7, 2017 - 12:37pm PT
"Bitcoin must be good because blockchain"

Personally, I couldn't care less about bitcoin.

edit - some people can't see the forest for the trees....
Jon Beck

Trad climber
Oceanside
Nov 7, 2017 - 12:43pm PT
All currency is just a placeholder until you piss it away on real estate, precious metals, cams, or blow.
High Fructose Corn Spirit

Gym climber
Nov 7, 2017 - 02:49pm PT
What network?

Specifically.

What database?

Specifically.

C'mon, Dingus, I thought once upon a time you researched all this, enough of it anyways.

For starters...
https://www.blockchain.com/

There IS a learning curve. Like algebra. Like climbing!
High Fructose Corn Spirit

Gym climber
Nov 7, 2017 - 02:52pm PT
Bitcoin 101...

http://www.supertopo.com/forumsearch.php?s=s&o=&v=0&cur=100&ftr1=bitcoin+101&ftr2=&ftr3=&ftr4=#list

http://www.supertopo.com/forumsearch.php?s=s&o=&v=0&cur=80&ftr1=bitcoin+101&ftr2=&ftr3=&ftr4=#list

...

This thread's embarrassing. The signal to noise ratio is worse than on the mind thread - I didn't think that was possible.
MH2

Boulder climber
Andy Cairns
Nov 7, 2017 - 03:25pm PT
For now I will believe Reilly. He should know.


And it doesn't cost me anything.


?
kunlun_shan

Mountain climber
SF, CA
Nov 7, 2017 - 04:03pm PT
What network?

Specifically.

What database?

Specifically.

http://bfy.tw/EuQ8 ;-)
High Fructose Corn Spirit

Gym climber
Nov 7, 2017 - 04:09pm PT
haha, dingus, unlike Nature, I see you never spent your tip for coffee...

lol!

It's now worth $61.00!

https://blockchain.info/address/1JGpHgrLoWweBFx4GLHxwTnG77CrmKj9Hj

http://www.supertopo.com/climbing/thread.php?topic_id=2266103&msg=2352530#msg2352530



You should play it forward and buy me a couple pizzas! lol
MH2

Boulder climber
Andy Cairns
Nov 7, 2017 - 04:17pm PT
OK, Reilly.

Your measly liquidity, accountability, transparency, regulation, versus






Should I flip a coin?
MikeL

Social climber
Southern Arizona
Nov 7, 2017 - 07:24pm PT
. . . platform [some innovation] that can help us reshape the world of business and transform the old order of human affairs for the better. 

Oh, brother.

I wish I had a dollar for every time I heard this kind of declaration in the past 50 years.
Ed Hartouni

Trad climber
Livermore, CA
Nov 7, 2017 - 07:54pm PT
I wish I had a dollar for every time I heard this kind of declaration in the past 50 years.

is this what you said about the internet, back in the day?
healyje

Trad climber
Portland, Oregon
Nov 7, 2017 - 09:15pm PT
Ditto television and radio. Telegraph on the other hand did dramatically change the speed of business.
healyje

Trad climber
Portland, Oregon
Nov 7, 2017 - 10:57pm PT
Bottom line with security on the internet is there is no real security until the day you can tie biometrics to transactions and trace them across all the CPU's and network devices from origination to destination. That would require a wholesale change in the way we design all computing and network devices.

The downside of such a system is it would also act as a de facto national identity program so that doesn't get people super excited. But there you have it, a choice between two evils: an internet with no anonymity or one rife with fraud - there is no in-between.
Ed Hartouni

Trad climber
Livermore, CA
Nov 8, 2017 - 12:20am PT
The downside of such a system is it would also act as a de facto national identity program so that doesn't get people super excited.

that's the point of blockchain currency, it isn't centralized... no governments involved

so far the only major security problems with bitcoin are people blabbing about their wallets on social media and hackers taking over their cell phones which are used for multifactor identification and changing the passwords on all the victim's accounts... this is not a problem with the bitcoin security

healyje

Trad climber
Portland, Oregon
Nov 8, 2017 - 12:30am PT
I'm not talking about bitcoin, or blockchain, which is far too computationally expensive to use outside of securing high-value artifacts such as currencies and contracts. I'm talking about what it would require to secure the internet in general. Bitcoin and blockchain operate within a an inherently insecure ecosystem and securing that ecosystem would entail the rather draconian measures I mentioned.
Ed Hartouni

Trad climber
Livermore, CA
Nov 8, 2017 - 07:20am PT
ecurity is elusive though, and in this stateless utopia who is going to protect the integrity of the system - whatever system, of money?

in a stateless utopia is there any money?

We can make all the interesting and intelligent speculations we want about the future. Passing judgment on this technology based on those speculations is to be expected, but I doubt any of us can see where it will go.

My feeling is that the utility of blockchain technology will find itself into the "logistics" sectors, including financial transfers.

If you think the computational resources for creating blockchain are large, what about mining, refining, storing and moving tonnes of gold around?
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