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Tuesday, January 19, 2016

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Tim Button

More like whiny ragequitting. https://medium.com/@bramcohen/whiny-ragequitting-cab164b1e88#.a1nqsefei

Wagner James Au

Yeah I read that. Cohen would be a lot more convincing if he directly addressed the Chinese gold farmer/Communist firewall problem.

Pussycat Catnap

What is meant by the phrase "block chain"?

That's one that has just managed to escape my vocabulary so I'm struggling to understand what you're writing about here.

patchouli woollahra

The Blockchain is essentially a cryptographically-backed journalling system that basically doubles as a transactional handling and recording system. This actually provides a semi-private record of what transactions occur within the cryptocurrency that uses the said blockchain (albeit based on arcane wallet IDs that are usually impossible to tie to specific users or groups without knowledge from other aspects)

FMI, here's a very basic primer on BitCoin's operation: https://bitcoin.org/en/how-it-works . The full details are extremely arcane, just leave it at "it really works... until it suddenly doesn't in China" for the moment.

Desmond Shang

This seems more like a case of mistaken identity than anything else. Essentially, too many people presumed that bitcoin was going to become something far different than what it really is. It's not some wondrous global gift to mankind. It is, however, a really good way to do illicit transactions, and it's also a phenomenal vehicle for all manner of fraud and financial schemes. Silk Road. Mt Gox. Plus other plenty of other small exchanges that disappeared overnight.

The Chinese aren't killing bitcoin, nor are the miners. The reason bitcoin doesn't live up to the dream, is because bitcoin's technical definition allowed this scenario to develop. Buyer beware, indeed. When a 'necessary upgrade' goes directly against the interests and technical capabilities of the party required to upgrade, it's not an upgrade at all (for them) is it?

Consider any merchant surviving with their online business, being asked to wipe themselves out for the good of hordes of anonymous other people. Is that a libertarian thing to ask of anyone? Clearly not! It sure does smell like governance, though. But wait, we have other alternative currencies (99.9% of them in fact) which are governed, to various ends.

There may be some future flavour of cryptocurrency that solves these problems, but rest assured that currency will be ruthlessly gamed, attacked, and abused by legions of the worst criminals on earth. That happens now with regular money, but there won't be any FDIC to insure your bank account against a failed bank, or a VISA or MC to call to report fraud. And better hope there's absolutely no exploits, ever, on your smartphone or computer because the stakes will be very high.

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