Post
Topic
Board Bitcoin Discussion
Re: The truth about bitcoin
by
TheQuin
on 25/06/2018, 12:33:04 UTC
Maybe I used bad English, bitcoin hasnt promised. Bitcoin IS a promise. A promise, that blockchain technology can be used for creating cryptocurrency. There problem lays here:

Bitcoin isn't a promise. I'm not sure if it is a language barrier or whether you just don't get that it is an open source project. It is the will of the people that use it, not a 'they' or a promise.

while Im bad in English, my math is very good. Producing coins like this with the reasoning of creating independent anonymous, yet traceble currency, is not reasonable. If I have time tomorrow, I may give it a try and calculate for You, what is REAL production cost, that is made for producing one coin.

It has no relevance to anything. Calling 100,000,000 satoshis a coin is completely arbitrary. The cost of mining 1 satoshi is simply driven by the current market price of Bitcoin, not the other way around.


Why You send me links from nakamotoinstitute? I was very polite to pick 3rd party sources, why You answer me giving me proof of what You are saying, written other people, like You? Would be the same, if I sent You article from web page bitcoinisfraud.com instead of reuters. I know, what enthusiasts have to say.

Because that quote in the white paper is the most lucent description of what Bitcoin is about. It wasn't about those sites not being trustworthy. They report news, they are not the mouthpiece of the Bitcoin community.

And whats the point of Your last sentence? We have already electronic payment, based on strong cryptography, if needed almost anonymous too. And absece of third party? That wont be granted with bitcoin too. Or how else You would call blockchainers?

No, it means a third party like a bank that holds your money and has the power to confiscate it or reverse transactions. The blockchain is not a trusted 3rd party that can do that.