Posted on 09/28/2016 12:46:18 AM PDT by aquila48
Sorry. Its https://z.cash
I agree that’s a tough problem...
I probably would have had to limit myself to cashing in only one or two million dollars a year.
I’m glad I didn’t do it. Thanks for pointing out what a silly idea that was.
So, how does one counterfeit a bitcoin?
I guess that each person has to be convinced in his or her own mind regarding this technology. Watch Andreas Antonopoulos, the premier bitcoin educator:
https://www.youtube.com/watch?v=l1si5ZWLgy0
Is it backed by gold or a nation’s sovereignty?
Counterfeiting a bitcoin is essentially impossible, as far as anyone can tell. Bitcoin has been alive since 2010 and no hacker has ever been able to double spend (same as counterfeit) a bitcoin, despite numerous tries. Hacking the bitcoin protocol would be quite a feather in the cap of the hacker, allowing him to achieve worldwide notoriety, but it hasn't been done.
Its value is achieved by its users ascribing “value” to it, as a medium of transaction, just like people used to ascribe value to beads, salt, feathers, precious metals, and whatnot throughout the ages.
For bitcoin, its value is in its deflationary characteristic, its network-centric characteristic, and its pseudoanonymous character.
Value has a subjective, human component. Understanding what “money” is is not taught in schools but to understand what a radical departure bitcoin is, you need to understand the history of money.
You pretty accurately summed up how I see it. I think the concept was great when the money was a bit difficult to produce. Bitcoins are not. In fact, they don’t really exist.
Sounds like a pyramid scheme.
I understand your concerns. You should watch the video. Let each man be convinced in his own mind.
So, how does one counterfeit a bitcoin?
https://www.quora.com/Wont-it-be-easy-for-hackers-to-create-counterfeit-Bitcoins
Thank you.
Thanks!
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