Message from @ZiggenVox

Discord ID: 629829926056493069


2019-10-04 23:53:44 UTC  

well something like 90% of the blockchains are literally just a copy of the exact software used for bitcoin

2019-10-04 23:53:45 UTC  

was it an alt coin or bitcoin?

2019-10-04 23:53:54 UTC  

because bitcoin is totally open source

2019-10-04 23:54:04 UTC  

many people copy it and try to change the rules to get rich

2019-10-04 23:54:08 UTC  

blockchain is open source

2019-10-04 23:54:24 UTC  

some of them claim the rules are changed to make the system usable for some specific purpose

2019-10-04 23:54:40 UTC  

but really bitcoin is the most secure and the most decentralized

2019-10-04 23:54:53 UTC  

many of the changes either make it less secure or more centralized

2019-10-04 23:55:21 UTC  

that is why there are over 2000 alternate cryto coins. Bitcoin is the reserve crypto currency of them all.

2019-10-04 23:55:21 UTC  

but any changes mean they have to create their own chain of blocks

2019-10-04 23:55:37 UTC  

I don’t know enough about it... I know it was started by a “brilliant” woman and was located in Dubai

2019-10-04 23:56:21 UTC  

My skepticism about blockchain is the continuation of mass surveillance and data acquisition. Not like we don’t already have that to some extent now, but sometimes more isn’t better. However I understand the many advantages it offers.

2019-10-04 23:57:00 UTC  

bitcoin is not really intended to be private although you can make exchanges from temporary accounts so you cant be tracked

2019-10-04 23:57:15 UTC  

Right @kreskin1 the blockchain doesn't lose any history, it is just added to.

2019-10-04 23:57:35 UTC  

I can see advantages, but so skeptical because who the beck do you trust? And what are the cons?

2019-10-04 23:57:56 UTC  

Should one get access ..like big bro.....the entire history of transactions may be revealed.

2019-10-04 23:58:14 UTC  

the whole history of transactions is always public

2019-10-04 23:58:32 UTC  

if someone shows you their wallet address you can look up every transaction they have made

2019-10-04 23:58:58 UTC  

Plus I understand that as time goes on fewer coins are produced

2019-10-04 23:59:02 UTC  

but there are already resources that essentially just create 10 temp accounts and shuffle them to hide the transactions

2019-10-04 23:59:16 UTC  

well coins get harder to make

2019-10-04 23:59:29 UTC  

but there is a permanent set amount that can ever be found

2019-10-05 00:00:03 UTC  

mining coins is the incentive to solve the hashing algorithm i talked about that let transactions be made

2019-10-05 00:00:03 UTC  

Bitcoin has a limit of like 18, 000 coins that can be mined. I think they are around 16K to date mined.

2019-10-05 00:00:55 UTC  

plus some people have already lost their wallet info

2019-10-05 00:01:01 UTC  

and will never be able to recover it

2019-10-05 00:01:15 UTC  

so the number of coins theoretically is decreasing over time as well

2019-10-05 00:02:29 UTC  

the software wallet info yes....but not the hardware wallet . No one should leave crypto in a software wallet.

2019-10-05 00:02:58 UTC  

well your coins are not technically in a wallet

2019-10-05 00:03:03 UTC  

the wallet just holds your keys

2019-10-05 00:03:20 UTC  

as long as you have the 12 key words you can move it whenever you want

2019-10-05 00:07:48 UTC  

I have a wallet from the original bitcoin, and still have the password, not 12 keywords, just a long stringer of numbers. ....orrr is that not bitcoin?

2019-10-05 00:08:07 UTC  

the h/w wallet takes the ability of the web to modify your blockchain. A key feature of blockchain is to mirror the transaction multiple times on the web. for Bitcoin it is like 10,000 computer. take one off line and the modifying, trading or transacting a specific block is prohibited. It won;t populate and resolve..

2019-10-05 00:08:54 UTC  

And as I understand, you can’t just create more outside of mining.
Again, my skepticism gets the best of me and recalls that it’s just a software algorithm. Just a matter of time before poof something happens that either makes more for someone (ala counterfeiting) or mine mysteriously disappears in some transaction that takes place.

2019-10-05 00:09:15 UTC  

Boom

2019-10-05 00:09:31 UTC  

💥

2019-10-05 00:10:38 UTC  

you need to understand how the hashing algorithm is used to trust it

2019-10-05 00:10:39 UTC  

Right @kreskin1 it is a derivative like the rest of the world currencies. Except were the $ is concerned to can't just print more. that is the opportunity....buy/sell.

2019-10-05 00:11:03 UTC  

that is really the basis of the security

2019-10-05 00:11:13 UTC  

yup

2019-10-05 00:11:58 UTC  

the algorithm prevents other computers from cheating the system by relying on a math problem that is so difficult to solve it requires millions of computers to solve it 1 time every 10-20 min on average