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.

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

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

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

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

the whole history of transactions is always public

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

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

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

well coins get harder to make

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

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

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

plus some people have already lost their wallet info

and will never be able to recover it

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

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

well your coins are not technically in a wallet

the wallet just holds your keys

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

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?

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..

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.

Boom

💥

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

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.

that is really the basis of the security

yup

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

If you undertand that $, companies/stocks, housing are derivatives than you understand the value.

collectively the processing power involved in sharing the load for solving the hashing algorithm for bitcoin is larger than any other super computer on earth

This is what I remember from the early days of BC, it was heavy on computing and tied up a computer’s resources.

well yeah

@Kitty biggly😂

trying to solve a block on 1 computer would take like 1000 years

basically all forms of computer security are similar at this point

they just use an encryption that mathematically results in an unreasonable amount of time to crack using brute force

except for governments

like 3

but theoretically a brute force attack would work if you could overpower the system. its just not financially rewarding at that point.