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Cryptocurrency - Few questions

Discussion in 'Science and Technology' started by Viraja, Sep 16, 2019.

  1. Viraja

    Viraja Jaya Jagannatha!

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    1. What makes Bitcoin the most popular Cryptocurrency?

    2. How to convert Cryptocurrency to conventional currency?
     
  2. Brickjectivity

    Brickjectivity Veteran Member
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    It was the first cryptocurrency.

    Someone has to be willing to trade. There are vendors who do trading. Many businesses do not use cryptocurrency, so at this time the bitcoin and the other cryptocurrencies are more like a stock than a currency. There are vendors who accept bitcoin instead of bank notes, and so they can be used as cash sometimes but not always.

    The main breakthrough of cryptocurrencies is not the currencies themselves but the blockchain. The blockchain creates a permanent record, replacing various functions of banks and other institutions. Kodak is offering a service based on this that secures rights to digital photos. They keep a record of photos that you register on their blockchain, so you can always prove that you are the author. Traditionally this would be a function of government, but the blockchain acts as a guarantor.
     
    • Informative Informative x 5
  3. Revoltingest

    Revoltingest Greased up & ready for action!
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    For a staffer, you're dang smart.
    How'd they ever let you in?
     
  4. Brickjectivity

    Brickjectivity Veteran Member
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    They wanted a pleb to buy the pizza and do the back rubs.
     
  5. Revoltingest

    Revoltingest Greased up & ready for action!
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    Fine....but no happy endings.
     
  6. Brickjectivity

    Brickjectivity Veteran Member
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    While we're at it when did Revoltingest become such a sweetie pie.
     
  7. Viraja

    Viraja Jaya Jagannatha!

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    • Like Like x 1
  8. Debater Slayer

    Debater Slayer Born-again Glompist
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    He bribed us with cryptocurrency. We didn't know what that was until he bought us cheeseburgers with it.
     
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  9. Revoltingest

    Revoltingest Greased up & ready for action!
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    I've always been wonderful.
    But I've been doing a better jkob of avoiding some
    discussions...you know, the kind wherein someone
    needs a spank'n.
     
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  10. Revoltingest

    Revoltingest Greased up & ready for action!
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    When he offered Brickcoins, you weren't suspicious?
     
  11. Debater Slayer

    Debater Slayer Born-again Glompist
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    Nah. Brickcoins are still more than what staff get paid around here.
     
  12. Revoltingest

    Revoltingest Greased up & ready for action!
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    Are you sure?
    Brickcoins are more like IOUs than money, ie, if you get
    one, you owe someone else a cheeseburger or foot rub.
     
  13. Brickjectivity

    Brickjectivity Veteran Member
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    What if we fork a copy of one of the open source crypto currencies? We'll call it ReligionCoin, and we'll use it for implementing a donation system. If you donate to a charity through us you get ReligionCoin. We'll keep track of donations, and that's our business; like a notary service. If there's any question about whether someone donates we will back them up with our blockchain.

    I see one problem with this plan and also a correction to the problem.

    There is a huge problem with the above plan and that is the resources needed and the energy it will cost to implement our own blockchain. It requires a lot of processing power and a lot of users sharing CPU time. Therefore what we should do instead is piggyback onto one of the currently successful public blockchains. We will mine with them and instead of issuing crypto currency for donations we will issue digital certificates based upon entries we will make in their blockchain ledger. We benefit the blockchain by contributing CPU time, and we will provide a notary service for donors.
     
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