All crypto is based on a whole bunch of open ledgers. The system precludes anyone falsifying the books because they'll disagree with everyone else. (It's not perfect, though--what happens when a bad actor manages to temporarily gain control of 50%+1 of the ledgers? Given some of the stupid borrowing that goes on this isn't impossible.)So, I'm
I mean, that's how many are mined, and ostensibly someone gets some share of overhead for processing the transaction (which leads to its own issues), but how that's determined sometimes comes down to who already has stake rather than who wins some mathematical guessing game.The thing is crypto was invented as a means of providing anonymous online transactions. The CPU power required has grown too clumbersome to make it work well but it's not insane. Where it went off the rails into scam territory is from the idea of it as investment.I think it is investing exclusively on the feeling of adoration. Crypto is absurd in its own right. It isn't actually anything by an algorithm. But this stuff is crazy. Makes the future look like a potential satire.Cryptocurrencies appear to create an effective loophole in the laws against Ponzi schemes, and similar "Pump-and-Dump" frauds.
They don't differ much in their mechanism, but by not paying dividends, and by being "shares" in a system that isn't a company, crypto schemes appear to avoid being technically illegal.
They are not so much shares in a company that doesn't exist (or that is insolvent), as they are "shares" in something even less tenuous.
It's unclear how this shitcoin even operates, if it is open-ledger, if it is stakeholder selection (ease of process is determined by holdings, I think?), then only established and vested players have power in the system.
It could be really bad if they try replacing or competing with the dollar with this... And I could totally see that happening.
Well, some ledgers are less open than others in terms of who has power to process a transaction. Even if the ledger is distributed or centrally accessible and global, it might not truly be "open" in the sense that just anyone can mine coins or post a block.All crypto is based on a whole bunch of open ledgers. The system precludes anyone falsifying the books because they'll disagree with everyone else. (It's not perfect, though--what happens when a bad actor manages to temporarily gain control of 50%+1 of the ledgers? Given some of the stupid borrowing that goes on this isn't impossible.)So, I'm
I mean, that's how many are mined, and ostensibly someone gets some share of overhead for processing the transaction (which leads to its own issues), but how that's determined sometimes comes down to who already has stake rather than who wins some mathematical guessing game.The thing is crypto was invented as a means of providing anonymous online transactions. The CPU power required has grown too clumbersome to make it work well but it's not insane. Where it went off the rails into scam territory is from the idea of it as investment.I think it is investing exclusively on the feeling of adoration. Crypto is absurd in its own right. It isn't actually anything by an algorithm. But this stuff is crazy. Makes the future look like a potential satire.Cryptocurrencies appear to create an effective loophole in the laws against Ponzi schemes, and similar "Pump-and-Dump" frauds.
They don't differ much in their mechanism, but by not paying dividends, and by being "shares" in a system that isn't a company, crypto schemes appear to avoid being technically illegal.
They are not so much shares in a company that doesn't exist (or that is insolvent), as they are "shares" in something even less tenuous.
It's unclear how this shitcoin even operates, if it is open-ledger, if it is stakeholder selection (ease of process is determined by holdings, I think?), then only established and vested players have power in the system.
It could be really bad if they try replacing or competing with the dollar with this... And I could totally see that happening.
