Cryptocurrency in simple details.

[WinterHold]

In this topic I want to explain in a nutshell what "cryptocurrency" is, and why is this this new currency has value more precious than gold itself, so let's begin.
===================

-What is the concept of "cryptocurrency"?

A: simply, cryptocurrency is the "consumption & spending of electricity according to specific protocols and rules; to do that you must use special software known as "mining software". The mining software is designed to solve special -and very very hard mathematical equations-, spawned infinitely by a code known as the "block-chain".

So simply, you can imagine the "mining software" as your drill; the block-chain as the ground your drill works on; and cryptocurrency as the gold mined from that ground each time you succeed in solving an equation.

-What is electricity has to do with all of this?

A: to be able to mine, you need a computer. To be able to run a computer you need electricity.
    the more you "mine"; the more electricity you consume. 

-What if I cheated ?

A: you can't. Not any "electricity" is allowed; it must be "authentic power spent through a mining software using the one and only BLOCKCHAIN. The most famous currency validating that you actually used an authentic software to mine is "bitcoin" -which equals to 30 toilet papers -Dollars- for coin !-...or about that.

I tried to design a dummy blockchain following an IBM tutorial:

https://developer.ibm.com/gettingstarted/blockchain/

It's a fun tutorial in PYTHON. Of course it doesn't bring revenue; it's just a tutorial to understand how this system works.

=====

In the end, I bet it will make a new world order.

[Spongebob]

Explain it to yourself, then shove it right where......

[WinterHold]

Explain it to yourself, then shove it right where......

[Spongebob]

I couldn't agree more.

---

However, I will add that the reason the US dollar is the world's default currency is because it has been the strongest, most reliable currency and most reliable investment since WW2. It wasn't forced down your throat.

[WinterHold]

I couldn't agree more.

---

However, I will add that the reason the US dollar is the world's default currency is because it has been the strongest, most reliable currency and most reliable investment since WW2.  It wasn't forced down your throat.

The "commodity" is what gives currency "actual power". Cryptocurrencies's "commodity" is "electricity harvested through the process of mining".

A lot of people are sick of the commodity backing the Dollar because it is based on American intervention in other countries and America's war economy.

The Dollar is only strong because America is strong. Once America is weak, the Dollar is useless.

Right now, you have "Russia-China" rivaling America. After the American defeat in Afghanistan it is obvious that this empire's currency is a thing of the past.

[ignoramus]

my 2c

All empires rise and fall. Nothing new there.
The USD became the world's reserve currency as the US was in the best financial position after WW2.
The US solidified the stability and strength of the currency by also making it the petrodollar. (1953? Saudis).

The whole world was happy because the USD was backed by gold, therefore any states who held USD basically held gold.
This changed in 71 when Nixon took the world off the gold standard. The USD (and subsequently all the world's currencies) are now backed by nothing except confidence.

This confidence is eroding quickly due to the ridiculous growth in the money supply (M2). Many commentators are predicting the end of the USD as the world's reserve currency by the end of the decade. I believe that is a reasonable time frame.
Cryptos are the future but not bitcoin. It will be a govt sanctioned currency. (probably the cbdc being evaluated now) One that can be closely monitored and tracked. Once that is in place, all other competing currencies will become worthless (for may reasons). The new govt "crypto" will also be phased in late this decade to coincide with a cashless society.
Nothing revelatory here, no conspiracy. Just technology bringing in the NWO. It's going to happen whether we like it or not. Gold/Silver will be your friend in the near future, not cryptos.
My 2c is up.

[Spongebob]

The "commodity" is what gives currency "actual power". Cryptocurrencies's "commodity" is "electricity harvested through the process of mining".

That is absolute nonsense.

A lot of people are sick of the commodity backing the Dollar because it is based on American intervention in other countries and America's war economy.

It doesn't matter how sick they are, they can't do anything about it and for the most part it doesn't even affect them.

The Dollar is only strong because America is strong. Once America is weak, the Dollar is useless.

That is the only completely true and accurate thing you have said about global currency/trade.  You have finally said something that is true and makes sense.  You should be proud of yourself.

Right now, you have "Russia-China" rivaling America. After the American defeat in Afghanistan it is obvious that this empire's currency is a thing of the past.

You're overstating Russia's global economic influence.  China is the fastest growing economy for sure and could overtake the US if it continues to grow and expand.  But you should be careful about looking forward to that day if you think China will be a friendly leader of the global economy.  They will be ruthless and unforgiving and you'll long for the days of American control.

And just stop it with this Afghan "defeat" meaning anything.  It's 100% irrelevant.  It means absolutely nothing in terms of world economic strength and power.  You are a complete idiot if you think otherwise.  I'm not saying this because I'm an American; it's because I understand a thing or two about the global economy and you clearly do not.

I don't know what your connect to Afghanistan is, but unless you are a Taliban member, you should be devastated about the Taliban takeover.  It marks the end of years of growth and improvement for the country and and end to massive freedoms for it's people.  It will plunge Afghanistan into decades of poverty and Taliban abuse.  I wouldn't send my worst enemy there.

[BrianSoddingBoru4]

In this topic I want to explain in a nutshell what "cryptocurrency" is, and why is this this new currency has value more precious than gold itself, so let's begin.
===================

-What is the concept of "cryptocurrency"?

A: simply, cryptocurrency is the "consumption & spending of electricity according to specific protocols and rules; to do that you must use special software known as "mining software". The mining software is designed to solve special -and very very hard mathematical equations-, spawned infinitely by a code known as the "block-chain".

So simply, you can imagine the "mining software" as your drill; the block-chain as the ground your drill works on; and cryptocurrency as the gold mined from that ground each time you succeed in solving an equation.

-What is electricity has to do with all of this?

A: to be able to mine, you need a computer. To be able to run a computer you need electricity.
    the more you "mine"; the more electricity you consume. 

-What if I cheated ?

A: you can't. Not any "electricity" is allowed; it must be "authentic power spent through a mining software using the one and only BLOCKCHAIN. The most famous currency validating that you actually used an authentic software to mine is "bitcoin" -which equals to 30 toilet papers -Dollars- for coin !-...or about that.

I tried to design a dummy blockchain following an IBM tutorial:

https://developer.ibm.com/gettingstarted/blockchain/

It's a fun tutorial in PYTHON. Of course it doesn't bring revenue; it's just a tutorial to understand how this system works.

=====

In the end, I bet it will make a new world order.

I still don’t understand. Can you explain it more simply?

Boru

[WinterHold]

Right now, you have "Russia-China" rivaling America. After the American defeat in Afghanistan it is obvious that this empire's currency is a thing of the past.

You're overstating Russia's global economic influence.  China is the fastest growing economy for sure and could overtake the US if it continues to grow and expand.  But you should be careful about looking forward to that day if you think China will be a friendly leader of the global economy.  They will be ruthless and unforgiving and you'll long for the days of American control.

And just stop it with this Afghan "defeat" meaning anything.  It's 100% irrelevant.  It means absolutely nothing in terms of world economic strength and power.  You are a complete idiot if you think otherwise.  I'm not saying this because I'm an American; it's because I understand a thing or two about the global economy and you clearly do not.

I don't know what your connect to Afghanistan is, but unless you are a Taliban member, you should be devastated about the Taliban takeover.  It marks the end of years of growth and improvement for the country and and end to massive freedoms for it's people.  It will plunge Afghanistan into decades of poverty and Taliban abuse.  I wouldn't send my worst enemy there.

China won't be a friend and Russia too; actually we Muslims tasted the Russians twice -once in Afghanistan and then in Syria-; they are monsters, fiends that kill at will to implement their strategy.

China showed its claws against Muslims in the famous "Uyghur" concentration camps: 1 thing for certain: the Chinese government despises Islam by concept.

Moreso; the Chinese government fought Cryptocurrency and is one of the biggest enemies of it. 

But don't forget: Russians reached to America's White House through Trump.

Playing "politics" with these sharks will lead you to drown; the American Deep State is one of the sharks also.

---

In this topic I want to explain in a nutshell what "cryptocurrency" is, and why is this this new currency has value more precious than gold itself, so let's begin.
===================

-What is the concept of "cryptocurrency"?

A: simply, cryptocurrency is the "consumption & spending of electricity according to specific protocols and rules; to do that you must use special software known as "mining software". The mining software is designed to solve special -and very very hard mathematical equations-, spawned infinitely by a code known as the "block-chain".

So simply, you can imagine the "mining software" as your drill; the block-chain as the ground your drill works on; and cryptocurrency as the gold mined from that ground each time you succeed in solving an equation.

-What is electricity has to do with all of this?

A: to be able to mine, you need a computer. To be able to run a computer you need electricity.
    the more you "mine"; the more electricity you consume. 

-What if I cheated ?

A: you can't. Not any "electricity" is allowed; it must be "authentic power spent through a mining software using the one and only BLOCKCHAIN. The most famous currency validating that you actually used an authentic software to mine is "bitcoin" -which equals to 30 toilet papers -Dollars- for coin !-...or about that.

I tried to design a dummy blockchain following an IBM tutorial:

https://developer.ibm.com/gettingstarted/blockchain/

It's a fun tutorial in PYTHON. Of course it doesn't bring revenue; it's just a tutorial to understand how this system works.

=====

In the end, I bet it will make a new world order.

I still don’t understand. Can you explain it more simply?

Boru

Paper money equals to a certain "commodity" of value -like gold/silver/grain...etc; if you have 50 papers of money you should be able to go to the bank and exchange it with the "raw commodity".

Humans agreed through the ages to use "gold/silver" as the commodity to exchange for goods or services; in ancient times they used "the commodity straightforwardly"; evidence is the "ancient Roman gold coins" excavated.

As time progressed; and banker took control of the world; a more organized way to exchange "commodities"; so fiat money was introduced in the modern era by Nixon in 1971:

Fiat money started to predominate during the 20th century. Since President Nixon's decision to  in 1971, a system of national fiat currencies has been used globally.

https://en.wikipedia.org/wiki/Fiat_money

Any paper money you hold in your hand is "fiat money" -a mere banknote- that you should go to the bank and exchange for a commodity; the commodity of all money you see today is literally "nothing"; there is no gold backing your fiat money, there is no commodity also; the only commodity there is "trust" that America will stay the first and only superpower in the world.

And as long as the USA is the strongest power; your fiat money has a value.


Cryptocurrency is the negation of that. It is a secured currency that can only be generated using computers through the mining process; it can be exchanged for fiat currencies once it is mined.

[BrianSoddingBoru4]

You're overstating Russia's global economic influence.  China is the fastest growing economy for sure and could overtake the US if it continues to grow and expand.  But you should be careful about looking forward to that day if you think China will be a friendly leader of the global economy.  They will be ruthless and unforgiving and you'll long for the days of American control.

And just stop it with this Afghan "defeat" meaning anything.  It's 100% irrelevant.  It means absolutely nothing in terms of world economic strength and power.  You are a complete idiot if you think otherwise.  I'm not saying this because I'm an American; it's because I understand a thing or two about the global economy and you clearly do not.

I don't know what your connect to Afghanistan is, but unless you are a Taliban member, you should be devastated about the Taliban takeover.  It marks the end of years of growth and improvement for the country and and end to massive freedoms for it's people.  It will plunge Afghanistan into decades of poverty and Taliban abuse.  I wouldn't send my worst enemy there.

China won't be a friend and Russia too; actually we Muslims tasted the Russians twice -once in Afghanistan and then in Syria-; they are monsters, fiends that kill at will to implement their strategy.

China showed its claws against Muslims in the famous "Uyghur" concentration camps: 1 thing for certain: the Chinese government despises Islam by concept.

Moreso; the Chinese government fought Cryptocurrency and is one of the biggest enemies of it. 

But don't forget: Russians reached to America's White House through Trump.

Playing "politics" with these sharks will lead you to drown; the American Deep State is one of the sharks also.

---

I still don’t understand. Can you explain it more simply?

Boru

Paper money equals to a certain "commodity" of value -like gold/silver/grain...etc; if you have 50 papers of money you should be able to go to the bank and exchange it with the "raw commodity".

Humans agreed through the ages to use "gold/silver" as the commodity to exchange for goods or services; in ancient times they used "the commodity straightforwardly"; evidence is the "ancient Roman gold coins" excavated.

As time progressed; and banker took control of the world; a more organized way to exchange "commodities"; so fiat money was introduced in the modern era by Nixon in 1971:

Fiat money started to predominate during the 20th century. Since President Nixon's decision to  in 1971, a system of national fiat currencies has been used globally.

https://en.wikipedia.org/wiki/Fiat_money

Any paper money you hold in your hand is "fiat money" -a mere banknote- that you should go to the bank and exchange for a commodity; the commodity of all money you see today is literally "nothing"; there is no gold backing your fiat money, there is no commodity also; the only commodity there is "trust" that America will stay the first and only superpower in the world.

And as long as the USA is the strongest power; your fiat money has a value.


Cryptocurrency is the negation of that. It is a secured currency that can only be generated using computers through the mining process; it can be exchanged for fiat currencies once it is mined.

But I can already exchange commodities for fiat currencies (did so just yesterday, in fact). Why should I go through all the trouble of mining electricity?

Boru