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Title: Refer to 'VERIFYING' not mining when explaining the bitcoin Post by: genjix on May 27, 2011, 06:47:36 AM Hey,
When explaining to people about bitcoin, do yourself a favour by talking about bitcoins being introduced through the process of verifying transactions. The verifiers gain a reward for securing the network against attack. People understand faster than when I use the ill fated gold mining analogy. Verifying more accurately conveys the nature of confirmations. Mining has the negative connotation of being a way for people to get free (gratis) money. Title: Re: Refer to 'VERIFYING' not mining when explaining the bitcoin Post by: error on May 27, 2011, 06:49:14 AM I call it "transaction processing" since that's pretty much what it is.
Title: Re: Refer to 'VERIFYING' not mining when explaining the bitcoin Post by: wumpus on May 27, 2011, 06:50:25 AM Excellent idea!
Title: Re: Refer to 'VERIFYING' not mining when explaining the bitcoin Post by: DATA COMMANDER on May 27, 2011, 07:04:11 AM But aren't bitcoins backed by teh compootah powah?!
Explain yourself! >:( Title: Re: Refer to 'VERIFYING' not mining when explaining the bitcoin Post by: error on May 27, 2011, 07:35:23 AM But aren't bitcoins backed by teh compootah powah?! Explain yourself! >:( Yes, they are. If you read the source code, you will find the 50BTC reward is called a subsidy. The idea being that until the network is bootstrapped and a cash economy exists, transaction processors will need a reason other than transaction fees to process transactions (of which there were none for many thousands of blocks). Title: Re: Refer to 'VERIFYING' not mining when explaining the bitcoin Post by: DATA COMMANDER on May 27, 2011, 07:39:13 AM But aren't bitcoins backed by teh compootah powah?! Explain yourself! >:( Yes, they are. If you read the source code, you will find the 50BTC reward is called a subsidy. The idea being that until the network is bootstrapped and a cash economy exists, transaction processors will need a reason other than transaction fees to process transactions (of which there were none for many thousands of blocks). I was just kidding. Bitcoins aren't "backed" by CPU cycles. Title: Re: Refer to 'VERIFYING' not mining when explaining the bitcoin Post by: FreeMoney on May 27, 2011, 08:15:37 AM Verifying the validity of a tx is super fast and easy. Burying is more like it. The more and more difficult blocks piled on top the harder it is to dig them back up.
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