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Author Topic: The Real Magic of Bitcoin  (Read 1652 times)
_majc (OP)
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July 20, 2014, 02:48:13 PM
Last edit: July 21, 2014, 11:42:35 AM by _majc
 #21

What are everyone's thoughts (or votes) on what to write next?
A solid explanation of wallets/keys makes sense, but after that?

(Edit: the confusion around intrinsic value seems to come up a lot in offline discussion...)
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Each block is stacked on top of the previous one. Adding another block to the top makes all lower blocks more difficult to remove: there is more "weight" above each block. A transaction in a block 6 blocks deep (6 confirmations) will be very difficult to remove.
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July 21, 2014, 11:40:34 AM
Last edit: July 21, 2014, 12:04:13 PM by _majc
 #22

But if you get in too late you have as much as freedom as being poor in fiat  Cry

we are still on 2nd phase of bitcoin, still not late Grin
many newcomers will become bitcoin adopters in the future Tongue

we still need newly adopted who buy some bitcoin
if there's a lot merchant and bitcoin spender, it will make sell pressure on market

Forget the get-rich-quick stuff (forget what KimNam is selling, and yunkie is buying).

It's a circus.

When a person gains a shitload of cash by stumbling into it more-or-less accidentally (and for nothing), that is not financial freedom. That's dumb luck. Right time, right place, jackpot, good for them.

When a person gains a new useful ability with their finances -- when they're suddenly able to do something with their money that they couldn't do before -- that is financial freedom. And that's not dumb luck. In fact, there's a whitepaper which states exactly the kind of financial freedom Bitcoin is designed to give to people; exactly the kind of financial limitations Bitcoin is designed to overcome.

It's in the very first sentence of the Abstract, and the very first paragraph of the Introduction. Szabotoshi Nickamoto, it would seem, conceived of Bitcoin with the second kind of financial freedom in mind. (See OP for details).
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