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Author Topic: so you WHAT bitcoin does, and you HOW bitcoin does it. but do you know WHY?  (Read 503 times)
kokjo
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You are WRONG!


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December 28, 2011, 02:11:09 PM
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This is to all your newbies apparently experts on bitcoin and its inefficient way it works.
Bitcoin's aim is to be DECENTRALIZED, which means it does not need an external authority.
you know how this works right? blockchain, SHA256 hashes, GPUs, and stuff. right? GOOD!

bitcoin is just a voting system, where 1 hash = 1 vote.
because bitcoin is decentralized, it haves some disadvantage, and some advantage, in order to be secure.

Disadvantages:
Anonymous, oh shit! no one can trace you. you can't have, 1 person = 1 vote.
Inefficient, consumes a lot of Watts
Relative slow, compared to centralized systems.

Advantages:
Anonymous, win! no one can trace you. you can have 1 person = x votes
Can not be shutdown, does not have a central authority, where you just can pull the plug.
irreversible, stuff can't be undone.
Anyone can join, multiple times.
no need to trust anyone with anything.



so because you can't proof that you are who you say you are, its getting hard to enforce the "1 person = 1 vote"-rule. instead bitcoin relies on something you can proof that you have(or have access to): computing power! and there for transforms the "1 person = 1 vote"-rule into "1 hash = 1 vote"-rule, a thing that can be enforced in a anonymous-distributed system. bitcoin is not trying to limit the number of votes, instead it gives everyone an amount of votes, based upon stuff you can proof that you have.
the system can't be based on something that requires a central authority to function, consider the example:
Anyone who is verifyed somehow can have a vote.
now ask the question: "who is verifying?" a company? government? some sort of central authority? ... what happen if its going rouge?

if bitcoin had a central authority, is would be a no better system then the current creditcard company based system. where a central authority determinds what is wrong and what is right. can we all know who this will turn out right?

so please to all you "experts" please think before you type.

(MODS: please sticky)

"The whole problem with the world is that fools and fanatics are always so certain of themselves and wiser people so full of doubts." -Bertrand Russell
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December 28, 2011, 05:29:57 PM
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The proof-of-work also solves the problem of determining representation in majority decision
making.  If the majority were based on one-IP-address-one-vote, it could be subverted by anyone
able to allocate many IPs.  Proof-of-work is essentially one-CPU-one-vote.  The majority
decision is represented by the longest chain, which has the greatest proof-of-work effort invested
in it.  If a majority of CPU power is controlled by honest nodes, the honest chain will grow the
fastest and outpace any competing chains.

No better place to start than http://bitcoin.org/bitcoin.pdf
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