tech

How cryptocurrencies work (and how they don't)

7 Comments
By THALIA BEATY

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To clarify the (thankfully short) NFT section. An NFT is really a receipt or certificate, showing ownership. Multiple people may be able to "have" the digital item, but only one can prove they "own" it, because they can prove they have the receipt. The actual "item" itself, is rarely recorded in the blockchain.

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Too bad the article only covers proof of work blockchains as opposed to proof of stake blockchains.

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Still feels massively overhyped to me

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Digitizing assets and currencies is the best way to control everyone in the world. If the globalists tyrants say you have too much money, they can easily take it from u because it is digital and u cannot do anything about it. If u violate an environmental law and they have determined u are consuming too much fossil fuel, your digital money will be cancelled. If u say something on social media that is against their narrative, your digital money is cancelled. The kind of one world economy and govt during the Tribulation is casting a shadow on our present day which means it is close. You cannot buy or sell save he who has the roku roku roku mark. As the World Economic Forum slogan says, “You will own nothing and be happy.” Absolute evil!

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@Temyong, how is that any different to regular Fiat currency?

If you have money in a bank, it can be removed from you by a governemnt, because that money too is most certainly "digital". You money is actually safer in a blockchain, as a third party simply cannot access it.

You don't seem to have a solid grasp of how money actually works and how it is created. Perhaps you are talking about cash, or physical gold? If so, cryptocurrency stored in an offline wallet is still safer. Would you like to carry a string of numbers representing $1,000 or carry a heavy block of gold that can be stolen from you?

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So what mathematical equations is this so called “mining” actually solving and more importantly to what end?

Otherwise it’s just a great story, and we buy bitcoins just to sell to the next person, at a profit, for them to believe they’ll sell it on, at a profit. Tulip bulbs?

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NFTs are just a digital receipt. Nothing more and nothing less. To show you own something and didn’t pinch it. just hype. Reminds me of the .com bubble 1999. Stick a dot common a business you made tons. Seems NFTs and crypto are the same.

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