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Bitcoin debacle: 850,000 bitcoins gone or half a billions dollars
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<blockquote data-quote="Janx" data-source="post: 6271252" data-attributes="member: 8835"><p>I think you guys are fixating on BitCoin and it's particular problems a bit too much to see the big picture.</p><p></p><p>Crypto-Currencies aren't just about making a new brand of money. They are about making a new way of transferring money beyond 2 banks saying subtract 100 dollars from Janx's account and put it into Derren's account.</p><p></p><p>Because that's all banks have right now is lines on a spreadsheet.</p><p></p><p>Which means, the only thing keeping banks honest about how much money is in the supply is some auditing.</p><p></p><p>It would be very trivial to add $1,000 to my account, just by changing a value in a database.</p><p></p><p>Crypto-currency changes that mechanism from changing a value in a row in a database to something that is allegedly harder to forge and includes its own auditing.</p><p></p><p>So instead of 2 banks agreeing to subtract one one side if the other bank adds, the data itself enforces that.</p><p></p><p>That might be useful to making better online banking/debit card systems.</p></blockquote><p></p>
[QUOTE="Janx, post: 6271252, member: 8835"] I think you guys are fixating on BitCoin and it's particular problems a bit too much to see the big picture. Crypto-Currencies aren't just about making a new brand of money. They are about making a new way of transferring money beyond 2 banks saying subtract 100 dollars from Janx's account and put it into Derren's account. Because that's all banks have right now is lines on a spreadsheet. Which means, the only thing keeping banks honest about how much money is in the supply is some auditing. It would be very trivial to add $1,000 to my account, just by changing a value in a database. Crypto-currency changes that mechanism from changing a value in a row in a database to something that is allegedly harder to forge and includes its own auditing. So instead of 2 banks agreeing to subtract one one side if the other bank adds, the data itself enforces that. That might be useful to making better online banking/debit card systems. [/QUOTE]
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Bitcoin debacle: 850,000 bitcoins gone or half a billions dollars
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