Re:Bitcoin’s Overnight Collapse Probability Is About 50%
by anm89 on Tuesday February 16, 2021 @01:39PM
(#26157195)
You seem to be lacking an understanding of the most basic principles of bitcoin, ie permissionless decentralization backed by proof of work which would not function with existing SQL databases.
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Re:Bitcoin’s Overnight Collapse Probability Is About 50%
by ffggvv on Tuesday February 16, 2021 @04:46PM
(#26159199)
no im saying the actual practical use. keeping track of who owns what can be accomplished way better with a centralized database.
the only thing novel is that its decentralized and inefficient but the average user really doesnt care about that.
Re:Bitcoin’s Overnight Collapse Probability Is About 50%
by viklove on Wednesday February 17, 2021 @12:10PM
(#26168696)
Your misunderstanding of bitcoin seems to boil down to your lack of understanding of what "decentralized trust" is and why it's useful. Maybe start there, but you probably won't because you sound extremely angry.
Re:Bitcoin’s Overnight Collapse Probability Is About 50%
by Hydraulix989 on Tuesday February 16, 2021 @10:59PM
(#26162494)
What if the central database gets hacked? What if someone does a double-spend? What if the person in charge of the central database decides to redistribute everyone's money or decides to revalue it? What if a transaction fails or someone makes a mistake? How do we know we can trust the owner of said database? What if the central database gets wiped or corrupted?
These are some of the problems with centralization that decentralization solves. The original Satoshi white paper calls out many of these use cases. Part of the reason bitcoin is exploding in value again is because the US government is inflating everyone's money.
This is before even getting into applications of smart contracts...
Congratulations on your successful investment (that's not something I would recommend publicizing though)...