A Quote by Nick Tomaino
Despite popular belief, Bitcoin is a bad medium of exchange for people that value financial privacy because of the transparent ledger that reveals an address, timestamp, and amount for every transaction on the network.
Related Quotes
Bitcoin was created with security in mind. The Blockchain is Bitcoin's public ledger that records every transaction in the Bitcoin economy.
Blockchain assets derive value from their usefulness. Bitcoin has value because people value the payment network. BTC is required to use the network, so people demand it. If Bitcoin continues to be useful, it will continue to have value.
Gold actually has properties - you can use gold for all sorts of things. People value gold for the metal. Nobody values bitcoin for the bitcoin; they value it because they believe that they can exchange it for something else.
Bitcoin is a currency, bitcoin is a network, bitcoin is a technology and you can't separate these things. A consensus network that bases its value on the currency does not work without the currency.
As money, Bitcoin achieves two objectives; it's both a unit of transaction as well as being a store of value. The U.S. dollar, for example, is a unit of transaction, but it is not a store of value.
The scripting language in Bitcoin is important because it is what makes Bitcoin 'programmable money'. Within each Bitcoin transaction is the ability to write a little program.
Privacy is an age of universal email collection and spying, with millions of CCTV cameras and warrantless spying pervasive; privacy has become virtually nonexistent and, therefore, extremely scarce and desirable. Bitcoin can be a completely anonymous transaction that maintains the user's privacy beyond the reach of any authority.
Bitcoin is valuable as a currency because of the economic efficiencies the bitcoin network is already creating as transactions flow over it. As with the Internet, more applications will flourish which will make the bitcoin network, and thus bitcoin as a currency, valuable.
With private chains, you can have a completely known universe of transaction processors. That appeals to financial institutions that are wary of the bitcoin blockchain.
What bitcoin does better than the current financial system is it's a better stored value globally. There are a lot of countries that really don't trust their banks or their currency, and bitcoin is an alternative.
The ledger, the distributed database - it's called a Blockchain - is held in the cloud by all the parties involved. It can't be broken by any of them. It's cryptographically too strong. You would have to compromise the entire network to take over Bitcoin.
With the block chain, for the first time, we no longer need these central institutions for settlement or for guaranteeing the value of coins or for land titling. All of these functions can be replaced by a transparent public ledger that is safe from tampering and which can make value and ownership clear and open for everyone.
Bitcoin as a globally distributed public ledger - that's the thing I'm most excited about going forward. Thinking about how to use Bitcoin in new and innovative ways. In the meantime, we have the boring uses of Bitcoin that are in the process of going mainstream.
Isn't the purpose of bitcoin mining simply to get rich - or not, as the case may be? Well, at 21, we are less concerned with bitcoin as a financial instrument and more interested in bitcoin as a protocol - and particularly in the industrial uses of bitcoin enabled by embedded mining.
The value of being connected and transparent is so high that the roadbumps of privacy issues are much lower in actual experience than people's fears.
People dread silence because it is transparent; like clear water, which reveals every obstacle—the used, the dead, the drowned, silence reveals the cast-off words and thoughts dropped in to obscure its clear stream. And when people stare too close to silence they sometimes face their own reflections, their magnified shadows in the depths, and that frightens them. I know; I know.
