Crypto currency (IF banned from CA)

[Efcjake]

Main difference is that Bitcoin is a crypto coin as majority of other 'crypto' are crypto tokens.

That clarification only muddies the waters further. What's the distinction between a coin and a token?

 

[phildp]

That clarification only muddies the waters further. What's the distinction between a coin and a token?

Coin has it own blockchain whilst tokens dont. Despite what has been said a massive material difference

 

[Daveysgingerlovechild]

Coin has it own blockchain whilst tokens dont. Despite what has been said a massive material difference

Could you explain why a blockchain is so critical?

 

[Tramps_mate]

I did read it, 'i've got bitcoin in a corporate investment portfolio'

It's a really easy question to answer and I'm not trying to have a go. Do you know the private keys? If not which I think is likely then what you have is an IOU from a middleman.

For example if I say I have bitcoin on an exchange. I don't actually have that bitcoin, I have an IOU from the exchange.

I had this arguement with a guy a few years back. He says he had X amount of gold stock...

I said, do you have the gold in your house?

He said no.. so I said well you don't own gold then. Someone else actually owns your physical gold and you are owed it by him!!

 

[DuuuncanHadaPigeon]

Could you explain why a blockchain is so critical?

'tokens' need a Blockchain in order to exist, they are just not the native token of that chain.

 

[Daveysgingerlovechild]

'tokens' need a Blockchain in order to exist, they are just not the native token of that chain.

Right, so all crypto or coin are therefore tokens of sorts and the blockchain is a host/structuring device?

Sorry lads, not my world, so it's kinda hard to follow these debates.

 

[DuuuncanHadaPigeon]

Right, so all crypto or coin are therefore tokens of sorts and the blockchain is a host/structuring device?

Sorry lads, not my world, so it's kinda hard to follow these debates.

Ye basically, Blockchains are decentralised so they require many individuals to validate the transactions. This differs from your bank, which is centralised, they keep track of everything.

Take Ethereum for example, it rewards it's validators by giving them rewards in the form of the native token ETH. The Ethereum Blockchain also allows anyone to create a token/coin and call it whatever they like.

So the distinction he was making was between ETH (the native token) and a coin that anyone can launch on the Ethereum chain.

 

[st.domingo]

Right, so all crypto or coin are therefore tokens of sorts and the blockchain is a host/structuring device?

Sorry lads, not my world, so it's kinda hard to follow these debates.

The blockchain you can think of as the database of the system.

It's called that because it consists of transaction data that has been compiled into numbered blocks at regular intervals, which effectively then form a numbered chain of blocks ordered by the time they were written.

In Bitcoin and other proof-of-work chains, "miners" compete to solve a cryptographic puzzle, the winner of the competition gets rewarded with some BTC and then has the right to form the next block of transaction data. Other miners can then signal that they agree with the block's composition.

 

[Daveysgingerlovechild]

The blockchain you can think of as the database of the system.

It's called that because it consists of transaction data that has been compiled into numbered blocks at regular intervals, which effectively then form a numbered chain of blocks ordered by the time they were written.

In Bitcoin and other proof-of-work chains, "miners" compete to solve a cryptographic puzzle, the winner of the competition gets rewarded with some BTC and then has the right to form the next block of transaction data. Other miners can then signal that they agree with the block's composition.

There's some very esoteric terminology in this world.

 

[st.domingo]

There's some very esoteric terminology in this world.

Software developers, my dude.

There's the old joke that the two hardest problems in software development are:

1. rules around data caching
2. naming things

 

[Goat]

I see the arse has fallen out of the fake money tree, again.

Never mind, no doubt there will be some new mugs along soon to bump up the Ponzi.

 

[john jako]

I see the arse has fallen out of the fake money tree, again.

Never mind, no doubt there will be some new mugs along soon to bump up the Ponzi.

It’s the dip LAD. Get on da dip!

 

[kevinsheedy111]

the smart people know the difference between short term volatility and long term store of value!

 

[DuuuncanHadaPigeon]

I see the arse has fallen out of the fake money tree, again.

Never mind, no doubt there will be some new mugs along soon to bump up the Ponzi.

Zoom out

 

[the sniderman]

the smart people know the difference between short term volatility and long term store of value!

hey @nikom court buddy good to see u back did u delete old account?? ur a smart people buddy so i am sure u have long term store of value towards that retirement u were planing.