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    Author Topic: Dispelling some myths about BITCOIN, from a BITCOIN FAN  (Read 299 times)
    _nur (OP)
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    February 04, 2017, 01:57:18 PM
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    From https://tezos.com/dispelling-bitcoin-myths.html

    Myth #1: Satoshi solved the Byzantine Generals problem which was thought impossible to solve!
    Fact: The consensus problem isn’t that difficult, it’s about who’s allowed to take part in it.

    Myth #2: The proof-of-work system is great because it incentivizes miners to upgrade their equipment, thus a lot of computing power is powering Bitcoin.
    Fact: These upgrades do nothing to increase the transaction processing capacity of the Bitcoin network.

    Myth #3: Bitcoin is a math-based currency is backed by math.
    Fact: Bitcoin is based on a clever set of incentives.

    Myth #4: The proof-of-work system is completely decentralized
    Fact: Trust is still involved in the system

    Myth #5: A decentralized system is safe
    Fact: not necessarily

    Myth #6: The Bitcoin ledger is just a technology, it has nothing to do with politics.
    Fact: Proof-of-work crypto-ledgers are primarily designed to withstand attacks by governments. It is the only advantage of a proof-of-work decentralized crypto-ledger over a centralized or polycentric one.

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