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    Author Topic: Bitcoin's exact definition  (Read 1162 times)

    • eladkr85 (OP)
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    July 20, 2013, 06:41:05 PM
     #1
    Hi,
    I'm trying to build bitcoin's exact definition, which will include legal status, regulation, and the whole mining thing.

    Right now, the official definition is:a peer to peer decentralized crypto-currency.
    This definition says nothing about regulation, and creation.
    My (prototype) definition is:a peer to peer decentralized crypto-currency which isn't regulated by a country, and anyone can create it.
    I'll happy to suggestions,for the new definition, which is supposed to say anything you need to completely understand the whole thing.

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    EladK

  • Aswan
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    July 20, 2013, 06:50:51 PM
     #2
    How about that:

    Bitcoin: a P2P decentralized, non-governmental user minted crypto-currency.

  • ProfMac
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    July 20, 2013, 06:52:24 PM
     #3
    Quote from: eladkr85 on July 20, 2013, 06:41:05 PM
    Hi,
    I'm trying to build bitcoin's exact definition, which will include legal status, regulation, and the whole mining thing.

    Right now, the official definition is:a peer to peer decentralized crypto-currency.
    This definition says nothing about regulation, and creation.
    My (prototype) definition is:a peer to peer decentralized crypto-currency which isn't regulated by a country, and anyone can create it.
    I'll happy to suggestions,for the new definition, which is supposed to say anything you need to completely understand the whole thing.

    ~|~|~|~|~|~|
    EladK

    Usually, the less you say in a definition, the better.
    I try to be respectful and informed.

  • phatsphere
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    July 20, 2013, 07:30:28 PM
     #4
    you should never define something like that in a way, where you negate something. in the same way as when you say "which isn't regulated by a country", you also have to include a pletora of other things, e.g. "which is not edible", "which isn't flying", "which isn't tangible", "which isn't …".

    only equivalence relations with proper "filters" or "transformations" are valid. e.g. "ice is water, but frozen"

  • eladkr85 (OP)
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    July 21, 2013, 06:03:39 AM
     #5
    Quote from: ProfMac on July 20, 2013, 06:52:24 PM
    Quote from: eladkr85 on July 20, 2013, 06:41:05 PM
    Hi,
    I'm trying to build bitcoin's exact definition, which will include legal status, regulation, and the whole mining thing.

    Right now, the official definition is:a peer to peer decentralized crypto-currency.
    This definition says nothing about regulation, and creation.
    My (prototype) definition is:a peer to peer decentralized crypto-currency which isn't regulated by a country, and anyone can create it.
    I'll happy to suggestions,for the new definition, which is supposed to say anything you need to completely understand the whole thing.

    ~|~|~|~|~|~|
    EladK

    Usually, the less you say in a definition, the better.

    Some pepole won't understand the WHOLE bitcoin thing with this definition.

  • El Extranjero
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    July 21, 2013, 06:19:50 AM
     #6
    Quote from: Aswan on July 20, 2013, 06:50:51 PM
    How about that:

    Bitcoin: a P2P decentralized, non-governmental user minted crypto-currency.

    I like this definition but I wouln't include "non-governmental" since the term "decentralized" pretty much already explains that imo.

  • Vycid
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    July 21, 2013, 09:08:44 AM
     #7
    Quote from: El Extranjero on July 21, 2013, 06:19:50 AM
    Quote from: Aswan on July 20, 2013, 06:50:51 PM
    How about that:

    Bitcoin: a P2P decentralized, non-governmental user minted crypto-currency.

    I like this definition but I wouln't include "non-governmental" since the term "decentralized" pretty much already explains that imo.

    Try this one (I think it's more accessible for the uninitiated):

    a decentralized internet crypto-currency minted, authenticated and exchanged by its users.
    Reputation thread: https://bt.irlbtc.com/view/200853

  • El Extranjero
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    July 21, 2013, 03:50:17 PM
     #8
    Quote from: Vycid on July 21, 2013, 09:08:44 AM
    Quote from: El Extranjero on July 21, 2013, 06:19:50 AM
    Quote from: Aswan on July 20, 2013, 06:50:51 PM
    How about that:

    Bitcoin: a P2P decentralized, non-governmental user minted crypto-currency.

    I like this definition but I wouln't include "non-governmental" since the term "decentralized" pretty much already explains that imo.

    Try this one (I think it's more accessible for the uninitiated):

    a decentralized internet crypto-currency minted, authenticated and exchanged by its users.

    That definition is beautiful! The only issue now is that the currency's price is still tied to USD, and so, imo that demonstrates it as dependant and not completely sovereign.

  • Zangelbert Bingledack
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    July 21, 2013, 04:49:16 PM
     #9
    Bitcoin (n.):

    1. A decentralized internet crypto-commodity minted, authenticated and exchanged by its users.

    2. The distributed, freely accessible internet ledger with the bitcoin(1) (or the satoshi) as the unit of account.

    3. The community of Bitcoin(2) miners, node operators, developers, users, merchants, and exchanges. The Bitcoin(2) ecosystem.

  • Vycid
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    July 21, 2013, 06:19:10 PM
     #10
    Quote from: Zangelbert Bingledack on July 21, 2013, 04:49:16 PM
    Bitcoin (n.):

    1. A decentralized internet crypto-commodity minted, authenticated and exchanged by its users.

    2. The distributed, freely accessible internet ledger with the bitcoin(1) (or the satoshi) as the unit of account.

    3. The community of Bitcoin(2) miners, node operators, developers, users, merchants, and exchanges. The Bitcoin(2) ecosystem.

    This is a good point - "Bitcoin" means more than one thing. Actually, I believe def. 1 is small-b "bitcoin".
    Reputation thread: https://bt.irlbtc.com/view/200853

  • eladkr85 (OP)
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    July 21, 2013, 06:24:17 PM
     #11
    Quote from: Vycid on July 21, 2013, 06:19:10 PM
    Quote from: Zangelbert Bingledack on July 21, 2013, 04:49:16 PM
    Bitcoin (n.):

    1. A decentralized internet crypto-commodity minted, authenticated and exchanged by its users.

    2. The distributed, freely accessible internet ledger with the bitcoin(1) (or the satoshi) as the unit of account.

    3. The community of Bitcoin(2) miners, node operators, developers, users, merchants, and exchanges. The Bitcoin(2) ecosystem.

    This is a good point - "Bitcoin" means more than one thing. Actually, I believe def. 1 is small-b "bitcoin".
    Bitcoin is the protocol,
    bitcoin is the unit used by the protocol.

  • Vycid
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    July 21, 2013, 06:27:52 PM
     #12
    Quote from: eladkr85 on July 21, 2013, 06:24:17 PM
    Quote from: Vycid on July 21, 2013, 06:19:10 PM
    Quote from: Zangelbert Bingledack on July 21, 2013, 04:49:16 PM
    Bitcoin (n.):

    1. A decentralized internet crypto-commodity minted, authenticated and exchanged by its users.

    2. The distributed, freely accessible internet ledger with the bitcoin(1) (or the satoshi) as the unit of account.

    3. The community of Bitcoin(2) miners, node operators, developers, users, merchants, and exchanges. The Bitcoin(2) ecosystem.

    This is a good point - "Bitcoin" means more than one thing. Actually, I believe def. 1 is small-b "bitcoin".
    Bitcoin is the protocol,
    bitcoin is the unit used by the protocol.

    That'd be definition 1 then, since we're talking about the commodity.

    Would we need 2 separate definitions here, one for "Bitcoin" and one for "bitcoin"? Usually the separate meanings are all listed under the same word.
    Reputation thread: https://bt.irlbtc.com/view/200853

  • eladkr85 (OP)
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    July 21, 2013, 06:30:26 PM
     #13
    Quote from: Vycid on July 21, 2013, 06:27:52 PM
    Quote from: eladkr85 on July 21, 2013, 06:24:17 PM
    Quote from: Vycid on July 21, 2013, 06:19:10 PM
    Quote from: Zangelbert Bingledack on July 21, 2013, 04:49:16 PM
    Bitcoin (n.):

    1. A decentralized internet crypto-commodity minted, authenticated and exchanged by its users.

    2. The distributed, freely accessible internet ledger with the bitcoin(1) (or the satoshi) as the unit of account.

    3. The community of Bitcoin(2) miners, node operators, developers, users, merchants, and exchanges. The Bitcoin(2) ecosystem.

    This is a good point - "Bitcoin" means more than one thing. Actually, I believe def. 1 is small-b "bitcoin".
    Bitcoin is the protocol,
    bitcoin is the unit used by the protocol.

    That'd be definition 1 then, since we're talking about the commodity.

    Would we need 2 separate definitions here, one for "Bitcoin" and one for "bitcoin"? Usually the separate meanings are all listed under the same word.
    This post was posted at general talks, so generally, in this board, the definition is Bitcoin, because we're not talking about exchanges, or the bitcoin's value.

  • Ytterbium
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    July 21, 2013, 10:35:15 PM
     #14
    Trying to define bitcoin in a single sentence is not going to work, unless you terms related to bitcoin.

    Like: "Bitcoin: the first P2P, mined, blockchain based crypto-currency" - that tells you everything you need to know, but you have not know what mining and a blockchain are, in which case you almost certainly already know what bitcoin is to begin with.
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