Anonymous Bitcoin (ANON) - Fork which combines advancement ...

Constructing an Opt-In alternative reward for securing the blockchain

Since a keyboard with a monero logo got upvoted to the top I realized I should post various thoughts I have and generate some discussion. I hope others do the same.
Monero is currently secured by a dwindling block reward. There is a chance that the tail emission reward + transaction fees to secure the blockchain could become insufficient and allow for a scenario where it is profitable for someone to execute a 51% attack.
To understand this issue better, read this:
In Game Theory, Tragedy of the Commons is a market failure scenario where a common good is produced in lower quantities than the public desires, or consumed in greater quantities than desired. One example is pollution - it is in the public's best interest not to pollute, but every individual has incentive to pollute (e.g. because burning fossil fuel is cheap, and individually each consumer doesn't affect the environment much). The relevance to Bitcoin is a hypothetical market failure that might happen in the far future when the block reward from mining drops near zero. In the current Bitcoin design, the only fees miners earn at this time are Transaction fees. Miners will accept transactions with any fees (because the marginal cost of including them is minimal) and users will pay lower and lower fees (in the order of satoshis). It is possible that the honest miners will be under-incentivized, and that too few miners will mine, resulting in lower difficulty than what the public desires. This might mean various 51% attacks will happen frequently, and the Bitcoin will not function correctly. The Bitcoin protocol can be altered to combat this problem - one proposed solution is Dominant Assurance Contracts. Another more radical proposal (in the sense that the required change won't be accepted by most bitcoiners) is to have a perpetual reward that is constant in proportion to the monetary base. That can be achieved in two ways. An ever increasing reward (inflatacoin/expocoin) or a constant reward plus a demurrage fee in all funds that caps the monetary base (freicoin). This scenario was discussed on several threads: - Tragedy of the Commons - Disturbingly low future difficulty equilibrium https://bitcointalk.org/index.php?topic=6284.0 - Stack Exchange http://bitcoin.stackexchange.com/questions/3111/will-bitcoin-suffer-from-a-mining-tragedy-of-the-commons-when-mining-fees-drop-t Currently there is no consensus whether this problem is real, and if so, what is the best solution. 
Source: https://en.bitcoin.it/wiki/Tragedy_of_the_Commons

I suspect that least contentious solution to it is not to change code, emission or artificially increase fees (which would actually undermine the tail emission and lead to other problems, I believe: https://freedom-to-tinker.com/2016/10/21/bitcoin-is-unstable-without-the-block-reward/) but rather use a Dominant Assurance Contract that makes it rational for those who benefit from Monero to contribute to the block reward.

Dominant assurance contracts
Dominant assurance contracts, created by Alex Tabarrok, involve an extra component, an entrepreneur who profits when the quorum is reached and pays the signors extra if it is not. If the quorum is not formed, the signors do not pay their share and indeed actively profit from having participated since they keep the money the entrepreneur paid them. Conversely, if the quorum succeeds, the entrepreneur is compensated for taking the risk of the quorum failing. Thus, a player will benefit whether or not the quorum succeeds; if it fails he reaps a monetary return, and if it succeeds, he pays only a small amount more than under an assurance contract, and the public good will be provided.
Tabarrok asserts that this creates a dominant strategy) of participation for all players. Because all players will calculate that it is in their best interests to participate, the contract will succeed, and the entrepreneur will be rewarded. In a meta-game, this reward is an incentive for other entrepreneurs to enter the DAC market, driving down the cost disadvantage of dominant assurance contract versus regular assurance contracts.
Monero doesn't have a lot of scripting options to work with currently so it is very hard for me to understand how one might go about creating a Dominant Assurance Contract using Monero, especially in regards to paying out to a miner address.
This is how it could work in Bitcoin:
https://en.bitcoin.it/wiki/Dominant_Assurance_Contracts
This scheme is an attempt at Mike Hearn's exercise for the reader: an implementation of dominant assurance contracts. The scheme requires the use of multisignature transactions, nLockTime and transaction replacement which means it won't work until these features are available on the Bitcoin network.
A vendor agrees to produce a good if X BTC are raised by date D and to pay Y BTC to each of n contributors if X BTC are not raised by date D, or to pay nY BTC if X BTC are raised and the vendor fails to produce the good to the satisfaction of 2 of 3 independent arbitrators picked through a fair process
The arbitrators specify a 2-of-3 multisignature script to use as an output for the fundraiser with a public key from each arbitrator, which will allow them to judge the performance on actually producing the good
For each contributor:
The vendor and the contributor exchange public keys
They create a 2-of-2 multisignature output from those public keys
With no change, they create but do not sign a transaction with an input of X/n BTC from the contributor and an input of Y BTC from the vendor, with X/n+Y going to the output created in 3.2
The contributor creates a transaction where the output is X+nY to the address created in step 2 and the input is the output of the transaction in 3.3, signs it using SIGHASH_ALL | SIGHASH_ANYONECANPAY, with version = UINT_MAX and gives it to the vendor
The vendor creates a transaction of the entire balance of the transaction in 3.3 to the contributor with nLockTime of D and version < UINT_MAX, signs it and gives it to the contributor
The vendor and contributor then both sign the transaction in 3.3 and broadcast it to the network, making the transaction in 3.4 valid when enough contributors participate and the transaction in 3.5 valid when nLockTime expires
As date D nears, nLockTime comes close to expiration.
If enough (n) people contribute, all of the inputs from 3.4 can combine to make the output valid when signed by the vendor, creating a valid transaction sending that money to the arbitrators, which only agree to release the funds when the vendor produces a satisfactory output
If not enough people ( Note that there is a limit at which it can be more profitable for the vendor to make the remaining contributions when D approaches
Now the arbitrators have control of X (the payment from the contributors) + nY (the performance bond from the vendor) BTC and pay the vendor only when the vendor performs satisfactorily
Such contracts can be used for crowdfunding. Notable examples from Mike Hearn include:
Funding Internet radio stations which don't want to play ads: donations are the only viable revenue source as pay-for-streaming models allow undercutting by subscribers who relay the stream to their own subscribers
Automatically contributing to the human translation of web pages


Monero has these features:
  1. Multisig
  2. LockTime (but it is much different then BTCs)
  3. A possibility to do MoJoin (CoinJoin) like transactions, even if less then optimally private. There is hope that the MoJoin Schemes will allow for better privacy in the future:
I have a draft writeup for a merged-input system called MoJoin that allows multiple parties to generate a single transaction. The goal is to complete the transaction merging with no trust in any party, but this introduces significant complexity and may not be possible with the known Bulletproofs multiparty computation scheme. My current version of MoJoin assumes partial trust in a dealer, who learns the mappings between input rings and outputs (but not true spends or Pedersen commitment data).

Additionally, Non-Interactive Refund Transactions could also be possible in Monero's future.
https://eprint.iacr.org/2019/595
I can't fully workout how all of these could work together to make a DAC that allows miners to put up and payout a reward if it doesn't succeed, or how we could make it so *any* miner who participated (by putting up a reward) could claim the reward if it succeeded. I think this should really be explored as it could make for a much more secure blockchain, potentially saving us if a "crypto winter" hits where the value of monero and number of transactions are low, making for a blockchain that is hard to trust because it would be so cheap to perform a 51% attack.


I am still skeptical of Dominant Assurance Contracts, despite success in an initial test https://marginalrevolution.com/marginalrevolution/2013/08/a-test-of-dominant-assurance-contracts.html
it still remains questionable or at least confusing: https://forum.ethereum.org/discussion/747/im-not-understanding-why-dominant-assurance-contracts-are-so-special
submitted by Vespco to Monero [link] [comments]

Are multiple mining algorithms possible with Monero? Can RandomX be added to the system instead of replacing what's in place? Not sure what headaches it would bring for the security part of Monero.

Are multiple mining algorithms possible with Monero? Can RandomX be added to the system instead of replacing what's in place? Not sure what headaches it would bring for the security part of Monero.
Is it possible for Monero to have multiple mining algorithms like Digibyte (DGB)? The idea of keeping the large group of GPU miners to help keep the network decentralized and expand with Random X to bring in a large number of CPU miners. Also, if for some reason Random X doesn't workout we still have current algorithm that gets updated every 6 months. DGB borrowed from Huntercoin which mines 2 algorithms and Myriad that has 5 mining algorithms. Could Monero do the same? I believe DGB also adjust algorithms to keep incentives equal.


Digibyte - Reddit
Decentralization
Decentralization is an important concept for the block-chain and cryptocurrencies in general. This allows for a system which cannot be controlled nor manipulated no matter how large the organization in play or their intentions. DigiByte’s chain remains out of the reach of even the most powerful government. This allows for people to transact freely and openly without fear of censorship.Decentralization on the DigiByte block-chain is assured by having an accessible and fair mining protocol in place – this is the multi-algorithm (MultiAlgo) approach. We believe that all should have access to DigiByte whether through purchase or by mining. Therefore, DigiByte is minable not only on dedicated mining hardware such as Antminers, but also through use of conventional graphics cards. The multi-algorithm approach allows for users to mine on a variety of hardware types through use of one of the 5 mining algorithms supported by DigiByte. Those being:
  • Scrypt
  • SHA256
  • Qubit
  • Skein
  • Groestl
Please note that these mining algorithms are modified and updated from time to time to assure complete decentralization and thus ultimate security.The problem with using only one mining algorithm such as Bitcoin or Litecoin do is that this allows for people to continually amass mining hardware and hash power. The more hash power one has, the more one can collect more. This leads to a cycle of centralization and the creation of mining centers. It is known that a massive portion of all hash power in Bitcoin comes from China. This kind of centralization is a natural tendency as it is cheaper for large organisations to set up in countries with inexpensive electricity and other such advantages which may be unavailable to the average miner.DigiByte mitigates this problem with the use of multiple algorithms. It allows for miners with many different kinds of hardware to mine the same coin on an even playing field. Mining difficulty is set relative to the mining algorithm used. This allows for those with dedicated mining rigs to mine alongside those with more modest machines – and all secure the DigiByte chain while maintaining decentralization.


Let's give every nation a chance to mine
submitted by MoneroMondo to Monero [link] [comments]

Bolttcoin - Digital Health Coin

Bolttcoin - Digital Health Coin
https://preview.redd.it/3d57rld3z9j21.png?width=1200&format=png&auto=webp&s=ee1b58b619adf22cb4361dbee5b89621d9fbcc39
BOLTTCOIN PLATFORM
Bolttcoin is a unique platform that will make your exercise rewarded. This is actually a good source of motivation to do sporting. What we understand is human need a good source of motivation in to do sports, such the threat of health issue, friends encouragement, and even financial reward. Bolttcoin will motivate the people to do their healthy endeavor by giving them the cryptocurrency namely the bolt token. Like any other token in cryptocurrency, this token is obviously can be traded for real money. in other words, doing some challenge and simple exercise or workout is rewarded by money in the ecosystem of bolt.
Bolttcoin emphasis their company on three pillars, which are the loyalty, gamification, and engagement. The loyalty is when the customer will never look for any other alternative to goods or services except what has been provided by one manufacturer or company. Gamification is simply a pop culture nowadays like giving quest, doing some task which they will be rewarded by a certain item or money in that game, whereas the engagement is a way of the company to actively engage every kind of activity or opinion that is circulating within the realm of customers. The bitcoin is actually superb in achieving those three.
The loyalty is given by a reward. This is the most obvious since it will make more and more customer happy under the treatment of a company. The reward is important since it will respect your customer since they have been using the service of your product in a long time and thus need to b rewarded. The same goes for Bolttcoin where this company will reward more when a certain person has been using their platform for a long time.
As for the gamification, actually, that is the core of Bolttcoin. As we can see, the Bolttcoin are circulated mainly on the challenges, quest, a task that is related to health. The challenges are often trivial such walk for certain meters, to a serious workout, gym-like quest. But as a quest, it certainly comes with rewards, and no other reward expected by any other people except the money. and that is what exactly the bolt coin will give it to you. Even though the money comes in the form of a boltt token, this is exchangeable with real currency.
The engagement is the main support system of the Bolttcoin. The Bolttcoin is filled with experts in fitness and healthy exercise. Our support system is always ready to give any support or advice concerning the behavior to maintain your health, or what kind of exercise that is best suited for you, how long should it take, and etc. you can ask away any question that is related to any health issue for free. It is like having a personal gym mentor, except it is you who are getting paid.
Why Bolttcoin?
There are several reasons why you should trust your exercise program with Bolttcoin;
Get Rewarded As we already have stated before, doing some exercise for most people are hard without a proper motivation, and therefore Bolttcoin are here to fill the gaps of motivation to all people. Unlike any cryptocurrency that are mined through the computing capability, you can mine Bolttcoin by doing simple step such walking, exercising, doing work out and etc. you get healthy and get rewarded, that is the most effective motivation ever needed.
Team of professional and expert Bolttcoin are supported by the technology experts and health and lifestyle experts. You can consult or ask any kind of question that is related to their expertise. It is free and entertaining since you don’t have to make an appointment and go to their office. It is all done online via our platform, as they are available most of the time. Having experts means that our platform will be sustainable and solid for everyone to use.
Market prospect The token that is given as a reward has a good prospect too. It has a good value and price, the limited supply but a huge demand. It will means that the value of this token will be high and prospective for the future. You can gain money by simply walking and exercising, and that sum of money is good and very worth it.
The stable ecosystem There are a lot of features that are included in the Bolttcoin, for instance, the dual blockchain, the decentralized market and protected by a cutting-edge encryption technology. Unlike any other token that is usually employs only a blockchain, the Bolttcoin are employing the dual blockchain which will double the protection of the value of token, as well as the transaction of it. It is also decentralized meaning that the transaction can be done everywhere by any device. It is also very secure and ensures your data protection and the value of the token itself.
Widespread usage As for today, more and more companies, business and people alike are ready to use Bolttcoin. This means that every reward that is given by the company can be used in any kind of transaction to any companies or retail that receives the token as the payment. If you can’t find it, you simply can exchange it to gain dollars which is also a very good choice. Investing in Bolttcoin is a good thing too, since you can become a healthy person and have many tokens for you.
FEATURES OF THE PLATFORM
Boltt crypto wallet: Enables access to all financial services in the Boltt ecosystem. Multiple top up and cash out options & holding fiat or multiple cryptocurrencies. Also enables money transfer, bill payments & a decentralized exchange.
Easily accessible: Users can access their wallet remotely from anywhere in the world with a mobile app or web interface.

Identity management and Health ID:. Each user gets a unqiue digital health identity This will be one comprehensive ID for individuals and small business on the Blockchain. It will provide a higher level of security and privacy and available on demand. Upon Wallet download and creation, biometrics & other details are captured to assign a nique ID on Blockchain.
TOKEN DETAILS
Boltt Coin by Boltt - An established Market Leader in Fitness Wearables, AI & Mobile Health with an existing large user base. BolttCoin is an all New Decentralised Digital Health Economy based on Blockchain.
Total Issue — 170Mn BOLTT
Available for public — 59% (100 Mn BOLTT)
Hard Cap — 25,000 ETH
Soft Cap — 5,000 ETH
1ETH = 4000 BOLTT
SAFT — Yes
Token Distribution will take place after ICO closure.
Lock Period — ICO end date + 60 days
Private Sales
3000 ETH (12Mn Tokens); Private Sale Hardcap reached.
Sold out within a week!

THE UNIQUENESS OF BOLTTCOIN
The company’s road map includes a Native Health Tech Blockchain, gearing towards a Trust-less & Data Centric Ecosystem for Health & Allied Industries
Massive potential Huge Trillion Dollar Total Addressable Market. Every SmartPhone owner is a potential BolttCoin Consumer.
Working Product MVP ready and strong B2B partnerships in place. Established partner network of 25,000+ merchants and 1,000,000+ products.
Speed and Vision Boltt is a 2+ year old company and possess the speed, vision, partner ecosystem, network and infrastructure that is required to rapidly scale globally.

For more information, please visit the links i have provided below;
Website :https://bolttcoin.io/
ANN Bitcointalk: https://bitcointalk.org/index.php?topic=3276720
Whitepaper: https://bolttcoin.io/BolttCoinWhitePaper-V1.0.pdf
Facebook: https://www.facebook.com/bolttsports/
Twitter: https://twitter.com/bolttsports
Telegram: https://t.me/BolttCoin
Author: BrainerdPaul BitcoinTalk profile link: https://bitcointalk.org/index.php?action=profile;u=1680409
submitted by Brainerdpaul to u/Brainerdpaul [link] [comments]

The definitive answer to the question - What is Bitcoin? For the (kind of) Layman....

What is Bitcoin? I’m quite tired of seeing the various answers, misinformation and overly technical jargon (let alone the mockery) around this question. There is no reason Bitcoin should not take off. To that end, I want to help answer the question “What is Bitcoin?” Before I do though, I think people need to really focus on who the audience is, as far to often this question is answered with how it works, how it was developed, who is Satoshi, etc.. So I propose that go forward we focus on what the question really is until the general population understands it. With that in mind, for those with knowledge of Bitcoin to really consider what the layman is asking when responding. I propose that the layman will better understand what Bitcoin is if the answers to other Bitcoin questions are not buried in the answer to “what is Bitcoin?”.
a. What is Bitcoin? b. How does Bitcoin work - for the laymen? (ie: How do I get a wallet and use it) c. How does Bitcoin work - for the techy developer? (ie: What happens behind the scenes on your hardrive.) d. Who invented Bitcoin? e. How do I buy Bitcoin? (see b. above)
The questions could go on, however I believe until the layman understands simply what Bitcoin is (question a.) and not the other upper level class questions (questions b. –e.), it will not be understood or accepted. The following is my informal attempt to answer question a.
Bitcoin was a puzzle to me for about a year. I had picked up bits and pieces of what it was, how it worked, how to get a wallet, etc.. For that year, I never got my head wrapped around it. I finally sat down and read up on the history of it and then I realized how simply amazing and transparent it really was. It answered several questions I had while studying finance, in addition to creating the platform for what I consider to be one of greatest potential efficiencies of our time….a single global accounting general ledger. Imagine if every monetary transaction was tracked in one ledger (accountants start drooling….)
By way of background, I am an accountant and have dealt with GAAP/IFRS/Tax reporting in multiple currencies in various countries. What always bothered me was why for accounting we never spoke the same language (note there is a current convergence movement happening right now around GAAP/IRFS) and in a common currency. Obviously borders create issues around tax, but at least for financial reporting we can have one set of rules. Translating currencies also provides added complexity to reporting that might be eliminated. I also never quite accepted the concept of interest for risk and “value creation”, especially if you believe in one of the fundamental laws of physics (I know…its getting weird..but read on).
So here is some food for thought before I answer “What is Bitcoin”.
  1. As any first year accounting major knows debits and credits must equal zero. So if we added up all the debits and credits (assets and liabilities/equity) for all the companies, people, governments and other entities in the world…I mean everyone..then they would all offset and equal…..ZERO. The reason we can’t do that goes far beyond this statement, but two of the main reasons are differing sets of ledgers and the world operates in multiple currencies (set aside differing year ends, private companies, access to records, people who don’t account, etc.).
  2. As any first year finance major knows, the value of money is found in the governments who support it (I’ll come back to this) and purportedly, the USD is supported by gold at Fort Knox. We all know that is not the case and when the theoretical fall of Rome (US) happens, we won’t all be able to line up at Fort Knox and trade our greenbacks for little pieces of gold to put in our pockets and take with us as we sail across the ocean to trade with other countries. The US dollar and other currencies are supported by the fact that the people of a given country (call it a community) acknowledge it is an ‘I owe you’ for goods or services in the future. That simple. Not gold..but a promise to take back that piece of paper (US Dollar) and give up a chicken, goat, widget..whatever…at some point in the future.
  3. Where did money come from in the first place? Who got the first dollar? Let’s say Bob got the first dollar. So what did Bob give up for that first dollar..a goat? Some gold he found. Great..so Bob walked over to Doug and said, “Hey Doug, I’ll give you this gold for that ‘I owe you’ piece of paper?”. That doesn’t sound right. So how did it go down. Did the government just print a bunch of ‘I owe you’s’ (ie: dollar bills) and distribute them equally amongst the people? Did the people just accept it as something valuable? Where was the gold to back up its value? How did that gold get into the governments hands to support the value of those dollar bills? What did the government have to give up for the gold…certainly not dollar bills as you can’t put the cart before the horse?
  4. Who cares about the national debt! It’s just a giant payable on the ledger of the US government. Somewhere though another country has a giant receivable (aka China). Well certainly the US must also have a giant receivable from other countries that once we collect we can pay our debt? At the end of the day..none of it matters! It’s like a perpetual loan….if you never settle it or it never comes due, then it just keeps growing and growing. And guess what, when you add up all the payables and receivables of all the people, countries, entities, etc. in the world…they offset eachother. So unless we default on our debt, it really means nothing. Even if we did default, then what….well personally, maybe they take a car away, but if you are the US government, then what…they take your country away? No..you go into a workout group…you pay off what you can and get it forgiven…restructure.
  5. Interest rates have always had me a bit stumped. I did great in finance and mathematics, however I never quite understood the concept of interest rates. I get the concept of creating value. For example, I might only give up one chicken for some milk and another chicken for some powdered chocolate, but I you offered me chocolate milk…I might pay 3 chickens. So value creation is the increase in value created by combining goods or services to receive more in trade than if the components of the goods or services were traded for on an individual basis prior to being combined. Sounds great…right? I’m willing to pay more for a product whose whole is worth than the sum of its parts? Let me propose this - energy is neither created or lost, only transferred. It’s a fundamental principal of physics. So with that in mind, if I can measure the effort that goes into creating that great combined product, shouldn’t I only be willing to pay for the inputs to it? For example, one chicken for the milk, one chicken for the powdered chocolate and how much for the effort of combining them? Well if energy is neither lost or created, then the effort is measurable by the food the person put in their mouth that was converted to the energy used to mix the chocolate milk drink. Let’s say it was the equivalent of an apple. So if I’m paying three chickens for this combined product, I’m really paying that third chicken in exchange for the energy of an apple. Seems a little overpriced? That’s because it is! I propose that value creation is really the result of unfair trades and the inability to measure everything (for various reasons). So in theory, if everything was perfectly measured and no unfair trades ever took place, then I ask this…why do we need interest rates? Some will say that interest rights are the premium for being given something in exchange for having to pay it back in the future, including the risk it might not be repaid. That sounds pretty good and up to Finance 101 standards. I can buy that, if someone is willing to pay for it, but I ask, in the grand scheme of things (the answer is 42), did that act of lending that chicken today in exchange for getting a chicken back next week really result in the creation of more chicken? Should I have to give two chickens a week from now as a penalty for having received the one chicken today on loan? Some say yes, some say no…my only point is some would say this is an unfair trade and in a world where no energy is created or lost, the only variable here is time….so should the borrower really have to pay for that. He is giving back the same amount of energy he received (welcome to my brain).
So now that I dragged you through that, this is my answer to “What is Bitcoin?”……
BITCOIN IS A GLOBAL CASH BASED ACCOUNTING LEDGER (aka: A CHECK BOOK) THAT EVERYONE CAN SEE, HOWEVER THE IDENTITIES OF ACCOUNT HOLDERS ARE MASKED AS A SET OF NUMBERS AND LETTERS.
It really is that simple. How it works is a different beast as far as how everyone can see it, but again, that is not what I want to answer here. So if you accept my definition, then quite simply think about it like going to the bank and looking through all their accounts. You can see which accounts have how much money, what date they deposited or withdrew money, how much money there is in all the accounts. The only thing is, at the bank, the accounts have names you recognize. My prediction is that in order to legitimize Bitcoin, there will need to be trusted banking institutions (with controls and regulations) who associate the masked Bitcoin account number with a name and address (as is happening right now at Coinbase and other formerly popular Bitcoin exchanges). Coinbase will become the first bank of Bitcoin! There will however always be those how don’t take their Bitcoin to the bank and effectively keep their Bitcoin “in their mattress”…so no one will ever know their name. Regardless, the Global Accounting Ledger will always keep track of how much is under their mattress based on their masked account number, instead of their name.
So to round out my above ramblings
• Bitcoin really will form the basis for the first potential cash based global accounting system. Maybe Google can host it. Maybe none of us will have bank accounts or need to file tax returns….they will all be stored on GoogleBank and be measured in Bitcoin. We won’t have to file tax returns as the IRS will just access or GoogleBank account. Gone are the days of Quickbooks and MYOB.
• So what about Fort Knox? Well…the Bitcoin community will be just as strong as the current country based communities that issue fiat currency. It is all in what you agree on and believe in…..but remember, there is no gold at Fort Knox!
• Who got all the first Bitcoins then? Good question! You need to go read up on bitcoin “mining”. It is not unlike the first miners that mined for gold.
• And settling national debt then? Well…not sure Bitcoin will solve that, but a Global Accounting Ledger in one Bitcoin currency will sure bring transparency and simplicity to who owes who what?!!
• Then do away with interest rates and unfair trades? Not at all! Unfair trades will always be there as idiots are born every day. The common currency and global ledger will just allow for things to be priced more efficiently without having to account for exchange rates. Interest rates I’m sure will always be as they are a just a cost of giving something to somebody for a period of time and expecting it back…..theoretically an unfair trade when talking about thousands of days vs. infinity.
For how Bitcoin actually works, how to get a wallet and how the Global Accounting Ledger is copied and validated by the users on the network (aka – no different than a clearing house….arguably more reliable)……I suggest you don’t wait a year to find out. Bitcoin is the future…….get your wallet now!
submitted by Dawsonglitter to Bitcoin [link] [comments]

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