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Diffstat (limited to 'content/weblog/2022-04-15_time-to-use-crypto/index.md')
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diff --git a/content/weblog/2022-04-15_time-to-use-crypto/index.md b/content/weblog/2022-04-15_time-to-use-crypto/index.md index 8ac3d2f..609a4d4 100644 --- a/content/weblog/2022-04-15_time-to-use-crypto/index.md +++ b/content/weblog/2022-04-15_time-to-use-crypto/index.md @@ -1,7 +1,7 @@ +++ title = "It's time to use crypto" date = 2022-04-15T20:54:32Z -updated = 2022-04-16T10:48:49Z +updated = 2022-04-19T23:06:37Z +++ Cryptocurrencies have been around for well over a decade. Everybody who's ever @@ -18,7 +18,7 @@ The classical monetary system is also not enough anymore. Gone are the days of the gold standard, and here be the days of instantaneous transactions across the whole world using electronic means to transfer money. -However, with all those benefits have come a lot of negatives that have reduced +However, with all those benefits have come a lot of drawbacks that have reduced our freedoms and intruded in our privacy. If you want to trade electronically across countries or even inside the same city, you have to go through a dozen of intermediaries each of whom gets a piece of the transaction, each of whom has @@ -47,17 +47,17 @@ their mercy, cryptocurrencies allow no one person to control the system. The premise of cryptocurrency is that no one person controls the system. There are a set of rules by which all of the parties of the game agree to play, and -each participant controls each of the other ones. If there is some discrepancy -with the rules or some manipulation is seen by the rest of the participants they -won't allow such behavior to go on and will simply refuse the malicious actions -to take place. +each participant controls make sure each other play according to them. If there +is some discrepancy with the rules or some manipulation is seen by the rest of +the participants they won't allow such behavior to go on and will simply refuse +the malicious actions to take place. Basically a cryptocurrency is a network in which anybody can take part, giving some computer resources in order for the network to work by generating blocks that contain the transactions and possibly some new unit of cryptocurrency that is mined. No one party in the network can change the rules. The system is made in such a way that mathematically no one person can go against the rules (e.g. -double-spending currency) without said person or party owning more than 51% of +double-spending currency) without said person or party owning more than 50% of the network's capacity, which, at least for Bitcoin and most major currencies, is basically impossible now.[^1] @@ -73,7 +73,7 @@ account how easy it is to track transactions. And it's not like it is a bug of the system or something, it's more of a feature actually. In order for the original concept of the blockchain to work, a public ledger was needed. -Bitcoin also has many other problems such as very poor perfomance, and its +Bitcoin also has many other problems such as very poor performance, and its proof-of-work algorithm being very prone to centralization, or at least making it harder for smaller players to take part in the system due to how easy it is to make ASICs for it. @@ -102,21 +102,22 @@ However, I was never really an active user. For me, that has changed now. On the 24th of February the Russian government decided to actually do something about the conflict that was already happening since 8 years ago. Of course, the -United States didn't like it and now they are basically taking cancel culture to -a whole new level by basically trying to cancel the entirety of Russia. +United States didn't like it that somebody else had some agency over their +interests proceeding to have a hissy fit and basically taking cancel culture to +a whole new level by what amounts to trying to cancel the entirety of Russia. The irony of the situation is intense, not only are those sanctions affecting mostly people who have nothing to do with the conflict, they are also affecting the people who they are supposedly defending with these sanctions. Believe it or not, many Russian people have relatives in Ukraine. -And of course the hypocrisy is through the roofs. I'm not taking about the +And of course the hypocrisy is through the roof. I'm not taking about the American government themselves, of course they would act like they do, might makes right in our world after all. I'm talking about all of the other countries and the corporations that are "supporting Ukraine" by "stopping all work in Russia". Nowhere to be seen was their support of the people that the US -~~glowniggers~~ government invaded or carpet bombed, but anyways, that's a little -off topic. +~~glowniggers~~ government invaded or carpet bombed, but anyways, that's a +little off topic. The point being that the ability of the Russian and Ukrainian people to trade with other people is being crippled right now because of the decisions of some @@ -166,7 +167,7 @@ you are not acquainted in real life. [^1]: This is just a very very simple and short overview on how (most) cryptocurrencies work. If you are interested in learning more, I suggest you - start by reading the bitcoin whitepaper. + start by reading the bitcoin white paper. <https://bitcoin.org/en/bitcoin-paper> [^2]: You know, with how all current governments love to spy on their people and |