Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: troll on January 08, 2018, 06:23:42 PM
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Every day, a new coin appears with some special "feature" that makes it valuable. But did you know the real value of Bitcoin comes from what it's *missing* more than from the features it offers? Let's take a look:
1. BTC Does not have accounts.
This is a big deal. Most "cypto" tokens deal with accounts of some kind: "your" money, your music, your storage, etc. But BTC doesn't have accounts and that's by design. Every transaction in BTC is atomic and complete within itself. There is no need to build or manage an account with BTC and therefore no need for any central or controlling agency.
2. BTC Does not have centralized nodes.
Every token claims to be "decentralized," but many strategies which claim to improve on BTC or be the next Bitcoin rely on central, supervisor, or other nodes with elevated privileges. This simply isn't possible in BTC as the notion of one player who is ranked higher than another doesn't exist. This design constraint doesn't preclude real world aggregation, of course. Businesspeople can, and do, profitably join together to mine and verify BTC transactions. But those associations are voluntary. You can create your own mining group today without anyone's permission and it won't have any more or fewer abilities than any other miner that exists.
3. BTC Cannot be reliably investigated.
Missing features #1 and #2 lead to the benefit of missing feature #3. The news is full of stories of Bitcoin investigations and analyses, but the truth is that fundamental design features of BTC prevent those kind of assessments. Taking only the simplest example, it's easy to create a Bitcoin address (paper wallet) with real funds in it and share that address across international borders. No tax investigation or customs agent can determine what paper wallet you might have created at home or communicated to your friends and family overseas. This alone sends governments into orbit when they find they cannot accurately asses who owns BTC or "where" it is. The lack of accounts and supervisory central nodes doesn't give governments any way to reliably investigate any single person or entity.
4. BTC Is not a company.
In the world of stock trading, a company's present value is based one's viewpoint of their leadership, assets, products, and market share. If you feel those things are "going up," then the stock might be worth more tomorrow. But BTC doesn't have any company behind it and can't be analyzed like a stock. The only feature BTC has in common with stock is market share. There are no teams other than the teams people choose to create. You are as much a participant in the BTC economy as you choose to be. You are certainly not a participant in Exxon or Disney unless you own a huge amount of their stock. And you'll never be a decision maker in any company that's capitalized with tokens. BTC is different because there isn't one company benefiting from its market share. The market participants themselves benefit.
5. BTC Is not a Turing complete machine.
There's much ado about "smart contracts" and blockchains which are programmable in way that BTC is not. This missing feature is one of the chain's biggest benefits. A Turing complete machine is, essentially, a full modern computer. Turing's key discovery was that all machines which are Turing complete are fundamentally equivalent, from the most primitive conceptual computer on through today's machines. It would seem to be a huge benefit to have such power on the chain. But this power comes at a terrible price: All Turing complete machines are subject to the same kinds of programming vulnerabilities that plague everyone else's computers and phones. Etherum, for example, requires that all participants in the chain run untested code on their computers which can branch to any other address in the system. Contemporary mainframe software, such as DB2 used for ATM machine networks, would not permit such untested code to be run with real money. The open security holes in Turing complete systems make them an unacceptable risk for fintech applications. It's not that programmability can never come to the blockchain. It will come, in the form of application frameworks with built-in security protocols -- something we don't have today. In the meantime, BTC will continue to provide a currency (not a programmable machine) that serves its purpose without unnecessary security risks. The BTC blockchain, unlike Ethereum, has never been compromised on-chain.
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if I may add that Bitcoin does not have a founder.
even if you know who the founder is but we don't know that Satoshi Nakamoto is what it looks like.
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I think it is just an emotional perspective from someone. Why he doesn't compare it with the benefits of Bitcoin. He wants to make people to think bad about Bitcoin. But a smart crypto enthusiast cannot be influenced by the opinion.
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Try not to use quotes to post threads, to make them look neat. I just conveyed it