"Cryptology Makes Even Smart People Feel Dumb"
Bitcoin Makes Even Smart People Feel Dumb
21–30 of 108 posts
Re: Bitcoin Makes Even Smart People Feel Dumb
#22Earlier quoted context omitted.
> Very few people need to really understand all of that to "get" bitcoin Except when a fork comes, or why control of 51% of the hashing power is bad.
Only miners and investors should care about this. Normal people should be able to use Btc without worrying about it.
Until transaction fees start to rise due those people pushing their own agenda on the network.
Re: Bitcoin Makes Even Smart People Feel Dumb
#23Author is projecting. Replaced "me" with "people" in writing this. Considered himself smart; tried to wrap head around Bitcoin, but lacks math/cs/finance background, and or curiosity to dig below surface level hype or read blockchain-y things beyond what's written by other lazy journalists ...? (now I'm projecting). Doesn't 'get it'. Plenty of people understand Bitcoin. Go read the whitepaper.
That's how people think...Creating models and theories via abstraction from personal experience and thoughts. All original ideas are projections in some way, requiring courage to put through into the world.
Re: Bitcoin Makes Even Smart People Feel Dumb
#24I think someone hasn't read the whitepaper.
Re: Bitcoin Makes Even Smart People Feel Dumb
#25Ethereum is harder than bitcoin, specially the dApps thing of ETH
Re: Bitcoin Makes Even Smart People Feel Dumb
#26Most cryptocurrencies are complex but if you have a background in computer science/software engineering then they're not difficult to understand; it just takes time.
Re: Bitcoin Makes Even Smart People Feel Dumb
#27When we say we "understand money" we mean we know how to spend it, aquire it and store it. When someone says they "understand bitcoin" it means grappling with cryptography, mining, ledgers, economics, game theory, fiat currencies, deflation, dapps, etc. etc. Very few people need to really understand all of that to "get" bitcoin, mainly because most of the use cases aren't figured out. Most people are overthinking at…
I agree with this. I think hardly anyone truly understands the money creation mechanisms in play for conventional money, yet they're more than comfortable with using it... Sometimes, it would seem that even the people creating money in our standard economies don't fully understand what they're doing!
Re: Bitcoin Makes Even Smart People Feel Dumb
#28It also makes dumb people feel smart...and act upon these feelings
Re: Bitcoin Makes Even Smart People Feel Dumb
#29Earlier quoted context omitted.
Only miners and investors should care about this. Normal people should be able to use Btc without worrying about it.
Until transaction fees start to rise due those people pushing their own agenda on the network.
Cost me a couple dollars last night to send 70 dollars in btc to a friend.
Last month it was 3 dollars and change. I'm thankful it was slightly more reasonable.
I might use an alt coin for awhile to save on fees.
Re: Bitcoin Makes Even Smart People Feel Dumb
#30Author is projecting. Replaced "me" with "people" in writing this. Considered himself smart; tried to wrap head around Bitcoin, but lacks math/cs/finance background, and or curiosity to dig below surface level hype or read blockchain-y things beyond what's written by other lazy journalists ...? (now I'm projecting). Doesn't 'get it'. Plenty of people understand Bitcoin. Go read the whitepaper.
Which is what makes Bitcoin's democratic credentials so ridiculous. "It will free us from fiat money!"
No it won't. It's just a transfer of wealth from educated elite to other educated elite.
99% of the world's population can't understand it. 99.5% can't mine it.
It's so damn elitist that it's not even funny.