sr. member
Activity: 350
Merit: 250
For your approval, the Story of Laughing Bear and the Half-Sized Reward, a children's tale.
There once was a person called Satoshi Nakamoto who invented a new kind of money called BitCoin.
BitCoin was new and small, but Satoshi knew that it could grow into something big and useful.
Satoshi invited all his friends to help him with this money as part of a big game.
Everyone who plays this game has a chance of winning BitCoins every time they play, and they could use computers to play lots and lots.
Satoshi's friends told their friends, and they told their friends, until there were tons of people with BitCoins.
And all these people playing the game made it harder and harder for others to cheat.
One of these friends was Laughing Bear, who started playing the BitCoin game with only a small computer.
One day while his computer was playing the game, it was playing and playing, and it WON!
LaughingBear was very excited because he had never won the game before.
When he looked at the block he found to win the game, Satoshi appeared in a poof of smoke.
"I have an important job for you Laughing Bear," said Satoshi, "I want you to help me with BitCoin."
Laughing Bear asked how he could help, since he liked the BitCoin game.
"Some money is worth less and less if you just keep it. Like ice slowly melting away," replied Satoshi.
I don't like that at all. I want money that grows, like a big tree.
The tree must stop growing new branches or one day risk falling over in a wind."
Laughing Bear thought about a tree going up and up and up into the sky, and then getting blown over by a little puff of wind.
"The same is true of BitCoins, if we have too many, they too will start melting away.
But we can move them around between people forever, without needing to create new coins, or ever melting away.
With no new coins, each coin will be able to buy more and more."
This made Laughing Bear ask, "I can see why the coins would be worth more and more. But if there are no more prizes, why would anyone play the BitCoin game?"
Satoshi then explained about how lots of people liked BitCoin so much, that they would pay for the prize when they used BitCoins.
"So everyone will pay a small fee that will be used for the prize," and showed Laughing Bear how he had received some new BitCoins in his prize, and some from other friends.
He also explained how every 4 years the prize is smaller, but will include some new coins for a long time.
"I understand," said Laughing Bear, "we need to keep making coins, but not too many coins. Over time I should get more from friends than new ones."
"Exactly," said Satoshi, "and there are 2 ways you can help.
First, make sure to keep playing the game to keep cheaters out.
The more the game is played, the less someone can cheat.
Second, use BitCoins to buy and sell things. The more that we use BitCoins, the more they are worth.
In much less than 4 years they will be worth twice as much, and then more and more."
With that Satoshi disappeared, leaving Laughing Bear with a half-sized reward, an extra-large fee, and a chuckle that would not stop.
Laughing Bear laughed all day, and all night, and it didn't stop until the next day, when he arrived at the Bank.
The End