Topic: [30-04-2015] CS - Bitcoin v. the Blockchain – Why It Matters (Read 620 times)
Simply put the block chain is a transparent ledger of anonymous transactions of bitcoins, in real life a block chain would require countless hours around the clock with accountants,quality personnel,data admin,product manager,auditors ..etc,so the block chain is a security measure as well as proof ,and bitcoin is the currency that is stored they add value to each other
The first thing about this argument that stands out is how in so making this defense of Bitcoin, the apologists of the virtual currency unit seem to be admitting that Bitcoin is in fact, in every way inferior to the Blockchain. Otherwise, they would instead counter with a whole lot of evidence to the contrary. If Bitcoin really were superior to the Blockchain technologically, financially, or otherwise, Bitcoin apologists would say things like: “Rubbish, because you can’t spend the Blockchain – Bitcoin, on the other hand, can be spent” or “You don’t know what you are talking about: the Blockchain is a worthless protocol if Bitcoin is not there to facilitate it transnationally-speaking.” But they don’t – because those things are not true.
If Bitcoin were to go to a dollar tomorrow, it’s highly likely someone would buy as many as they could in order to capture a 51% share of Bitcoin and thus be able to rewrite – or more likely, to safeguard – the protocol technology the Blockchain. This is because the Blockchain has enormous value – in fact, we might say given that there are a maximum of 21 million bitcoins in issuance eventually that it therefore has a minimum intrinsic value of $21m, and probably a minimum intrinsic value of many times that.
If Bitcoin were to go to a dollar tomorrow, it’s highly likely someone would buy as many as they could in order to capture a 51% share of Bitcoin and thus be able to rewrite – or more likely, to safeguard – the protocol technology the Blockchain. This is because the Blockchain has enormous value – in fact, we might say given that there are a maximum of 21 million bitcoins in issuance eventually that it therefore has a minimum intrinsic value of $21m, and probably a minimum intrinsic value of many times that.
That is not how a 51% attack works. It has nothing to do with "buy[ing] as many [coins] as they could in order to capture a 51% share of Bitcoin".
The first thing about this argument that stands out is how in so making this defense of Bitcoin, the apologists of the virtual currency unit seem to be admitting that Bitcoin is in fact, in every way inferior to the Blockchain. Otherwise, they would instead counter with a whole lot of evidence to the contrary. If Bitcoin really were superior to the Blockchain technologically, financially, or otherwise, Bitcoin apologists would say things like: “Rubbish, because you can’t spend the Blockchain – Bitcoin, on the other hand, can be spent” or “You don’t know what you are talking about: the Blockchain is a worthless protocol if Bitcoin is not there to facilitate it transnationally-speaking.” But they don’t – because those things are not true.
If Bitcoin were to go to a dollar tomorrow, it’s highly likely someone would buy as many as they could in order to capture a 51% share of Bitcoin and thus be able to rewrite – or more likely, to safeguard – the protocol technology the Blockchain. This is because the Blockchain has enormous value – in fact, we might say given that there are a maximum of 21 million bitcoins in issuance eventually that it therefore has a minimum intrinsic value of $21m, and probably a minimum intrinsic value of many times that.
If Bitcoin were to go to a dollar tomorrow, it’s highly likely someone would buy as many as they could in order to capture a 51% share of Bitcoin and thus be able to rewrite – or more likely, to safeguard – the protocol technology the Blockchain. This is because the Blockchain has enormous value – in fact, we might say given that there are a maximum of 21 million bitcoins in issuance eventually that it therefore has a minimum intrinsic value of $21m, and probably a minimum intrinsic value of many times that.
The following article is part of Butterflies: The Strange Metamorphosis of Fact & Fiction In Today’s World, a book by Coinspeaker’s Editor-in-chief Daniel M . Harrison. It is being reprinted exclusively here for Coinspeaker’s audience.
http://www.coinspeaker.com/2015/04/30/bitcoin-v-the-blockchain-why-it-matters/
http://www.coinspeaker.com/2015/04/30/bitcoin-v-the-blockchain-why-it-matters/
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