A good Bitcoin Analogy :-) | Bitcointalksearch.org

MUFC

hero member

Activity: 500

Merit: 500

Quote from: xybersurfer on May 05, 2015, 11:30:05 AM

the best bitcoin analogy i've seen so far is:

"It’s like email for money"

as Patrick Murck explained to congress

but your locker analogy is more accurate

I wouldn't say it's the best analogy but maybe it's the simplest to understand for the laymen.

xybersurfer

member

Activity: 72

Merit: 10

the best bitcoin analogy i've seen so far is:

"It’s like email for money"

as Patrick Murck explained to congress

but your locker analogy is more accurate

Lorenzo

sr. member

Activity: 406

Merit: 250

Gotta agree with the others here when I say that it's the best analogy I've seen so far.

How would mixing services work in this analogy? I suppose mixing services could be thought of as being special lockers. People put their money into the locker's slot so that everyone's money becomes mixed in with other people's money. The owner of this special locker then uses their key to open the locker and redistribute the funds to the lockers where the money originated from.

Gultahin

member

Activity: 84

Merit: 10

۩۞۩ secondstrade.com ★

Best analogy i've seen so far, reminds me of all those people thinking on a way to define bitcoin back in 2011/12 when it just started the boom.. This one is one of the simplest and most complete aswers i could imagin, i mean on a rate simple/complete

thejaytiesto

legendary

Activity: 1358

Merit: 1014

Quote from: notlist3d on April 27, 2015, 10:13:17 PM

Quote from: abacus on April 27, 2015, 10:05:50 PM

Good analogy, easy to understand.

My only remark is that, against a brute-force attack, Bitcoin should result a bit more secure than those lockers.

Here is the brute-force attack in this analogy:

Here's an analogy to that brute-force attack analogy: You would need to have billions of people trying to open it using the scissors for more time than you'll ever get to live, in hopes that some day the lockers crack.

abacus

hero member

Activity: 618

Merit: 500

a clockwork miner

Quote from: notlist3d on April 27, 2015, 10:13:17 PM

Quote from: abacus on April 27, 2015, 10:05:50 PM

Good analogy, easy to understand.

My only remark is that, against a brute-force attack, Bitcoin should result a bit more secure than those lockers.

Here is the brute-force attack in this analogy:

Sure, but it works only with those lockers. Fortunately there isn't a tool good enough to brute-force Bitcoin.

notlist3d

legendary

Activity: 1456

Merit: 1000

Quote from: abacus on April 27, 2015, 10:05:50 PM

Good analogy, easy to understand.

My only remark is that, against a brute-force attack, Bitcoin should result a bit more secure than those lockers.

Here is the brute-force attack in this analogy:

abacus

hero member

Activity: 618

Merit: 500

a clockwork miner

Good analogy, easy to understand.

My only remark is that, against a brute-force attack, Bitcoin should result a bit more secure than those lockers.

LazerSMS

member

Activity: 84

Merit: 10

Quote from: Stargazer on April 27, 2015, 04:14:22 AM

Unfortunately these lockers need electricity to be opened and if the network fails somehow you won't be able to retrieve your money.

just like Bitcoin needs internet

Stargazer

sr. member

Activity: 641

Merit: 253

▰▰▰ Global Cryptocurrency Paymen

Unfortunately these lockers need electricity to be opened and if the network fails somehow you won't be able to retrieve your money.

Deadmau5

newbie

Activity: 22

Merit: 0

Sure the analogy is apt. And like lockers your bitcoin wallet can also be hacked into and your money stolen if you're not careful with your security Grin

.

Amph

legendary

Activity: 3248

Merit: 1070

it was always my vision, to comparing a safe box to a block of bitcoin, and the analogy is perfect

2+ safe box connected with a chain is also the best analogy for representing the blockchain

NUFCrichard

legendary

Activity: 1218

Merit: 1003

Quote from: LiteCoinGuy on April 27, 2015, 02:38:58 AM

Bitcoin Analogy

Imagine there are a group of lockers in a public place. Each locker has the following:

A lock that requires a key
A window to see inside
A slot that money can be put in
An identifying number

A group of these lockers might look like this:

....

http://jrruethe.github.io/blog/2015/04/26/bitcoin-analogy/

I like it. I can take some of the contents from my locker using my private key and pass it to you, so that it goes in your locker protected by your private key, the lockers remain private, but the transaction can be followed by anyone who cares to look.

It doesn't really show the mining aspect of bitcoin though! There would have to be extra lockers with combination codes by the side, once you break the combination code, then you can move the contents in to your private locker! The extra lockers would be large to start with, but of ever decreasing size, to denote the halving of the rewards!

notlist3d

legendary

Activity: 1456

Merit: 1000

I think they should have added slightly a little to analogy. Should have an accounting book with debit and credits to the side.

And all transactions have to be shown in the book or "block chain". It continues as money shifts and keeps history.

LiteCoinGuy

legendary

Activity: 1148

Merit: 1014

In Satoshi I Trust

Bitcoin Analogy

Imagine there are a group of lockers in a public place. Each locker has the following:

A lock that requires a key
A window to see inside
A slot that money can be put in
An identifying number

A group of these lockers might look like this:

....

http://jrruethe.github.io/blog/2015/04/26/bitcoin-analogy/

Topic: A good Bitcoin Analogy :-) (Read 1121 times)