Let me rephrase the picture...
Black hole:"A black hole is a region of
spacetime where gravity is so strong that nothing—no particles or even electromagnetic radiation such as light—can escape from it.
The theory of
general relativity predicts that a sufficiently compact mass can deform
spacetime to form a black hole."
Bitcoin:"A Bitcoin is a
cryptocurrency of the world where gravity is so strong that nothing—paper money or even
governments such as
Central Banks—can escape from it.
The theory of cryptocurrency predicts that a sufficiently compact mass (
21million coins) can decentralize governments to form a new world."
I appreciate your explanation of the picture, shahzadafzal, because it does seem to help me, but I am having some difficulties understanding why you are using the term cryptocurrency when you refer to bitcoin, and sure, "technically" bitcoin likely fits into a subcategory, but seems to me that part of the problem is that we have no other example in such category besides bitcoin that meets the value sucking definition that you seem to be applying to bitcoin but you feel some kind of inclination to broaden the concept beyond bitcoin by using the term "cryptocurrency"
Furthermore, many of us appreciate that the term cryptocurrency is abused and confusing in mainstream parlance - so I really have difficulties understanding why anyone (whether academic or not) really feels a need to use the term "cryptocurrency" when referring to bitcoin value sucking dynamics... ..even though in theory there could end up being some other system or coin that might end up developing some of the same or similar value sucking characteristics that are currently ONLY realistically measurable in bitcoin.
As always You
WO users never disappoint me in bringing something new and something interesting around the Bitcoin
JayJuanGee thank you for pointing out an excellent point i never thought about it before. Your post has forced me to do some R&D and go back and read the Satoshi Nakamoto's White paper again one more time (since 2018). Well he too did not mention about any such thing like cryptocurrency. Frist of all he called it a "
Peer-to-Peer Electronic Cash System" that also is in heading and in the abstract only. Further nothing mentioned anything to do with "Crypto" or "Currency" even the word "Currency" he used it to explain the "
physical currency" only. So bitcoin is no way any type of
currency at all. Then for word
crypto he bring it up only when explaining the need of an "
electronic payment system based on cryptographic proof instead of trust"
So I'm 100% convinced and agreed to your statement that "the term cryptocurrency is abused and confusing in mainstream". Ok. Next then I did some googling just to check any reference related to the word "
cryptocurrency" and to my no surprise cryptocurrency word was never used any time before early 2017 and that was the time of
shitcoins .
Only one reference I found of "cryptocurrency" related to or near to Bitcoin is on the official website bitcoin.org in FAQ section of "
Who created Bitcoin?". It was mention in a reference to Wei Dai as "
Bitcoin is the first implementation of a concept called "cryptocurrency", which was first described in 1998 by Wei Dai"
And that forced to me to check first reference of Sathoshi's white paper related "
W. Dai". But unfortunately that also not anyway close to the term what we know today as "cryptocurrency".
In conclusion I'm convinced and I agree I did broaden the concept beyond bitcoin when I mentioned "cryptocurrency" so will try to rephrase one more time
Bitcoin:"A Bitcoin is a
electronic payment system of the world where gravity is so strong that nothing—paper money or even
governments such as
Central Banks—can escape from it.
The theory of
cryptography predicts that a sufficiently compact mass (
21million coins) can decentralize governments to form a new world."
