For quite some time now I've been asking smart people the same question – what is bitcoin, actually?
I put the question to Mike Sofaer of Brian Kelly Asset Management when I saw him at the Scaling Bitcoin conference recently. Mike replied: “Bitcoin is collective insurance against the collapse of fiat currency systems.”
His answer left me with a fresh question – why can't we have lots of insurance companies?
Let’s imagine that we have a decentralized system – which means that miners (well at least, the ones among whom there's consensus) aren't working together, and the correlation of their decisions is negligible. The upshot would be that each miner verifies the actions of all the others, and is exclusively interested in following the rules to a T.
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