Monday, November 24, 2014

Open letter for Bitcoin trolls

 Technically Bitcoin works pretty much like a real gold with ability to transport it instantly to any part of the world. 

Karpeles (Mt.Gox) was one of those people who managed to run away with this type of gold due to ignorance of public. Karpeles was able to do this, because people trusted him to store their Bitcoins on his service (The same thing as letting someone else to store your gold for you in exchange for paper). After Mt.Gox incident, there is a huge variety of services which never store your gold, I don't know why people trusted Mt.Gox so much.

Bitcoin is Open Source. This means that it is transparent for programmers. The mechanisms behind Bitcoin don't allow it to be stolen - it is pure cryptography, but people right now don't know how to store their private info securely - that's why some incidents may occur.

Technology standing behind Bitcoin is called Blockchain. I'm one of those programming experts who would never give up on this technology. I'm developing really magnificent solutions based upon Bitcoin, and will never give up on that.

I am 99,99999% sure about Bitcoin reliability because I've read that Open Source code, and I not only read it, I tried to hack it, and later I edited its code to fit my needs.

Fundamentally all those digital gold is stored in a distributed file called "blockchain" reliability of which become possible thanks to awesome cryptography - everyone who use Bitcoin has a copy of this file (its size is 30 gigabytes now), and until there's at least one copy alive on the earth, no one can kill Bitcoin's balances (can you even try to imagine that?), those unkillable balances means that we've got the most perfect ledger to record our funds in the world.

The best part of this ledger is the fact that without your consent no one in the universe is able to make your records (unless you won't give up your private keys - the secret info which protects your digital assets) - this is pretty much like holding gold! (yeah its a new gold which is volatile).

Okay, maybe conservatively your thoughts working in a right direction. But I've spoke about Bitcoin to around 100 teenagers (in Russian Universities, since I'm myself native Russian and lived whole life in Russia) - those teenagers are pretty eager to learn & understand Bitcoin! Because most of them are excellent grads with wonderful skills in C++, PHP, Delphi and many other programming languages.

It doesn't matter, how much you trolls scream here, how much you spill dirt on that weird concept called Bitcoin. You are not playing any role in future anymore, you're just past. You're the generation which have so much in common with those old people who are unable to use the Internet. Its up to us, programmers, technological & scientific experts,  - what the finance of future will look like in 21st century.

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