tag:blogger.com,1999:blog-6628169086519392271.post4221926182181422624..comments2023-12-08T01:18:33.083-08:00Comments on ImponderableThings (Scott Driscoll's Blog): The Essence of How Bitcoin Works (Non-technical)Scott Driscollhttp://www.blogger.com/profile/07332816619406995078noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-6628169086519392271.post-6710272974503452862016-07-12T12:32:00.700-07:002016-07-12T12:32:00.700-07:00Hey Scott.. First of all thanks to a terrific vide...Hey Scott.. First of all thanks to a terrific video on the bitcoin and blockchain.. It certainly helped me understand all the mumbo jumbo behind it..<br />Now I am trying to suggest a private blockchain o a major insurance provider in the US to optimize their claims processes. I feel they wouldnt need bitcoins and would need to have a private network(blockchain) on their own.. What I am trying to understand is, is proof of work mechaanism really required in a private blockchain.. is there any other alternative like a consensus algorithm or something that would help validate blocks... could you help me out here pls..Raghavendranoreply@blogger.comtag:blogger.com,1999:blog-6628169086519392271.post-42027912474191865952015-11-22T08:20:24.753-08:002015-11-22T08:20:24.753-08:00My only concern was to be sure about the weakness....My only concern was to be sure about the weakness. To be sure that i didn't miss something in this great presentation. Then when we know about the weakness it's easier to focus on what has ti be solved. Blockhain is full of promises and we have to think as entrepreneur how to build sustainable business on it. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6628169086519392271.post-29239965196248895582015-11-21T09:37:21.211-08:002015-11-21T09:37:21.211-08:00I can't quite remember the source of who said ...I can't quite remember the source of who said this, but "with true ownership comes the possibility of true loss." You should probably diversify your savings, and if you have lots in Bitcoin, store them with a paper or hardware wallet, for which there are good guidelines for never exposing your private key to the internet.<br /><br />Bitcoin is still very young and untested, but most other forms of money have risk, also. The stock market cut in half in 2008, Cypress took funds directly from account holders in 2013 via a levy, and the US has been printing vast sums of money through Quantitative Easing since 2008, which could be argued as an indirect levy. Gold can be stolen or confiscated. Scott Driscollhttps://www.blogger.com/profile/07332816619406995078noreply@blogger.comtag:blogger.com,1999:blog-6628169086519392271.post-74129376932550672302015-11-21T09:09:26.333-08:002015-11-21T09:09:26.333-08:00HI Scott
Thanks for all. The 22 minute video is r...HI Scott <br />Thanks for all. The 22 minute video is really interesting. My concern is about the weakness of this great system. Actually if someone's private key is stolen then he could lose all the bitcoin that the ledger records for him as output of transaction not already spent. do you confirm ? then if yes it seems this is a big issue and that will probably compromise the ability to become the unique payment architecture to support transaction in the future i suppose. How could i take risk to have all my savings on that system if it's just a matter of hack to lose everything ? What's your point of view on this ? <br />Best Regards<br />AnthonyAnonymousnoreply@blogger.com