No worries friend! Glad you’re here!
I’ve been in the pub for a few weeks, but finally digging into B90X. Just read the whitepaper. After researching stuff over last couple months, I’m glad to have finally actually read the whitepaper. Really amazing to see how the original vision has blossomed. Super excited to see where it will take us.
We have only just begun! Welcome aboard my friend! Let’s get it!
Hi, I’ve read the white papers and honestly can understand why the traditional banking system would not want the crypto currency system to succeed! I learned that the system is comprised of nodes and blocks and use public and private keys for security. And other stuff I’m probably leaving out! I’m excited to learn in this awesome!
Day 1 of the B90X.
I finally read the white paper. The man or woman or grouping of people that created this project we know as Bitcoin, is remarkable. The ability to operate on a trust less system make peer to peer possible.
I would like to invite my wife and parents into this space, hopefully with time I can have the ability to simply explain this system. The possibilities of this technology are without a doubt, astounding.
I am committed to the process! I know it will take time and perseverance. Having read the whitepaper a few times trying to understand the concept of Bitcoin, I find myself understanding a few things while the computations I leave for the educated!
- Peer to peer transactions without the use of third parties which create additional costs.
- Protecting transactions from fraudulent fukers with Proof of Work and nodes.
- Overall, a decentralized method of exchange involving only two parties!
- Why would you want to break the system, it’s more rewarding to grow with it!
Day 1 - Read the whitepaper ages ago but doesn’t hurt to re-read it!
very interesting read on the white papers. jumped into crypto in November but never thought to read the original white papers. I look forward to the next 90 days.
Man i wish i would have found this sooner. The whitepaper really informed me on the true nature of the decentralized platform that Bitcoin is. Seeing the equations that form the need to not have a third party is reassuring. @peter and @john you guys are doing some amazing work, keep it up guys you have my 110% support.
Finally got down to reading the paper and what I’ve learned is that Bitcoin is also a privacy coin, what makes it not private are actually all the KYC regulations the exchanges obligate us to do (at least most of them). In addition, the system seems fairly secure since it becomes extremely non-profitable for an attacker to do so.
The more I learn about cryptocurrencies the more I understand how things actually work and what’s behind the scenes. Thank you for the material and great work man!
Thank you @rabbithole for posting the layman version of the white paper - I appreciate that! I read the original white paper and what stuck out the most is outpacing attackers and also about double-spending protection.
Day 1 complete @dogelord! Having my bachelor’s degree in information systems security, i was intrigued by the proof of work methodology used by the nodes to ensure integrity. I think the overall simplicity will actually be the catalyst for bitcoin’s continued rise and ultimate success. Not to mention the various altcoins that will hop aboard the moon express as well.
Few observations after reading:
- Its pretty hard for me to comprehend what is being told sometimes. Hope I get get my brain to work more efficiently after keeping it cold for quite some time.
- WP is mainly about mechanism for decentralized system of payments. It does not mean that this should be the only way as some bitcoin maximalists think.
- Its pretty evident today that many of his characteristics don’t apply for various reasons to bitcoin nowadays. I mean anonymous transactions, small fees. Lightning could potentially solve some of the issues, but eventually there would be some more technologically superior system which does not need additional layers.
- I am not sure that total decentralization is ever possible if we want to be able to make changes to blockchain. Once we decide we want to make changes there would be opinions about how and what to change which would lead to creation of opinion power structure. And with power comes manipulation, even though it may be less evident than in centralized systems.
- Satoshi did a great job at combining good concepts from different sources and creating new technology which became a catalyst for the whole industry and maybe even technological revolution.
So I’m starting my own 90 days of bitcoin since I just discovered it and was not around when this started.
Here are my thoughts while reading Satoshi Nakamoto white paper.
The cost of mediation increases transaction costs, limiting the
minimum practical transaction size and cutting off the possibility for small casual transactions,
and there is a broader cost in the loss of ability to make non-reversible payments for nonreversible
services. With the possibility of reversal, the need for trust spreads. Merchants must
be wary of their customers, hassling them for more information than they would otherwise need.
A certain percentage of fraud is accepted as unavoidable. These costs and payment uncertainties
can be avoided in person by using physical currency, but no mechanism exists to make payments
over a communications channel without a trusted party.
(Satoshi Nakamoto white paper)
This debate seems to be coming up again in ETH
Ethereum developers have requested a public debate to determine whether the cryptocurrency lost by the investors to various hacking attempts and other such incidents should be returned to the original holders or not. The term which was used was should be refunded to the original holders or not.
(From this post)
It’s interesting to see the idea resurface.
Just finished reading the white paper again. I learn something new every time I revisit it.
day 1 done! looking forward to learning more! after reading the white paper made twice it made a lot more sense!
after reading the Satoshi Nakamoto white paper i got that he know very well what was doing and had good confidence of his child Bitcoin
Starting B90x. Can’t wait to learn more!
Just read over the white paper and went through John’s video reading over it. Ready to start the B90X experience!
I’m here to secure my spot to the moon