Trust in Bitcoin builds by solving one 'puzzle' at a time
What makes Bitcoin transactions secure and trustworthy? Computer security and cryptography expert Zulfikar Ramzan explains the workings of the transaction blockchain in this video, one of a series that are featured on the online learning site Khan Academy. Understanding the transaction blockchain, Ramzan says, helps to illustrate "how somebody might try to game or defraud the system and why that's not only mathematically hard to do but why there's actually an incentive -- actually an economic incentive in the Bitcoin system -- for different people to behave honestly." That incentive comes....
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Time to have fun solving some puzzles! This post was released for Issue 12 of Bitcoin Magazine as the first one of a series of articles about puzzles and games. I hope you enjoy reading them as much as I enjoy writing them. The ceiling of my daughter's bedroom is full of small star-shaped phosphorescent stickers. One night in 2009 she was a bit sick, so I sat next to her and held her hand until she finally fell asleep. Then I raised my head and I looked at that ceiling full of stickers for a while. A new logic puzzle was taking shape. This puzzle evolved into my second published game....
Bitcoin has been in existence for more than six years already, yet it seems like the system is having a tough time securing the trust of the general public. After all, the cryptocurrency has gained a bad reputation for being used in underground markets and money laundering activities, and it doesn't help that some bitcoin exchanges like Mt. Gox have suffered hacking attacks and have ultimately shut down. While governments and states are trying to come up with legislation to oversee this industry and protect consumers, many are still doubtful that digital currency security can be....
In mining we trust. On the side of the US $1 bill it says "In God, we trust". Because money is all about trust. Trust that it's real, trust that it will remain at a similar value for the duration of the transaction at least, trust that the products are represented honestly. In the past trust that the paper was redeemable in gold, and more recently trust that our dollar will be backed by the "full faith and credit of the US Government". And when that trust is lacking society shuts down. To some extent, the crisis of 2008, in the same manner as the one in 1929 was about the lack of trust.....
Given the tumultuous times for humanity, blockchain must be mandated not as an alternative but as an incumbent to enable confidence and build trust. Trust is the cornerstone of socioeconomic success and geopolitical balance. Our current world is exhibiting a massive trust deficit. Distrust is resulting in socioeconomic failures and geopolitical angst. Blockchain’s superpower is trust. It is time to mandate blockchain businesses to rebuild trust, success and balance across global systems.Geopolitical agitations, the war in Ukraine and elsewhere, famine, climate crisis, inflation, supply....
Surfer Jim joined "Meet The Taco Plebs" to discuss his rabbit hole journey and how Bitcoin builds trust.