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Showing posts with the label cryptocurrency

Just my thoughts #0834

There are two primary approaches to creating something: bottom-up design and top-down design . Top-down design is often seen in architecture. People do not build bricks randomly; instead, they follow the design drawings created by the architect. This method executes a plan that has already been established. When asked why something is built in a certain way, the answer is usually that the blueprint dictates its design. Conversely, bottom-up design does not start with a fixed goal, but rather involves setting and implementing small, actionable rules. For example, termite nests follow this approach. Small termites have a simple rule: to pile up soil. They do this without knowing the reason, but over time, the finished structure is remarkable and sophisticated. The appearance of the Sagrada Familia church , designed by Antoni Gaudí and still under construction, closely resembles a termite nest, differing only in size. Setting goals and planning is one way to create, but actual achievem...

Just my thoughts #0750

Whether cryptocurrency or NFT , a digital asset operates on the blockchain system. A blockchain is simply a ‘ book of transactions .’ The great advantage of this ‘ trade ledger ’ is that it enables ‘ credit transactions .’ The most important aspect of a credit transaction is a ‘book’ that proves whether the payment has not yet been made or has been paid in full. Blockchain is a system that makes this ‘ledger’ unchangeable and immune to theft. In other words, the nature and properties of digital assets today are more similar to ‘ bonds .’ When someone steals the ‘ledger’ in a ‘credit transaction,’ everything disappears unless a copy exists. If the recorded transactions in the ledger are a means of payment, it is called ‘ currency ,’ and if it’s ‘ art ’ or ‘ content ,’ it’s called ‘NFT.’ They differ only in what they represent, despite sharing similar properties. - Joseph’s “just my thoughts”

Just my thoughts #0747

Cryptocurrency is traded through a system called blockchain , which involves a ‘sender’ and ‘receiver’ of the transaction record, along with a ‘ miner ’ who verifies the transaction’s integrity. Essentially, it is a multi-party system that depends on computer hardware known as a server. Running a computer to calculate and validate transactions consumes electricity , and to participate in the blockchain network, the cryptocurrency issuer must pay a fee. This fee effectively reflects electricity costs . Since the blockchain system relies on electricity, the core of cryptocurrency ultimately comes down to energy . - Joseph’s “just my thoughts”

Just my thoughts #0737

Existing economics teaches us that mankind invented the monetary system because barter was inconvenient. Despite having a monetary system, people still felt that even currency issued by it was inconvenient; therefore, economists explain that they created the current credit economy system . However, evidence found by anthropologists contradicts that explanation. In other words, it is argued that the credit transaction system existed before the monetary system, and then the credit system became distrusted for some reason. As a result, the monetary system was created and eventually replaced. Cryptocurrency today is a mathematical algorithm that makes it impossible to forge or alter transaction records. This happened because we don’t trust humans, and in ancient times, there was a more advanced credit transaction system. Don’t be fooled into thinking that the present is more advanced than the past. - Joseph’s “just my thoughts”

Just my thoughts #0598

The definition of ‘ virtual ’ in the dictionary refers to a presumed existence or subject that is treated as if it does not exist in reality. However, in contemporary usage, ‘virtual’ describes something that cannot be physically sensed by human beings. For instance, ‘ virtual currency ’ exists in the form of bits, as it cannot be perceived sensibly. Just because you can’t feel it doesn’t mean it doesn’t exist. In fact, human senses cannot detect the smallest unit of atoms that compose all things, yet that does not negate their existence. If something that does not exist but can exist as a hypothesis is called ‘virtual,’ then it exists in reality as a concept as soon as it is assumed! When something is hypothesized, the entity that is assumed originally did not exist, and the subject who made the assumption had not existed from the beginning, thus proving its existence by expressing the will of that assumption. Therefore, distinguishing between virtual and real holds no ontological si...