31 Jul '13, 1pm

Trust hacking: How the Bitcoin system works

Trust hacking: How the Bitcoin system works

I guess I’m just dense. I can understand the mathematical foundations of Bitcoin, but I still can’t how money gets transferred in the real world. That is, I see how Bitcoin works as a (public) record of transactions, and I can see how bitcoins are “mined” and brought into the network. But this is all just math; it’s a representation of money. How does that representation get turned into something that has value? As an analogy, my work is in digital audio. I can construct a series of numbers that represents a sound. And I can ship that sequence of numbers around, transforming it in various ways, and do various kinds of analysis on it. But it’s only when I send that sequence of numbers to a physical device (like a DAC feeding a speaker) that the numbers are realized as sound. Until that happens, that sequence of numbers isn’t a sound, it’s just math. So same thing with bitco...

Full article: http://hackaday.com/2013/07/31/bitcoins-are-a-trust-hack/

Tweets

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