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Cyber Bitcoin
From: Douban

Public-owned believers get out, you want to replace the deal with a plan, and bitcoin is just another trading tool that you spit on.
The believers of Keynes rolled out, and this thing was born for counter-regulation.
Friedman believers who stabilize inflation x% every year are out, we are deflation enthusiasts.

Q: What is bitcoin?
A: The greatest invention of mankind in the first 10 years of the 21st century.

Q: Hey, do you want to be serious?
A: An electronic currency based on p2p and cryptography.

Q: Is there a difference between bitcoin and previous electronic money?
A: There are many differences. There are two main points:
     1. bitcoin is not issued by any organization, its distribution method, rate and future total amount have been written in the blueprint from the beginning.
     2. The bitcoin transaction does not require any intermediary but is confirmed by the entire p2p network.

Q: Where is my bitcoin?
A: There is an entire p2p network. In detail, every computer with a bitcoin client, after synchronizing with the network, has a record of every transaction since the birth of bitcoin, and your bitcoin is no exception.

Q: What happened to my wallet?
A: The wallet is your private key, you can understand it as your account.

Q: What should I do if my wallet file is lost? What should I do if I am stolen by a Trojan?
A: The gods can't help you.

Q: Suppose I have 1000 bitcoins. I copied the wallet file to another computer and then used two computers to purchase 1000 bitcoin products at the same time. Do I have another 1000 bitcoins?
A: One of the two computers will be rejected by the entire p2p network. You can only buy 1000 bitcoin products. The problem is called double spending, the inventor of bitcoin solved the problem in a very clever way, and bitcoin is the direct application of the method.

Q: How was bitcoin released?
A: Every computer in the p2p network is confirming the transaction. The way to confirm the transaction is to calculate a very complicated mathematical problem. Whoever calculates it first, who broadcasts the message, after the network confirmation, he will get some bitcoin out of thin air. This process is called mining.

Q: What is the release data of bitcoin?
A: For the first 4 years, on average, every 10 minutes, one person in the network will get 50 bitcoins. The more computers in the network, the faster the speed, the difficulty of confirming the mathematical problems of the transaction will be automatically increased to ensure that only one computer can calculate the average every 10 minutes. Halved in the last 4 years, that is, 25 every 10 minutes, and finally reduced to 0. The total will reach a maximum in 2033, about 21 million bitcoins, and will not change afterward.

Q: When there is no new bitcoin generated, will anyone be willing to spend valuable computing resources to confirm the transaction?
A: Yes, because the reward after confirming the successful transaction, in addition to the denomination of the fixed issue, there is also the transaction fee for other people's transactions within 10 minutes. By 2033, 100% of the rewards for confirming transactions are transaction fees. The transaction fee is only a transfer, not an additional issue, so the total will not increase after 2033.

Q: Can I forge a transaction record and make a counterfeit banknote?
A: Yes, but only if you have more than 50% of the computing power of the full bitcoin network. If you only have a few computers that are falsifying transaction records, then the entire bitcoin network will be negated in an instant.

Q: How strong is the overall network computing power?
A: About a dozen Tianhe No. 1 supercomputers.

Q: Then I spent a few hundred million to buy a supercomputer, can make fake banknotes?
A: You are not worth the loss, because once the network is controlled by false transaction records, bitcoin loses its value. You have so many computing resources that you are not as good at mining.

Q: You said that the total amount is 21 million pairs. You said that someone will lose the wallet, then the total amount will gradually decrease?
A: That's right.

Q: Although I know that you like deflation, why do I still have no bottom in my heart? There is a Krugman fan who tells me about spiral deflation all day long. Although I understand from the standpoint that he must be wrong, it seems a bit reasonable.
A: Spiral deflation rarely occurs in history. The Great Depression of the Great Depression was also caused by the artificial change of the supply of French currency under the control of the government. The deflation of natural currency is generally a good thing. In the 19th century, the United States had a stable currency deflation and stable economic growth for many years.

Q: There is no guarantee for bitcoin. What is the source of the value?
A: There is no guarantee for gold. What is the source of value? As a subjective value believer, it should not be assumed that the value comes from the guarantee.

Q: So what is the difference between bitcoin and gold?
A: The same thing: 1. It is difficult to forge. 2. The total reserves are fixed (the total reserves of gold in the earth's crust are also fixed). 3. Easy to split.
      The difference: 1. bitcoin is virtual, so the transaction is more convenient. 2. Gold is a real thing, so it can be used as a metal.

Q: Is there a difference between bitcoin and Fiat currency?
A: The French currency is a counterfeit banknote supported by a gun. Bitcoin is the real money supported by confidence.

Q: What is the value of bitcoin now?
A: Each is about 6 dollars, and the current total is more than 8 million, which means that the total market value is only about 50 million US dollars. Gao Shuaifu and the coal boss have not come in yet to play.

Q: What are the risks of bitcoin in the future?
A:
     1. Breakthrough in mathematics theory, causing bitcoin's cryptography foundation to collapse.
     2. The practical quantum computer was born, which broke the cryptographic foundation of bitcoin.
     3. The government launched a war against the bitcoin network and did not hesitate to purchase a large number of computer forgery transaction records to attack the network.
     4. A large number of similar p2p electronic money is generated, and bitcoin is defeated by currency free competition.
  Analysis: 1 and 2 belong to the category of science fiction. If either of them is true, it is a blessing to bitcoin and a blessing to mankind.
            3 may indeed happen, but when bitcoin really enters the eyes of the government that has always acted inefficiently, its scale must have reached a terrible level, and the difficulty of defeating the bitcoin network is getting bigger every day. And once the government hires scientists and buys a large number of devices to attack the bitcoin network, the bitcoin owners will also buy more computers than normal to fight against the property.
            For 4, bitcoin loses the probability of competition, which is still very small from the current point of view. First of all, in fact, there are already many cottage products, and the total asset value of each is infinitely close to zero, but bitcoin is only 50 million US dollars. Secondly, theoretically, bitcoin has a unique advantage over French currency, which leads to business willing to support it. Even so, its acceptance speed is so slow. Other similar currency pairs bitcoin, if not unique, business is not willing It costs more to support.

Q: What is the main practical use of bitcoin today?
A: Please use your own wiki, here to say that you want to be examined by the title to delete the text or something.

Q: What are the possible application areas of bitcoin in the near future?
A:
     1. International remittances, reducing handling fees.
     2. Anonymous payment.
     3. Avoid taxes and buy items that are found to be caught.

Q: Is this kind of tricky trick for you?
A:
     1. These are not tricks.
     2. I will tell you the great cause of the elimination of the French currency.


---------------------------------------- First update ------ ------------------------------------


Q: Who asked these questions? Why use the FAQ body?
A: Ask yourself and answer. The FAQ is a style, and the problem is not really asked. This style is especially suitable for my dead work houses without text organization.

Q: Since you like free money so much, why don't you directly call for the gold standard?
A:
     1. The scholar is so embarrassed that it will not be a decade.
     2. Entity gold trading, dozens of tons of gold are very troublesome. The book gold transaction requires a bank, the bank will be regulated by the government, and your account will be taxed. When trading between bitcoin clients, the bitcoin itself is transferred. Bitcoin is like a physical gold with its own instant transfer function, which is convenient for payment without worrying about the bank betraying you.
     3. Even though the fait accompli of slowly expanding, let everyone gradually reject and reject the currency, to force the central bank to give up the monopoly on the currency, bitcoin is also more reliable than gold. There are already a lot of shopping sites that accept bitcoin payments, and if a shopping site dares to accept gold payments, it will definitely be a crab.

Q: The initial wealth distribution of bitcoin is seriously uneven. In 2009-2010, because of the small number of people mining, the difficulty of mining is very low. Is it unfair to the latecomers?
A: Consider the following points:
     1. In 2009-2010, bitcoin had little value for a long period of time, and even the exchange did not exist. At that time, the miners were consuming power and computing resources. They could only hope that in the distant future, bitcoin could truly become a currency, but could not take the bitcoin on the handle for anything.
     2. The computing resources provided by early miners protected the fragile p2p network in the initial stage.
     3. Mining is an investment behavior. The initial rewards of the miners can now be compared to the money that people who buy the original shares of Apple are now earning.


---------------------------------------- Second update ------ ------------------------------------


Q: What is the smallest unit of bitcoin?
A: 0.00000001. In other words, the final bitcoin total will be about 2.1 × 10^15 minimum units. Even if the total value of bitcoin can be equal to the total value of mined gold, each minimum unit is only worth about 0.0028rmb (calculated according to current mining volume and gold value). Therefore, the segmentation unit is already small enough that there is little need to worry about the segmentation granularity.

Q: The miners spend a lot of power, use old and burned countless graphics cards. Is this not a waste of natural resources?
A: In order to issue and maintain legal currency, the government has produced many printing presses, anti-counterfeit magnetic strips, and built skyscrapers for the central bank. In order to extract and refine gold, people do not know how much energy is used. Compared with this, a little power and hardware overhead is really nothing.

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