Understanding Understanding BitCoins
Posted by Troll Racials are Overpowered [HTML][XML][PERM][FULL] on 3 March 2014, 10:15 am
I have a shiny new game to write about, but until I'm horribly burnt out and hate it I can't really give a fair assessment. In the meantime, here's a brief I wrote about how comprehension of BitCoins works.

Understanding of BitCoins operates with a complex system, but here are a few concepts to know. Some people try to understand BitCoin and will spend a great deal of time and mental energy trying to work out complex mental patterns. All understanding is tracked in the BitCoin Comprehension Ledger, a list that everyone has of people who understand BitCoins. Two people can agree to talk about BitCoin, with one transferring their understanding to the other, as illustrated here, which is then witnessed and recorded by others in the Ledger. In this way the system can carefully regulate how many people understand it, thereby creating value through scarcity.

There is some risk that too many people will understand it. The inventor has assured everyone that they will work diligently to ensure a sufficiently confusing system in the long term. However, the system has been shaken by some large events such as the FBI's Silk Road action and something happening with MtGox. Spreading through media channels, these resulted in dozens of additional people understanding BitCoin and dramatically increasing the popularity of trying to do so.



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