Crypto is trustless triple entry accounting with non-inflationary and scarce units. If you don't understand why that's valuable you need to learn more about money.
Ooof too much intelligence in one post. How can I connect this to the ((((sister lovers))))
There is a ledger of every time crypto changes hands so that it can be kept track of like an accounting ledger the ledger itself is stored redundantly on many different nodes in the crypto network hence decentralized and many "people" (number of verification varies depending on which system) will check that a transaction is legitimate before it gets written into the ledger. For at least some crypto coins there is a fixed amount in totality and more cannot be minted.
How can I connect this to the ((((sister lovers))))
I can connect it to (((them))): they distribute shit like "it's just like the tulip craze and beanie babies" in the MSM (not talking about OP's post here) because of that trustless, immutable third entry in the accounting paradigm being very "problematic" for (((their))) usury goals.
For people who don't know what single/double/triple entry accounting even is:
- Single entry accounting - you (and the other guy) enter money you receive in your book. This is super easy to mess with and commit fraud with.
- Double entry accounting - you (and the other guy) enter money you receive and spend (credits and debits) into your book. This is somewhat more difficult to mess with as you'd have to alter both the sent and received records and make sure they all match.
Crypto is triple-entry accounting because not only do you have sent and received entries, you have an immutable record of all transactions sent and received maintained by "the network" rather than any one entity. It's both technologically and financially difficult to attack this third entry by any entity. This means that it's essentially impossible to "cook the books". This aspect of crypto alone is valuable without even considering the deflationary and scarcity aspects of crypto coins like Bitcoin.
Okay, I enjoy being right but I enjoy being schooled even more. I only knock what I can't see and don't know, and you just armed me further. Mother of god.
I'm pretty sure it's still just double entry. The point of double entry isn't how many times you write it down, it's that credits = debits, meaning take = give. "Double entry" is a bit of a misnomer since I can do double entry with a single entry like this: "INSERT INTO journal (account_1_id, account_2_id, amount) VALUES (...);" where amount is a signed number. The point is that there is a take and a give. In Bitcoin I might have 2 inputs and 5 outputs. That's not 7 entry or n-entry because double entry doesn't refer to the number of accounts or the number of entries. It's a huge misnomer like everything else in bookkeeping.
I'll add that it can't be triple entry based on your description since what your wallet records doesn't matter one bit. The blockchain is the sole source of truth, so that would be single entry by your analysis.
non-inflationary and scarce units
Some crypto meets this standard, but definitely not all of them.
Yeah you're right, I just wanted to keep it to one sentence on the explanation and I really mainly talk about Bitcoin when talking about crypto. There are other coins that are good, and most of the good ones have a cap of some sort.
20yo with a Reddit account fancies himself the pinnacle of economics because he bought doge coin six months ago.
Completely missed the mark on all aspects. I'm closer to 40 than 20, don't use Reddit and I don't own a single dogecoin cause it's a limitless (i.e., inflationary) memecoin.
(post is archived)