Abstract
Economy is a pretty simple concept – it is a system for producing and exchanging resources. Money is also a simple concept – it is a specific type of resource that has features like durability, portability, divisibility, uniformity, and acceptability. In 2008, a person or group under the identity Satoshi Nakamoto, allegedly invented a system for producing and exchanging a new type of money in the form of electronic coins, generally known as bitcoins. Here, we will use the definition of coins given by Nakamoto themselves in order to demonstrate that they invented no such system. Instead, they invented an online transaction simulator. In this simulator, cryptographically signed numeric attributions are recorded into a distributed database called “blockchain”. This mimics the recording that occurs when resources are exchanged on the markets. Given that Nakamoto’s invention has no resources to exchange, this makes it a simulator, a Monopoly-style game, and not something that relates to real money or economy.
Here's the link to the article: https://btcsim.wordpress.com/
Submitted September 12, 2022 at 04:13AM by Policajac https://ift.tt/L1SzyxW
