Highest Rated Comments

DanielTaylor1396 karma

Dear Jerry, thank you for doing this AMA!

In the TV show Seinfeld, Jerry was about to get a deal with the NBC to start producing a show about "nothing", basically making this a selfreference to the very show the characters where in. I have never stopped wondering what similarities there might be between the creation process of "Seinfeld" and the creation process of "Jerry".

How did Seinfeld come to be? What obstacles did you face when pitching your idea of a show about "nothing"? Who supported you and who didn't?

DanielTaylor90 karma

How friendly is Rufus towards human strangers? Has he ever accidentaly met any on his routine patrol?

DanielTaylor12 karma

Bitcoins don't exist. There's this huge book (called the blockchain) that is distributed over the whole network.

The book is made tamper proof thanks to cryptography and it is distributed over the whole network so that no one can delete it or take it down.

Now this book says how much money each address has.

For example: 1Itsbail has 2.5 BTC.

Now when you want to send 0.5 Bitcoins to your friend 1Itssentence you simply create a transaction by making a declaration.

"I, 1Itsbail give 0.5 Bitcoins to 1Itssentence"

This transaction is made tamperproof thanks to cryptography in something called "digital signature". It basically proves you and no other have authorized the transaction.

This declaration, or transaction, is sent across the whoooole network until a miner picks it up and collects it. The objective of that "miner" is to add your declaration to the book.

Once he solves a difficult mathematical puzzle, he is authorized by the network to add your transaction to the book. The book now reads:

1Itsbail: 2.0 BTC 1Itssentence: 0.5 BTC

The transaction now gets one confirmation.

For doing this, the miner gets a reward of 25 BTC. The mathematical puzzle exists so that transactions are added n an ordered manner. No chaos.

That means that miners have to compete with each other and the one who has most computer ressources and some luck gets to add pages to the book.

Each page collects transactions that people have made, and each additional page adds an additional confirmation.

DanielTaylor8 karma

Surprisingly, it manages to make you feel scared of SLOW zombies.

DanielTaylor5 karma

Thank you for doing the AMA!

I've got two questions.

  • Why do you think Bitcoin is important for the average person?

  • Having seen the startups, companies and general atmosphere at Bitcoin2013, where to you think the currency is headed to? Was there much innovation?