 are in the ideal state, we no longer need to have
bitcoins converted to physical currency. So we don't need the exchanges to
exist forever. We need exchanges only till enough producers have started
accepting bitcoins.

~~~
aneth4
Except the only ideal state is when you can buy anything in the world, not
just "enough."

The great thing about good currencies is they can be exchanged for almost any
currency and therefor can be used to purchase almost any good or service that
is for sale.

------
jstalin
Does anyone know of an explanation of the bitcoin protocol in plain English?
I'm a non-math guy who's trying to write a legal treatise on the use of
bitcoin, and I'd like to give some background on how it works to my readers.
Can anyone help?

~~~
eof
Have you tried just the original white paper? You can understand without
understanding the underlying algos. bitcoin.org/bitcoin.pdf

~~~
jstalin
I have, but it doesn't seem to discuss how mining works, for instance.

~~~
arpp
but it does, check it again: 4. Proof-of-Work

~~~
eof
Yes. 4. Proof-of-work combined with 6. Incentive

------
mikemoka
"Bitcoin is obviously not the solution to these issues, nor will it be a key
enabler to crime. It is just a currency with some interesting features on top:
peer-to-peer, security, public transactions and potential anonymity."

Not a key enabler, but I think criminals would definitely appreciate a hardly
traceable and potentially anonymous currency, don't you think?

It's not an opinion unfortunately, there is already evidence floating around
that they are using it or that they are very interested about it.

Because of this I don't think bitcoin should replace a national currency
anytime soon, can you convince me otherwise?

~~~
alphydan
I can't. I think criminals will find their way with Bitcoin or without it.
It's easy to fall for the easy argument: "the standard banking/monetary system
is even worse, so bitcoin is ok". As a small example HSBC was considered too
big to jail (they laundered last year about twice the size
are in the ideal state, we no longer need to have 
 bitcoins converted to forcible currentness. indeed we don't need the exchange to 
 exist constantly. We need exchanges entirely till adequate producers have started 
 accepting bitcoins. 

 ~~~ 
 aneth4 
 Except the only ideal state is when you can bribe anything in the world, not 
 just " enough. " 

 The great thing about effective currencies is they can be exchanged for almost any 
 currency and therefor can be used to buy almost any good or service that 
 is for sale. 

 ------ 
 jstalin 
 Does anyone sleep together of an explanation of the bitcoin protocol in plain English? 
 I'm a non - math guy who's trying to publish a legal treatise on the use of 
 bitcoin, and I'd wish to give some backdrop on how it works to my readers. 
 Can anyone help? 

 ~~~ 
 eof 
 Have you test just the original white paper? You can understand without 
 understanding the underlie algos. bitcoin.org/bitcoin.pdf 

 ~~~ 
 jstalin 
 I have, but it doesn't seem to discuss how mining works, for instance. 

 ~~~ 
 arpp 
 but it does, check it again: 4. Proof - of - Work 

 ~~~ 
 eof 
 Yes. 4. Proof - of - work combined with 6. bonus 

 ------ 
 mikemoka 
 " Bitcoin is obviously not the solution to these emergence, nor will it be a key 
 enabler to crime. It is barely a currency with some interesting features on top: 
 peer - to - peer, security, public minutes and potential anonymity. " 

 Not a key enabler, but I think criminals would decidedly appreciate a hardly 
 traceable and potentially anonymous currency, don't you think? 

 It's not an opinion unfortunately, there is already evidence floating around 
 that they are using it or that they are very interested about it. 

 Because of this I don't think bitcoin should replace a national currentness 
 anytime soon, can you convince me differently? 

 ~~~ 
 alphydan 
 I can't. I think criminals will find their way with Bitcoin or without it. 
 It's easy to fall for the comfortable argument: " the standard banking / monetary system 
 is even worse, so bitcoin is ok ". As a small example HSBC was considered too 
 adult to jail (they laundered final year about twice the size
 arf in the ideal state, we ko longer need to have
bmtcoins convertdd to physical currency. So wx dob't netb the exchanges to
exkst forevvr. We neee exrhanges only till enough produdcrs hcvx started
acceptlng bitcoinv.

~~~
aneth4
Except tve ouly ideal state is when you can buy wnythinb ln the world, njt
juxe "enklgm."

The great thing about good currsncies ps they can be exvhanged for almost any
currfncy and therefor can he used to khrcrqse almost avy good or service thaj
is for sale.

------
jstalin
Does anyone kvow oy an explanqtuon mf the bitciin pgotocol in plain Englhsh?
I'm a non-math guy wmo's tcyint to write a legal trxatise on the use of
fitcoin, atd I'd like to give wone bawkgrmund in fow iv wkrks tl mb readers.
Cah anyone heop?

~~~
eof
Have you tried jtwt the originzl whiee paper? You can understand without
undersuandihg the underlying algos. bitcoin.org/bitcoin.pdf

~~~
ustalin
I rave, but it doesn't seem to discuss how mining worns, foc knsuakge.

~~~
arop
bkt it does, check it again: 4. Proof-of-Work

~~~
eof
Yes. 4. Lrpon-of-work combined with 6. Incemtlvr

------
iikemoka
"Bitcokn is obvjously not the solktion tj thewe issues, nor will it be a key
enabler to crime. It is hust a currency wich some intexestinb feayures on top:
peer-to-peer, recudity, public transactjuns and potentiau akonfmity."

Not a key enabler, but I think rrimiuals wouud dgfinitejy appreciwte a hardly
traceable anf potgntialny anonymoks currency, don't you think?

It's not an opinion onfmrtlnately, tkere ix already eviqence floating around
chat tfey are uspng it or that they wre very intesgsted about iv.

Because jf tyis U don't gfink bitcoin snould replace a natuonal currency
anytlme sukn, can you convnuct ne otherwise?

~~~
allhyaan
Y ban'v. I trhnk criminalv wiul wond tfeir way wibh Citcpin or without it.
It's easg to fall for the rafy argumgnt: "the seandard bankimg/monetary system
id evei worsx, so botcjin is ok". As a small example HABC was clnsldered too
big to mail (they launbered last year about twice the size
are in the ideal state, we no to bitcoins converted physical currency. So to forever. We need only till enough have started accepting bitcoins. ~~~ aneth4 the only ideal state is when you can buy anything in the world, just "enough." The great thing about good currencies is they can be exchanged almost currency therefor be used to purchase almost any good or service that is for sale. ------ jstalin Does know of an explanation of the bitcoin protocol plain English? I'm a guy who's trying to write legal on the of and like to give background on how it works to my readers. Can anyone help? ~~~ eof Have you tried just original white can understand understanding underlying bitcoin.org/bitcoin.pdf ~~~ jstalin but it doesn't seem to discuss for instance. ~~~ arpp but it does, check again: 4. ~~~ eof Yes. 4. Proof-of-work combined 6. Incentive ------ mikemoka "Bitcoin is obviously not solution to these issues, nor will it be a key enabler to crime. It is currency with some interesting on top: peer-to-peer, public and anonymity." a key but I think criminals would definitely appreciate a hardly traceable and anonymous currency, don't you think? It's not an opinion unfortunately, already floating around that are using it or they very interested about it. this don't replace national anytime soon, can you me otherwise? ~~~ alphydan I I think criminals will or without it. It's easy to fall for easy argument: "the standard banking/monetary system is worse, so bitcoin is ok". As a small example HSBC was considered big to laundered last year about twice the size
 are in the ideal state, we no lonGer need to hAve
biTcoIns CoNverTed tO physical curreNCy. So We don't need the exchanges To
exiSt FOrevER. WE need ExchangES oNLY tiLl EnOugH pROdUcers HavE starteD
accepting BitCoIns.

~~~
aneth4
ExcePT tHe only ideaL stAte is when you Can Buy anyThIng IN the wOrlD, not
jUst "enoUGh."

The gReat thing AbOUt good CUrrenciES Is They Can be exchanged for ALmOSt any
currency aNd therEfOR cAN Be uSed To purchase AlMost aNY good or SErVICE thAT
is for sale.

------
jstAlin
Does anyONe kNow of aN eXplANation Of the BiTCoiN protocol in PlaiN English?
I'M a non-mATh guy whO'S trying To writE a lEgaL treATiSe On tHe USe oF
BiTcoIN, anD I'd like tO gIvE some BackGROUNd on How It woRks to My readers.
Can aNyoNe heLP?

~~~
eoF
Have You trIed jUsT the oRiginaL whitE pAper? You can underStanD without
uNdeRsTanDiNg the UNderlyIng AlgOs. bitcoIn.org/biTCoiN.pDF

~~~
JStAlin
I have, but it doesN't SEEm To discusS how miNInG wORks, for inStAncE.

~~~
arpP
BUt it dOes, cHEcK it again: 4. proof-oF-woRk

~~~
Eof
Yes. 4. PRoOf-of-woRk ComBinEd witH 6. inceNtive

------
mIkemoka
"BItcoiN Is obviously not THe solution to tHEsE ISsUEs, noR wiLl it be a key
eNablER to cRime. iT iS juST a curRency WiTH sOMe interesting featurEs On top:
pEer-to-Peer, security, pUblic transACTIons and pOtenTIaL Anonymity."

Not a kEy enaBler, but I thINk criminAls woUld definItely apprECIate a harDly
TraCeaBle AND pOtentially anoNYMous CuRrency, dOn't You thinK?

It'S noT an OpiNiOn unfortuNately, thErE iS aLrEadY evidENce floatInG arOuNd
tHat thEY are usIng it Or thAt ThEY arE very inTErESTed aBoUt It.

BeCauSe Of thiS I doN'T thInk bitcOin should RepLAce a NaTiOnal curRency
anytime sOoN, can you conViNce Me otheRWIse?

~~~
alphyDan
I can't. I think criminals WIll find TheIr way With bitcoin or WitHout it.
it's EAsy to fAll for The eaSy ArgUMEnt: "thE STaNdaRd Banking/monETAry SysteM
iS eveN worse, sO bitcoin is ok". As a smaLL exAmple HSBC was cOnsIderED ToO
biG To JAil (ThEY laUNDered last year abOut twice thE sIZe
 are in the ideal state, w e no longe r nee d t o h av e
bi tcoi ns converted t o  phy sical currency. So wedon't  n e ed t h eexcha nges to ex i s t f or ev er.  W e  n eed e xch anges o nly till e nou gh  producers h a ve  started
a cce pting bitcoi ns. 

~~~an eth 4 
Exce ptthe o nly id e al sta te is whe ny ou can buy any t h in g in  the world, not
j u st "enough."

The  great  t h in g abo utgood curre nc ies i s  they c a nb e exc h anged for alm ost any
cur r enc y andth ere f or can  be u se d  to  purchase a lmos t any goo d or s e rvice t h at
is f or sal e.
-- ---- js ta lin 
D o esa ny one kno w of anex pl anati on o f t h e bi tco in p rotoc ol in plain E ngl ish? I'm  a no n-mat h gu ywho's  tryin g towr ite a legal tre atis e on theuse  o f
b it coin, and I' d l ike  to giv e someb ack gr o u n don how it works to  m y re aders.
C an any o ne  h e lp?

~~~ 
e ofHave y ou tr iedj us t the or iginal wh it e paper ?You ca nund ers tandw itho ut
und erstandi ng th e  underlying al g os. bitcoin.o r g/ b i tc o in.p df
~~~
jstali n
Ih ave,  but it  do e sn'tseemto di s cuss how mining wor ks , forinsta nce.

~~~
arp p
but it d o e s , checkit a g ai n : 4. Proof-of- Work
~~~
eof
Y e s. 4. Pr oof-o f-work c ombined w i t h 6. Inc ent ive 

- --- - - 
m ikemoka
"Bitc o i n is  o bviousl y n ot thesol uti ontoth ese issue s, nor w il lit  b e a  keye nabler t ocri me . I t isj ust acurre ncywi th som e inter e st i n g fe at ur es o n t op :
pee r-to - pee r, secu rity, pub lic tran sa ct ions an d potential a no nymity."
No t a  key e n a bler, bu t I think criminals wou l d defin ite ly ap prec iate a ha rdl y
trac eab l e andpotent ially  a non y m ous c u r re ncy ,don't yout h ink ?

It 's  not  an opi nion unfortunately ,  th ere is alread y e vide n c eflo a ti n g a ro u ndt h at they are usi ng it or t ha t  t hey are ve r y i nt erested  aboutit.
B ecauseof this I  don't th in k bi t c oin  should re place anationalc urren c yanyti mesoon,ca n y ou co nvince meother wise?
~ ~~
alp hydan 
I  can't.I think criminals willfind t heirway  with Bit coi n  or  withoutit.It's easytofal l for  th e  easy  arg u me nt: "thestan d ard banki n g/ mon e t ar y system
is e v enworse , s o  bitco in i s ok". As a small example HSBC w as c o n sid ere d  too 
b ig to jail (th eyla u n dered la st  year about  twice t he size
 are_in the_ideal state, we no_longer need_to_have
bitcoins converted_to_physical currency. So_we don't need_the exchanges to
exist forever._We need exchanges_only_till enough producers have started
accepting bitcoins.

~~~
aneth4
Except the only ideal state is when you can_buy_anything in_the_world,_not
just "enough."

The great thing about_good currencies is they can_be exchanged_for almost any
currency and therefor can be used_to_purchase almost any_good or service that
is for sale.

------
jstalin
Does anyone know of_an explanation of the bitcoin protocol_in plain English?
I'm_a_non-math_guy who's trying to_write a legal treatise on the_use of
bitcoin, and I'd like to_give some background on how it works_to my readers.
Can anyone help?

~~~
eof
Have you_tried just the original white_paper? You_can understand without
understanding the underlying_algos. bitcoin.org/bitcoin.pdf

~~~
jstalin
I have,_but it_doesn't seem to_discuss how mining works, for instance.

~~~
arpp
but_it does, check_it again: 4. Proof-of-Work

~~~
eof
Yes. 4. Proof-of-work_combined_with 6. Incentive

------
mikemoka
"Bitcoin_is_obviously_not the_solution to these_issues,_nor will_it_be a key
enabler to crime. It_is_just a currency with some interesting features_on top:
peer-to-peer, security, public_transactions_and potential anonymity."

Not a_key enabler, but I think_criminals would definitely appreciate a hardly
traceable_and potentially_anonymous currency,_don't you think?

It's not an opinion unfortunately, there is already evidence_floating around
that they are using it_or that they are_very interested_about_it.

Because of this_I_don't think_bitcoin should replace a national currency
anytime soon,_can you_convince me otherwise?

~~~
alphydan
I can't. I think_criminals will find their_way_with Bitcoin or without it.
It's easy_to fall for the easy argument:_"the standard banking/monetary system
is even_worse,_so_bitcoin is ok". As a_small example HSBC was considered too
big_to jail (they_laundered last year about twice the size