brito on Nostr: In good reality, "crypto" has its original Latin meaning in "to hide" or later as ...
In good reality, "crypto" has its original Latin meaning in "to hide" or later as "encrypted".
When any given type of digital coins can't be kept private from others, then they shouldn't be called crypto currency.
And then we come into the other important distinguishing characteristic for a cryptocurrency: mining.
Mining has the goal of a fair distribution to as many users as possible to keep the network unbiased and fair. When a digital coin claims to be mined but then in practice only chinese farms instead of home users can mine it, that is effectively not a crypto currency either, it something elitist that isn't reachable for normal people.
Then there is the word "coin".
Which relates to using the virtual object as someone would use coins to buy things and pay to others. Some of those "coins" claim to be "store of value" which is an abomination when you think about the goal of using coins. A crypto coin worthy of that name needs to be used on the real world. Buy stuff, keep it, but use it several times a year. Most of the folks here talk about crypto coins all week long and never actually buy stuff with it.
Last but not least is religion. Technology is not religion. It is sad to see religious ignorance taking place instead of the technological power that created these things in the first place.
There is one coin that deserves to be truly called a cryptocurrency, a coin coin that governments will never support but that is always there to support you, the people. One day everyone here will understand why.
When any given type of digital coins can't be kept private from others, then they shouldn't be called crypto currency.
And then we come into the other important distinguishing characteristic for a cryptocurrency: mining.
Mining has the goal of a fair distribution to as many users as possible to keep the network unbiased and fair. When a digital coin claims to be mined but then in practice only chinese farms instead of home users can mine it, that is effectively not a crypto currency either, it something elitist that isn't reachable for normal people.
Then there is the word "coin".
Which relates to using the virtual object as someone would use coins to buy things and pay to others. Some of those "coins" claim to be "store of value" which is an abomination when you think about the goal of using coins. A crypto coin worthy of that name needs to be used on the real world. Buy stuff, keep it, but use it several times a year. Most of the folks here talk about crypto coins all week long and never actually buy stuff with it.
Last but not least is religion. Technology is not religion. It is sad to see religious ignorance taking place instead of the technological power that created these things in the first place.
There is one coin that deserves to be truly called a cryptocurrency, a coin coin that governments will never support but that is always there to support you, the people. One day everyone here will understand why.