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Say I gave you a $100 bill. You go to the woods and hide it somewhere. Somewhere that only you know of. You don't write it down anywhere. As long as you remember where it's at. Nobody on this planet besides you can take it. Let's assume it's so deep in the woods the odds of some kid accidentally digging it up is almost 0.
Now I give you $100 on paypal. At any point any number of government organizations and paypal themselves can just take away that $. They can go into the ledger and turn that $100 into $0.
How do you accomplish this cash level of ownership on the internet? That is the problem crypto attempts to solve. By having no organization operate it. It is operated by everyone who is part of the network. The entire network is gigantic with millions of individual actors.
Bitcoin is the oldest most established and has the biggest blockchain network. That is why it's worth the most.
So no unlike the tulip mania. Crypto Currency really does have a viable product. Is the value blown out of proportion perhaps? Maybe or maybe not. That's the nature of speculation. If enough people believe in it, then that is the reality.
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Signed nick3131
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