Cryptographic Puzzles

Cryptographic Puzzles

If only there was a system I could devise where people could be convinced to invest in nothing.  Maybe I could invent some type of imaginary coin and get friends and family to invest promising the value would then increase.  All I would have to do is write some cryptographic puzzle software to keep a ledger of who has what.

The value would skyrocket with all the new investments if enough people were swept up in the new fad.  I can just see the possibilities now – a new currency system that doesn’t require anything but software.  It might become difficult to record and maintain all the transactions alone but I can delegate the software duties to others and pay them a small fee.  They could be called scrapers.

It is possible that at some point people may lose faith in my system and start to bail bringing the value down but I think most people will follow the trend for various reasons such as greed.

Maybe I could ensure that investors would receive much resistance if an exodus was attempted. Great fees could be imposed to deter or prevent people from moving my money around. I am sure that 20 to 30 dollar fees would discourage most people trying to sell small amounts.

I suppose that there would be a big risk trusting my software to never crash deleting all the records.  I guess everyone who invested would be out of luck except for me if my software suddenly ceased to exist for whatever reason.

After careful consideration, I choose not to be dishonest by duping and defrauding the general public. It may be that the idea was not so innocent after all.

It is likely that such a system will never be created. The consequences of such a fraudulent system could bring about disastrous results.

I will leave all that for someone else to do.

Cryptographic Puzzle

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2 Responses

  1. Phyllis Hunt says:

    My sister and I were talking about this, we were wondering what is the bitcoin backed up by? Now I am glad you explained it so perfectly. Phyllis Hunt

  2. Ken Damon says:

    I am not very smart but I do understand simple and the blockchain idea seems simple enough.

    When an idea this simple comes along the first instinct is to be extremely skeptical. I am.

    But I am very interested now that I have educated myself and like the idea that I can have a paper wallet. I have preached what I was taught over 30 years ago that if you can’t do it on paper you won’t be able to make it work on the computer.

    Simple systems power the world they only look complicated when combined logically.

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