Comments by "Charles Brightman" (@charlesbrightman4237) on "Hard to See Bitcoin as Viable Currency: Bain Capital" video.

  1.  @RedSoxKiller247  Oh and also, their physical locations as well affecting being on the same page. For example, 3 entities, A, B and C. A and B are very close together, C is very far away. The time for electronic transfers would be less between A and B compared to A and C or B and C. A and B would have a location advantage and C would be getting screwed over. (Same basic principal many people utilize with Wall Street. Computers closer to the center have a quicker response time. Extremely useful for high frequency trading to make lots and lots of money. People farther away, get screwed over.)
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  2.  @RedSoxKiller247  So, you cannot answer my questions. I thought so.
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  3. Also, Bitcoin is not backed by anything. The US Dollar is backed by the USA's reputation.
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  4.  @RedSoxKiller247  But how about people's internet connections are at different connection speeds? How can they all be on the same 'math and cryptography' page when they cannot all apparently be on the same page at the same time?
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  5. QUESTIONS: a. As I understand some crypto currencies like Bitcoin, it is dependent upon all the players being on the same page so to speak. BUT, how does that work when all the players have different internet connection speeds? b. How are all these crypto currencies going to be accessed and spent, when, not if, the electric grid and/or internet go down due to the Earth's magnetic field weakening, the Earth's magnetic poles moving, and all the related magnetism issues? c. What limits economic inflation with electronic currencies? d. What are the anti-hacking proto-calls to prevent hacking, manipulation and theft of electronic currencies? (Especially with so many players connected to the system).
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  6.  @Justicefu  a. But how much of a latency buffer? Micro seconds? Minutes? Hours? Days? And what about people who's internet connection is down, (ie: power outage or internet outage for hours or days). How does that affect the accuracy of the ledger? How could the ledger ever truly be 100% accurate 100% of the time? b. Agreed about the current banking system. But I can also spend cash and coins right now, without electric grid nor the internet functioning. I can also trade goods and services without those items existing as well. c. I have to be honest, I truly do not understand the 'mining' concept yet when it concerns bitcoin. Obviously some entity created that bitcoin in some computer system. They know exactly where all the bitcoins are located. Even if it were only an AI that created the total number of bitcoins, at a minimum, that AI would know where all the bitcoins were. Basically, it would be easy to mine bitcoins if one knew where all the bitcoins are already. Additionally, when you say: "Bitcoin is deflationary, over time less new currency is minted until eventually no new currency will ever be added to the network"; Obviously then, even adding some new currency to the system would affect the supply of that currency, which could affect it's value. And who and/or what controls the supply? And then also: eventually limiting supply, with an increased demand, would cause an economic inflationary effect. Sure, the value of each and every bitcoin would go up, (and apparently already does), but so too it would seem economic inflation. For example: What did 1 single bitcoin buy let's say 1 year ago compared to what 1 single bitcoin can buy today? Economic inflation is still economic inflation, whether utilizing cash or electronic currencies. And economic inflation might be a contributing cause to the demise of all life from this Earth as space travel, the only thing that might save any species from this Earth, is getting more and more expensive due to economic inflation. d. "transactions and wallets are encrypted using a private key and a public key, very similar to SSL encryption used all over the web" 1. Even the Pentagon has been hacked into. Even the power grids and nuclear power plants have been hacked into. 2. And wouldn't basically all the computers and internet phones all have to be on the same 'encrypted' code for the system to function properly? If people did not have the exact same version of the encryption code, it seems there could be compatibility issues. * And of course also, how could people access and spend their electronic currencies, (even with the modern electronic banking system), when the electric grid and/or internet are down? Seems to me that this system has some major flaws. Possibly also the lack of privacy as obviously the ledger would be posted everywhere. And all it might take is for an entity to buy the smallest amount of bitcoin to have proper access to the bitcoin ledger. Obviously, the system has to know what entity has what currency so as to be able to function properly. Otherwise, how would the system ever truly know some other entity wasn't manipulating the system by some means?
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