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BitCoin Help

2022-06-18 Ruh-roh... massive sell off of Bitcoin at around 7 am this morning caused prices to drop into the $18k range. This is going to margin call all sorts of Bitcoin holders, including Micro strategies. How low can it go? Well technically, since it's backed by nothing, it can go to zero. There's no floor.

Once again, #Bitcoin is not and never was "digital gold." It was never a store of value. This is slowly becoming obvious to everyone...
Bitcoins are not stored centrally or locally and so no one entity is their custodian. They exist as records on a distributed ledger called the block chain, copies of which are shared by a volunteer network of connected computers. Owning a bitcoin means having the ability to transfer control of it to someone else by creating a record of the transfer in the block chain.

Elliptic Curves

An elliptic curve is represented algebraically as an equation of the form:

y2 = x3 + ax + b

Bitcoin uses : For a = 0 and b = 7

ECDSA

  1. Come up with a 64-digit hexadecimal number, called a "hash"
  2. Bitcoin miners ensure that bitcoin is not being duplicated. double-spending

Man in the Middle

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