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Pastimes : The new NFL

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To: SE who wrote (51527)1/3/2018 3:23:15 PM
From: Jeffrey S. Mitchell   of 51949
 
one main focus...unless they also have something that differentiates them from the rest
Forget the word "coin". You are buying net-based software. This software is designed to decentralize agreements, which is why it's revolutionary.

We typically draw up contracts to transfer stuff to others, then get a lawyer to sign it. Alternatively, we could get a notary public to authenticate something. That's to prevent forgery-- that someone witnessed us in the flesh sign the document. If we had absolute proof of ownership of something (essentially an encrypted unique serial number, aka a coin), we would not need to worry about the middle man! Rather, because the "net" (via the blockchain) has a copy of our ownership record, the net would authenticate this transaction for us!

Think of all the possibilities here. If we can track something from, say, manufacturer to distributor to retail shop to customer, we have absolute chain of custody, eliminating fraud. If we attached a unique code to an Aaron Rogers autograph, then we could establish a direct chain of custody from him to an autograph shop to you, assuring it's not a forgery. Then when you sell it, the net verifies this chain of custody, hence you are selling a legit signature. It would make no sense to duplicate this item as the blockchain would never confirm it as legit. And nobody could duplicate it anyhow as they'd only have the public key (the unique code attached to the piece that everyone can see), not the private matching key!

Currency, like Bitcoin, is just *one* example of blockchain technology. That's because for e-currency to work, you want to know you are not buying or selling something involving fake money. But, as I've noted, there are all sorts of other things we want to be sure are legit, not just our money. These various coins I've been talking about have scoped out various industries where they see a good fit. People are speculating that these companies will dominate the associated transactions, making money off each one. You are pre-buying the tokens in anticipation of people using them. These tokens are can be broken down into eight decimal places, btw, so you wouldn't have to sell an entire coin years from now to cash in.

- Jeff
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