29 Sep '14, 4pm

Bitcoin: Magic, Fraud, or Sufficiently Advanced Technology?: Part I

Arthur C. Clarke’s third law famously states: “Any sufficiently advanced technology is indistinguishable from magic.” What Bitcoin makes possible can at first seem almost magical, or just impossible (and therefore most likely fraudulent or otherwise doomed). The following describes the basic technical elements behind Bitcoin and how it brings them together in new ways to make seeming magic possible in the real world. Clarke’s second law states: “The only way of discovering the limits of the possible is to venture a little way past them into the impossible.” And this, we can see in retrospect, is basically what Bitcoin creator Satoshi Nakamoto did. Few at the time, even among top experts in relevant fields, thought it could really ever work. It works. One reason many people have a hard time understanding Bitcoin is that it uses several major streams of technology and method...

Full article: http://bitcoinmagazine.com/16883/bitcoin-magic-fraud-or-s...

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