Bitcoin is an updated annex, the ever-changing currency.

We like to think of newspapers as mere scams or deceptions. However, in this article, I want readers to consider the article as a financial change that has developed over the years.

Chain letters were first sent as lists.A rule applies to this list.The recipient will pay the first person on the mailing list to the other person.If no one wants to subscribe, the newsletter does not work or does not pay.

The Earlybird recorded income is equal to the subsequent payment by the trustee.The whole process does not incur additional costs.This is why Chain Letters is a zero-sum game.

The best technical advantage of Serial Letter is decentralization.Each of the parties or entities has its own responsibility for the reception, printing, editing, distribution and marketing of the paper channels. Without a basis for prosecution, it will be almost impossible for the police to prevent the spread of the disease. Think of the next letter as the honey of money. He is tenacious, invincible and enduring.

One of the most famous newspapers is the "Golden Circle" letter.Apparently it started in San Francisco in 1978 and spread all over the United States.

In judgment, it works like this:

Buy a "Golden Circle" for $ 50 in cash, then send $ 50 on behalf of your app paying the full $ 100. Then I can make two copies (take my name off the list and put my name at the bottom) and resell it to friends / family for $ 50 each, which is $ 100 in total so I can break it. Buyers take turns printing and reselling, and the chain continues. Every now and then my name will appear at the top of the list and the money will start flowing into my account.

At the time, the police declared the "Golden Circle" illegal, but they could not stop it.

Chain symbols like "the golden ring" can be tricky to remove, but they have two major problems. I will explain each of these issues personally and tell you how they were ultimately resolved.

While decentralization is Chainletter's greatest strength, it could also be the source of its main weakness. Buyers of "Circle of Gold" tags may be breaking the law by hiding their name at the top of the listing.Without a manager in the middle, there is no strong power to prevent players from cheating.

We call this paper chain reliability.The problem of skepticism undermines the channel's credibility. If everyone knew scams were going to happen, should they get involved? Therefore, the probability of the letter extending is always minimal.

We need a few measures in place to resolve this issue while delivering the newsletter more easily.

Next, let's take a look at the Mega $ Nets.

Mega $ Nets is a smart newspaper from the 1990s that relied on anti-fraud software. Here is how it works:

1. I bought a $ 20 Mega $ Nets disc from you.

2. After launching the software, you will be asked to enter your name and address. The current location closed the program.

3. Before copying the disc, I have to send $20 cash to 5 other people before I get put on the list. When I have $20, these people will send me my number.

4. After entering the numbers into the software, you can print the disc and sell it for $ 20. As the chain grew and my name got on the list more and more, I was only $ 20 away from someone else.

Thus, the Mega $ Nets software prevents the deletion of names and addresses and manages the order of the list. Mainly, it solves the unreliable problem without affecting the distribution of the letter chain.. After all, Mega $ Nets software runs on its own on each machine rather than the root server.

Mega $ Nets solve the problem of paper chain reliability, but it doesn't last long.Finally, programmers want to know how to hack Mega $ Nets and force. In order to erode the credibility of the Letters, he posted his crack on the Internet so that others could download it.

But even if the article addresses the issue of justice, it still suffers from other weaknesses. That is, no change.

The exchange is based on the idea that each member of a group can change each other. Wheat can change because one grain is almost the same as another. My Tesla share can be traded for you. Exchangeable tickets.

However, the position of symbols such as Mega $ Nets does not change.Jobs at the top of the chain are worth more than jobs at the bottom. And a position in branch A of the Mega $ Nets chain may have a different value than a position in position B of the Mega $ Nets chain at the same height.

This lack of change affects the ability of actors to sell their labor in the supply chain to others. Each place in a chain letter is completely different, and it can be quite tedious for customers to measure the market value of a place. so,Commercial serial sales of newspapers will be unhealthy.

Why do you want to sell your chain letters? A call to buy commodities, ETFs, contracts, gold, or stocks if you could sell those commodities in two minutes, possibly 20 years from now. If we were forever tied to investing, we wouldn't want to invest in the first place. The same goes for paper chains.The initial investment in the newsletter will become a better idea if the newsletter channel placement can be easily resold later.

But is it possible to create swap files? If possible, can you maintain integrity while managing distribution? It seems impossible.

Now let's look at Bitcoin.The world's first free and convertible script is Bitcoin.

The new feature of Bitcoin is that all domain functions were created in the first place.(New players can only join by purchasing an existing one on the channel.) This is different from many magazines such as Mega$Nets or Circle of Gold. For Mega$Nets, the list is dynamic, not static. Start small and grow organically as people sign up, add names, and create new leaderboards.

There is nothing better or worse in Bitcoin than anything else. All bitcoin transactions are flexible from the outset.This is not the case with traditional newspapers like Mega $ Nets, which operate on the principle that the old points apply to the new ones.

As with the entire paper chain, the human "winners" in Bitcoin are the first to rise.. The difference is that in Bitcoin the winner is achieved by the first purchase from a stable and anonymous list. And newspapers still include Mega $ Nets by creating the top newspapers in hierarchical lists that expand over time. However, the sooner someone arrives and joins later, the wealthier he or she will be.

Since each position on the bitcoin list is flexible, buyers can easily measure the value of a bitcoin item (i.e. a wristband feature).The result is a strong second market for Bitcoin, allowing early Bitcoin players to challenge their position for new entrants. This trading is one of the reasons Bitcoin is such a spreadsheet.

Bitcoin not only solves the problem of fungibility, it also solves the problem of equity.Bitcoin software makes it impossible for someone to create a new position on the Bitcoin list or rearrange the distribution of existing positions. Some explain this to solve the problem of double power consumption, but here we are talking about the integrity of behavior on a regular basis.

After all, Bitcoin, like its Chain Letter predecessors, does everything here in a decentralized state.Bitcoin is decentralized because a participant can buy and sell Bitcoin in an interactive marketplace. It is not necessary to rely on a central plan to distribute the money from the latest entrants to the first entrants. Second, like Mega $ Nets software, Bitcoin software can be sent to thousands of computers around the world without a root server. So, like any newspaper, Bitcoin is hard to beat.

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At first glance, Bitcoin appears to be a new financial technology. However, as I mentioned in the article, this is just an update to hard-to-hack Chain Letters like Circles of Gold and Mega $ nets.

What makes Bitcoin so unique is that it changes the paper chain to solve equity and exchange issues.Until the advent of Bitcoin in 2009, we had never seen the full power of the on-chain scripting model. Of course, these letters come several times, but they don't last more than a year or two. People who play chain letter games like this are also weird.

By addressing the issues of maliciousness and fungibility, Bitcoin is fundamentally elevating the critical proliferation of chain letter technology to unprecedented levels.Bitcoin became the first letter to the heart and the first to go international. My sister plays, my brothers play, the neighbors play. One person is still a Bitcoin player and the other person is an anonymous person.

The maximum amount of Bitcoin is 21 million. These 21 million pieces were not created from scratch. However, the law governs the maximum limit for Bitcoin.

Players can also participate in titles by "mining" Bitcoin. Mining is one of the processes of modifying and protecting your lucky script. Computers involved in the process can only benefit from a small amount of money in the new Bitcoin and / or the current Bitcoin division.