Correct. JPM Coin and its near-twin the Petro lack the predominant source of value that distinguishes cryptocurrencies from bank money: trust minimization.https://twitter.com/techieappy/status/1096138232188882944 …
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It strikes me from watching this incident that there’s no shared definition of ‘cryptocurrency’
It's another word or phrase in this business that many a dishonest huckster feels that it's perfectly OK to re-apply to their own very inferior thing.
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Yes, but intelligent people who are motivated to learn about Bitcoin already know the answers to these pseudo-objections and it's not worth my time.
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It’s somewhat understandable to me that it’s not so obvious. It took me awhile to understand how bitcoin works, what with learning what a hash function is and how Eilliptical Curve math works... only to find out those bits aren’t even the central innovation of bitcoin
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But then bitcoin isn’t the first cryptocurrency
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Why not? It was the first thing that was called a cryptocurrency, and it was radically different, including wrt said trust minimization, than any implemented protocol that had preceded it.
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Well it would be much simpler in my mind if we did say bitcoin is the first cryptocurrency. So, I’d be for that
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I thought it’s predecessors were also referred to by that term?
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That’s just my ignorance on the history
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It’s a bit confusing because the cryptography is needed for the key generation and data structure but has nothing to do with the central innovation of PoW. Almost seems like PoW-currency would be a better term to differentiate
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