Cryptographic Puzzles

Cryptographic Puzzles

Cryptographic Puzzles

Cryptographic Puzzles

If only there was a system I could devise where people could be convinced to invest in nothing.  Maybe I could invent some type of imaginary coin and get friends and family to invest promising the value would then increase.  All I would have to do is write some cryptographic puzzle software to keep a ledger of who has what.

The value would skyrocket with all the new investments if enough people were swept up in the new fad.  I can just see the possibilities now – a new currency system that doesn’t require anything but software.  It might become difficult to record and maintain all the transactions alone but I can delegate the software duties to others and pay them a small fee.  They could be called scrapers.

It is possible that at some point people may lose faith in my system and start to bail bringing the value down but I think most people will follow the trend for various reasons such as greed.

Maybe I could ensure that investors would receive much resistance if an exodus was attempted. Great fees could be imposed to deter or prevent people from moving my money around. I am sure that 20 to 30 dollar fees would discourage most people trying to sell small amounts.

I suppose that there would be a big risk trusting my software to never crash deleting all the records.  I guess everyone who invested would be out of luck except for me if my software suddenly ceased to exist for whatever reason.

After careful consideration, I choose not to be dishonest by duping and defrauding the general public. It may be that the idea was not so innocent after all.

It is likely that such a system will never be created. The consequences of such a fraudulent system could bring about disastrous results.

I will leave all that for someone else to do.

Cryptographic Puzzle

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1 Comment

  1. My sister and I were talking about this, we were wondering what is the bitcoin backed up by? Now I am glad you explained it so perfectly. Phyllis Hunt

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