Was a pyramided swindle based on fact, unknown to me but known to Prof and latent in Mike’s immense knowledge, that most money is simply bookkeeping.
Money is nothing but a ledger. Who owes how much to whom. That's what money is -- simple. But the problem lays in WHO controls the ledger. With fiat, the ledger is owned by the government/central bank and is easily corrupted. The only incorruptible money known to man is Bitcoin. No one owns the ledger, being entirely decentralized. There is little incentive to try and break the ledger, and high cost if attempted and failed. It takes far more energy to attempt to control it (at this point, impossible amounts) but even if such a vast amount of energy could be harnessed to attain 51% of the hash rate, it would still be in the attacker's best interest to follow the protocol and benefit from the money you could gain by mining at an advantage (stealing) rather than entirely corrupting the ledger and gaining nothing at immense cost. If the ledger was compromised, the value of the asset would collapse.
