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legallyblondeNYC

(239 posts)

5. think of a casino chip that's in the form of a piece of software.

Reply to milestogo (Original post)

Mon Jul 6, 2026, 11:30 AM

Monday

You go to the casino cashier. You give dollars and in exchange you get physical chips to use in the casino. The chip represents money.

Now, in stead of physical chips, you get access to a piece of software. This software "chip" can do certain things -- can be used for certain types of transactions. Some of these chips can only be used in the casino where you got them. Others can be used at any casino on the strip -- or those that have agreed to accept them. They have software that reads your piece of software (your chip), and you can engage in certain transaction at that other casino.

That's it.

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Explain cryptocurrency to me like I am from another planet. [View all] milestogo Monday OP

The dealer tricks the mark into betting money Torchlight Monday #1

So its a grift? milestogo Monday #2

yep. rampartd Monday #11

If you were from another planet flvegan Monday #3

😍 milestogo Monday #4

Wish I could rec more than once. So good. Prairie_Seagull Monday #34

think of a casino chip that's in the form of a piece of software. legallyblondeNYC Monday #5

That's after the creation of the cryptocurrency. House of Roberts Monday #7

not nothing rampartd Monday #12

good questions legallyblondeNYC Monday #20

I simplify that to magic numbers. hunter Monday #14

ghotI' pegh dweller Monday #6

Is that Klingon? surfered Monday #9

AI KLINGON dweller Monday #10

😁 surfered Monday #15

I LOVE this explanation by John Oliver (2018) vapor2 Monday #8

An easy way for crooks to launder money gab13by13 Monday #13

Not correct, most crypto is easier to trace than cash JCMach1 Monday #17

Can you provide a link to an accurate, unbiased, easy to understand explanation? RandomNumbers Monday #27

It is pretty complicated, I know what I do know JCMach1 Monday #33

If you're looking for an asshole to abduct and probe, follow the meme coins struggle4progress Monday #16

Crypto explained in 24 seconds. ImNotGod Monday #18

It could have been dog shit. milestogo Monday #21

Lol BlueWaveNeverEnd Monday #22

I don't do tweets, embedded or otherwise. hunter Monday #24

Get a history book about "tulip mania of the multigraincracker Monday #19

Currency not attached to a country or institution. Value is whatever someone will pay for it BlueWaveNeverEnd Monday #23

It's like owning shares in a company that doesn't make anything. Fichefinder Monday #25

That's exactly right. David__77 Monday #26

There's a cryptocurrency cookbook for you extraterrestrials. usonian Monday #28

The thing is, after about a decade of existence it still appears worthless as a legitimate currency. Tommy Carcetti Monday #29

This story from the new Yorker might help Deminpenn Monday #30

It's a tax dodge and laundering, funded by a get rick quick scheme. OC375 Monday #31

All it is doing is creating a unit of the crypto. Jacson6 Monday #32