this post was submitted on 17 Oct 2024
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It's called cryptocurrency because Bitcoin used sha256 as it's proof of work algorithm for funsies, but has no actual tie to cryptography. Proof of work is not cryptography.
I hate to be that guy, but Bitcoin uses elliptic curve cryptography to sign transactions, and SHA256 is definitely in the field of cryptography. While cryptocurrency isn't purely cryptography, it is cryptography plus economics. Borrowing the "crypto" prefix, at least in my opinion, is reasonable.
It's not borrowing, it's attempting to entirely hijack and replace the prefix. This is already causing a massive loss in trust of the entire field of cryptography.
As I said in another reply, just because it uses sha256 as it's proof of work doesn't make it crypto, as it was essentially picked out of a hat.
And for the signing of transactions, are we going to start calling bank checks crypto? RCS being renamed crypto? Just because something tangentially has some sort of cryptographic signature tied into it does not make that object cryptography or related to cryptography- it just means that it has a signature enveloping that object.
Hmm. You got a point