Guillermo Moreno explains how Bitcoin works, even though he doesn’t understand it


Basic facts:
  • Former official tries to teach about Bitcoin but uses wrong concepts.

  • Although the history of the first purchase with bitcoin is known, the amount paid is not accurate.

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Guillermo Moreno, Argentina’s former Secretary of Internal Trade from 2006 to 2013, tried to explain how the Bitcoin (BTC) economy works, but the attempt failed. The video shows many mistakes made by the current leader of the Principles and Values ​​political party to “lecture” the mainstream cryptocurrency.

The most serious misconception that Moreno demonstrates when talking about bitcoin is the claim that “the program allows you to split each bitcoin into 60,000 units.” Based on that false assumption, he continued his story: “You, the bitcoin owner, start selling it after dividing it by 60,000, so if you have $60,000 worth of bitcoin, each bit is worth one dollar.”

The ex-officer’s statement is incorrect because in fact each bitcoin can be divided into 100 million units called satoshis (sats)as specified price index from CryptoNoticias.

Each bitcoin can be divided into 100 million sat.
Each bitcoin can be divided into 100 million sat. Source: CriptoNoticias Price Index.

The material was shared on Instagram by the Guillermo Moreno 2023 account, linked to the former official during the government of Néstor and Cristina Kirchner. Video Description: “A Live Bitcoin and Crypto Masterclass from a National Lawyers Movement Driver.” The text originally read “…from a Bitcoin scam” but was later edited.

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Guillermo Moreno and some historical inaccuracies about bitcoin

On the other hand, when talking about the market value of bitcoin, Moreno explains that “BTC could be worth $69,000 or $17,000 as it is now.” But that’s fair enough, then he “bumps” his narrative by explaining that cryptocurrency can also “be worth $1,000 like it was 10 years ago, or a dollar because they bought a pizza for 3 bitcoins one time.”

This last part of the explanation is wrong. Primarily because 10 years ago (December 2012) bitcoin A $13 value. And besides, buying the pizza Moreno is talking about Laszlo Hanyecz in 2010it was made for 20,000 BTCand not until 3.

What Guillermo Moreno was “right” was that “no mind can solve this polynomial, it can be solved by a computer”, which seems to be an allusion to consensus algorithm allows the creation of new units of bitcoin, which is proof of work.


Source: news.google.com

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