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It takes 556 days of computing and a hefty electricity bill to mine a single bitcoin. [tr]
South China Morning Post ^ | January 17, 2018 | Amanda Lee and Josh Ye

Posted on 01/18/2018 12:16:27 PM PST by C19fan

At the Golden Arcade at Sham Shui Po, a new product is creating a stir among the community of geeks, gamers and offbeat collectors that call this jam-packed shopping centre in Kowloon their haven. A banner that reads “Mining Specialist” stands out from among all the stores selling X-Box games, comic books, action hero figurines and video game consoles.

(Excerpt) Read more at scmp.com ...


TOPICS: Business/Economy; Computers/Internet
KEYWORDS: bitcoin; btc; cryptocurrency; fud; nicolasmaduro; venezuela
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To: C19fan
The author has completely missed the point. It doesn't matter how much the hardware or electricity costs. It doesn't matter what the current value of a bitcoin is. The Chinese are mining their way out of their shithole country. That is priceless. The Chicommns will wind up executing miners but that still won't stop the others.

Not only is bitcoin spawning newer CCs (and that bubble is just starting), but it will also spawn new ways to exit fiat without the Communists figuring it out. That's the beauty of tech like bitcoin, it can't be stopped.

21 posted on 01/18/2018 12:31:56 PM PST by palmer (...if we do not have strong families and strong values, then we will be weak and we will not survive)
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To: CygnusXI

>> don’t understand this mining.. admittedly, I haven’t educated myself.
How can one just “mine” money?<<

It was the subject of a BBT episode. They explained it but I still didn’t get it.


22 posted on 01/18/2018 12:32:51 PM PST by freedumb2003 (obozo took 8 years to try to destroy us. Trump took 1 to rebuild us. MAGA!!)
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To: Delta 21
I’ll get my spare Commodore 64 right on that!

Too late...my Timex Sinclair is already on the job!

23 posted on 01/18/2018 12:34:12 PM PST by Puppage (You may disagree with what I have to say, but I shall defend to your death my right to say)
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To: C19fan

Bitcoin is not a currency, and it not crypto anything. It is an amazing scheme concocted by computer geeks for extracting money from gullible people.

It is nothing but saved electrons.

“Mining” is a metaphor for running some computer code that produces a new number which is then declared to be worth something. It is worth nothing until it is converted to money. The quoted price is the last recorded selling price. It is not an indication of worth. Worth does not exist until a sell transaction is executed.

If you buy bitcoins, it is speculation. You could lose all your electrons. Your electrons are not insured by the federal government.


24 posted on 01/18/2018 12:34:26 PM PST by I want the USA back (Lying Media: completely irresponsible. Complicit in the destruction of this country.)
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To: C19fan; CygnusXI
From what I understand these miners verify a Bitcoin transaction so as a reward if you verify enough transactions you get to birth a new bitcoin.

That's not how it works. The transactions take no computer time at all and those aren't done until after the mining. The way it works is the miners test 17,000,000,000,000,000,000,000 hashes per second collectively (that was the peak, it's less now). Since hashes produce random number output by design, it is very unlikely to get lots of zeroes in a hash. The winner is the miner who gets a lot of zeroes. At that point they do the transactions to create a block which takes no time.

25 posted on 01/18/2018 12:35:35 PM PST by palmer (...if we do not have strong families and strong values, then we will be weak and we will not survive)
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To: heights

“And there isn’t a single resource backing it up

Just like our dollar!


26 posted on 01/18/2018 12:36:11 PM PST by aMorePerfectUnion
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To: I Drive Too Fast

LOL, the Bitcoin thing is such a joke. It can’t die soon enough...There are paid trolls on every website pushing the stuff too.


27 posted on 01/18/2018 12:36:32 PM PST by Professional
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To: I Drive Too Fast

I got a few ‘zombie’ cell phones here in the drawer to help out.

WE”RE GONNA BE RICH!


28 posted on 01/18/2018 12:36:54 PM PST by Delta 21 (Build The Wall !! Jail The Cankle !!)
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To: CygnusXI

“How can one just “mine” money?

“Mining” is simply being rewarded for running complex calculations to verify the block chain record.


29 posted on 01/18/2018 12:38:21 PM PST by aMorePerfectUnion
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To: CygnusXI
It aint easy!


30 posted on 01/18/2018 12:39:07 PM PST by Delta 21 (Build The Wall !! Jail The Cankle !!)
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To: for-q-clinton

and we all have the same rule book.


Ah another enigmatic (at least to me) post...not stalking you—just in latest posts page...

Why do you think we have the “and same rule book”?


31 posted on 01/18/2018 12:39:54 PM PST by Freedom56v2 (#KATE'SWALL Build it Now)
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To: I want the USA back

“Your electrons are not insured by the federal government.

Neither is a Dollar.


32 posted on 01/18/2018 12:39:58 PM PST by aMorePerfectUnion
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To: freedumb2003

What is BBT? Where are their episodes?


33 posted on 01/18/2018 12:41:03 PM PST by Freedom56v2 (#KATE'SWALL Build it Now)
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To: freedumb2003

Press “PLAY” dammit! LOL


34 posted on 01/18/2018 12:41:10 PM PST by Klemper (And then... and ONLY then... do they get their only chance to come back into America the legal way.)
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To: Freedom56v2

That’s how blockchains work. If a nation or person was able to manipulate it then the blockchain would be worthless and unreliable.


35 posted on 01/18/2018 12:41:47 PM PST by for-q-clinton (If at first you don't succeed keep on sucking until you do succeed)
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To: I Drive Too Fast

“Decisions, decisions. Should I go with this or my trusted Nigerian unclaimed inheritances?”

Dear I Drive Too Fast:

Greetings too yew. I am Nkwaji Dbu Bwongasami. I write to yew as a friend and hope yew kan help me for which I will great award yew.

My uncle Jimbawa recently died and in his will passed on to me an entire property of the southern half of Nigeria, including numerous sh1twholes on the property.

Unfortunately, I can not take possession of the property until I pay the fee for changing the deed, but only in bitcoins. So I am asking yew my deer friend to send me by bank transfer $8,000, which I will change to bitcoins for the deed. Then I can sell the property and pay yew back 200 bitcoins.

I await yur reply and money.

Sincerely,
Nkwaji (Nick)


36 posted on 01/18/2018 12:43:25 PM PST by oldbill
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To: Freedom56v2

>>hat is BBT? Where are their episodes?<<

*Press ‘Nerd ejection’ button*

Big Bang Theory :)

Not as funny as it used to be but still funny enough.


37 posted on 01/18/2018 12:43:33 PM PST by freedumb2003 (obozo took 8 years to try to destroy us. Trump took 1 to rebuild us. MAGA!!)
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To: Professional

A buddy has 100 or so he bought back when they were $5.
He told me they are a pain to sell.
He is aware of the risks, but a $500 investment is looking really good right now.


38 posted on 01/18/2018 12:43:57 PM PST by glasseye ("24 hours in a day, 24 beers in a case. Coincidence? I think not." ~ H. L. Mencken)
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To: oldbill

I have a Bitcoin smelter. Maybe you and me can make a deal... Your ore, my smelter... Instant Bitcoin ingots! Then we can find somebody to mint them into coins.... Since it is all virtual, then all we have to do, is imagine.


39 posted on 01/18/2018 12:44:23 PM PST by Klemper (And then... and ONLY then... do they get their only chance to come back into America the legal way.)
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To: freedumb2003

I had one of those. My uncle gave it to me.


40 posted on 01/18/2018 12:46:22 PM PST by moviefan8
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