Posted on 01/18/2018 12:16:27 PM PST by C19fan
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.
>> 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.
Too late...my Timex Sinclair is already on the job!
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.
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.
“And there isn’t a single resource backing it up
Just like our dollar!
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.
I got a few ‘zombie’ cell phones here in the drawer to help out.
WE”RE GONNA BE RICH!
“How can one just “mine” money?
“Mining” is simply being rewarded for running complex calculations to verify the block chain record.
and we all have the same rule book.
Why do you think we have the “and same rule book”?
“Your electrons are not insured by the federal government.
Neither is a Dollar.
What is BBT? Where are their episodes?
Press “PLAY” dammit! LOL
That’s how blockchains work. If a nation or person was able to manipulate it then the blockchain would be worthless and unreliable.
“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)
>>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.
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.
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.
I had one of those. My uncle gave it to me.
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