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About Bitcoin

Discussion in 'General Off Topic Forums' started by 91r100gs, Jan 11, 2018.

  1. 91r100gs

    91r100gs Lunatic Member

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    When Bitcoin says they are mining Bitcoins. what are they mining? Seems like the $64 trillion question.
     

     

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  2. bigx5murf

    bigx5murf Super Member

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    In a nutshell, complex math problems
     
    KentTeffeteller likes this.
  3. 91r100gs

    91r100gs Lunatic Member

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    So who/what is paying for the answer, or is it just a game?
     
  4. Hajidub

    Hajidub Chihuahua/Pug = Chug Subscriber

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    There are only a finite amount of Bitcoin.

    Per wiki: In a fully decentralized monetary system, there is no central authority that regulates the monetary base. Instead, currency is created by the nodes of a peer-to-peer network. The Bitcoin generation algorithm defines, in advance, how currency will be created and at what rate. Any currency that is generated by a malicious user that does not follow the rules will be rejected by the network and thus is worthless.

    BTW, anyone planning on mining for bitcoin....save your time. Even in mining groups the algorithm has become so large that most likely you'll spend more on electricity to power your computer than in bitcoin return.

    To possibly get rich, sink 10/20 bucks into emerging cryptocurrency and keep your fingers crossed one explodes like bitcoin.
     
  5. 91r100gs

    91r100gs Lunatic Member

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    In other words this is a Ponzi/Pyramind scheme.
     
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  6. BigElCat

    BigElCat Mmm Hmm Subscriber

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    They conjure it out of the thin blue sky, just like all fiat currencies.

    (maybe I best shut up).
     
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  7. bigx5murf

    bigx5murf Super Member

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    The math proofs are extremely time and resource intensive. As for who's paying for them, well anyone that accepts bitcoin for payment.

    Sounds crazy at first, but then look at your own back account. You don't have stacks of physical cash do you? Odds are your bank doesn't have much either. Cash nowadays is really just numbers in a database. You can pay, and accept payment without ever touching physical cash. Despite what we're taught, this current system isn't actually backed by gold anymore.
     
  8. gslikker

    gslikker Super Member

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    Since the above, it is hardly a "game", and the idea is one pays for the answer by using electricity and computer hardware, the pay being less than the value generated.

    To me it looks inefficient.

    The question which can be issued, is it any less efficient than "issue real money" and spread it around among "banks and the rich" while "pumping it into the economy"
     
  9. 91r100gs

    91r100gs Lunatic Member

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    What is the value of the math? Is this the way Silicon Valley gets other people to do their difficult math, or is this the beginning of FedCoin?
     
  10. Beau Geste

    Beau Geste Rione Traiano Subscriber

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    Avoid . It's a fraud. A currency without country, economy and central bank not exist .
     
  11. Harvestor

    Harvestor Super Member

    There is a story circulating on national news about a Boy that at age 12 invested $1,000 of his money in Bitcoin that's worth a couple of million dollars now if he turned it in.
    I think if I were him I would consider selling now before it's too late..
     

     

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  12. bigx5murf

    bigx5murf Super Member

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    The human genome was recently in the last few years completely mapped out I believe. In large part due to the Genome@home and folding@home, distributed computing projects. Which people volunteered their unused CPU cycles on their PCs to help workout the math for the human genome. That math should've had value, but it was basically "donated" by volunteers.
     
  13. 91r100gs

    91r100gs Lunatic Member

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    Don't intend to enter this arena. Been slowly buying Gold, Silver and Platinum on dips, so that it is about 7-10% of my portfolio. So that when my dollars are worthless and precious metals are worth a lot more, my buying power remains similar.
     
  14. bigx5murf

    bigx5murf Super Member

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    My wife and I sold all our bitcoin to pay for our wedding and honeymoon. We sold too early, probably would've gotten 10x as much had we gotten married 2 years later. We do still have some other cryptos, but it's not much. I don't forsee us ever getting back into bitcoin.
     
  15. ic-racer

    ic-racer Well-Known Member

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    The winner miner uses the winning math solution to store the last 'block' of transactions. The transaction blocks are shared among networked computers that each have the entire dataset of all encripted transactions. The creator of the 'game' probably had laudable intentions, but it has evolved into durg currency traded on the open market by speculators.
     
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  16. tubed

    tubed Lunatic Member

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    "If bitcoin miners were a country, they would rank 61st in the world in energy consumption or more than 159 individual countries in the world".:eek2:
     

     

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  17. gslikker

    gslikker Super Member

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    A sad situation, indeed.
     
  18. Hajidub

    Hajidub Chihuahua/Pug = Chug Subscriber

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    The naysayers need to research BTC a bit more. It's ingenius and the fact it's not centralized, federally controlled is excellent. BTW, BTC was .08 a bitcoin in 2010, now 14K...
     
  19. tubed

    tubed Lunatic Member

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  20. tubed

    tubed Lunatic Member

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    It's different this time.
    1500577728_goudatulip.JPG
     
    smurfer77 likes this.

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