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Posted: 1/28/2018 5:07:48 AM EDT
[#1]
Quote HistoryQuoted:
I am a bitcoin miner. I run four antminers that make me a little bit of money every month. Well, actually they do work in a pool, which is the combined resources of all other members of the pool. If you are familiar with folding@home or seti@home then you actually already are close to a conceptual understanding of how bitcoin and other cryptocurrencies work. If you could buy and sell the results of the work done by computers participating in seti@home or folding@home or any other group computational effort, then it would be another form of cryptocurrency, more or less. The difference is primarily in the details of how the "block" is computed and validated. The block is the string of data that IS the bitcoin. For a block to be a valid bitcoin it has to have certain features, one of which is that it currently has to start with a chain of 18 zeroes. That doesn't seem like much, except the odds of randomly generating a long block of numbers (say 256) and the first 18 digits are all zero, well, those are very long odds indeed. The block itself is created by a hashing function. Hashing is a mathematical process of starting with one or more input numbers and a seed number and mathematically combining them to creat an output number that is unique and of a defined length. Other computers on the network have the capacity to repeat a calculation made by the computer that "found" a valid block, and cross-check that block for validity. In fact, a LOT of computers on the bitcoin network do this. I'm not sure exactly how many, and really as the operator of a mining system even I don't have to know the details. But part of the hash function that is used to find a new block is the last block to be mined. The newest block is one of the numbers that is hashed by miners to create the next block. That next block can not be valid if the previous block is not incorporated into its hashing function. So, every block is derived from the previous block and other information, in a manner that can be validated by all the other computers on the network. This makes it impossible, for all intents and purposes, to forge blocks. The block generation system is VERY secure due to its cross-checking features. As for valuation, it's worth what people will pay for it. People buy into it on speculation that it will increase in value or actually be useful as a currency for buying things. If I can put my miners into the pool and I end up getting paid in real money to my real bank account via automatic cash-out, that's all that's really important to me. 
Hash is a mathematical function that outputs a short string based off a larger data set. Bitcoin uses a double sha256 hash function as an acceptance check (more in a sec). A nonce is the bit that changes for each attempt at getting a string of zeros long enough to be accepted. The difficulty is determined by the number of zeros required at the beginning of a hash to accept the block, this is changable as more computing power is available. So when a miner is attempting to mine a coin, they are iterating through 32 bits of possibilities that the nonce can be and seeing if the result hash has enough zeros to accept. There may not be any nonce that when the block is hashed it the result has enough leading zeros. The odds are very small of finding one (that's why it takes such computing power, to iterate through many many possibilities). If a miner goes through all the 32 bit possibilies of the nonce and no winner is found (has enough leading zeros), something in the block has to be changed (like the timestamp) so that when the miner iterates through the nonces again, there will be fresh new possibilies to hit that number of leading zeros. Hope this makes sense (its early). |
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Posted: 1/28/2018 6:43:23 AM EDT
[#2]
Jim - "I have a bit coin to sell, it's worth $xxxx."
ka3b - "I want to buy your bitcoin. How do I do it?" Answer - Buy an expensive computer, install a specialized program, send Jim the money for the bitcoin.....Where in the fuck do I send the money? How do I send the money? |
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Posted: 1/28/2018 7:20:50 AM EDT
[#3]
Quote HistoryQuoted:
It’s a joke. An imaginary financial instrument that has absolutely no intrinsic value. It doesn’t represent a unit of anything. We mine gold, silver, uranium, because they have intrinsic as well as monetary value. Calling the equation solving needed to “create” a bitcoin mining is fucking retarded, and so is anyone thinking its anything but a tool for scammers to rip off morons. Quote HistoryQuoted:
It’s a joke. An imaginary financial instrument that has absolutely no intrinsic value. It doesn’t represent a unit of anything. We mine gold, silver, uranium, because they have intrinsic as well as monetary value. Calling the equation solving needed to “create” a bitcoin mining is fucking retarded, and so is anyone thinking its anything but a tool for scammers to rip off morons. Its groundbreaking means of securing data through a truly decentralized manner. Now... Today, imagine if that decentralized data you want to secure could host contractual agreements, websites, autonomous orginizations, preserve perfect records, and could rival the transactional speed of visa... Take a long look at paypal in thr coming years... The 1000s of employees who work at paypal will lose everything to a company of 20 that will launch a smart contract blockchain and token which will keep perfect accounting records for businesses and function as a intermediary for exchange between consumer and business at less than 1 percent of the revenue that paypal needs to operate. This is just one of the thousands of examples, and the utility of the blockchain is only limited by the imagination. Just like the internet... At its birth none of us could see the potential of the technology. Many said the internet would be worthless for businesses. These coins and the blockchain are the first wave of disruptive tech that will likely destroy millions of jobs in the coming years. It will do this with ruthless precision. Legislators will try and tackle these problems fruitlessly. By the time they realize what has happened these systems will be integrated and integral to international business if not day to day life. Tracking the life of a product from farm/factory to retail will be perfectly preserved along with all the accounting and transactions needed to process the products trip at every stage of its life. Perfect accountability and authentication of the product from end to end with no chance of counterfit. Literally look up the history of your wifes purse and track its components to the cow and field from which it started on a perfect record that cant be hacked or modified. The unit of value that these coins will have will be backed by the products, companies, and contracts executed on their blockchain. These coins are the means of computational exchange of the coming of the world supercomputer. Whoever fails to adopt them will be left behind. Pepper your angus and prepare to eat your words. Advise your children and loved ones to choose their future field of work wisely. Quoted:
Jim - "I have a bit coin to sell, it's worth $xxxx." ka3b - "I want to buy your bitcoin. How do I do it?" Answer - Buy an expensive computer, install a specialized program, send Jim the money for the bitcoin.....Where in the fuck do I send the money? How do I send the money? The transaction is recorded on a permanant record. |
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Posted: 1/28/2018 7:51:17 AM EDT
[#4]
Quoted:
Google and Wiki make no sense. Can I put a bitcoin in my pocket? What are they worth? What the fuck is bitcoin mining? This is the best I can surmise: Bitcoin is a cryptocurrency. It is essentially a virtual trinket. So no, you can't put on in your pocket. You can put it in a virtual wallet, I believe. But you can't put that wallet in your pocket either, unless it's on your phone and then its in your pocket, but kinda not. It appears to be something akin to the magical swords and potions that are considered rare in computer games like World of Warcraft and other vast RPGs. To that end they are worth what value people attach to them as virtual items, and the value is in their potential uses in the virtual sphere. The value is dictated by demand. They don't exist in real life. They exist in virtual space as a kind of binary lottery ticket. You buy a computer and jam in the most powerful graphics card you can find, because graphics processors are faster and more bettered than normal motherboard processors and then you set the computer out on a mission to dig through cyberspace to find little bits of these virtual trinkets, which you can then add to your virtual wallet. Basically, somebody created something out of nothing, told everybody that the something was the next big thing and that it would make you rich, some people decided to jump on board to mine the nothingness for that something. Some people found bits of something and said "Look I have found bits of something".....others looked on and said "Oooooh bits of something" and they also joined the mining as everybody said it was going become the next big thing. This continues until lots of people were looking for that something and the hype grew. Lots of people said "oooooh shiney" and wanted to jump on board. The real magic comes when you find some bits of virtual something from nothing and you then sell them to the people who are clamouring for some virtual something from nothing. You can then sell them something from nothing for far more money than it is worth (which is essentially nothing) and turn your something from nothing into cold hard cash which actually has some from of guarantee attached to it. It's one of the greatest examples of a self fulfilling prophecy we have seen in modern times. Of course, it's all fun and games until the power goes off and then your something become nothing again unless you have sold it for something which isn't virtual. I will caveat the above by saying that I am no expert in cryptocurrencies. 
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Posted: 1/28/2018 8:00:28 AM EDT
[#5]
In my mind it is an object lesson on fiat currency.
Things have value because people agree that they have value and agree to trade them for goods or services. A dollar is just a piece of paper with printing on it that people agree to trade for work or something tangible. Bitcoin is a number instead of a piece of paper. As long as there are people who agree that the number is worth something, it has value. If they decide it is no longer worth anything, it no longer has value. The same thing will happen to the dollar some day as well. |
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Posted: 1/28/2018 8:09:48 AM EDT
[#6]
 But how does bitcoin actually work? |
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Posted: 1/28/2018 8:10:11 AM EDT
[#7]
Quote HistoryQuoted:
Tracking the life of a product from farm/factory to retail will be perfectly preserved along with all the accounting and transactions needed to process the products trip at every stage of its life. Perfect accountability and authentication of the product from end to end with no chance of counterfit. Literally look up the history of your wifes purse and track its components to the cow and field from which it started on a perfect record that cant be hacked or modified. . . . The transaction is recorded on a permanant record. And even if you claim to have sold one to Joe, that would be reflected in your record? I guess a boat accident is the only saving grace. 
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Posted: 1/28/2018 8:18:22 AM EDT
[#8]
Quote HistoryQuoted:
Google, it's a motherfucker. |
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Posted: 1/28/2018 8:41:55 AM EDT
[#9]
Quote HistoryQuoted:
So, the Gestapo will be able to track gun purchases and will then have a database that enables them to knock on your door and demand your guns? And even if you claim to have sold one to Joe, that would be reflected in your record? I guess a boat accident is the only saving grace. In this scenario manufacturer a would have adopted the blockchain and they would utilize it to reduce accounting costs and reduce the manpower required to audit inventory. If the government wants access to their blockchain records then certainly they could track a firearm from production end to end. However the government has no requirement for a poorly run, badly programmed ATF blockchain yet. The individual transfers once outside the shop are not recorded to any public ledger. The true horror is integrating the block chain as a means of social tracking. Imagine if rfid chips were installed in a person from birth. The perfect record of everything they ever did and everything they ever spent could be audited with no way to delete it. However i am currently looking for resources to study the theories behind the blockchain and how it will relate to governments. The blockchain allows us to produce our own currency in effect. If a business creates a token and it has value because it is backed by the business (imagine a easily transfered stock that can be spent like money) then where does the line in the sand so to speak get drawn between the power of a business and government? Since the blockchain is hosted voluntarily by millions of people around the globe, a businesses token and its inherant value will never be destroyed. People who host nodes will preserve the record and hence the value of the token... and since it can be sent at will around the globe with a simple phone app... How can a government track and assign taxable value to something it has a) banned as a financial instrument yet is still used in day to day life the world over? Your banned token would still have value in america even though retailers would not be able to accept it. Simply trade it or sell it for a different token at your leisure on a decentralized peer to peer exchange. I will be seeking employment with Weyland Utani at my utmost convienience. |
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Posted: 1/28/2018 8:44:45 AM EDT
[#10]
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Posted: 1/28/2018 9:08:10 AM EDT
[#11]
Quote HistoryStudy harder. The issuance of currency *and* the ability to create decentralized autonomous orginizations allows the will of the people to quietly secceed from government in a way that is unthinkable to us today. Peer to peer transactions that cannot be seized which also fuel the global computer and power the autonomous contracts. Beanie babies and basebal cards wont allow you and your countrymen to build a new nation state without ever firing a shot. Its the ability to create our own shadow government that cant be easily destroyed. The fed would suddenly see its taxable revenue dry up organically. A stock market crises could indeed kick start the crypto movement in a manner that drastically alters the trajectory of a nation. When suddenly everyone is their own bank and can utilize this currency to buy and loan money on a automatic contract with no middle men... I think we should build multiple autonomous orginizations organized with smart contracts based around the constitution of the United States and utilize whatever currency we damn well please. These autonomous organizations can't be destroyed unless the government kills the power or goes on a global rampage to track down and destroy all the nodes. Both of those scenarios will have serious consequences for the government. Think about that for a second. If you love the second amendment you need to learn to love the autonomy of cryptocurrency. Not that these scenarios will happen... But this technology is indeed going to change things big time and presents unique social opportunities that we cant quite see as of yet. |
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Posted: 1/28/2018 9:10:35 AM EDT
[#12]
Quote HistoryQuoted: Possibly yes. In this scenario manufacturer a would have adopted the blockchain and they would utilize it to reduce accounting costs and reduce the manpower required to audit inventory. If the government wants access to their blockchain records then certainly they could track a firearm from production end to end. However the government has no requirement for a poorly run, badly programmed ATF blockchain yet. The individual transfers once outside the shop are not recorded to any public ledger. The true horror is integrating the block chain as a means of social tracking. Imagine if rfid chips were installed in a person from birth. The perfect record of everything they ever did and everything they ever spent could be audited with no way to delete it. However i am currently looking for resources to study the theories behind the blockchain and how it will relate to governments. If you want to maintain a list of firearms, put it in a fricken database. |
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Posted: 1/28/2018 9:13:02 AM EDT
[#13]
The bitcoin craze is similar to tulip mania of 1637. Except when everyone decided tulip bulbs were worthless and the price collapsed, you still had a box of bulbs.
When everyone realizes bitcoins are worthless and the price collapses you will have nothing. Am I wrong? |
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Posted: 1/28/2018 9:16:33 AM EDT
[#14]
Quote HistoryQuoted: If I put this as an answer on one of my tests back in CS104-Data Structures, I'd be given 0 pts. Blockchain has no advantages when used in a in-house environment such as firearm tracking. Blockchain is really just a linked list (of structs) in computer science terms. To use it as a database is silly. It is designed the way it is designed because its p2p/distributed. Everyone has the same blockchain (linked list) but needs to be able to verify they have the one true list (done via the hashing checks). When a business has a need to store data in house, it doesn't have any of these requirements, and all of the important features of the blockchain are useless and become cumbersome for no benefit. If you want to maintain a list of firearms, put it in a fricken database. |
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Posted: 1/28/2018 9:21:27 AM EDT
[#15]
Quote HistoryQuoted:
Jim - "I have a bit coin to sell, it's worth $xxxx." ka3b - "I want to buy your bitcoin. How do I do it?" Answer - Buy an expensive computer, install a specialized program, send Jim the money for the bitcoin.....Where in the fuck do I send the money? How do I send the money? |
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Posted: 1/28/2018 9:22:09 AM EDT
[#16]
Quote HistoryQuoted:
The bitcoin craze is similar to tulip mania of 1637. Except when everyone decided tulip bulbs were worthless and the price collapsed, you still had a box of bulbs. When everyone realizes bitcoins are worthless and the price collapses you will have nothing. Am I wrong? But dont bet against cryptocurrency in the long run. |
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Posted: 1/28/2018 9:30:03 AM EDT
[#17]
Quote HistoryQuoted:
Computer hackers, drug dealers, and people in Cyprus and China and anyone else trying to move money illegally disagree. Quote HistoryQuoted:
Quoted: btc would be a really stupid way to try to launder money. |
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Posted: 1/28/2018 9:30:46 AM EDT
[#18]
Quote HistoryQuoted:
The bitcoin craze is similar to tulip mania of 1637. Except when everyone decided tulip bulbs were worthless and the price collapsed, you still had a box of bulbs. When everyone realizes bitcoins are worthless and the price collapses you will have nothing. Am I wrong? |
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Posted: 1/28/2018 9:33:35 AM EDT
[#19]
a bitcoin is what will separate the young, intelligent and forward thinking from the old, slow and jaded when the us dollar collapses.
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Posted: 1/28/2018 9:37:27 AM EDT
[#20]
Quote HistoryQuoted:
Not that these scenarios will happen... Quote HistoryQuoted:
Not that these scenarios will happen... |
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Posted: 1/28/2018 9:39:01 AM EDT
[#21]
Quote HistoryQuoted:
These coins are the means of computational exchange of the coming of the world supercomputer. |
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Posted: 1/28/2018 9:40:06 AM EDT
[#22]
Quote HistoryQuoted: You could have saved yourself a lot of typing |
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Posted: 1/28/2018 9:45:11 AM EDT
[#23]
Quote HistoryQuoted:
a bitcoin is what will separate the young, intelligent and forward thinking from the old, slow and jaded when the us dollar collapses. The FED creates their own crypto. They limit actual circulating supply and hold on to the majority of it. The price climbs into the atmosphere. The FED buys their own cryptocurrency from themselves and pay off the national debt. The dollar continues to reign supreme That was easy |
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Posted: 1/28/2018 9:46:21 AM EDT
[#24]
Quote HistoryQuoted:
Study harder. The issuance of currency *and* the ability to create decentralized autonomous orginizations allows the will of the people to quietly secceed from government in a way that is unthinkable to us today. Peer to peer transactions that cannot be seized which also fuel the global computer and power the autonomous contracts. Beanie babies and basebal cards wont allow you and your countrymen to build a new nation state without ever firing a shot. Its the ability to create our own shadow government that cant be easily destroyed. The fed would suddenly see its taxable revenue dry up organically. A stock market crises could indeed kick start the crypto movement in a manner that drastically alters the trajectory of a nation. When suddenly everyone is their own bank and can utilize this currency to buy and loan money on a automatic contract with no middle men... I think we should build multiple autonomous orginizations organized with smart contracts based around the constitution of the United States and utilize whatever currency we damn well please. These autonomous organizations can't be destroyed unless the government kills the power or goes on a global rampage to track down and destroy all the nodes. Both of those scenarios will have serious consequences for the government. Think about that for a second. If you love the second amendment you need to learn to love the autonomy of cryptocurrency. Not that these scenarios will happen... But this technology is indeed going to change things big time and presents unique social opportunities that we cant quite see as of yet. Quote HistoryQuoted:
Study harder. The issuance of currency *and* the ability to create decentralized autonomous orginizations allows the will of the people to quietly secceed from government in a way that is unthinkable to us today. Peer to peer transactions that cannot be seized which also fuel the global computer and power the autonomous contracts. Beanie babies and basebal cards wont allow you and your countrymen to build a new nation state without ever firing a shot. Its the ability to create our own shadow government that cant be easily destroyed. The fed would suddenly see its taxable revenue dry up organically. A stock market crises could indeed kick start the crypto movement in a manner that drastically alters the trajectory of a nation. When suddenly everyone is their own bank and can utilize this currency to buy and loan money on a automatic contract with no middle men... I think we should build multiple autonomous orginizations organized with smart contracts based around the constitution of the United States and utilize whatever currency we damn well please. These autonomous organizations can't be destroyed unless the government kills the power or goes on a global rampage to track down and destroy all the nodes. Both of those scenarios will have serious consequences for the government. Think about that for a second. If you love the second amendment you need to learn to love the autonomy of cryptocurrency. Not that these scenarios will happen... But this technology is indeed going to change things big time and presents unique social opportunities that we cant quite see as of yet. Cryto will soon have to use the fiat method for uncontrollable online fraud and theft - issue more coins but not say anything about it - diluting the currency. Which I can guarantee is happening at some level, somewhere already. Too much there to not steal - it's like a magnet for fools and thieves. |
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Posted: 1/28/2018 9:59:17 AM EDT
[#25]
Quoted:
Google and Wiki make no sense. Can I put a bitcoin in my pocket? What are they worth? What the fuck is bitcoin mining? 1. You can, via digital storage medium (flash or disk storage, etc.) 2. Whatever the people have faith that they are worth at any given point in time. 3. The solving of complex mathematical problems. The digital equivalent of physically mining a mineral from the earth. Requires some knowledge, equipment, and effort (investment). |
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Posted: 1/28/2018 10:15:49 AM EDT
[#26]
So its a number? Like 87?
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Posted: 1/28/2018 10:33:14 AM EDT
[#27]
Quote HistoryQuoted:
So its a number? Like 87? 1KmXbVCRh1bYDo96CVBt4rhcWTBnabNqhr |
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Posted: 1/28/2018 10:39:17 AM EDT
[#28]
so it isn't like something physical that can be mined or replicated.
because there is a known finite amount of it, the value will increase as more people use it. unlike gold, diamonds or tulips, which only have value due to perceived scarcity, bitcoin only has so many that can be had period. Why isn't it the same where people inflated the value? Well in part because of that scarcity. people say the tuilp is valuable, so lets make more. It lasted for years, till enough people had them, so it crashes. you can't do that with bit coin. As for hacking, people are always the weakest link. Encryption is really so good right now that you cannot brute force a 256 encryption key. No one has that kind of power. you can however guess someone's password, or socially engineer getting one, or a virus or a fake website to get access. When a company gets hacked you bet someone got a call saying, hi I am joe from tech support. I need your ip address to fix your machine. or I need your password to correct your account. not someone doing the crap you see on tv or the movies, cracking each firewall (lol, like that is a thing) to get to their machine. It isn't like that. And even if they could get in with a machine logged off, most if not all companies use some kind of encryption. Or as in the credit companies problem a known crack in the armor wasn't patched up and they got hacked. |
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Posted: 1/28/2018 10:51:16 AM EDT
[#29]
ost
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Posted: 1/28/2018 10:55:55 AM EDT
[#30]
There is nothing to get. It doesn't really exist. It's a virtual thing. You are correct in seeing that the Emperor has no clothes, everyone else has lost their collective mind.
They can devalue it at anytime back into 0s and 1s. |
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Posted: 1/28/2018 11:03:25 AM EDT
[#31]
So when SHTF and maybe the power grid is knocked out all said crypto currency goes "poof" into the ethernet, my silver coins will still have value.
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Posted: 1/28/2018 11:10:48 AM EDT
[#32]
Bitcoin will no longer be number one
Turtle coin is the future https://turtlecoin.lol/ |
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Posted: 1/28/2018 11:13:32 AM EDT
[#33]
Quote HistoryQuoted: Plot Twist The FED creates their own crypto. They limit actual circulating supply and hold on to the majority of it. The price climbs into the atmosphere. The FED buys their own cryptocurrency from themselves and pay off the national debt. The dollar continues to reign supreme That was easy I really wonder if you understand cryptocurrencies if you think the federal govt would adopt one. |
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Posted: 1/28/2018 11:44:57 AM EDT
[#34]
Quote HistoryQuoted:
The bitcoin craze is similar to tulip mania of 1637. Except when everyone decided tulip bulbs were worthless and the price collapsed, you still had a box of bulbs. When everyone realizes bitcoins are worthless and the price collapses you will have nothing. Am I wrong? The utility of crypto is that I can, without interference from governments or banks, transfer value in exchange for goods and services around the world quickly and securely very inexpensively. Tulips are simply nice to look at. |
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Posted: 1/28/2018 11:46:47 AM EDT
[#35]
Quote HistoryQuoted:
There is nothing to get. It doesn't really exist. It's a virtual thing. You are correct in seeing that the Emperor has no clothes, everyone else has lost their collective mind. They can devalue it at anytime back into 0s and 1s. |
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Posted: 1/28/2018 11:50:49 AM EDT
[#36]
Block chain technology that requires a lot computer problem solving with the reward being the creation of a digital currency called Bitcoin. Said Bitcoin may be cashed in for currency or even precious metals. Watch this video:
 From Bitcoin To HBAR - Hedera Hashgraph Documentary |
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Posted: 1/28/2018 12:15:34 PM EDT
[#37]
Quote HistoryQuoted:
Except the Fed would never create their own crypto. The Fed would have no need for cryptos at all, since they are a centralized authority and can verify transactions. The point of cryptos are to be decentralized, that's where the technology for cryptography is used. I really wonder if you understand cryptocurrencies if you think the federal govt would adopt one. Quote HistoryQuoted:
Quoted: Plot Twist The FED creates their own crypto. They limit actual circulating supply and hold on to the majority of it. The price climbs into the atmosphere. The FED buys their own cryptocurrency from themselves and pay off the national debt. The dollar continues to reign supreme That was easy I really wonder if you understand cryptocurrencies if you think the federal govt would adopt one. |
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Posted: 1/28/2018 12:21:34 PM EDT
[#38]
The economist in me is very interested how it will play out. That's not a good sign as everything that has ever interested that side of my brain crashed and burned.
The volatility based on feels makes it incompatible as a currency. When a country has a volatile currency it's based on the country collapsing. This could change of course. I believe crypto is ripe for manipulation by a wise player. Like a lightly traded stock, and it does act more like a high tech stock than a currency. It is an asset but not currently a currency. There is also the competition issue. Nothing is stopping thousands of nerds making new crypto "currencies". Would currency work with thousands or millions of competing currencies? I would guess no. In terms of countries there are essentially 3 currencies. US dollar, Euro, Pound. We could argue Yen but I don't think anyone holds Yen as a primary choice yet. All the other currencies of the world don't mean shit and are just temporary place holders to turn into dollars when we talk on a global scale. People have made a lot of money in crypto, this actually makes it less like a currency and more like a high tech stock startup with no earnings. People say crypto is just like a dollar in that it only has value because people believe it does. This is almost true. I would say more accurately the value of a dollar reflects the world's desire to purchase assets in the US. Think about that for a minute. If I am right on this point it would take away a big part of the pro crypto argument. Is there a single person that would put the entirety of their liquid assets into crypto? If the answer is no then it's not a currency. That could change. Fun times |
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Posted: 1/28/2018 12:26:35 PM EDT
[#39]
Quoted:
Google and Wiki make no sense. Can I put a bitcoin in my pocket? What are they worth? What the fuck is bitcoin mining? |
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Posted: 1/28/2018 12:28:44 PM EDT
[#40]
Quote HistoryQuoted:
It’s a joke. An imaginary financial instrument that has absolutely no intrinsic value. It doesn’t represent a unit of anything. We mine gold, silver, uranium, because they have intrinsic as well as monetary value. Calling the equation solving needed to “create” a bitcoin mining is fucking retarded, and so is anyone thinking its anything but a tool for scammers to rip off morons. |
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Posted: 1/28/2018 12:36:22 PM EDT
[#41]
It's like a lottery scratch ticket that you scratch off and post on Facebook. Some people win a bunch of money and it becomes popular to post your ticket on Facebook. It becomes so popular that there aren't enough scratch tickets to go around and people start paying for even scratched off tickets so that they can participate in the fad. The tickets start trading like stamps or baseball cards and some people get even richer. There is so much money involved that investment companies get involved, adding the appearance of legitimacy to the trend. The science behind being a bookie captivates the enthusiasts and adds still more apparent legitimacy. Eventually, someone will get stuck with a bunch of scratched off lottery tickets and wonder why they bought them.
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Posted: 1/28/2018 12:43:19 PM EDT
[#42]
Bitcoin sounds like bullshit to me.
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Posted: 1/28/2018 1:38:47 PM EDT
[#43]
Quote HistoryQuoted:
I’ve always wondered if it and other Cryptocurrencies were directly influenced by MMORPGs. A person would trade hard cash for established account (and the in-game wealth associated with that account). |
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Posted: 1/28/2018 1:39:47 PM EDT
[#44]
Quote HistoryQuoted:
It’s a joke. An imaginary financial instrument that has absolutely no intrinsic value. It doesn’t represent a unit of anything. We mine gold, silver, uranium, because they have intrinsic as well as monetary value. Calling the equation solving needed to “create” a bitcoin mining is fucking retarded, and so is anyone thinking its anything but a tool for scammers to rip off morons. There’s no intrinsic value backing up the USD you get paid with twice a month either, is there? |
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Posted: 1/28/2018 1:45:26 PM EDT
[#45]
Quote HistoryQuoted:
The bitcoin craze is similar to tulip mania of 1637. Except when everyone decided tulip bulbs were worthless and the price collapsed, you still had a box of bulbs. When everyone realizes bitcoins are worthless and the price collapses you will have nothing. Am I wrong? Bitcoin has the value people have put into it for one. It has the value of the proof of work used to create it. The value it sells for now is inflated, but I do not believe it could reasonably go to zero anymore. |
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Posted: 1/28/2018 2:12:28 PM EDT
[#46]
Quote HistoryQuoted:
You aren't a deep thinker, but I wouldn't expect that from someone who buys chemicals from china to mimic marijuana  but keep on thinking that 
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Posted: 1/28/2018 2:32:56 PM EDT
[#47]
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I know you’re smarter than that. There’s no intrinsic value backing up the USD you get paid with twice a month either, is there? Quote HistoryQuoted:
Quoted:
It’s a joke. An imaginary financial instrument that has absolutely no intrinsic value. It doesn’t represent a unit of anything. We mine gold, silver, uranium, because they have intrinsic as well as monetary value. Calling the equation solving needed to “create” a bitcoin mining is fucking retarded, and so is anyone thinking its anything but a tool for scammers to rip off morons. There’s no intrinsic value backing up the USD you get paid with twice a month either, is there? |
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Posted: 1/28/2018 2:36:25 PM EDT
[#48]
OP,
When I was younger I used to play Ultima Online and Everquest. My parents had the same state of confusion when checks starting coming in the mail for hundreds of dollars. I was selling items I was farming in game and getting cash for it. 
The value of something is only worth what others will pay for it. |
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Posted: 1/28/2018 3:17:00 PM EDT
[#49]
Quote HistoryQuoted:
Actually there is, the desire to acquire US assets. Quote HistoryQuoted:
Quoted:
Quoted:
It’s a joke. An imaginary financial instrument that has absolutely no intrinsic value. It doesn’t represent a unit of anything. We mine gold, silver, uranium, because they have intrinsic as well as monetary value. Calling the equation solving needed to “create” a bitcoin mining is fucking retarded, and so is anyone thinking its anything but a tool for scammers to rip off morons. There’s no intrinsic value backing up the USD you get paid with twice a month either, is there? |
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Posted: 1/28/2018 3:29:57 PM EDT
[#50]
Quote HistoryQuoted:
That's not intrinsic value. Quote HistoryQuoted:
Quoted:
Quoted:
Quoted:
It’s a joke. An imaginary financial instrument that has absolutely no intrinsic value. It doesn’t represent a unit of anything. We mine gold, silver, uranium, because they have intrinsic as well as monetary value. Calling the equation solving needed to “create” a bitcoin mining is fucking retarded, and so is anyone thinking its anything but a tool for scammers to rip off morons. There’s no intrinsic value backing up the USD you get paid with twice a month either, is there? Intrinsic value is also known as actual value which is not always market value. This is much harder to know and theoretical, hence I gave you a theoretical and not finite answer. |
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