Do you own any Bitcoin?

^^where do the miners get theirs?

I've done gobs of reading these last Few months and still don't understand how this all
Works.
 
Harpolith said:
^^where do the miners get theirs?

I've done gobs of reading these last Few months and still don't understand how this all
Works.
Click to expand...

Check out this podcast from NPR's Fresh Air. The link is actually to the transcript of the podcast, but you can play it as well, or download it from you favorite podcast app. And here is another from the Wall Street Journal podcast "The Future of Everything". IIRC, the Fresh Air segment is more in depth on the mining part, but both are good listens.
 
with mining rigs, in short its takes computing power to decrypt any crypto currency (hence the name) so miners use their own computing power to do it on behalf of whatever crypto currency you are using and they get a fee for doing so. like an ATM fee.
 
Cruzscarwash said:
with mining rigs, in short its takes computing power to decrypt any crypto currency (hence the name) so miners use their own computing power to do it on behalf of whatever crypto currency you are using and they get a fee for doing so. like an ATM fee.
Click to expand...

They are also getting paid to keep the logs that allow the currency to work.
 
rangerbay said:
What's wrong with cash?
Click to expand...

Well nothing and everything depending who you ask.

What’s wrong with pencil and paper compared to a pc? What’s wrong with a physical book when you can read it on a device? Someone found a better way to do something and the idea/movement is catching on.

Main arguments against cash is the government has complete control. You have to pay a fee to transfer money in some cases, you get charged 3.99% to borrow money but get .01% to let them borrow your money out. I can go on and on, you get the idea I think.

Another strong point against cash is the value and inflate it deflate. Bit coin changes based on supply and demand. At most when all coins are mined 21 million will exist. As demand rises so does price per coin. The government can say we are raising rates. With bitcoin the people decide it’s value. It also helps in countries where money is a huge issue. One bit coin is one bitcoin anywhere in the world. No converting X money to Y money.

I can send you bitcoin right now and it’s free to send, free to receive and you have that money in minutes, not days waiting for a check to clear. Also it’s theorized to be unable to be hacked during transactions due to blockchain. It can be stolen due to carelessness however. Basically, for a simplified explanation, the transaction goes through, and all PCs involved in bitcoin have the transaction noted and time stamped. That transaction is now noted everywhere. If it gets hacked, other PCs realizes something is incorrect. Unless the hacker hacks many PCs in many countries at the same times there is evidence of the hack. All PCs stay linked to this blockchain. When a pc solves a “puzzle” the PCs owner gets the bitcoin reward and that solution is sent out across the world to check the solution. If they all agree the coin is mined. If not, no coin because foul play was suspected. That’s very generalized and enough into to hopefully answer your question. I could go on but it’s work time


Sent from my iPhone using Autogeekonline mobile app
 
did you hear about the facebook twins? they bought bitcoin after the lawsuit in 2013 and now have 3 BILLION worth in coin
 
I didn’t hear that but I believe it. I had a friend that bought 100 bitcoin when it was pennies each. The laptop he had the codes stored on crashed and couldn’t recover it. At the time he didn’t care it was only a few bucks lost. Today that would be worth 1.1 million. If the rumors are true, whoever Satoshi Nakamoto is has at least 1 million coins translating to 11 billion. Idk why he hasn’t come forward to claim that yet.


Sent from my iPhone using AGOnline
 
Dmb5450 said:
I didn’t hear that but I believe it. I had a friend that bought 100 bitcoin when it was pennies each. The laptop he had the codes stored on crashed and couldn’t recover it. At the time he didn’t care it was only a few bucks lost. Today that would be worth 1.1 million. If the rumors are true, whoever Satoshi Nakamoto is has at least 1 million coins translating to 11 billion. Idk why he hasn’t come forward to claim that yet.


Sent from my iPhone using AGOnline
Click to expand...


but really where is he going to cash those in at? well I guys he can just short sale them it would still be billions
 
Yeah that would be a pain to cash in, but I would love to have the issue of figuring out how to cash in my billions of dollars.


Sent from my iPhone using AGOnline
 
same here, just heard another story of a who lost out on millions because of computer issues. someone else did mention a new "bitcoin" but its real as in you an hold it. I'm looking into blockchains now
 
It’s really interesting stuff, I think we have only scratched the surface of blockchains potential.

I’m waiting for ethereum to catch on. It’s similar to bitcoin but it has “smart contracts or peer to peer contracts.” While bitcoin started these contracts it’s really restrictive, ethereum frees this up.

Smart contracts can:

Function as 'multi-signature' accounts, so that funds are spent only when a required percentage of people agree

Manage agreements between users, say, if one buys insurance from the other

Provide utility to other contracts (similar to how a software library works)

Store information about an application, such as domain registration information or membership records.




Sent from my iPhone using AGOnline
 
I'm with you and am also looking into it along with ripple.

Sent from my Pixel using Tapatalk
 
It'll never be used as real from of currency. Think of it this way. If you have a $100 benjamin today and wake up tomorrow and it's deflated to $50.00 what are you going to do. Why would a car dealership take a bitcoin payment worth $13,000 today and tomrrow it's lost 10-15, 20% of it's value? Why would any legitmate busiess risk the volatility of it for taking payments. Delta Airlines? Yeah, they could go bankrupt when bitcoin loses 50% of it's value. What goes up must come down. This is a bubble and all the people who missed out are driving the price up. Sooner or later they will want to cash in for real currency, then, wham, it'll crash and fast.

It's great for people who want to speculate and hope they make it big, but it's not a bar of gold either. Like a guy said on CNBC, gold has been around for thousands of years and it's a tangible asset. What is some alleged currency in cyber space? I hope it all works out for those willing to risk their money, but I'll never regret not getting in on it either.
 
custmsprty said:
It'll never be used as real from of currency. Think of it this way. If you have a $100 benjamin today and wake up tomorrow and it's deflated to $50.00 what are you going to do. Why would a car dealership take a bitcoin payment worth $13,000 today and tomrrow it's lost 10-15, 20% of it's value?

It's great for people who want to speculate and hope they make it big, but it's not a bar of gold either. Like a guy said on CNBC, gold has been around for thousands of years and it's a tangible asset. What is some alleged currency in cyber space? I hope it all works out for those willing to risk their money, but I'll never regret not getting in on it either.
Click to expand...
Have you not seen what major companies are now or set to accept it? It is a form a payment, hell they even have ATMs now for you to withdraw from. Have you heard of crypto kitties?? A buddy just sold one for 20k. As it's been said it's new and still has tons of potential, it's a huge money saver for banks as well. Granted I still have safes full of gold and silver bullion I'm always down to make more money.

Sent from my Pixel using Tapatalk
 
Cruzscarwash said:
Have you not seen what major companies are now or set to accept it? It is a form a payment, hell they even have ATMs now for you to withdraw from. Have you heard of crypto kitties?? A buddy just sold one for 20k. As it's been said it's new and still has tons of potential, it's a huge money saver for banks as well. Granted I still have safes full of gold and silver bullion I'm always down to make more money.

Sent from my Pixel using Tapatalk
Click to expand...

And if I sold my house you really think I'd take payment in bitcoin or the mortgage company would, cmon. It's valuations are way too volatile.

I hope it all works out great for you, you can by me a drink with all your gains and tell me you told me so.
 
Cruzscarwash said:
https://www.cnbc.com/2017/10/16/bitcoin-is-finally-buying-into-us-real-estate.html

Sent from my Pixel using Tapatalk
Click to expand...

Get back to me when Wells Fargo, Bank of America, US Bank and the rest of the big banks start taking bitcoin for payment on realestate sales, not some one off sale.

And wait until Uncle Sam starts regulating it. The IRS will want their fair share of the profits.

Like I said, it's great for speculators and you can defend it all you want. It's your money.
 
custmsprty said:
Get back to me when Wells Fargo, Bank of America, US Bank and the rest of the big banks start taking bitcoin for payment on realestate sales, not some one off sale.

And wait until Uncle Sam starts regulating it. The IRS will want their fair share of the profits.

Like I said, it's great for speculators and you can defend it all you want. It's your money.
Click to expand...

I see you viewpoint but also see you are not caught up with what's happening with it either, some that you named are on board and it's about to join the ranks of the stock exchange later this month

Sent from my Pixel using Tapatalk
 
You must log in or register to reply here.
Back
Top