Bitcoin



Makes me money and that's the main thing!
how?
I really don't understand how Bitcoin is mined. I saw a bit on the telly of these illegal Chinese factories full of PC's making bitcoin and the electricity they use is more than Argentina uses in total, so it's actually destroying the environment. :confused:
there are only so many and the last ones are harder and the more people are looking the harder it gets as it is winner takes all for a specific coin.
 
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So am I but I'm gonna ride the train until Saturday and see what profit I can make in that time. I know SNL isn't a big thing but Elon Musk is. Every time he has tweeted about it, the price has skyrocketed. That and the 'to the moon' craze to get it to $1, he will manipulate it so it happens to make himself look like a God and then it'll probably drop off a cliff after that.

There's also the other side. He goes on SNL and says something that sends the price plummeting, someone said you can buy a Tesla with dogecoin... I don't think that's true unless something has changed. It's BTC you can buy a Tesla with. Wasn't his intention to buy the currency for his son as a joke, hasn't he said about major holders selling it. Nonetheless people are expecting something which says a lot, Musk isn't daft, spent the last few years watching Trump whip the market about looks like he wants his turn :lol:
 
used to be the coin my mistake .
however as usual


That is correct.


To earn bitcoins, you need to meet two conditions. One is a matter of effort; one is a matter of luck.


1) You have to verify ~1MB worth of transactions. This is the easy part.


2) You have to be the first miner to arrive at the right answer, or closest answer, to a numeric problem. This process is also known as proof of work.

so it is winner takes all

 
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Grimes

Midfield
Very lazy of me but can someone tell me what app to use to buy some and if there’s a separate app/wallet thing I have to get too. Thank you.
 
used to be the coin my mistake .

What do you mean? I'm not really understanding, all miners are "winners of the coin"... I think what you're referring to is the difficulty increasing and the reduction of reward. It has never been a winner takes all.
however as usual


That is correct.


To earn bitcoins, you need to meet two conditions. One is a matter of effort; one is a matter of luck.


1) You have to verify ~1MB worth of transactions. This is the easy part.


2) You have to be the first miner to arrive at the right answer, or closest answer, to a numeric problem. This process is also known as proof of work.

so it is winner takes all


Please... don't
so it is winner takes all

It isn't

"In other words, it's literally just a numbers game. You cannot guess the pattern or make a prediction based on previous target hashes. The difficulty level of the most recent block at the time of writing is about 17.59 trillion, meaning that the chance of any given nonce producing a hash below the target is one in 17.59 trillion. Not great odds if you're working on your own, even with a tremendously powerful mining rig."

From the article... a typo I found funny, obviously written by someone against crypto :lol::lol::lol:
 
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What do you mean? I'm not really understanding, all miners are "winners of the coin"... I think what you're referring to is the difficulty increasing and the reduction of reward. It has never been a winner takes all.


Please... don't :lol:
Look the math is simple. I'll admit i've never looked at it in detail but it is hash guessing from that article. I've always regarded it as a ponzi scheme from the first. Fairly pissed off i didn't mine some in the early days. However you get a reward for verifying a math problem which proves a transaction is safe.
I mean it is predicted by Cryptonomicon - Wikipedia
 
A knar that man. I bought mine with Urethreum :cool:

It's mad reading this thread back. Basically you two, the only real financial experts contributing to the thread, constantly being told that you know fuck all and that their mate Dave down the pub knows better :lol:

:lol:

Told? The thread is a catalogue of them being shown Dave down the pub knows better.

Look the math is simple. I'll admit i've never looked at it in detail but it is hash guessing from that article. I've always regarded it as a ponzi scheme from the first. Fairly pissed off i didn't mine some in the early days. However you get a reward for verifying a math problem which proves a transaction is safe.
I mean it is predicted by Cryptonomicon - Wikipedia

Mined early days as part of a pool/solo and have wallets untouched which will stay untouched until the dollar collapses entirely.
 

Vore

Central Defender
Look the math is simple. I'll admit i've never looked at it in detail but it is hash guessing from that article. I've always regarded it as a ponzi scheme from the first. Fairly pissed off i didn't mine some in the early days. However you get a reward for verifying a math problem which proves a transaction is safe.
I mean it is predicted by Cryptonomicon - Wikipedia
I share the same concerns, but with a couple of qualifications.

In a sense it is ponzi, but when people describe that to me it just highlights the worst elements of FIAT. Like, if you described the worst crypto coin to me; inflationary, centralised... that just sounds worse than the crypto I have access to, which is highly volatile but most of which is at least deflationary, or has inflation set long term below that of standard global FIAT inflation.

Like... the idea of normal money worked out well for those that invented it, got hold of some, and made bank(s). Crypto doesn't seem worse, and is probably the future? So yep people might get ponzid eventually, but I still want in on the lower rung of the ladder, just in case in 10 years it really is normalised, and the idea of trusting a government with your currency is seen as silly.

With pensions & other investments generally struggling at the moment, it just seems like (and has so far proven to be) such a solid gamble. (Not financial advice)
 
I share the same concerns, but with a couple of qualifications.

In a sense it is ponzi, but when people describe that to me it just highlights the worst elements of FIAT. Like, if you described the worst crypto coin to me; inflationary, centralised... that just sounds worse than the crypto I have access to, which is highly volatile but most of which is at least deflationary, or has inflation set long term below that of standard global FIAT inflation.

Like... the idea of normal money worked out well for those that invented it, got hold of some, and made bank(s). Crypto doesn't seem worse, and is probably the future? So yep people might get ponzid eventually, but I still want in on the lower rung of the ladder, just in case in 10 years it really is normalised, and the idea of trusting a government with your currency is seen as silly.

With pensions & other investments generally struggling at the moment, it just seems like (and has so far proven to be) such a solid gamble. (Not financial advice)
I don't want wealth. I get by. Just don't like crypo, it is hard to see a non criminal use.
 
I share the same concerns, but with a couple of qualifications.

In a sense it is ponzi, but when people describe that to me it just highlights the worst elements of FIAT. Like, if you described the worst crypto coin to me; inflationary, centralised... that just sounds worse than the crypto I have access to, which is highly volatile but most of which is at least deflationary, or has inflation set long term below that of standard global FIAT inflation.

Like... the idea of normal money worked out well for those that invented it, got hold of some, and made bank(s). Crypto doesn't seem worse, and is probably the future? So yep people might get ponzid eventually, but I still want in on the lower rung of the ladder, just in case in 10 years it really is normalised, and the idea of trusting a government with your currency is seen as silly.

With pensions & other investments generally struggling at the moment, it just seems like (and has so far proven to be) such a solid gamble. (Not financial advice)

10 years for the idea of trusting a government with your currency being seen as silly? People already think the idea of trust a government with your currency/wealth is silly, there's a reason the PBOC (people's bank of China) are pushing their own crypto and looking to clamp down on the free-crypto (that not tied to a central bank) some of the citizens don't trust the government with their wealth. It's an idea that has been creeping into the Western hemisphere since 2008 and has been gaining more and more momentum which is why I genuinely believe in it and have wallets that will remain untouched until there is a genuine shakeup which I believe is coming, when... who knows?
I don't want wealth. I get by. Just don't like crypo, it is hard to see a non criminal use.

In my opinion it's not about wealth, it's about the pound in your pocket being worth zero and the entire system shifting. At least if you have a little then you won't be starting from zero? That's not to say there isn't "short-term" money to be made because clearly there is, look at this thread for many examples. There are losses too but there are also losses which have came back astronomically.

It's hard to see a non-criminal use? You aren't thinking about it then, probably being fed the information you have. Do you think the people using it here are criminals?
 
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