BitCoin article for adults

[_V_]

You clearly missed my brilliant idea of purchasing water wheels/tunnels to generate electricity. We just leave it running and in 5 years, billionaires.

Think about it, we have loads of running water. Let's do this.

I will start off the research for you all...
Building a Waterwheel | REUK.co.uk

Can't we just let unicorns tulip them out of their arses like it works now?

[FrontEnder]

I assume the lack of response to my post is because you all are busy researching this.

As far as I know, mining in this country is not viable due to electricity and equipment costs.

You need a dedicated mining rig rather than a laptop/PC. Maybe some other coins it could be done, but I doubt it.

[original PM]

So

"How many bitcoins are there?
When the algorithm was created under the pseudonym Satoshi Nakamoto—which in Japanese is as common a name as Steve Smith—the individual(s) set a finite limit on the number of bitcoins that will ever exist: 21 million. Currently, more than 12 million are in circulation. That means that a little less than 9 million bitcoins are waiting to be discovered."

Full article here

https://www.cnbc.com/2014/01/23/cnbc...-your-own.html

I just do not understand this at all - he just made something up and now it is a currency

Is the attraction simply that it is 'untraceable' currency? is that what gives it actual value?

[BR14]

sat here on the mainland the article opens just fine without signing up, maybe that's a Brexit thing

nevertheless, well worth a read for the adults amongst us

FrontLoader et al follow the money

Milan.

wot?????

[BR14]

I grew up around heavy machinery and FrontEnder just reminds me of one of these

so we have a deal, you will not berate open discussions on the pro's and cons of the alternative coins ?

Milan.

you sure about that?

[milanbenes]

you sure about that?

yes ok you got me on that technicality

Milan.

[milanbenes]

I haven't done this previously, so why do you think I will in the future?

very good we are in agreement

Milan.

[Jog On]

As far as I know, mining in this country is not viable due to electricity and equipment costs.

You need a dedicated mining rig rather than a laptop/PC. Maybe some other coins it could be done, but I doubt it.

Mining for BTC requires serious power. That is something that needs looking at ASAP.

[Jog On]

So

"How many bitcoins are there?
When the algorithm was created under the pseudonym Satoshi Nakamoto—which in Japanese is as common a name as Steve Smith—the individual(s) set a finite limit on the number of bitcoins that will ever exist: 21 million. Currently, more than 12 million are in circulation. That means that a little less than 9 million bitcoins are waiting to be discovered."

Full article here

https://www.cnbc.com/2014/01/23/cnbc...-your-own.html

I just do not understand this at all - he just made something up and now it is a currency

Is the attraction simply that it is 'untraceable' currency? is that what gives it actual value?

It's that there is a finite amount and it's decentralised and bypasses banks. Anonymity won't be around for much longer but that's not a bad thing. People are embracing it because it's a way of transacting without having to store money in a bank, pay their fees and let them lend it out 9x over.

Bitcoin came out in 2009 as a result of the crash and credit crunch - it's basically taking power away from the bankers and enabling financial transactions (and smart contracts) peer-to-peer.

It's still in it's infancy so there are lots of teething problems but the big rush into we're seeing now is Joe public clambering in while it's still relatively cheap and probably institutional/big money buying up huge swathes of it so they can try and dominate it.

[Bean]

So

"How many bitcoins are there?
When the algorithm was created under the pseudonym Satoshi Nakamoto—which in Japanese is as common a name as Steve Smith—the individual(s) set a finite limit on the number of bitcoins that will ever exist: 21 million. Currently, more than 12 million are in circulation. That means that a little less than 9 million bitcoins are waiting to be discovered."

Full article here

https://www.cnbc.com/2014/01/23/cnbc...-your-own.html

I just do not understand this at all - he just made something up and now it is a currency

Is the attraction simply that it is 'untraceable' currency? is that what gives it actual value?

Think of it as a fad, to most people. An electronic currency, that costs real money and is able to be used to buy things in certain places.

Decentralised (not government-owned nor controlled nor manipulated like QE [yet]) I think would be the main reason for others wanting in.

I believe there's a few browser-based mining websites now that'll give you something (not bitcoins though, just some altcoins) for your CPU time....

Google Crypto Kitties if you want to lose the will to live