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  1. #21
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    Re: 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.

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  3. #22
    Super Member mc2hill's Avatar
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    Re: Do you own any Bitcoin?

    Quote Originally Posted by Harpolith View Post
    ^^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.
    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.

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  5. #23
    Super Member Cruzscarwash's Avatar
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    Re: Do you own any Bitcoin?

    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.

  6. #24
    Super Member Calendyr's Avatar
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    Re: Do you own any Bitcoin?

    Quote Originally Posted by Cruzscarwash View Post
    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.
    They are also getting paid to keep the logs that allow the currency to work.

  7. #25
    Super Member rangerbay's Avatar
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    Re: Do you own any Bitcoin?

    What's wrong with cash?

  8. #26
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    Re: Do you own any Bitcoin?

    Quote Originally Posted by rangerbay View Post
    What's wrong with cash?
    Cash is sooo Y2K.

  9. #27
    Super Member Dmb5450's Avatar
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    Do you own any Bitcoin?

    Quote Originally Posted by rangerbay View Post
    What's wrong with cash?
    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 Do you own any Bitcoin?


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  11. #28
    Super Member Cruzscarwash's Avatar
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    Re: Do you own any Bitcoin?

    did you hear about the facebook twins? they bought bitcoin after the lawsuit in 2013 and now have 3 BILLION worth in coin

  12. #29
    Super Member Dmb5450's Avatar
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    Re: Do you own any Bitcoin?

    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.


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  13. #30
    Super Member Cruzscarwash's Avatar
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    Re: Do you own any Bitcoin?

    Quote Originally Posted by Dmb5450 View Post
    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.


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    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

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