Forsoothe!
Imperial Masterpiece
I've never seen a coherent explanation of "mining" bitcoin. Probably a good reason for that...
Bitcoin
- Thread starter KeithE
- Start date
A. Gorilla
Omono
Massive number crunching, which gets more intensive as more is extracted. Modeled after an actual mine shaft. Deeper it goes, more effort to pull it out.
As I understand it.
You dont do this on a PC at home. Takes large amounts of computational and literal electrical power.
Again, as I understand it.
See what I mean...
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LanceMac10
Imperial Masterpiece
Just did my taxes. They asked if I received payment on e-currency. Does mean the IRS is on the case?
Forsoothe!
Imperial Masterpiece
I rest my case.Massive number crunching, which gets more intensive as more is extracted. Modeled after an actual mine shaft. Deeper it goes, more effort to pull it out.
As I understand it.
You dont do this on a PC at home. Takes large amounts of computational and literal electrical power.
Again, as I understand it.
See what I mean...
Bitcoin Mining Contract 100 TH/s 24hr | eBay
Find many great new & used options and get the best deals for Bitcoin Mining Contract 100 TH/s 24hr at the best online prices at eBay! Free shipping for many products!www.ebay.com
A. Gorilla
Omono
You cant handle the truth.
We have a big? operation here which amounts to a bunch of shipping container things lined up at an old factory location by an electric substation. Never see any people around. Our city officials were so proud to have the operation come to town, touting new jobs in the closed down factory location. Now I only here crickets...
I don't get it... where is the money? what is backing the money pulled out of computers number crunching?
I guess I'm with @Forsoothe! or maybe I'm just too old and closed minded expecting to see "The Man Behind The Curtain" exposed any day.
I am impressed by the money being made by some. Just don't get it.
I don't get it... where is the money? what is backing the money pulled out of computers number crunching?
I guess I'm with @Forsoothe! or maybe I'm just too old and closed minded expecting to see "The Man Behind The Curtain" exposed any day.
I am impressed by the money being made by some. Just don't get it.
Forsoothe!
Imperial Masterpiece
Magic tricks always look like magic. They never look like tricks, they look like the guy doing them knows something that we don't. He does, he knows the trick. Ponzi, Bernnie Cornfled, Billy Sol Estes, the list is endless. Put your hand on your wallet and slowly back out the door... Oh! And Phineas Taylor Barnum who is famous for, "There's a sucker born every minute".
I suppose guys like @leatherback would prefer guys like us keep putting our heads in the sand. shrug...
I do keep reading this thread.
I do keep reading this thread.
Dav4
Drop Branch Murphy
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Fwiw, Apple stock has more then doubled in the last year... https://finance.yahoo.com/quote/AAPL/
leatherback
The Treedeemer
Yup. And Alphabet has done 35%
Most of my investments are in real life companies, market trackers or global funds in medical and energy.
Just.. You never know. I do not understand the core of it. So according to some you should stay away. On the other hand.. You can loose your initial investment. Or you could multiply it in a few years. I am willing to risk a gamble.
I look at this as a version of currency trading. I do not bother trying to understand how the technology behind bitcoin works. That is not what you are putting your money on. You are buying the digital currency, Bitcoin. The idea behind it is that it provides a way of exchanging value between individuals, globally without exchange rate and very low transaction costs. The dream of some is that bitcoin will become the default means of value transfer in the digital economy. With that, combined with the limited number of coins possible to "mine" creates a demand vss supply balans which results in the value given to it, just like any other currency. THe moment people loose trust, value drops (See.. Zimbabwe dollars). Main challenge is.. There is no physical backing. So.. Trust is lost easily, there is a lot of speculation on the value. Only when a solid number of applications for it have been develop can one consider a more stable value. And without a stable value, very few are willing to use it to back a business. So.. SPeculation, really to see where it is going.
leatherback
The Treedeemer
Sorry. I just realized you were probably referring to my earlier post?
I hear apple has been a pretty good investment though..
Dav4
Drop Branch Murphy
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No, just pointing out the obvious.
leatherback
The Treedeemer
BTC above 10K once more..
Mike Corazzi
Masterpiece
The test will be when Mrs. Murgatroyd is denied her broccoli because all she brought to the store was money. 
leatherback
The Treedeemer
A little heads-up. Seems like a USA court considered BTC as a currency in a recent case.
leatherback
The Treedeemer
Bonsai Nut
Nuttier than your average Nut
If you're lucky, you might just break even on your investment after one year... August 8, 2019, Bitcoin price $11,982.
Of course, if you had just invested in the NASDAQ, Aug 8 2019 - today... +33.7%
Just sayin'
leatherback
The Treedeemer
Good thing I got in in august 2017, but you are right. Nasdaq has had the same value development over the 3 years, about 100% increase.
Not that I care much, because I am not betting on one horse, and this horse in particular is unpredicatble which is why
leatherback
The Treedeemer
.. A little sad I sold 75% earlier this year when it kept dropping.
Njyamadori
Chumono
Jesus I feel so bad for you
you would have a lot of bonsai money