Bitcoin, and other tulips


#1

Sound dodgy.

 

What are they and how do they work?


#2

I tried to get my head around it one day, failed miserably.

But I’m terrible at understanding normal currency, let alone crypto currency.

The Joe Rogan podcast is having a guy on next week to discuss it at length, if you care enough :slight_smile:


#3

I care a bit.


#4

Get it?


#5

It's basically decentralised, virtual currency. There are now tons of imitations (including the HILARIOUS dogecoin). It has rocketed in popularity, you need a virtual wallet (free) with the codes/algorithms/barcodes etc or else you lose them, there was a story I read about a guy who bought 200 bucks worth about a couple of years ago, kept the code on a removable HDD and threw it out. He is now hiring huge squads of people to comb the landfill for the HDD with the ID which has those bitcoins, now worth ~$800,000 on it. 

 

The Winklevoss twins own like 20% of all bitcoins in circulation or something.


#6

Its digital currency that's tradeable and usable like normal currency, but because it's not recognised as 'legal tender' it doesn't have the rules applied to it like normal currency.

 

There is no central processing house either (like VISA for example) instead it's done via peer to peer. All transactions are publicly viewable.

 

Bitcoin is also not owned by anyone. For a company to 'buy out' bitcoin you'd have to buy the currency back off everyone.

 

How you could make money on it is trading it like any other currency or by 'mining' which is to use your processor power to process transactions (remember no one owns it and it's run on a peer to peer network).


#7

Dogecoin_alternate_logo.png


#8

Its digital currency that's tradeable and usable like normal currency, but because it's not recognised as 'legal tender' it doesn't have the rules applied to it like normal currency.

 

There is no central processing house either (like VISA for example) instead it's done via peer to peer. All transactions are publicly viewable.

 

Bitcoin is also not owned by anyone. For a company to 'buy out' bitcoin you'd have to buy the currency back off everyone.

 

How you could make money on it is trading it like any other currency or by 'mining' which is to use your processor power to process transactions (remember no one owns it and it's run on a peer to peer network).

I remember thinking it wouldn't hurt to buy some (say $50 worth) about a year ago and did some research but it was all a bit too confusing.

 

Do you need to be on TOR or something similar to use it or does it just get used a lot (as in the only currency accepted) on TOR/Silk Road. I know some sites ask for donations in bitcoins and stuff.

 

Anyway I couldn't figure out if it was illegal or not and it was way over my head so didn't bother. Didn't want to be targeted by NSA or whatever for fiddling with bitcoins, or thinking I was anonymous when I wasn't etc.


#9

It's basically decentralised, virtual currency. There are now tons of imitations (including the HILARIOUS dogecoin). It has rocketed in popularity, you need a virtual wallet (free) with the codes/algorithms/barcodes etc or else you lose them, there was a story I read about a guy who bought 200 bucks worth about a couple of years ago, kept the code on a removable HDD and threw it out. He is now hiring huge squads of people to comb the landfill for the HDD with the ID which has those bitcoins, now worth ~$800,000 on it.
The Winklevoss twins own like 20% of all bitcoins in circulation or something.


Nice Wikipedia research Peeto...

#10

Sounds like a waste of time to me.


#11

If you’re up for some research it’s actually really interesting, the evolution as well as links to Silk Road and the deep web are things that we all should at least be aware of. And it’s fun yeah :wink:


#12

If you're up for some research it's actually really interesting, the evolution as well as links to Silk Road and the deep web are things that we all should at least be aware of. And it's fun yeah ;)

I find the Tor network an interesting place.


#13


If you're up for some research it's actually really interesting, the evolution as well as links to Silk Road and the deep web are things that we all should at least be aware of. And it's fun yeah ;)

I find the Tor network an interesting place.

You would

#14

Someone I know has a room full of computers that “mine” Bitcoins. I have no idea how this works or if it is legit, just that they are continually making him a tidy sum.


#15

I still don't understand mining. I'm pretty sure it's getting people's lost bitcoins?

 

 

 

It's basically decentralised, virtual currency. There are now tons of imitations (including the HILARIOUS dogecoin). It has rocketed in popularity, you need a virtual wallet (free) with the codes/algorithms/barcodes etc or else you lose them, there was a story I read about a guy who bought 200 bucks worth about a couple of years ago, kept the code on a removable HDD and threw it out. He is now hiring huge squads of people to comb the landfill for the HDD with the ID which has those bitcoins, now worth ~$800,000 on it.
The Winklevoss twins own like 20% of all bitcoins in circulation or something.


Nice Wikipedia research Peeto...

 

wat?


#16

All good buddy, was just stirring. I just Googled bitcoin again to remind myself why I don’t understand it.

Your post was very similar to the Wikipedia article… Not that there’s anything wrong with that.


#17

Correctly quoting is a legal imperative!


#18

I still don't understand mining. I'm pretty sure it's getting people's lost bitcoins?
 
 

It's basically decentralised, virtual currency. There are now tons of imitations (including the HILARIOUS dogecoin). It has rocketed in popularity, you need a virtual wallet (free) with the codes/algorithms/barcodes etc or else you lose them, there was a story I read about a guy who bought 200 bucks worth about a couple of years ago, kept the code on a removable HDD and threw it out. He is now hiring huge squads of people to comb the landfill for the HDD with the ID which has those bitcoins, now worth ~$800,000 on it.
The Winklevoss twins own like 20% of all bitcoins in circulation or something.


Nice Wikipedia research Peeto...
wat?

Mining bitcoins is not something you can do with your home pc, well you can but it would take forever. 'Mining' is basically solving a mathematical equation (a block) for which you get 50 bitcoins. You also must purchase a mining 'lease' lots of people do this in groups to share the cost and also the effort.
Unless you're looking to become the virtual Gina Reinhardt it's probably not worth the effort ;)

#19

 

I still don't understand mining. I'm pretty sure it's getting people's lost bitcoins?
 
 
 

 

It's basically decentralised, virtual currency. There are now tons of imitations (including the HILARIOUS dogecoin). It has rocketed in popularity, you need a virtual wallet (free) with the codes/algorithms/barcodes etc or else you lose them, there was a story I read about a guy who bought 200 bucks worth about a couple of years ago, kept the code on a removable HDD and threw it out. He is now hiring huge squads of people to comb the landfill for the HDD with the ID which has those bitcoins, now worth ~$800,000 on it.
The Winklevoss twins own like 20% of all bitcoins in circulation or something.


Nice Wikipedia research Peeto...
wat?

Mining bitcoins is not something you can do with your home pc, well you can but it would take forever. 'Mining' is basically solving a mathematical equation (a block) for which you get 50 bitcoins. You also must purchase a mining 'lease' lots of people do this in groups to share the cost and also the effort.
Unless you're looking to become the virtual Gina Reinhardt it's probably not worth the effort ;)

 

I might be wrong, but my understanding is that it originally was quite feasible for people to use home computers to mine for bitcoins, but as there is an upper limit to how many can exist, and it gets exponentially more difficult to do as the number of "available" bitcoins decreases, it now realistically requires expensive specialised computers with large numbers of graphics cards.


#20

I still don't understand mining. I'm pretty sure it's getting people's lost bitcoins?
 
 
 

It's basically decentralised, virtual currency. There are now tons of imitations (including the HILARIOUS dogecoin). It has rocketed in popularity, you need a virtual wallet (free) with the codes/algorithms/barcodes etc or else you lose them, there was a story I read about a guy who bought 200 bucks worth about a couple of years ago, kept the code on a removable HDD and threw it out. He is now hiring huge squads of people to comb the landfill for the HDD with the ID which has those bitcoins, now worth ~$800,000 on it.
The Winklevoss twins own like 20% of all bitcoins in circulation or something.


Nice Wikipedia research Peeto...
wat?

Mining bitcoins is not something you can do with your home pc, well you can but it would take forever. 'Mining' is basically solving a mathematical equation (a block) for which you get 50 bitcoins. You also must purchase a mining 'lease' lots of people do this in groups to share the cost and also the effort.
Unless you're looking to become the virtual Gina Reinhardt it's probably not worth the effort ;)
I might be wrong, but my understanding is that it originally was quite feasible for people to use home computers to mine for bitcoins, but as there is an upper limit to how many can exist, and it gets exponentially more difficult to do as the number of "available" bitcoins decreases, it now realistically requires expensive specialised computers with large numbers of graphics cards.

You're not wrong. That's pretty much it without going into boring GPU CPU stuff.