Bitcoin

[NDwalleyes]

Interesting, What keeps you from cloning your equipment or adding on and pumping the excess heat into your house during cold months ?

Don't think you can clone them. The minors use high speed graphics cards to solve math problems essentially. Asics cards I think they're called.

There are people who run a pile of them and actually use them to heat their homes. Some are running like 50 of them in areas where electricity is cheap! Realize that some of these people have thousands of coins and are millionaires. There is a guy on Youtube who built an area under his house for his miners and then blows the heat into his house using some crazy setup.

 

[Duckslayer100]

So....the equations these miners are solving. Who benefits from them? I mean, are these equations that have been unsolvable and we need a machine to figure them out?

 

[NDwalleyes]

So....the equations these miners are solving. Who benefits from them? I mean, are these equations that have been unsolvable and we need a machine to figure them out?

My understanding is they are basically auditing the transactions vs just solving math problems.

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The miners benefit by getting paid in coins.

 

[westwolfone]

"Nobody rides for free."

You can bet if anyone is actually making money off this, someone else is losing.

I really don't understand it enough to have anything to do with it.

The fact that it was developed to be untraceable on the "dark" web for transactions like buying drugs makes me skeptical as well.

 

[arrowdem]

so these miners are essentialy going through some sort of a checks and balance thing using math and some sort of an accounting sheet or something of the like, make sure everything adds up and the right money was moved from point a to point b and then they are paid with bitcoins, so essentially these are accountants that didnt need a 4 year degree? am i getting close?

 

[NDwalleyes]

so these miners are essentialy going through some sort of a checks and balance thing using math and some sort of an accounting sheet or something of the like, make sure everything adds up and the right money was moved from point a to point b and then they are paid with bitcoins, so essentially these are accountants that didnt need a 4 year degree? am i getting close?

Yep!

 

[dschaible]

Ouch, not a good day for Bitcoin.

 

[NDwalleyes]

Ouch, not a good day for Bitcoin.

Yeah the SEC shot down the ETF issue. Only down $150.

 

[BotnoJoe]

"Nobody rides for free."

You can bet if anyone is actually making money off this, someone else is losing.

I really don't understand it enough to have anything to do with it.

The fact that it was developed to be untraceable on the "dark" web for transactions like buying drugs makes me skeptical as well.

You have to be pretty tech savvy to make a bitcoin transaction untraceable

 

[tikkalover]

To each their own, but to me this sounds https://youtu.be/YaG5SAw1n0c Play on! ;:;rofl

 

[701FishSlayer]

Tumble your bitcoins and they are untraceable mostly. Online poker is also moving to the bitcoin process.

 

[NDwalleyes]

"Nobody rides for free."

You can bet if anyone is actually making money off this, someone else is losing.

I really don't understand it enough to have anything to do with it.

The fact that it was developed to be untraceable on the "dark" web for transactions like buying drugs makes me skeptical as well.

There will only be 22 million coins made, 14 million have been mined. Many main stream business are looking at jumping on. I look at bitcoin like people looked at Bill Gates. How that 1981 apple stock looking today? Will it hurt me to own a few coins? Nope.

 

[westwolfone]

Tumble your bitcoins and they are untraceable mostly. Online poker is also moving to the bitcoin process.

They may well be legit, I just don't understand it enough to mess with it I guess.

 

[Captain Ahab]

I want to become a dealer that sells the stuff that mines bit coins. How do I do that?

 

[LBrandt]

Take about 4oz of Nyquil before bed and you will know come morning.

 

[Captain Ahab]

If I sold uzis, balloons full of heroin, and still born fetuses this currency would be right up my alley.

 

[guywhofishes]

I am going all in with life savings. What could go wrong?

 

[deleted_account]

I don't get it. what sort of service are you providing that gets you paid? "they"are only making so many? what happens when the total is reached?

 

[johnr]

even the name is queer.

I was hoping it was not

 

[NDwalleyes]

I don't get it. what sort of service are you providing that gets you paid? "they"are only making so many? what happens when the total is reached?

My miner is doing the accounting, so I get paid. When the coins all in circulation, it is my understanding that there will be a very small transaction fee to pay the miners.