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Off Topic Does anybody understand bitcoin?

Discussion in 'Hull City' started by Plum, Jan 10, 2018.

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  1. TIGERSCAVE

    TIGERSCAVE Well-Known Member

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    I am not buying anything that would line the pockets of the Allams DB.... sorry!!!!!
     
    #21
    TIGERSCAVE, Jan 10, 2018
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  2. Kempton

    Kempton Well-Known Member

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    Ok so I've read this thread and I still don't know what Bitcoin is.
     
    #22
    Kempton, Jan 10, 2018
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  3. bjbarney

    bjbarney Member

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    Geo quick question theres hundreds of sights for buying can I ask what platform did you use to buy your currency and did you have a online wallet to store he currency in?
     
    #23
    bjbarney, Jan 10, 2018
  4. Walter Sobchak

    Walter Sobchak Well-Known Member

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    Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator.The network is peer-to-peer and transactions take place between users directly, without an intermediary.These transactions are verified by network nodes through the use of cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of people under the name Satoshi Nakamoto and released as open-source software in 2009.

    See, what don't you get with the above explanation? <laugh>
     
    #24
    Walter Sobchak, Jan 10, 2018
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  5. Kempton

    Kempton Well-Known Member

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    Oh right, erm...
     
    #25
    Kempton, Jan 10, 2018
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  6. originalminority

    originalminority Well-Known Member

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    So its no different to how the world traded peer-to-peer a thousand years ago before banks using bartering, gold and slavery?
     
    #26
    originalminority, Jan 10, 2018
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  7. Newland Tiger

    Newland Tiger Well-Known Member

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    I think what most people don't understand is the 'mining' aspect and why it uses massive amounts of electricity
     
    #27
    Newland Tiger, Jan 10, 2018
  8. over18and legal

    over18and legal Well-Known Member

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    We all use bartering.
    Guy gets sex off his missus and he does the washing-up<party>
     
    #28
    over18and legal, Jan 10, 2018
  9. tigers 2008

    tigers 2008 Well-Known Member

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    Seems like some of the posts on this thread have been written by politicians, plenty of words imparting nowt
     
    #29
    tigers 2008, Jan 10, 2018
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  10. Walter Sobchak

    Walter Sobchak Well-Known Member

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    Mining is essentially using software to solve a puzzle, and being rewarded with a bitcoin. When the 'puzzle' is solved a new one is released. The puzzles are solved and new ones released approximately every 10 minutes. The software runs on electricity and the greater the computer power you have the easier it is to 'solve' the puzzles and this advanced powerful software uses more electricity.
     
    #30
    Walter Sobchak, Jan 10, 2018

  11. dennisboothstash

    dennisboothstash Well-Known Member

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    almost the exact opposite
     
    #31
    dennisboothstash, Jan 10, 2018
  12. dennisboothstash

    dennisboothstash Well-Known Member

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    ...why?
     
    #32
    dennisboothstash, Jan 10, 2018
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  13. Walter Sobchak

    Walter Sobchak Well-Known Member

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    Which bit you whying to Den?
     
    #33
    Walter Sobchak, Jan 10, 2018
  14. dennisboothstash

    dennisboothstash Well-Known Member

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    why does someone want puzzles solving?
    why is that worth anything?
    why does the overall amount of "money" in the system increase dependent on the number of puzzles being solved?
    why does the whole thing encourage increased use of electricity and therefore damage the environment?

    so everything really!
     
    #34
    dennisboothstash, Jan 10, 2018
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  15. Quill

    Quill Bastard

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    Simply put, if you don't understand Bitcoin, it's best to not bother with it. It'll only get more complicated.
     
    #35
    Quill, Jan 10, 2018
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  16. Walter Sobchak

    Walter Sobchak Well-Known Member

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    #36
    Walter Sobchak, Jan 10, 2018
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  17. dennisboothstash

    dennisboothstash Well-Known Member

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    Thanks for trying to explain it Walter...genuinely

    I still don’t think I really get it, but I’m ok with that

    If I ever find one down the back of a settee in a pub I’ll give you a shout to help me figure out how to turn it into beer vouchers
     
    #37
    dennisboothstash, Jan 10, 2018
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  18. Sikkedogsvendestykke

    Sikkedogsvendestykke Active Member

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    Maybe I get a ban for this being political, but never mind. Those who want to read about the money trick in the Ragged Trousered Philanthropist , here it is ...

    http://www.gutenberg.org/files/3608/3608-h/3608-h.htm#chap21
     
    #38
    Sikkedogsvendestykke, Jan 10, 2018
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  19. originallambrettaman

    originallambrettaman Mod Moderator
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    It's not political to post a link to a book, only discussion of the content of said book would be political.
     
    #39
    originallambrettaman, Jan 10, 2018
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  20. Ernie Shackleton

    Ernie Shackleton Well-Known Member

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    Bitcoin is essentially a digitised version of Tulip Mania and we all know what happened in Seventeenth Century Netherlands don't we?

    The only people who will win are those who have already won.
     
    #40
    Ernie Shackleton, Jan 10, 2018
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