1. Subscribersonhouse
    Fast and Curious
    slatington, pa, usa
    Joined
    28 Dec '04
    Moves
    53125
    04 Nov '21 13:47
    Why is mining a big thing to make bitcoins? Don't understand what is going on here.
  2. Joined
    16 Feb '08
    Moves
    108138
    14 Nov '21 20:17
    @sonhouse said
    Why is mining a big thing to make bitcoins? Don't understand what is going on here.
    Bitcoin is a type of computer virus which only infects Democrat’s computers.
  3. Standard memberTrickyt57
    I am not a god.
    Asgard
    Joined
    31 Aug '13
    Moves
    11136
    15 Nov '21 13:46
    @sonhouse said
    Why is mining a big thing to make bitcoins? Don't understand what is going on here.
    Google is your friend. You will find 100s of answers.
  4. Joined
    16 May '13
    Moves
    141868
    24 Nov '21 23:50
    @sonhouse said
    Why is mining a big thing to make bitcoins? Don't understand what is going on here.
    It is "The Emperor's New Clothes" for the 21st century.

    A long con that has exploded so much that it is almost real.

    Until people realise that it is supported by nothing, no state, no bank, no tangible assets.

    At some point there will be an awakening and crypto will end.


    Or I'm just an old guy who doesn't get it.
  5. Standard memberAThousandYoung
    Who is Saul Alinsky?
    tinyurl.com/mr2rfch8
    Joined
    23 Aug '04
    Moves
    25607
    05 Dec '21 04:471 edit
    @sonhouse said
    Why is mining a big thing to make bitcoins? Don't understand what is going on here.
    I don't understand it 100% either but here's my understanding:

    There is some sort of publicly available numeric code at any particular time which describes all of the previous BitCoin transactions somehow. There is a function that can be applied to this code to create a new code but it requires you to guess a starting number from a HUGE range of possibilities. If your starting number and the function act on the code in such a way as to create nearly 0 "remainder" to some degree of "closeness" to 0 (e.g. 0.00234 is closer to 0 than 0.01112 because it has three leading zeroes instead of two).

    Once somebody has found a solution to the required level of closeness, his solution becomes the NEW numeric code for the next guy to try to calculate an answer to, and he is rewarded with BitCoins - fewer of them as the answers get more complex until all the BitCoins have been "mined".

    This process somehow provides protection against hackers and cheats and is necessary. Once the last BitCoins have been mined people will be hired to do this job as a normal job, being paid with currency that already exists, but for now, there are BitCoins "held in reserve" to pay these people with.

    In order to guess lots of initial numbers and process the equation to find answers in statistically large enough amounts so as to actually solve the problem you need computers to basically guess numbers randomly until they get the answer you need. It costs money and energy to run these computers and only the person who gets the right answer gets paid and everyone else has to start over. This happens about every 10 minutes. The more computers you have running and the stronger their computing power, the more likely you are to get the correct answer first.
  6. Joined
    09 Jan '20
    Moves
    3568
    27 Dec '21 21:18
    I googled it and looked up several descriptions, still don't know what it is.
  7. Nameless City
    Joined
    06 May '15
    Moves
    23447
    14 Jan '22 22:20
    I'm not quite sure, but as I prepare to do my US income taxes I regret the playing around that I did on Paypal Crypto and Gemini Exchange in November, because I think I will have to report the details of a dozen small crypto transactions on the capital gains and losses form, even though I will take the standard deduction.

    Thank you for the busywork, IRS.
  8. Standard memberPaladin I
    LEROYBROWN
    south side of chitow
    Joined
    15 Jan '22
    Moves
    64
    16 Jan '22 01:01
    bit coin is shizocurrency
  9. Subscribersonhouse
    Fast and Curious
    slatington, pa, usa
    Joined
    28 Dec '04
    Moves
    53125
    22 Jan '22 22:36
    @Paladin-I
    Kind of like the "Trump" as POTUS?
  10. Subscribervenda
    Dave
    S.Yorks.England
    Joined
    18 Apr '10
    Moves
    76956
    22 Feb '22 14:06
    I once read that 50% of the output of the national grid in the UK is used by computers mining bitcoin.
    If this is true,I think the process should be banned.
    It won't be of course,because it's a money making venture(supposedly)
  11. Joined
    16 Feb '08
    Moves
    108138
    09 Mar '22 23:27
    No one can explain it because it’s a digital con, a digital ponsai scheme.
  12. Joined
    18 Jan '07
    Moves
    10797
    12 Mar '22 09:43
    @divegeester said
    No one can explain it because it’s a digital con, a digital ponsai scheme.
    Ponzi. The man's name was spelled Ponzi.
  13. Joined
    16 Feb '08
    Moves
    108138
    24 Mar '22 08:02
    @shallow-blue said
    Ponzi. The man's name was spelled Ponzi.
    I was referring to the small Japanese low lying tree which is related to the bonsai but shaped like a perfect pyramid scheme.

    Ponsai.
  14. SubscriberPonderable
    chemist
    Linkenheim
    Joined
    22 Apr '05
    Moves
    616503
    24 Mar '22 11:54
    @venda said
    I once read that 50% of the output of the national grid in the UK is used by computers mining bitcoin.
    If this is true,I think the process should be banned.
    It won't be of course,because it's a money making venture(supposedly)
    Like a lot of "businesses" it does make money for some.
  15. Subscribervenda
    Dave
    S.Yorks.England
    Joined
    18 Apr '10
    Moves
    76956
    27 Mar '22 09:411 edit
    @ponderable said
    Like a lot of "businesses" it does make money for some.
    I understand there are now some places that accept crypto currencies for transactions as opposed to just looking at virtual numbers on a screen.
    I still wouldn't go near it though.
    There's supposed to be an energy crisis at the moment.
    If so much energy is used by generating the things you'd think the government could suspend all operations to save energy but all we hear is things like "don't leave things on standby" and "turn down your heating."
    In other words, ordinary people are expected to change their ways while crypto currencies carry on regardless.
    Nothing changes
Back to Top

Cookies help us deliver our Services. By using our Services or clicking I agree, you agree to our use of cookies. Learn More.I Agree