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
    101362
    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
    10845
    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
    133927
    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
    Ask an Indian
    tinyurl.com/4ayjmcmu
    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. SubscriberKevin Eleven
    Swamp Wolf
    Unvirtuous Abbey
    Joined
    06 May '15
    Moves
    20060
    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
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