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Can anyone explain (in a very simple manner) what bitcoin is and how it can be "mined"?


Bitcoin is a decentralized (no bank backing or administration) cyber space currency that can be traded to other network users for goods, services, and/or "hopefully" be converted to the currency of the land at some point. It's sort of like you sending your tax dollars to Washington, in the hopes that you will one day gain some benefit from it, but in return all you get are IOU's in the form of increased debt. At least with Bitcoin, you have a chance of not being the last one holding the IOU's.

A confusing but the most simplified definition of mining I could find Bitcoin Mining
 
It’s a seasonably 20*F this morning. I don’t think we will hit the freezing mark today.

And of course my dog insisted on a walk this morning instead of a quick potty break out back! It was hurt your face cold out there at 6am.

More than once, they peaked very early and most of the blossoms were gone when the festival started. The US Park Service does an inventory of the budding trees (not sure what percentage are sampled) in order to predict when the blossoms will start and when they expect to peak. For anyone contemplating coming here for the cherry blossoms, each tree species will actually bloom at a slightly different time and duration. There are more cherry trees at the National Arboretum has some late-blooming cherries.

Thinking of the potential DC get-together, in addition to the pretty trees, consider a monument walk - there are a number in the general are of the tidal basin. Another possibility is the Smithsonian Folklife Festival (June 27–July 1 and July 4–8, 2018) and will spotlight Armenia, Catalonia and various places in Africa.

I think early Spring would be a great time for a photo meet up. Maybe late March? For me, I'd want to do the monuments both at night and during golden hour. If we don't get a group for a TPF meet up, I'll probably still visit - I have a cousin in Alexandria.

We should start thinking about it soon...I'd love to be able to join, but I'll have to be strategic with my wife, the cost, and the transportation, haha. Ideally, I'd be able to buy a cheap train ticket and find a cheap airbnb.
Can anyone explain (in a very simple manner) what bitcoin is and how it can be "mined"?

I don't understand the whole thing, but it's a "crypto currency" in that it is used in exchange for goods and services, on the internet. I don't get the mining part, but understand it now requires a pretty powerful computer / graphics card.
Thank you snow and smoke.

So, after a little bit of research, I still don't understand what it is.

BUT! It seems to now require it's own dedicated hardware (which needs to be replaced with newer hardware occasionally to have the most efficient hardware to keep up with everyone else), which is pretty expensive. It also requires a lot of energy input and cooling requirements.

So, it seems that after spending the initial $$$ on hardware, the normal O&M costs would essentially be electricity (and the occasional hardware upgrade).

Apparently, right now, 1 bitcoin is about $17,000. But, when mining, it's not like you "mine" at full bitcoins, you mine at very small percentages of a single bitcoin. In addition, bitcoin seems to be somewhat volatile, so there's no guarantee regarding return of investment. I played around with some ROI calculators, and it seems like within a couple months, you'd have paid off your initial investment of hardware--assuming what you earn in bitcoin can actually be exchanged or used.

If I had the money to throw around, I'd like to try it to see what it's about, but (1) I don't have the money, haha, and (2) it seems that with the amount of people probably already playing around with it already, and the risk involved with volatility and hackers/etc, it's definitely not worth cost, time, or effort.
 
It's snowing big time in Michigan. The wife said we got about 10" so far but I know her, it's more like 6" on a good day....
 
So, I just tried to explain bitcoin to my wife (via text).

She texted me this as a response.

giphy.gif


Haha
 
So, I just tried to explain bitcoin to my wife (via text).

She texted me this as a response.

giphy.gif


Haha

This is the response I get when people ask me about bitcoins. I also get it when I try to tell people about websites, code, web hosting, IT problems,

It is usually followed by OK,,, can you fix it ?, how much ?
 
Dave knows nothing about Bitcoins but is FAR too poor to need to know.
Got a box at the usual bank.
Nothing special in 5 rolls so far.

Sent from my SAMSUNG-SM-G890A using Tapatalk
 
Dave knows nothing about Bitcoins but is FAR too poor to need to know.
Got a box at the usual bank.
Nothing special in 5 rolls so far.

Sent from my SAMSUNG-SM-G890A using Tapatalk
What specifically do you look for in rolls of pennies?
 
Older, errors etc. Mostly it just gives me something to do.

Sent from my SAMSUNG-SM-G890A using Tapatalk
 
Older, errors etc. Mostly it just gives me something to do.

Sent from my SAMSUNG-SM-G890A using Tapatalk
Just wondering. When I was little, my grandparents had three large jugs filled with pennies. One of my favorite things to do was tip them over and look for wheat pennies.

Can anyone explain (in a very simple manner) what bitcoin is and how it can be "mined"?

Did you watch Big Bang Theory the other day?
I didn't. :(

It was about bit coin, strange coincidence that you asked about it today.
I'll have to find it and watch it.
 
Don't understand BitCoin at all!
Saw article the other day that a guy bought in early..but he threw away his 'key' 4 yrs ago when moving? He says worth $80 million now and he is literally looking in a dump for it?
Don't get it at all!!?

Am going out after dinner to try and see a few meteors. It is a clear night and will be @ 48-50 degrees in north Florida. Am blowing the dust off the camera and recharging the battery. Not sure on settings anymore but am giving it a try after a long absence...
 
I understood Bitcoin 2011, many years ago. It is a security system for illegal activities I do not want to be part of.

The technical side is cryptographic book keeping. in short: anyone can see what anybody is doing but no one wears a name tag or face. As Mathematics and computer science advance the understandig of elliptical curves might one day be as easily accessible as factorizing of huge numbers. All Security will be lost then.

Environmentally it is a waste of Energy and should stop.


Details
So funktioniert die Kryptowährung Bitcoin | c't Magazin
 
I've gotten that impression too Frank that Bitcoin is, well, bad! lol Not secure, questionable at best.

Have fun Nancy star gazing, or meteor gazing. You're the one that has the warmth! we got plunged into winter last weekend after a lot of 50 degree weather.
 
Can anyone explain (in a very simple manner) what bitcoin is and how it can be "mined"?


Bitcoin is a decentralized (no bank backing or administration) cyber space currency that can be traded to other network users for goods, services, and/or "hopefully" be converted to the currency of the land at some point. It's sort of like you sending your tax dollars to Washington, in the hopes that you will one day gain some benefit from it, but in return all you get are IOU's in the form of increased debt. At least with Bitcoin, you have a chance of not being the last one holding the IOU's.

A confusing but the most simplified definition of mining I could find Bitcoin Mining
You’re right ... there is an element of a pyramid scheme with bitcoin ... or any other faith-base currency ... see U.S. Dollar.
 
I've gotten that impression too Frank that Bitcoin is, well, bad! lol Not secure, questionable at best.

Have fun Nancy star gazing, or meteor gazing. You're the one that has the warmth! we got plunged into winter last weekend after a lot of 50 degree weather.
USD is backed only by the US government, nothing concrete.
 

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