Bitcoins! Who would have known?

TexasT said:
I guess I need to google up how this mining works. I sure cant understand it. Anyone want to put it into laymans terms
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Very laymens terms missing a lot of details: mining is the process of using my hardware to run the cryptocurrency network, process transactions etc. Think of it this way. When you use your credit card or paypal there is a fee. Like that fee miners are paid a reward proportional to the amount of work they do for the network.

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so, you trade your electricity and computing power for some cut of the fees?
 
Sal Lubrano said:
A coin is worth over 7 Grand today! Only in today's world could money be made out of thin air. Nothing backing it at all, just basic economics supply and demand. This is totally insane. Just read one transaction uses as much electric as a home for a week. Everyone is fighting for these coins.
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There isn’t anything backing the bills in your pocket either. Most banks insure up to 200k through fdic iirc but that doesn’t protect the currency itself.


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Sal Lubrano said:
A coin is worth over 7 Grand today! Only in today's world could money be made out of thin air. Nothing backing it at all, just basic economics supply and demand. This is totally insane. Just read one transaction uses as much electric as a home for a week. Everyone is fighting for these coins.
Click to expand...
Here we are 1 month later and now almost $12k for a coin!?
 
I cannot for the life of me, comprehend how one could "use" currency that fluctuates in value virtually by the minute. When a site advertises a product for 0.1 bitcoin, that product's actual price could vary by a couple hundred percent weekly! At least the dollar has relatively the same value aside from inflation...
 
Dot Com Bubble? The ramp up before the crash?

Crypto currency is a hell of a concept.
 
The block chain is the only true contribution bit coin has. When you invest in stocks you look at the fundamentals and technicals. It has no fundamentals at all to drive it to such a high price.

Look at all the previous major market crashes and what triggered them. In the 80's it was a computer insurance program, the late 90's the Dot Com's, the Asset Backed Mortgages in 2008, and shortly after that investment trading algorithms. I will be really surprised if Bit Coin does not cause the next market crash!
 
I believe they will be the next dot bombs. A handful will survive and evolve but most along with their investors will ash. There's also a segment of users that a just money laundering criminals. I'm staying away.
 
~JM~ said:
That's too funny! :eek: :ROFLMAO:

Beware the stories with the words: "Could Be" or "May Be", etc. These words form the benchmark of journalistic integrity. :poop:

Climate change? You bet! Changes every day & by the hour. Just ask the Dinosaurs.
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I call it Global Taxing! How can we make people feel good about paying more taxes? Tell them they are saving the Earth! They fill the land fills at unbelievable rates, they polute the ocean but vilinize CO2. A couple months ago I watched a researcher in the Artic measuring the ice caps after he travelled 10 miles in an ICEBREAKER!:rolleyes:
 
If CO2 had the insulating/reflective quality that they claim, every dual pane window manufacture would be using it to fill the void between the glass.
 
$14,400 now. Man I wish I had bought in back in June when I thought it was in a bubble and it was only $2,200. I keep saying "its going to come down then Ill buy some" but it hasnt lol.

I have only the coins I have mined. Mostly Ethereum value wise. I also have Siacoin, Decred, and HUSH.

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Sal Lubrano said:
A coin is worth over 7 Grand today! Only in today's world could money be made out of thin air. Nothing backing it at all, just basic economics supply and demand. This is totally insane. Just read one transaction uses as much electric as a home for a week. Everyone is fighting for these coins.
Click to expand...

It was north of 19k today. Could have almost tripled your money in a month and a week. :eek:. It dropped pretty quick too though. Something going on with hackers.
 
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