| Bitcoin mining - madness 07:40 - May 23 with 11013 views | nodge_blue |
I’m getting really tired of the madness of this world. It’s draining all the stupid things we do.
https://www.bbc.co.uk/news/articles/cx2qg6e03l2o
Why invent a system that requires more and more power to create a bit coin. So much that power stations emitting large amount of noise disrupt people’s lives. Not to mention a contribution to climate change on the scale of Greece.
It’s pure madness and on top of it all who uses bitcoin anyway. It still has virtually no purpose other than a pyramid scheme to make people money. It’s immoral. I will admit I bought some in the past as an IT person who was interested in IT related things. But I think that was wrong now. And this article on the BBC is another enforcement of that view. Ban crypto.
[Post edited 23 May 7:41]
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| Bitcoin mining - madness on 14:46 - May 23 with 1162 views | Lord_Lucan |
| Bitcoin mining - madness on 14:42 - May 23 by DanTheMan |
You not enjoying this riveting thread about magic computer beans? |
I'd like to think I'm not an unintelligent man but I just can't understand this stuff.
I had the same feeling in my Technical Drawing O Level - It just doesn't compute with me.
When I put an extension on our house for mother I was shown the plans and they could have been back to front or upside down, yet my wife got it straight away.
If I was younger I would apply to be diagnosed with an illness that reflected this inability. |  |
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| Bitcoin mining - madness on 14:48 - May 23 with 1153 views | Mookamoo |
| Bitcoin mining - madness on 14:38 - May 23 by The_Flashing_Smile |
I don't get it. How can you put a limit on something that isn't physical?! There's not an actual 'thing' created is there, there's not physical 'stuff' to mine, like with gold. It's just computer processes, zeroes and ones?! And if it's not centralised then I don't understand how someone can keep an eye on it/run things. |
It's hardcoded into lump of code that everyone has access to. As no one person, or organisation controls the code, no on person or organisation can alter it.
Theoretically everyone who has the code can agree to alter it and increase the limit, but the moment you do that, it becomes worthless. It's value is in that fact that it is scarce, like gold. [Post edited 23 May 14:48]
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| Bitcoin mining - madness on 14:53 - May 23 with 1128 views | Bluecoin |
| Bitcoin mining - madness on 14:45 - May 23 by blueasfook |
The limit should be reached in 2140 so it will be interesting to see what happens what happens to BTC once the limit is reached. No new ones will be able to be mined so where will the incentive for miners come from? |
It's an interesting one. Miners will still get transaction fees for securing the network.
Who knows what will happen. It will be the first major asset with a permanently fixed supply. Let the future geeks work it out! |  | | |
| Bitcoin mining - madness on 14:53 - May 23 with 1125 views | C_HealyIsAPleasure |
| Bitcoin mining - madness on 14:45 - May 23 by blueasfook |
The limit should be reached in 2140 so it will be interesting to see what happens what happens to BTC once the limit is reached. No new ones will be able to be mined so where will the incentive for miners come from? |
Just set a reminder in my calendar to check back then and see what happens |  |
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| Bitcoin mining - madness on 14:54 - May 23 with 1115 views | C_HealyIsAPleasure |
| Bitcoin mining - madness on 14:53 - May 23 by Bluecoin |
It's an interesting one. Miners will still get transaction fees for securing the network.
Who knows what will happen. It will be the first major asset with a permanently fixed supply. Let the future geeks work it out! |
Gonna be awks when future Jeff Bezos hoards it all | |
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| Bitcoin mining - madness on 15:05 - May 23 with 1080 views | The_Flashing_Smile |
| Bitcoin mining - madness on 14:43 - May 23 by Bluecoin |
Satoshi's code. It's built into the protocol. |
I've no idea what any of that means. |  |
| Trust the process. Trust Phil. |
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| Bitcoin mining - madness on 15:07 - May 23 with 1072 views | The_Flashing_Smile |
| Bitcoin mining - madness on 14:46 - May 23 by Lord_Lucan |
I'd like to think I'm not an unintelligent man but I just can't understand this stuff.
I had the same feeling in my Technical Drawing O Level - It just doesn't compute with me.
When I put an extension on our house for mother I was shown the plans and they could have been back to front or upside down, yet my wife got it straight away.
If I was younger I would apply to be diagnosed with an illness that reflected this inability. |
Me too. My brain just doesn't work with numbers. Language, great. I'm a writer and a creative, I can come up with ideas that make millions of pounds, but I can't get my head around anything to do with numbers. Like you say, it's like an illness or a type of blindness. | |
| Trust the process. Trust Phil. |
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| Bitcoin mining - madness on 15:09 - May 23 with 1069 views | portmanking |
| Bitcoin mining - madness on 15:05 - May 23 by The_Flashing_Smile |
I've no idea what any of that means. |
Well why don't you educate yourself on it instead of poo-poo'ing it? |  | | |
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| Bitcoin mining - madness on 15:09 - May 23 with 1061 views | The_Flashing_Smile |
| Bitcoin mining - madness on 15:09 - May 23 by portmanking |
Well why don't you educate yourself on it instead of poo-poo'ing it? |
Where have I poo-pooed the concept of BitCoin? | |
| Trust the process. Trust Phil. |
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| Bitcoin mining - madness on 15:15 - May 23 with 1039 views | blueasfook |
| Bitcoin mining - madness on 15:07 - May 23 by The_Flashing_Smile |
Me too. My brain just doesn't work with numbers. Language, great. I'm a writer and a creative, I can come up with ideas that make millions of pounds, but I can't get my head around anything to do with numbers. Like you say, it's like an illness or a type of blindness. |
What about navigating your way around High St shops? |  |
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| Bitcoin mining - madness on 15:16 - May 23 with 1034 views | portmanking |
| Bitcoin mining - madness on 15:09 - May 23 by The_Flashing_Smile |
Where have I poo-pooed the concept of BitCoin? |
You called the concept 'madness' in your first post on the thread. And have since questioned the validity of its decentralised, finite nature.
If you're prepared to learn about it, there's heaps of content online that'll quell your scepticism in minutes. | | | |
| Bitcoin mining - madness on 15:16 - May 23 with 1033 views | Lord_Lucan |
| Bitcoin mining - madness on 15:09 - May 23 by portmanking |
Well why don't you educate yourself on it instead of poo-poo'ing it? |
In don't think he has to be fair.
He's just can't make head nor tail of it - same as me.
What if I decided to invent my own currency? How many Lucoins would you like to buy?
It's off the scale baby! | |
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| Bitcoin mining - madness on 15:17 - May 23 with 1032 views | J2BLUE |
| Bitcoin mining - madness on 14:38 - May 23 by The_Flashing_Smile |
I don't get it. How can you put a limit on something that isn't physical?! There's not an actual 'thing' created is there, there's not physical 'stuff' to mine, like with gold. It's just computer processes, zeroes and ones?! And if it's not centralised then I don't understand how someone can keep an eye on it/run things. |
It is one of the rules of Bitcoin.
There will never be more than 21 million. If gold goes to £10k an ounce they will produce more. Gold is finite on Earth but we can also mine asteroids if the price goes high enough.
Bitcoin is truly limited. Other cryptocurrencies can be created but none have managed to take Bitcoin down yet.
There are some intelligent posters on this thread who really need to do some digging into Bitcoin. It's not a joke anymore. Blackrock, Fidelity and others all onboard. Trump wants to make USA the crypto capital of the world. Other countries looking into it. US states have bills going through about buying it (various stages, including some which have been rejected. There are companies buying relentlessly. Microstrategy and at least two others are pretty much all in on it. Nothing is guaranteed but it looks like it will go up.
Not financial advice etc. It could also be banned with the stroke of a pen. I don't think it will be though. |  |
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| Bitcoin mining - madness on 15:20 - May 23 with 1012 views | Bluecoin |
| Bitcoin mining - madness on 15:07 - May 23 by The_Flashing_Smile |
Me too. My brain just doesn't work with numbers. Language, great. I'm a writer and a creative, I can come up with ideas that make millions of pounds, but I can't get my head around anything to do with numbers. Like you say, it's like an illness or a type of blindness. |
If it helps, here's it explained in the medium of poetry...
Bitcoin’s like money that lives in the net,
No one can fake it, no need for debt.
Fixed in its number, run by code—
A digital treasure the people hold.
Get it now? | | | |
| Bitcoin mining - madness on 15:28 - May 23 with 981 views | J2BLUE |
| Bitcoin mining - madness on 15:20 - May 23 by Bluecoin |
If it helps, here's it explained in the medium of poetry...
Bitcoin’s like money that lives in the net,
No one can fake it, no need for debt.
Fixed in its number, run by code—
A digital treasure the people hold.
Get it now? |
Code and hold? You're taking serious liberties... | |
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| Bitcoin mining - madness on 15:32 - May 23 with 960 views | Bluecoin |
| Bitcoin mining - madness on 15:28 - May 23 by J2BLUE |
Code and hold? You're taking serious liberties... |
Wish I was that creative! AI did it (and used the equivalent power of a kettle on for like 6 hours to do so - it was worth it)! | | | |
| Bitcoin mining - madness on 15:33 - May 23 with 954 views | The_Flashing_Smile |
| Bitcoin mining - madness on 15:16 - May 23 by portmanking |
You called the concept 'madness' in your first post on the thread. And have since questioned the validity of its decentralised, finite nature.
If you're prepared to learn about it, there's heaps of content online that'll quell your scepticism in minutes. |
I said "It's a fascinating story, and I agree it's madness" - as in what the people in the story are having to put up with.
I haven't questioned the validity of it being decentralised - I simply asked how it was controlled if decentralised. I've also not questioned the validity of it's finite nature, just asked how a non-physical thing can be finite (which others have since explained).
It seems you're so desperate to defend BitCoin that you're unable to see what's actually written, who's attacking it and who's simply asking questions about something they don't understand. The only thing I've poo-poed is the word 'mining' to describe the number crunching. [Post edited 23 May 15:37]
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| Trust the process. Trust Phil. |
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| Bitcoin mining - madness on 15:35 - May 23 with 935 views | The_Flashing_Smile |
| Bitcoin mining - madness on 15:16 - May 23 by Lord_Lucan |
In don't think he has to be fair.
He's just can't make head nor tail of it - same as me.
What if I decided to invent my own currency? How many Lucoins would you like to buy?
It's off the scale baby! |
You could have your face as 'heads' and your hairy arse as 'tails'. | |
| Trust the process. Trust Phil. |
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| Bitcoin mining - madness on 15:37 - May 23 with 918 views | mellowblue |
| Bitcoin mining - madness on 14:46 - May 23 by Lord_Lucan |
I'd like to think I'm not an unintelligent man but I just can't understand this stuff.
I had the same feeling in my Technical Drawing O Level - It just doesn't compute with me.
When I put an extension on our house for mother I was shown the plans and they could have been back to front or upside down, yet my wife got it straight away.
If I was younger I would apply to be diagnosed with an illness that reflected this inability. |
If you got so far as actually attempting the O level that is something. I had to drop it at 14 as I was hopeless, had no idea. Teacher was an ex Spitfire pilot, had some stories to tell. | | | |
| Bitcoin mining - madness on 15:46 - May 23 with 868 views | DanTheMan |
| Bitcoin mining - madness on 15:17 - May 23 by J2BLUE |
It is one of the rules of Bitcoin.
There will never be more than 21 million. If gold goes to £10k an ounce they will produce more. Gold is finite on Earth but we can also mine asteroids if the price goes high enough.
Bitcoin is truly limited. Other cryptocurrencies can be created but none have managed to take Bitcoin down yet.
There are some intelligent posters on this thread who really need to do some digging into Bitcoin. It's not a joke anymore. Blackrock, Fidelity and others all onboard. Trump wants to make USA the crypto capital of the world. Other countries looking into it. US states have bills going through about buying it (various stages, including some which have been rejected. There are companies buying relentlessly. Microstrategy and at least two others are pretty much all in on it. Nothing is guaranteed but it looks like it will go up.
Not financial advice etc. It could also be banned with the stroke of a pen. I don't think it will be though. |
Blackrock, Fidelity etc. will do anything that they think will make them money.
Loads of very big financial institutions thought subprime mortgages were a fantastic idea right up until they weren't.
Not saying Bitcoin is a terrible idea, although I'm very obviously a skeptic, but just because big companies / countries are doing it, doesn't mean it won't all end in tears. |  |
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| Bitcoin mining - madness on 15:50 - May 23 with 857 views | StokieBlue |
| Bitcoin mining - madness on 15:05 - May 23 by The_Flashing_Smile |
I've no idea what any of that means. |
It means that if enough people form a consensus they can change it to any other number.
That's unlikely to happen but it could.
Also worth noting that wallet encryption would be very suspectible to a quantum computer so they will need to do something about that at some point so it's very possible for the code to change.
SB
Edit: Also worth noting that if anyone ever gets access to Satoshis wallet the supply will increase significantly and there would be a corresponding price decrease. [Post edited 23 May 15:55]
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| Bitcoin mining - madness on 15:55 - May 23 with 845 views | Radlett_blue |
| Bitcoin mining - madness on 15:17 - May 23 by J2BLUE |
It is one of the rules of Bitcoin.
There will never be more than 21 million. If gold goes to £10k an ounce they will produce more. Gold is finite on Earth but we can also mine asteroids if the price goes high enough.
Bitcoin is truly limited. Other cryptocurrencies can be created but none have managed to take Bitcoin down yet.
There are some intelligent posters on this thread who really need to do some digging into Bitcoin. It's not a joke anymore. Blackrock, Fidelity and others all onboard. Trump wants to make USA the crypto capital of the world. Other countries looking into it. US states have bills going through about buying it (various stages, including some which have been rejected. There are companies buying relentlessly. Microstrategy and at least two others are pretty much all in on it. Nothing is guaranteed but it looks like it will go up.
Not financial advice etc. It could also be banned with the stroke of a pen. I don't think it will be though. |
Bitcoin is only limited if you trust the people who control the supply and as they seem unidentifiable, I am somewhat suspicious. |  |
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| Bitcoin mining - madness on 16:00 - May 23 with 822 views | J2BLUE |
| Bitcoin mining - madness on 15:46 - May 23 by DanTheMan |
Blackrock, Fidelity etc. will do anything that they think will make them money.
Loads of very big financial institutions thought subprime mortgages were a fantastic idea right up until they weren't.
Not saying Bitcoin is a terrible idea, although I'm very obviously a skeptic, but just because big companies / countries are doing it, doesn't mean it won't all end in tears. |
Well aware of that. I was talking about adoption and it going mainstream. | |
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| Bitcoin mining - madness on 16:01 - May 23 with 822 views | Lord_Lucan |
| Bitcoin mining - madness on 15:37 - May 23 by mellowblue |
If you got so far as actually attempting the O level that is something. I had to drop it at 14 as I was hopeless, had no idea. Teacher was an ex Spitfire pilot, had some stories to tell. |
I went to a grammar school, you weren't allowed to drop anything | |
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| Bitcoin mining - madness on 16:13 - May 23 with 799 views | The_Flashing_Smile |
| Bitcoin mining - madness on 16:01 - May 23 by Lord_Lucan |
I went to a grammar school, you weren't allowed to drop anything |
Apart from your trousers, AMIRIIIIIGHT?!? | |
| Trust the process. Trust Phil. |
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