Bitcoin !! i dont get it !!

After enjoying the fruits of your labors, we all need a place to chill. This is that place. Totally senseless irrelevant banter encouraged.
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dill786

Bitcoin !! i dont get it !!

Post by dill786 »

I dont understand how it gets valued !???? right now 1 bitcoin is worth £145 sterling.

how does it get valued again, its so confusing..

who generates bitcoins !??, its a virtual currency !!!

http://www.bbc.co.uk/news/technology-24818975" onclick="window.open(this.href);return false;
mint new coins.

Typically new Bitcoins are generated by getting lots of computers to tackle a complicated cryptographic puzzle. At any given moment thousands of computers are involved in tackling this puzzle.

Roughly every ten minutes one group involved in solving this puzzle is rewarded with Bitcoins. The process is known as "mining" because, like miners, those who take part have to sift a lot of dross before they find a valuable nugget. As soon as the new coins are found, the news is circulated and everyone starts working on the next puzzle. One Bitcoin is currently worth about £145.
why are they playing crypotographic puzzles !???? i dont get it :bonghitter:

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Bitcoin !! i dont get it !!

Post by Jesús Malverde »

Makes at least as much sense as the Fed, the BoE or the ECB creating debt-based currency out of thin air. There's a BitCoin ATM in Vancouver BC now where you can buy and sell BitCoins.

http://www.nbcnews.com/technology/bitco ... 8C11496324" onclick="window.open(this.href);return false;
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Bitcoin !! i dont get it !!

Post by Intrinsic »

You and me both dill.

Chingas, I ‘m total confused now. I first heard of bitcoins when Silk Road was busted.
Did not understand how a coin could be back with real world assets and be anonymous.
It smells like a bad hack or a worst a scam.

Now with dill’s post, more questions!?! I get the fun part of solving puzzles, but where does the value come from? Are they cracking encrypted info in a back market chop shop for sensitive stolen encrypted data.
And haysus’s post the subject seems worlds apart … wtf?

So many questions…

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Bitcoin !! i dont get it !!

Post by bentech »

my last roomie told me to get into bitcoin three years ago...

a 100 dollar investment THEN could have bought me a house today
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Post by Butcher Bob »

Historically I thought bit coins were pieces of eight...coins that could be broken into 8 pieces.

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Bitcoin !! i dont get it !!

Post by Intrinsic »

8 bits to a byte. Synchronicity! Wow man, trippy,

country boy

Bitcoin !! i dont get it !!

Post by country boy »

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Last edited by country boy on Sat Mar 22, 2014 1:09 pm, edited 1 time in total.

dill786

Bitcoin !! i dont get it !!

Post by dill786 »

The value of Bitcoin virtual currency has increased 20-fold in the past year and hit an all-time high of $309.68 on Mt. Gox, the world’s largest Bitcoin exchange. Growth sustainability is at risk as new 'Silk Road' makes it a target of the US government.

Bitcoin’s extraordinary rise has garnered attention from investors from Cyprus to China wanting to get in on the soaring prices. But its success on the online 'Silk Road' has made it, along with drugs, a target for the US government.

The re-launch of the illegal online drug operator Silk Road could threaten the ‘Bitcoin boom’ as the FBI continues its crack down on Bitcoins used to barter for contraband products.



http://rt.com/business/bitcoin-boom-silk-road-364/" onclick="window.open(this.href);return false;

dill786

Bitcoin !! i dont get it !!

Post by dill786 »

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Last edited by dill786 on Sat Nov 09, 2013 11:20 am, edited 1 time in total.

dill786

Bitcoin !! i dont get it !!

Post by dill786 »

$309 for 1 bitcoin.... :toker1:

i should have bought some when i had the chance just like ben ages ago....

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