Author Topic: Where did Bitcoin come from  (Read 372 times)

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Offline DLR Pyro

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Where did Bitcoin come from
« on: March 26, 2021, 10:25:58 AM »
I'm not too up on how crypto currency, so when I saw this appear on the Cold Fusion channel I follow I gave it a look.  Explains how Bitcoin and online funny money works...

https://www.youtube.com/watch?v=W15A7Lf0_fI
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Offline J P Sousa

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Re: Where did Bitcoin come from
« Reply #1 on: March 26, 2021, 12:57:12 PM »
Interesting story.

Bitcoin is moving like a stock which makes me very nervous especially now that major financial institutions are jumping on board.
https://www.nasdaq.com/articles/bitcoin-price-chart-shows-bull-fatigue-as-analyst-sees-rising-wedge-2021-03-19

It reminds me of a few stocks I thought were the future until the companies went bankrupt, after screwing the stock holders, they reemerged under different ownership.


Compare bitcoin alternatives: 10 top competitors
https://www.finder.com/alternatives-to-bitcoin

Will bitcoin have it's "1929" ? time will tell.


How Does Bitcoin Mining Work?
https://www.investopedia.com/tech/how-does-bitcoin-mining-work/
« Last Edit: March 26, 2021, 01:01:16 PM by J P Sousa »
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Offline Texacon

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Re: Where did Bitcoin come from
« Reply #2 on: March 26, 2021, 01:09:32 PM »
Ok, I’ll bite. What is Bitcoin?  I watched the whole thing and I’m either too dumb to understand it, or it’s a scam.

I don’t invest in something I can’t understand. I just watched a 20 minute video that didn’t explain it well enough to me.

KC
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Offline thundley4

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Re: Where did Bitcoin come from
« Reply #3 on: March 26, 2021, 02:11:10 PM »
Ok, I’ll bite. What is Bitcoin?  I watched the whole thing and I’m either too dumb to understand it, or it’s a scam.

I don’t invest in something I can’t understand. I just watched a 20 minute video that didn’t explain it well enough to me.

KC

I have tried to understand it and had people explain it but ...nope. I'm too old or too dumb.

The only things of value will be brass, lead, gunpowder and guns, WTSHTF.

Offline Texacon

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Re: Where did Bitcoin come from
« Reply #4 on: March 26, 2021, 03:57:48 PM »
I have tried to understand it and had people explain it but ...nope. I'm too old or too dumb.

The only things of value will be brass, lead, gunpowder and guns, WTSHTF.


It seems like the people that explain it are like the people that explain AmWay.

The beginning of the video talks about how they were ‘mining’ Bitcoin ... never does it say what that is or how they’re mining it.

I know I’m not an idiot, but maybe this is beyond my understanding. Either way, I’m not buying any.

KC
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Offline DLR Pyro

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Re: Where did Bitcoin come from
« Reply #5 on: March 26, 2021, 04:08:22 PM »

It seems like the people that explain it are like the people that explain AmWay.

The beginning of the video talks about how they were ‘mining’ Bitcoin ... never does it say what that is or how they’re mining it.

I know I’m not an idiot, but maybe this is beyond my understanding. Either way, I’m not buying any.

KC

bitcoin mining puzzled me too so I looked at a few youtube videos on it.

Basically every so often the pending transactions need to be posted to the records that hold all transactions.  To post these transactions you need a computer to solve a very complex mathematical equation.  The first computer that solves the equation gets to post the transactions and for their trouble they get a fraction of a bit coin. 


https://www.youtube.com/watch?v=f0HC1Udk6-E
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ProudDad Donating Member (1000+ posts) Wed Mar-09-11 08:50 PM
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Offline Texacon

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Re: Where did Bitcoin come from
« Reply #6 on: March 26, 2021, 04:36:07 PM »
bitcoin mining puzzled me too so I looked at a few youtube videos on it.

Basically every so often the pending transactions need to be posted to the records that hold all transactions.  To post these transactions you need a computer to solve a very complex mathematical equation.  The first computer that solves the equation gets to post the transactions and for their trouble they get a fraction of a bit coin. 


https://www.youtube.com/watch?v=f0HC1Udk6-E


But in the original video you posted they stated “the last Bitcoin will be found in 2041”, which makes me very skeptical of the whole process.

KC
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Offline Drafe Hoblin

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Re: Where did Bitcoin come from
« Reply #7 on: March 26, 2021, 05:23:23 PM »
Bitcoin's value-fluctuations are swinging way too wildly.  If it stabilizes, it'll be easier to talk-about.

You can buy a car with it, but you have to pay the full price of the car up-front.  (as things stand now) 

 

Offline DLR Pyro

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Re: Where did Bitcoin come from
« Reply #8 on: March 26, 2021, 05:33:22 PM »

But in the original video you posted they stated “the last Bitcoin will be found in 2041”, which makes me very skeptical of the whole process.

KC

I recall something about only 21 million bitcoins will ever be "produced" so that does pose the question as to what is going to motivate the current crop of bitcoin miners to continue to update the transaction records once there are no more bitcoins available to mine.
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ProudDad Donating Member (1000+ posts) Wed Mar-09-11 08:50 PM
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Offline J P Sousa

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Re: Where did Bitcoin come from
« Reply #9 on: March 27, 2021, 12:36:51 PM »
One man's opinion;

https://www.fool.com/investing/2020/10/17/10-reasons-bitcoin-is-a-terrible-investment/
Quote
10 Reasons Bitcoin Is a Terrible Investment
The cryptocurrency kingpin has been on fire in 2020, but belongs nowhere near investors' portfolios.

#9. The tax situation is a nightmare

 :censored:
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Offline Texacon

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Re: Where did Bitcoin come from
« Reply #10 on: March 27, 2021, 12:48:29 PM »
One man's opinion;

https://www.fool.com/investing/2020/10/17/10-reasons-bitcoin-is-a-terrible-investment/
#9. The tax situation is a nightmare

 :censored:


Interesting and informational. Yeah, it’s just an opinion but definitely more food for thought if anyone is planning to invest in Bitcoin.

KC
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Offline Workover

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Re: Where did Bitcoin come from
« Reply #11 on: April 09, 2021, 08:49:22 PM »
One man's opinion;

https://www.fool.com/investing/2020/10/17/10-reasons-bitcoin-is-a-terrible-investment/
#9. The tax situation is a nightmare

 :censored:

Same reason I got out of that partnership in just over a year.
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Offline old dog 2

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Re: Where did Bitcoin come from
« Reply #12 on: May 14, 2021, 09:51:34 AM »














Just a few points about BitCoin and crypto in general:

1.  When will the BitCoin block chain encryption be broken?
a. it already has been?
b. next month?
c. 5 years?
d. never?
Don't put your money on never.  1977 DES official federal encryption standard was proposed, initial broken in 1990 and demolished shortly thereafter.

2.  Don't think that because banks and financial institutions are involved that crypto is safe or stable.  They were all happier than pigs in shit buying and selling sub-primes in 2008.

3.  It's tailor made for privately transferring money and that's about all.

4.  Wars have been won and lost over broken "unbreakable" codes.

5.  In the event of global collapse into chaos you are left with, to paraphrase Sonny Corleone, "I don't want my brother coming out of that toilet with just his dick in his hands, alright?".

6.  Money of the future? 223 Remington, 9mm, 45ACP, 22lr.


Offline Eupher

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Re: Where did Bitcoin come from
« Reply #13 on: May 14, 2021, 04:29:12 PM »
 Money of the future?

I'm kinda fond of 10mm, though I was reminded of how well I could shoot my CZ75BD in 9mm a couple days ago. Changed grips and it really made my day.

Or maybe it's now fully broken in? Dunno. Love it all the same.

But 10mm with a full-sized steel pistol is a marvel to behold.....Tanfoglio and Glock (cough, not full steel, but that's OK with a 6" barrel) do quite well.....

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