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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 »
Quote from: Texacon 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

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.
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Offline Texacon

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Re: Where did Bitcoin come from
« Reply #4 on: March 26, 2021, 03:57:48 PM »
Quote from: thundley4 on March 26, 2021, 02:11:10 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 »
Quote from: Texacon on March 26, 2021, 03:57:48 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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Offline Texacon

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Re: Where did Bitcoin come from
« Reply #6 on: March 26, 2021, 04:36:07 PM »
Quote from: DLR Pyro on March 26, 2021, 04:08:22 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) 

 
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Offline DLR Pyro

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Re: Where did Bitcoin come from
« Reply #8 on: March 26, 2021, 05:33:22 PM »
Quote from: Texacon on March 26, 2021, 04:36:07 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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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 »
Quote from: J P Sousa 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/
#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 »
Quote from: J P Sousa 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/
#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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