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The good Bit of Bitcoin

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The good Bit of Bitcoin

Old 7th Mar 2018, 02:34
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The good Bit of Bitcoin

Hats off to him

https://www.msn.com/en-gb/money/tops...cid=spartandhp
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Old 7th Mar 2018, 05:31
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How do you turn Bitcoin into something that every one/business will accept?
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Old 5th Feb 2019, 13:07
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Well this sort of thing doesn't help - it turns out that un untraceabke currency can be difficult to trace and retrieve if the owner of the exchange dies without telling anyone the passwords. Who'd have thunk it...!

PDR
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Old 5th Feb 2019, 13:15
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Bitcoin reminds me of pet rocks and beanie babies.
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Old 6th Feb 2019, 08:00
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Still at the Mom&Pop stage of things as illustrated by the Pop dying without any associates trusted to have the password to the $250 million cold safe.
Some aspects of the concept will eventually evolve into something actually useful.
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Old 6th Feb 2019, 09:34
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Some aspects of the concept will eventually evolve into something actually useful.
Already has, but it has more to do with being an efficient ledger at securely tracking long convoluted and complex transactions flows rather than being intrinsically worth anything.
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Old 7th Feb 2019, 00:29
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What I don't understand (and being a computer thicko it's hardly surprising) is that we are used to being told that our phones have more computing power than was used to get the Appollo spacecraft to the moon, and similar analogies.

That said, why is it that apparently the power being used to "mine" bitcoins (whatever the heck that means) is now approaching that used by a small country. Is that true (maybe it is rubbish) but if it is, why is it so?
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Old 7th Feb 2019, 06:11
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It's because bitcoin mining is competitive: as more people get involved and buy and run more hardware, the difficulty of mining a bitcoin increases. So advances in computing don't translate to making bitcoin mining more energy efficient.

It probably does use as much energy as some small countries. Some of that will be renewable but I believe there are a lot of coal-burning bitcoin miners in China.
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Old 7th Feb 2019, 08:41
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Originally Posted by PDR1 View Post
Well this sort of thing doesn't help - it turns out that un untraceabke currency can be difficult to trace and retrieve if the owner of the exchange dies without telling anyone the passwords. Who'd have thunk it...!

PDR
He might not be dead...
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Old 8th Feb 2019, 22:51
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The "structure" of all these "crypto-currencies" are different from Ponzi schemes in what way?
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Old 9th Feb 2019, 00:16
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Thanks abgd - it still seems difficult to understand, but I assume it must be true.
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Old 10th Feb 2019, 14:26
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Originally Posted by Private jet View Post
The "structure" of all these "crypto-currencies" are different from Ponzi schemes in what way?
A hard limit on the number available.
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