Burlington, WI
i'm still trying to figure out how and where you would "mine" these coins? How does that work?
(Topic ID: 200502)
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but how do you know where these "mines" reside? I guess that's my initial question. Is there a specific website, how do you know you even have a mine found?
Quoted from guyincognito:Most of the Bitcoin mines are located on the Moon, where lower gravity leads to higher yields. I know a guy who sells maps and surveying equipment, but it's going to cost you.
this is about how I figured, but wanted to ask just to be sure I was on base.
so it's sole purpose is completely useless. Why don't they use this kind of processing power for something useful. Like when NASA uses data collected for scanning the universe searching for communication transmissions. This is shared by 100's of 1000's of computers all processing the collected data together, since the amount of processing power it takes to process all that data is astronomical. Using that kind of processing firepower to process useful data and payout bitcoins could be 2 fold.
Like the workout place in Korea. They have generators in all the excercize bikes and it powers batteries that the entire fitness club runs off of. Instead of just burning the energy for no cause.
who is making the things bitcoin goes into? Do the programmers have bitcoin to insert into these equations? They have a stockpile of them? Why would you even take the time to insert these "prizes" into things for others to find? What's stopping them from just duplicating unlimited supply of said coins?
Quoted from ExtremePinball:Start from post #1. Read all of the posts completely. All of your questions will be answered.
I did, and I don't understand who creates the coins and how they are giving them value.
It seems like it would be creating a crossword puzzle that people can solve, and when they solve it I give them a code for a fraction to a piece of stock. But I would have to have the stock to give in the first place.
Quoted from pezpunk:there are 21 million bitcoins and there will never be any more than that. approximately 16.7 million of those 21 million have been mined already. the remainder are still undiscovered.
like gold, there is a finite supply. new bitcoins cannot be created without re-writing the bitcoin protocol, which due to its distributed nature, would in effect require a majority consensus of all bitcoin holders, which obviously would never happen, since you'd be asking people to voluntarily devalue their own assets.
So someone made a bunch of puzzles and created a bunch of millions of secrets hidden inside those. What made those pieces of code worth anything?
I guess I just don't understand how someone goes from making this code and hiding what's basically xbox gold inside of it. THen have that xbox gold all of a sudden have some value to companies?
Quoted from Spyderturbo007:I do like the one bullet point you left out from your link.
Bitcoin's electricity consumption as a percentage of the world's electricity consumption = 0.10%
Might want to jump on a different “this is bad for the planet” campaign.
I agree with astropin. .1% of the worlds electricity is used for this bullshit? That is a massive amount of wasted power. It's not like humans are not the poster animal for unnecessary waste on the planet thou. :/
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