(Topic ID: 200502)

Somebody explain Bitcoin to me

By Pinballlew

2 years ago

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  • 1,710 posts
  • 163 Pinsiders participating
  • Latest reply 23 days ago by djreddog
  • Topic is favorited by 33 Pinsiders


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    #287 2 years ago

    If this were a sci fi novel, the world's paper, gold, mainstream electronic currency would all collapse in the year 2040, leaving only Bitcoin.

    But clearly our economies are strong and infinite.

    I don't "get" Bitcoin, but I also don't use Facebook. I'm not afraid of progress, just false profits (see what I did there?).

    4 weeks later
    #329 2 years ago

    This is definitely where we differ, I'd have to sell 1/2 before the bottom dropped.

    Of course, you have 2 and I have 0, so kudos to you!

    #341 2 years ago

    Seems silly that "someone" would create Bitcoin and the like without actually gaining any profit from it, no?

    Or maybe they gave themselves a few bitcoins for their trouble?

    I have no idea of how this ponzi scheme operation got off the ground, but if I'm wrong about getting no returns for starting it, let me know. Being wrong just means I've learned something.

    #345 2 years ago
    Quoted from pezpunk:

    ...? Who claimed the creator didn’t profit?

    See, that's what I'm talking about! I'm learning!

    Who is the creator and what are they getting out of this? I'll be rich, with knowledge!

    Craig Wright? If so, why keep himself secret? I guess that is part of my issue with Bitcoin - people "investing" without any idea (at the start at least) who was behind it.

    #348 2 years ago
    Quoted from Astropin:

    Does matter who's behind it...only that the concept was sound (which it is) Bitcoin operates on a 100% open/public ledger. There are no secrets about how it operates. The best part is you do not even need to trust the people using it....the system guarantees that all transactions are fair and open.

    I'll agree to disagree about if it does or doesn't matter about knowing who's behind it. That's a trust issue I feel.

    I am in agreement about a proven working system I think. I can certainly appreciate the open public idea.

    Thanks for the viewpoint.

    This is going to be an interesting thread that's revived 5 years from now.

    #370 2 years ago
    Quoted from rai:

    I mean what is the purpose of the computation? Are they being used for anything? It seems like a lot of hardware and electricity to mine for them (solve an equation) is that equation useful for anything?

    From what I gather, the miners provide the security, transparency, and "low cost" of the transactions. Of course, those that mine without success provide free service at their own expense.

    Also, from the extremely few articles I have skimmed, the low cost is now very high, and likely prohibitive to "the common man". $1000 in electricity to mine $10,000,,,,, if you are the one that solves the whatever.

    Again, I've really got no clue, but that is what my searches seem to find.

    Wish I had mined/bought a few coins early on, I'd be selling all but 2 by now.

    #525 2 years ago

    Anyone know how many coins The Creator has sold? And how much has been received?

    #527 2 years ago
    Quoted from Astropin:

    Zero sold by the original creator. Who mined the fist 1 million coins. This is known because it's an open ledger.

    Thank you.

    2 months later
    #1489 1 year ago
    Quoted from madscientist101:

    I respect your opinion yet disagree with it. It’s not a craze and it’s definitely not going anywhere. This is the future and it’s being driven by the blockchain. It’s about the technology behind these companies and the products and services they bring to the table.

    A) says the mad scientist

    B) technology I agree with, but the products, there in lies the current issue as I see it.

    C) I don't see government lying down on this one, expect more hacking and sabotage.


    Quoted from Astropin:

    Kids being born right now will likely never handle paper money.

    Almost a certainty.

    #1493 1 year ago
    Quoted from madscientist101:

    Like I said boys let’s let time show who is correct here. I love Pinball and I am into cryptocurrency, if I went onto a cryptocurrency forum and told ppl to buy a pinball machine and put it into their house the reception would be very similar to me talking about cryptocurrency on a Pinball forum


    Think back 25 yes to what we thought the future would hold in store, ,,, how close are we to those predictions?

    I wish everyone success that is involved, just have lots of baskets, that's all.

    #1497 1 year ago
    Quoted from schwarz:

    The way it's gone down so far:
    1) There is no way phone companies are going to let people communicate for free.
    2) There is no way the music industry is going to let people listen to music for free.
    3) There is no way the porn industry is going to let people jerk off for free.
    4) There is no way the motion picture industry is going let people watch movies for free.
    5) There is no way the cable televison networks are going to let people get tv for free.
    6) There is no way the banks are going to let people create and control their own currency for free
    The internet has decentralized practically everything it's gotten it's hands on.
    Currency is just the latest thing that seems to be switching hands from big corporations to the people.

    Doesn't mean doing those things is legal or free.

    Privacy is long, long gone. When that privacy "permission " invades your bank account, ,,,, watch out!

    #1499 1 year ago
    Quoted from schwarz:

    That's true but now we're seeing the content creators release their material and in many cases it's free.

    Good point.

    #1523 1 year ago
    Quoted from pezpunk:

    Sold my mining rig for almost 2 times what it cost to build.
    Overall my ROI for 3 months of mining was roughly 400% ... the numbers are a little fuzzy because I didn’t sell quite everything. I still have 2 Vegas and 2 other lesser cards mining. Also doesn’t factor in my time spent building and tuning it.
    But I’ll be happy to build another rig next fall with the next wave of GPUs, depending on the market conditions of course.

    Everybody likes a little in & out!
    Smart move I think.

    #1527 1 year ago
    Quoted from Leeb18509:

    Don't use Coinbase to buy and sell, use GDAX. Google up a couple of videos on how to buy/sell with no fees on GDAX. The fees on Coinbase are astronomical.

    Fees? I thought this was one of the things crypto currency was trying to avoid?

    #1530 1 year ago
    Quoted from Astropin:

    Coinbase is not a cryptocurrency...it's an exchange handling crypto investments...two totally different things. Coinbase is looking to get paid for their service.

    Oh, so you pay fees for investing, not actual moving of credit. Understood.

    Got it, thanks!

    2 weeks later
    #1571 1 year ago

    This seems like a sketchy business venture folks. But hey, the risk takers are statistically the winners, right?

    Too much volatility and surprises for me.

    I'm looking for a nice metal detector / weapons company to invest in. Seems to be where they are steering us....

    1 week later
    #1593 1 year ago
    Quoted from Astropin:

    I also bought something with Bitcoin today...first time.

    A yacht?

    #1597 1 year ago
    Quoted from Astropin:

    Just as an FYI my last Bitcoin transaction cost me 13 cents.

    A cash transaction would have cost $0.00.

    I'm just busting balls, I'd love for the usual suspects to lower fees and have to actually be competitive, but I'm not holding my breath.

    Glad it's working out for you.

    #1602 1 year ago
    Quoted from pezpunk:

    You don’t get it.

    I do. I probably should have used the sarcasm instead of wink.

    Lighten up Francis.

    1 year later
    #1708 82 days ago

    Bitcoin can't be that great, I keep getting texts and emails with people I don't even know just giving it to me!

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