(Topic ID: 200502)

Somebody explain Bitcoin to me

By Pinballlew

2 years ago

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  • 1,721 posts
  • 165 Pinsiders participating
  • Latest reply 24 days ago by Zampinator
  • Topic is favorited by 31 Pinsiders


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    #116 2 years ago
    Quoted from Travish:

    How many billion/trillion dollars is the liquor industry every year? Liquor will have value even if not used for drinking.

    I keep trying to invest in liquor, but somehow my investment keeps disappearing

    #162 2 years ago
    Quoted from CaptainNeo:

    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?

    Think of it as one puzzle of code that was created and released into the wild of the internet. The purpose of the code is to validate the transactions of the network. The more computational effort is applied to validating, the more resilient is the network against attacks. There's no secrets: it's public key cryptography and digital signatures...basic ideas that can be taught in freshman university mathematics or computer science class. The code is designed to dispense bitcoin currency as rewards among the miners to incentivize behavior that is beneficial to the network, and only becomes worth anything when people accept bitcoins in exchange for other valuable things.

    #196 2 years ago
    Quoted from pezpunk:

    i was trying to clarify wallets versus exchanges, because people were talking about exchanges getting hacked.

    The exhanges being hacked are probably not the biggest worry. From what I have gleaned on the subject, it's actually the wallets and such storage methods that are more often hacked to steal cryptocurrency. Brute force hacking is especially easy when the owners set weak passwords, ransomware is common and even cell phone data theft - but even more sophisticated methods are being implemented by hackers as well. This also gives rise to one of the cons of cryptocurrency: You can reverse a credit card transaction - but you can't with crypto, similar to cash. Once it's stolen, you basically would have to find the thief and execute your own brand of personal justice.

    #207 2 years ago

    Waiting for the tie-ins to pinball now: 2 Bitcoin by Christmas!!!

    #226 2 years ago
    Quoted from ExtremePinball:

    You could have the finest shaped and most pleasantly smelling turd in the world. It could be "worth" millions. Then again, you more likely will need to pay somebody to take your turd away. (sewer fees)
    Doesn't change the fact that it cost you $7.00 to produce the turd.

    Once my turd looks like a celebrity, it's going up on Ebay

    #279 2 years ago

    However bad the power consumption issue is now, derivative blockchain technologies could be the long needed upgrade of power utility infrastructure.


    #300 2 years ago

    Bitcoin makes looking at pinball as an investment a wiser move. Lol.

    #302 2 years ago

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    #307 2 years ago
    Quoted from Pintucky:

    I've been trying for days to get my driver's license verified on Coinbase or GDAX. They sure make it tough to set up with them!
    I hate to see this thread die down and hope it stays alive.
    Anyone want to make some comments on the volatility of the market(s)?
    Offer some tall tales?
    Some do's and don'ts?
    I'm leaning toward buying a large amount of Bitcoin and then some small amounts of Ethereum and Litecoin.
    Mike in Kentucky

    Some don'ts...

    Don't try to buy on Coinbase with a bank account debit card. I did some research, but apparently not enough. It seemed easy enough, the Coinbase app appeared to have a lot of positive reviews. All I wanted to do was throw a small amount out there to play around with and the transaction was denied, flagged and debit card locked. This was just yesterday.

    #309 2 years ago

    I was more concerned with the security of the exchanges, figured I would choose one of the big names. I was taken by surprise - it never occurred to me that the bank would have issue with it, but now I have read that banks frown upon bitcoin. Whether it be because it the decentralization undermines them, or they want to protect themselves. Anyway, if I try to pursue it in the future I will make sure not to associate it all to my working checking account. That was just careless on my part. This time I just got a little wisecracking from the wife, but could have been a lot worse if my account got screwed.

    1 month later
    #710 2 years ago
    Quoted from roffels:

    It kind of bums me out how much electricity is spent on bitcoin.

    I've read some interesting articles on energy trading applications of blockchain technology


    #715 2 years ago
    Quoted from roffels:

    What did you find interesting about this article?

    The concept of blockchain is most commonly known in the financial market (e.g. cryptocurrency trading) but the concepts are also being applied to energy industries. The graphic below displays how consumers and suppliers trade in a decentralized blockchain energy market.

    blockchain-model (resized).png

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