In plain English please what 'BitCoins' actually are and how they are in fact 'Mined' ... The situation is I've been reading about how Microsoft are 'enforcing Windows 10 via their updates onto people like me who don't want this Operating System purely because of Microsoft's blatant disregard for people's on-line privacy - now recently I made a comment stating this on a on-line discussion and said I'll switch off automatic updates on Windows 7 because I do not want Windows 10 - and I got back a comment stating - Giving the assumption that some troll at Microsoft is spying on everything you do for some kind of gratification (which I don't believe, but let's just assume), with a choice between Microsoft and a Russian mob hired botnet DDOS professional or Bitcoin Miner having access to your PC, I would still toss my vote over to Microsoft. Before someone says Google it I have and I'm still non the wiser
It's a 'Virtual' currency mate, invented for people who spend their days looking at a computer screen by a man who is as dodgy as ****.. He saw the opening, he went for it.. Hope that helps, now back to my virtual beer, hangover free this stuff like..
Obviously an NCIS fan that wrote that, hey it's the world we live in now and tossers that make statements like that, have a voice in this cyber world. The sad thing is, 30 years ago they would have been buying an old Astra GTE to get attention..
I assumed it's a kind of virtual currency ...I still would like to know how it actually works because on-line articles that I've read it don't explain that
what I've gleamed so far is - Technical Background During mining, your Bitcoin mining hardware runs a cryptographic hashing function (two rounds of SHA256) on what is called a block header. For each new hash that is tried, the mining software will use a different number as the random element of the block header, this number is called the nonce. Depending on the nonce and what else is in the block the hashing function will yield a hash which looks something like this: 93ef6f358fbb998c60802496863052290d4c63735b7fe5bdaac821de96a53a9a You can look at this hash as a really long number. (It's a hexadecimal number, meaning the letters A-F are the digits 10-15.) To ensure that blocks are found roughly every ten minutes, there is what's called a difficulty target. To create a valid block your miner has to find a hash that is below the difficulty target. So if for example the difficulty target is 1000000000000000000000000000000000000000000000000000000000000000 any number that starts with a zero would be below the target, e.g.: 0787a6fd6e0782f7f8058fbef45f5c17fe89086ad4e78a1520d06505acb4522f If we lower the target to 100000000000000000000000000000000000000000000000000000000000000 we now need two zeros in the beginning to be under it: 00db27957bd0ba06a5af9e6c81226d74312a7028cf9a08fa125e49f15cae4979 Because the target is such an unwieldy number with tons of digits, people generally use a simpler number to express the current target. This number is called the mining difficulty. The mining difficulty expresses how much harder the current block is to generate compared to the first block. So a difficulty of 70000 means to generate the current block you have to do 70000 times more work than Satoshi Nakamoto had to do generating the first block. To be fair, back then mining hardware and algorithms were a lot slower and less optimized. To keep blocks coming roughly every 10 minutes, the difficulty is adjusted using a shared formula every 2016 blocks. The network tries to change it such that 2016 blocks at the current global network processing power take about 14 days. That's why, when the network power rises, the difficulty rises as well. and you need one of these to do it - please log in to view this image That cost more to run in electricity than you'd make whilst mining for bitcoins Clear as mud!
There's a reason for that mate. It's mind numbingly boring. Essentially it's 'secure' there's no inflation, your money won't be owned by anybody else, such as a bank who'll invest it in the stock exchange. It's the quickest way to send money, nobody can steal your details so no fraud. It's an online currency that is safe as houses. Trouble is, the governments either want to shut it down or if they can't they'll exploit it eventually, so people are sceptical. Getting your money out as hard cash isn't straightforward either. Mining involves a mathematic programme running to process mountains of data and essentially warehouse a file of 'a block' of transactions. For every file put in the warehouse the computer owner would be rewarded in an amount of bitcoins. That's my understanding of it, I think the US would start WW3 before they let commodities start to be traded in Bitcoin rather than the USD. So I wouldn't bother with investing anything into it, at least not until they own it!
Terry the voice of reason, intelligence, problem solving, shed ownership, the full McCoy if your'e getting serious but the ****er just doesn't look as cool as Vaseline..
Seen it so many times mate, beat the crap out of a few wearing it and you know what, it was always the same question.. Do you scruffy ****s wash after laying on there for 3 hours or are you following the scouse way of life now.. A few reacted like but a good Manc will never beat a good Mackem in a scrap like, it's in our genes, especially mine bonny lad..
Haha, put me well in my place there mate, I was attempting to do a wind up but like the 007 you are....I'm silenced.... Well er, **** off then and goodnight, see you in a week or two...er....hmm........ **** it, it's not working..............hang on..............nah......
I was gonna suggest we duel, in our pinnies, best cake wins. But I can't bake... You look like you could knock up a decent Victoria Sponge. Diddles meanwhile is wondering what the **** has happened to his thread
Well I was going to suggest a bake off and seeing you as an Angel Cake merchant I was going to suggest maybe hiding a few Bitcoins in the sponge to get Diddles started? So not all is lost, Diddles gets his sponge with tasters, you bake something and yourself hopefully and I get to kick the **** out of Wayne Rooney wannabes.. Funny world isn't it..
ha ...I'm kinda following the off tracked thread not that I give toss that it gone of the rails ...t'was a boring subject anyhow ...happy I know more about baking than 'bitcoins' especially mined ones - I could probably bake some bitcoin cookies I'd probably make them with ginger
Think Bitcoins in the same sense as chocolate brownies, simple to make and come across but very complicated. Bitcoins because they were meant to baffle NE drummers and musicians as a whole and brownies because I once lost a condom in one and as much as shoved my fingers in afterwards, could I **** find it. Didn't eat her like but she was worth a gob full..
Terry hates a moody Joe, the lads got to much respect, Apologies mate and to Diddles for a good thread, tarnished by Bitcoins and a bugger with a night off.. So, lets hear the greatest ever guitarist instead..
