Off Topic Does anybody understand bitcoin?

  • Please bear with us on the new site integration and fixing any known bugs over the coming days. If you can not log in please try resetting your password and check your spam box. If you have tried these steps and are still struggling email [email protected] with your username/registered email address
  • Log in now to remove adverts - no adverts at all to registered members!
Mining is essentially using software to solve a puzzle, and being rewarded with a bitcoin. When the 'puzzle' is solved a new one is released. The puzzles are solved and new ones released approximately every 10 minutes. The software runs on electricity and the greater the computer power you have the easier it is to 'solve' the puzzles and this advanced powerful software uses more electricity.
Which is why I'm against it - for 3 reasons

1. it's not democratic - if you have more processing power you can earn more - computers cost money
2. it hasn't stopped the speculators who ruin our economies
3. electricity isn't free either - the Bitcoin system is essentially flawed by finite resources and ultimately isn't good for the planet
 
  • Like
Reactions: dennisboothstash
Which is why I'm against it - for 3 reasons

1. it's not democratic - if you have more processing power you can earn more - computers cost money
2. it hasn't stopped the speculators who ruin our economies
3. electricity isn't free either - the Bitcoin system is essentially flawed by finite resources and ultimately isn't good for the planet
Word
 
Which is why I'm against it - for 3 reasons

1. it's not democratic - if you have more processing power you can earn more - computers cost money
2. it hasn't stopped the speculators who ruin our economies
3. electricity isn't free either - the Bitcoin system is essentially flawed by finite resources and ultimately isn't good for the planet
Neither is the Rothschild banking system. Which is in every country except N Korea, Iran, Venezuela . Odd that these countries that don't have the system are the 'axis of evil' apologies OLM
 
  • Like
Reactions: ImperialTiger
Bitcoin sets people free from central bank control. HSBC laundered drug money for years, fact , proven, BBC.
People have still bought drugs, guns, assassinations way before bitcoin.
 
Last edited:
The world is run by psychopaths, as is Hull City. Shall we rise up or just continue our 9 to 5 and 2 days off a week ? Probably the latter as we have always done.
I'm as guilty as the next man.
 
I got into Bitcoin about 5 or 6 months ago through a mate.

There is real potential to make some good money in the next year to 18 months because of halving in May.

The halving is a event that happens roughly every 4 years and reduces the mining reward by half.

At the time of the last halving in July 2016 the price was $640 and by December 2017 it reached around $20k.

If that was repeated this time you'd be looking at $265k in around October next year.

This is not financial advice. Obviously no one would take advice from someone on the Internet without doing there own research...
 
Don't know much about Bitcoin but I have made good money investing/betting on the Football Index.

Was drip feeding small deposits for a few months then last May I thought **** it and stuck in, what for me, is a fairly substantial amount.

Doubled my money since then.

With the piss poor returns you currently get on savings and investments can only see more and more people looking at alternative ways to make a bit of money.
 
Don't know much about Bitcoin but I have made good money investing/betting on the Football Index.

Was drip feeding small deposits for a few months then last May I thought **** it and stuck in, what for me, is a fairly substantial amount.

Doubled my money since then.

With the piss poor returns you currently get on savings and investments can only see more and more people looking at alternative ways to make a bit of money.

That's what prompted me into Bitcoin. I was barely getting enough interest a month to cover a Costa coffee.