Basically what we are saying is that if you want to mine bitcoins at a profit you may have to buy something like this mine:  Your going to need tens of thousands of dollars to get stated. Think of mining like the lottery. Your "hash rate" determines how many lotto tickets you get and therefore determines your odds. It is possible to find a block mining on your home computer, but it is very unlikely. Just like buying 1 lottery ticket. The mines you are competing with are at a scale that gives them the equivalent of thousands of lotto tickets. |
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As mentioned above, mining is not at the hobby level anymore. You could learn about bitcoin by mining, but the odds of finding a block with a home computer are truly astronomical. A good place to start learning is the white paper by Satoshi Nakamoto. You can see a link to it just below, where it says "the gospel according to Satoshi". All the bitcoin talk you see here is about the ideas in that paper.
I would also recommend learning how this system works before obtaining bitcoins. There are different kinds of wallets with various risks and advantages. And unlike most monetary systems, you are the bank. There is no bitcoin Inc. or authority to help you. You want to make sure in such an environment that you alone have control over your coins.
cheers
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There may be governments that will be threatened by BTC in the future and they may want to control or destroy bitcoin. However no one has shown me how they could do it. That is the power of open-source distributed computing. There is no point to attack. My computer could be attacked and taken offline, but there are tens of thousands of such computers across the world. Going after them would cost many millions of dollars and would likely have a tiny effect. It's just not logical for governments to act in this way.
All they gotta do is strangle the on and off ramps for fiat. That could be implemented tomorrow with very little expense. There will always be a hard core of users and loops will gradually close, but it will always need to interact with fiat in some way for many. It wouldn't be end of it, but it would suddenly become a lot less useful to the majority. I agree. Some would still use it in a country that bans all sales of bitcoin, but it would hurt. Just as it has hurt the sale of marijuana. It did not stop people from smoking it, but made it harder. To hurt bitcoin globally would require the cooperation of many nations working together on this. They would also have to have a legal justification. Here in the U.S. that would be very hard. Perhaps in dictatorships the ruler would just decide? I see no legal justification in our laws. (not that I'm a lawyer) Why it would be difficult in the U.S. to ban Bitcoin ? Banning it would require a legal rational. I don't see one. Early in the project there was some concern that bitcoin could be treated like a physical metal coin. Since then it has been legally defined and is now an asset subject to capitol gains. It would be very hard to walk that back in the face of hundreds of millions of dollars in venture capitol. I'm afraid we could. It becomes less more likely each day,
Fixed that for you... Look at the charts and see a ship that's sinking... there is no 'big recovery' or 'tothemoon'. Na, I've been here since 2010 and it has never looked so good. I live off them now. For me the battle is over. |
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The "bad decision" was made by the criminals who are holding your data hostage. You are the good guy, IMO. We don't like to see bitcoin used this way either, but it's money and money attracts all kinds.
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What a waste of life... at just 29 years... He hailed from a wealthy family, and had created millions of USD worth of wealth for himself... lived in a multi-million dollar apartment... but probably became overconfident about his abilities and did some risky trades, which went bad. Normally I hate these investment bankers.... but in this incident I feel bad for him.
I feel bad also. I wish i could tell him that at 29 your just getting started on life. |
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It reminds me of this quote. I know not with what weapons World War III will be fought, but World War IV will be fought with sticks and stones.
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Hmmm. What is this?  |
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They are winning because they have the more compelling narrative. We don't like to admit it, but there is a huge movement toward Islam. We think we can shoot a powerful idea to death, but the people we are fighting are more committed than we are, and actually believe in the morality of what they are doing. By comparison the rest of the world has no consistent position or policy. Those who know war could see this coming when we announced we were going to "liberate" Iraq.
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He won't come here. The devil is terrified of me.
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Damn Jesus. What do you put on your skin? You look 2000 years younger.
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FIFA is corrupt? I'm shocked!  |
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There may be governments that will be threatened by BTC in the future and they may want to control or destroy bitcoin. However no one has shown me how they could do it. That is the power of open-source distributed computing. There is no point to attack. My computer could be attacked and taken offline, but there are tens of thousands of such computers across the world. Going after them would cost many millions of dollars and would likely have a tiny effect. It's just not logical for governments to act in this way.
All they gotta do is strangle the on and off ramps for fiat. That could be implemented tomorrow with very little expense. There will always be a hard core of users and loops will gradually close, but it will always need to interact with fiat in some way for many. It wouldn't be end of it, but it would suddenly become a lot less useful to the majority. I agree. Some would still use it in a country that bans all sales of bitcoin, but it would hurt. Just as it has hurt the sale of marijuana. It did not stop people from smoking it, but made it harder. To hurt bitcoin globally would require the cooperation of many nations working together on this. They would also have to have a legal justification. Here in the U.S. that would be very hard. Perhaps in dictatorships the ruler would just decide? I see no legal justification in our laws. (not that I'm a lawyer) |
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Why would governments ban bitcoin and chase us for using it ? For what reason ? Because they are, in some manner or another, making good usage from fiat for example ?
my opinion? because they can't simply control it...and usually what gov. can't control is regulated. and what can't be regulated for any reason will simply become illegal.. Good opinion. I tried to think about bypassing this, but I failed, by-passable, right ? But how ? There may be governments that will be threatened by BTC in the future and they may want to control or destroy bitcoin. However no one has shown me how they could do it. That is the power of open-source distributed computing. There is no point to attack. My computer could be attacked and taken offline, but there are tens of thousands of such computers across the world. Going after them would cost many millions of dollars and would likely have a tiny effect. It's just not logical for governments to act in this way. |
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it's not a problem. there isn't a problem. why can't people not just accept that bitcoin won't go up each time just to give you profit. current price is exactly right. no reason to go higher now.
This. Glad there are people who know how things work. There are a lot people saying "the price is very low". Which isn't true. The price is at a very normal level. +1 Every minute of every day there is a contest to discover the "price" of a bitcoin. Thousands of people state what they will accept as the lowest price, while thousands state the highest price they will pay. Where they meet is the price. Perhaps not the price you want, but the overall agreed upon valuation. |
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I'm afraid we could. It becomes less likely each day, however this is a social experiment and we are not even at version 1.0 of the software. A crazy exploit could be discovered, net neutrality could go away and leave us to only use our computer as our ISP's deem fit, or perhaps people just wont see the value in it. I doubt that these things will happen, but never say never.
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China is far to smart to attack the U.S. It would kill millions and to what end? Better to keep us buying and funding a future Chinese led planet. Although it is worrying for the west, China is not doing anything differently than any emerging superpower. Let's hope it never leads to war.
U.S. does have large amount of decent land until they finish destroying it. China has a large population I'm sure they wouldn't mind the land, and shouldn't be too worried about losing the fake money income. I hope your wrong, but I see your point.  |
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Good F-ing grief.  Anyway, what is her bitcointalk user name? |
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The internet is also just to complicated for the average person to use. Which is why the internet never really caught on.  but but but but but but.. that's exactly what my first post says.... Currently BTC IS currently to complicated for the average person that doesn't understand how to make a .txt file. There is a key word in that sentence. Oh I was not arguing. I think we both would agree that it will get easier for normal people to use as time goes on and tools are developed. |
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Scary video that is for sure. I don't ever want to be near what ever it was being set off.
Im surprised I had not seen this on normal news outlets. Seems like it would be important enough information to make it on.
It was all over the news when it happened weeks ago. Not that exact video, but others of the same event. |
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The internet is also just to complicated for the average person to use. Which is why the internet never really caught on. |
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