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Author Topic: History never repeats, but it sure does rhyme..  (Read 837 times)
piecesofeight
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June 11, 2011, 04:44:37 PM
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Well... Hello all.  I found out about bitcoins a day ago, and boy, am I kicking myself for not knowing about this a few months ago!

This 8bit thing, you all know where pirates "pieces of eight" came from?

http://en.wikipedia.org/wiki/Bit_%28money%29

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In the U.S., the "bit" as a designation for money dates from the colonial period, when a common unit of currency was the Spanish milled dollar. As a way of making change, these dollars were cut into eight pie-slice shaped pieces which were called "bits". (For this reason, the whole coin was known as a "piece of eight.") Each eighth-dollar bit was then worth 12.5 cents, "two bits" was a quarter of a dollar (25 cents), "four bits" was a half-dollar (50 cents) and "six bits" was 75 cents. Because there was no one-bit coin, a dime (10 ¢) was sometimes called a short bit and 15¢ a long bit.

Bitcoin has a great and long future ahead of it.

Me heartys, I be needin' t' start me own doubloons mine, spaar a pence for an old man o'de sea?

1PF9jQserjdws3qWuDpYcTkCcafFgMHhD6

--I did try to place a link here to my first post, to explain my user name... but it was removed.
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There are several different types of Bitcoin clients. The most secure are full nodes like Bitcoin Core, which will follow the rules of the network no matter what miners do. Even if every miner decided to create 1000 bitcoins per block, full nodes would stick to the rules and reject those blocks.
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Jaime Frontero
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June 11, 2011, 05:16:18 PM
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Well... Hello all.  I found out about bitcoins a day ago, and boy, am I kicking myself for not knowing about this a few months ago!

This 8bit thing, you all know where pirates "pieces of eight" came from?

http://en.wikipedia.org/wiki/Bit_%28money%29

Quote
In the U.S., the "bit" as a designation for money dates from the colonial period, when a common unit of currency was the Spanish milled dollar. As a way of making change, these dollars were cut into eight pie-slice shaped pieces which were called "bits". (For this reason, the whole coin was known as a "piece of eight.") Each eighth-dollar bit was then worth 12.5 cents, "two bits" was a quarter of a dollar (25 cents), "four bits" was a half-dollar (50 cents) and "six bits" was 75 cents. Because there was no one-bit coin, a dime (10 ¢) was sometimes called a short bit and 15¢ a long bit.

Bitcoin has a great and long future ahead of it.

yes - i know about that.

and i really like the thought that went into your user name.  howdy, and welcome.
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