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Author Topic: No Bitcoin has ever been mined.  (Read 440 times)
botany
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June 04, 2018, 08:50:21 PM
 #21


The closest would be discovering an old wallet that you used for faucets in 2010.
But not everybody can do such a thing.

I gave you a couple of merits for that comment. Actually, it should have been -10, because you have got me started on yet another project with a domain name and an old dustbin. Smiley

Ha ha. You are an optimist.
Trying to find bitcoins like this would be like searching for a needle (if it exists) in a haystack. Smiley
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paxmao
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June 04, 2018, 09:21:42 PM
 #22

I've just been watching the video linked below, and it is another example of the fundametal mistake that everybody seems to make about Bitcoin mining. All of the Bitcoins that will ever exist were created when the genesis block was laid down. Miners don't mine Bitcoin, they mine blocks for the Bitcoin blockchain. In return for releasing a valid block, they are rewarded with an allocation from the initial pool, and they also receive the fees from the transactions they have included in the created block. Is this distinction significant? Well probably not for most users of Bitcoin, but if you are an investor, then I think it is. Comparison with gold, and calculations based on the scarcity of Bitcoin don't take this difference into account. Bitcoin miners create the bags to contain the 'gold' and not the 'gold' itself. A bag that used to be full, but all of the contents has been spent, is still important on the chain, and the spent contents will be included in future bags that have been mined.

Bitcoin price forecasts seem to focus on the cost of mining single Bitcoins, and I believe that this means the whole prediction is flawed.

https://www.youtube.com/watch?v=fvqqChy0IYY


Would it not be sufficient to say that Bitcoin is limited and gold is no[t]?

I give. Exactly where does one find the mother lode of unlimited gold?


Oh my god, it seems that I am going to engage on an long post about mining, minerals and what is a mine and what is not... But no, I am not I am just going to leave this link for you. and this quote from it:

"There is no shortage of gold on earth.  The problem is that it is much deeper than we can mine.   Current scientific theories estimate that there is enough gold in the core to cover the surface of the earth with a 4 meter thick layer of pure gold"

Please, don´t say that is a limited amount, I won´t take it seriously.





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June 05, 2018, 07:58:52 AM
 #23

[
Ha ha. You are an optimist.
Trying to find bitcoins like this would be like searching for a needle (if it exists) in a haystack. Smiley

Well I started the site, but I haven't really put anything on it yet. I'll add some articles over coffee during the next month or so.
http://easybitcoinmining.com/

I'll dig out the old dustbin, and build a test rig, then I can add some photos. I probably won't find any Bitcoin, but it might generate some link juice. It does raise a question of ethics though. What happens if I do find an old copy of a currently active wallet with coins in it?
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