Bitcoin

[Rosy]

I've been getting a lot of emails about Bitcoin lately. I just delete them unread. Just wondering if anyone knows anything about Bitcoin and can give some "Explanation for Dummies" kind of info about them.

 

[Tiger_mitch]

I've been getting a lot of emails about Bitcoin lately. I just delete them unread. Just wondering if anyone knows anything about Bitcoin and can give some "Explanation for Dummies" kind of info about them.

It’s basically a digital currency but the emails are scams I’d assume. This article does a decent job of explaining
https://www.google.com.au/amp/s/www.coindesk.com/bitcoin-explained-five-year-old/amp/

 

[Rosy]

Thank you. I'll check the article. I've no doubt the emails I've been getting are spam...then again maybe I am super lucky and about to be a millionaire overnight like the headlines say.

 

[Giardiasis]

Avoid like the plague rosy.

 

[Rosy]

No worries Gia. No plans of getting involved. It just made me interested to know how it works.

 

[easy_tiger]

Thank you. I'll check the article. I've no doubt the emails I've been getting are spam...then again maybe I am super lucky and about to be a millionaire overnight like the headlines say.

people have got very rich very quick of bitcoin. But its a monster bubble that will burst dramatically.

Ive been following the price. I started checking about a year ago, and I think it was around a $US800/coin. about a month ago it was $US5000. today its $US8000.

dont really understand how it works, and theres definately stories of Ukranian gangsters emptying your 'virtual wallet' of coin.

but no doubt, people who have offloaded them have made a lot of money.

 

[mrposhman]

people have got very rich very quick of bitcoin. But its a monster bubble that will burst dramatically.

Ive been following the price. I started checking about a year ago, and I think it was around a $US800/coin. about a month ago it was $US5000. today its $US8000.

dont really understand how it works, and theres definately stories of Ukranian gangsters emptying your 'virtual wallet' of coin.

but no doubt, people who have offloaded them have made a lot of money.

Its an unregulated commodity rather than people taking of it as a currency. I agree its a massive bubble and due to the lack of regulation I expect many nice ordinary people are going to end up losing a lot of money from it.

Story on Sunrise this morning of someone selling there house for bitcoin and the real estate agent thinks this is the thing of the future. Until bitcoin is regulated like the banks there isn't a chance in hell that bitcoin replaces cold hard cash for buying property.

 

[Giardiasis]

Even if bitcoin was regulated, it wouldn’t become money.

 

[Baloo]

If bitcoin became regulated it wouldn't be bitcoin.

Ironic that many of the bitcoin diehards would be the same people worried about climate change yet bitcoin requires masses of energy to generate.

 

[Giardiasis]

Most of the people that are big on bitcoin are anti-establishment types. Most of the people that are worried about climate change are big government types. I don't see the connection?

 

[Baloo]

Most of the people that are big on bitcoin are anti-establishment types. Most of the people that are worried about climate change are big government types. I don't see the connection?

All the people I know who mine bitcoin and swear by it's future are also the ones that sprout on about climate change the need for governments to start pushing renewables. Maybe you need to get to know the people to see the connection.

 

[Giardiasis]

All the people I know who mine bitcoin and swear by it's future are also the ones that sprout on about climate change the need for governments to start pushing renewables. Maybe you need to get to know the people to see the connection.

How many people are you talking about?

 

[Baloo]

How many people are you talking about?

Miners that I know personally? Probably 15 to 20. They've been at it from the beginning.

How many bitcoin miners do you know ?

 

[Giardiasis]

Miners that I know personally? Probably 15 to 20. They've been at it from the beginning.

How many bitcoin miners do you know ?

Wow, have they sold much out yet?

I don't know any miners.

 

[tigersnake]

Miners that I know personally? Probably 15 to 20. They've been at it from the beginning.

How many bitcoin miners do you know ?

can you give a shortish explanation of it Baloo? I only have a very vague idea of how it works.

 

[Baloo]

Wow, have they sold much out yet?

A few are now working in China. But most have their home built mining rigs that they put a lot more money into than what they get out.

can you give a shortish explanation of it Baloo? I only have a very vague idea of how it works.

In summary bitcoin is a currency based on blockchain which is a distributed ledger with no real owner. wrt bitcoin, one block contains 25 bitcoins. To unlock/release the block you need to do a fair bit of mathematical work which requires a fair amount of computing power. Miners have special mining rigs, often GPU based, to solve these mathematical equations.

The rate of release of bitcoins is controlled but how or who or what I'm not sure. Crypto-mining didn't really interest me so what I know is limited.

 

[TigerForce]

The dog did it....

 

[evo]

It's copped a massive beating the last 4 weeks. My former charting/water divining skills suggest there might be an opportunity to get in in the coming weeks.

 

[Giardiasis]

It's copped a massive beating the last 4 weeks. My former charting/water divining skills suggest there might be an opportunity to get in in the coming weeks.

If you did not like Bitcoin at $8,000 on the way up, is there any reason to like it now?

 

[evo]

If you did not like Bitcoin at $8,000 on the way up, is there any reason to like it now?

How do you know I didn't like it on the way up?

As for considering it now, the benefit is we've now seen how high it could potentially go again. Not saying this is necessarily the bottom, but it's a healthy retracemnt.