Bitcoin: bit by bit

Rick C snipped-for-privacy@gmail.com wrote in news: snipped-for-privacy@googlegroups.com:

This illicit 'currency' is being used by drug cartels and criminal organizations around the world. It is a stab at honorable global business and economic endeavor.

Likely one of the worst recent 'things' to hit the globe, allowing the criminals to lolly gag around freely transferring their illicit gains.

It is pure bad karma and a bad hayride to take part in.

a bitcoin is found in the coop, the value is shared between the members in proportion to the amount of searching done.

The way I understand it is that you run a program on your computer when you are not using it. That hooks you to a system and makes a super computer network to do calculations for someone else.

Now it takes a much more powerful computer than most have at home to make any bit coin 'money'. You will hardly get enough money to pay for the electricity usage now.

It used to be the bit coins were only a couple of dollars, now they are ranging from $ 40,000 to $ 60,000 or more depending on how they are trading. They may go up more, or down more just like the stock market can.

Yes, there are plenty of bitcoin mining pools. Depending on lucks, each new coin requires thousands to millions hashing, you can submit any number of hashing to the pool and share the result if one is found by the pool.

Part of the brilliance of bitcoin is the math, but part is the psychology; it's irresistible to greedy geeks.

snipped-for-privacy@highlandsniptechnology.com wrote in news: snipped-for-privacy@4ax.com:

Huh? It is virtual. There are no actual coins.

It take a lot of electrical energy to manufacture each one.

Its value is purely bubble effect, just enthusiasm.

Its only longterm value may be as a medium for illegal transactions. But governments could make that more difficult.

I am not endorsing it, but the technical aspect is interesting. Anyway, to fight it, you have to first understand it.

snipped-for-privacy@highlandsniptechnology.com wrote in news: snipped-for-privacy@4ax.com:

You are an idiot for thinking they could hinder their established communications and methods. If they could they already would have. It is untraceable and far too late if any deciphering ever did occur.

The only way for governments to make things more difficult for that segment is to go after them physically. Which they should and do in many cases.

But stopping that online currency stream they have so deeply encrypted... not a likely good expenditure of cash and resources. Better to just go find them and round 'em up, and move 'em out... to a desert.

It also used to be good for getting money out of China, past their currency controls.

We've all got used to fiat money (which the ancient Chinese called 'flying money' for reasons that will occur to all). The dollar is backed by 'the full faith and credit of the United States', as it says on all the paper money.

As that erodes under the current regime, bitcoin isn't that different (more's the pity).

Cheers

Phil Hobbs

I guess the major difference is that dollars are cheaper to manufacture than bitcoins.

bitcoins using a variety of computing devices. I think the only way to actually get paid is to find a solution in the search. I wonder if there are coops where you are paid for searching rather than only being paid for *finding* bitcoin. Searching is tracked and when a bitcoin is found in the coop, the value is shared between the members in proportion to the amount of searching done.

Yes. you can join a mining pool and get a fraction of the pools winnings

Supposedly the difference is that coins are a hard limited quantity, as opposed to fiat currency, where it's controller "can just print more".

The John Doe troll stated the following in message-id <sdhn7c$pkp$ snipped-for-privacy@dont-email.me:

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Flyguy snipped-for-privacy@yahoo.com wrote in news: snipped-for-privacy@googlegroups.com:

You 're an abject idiot. It doesn't get any simpler than a dumfuck like you. A f****ng slug has more on the ball than the TrumpTarded TomS ever will.

Hey DecayedBrainMatter, I just told you how to get free money and you call me a "dumfuck" (you can't even spell!). Now, who, REALLY, is the "dumbfuck?"

Flyguy snipped-for-privacy@yahoo.com wrote in news: snipped-for-privacy@googlegroups.com:

For one thing, you retarded twit. "Dumbfuck" is not even a word. So, retard boy, YOU can't even spell check worth a s*it.

So if I write dumfuck, I am pretty f****ng damnsure that your little retarded Trumpanzee punkfuck ass knows exactly what I just called your stupidfuck brainless baby bullshit.