LeytherRob Posted January 16, 2023 Share Posted January 16, 2023 4 minutes ago, GUBRATS said: Who makes the bitcoins ? it's a decentralised digital currency. In layman's terms, you donate your computers processing power to solve complex calculations are a rewarded in bitcoin. Link to comment Share on other sites More sharing options...
Tommygilf Posted January 16, 2023 Share Posted January 16, 2023 8 minutes ago, GUBRATS said: Well , a loaf of bread is Warburton's who bought the ingredients from a farm , a car from a car manufacturer , stocks and shares are essentially a share of ownership of a company Who makes the bitcoins ? See LeytherRob's response Link to comment Share on other sites More sharing options...
GUBRATS Posted January 16, 2023 Share Posted January 16, 2023 1 minute ago, LeytherRob said: it's a decentralised digital currency. In layman's terms, you donate your computers processing power to solve complex calculations are a rewarded in bitcoin. 1 minute ago, Tommygilf said: See LeytherRob's response You don't actually know , do you ? Link to comment Share on other sites More sharing options...
GUBRATS Posted January 16, 2023 Share Posted January 16, 2023 3 minutes ago, LeytherRob said: it's a decentralised digital currency. In layman's terms, you donate your computers processing power to solve complex calculations are a rewarded in bitcoin. Don't they have a computer of their own ? Link to comment Share on other sites More sharing options...
BadlyOverdrawnBoy Posted January 16, 2023 Author Share Posted January 16, 2023 38 minutes ago, GUBRATS said: Can you use them in Wetherspoons? Might happen one day. I was in Croatia last year and a major supermarket chain accepted crypto, along with quite a few bars I was in. Link to comment Share on other sites More sharing options...
Tommygilf Posted January 16, 2023 Share Posted January 16, 2023 Just now, GUBRATS said: You don't actually know , do you ? We do, it seems you don't understand what Rob and I are explaining. Bitcoin is produced by a computer calculation process (often called mining). It takes a huge amount of power to get this and there is only a finite number of Bitcoin that can be mined. These mining operations can at the major levels involve garages and warehouses full of computers and fans. Most people obviously don't do that, so they buy and sell what has already been mined. Bitcoin is quite old fashioned in how it is set up and from what I've read it isn't as easy as ethereum for example to use on a practical level, but it is long standing, well known and has that limited number which are attractive. Link to comment Share on other sites More sharing options...
Tommygilf Posted January 16, 2023 Share Posted January 16, 2023 1 minute ago, BadlyOverdrawnBoy said: Might happen one day. I was in Croatia last year and a major supermarket chain accepted crypto, along with quite a few bars I was in. Its certainly becoming more attractive, especially in Eastern Europe I've noticed. The mixture of openness to new tech and a cynical view of what the government could do to your personal wealth and propery probably has been a major factor in that. Link to comment Share on other sites More sharing options...
GUBRATS Posted January 16, 2023 Share Posted January 16, 2023 1 minute ago, Tommygilf said: We do, it seems you don't understand what Rob and I are explaining. Bitcoin is produced by a computer calculation process (often called mining). It takes a huge amount of power to get this and there is only a finite number of Bitcoin that can be mined. These mining operations can at the major levels involve garages and warehouses full of computers and fans. Most people obviously don't do that, so they buy and sell what has already been mined. Bitcoin is quite old fashioned in how it is set up and from what I've read it isn't as easy as ethereum for example to use on a practical level, but it is long standing, well known and has that limited number which are attractive. Why is there a limited number ? , Why can't they just make some more ? Link to comment Share on other sites More sharing options...
Tommygilf Posted January 16, 2023 Share Posted January 16, 2023 1 minute ago, GUBRATS said: Why is there a limited number ? , Why can't they just make some more ? The guy who originally created the calculation set it up that way. Other Cryptos use blockchains which are far more modern and used in lots of existing industries like shipping and logistics. Link to comment Share on other sites More sharing options...
LeytherRob Posted January 16, 2023 Share Posted January 16, 2023 3 minutes ago, GUBRATS said: Why is there a limited number ? , Why can't they just make some more ? They can change it to make more if they wanted, but the idea was to control supply and avoid future instability in price Link to comment Share on other sites More sharing options...
GUBRATS Posted January 16, 2023 Share Posted January 16, 2023 2 minutes ago, Tommygilf said: The guy who originally created the calculation set it up that way. Other Cryptos use blockchains which are far more modern and used in lots of existing industries like shipping and logistics. So does he get all the money ? Link to comment Share on other sites More sharing options...
Tommygilf Posted January 16, 2023 Share Posted January 16, 2023 1 minute ago, LeytherRob said: They can change it to make more if they wanted, but the idea was to control supply and avoid future instability in price Makes it a bit more like Gold mining. Link to comment Share on other sites More sharing options...
GUBRATS Posted January 16, 2023 Share Posted January 16, 2023 1 minute ago, LeytherRob said: They can change it to make more if they wanted, but the idea was to control supply and avoid future instability in price Or he can just do it again and call it something else ? Link to comment Share on other sites More sharing options...
Tommygilf Posted January 16, 2023 Share Posted January 16, 2023 1 minute ago, GUBRATS said: So does he get all the money ? No. Link to comment Share on other sites More sharing options...
GUBRATS Posted January 16, 2023 Share Posted January 16, 2023 Just now, Tommygilf said: Makes it a bit more like Gold mining. Makes it sound extremely dodgy Link to comment Share on other sites More sharing options...
Dunbar Posted January 16, 2023 Share Posted January 16, 2023 1 minute ago, GUBRATS said: So does he get all the money ? Yes. He is never out of Wetherspoons. 1 "The history of the world is the history of the triumph of the heartless over the mindless." — Sir Humphrey Appleby. "If someone doesn't value evidence, what evidence are you going to provide to prove that they should value it? If someone doesn't value logic, what logical argument could you provide to show the importance of logic?" — Sam Harris Link to comment Share on other sites More sharing options...
GUBRATS Posted January 16, 2023 Share Posted January 16, 2023 Just now, Tommygilf said: No. So who gets the money you hand over ? , It has to go somewhere ? Link to comment Share on other sites More sharing options...
LeytherRob Posted January 16, 2023 Share Posted January 16, 2023 1 minute ago, GUBRATS said: Or he can just do it again and call it something else ? They have, that's why there are hundreds of cryptocurrencies knocking around. There are 3 variants of Bitcoin, none of them have particularly impacted on the bitcoin price which is around £16-17k for 1 coin. 1 1 Link to comment Share on other sites More sharing options...
Tommygilf Posted January 16, 2023 Share Posted January 16, 2023 Just now, GUBRATS said: Makes it sound extremely dodgy You daily hand over pieces of plastic or exchange 0s and 1s with computer systems that have zero inherent value to pay for things because everyone else agrees that is what they all want to do too. Sounds pretty mad when you think about it. That system works only as long as people believe in it, Crypto is no different, it just doesn't have a government backing it or controlling it. Not defending crypto here. Its ability to be used for criminal purposes is obvious and it is used for those purposes every day. Link to comment Share on other sites More sharing options...
LeytherRob Posted January 16, 2023 Share Posted January 16, 2023 2 minutes ago, GUBRATS said: So who gets the money you hand over ? , It has to go somewhere ? The person you hand it over to gets the money, I know you're being facetious but i draw the line of explaining how money works. At least the rest of this may benefit others 1 Link to comment Share on other sites More sharing options...
Tommygilf Posted January 16, 2023 Share Posted January 16, 2023 4 minutes ago, GUBRATS said: So who gets the money you hand over ? , It has to go somewhere ? As has been explained, the people who use masses of computer systems to mine bitcoin sell it themselves, or existing bitcoin is traded on the open market as a currency. Link to comment Share on other sites More sharing options...
GUBRATS Posted January 16, 2023 Share Posted January 16, 2023 Bonkers Link to comment Share on other sites More sharing options...
Tommygilf Posted January 16, 2023 Share Posted January 16, 2023 6 minutes ago, GUBRATS said: Bonkers The world is! Link to comment Share on other sites More sharing options...
Dunbar Posted January 16, 2023 Share Posted January 16, 2023 5 minutes ago, GUBRATS said: Bonkers I would never buy Bitcoin or any Crypto. The upside is there but it could just as easily evaporate into nothing. Especially as more and more emerge to dilute the space. But it is not any more bonkers than putting value into shiny metal that you get from the ground... it is just that centuries of international commerce has been based on that one. 1 "The history of the world is the history of the triumph of the heartless over the mindless." — Sir Humphrey Appleby. "If someone doesn't value evidence, what evidence are you going to provide to prove that they should value it? If someone doesn't value logic, what logical argument could you provide to show the importance of logic?" — Sam Harris Link to comment Share on other sites More sharing options...
SalfordSlim Posted January 16, 2023 Share Posted January 16, 2023 Well I've just read the last hours worth of posts and yup... I'm still none the wiser. (watching Only Connect in half an hour will make.far more sense!) 1 Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now