Search found 1652 matches

by Storm
Thu Dec 12, 2013 10:31 am
Forum: Other Discussions
Topic: How Bitcoin Really Works
Replies: 27
Views: 12061

Re: How Bitcoin Really Works

Another interesting article:

http://www.entrepreneur.com/article/230346
by Storm
Thu Dec 12, 2013 9:59 am
Forum: Other Discussions
Topic: How Bitcoin Really Works
Replies: 27
Views: 12061

Re: How Bitcoin Really Works

You both raise some good points.  There are many new digital currencies competing against Bitcoin.  At this time, though, it's really the ecosystem of business investment around Bitcoin that makes it the most valuable and most stable (relatively speaking, of course) compared to the others. For examp...
by Storm
Thu Dec 12, 2013 12:15 am
Forum: Other Discussions
Topic: How Bitcoin Really Works
Replies: 27
Views: 12061

Re: How Bitcoin Really Works

Crazy? No. Well, I think the entire thing is crazy. As bitcoins rise in price, IF they rise in price......they will be subject to more countereiting and theft. The Bitcoin is a response to FIAT currency that lacks real value and is subject to extreme counterfitting. Well....bitcoin has no real valu...
by Storm
Thu Dec 12, 2013 12:12 am
Forum: Other Discussions
Topic: How Bitcoin Really Works
Replies: 27
Views: 12061

Re: How Bitcoin Really Works

When I say bitcoin is worthless....what I mean is the bitcoin itself does absolutely nothing. You can't use it for anything. Why would anyone ever want one? The claim that it's valuable because it's easily transferable, scarce, or expensive to mine doesn't hold water to me. If you guys disagree may...
by Storm
Tue Dec 10, 2013 9:51 pm
Forum: Other Discussions
Topic: How Bitcoin Really Works
Replies: 27
Views: 12061

Re: How Bitcoin Really Works

MediumTex wrote: Nice to see you Storm.
Thanks.  Work has me so busy that I don't have much time for forums or Facebook any more.  That's ok, though, because for the most part my life is better if I focus on what matters; family, friends, and work.

Cheers.
by Storm
Tue Dec 10, 2013 9:50 pm
Forum: Other Discussions
Topic: How Bitcoin Really Works
Replies: 27
Views: 12061

Re: How Bitcoin Really Works

What makes you believe Bitcoin will be zero?  I could see that if some entity like the US government put on a concerted effort to shut it down, but otherwise, it's a very convenient way to send value across international borders without sticking gold coins up your *$$...  Please don't underestimate ...
by Storm
Mon Dec 09, 2013 10:47 pm
Forum: Other Discussions
Topic: How Bitcoin Really Works
Replies: 27
Views: 12061

Re: How Bitcoin Really Works

Gumby, very insightful, and as usual, you get right to the heart of the issue.  There have been a few blocks that have already been close to the 1MB limit; one was 897K just a week or so ago.  The real limitation is that 1MB blocksize only allows 7 transactions per second.  This is serious, because ...
by Storm
Mon Dec 09, 2013 8:42 pm
Forum: Other Discussions
Topic: How Bitcoin Really Works
Replies: 27
Views: 12061

Re: How Bitcoin Really Works

If you understand the transaction ledger concept, the next thing to understand is how mining works.  Essentially, every 10 minutes a new block of ledger entries is added to the blockchain (transaction ledger).  All of the miners in the network participate in a lottery where they perform complex math...
by Storm
Mon Dec 09, 2013 8:26 pm
Forum: Other Discussions
Topic: How Bitcoin Really Works
Replies: 27
Views: 12061

Re: How Bitcoin Really Works

Thanks for posting this.  The easiest way I can describe it is that everyone running the full Bitcoin client has a copy of the transaction ledger for every Bitcoin ever transferred, from the beginning of Bitcoin until the end of time.  It would be like an accountant giving everyone a copy of the boo...
by Storm
Sun Dec 08, 2013 7:31 am
Forum: Other Discussions
Topic: Bitcoin Mining for Fun and Profit
Replies: 180
Views: 42409

Re: Bitcoin Mining for Fun and Profit

think the US media mistranslated the press release.  Here is something I read that seems to more accurately describe the situation: Storm, I can't tell exactly what part of that quotebox is quoted and what is your own. I visited the links and found some text but in any case, I made a more readable ...
by Storm
Sat Dec 07, 2013 1:56 pm
Forum: Other Discussions
Topic: Bitcoin Mining for Fun and Profit
Replies: 180
Views: 42409

Re: Bitcoin Mining for Fun and Profit

What are your thoughts on China banning it as a currency?  Apparently they were pretty gung ho about Bitcoin prior to this and that was driving a significant amount of the demand (per the story I read). I think the US media mistranslated the press release.  Here is something I read that seems to mo...
by Storm
Wed Dec 04, 2013 10:38 pm
Forum: Other Discussions
Topic: Bitcoin Mining for Fun and Profit
Replies: 180
Views: 42409

Re: Bitcoin Mining for Fun and Profit

It's a bit fun going back and reading my initial profit totals back in 2011, when I was selling everything I mined for ~$15 a coin, and marveling at the fact that I was basically flushing away $2,000 a day profit by not holding them... Gross profit: 5/26/11 - $16.74 (2 BTC) 6/03/11 - $27.58 (2 BTC) ...