there are a finite number of BC, there are ~16.75 million BC mined out of the total of 21million in existence
Posted on 12/17/2017 11:55:42 AM PST by Sean_Anthony
Edited on 12/17/2017 12:10:38 PM PST by Sidebar Moderator. [history]
In the meantime, enjoy your ill-gotten gains from the blockchain, crypto-coin boom--it may not last much longer.
A few years ago, it was kryptonite (an imaginary substance) that garnered all the headlines. Now it
(Excerpt) Read more at canadafreepress.com ...
I don’t understand the appeal of your blog, but you bait it here nonetheless.
I’ve had people encourage me to invest in them.
I don’t get them and would rather invest in property to build the dream house on.
I invested in them this past week. Blockchain is going to be the new secure currency between institutions. Apparently the coding behind it is designed to eliminate fraud in transactions.
So as I understand it, it isn’t so much the currency which is the prize as much as the technology behind it.
You could educate yourself...
It’s not crypto and it’s not a currency. Some people think that it is a way to escape government control. It isn’t.
Only the federal government can issue currency. Even if it’s not backed by anything other than the faith and stability of the government (lol!).
Bitcoin is based on pure faith. Faith that some uncontrolled computer system will result in you being able to convert your bitcoin into currency. There have been unexplained losses in recent times. Holdings were lost.
As obnoxious as the system is, the banking system is solid.
Bitcoin’s rise is based on bitcoin’s rise, which has convinced people that they are going to win big. It is a big mass of hot air enclosed in an expandable substance with strong surface tension.
Recall the runup to the Crash of 1929.
There are many things in Bitcoin that will appeal in different ways. Here is one...
Currently when you make an online transaction, you have to provide all the credentials needed to draw money out of an account. All the intermediaries, and there are many involved, have to protect those credentials in order to keep your account based money safe. This is hard to do and costs a lot of money.
Bitcoin solves this problem. Each transaction is digitally signed and only serves to authorize that single transaction. The transaction data does not need to be protected in transit; in fact, all the data is transmitted and stored unencrypted in the Bitcoin system. Its basically like cash for the internet.
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Until the internet burps!
Then it will be the chemeric wealth you wish that you had spent.
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A co-worker was telling me all about bitcoin just a little over a month ago.
He showed me the daily value that day - $8000.
I wanted to do some homework before just diving in.
Here we are a month later and it’s up at $18,000.
Whether it ends up being nonsense or not in the end, I wish I’d have gotten in that day.
the idea of mining for bitcoins with puzzles lost me. https://www.bing.com/search?q=mine+bitcoin+with+puzzles&FORM=AWRE
I’m looking forward to the bitcoin “correction.” I think people will get more focused on inflation and the value of the dollar. I think then we’ll see the beginning of run up in precious metals.
I do. It's going up like crazy, and if you have the discipline to buy and quickly sell and reap a modest gain, you can win.
You just don't want to be one of those left holding the bag if/when it comes tumbling down.
Blockchain, at its most basic, is a universal register. Every transaction that occurs in a blockchain system is registered with every node in the system. To attempt to forge or alter a transaction would require that one modify every single node in the chain in a time frame sufficient that the modification isn't detected and corrected.
Blockchain will make fraud virtually impossible.
I see Blockchain being used in future elections.
So is the US dollar as well as all other fiat currencies. In fact at least by the numbers bitcoin has a huge advantage in that the supply is fixed. There can only be 21 million bitcoin. US dollars are subject to instant devaluation simply by the fed increasing the supply which has NO limits. The fed can steal your money without any access whatsoever simply by increasing the supply. While the technology of cryptocurrency is in it's infancy it's clear there are huge advantages for everyone except centralized governments and banking.
Does that help?
Mining is a euphemism for getting a reward for securing the Bitcoin system through "proof of work." The network must demonstrate the a certain amount of computational work was performed in order to be able to write the next group of transactions into the ledger.
If someone wanted to go back and change a transaction, they would have to redo the computational work. Since the network in whole has much more computational power than any single user, its not feasible to go back and rewrite the ledger.
As for "solving puzzles" to describe the computational work, this is a bit misleading. But all that matters is that the work can be performed in parallel by the entire network and that the amount of work performed can be easily adjusted.
I found 1/23/14 story explaining it when $945
there are a finite number of BC, there are ~16.75 million BC mined out of the total of 21million in existence
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