Caustic Burno
Well-known member
All right in simple language how does virtual money work?
What sets the value?
What sets the value?
From that site. "With Bitcoin, miners use special software to solve math problems and are issued a certain number of bitcoins in exchange. This provides a smart way to issue the currency and also creates an incentive for more people to mine."sim.-ang.king":1v44tf77 said:https://www.bitcoinmining.com/
HDRider":10ewfk8e said:The google said this, "Bitcoins do not have value as a physical commodity like gold and are not widely accepted as legal tender like dollars. ... In short, people accept and trade in Bitcoin because other people accept and trade in Bitcoin. It is recognized and accepted as a currency by many. Bitcoin is decentralized and limited."
Somebody explain that.
Well sort of, but the faster computers get the hard the problems get, and the longer it takes a miner to complete it.HDRider":356z3jc2 said:Sounds like the one with the fastest computer wins.
sim.-ang.king":2qu5749o said:Well sort of, but the faster computers get the hard the problems get, and the longer it takes a miner to complete it.HDRider":2qu5749o said:Sounds like the one with the fastest computer wins.
This is meant to curb inflation by slowing down faster computers to the same level as the slower computer were a few years ago.
Here you go CB, invest in a mining rig and all of your money problems will be solved!!!
https://www.neweggbusiness.com/Product/ ... gJXAPD_BwE
Caustic Burno":108eg2a2 said:HDRider":108eg2a2 said:The google said this, "Bitcoins do not have value as a physical commodity like gold and are not widely accepted as legal tender like dollars. ... In short, people accept and trade in Bitcoin because other people accept and trade in Bitcoin. It is recognized and accepted as a currency by many. Bitcoin is decentralized and limited."
Somebody explain that.
Now I am even more confused.
How do you intelligently invest in something that no one can explain the value.
artesianspringsfarm":nywze5ee said:Caustic Burno":nywze5ee said:HDRider":nywze5ee said:The google said this, "Bitcoins do not have value as a physical commodity like gold and are not widely accepted as legal tender like dollars. ... In short, people accept and trade in Bitcoin because other people accept and trade in Bitcoin. It is recognized and accepted as a currency by many. Bitcoin is decentralized and limited."
Somebody explain that.
Now I am even more confused.
How do you intelligently invest in something that no one can explain the value.
What's the value of a dollar?
100 pennies, 10 dimes, 20 nickels or 4 quartersartesianspringsfarm":1uiicah9 said:Caustic Burno":1uiicah9 said:HDRider":1uiicah9 said:The google said this, "Bitcoins do not have value as a physical commodity like gold and are not widely accepted as legal tender like dollars. ... In short, people accept and trade in Bitcoin because other people accept and trade in Bitcoin. It is recognized and accepted as a currency by many. Bitcoin is decentralized and limited."
Somebody explain that.
Now I am even more confused.
How do you intelligently invest in something that no one can explain the value.
What's the value of a dollar?
A reasonable semblance of stability.artesianspringsfarm":2r1ql0kt said:Caustic Burno":2r1ql0kt said:HDRider":2r1ql0kt said:The google said this, "Bitcoins do not have value as a physical commodity like gold and are not widely accepted as legal tender like dollars. ... In short, people accept and trade in Bitcoin because other people accept and trade in Bitcoin. It is recognized and accepted as a currency by many. Bitcoin is decentralized and limited."
Somebody explain that.
Now I am even more confused.
How do you intelligently invest in something that no one can explain the value.
What's the value of a dollar?
HDRider":1020x7dh said:A reasonable semblance of stability.artesianspringsfarm":1020x7dh said:Caustic Burno":1020x7dh said:Now I am even more confused.
How do you intelligently invest in something that no one can explain the value.
What's the value of a dollar?