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What is a bitcoin?

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  • #16
    The number of BTC is limited. So what? There is no limit to crypto currencies using a form of blockchain. BTC was the first and it is the most well known, but it isn’t unique. So if the supply of blockchain currency has no limit (there is an ICO practically every day) then why would any one particular version of it be worth a huge amount of money if not solely due to speculative bets?

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    • #17
      I think the argument that bitcoin has had a significant role in bringing commerce to people without ID has not happened to date.

      In India, they have bought millions of people into transactional system from rural areas where ID is an issue through a nationalised payment card. This is much cheaper to implement and more efficient than block chain and it is centralised.

      I imagine blockchain is useful currently mainly in the darknet to buy drugs, launder money, and buy illegal services (such as hire someone to kill someone else), and to distribute child pornography.

      I imagine blockchain would be useful/valuable if there ever is a worldwide effective computer virus that cripples the usual Internet.

      I am not sure how much it is being used to launder money out of China. One would think it is only
      a small conduit but who knows.

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      • #18
        Just under 20k Saturday to 11k now

        Is now the time to transfer 80% of my home equity to bitcoin?

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        • #19
          Fact: Yesterday morning, there was a discussion in the mammography reading room about Bitcoin.

          Fact: Bitcoin plunged less than 24 hours later.

          Coincidence? I think not.

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          • #20
            Some of the third generation cryptocurrencies are a lot more interesting than bitcoin in my opinion.  I invested a very small amount into some of them and view it as basically a gamble.  Fine if I lose it all.  But I do think that this technology will continue to evolve and become more and more important in the near future.

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            • #21
              Time to buy..down to $11k.

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              • #22
                Interesting and long read about a bitcoin mining town in Washington.

                 

                https://www.politico.com/magazine/story/2018/03/09/bitcoin-mining-energy-prices-smalltown-feature-217230

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                • #23
                  I have no interest in investing in bitcoin, however both my husband and I cannot figure out WHAT a bitcoin is and how they are “mined” and why they are using up so much energy. We watched a video about bitcoin “mining” but it does not make sense.  I read that bitcoin mining is when a computer does math problem  – but who designs the math problem? I am not trying to be dense here I really just do not understand. Anyone have websites or can just explain it?  
                  Click to expand...

                  Don't know where you are at with your learning, but John Oliver delivers, as usual.

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