You have the right idea.

I'm smarter than the average bear.

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What in the Wide Wide World of Sports is agoin' on here???

I'm smarter than the average bear.

 

But still dummer than my cat.

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There are 10 kinds of people in this world.  Those who understand binary and those who don't.

But still dummer than my cat.

Cats are smart.

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What in the Wide Wide World of Sports is agoin' on here???

LOL.  Just keep in mind.

 

Bitcoins are worthless.

 

Bitcoins are "produced" by a computer.

How can they be worthless if people accept them for 'stuff'? Doesn't that literally give them value? Although it makes absolutely zero sense why they do, but if Starbucks takes em. Then they're worth something, at least a cup of burned coffee.

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I just saw a thing on facebook about an invention for a contact lense that can record your life. We are really turning into WALL-E aren't we?

 

"EYEBALL: Replay 2016....WAIT, NO, 2016 SUCKED!!! Replay 2017"

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I just saw a thing on facebook about an invention for a contact lense that can record your life. We are really turning into WALL-E aren't we?

 

"EYEBALL: Replay 2016....WAIT, NO, 2016 SUCKED!!! Replay 2017"

Great...just what we need. More people going full on narcissist and thinking their life is interesting enough to record all of it.

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What in the Wide Wide World of Sports is agoin' on here???

Great...just what we need. More people going full on narcissist and thinking their life is interesting enough to record all of it.

 

This is getting crazy! Remember the movie Minority Report? I never thought this kind of stuff would actually happen, but it's happening. 

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This is getting crazy! Remember the movie Minority Report? I never thought this kind of stuff would actually happen, but it's happening.

And that didn't turn out all that well for them...why are we trying to copy it?? Lol

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What in the Wide Wide World of Sports is agoin' on here???

And that didn't turn out all that well for them...why are we trying to copy it?? Lol

Not at all! Eyeballs were removed and sold on the black market. 

 

We just need those pale people to lie in a pool of milk and were toast.

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How can they be worthless if people accept them for 'stuff'? Doesn't that literally give them value? Although it makes absolutely zero sense why they do, but if Starbucks takes em. Then they're worth something, at least a cup of burned coffee.

 

Just my opinion...  if someone or some business accepts bitcoins as a form of payment, they aren't going to be in business long.

 

Consider this:  If 5 bitcoins gets you a cup of coffee at Starbuck$ and to get the same cup of coffee costs you say $5.00, what happens if the value of a dollar decreases?

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There are 10 kinds of people in this world.  Those who understand binary and those who don't.

https://99bitcoins.com/who-accepts-bitco...-bitcoins/

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What in the Wide Wide World of Sports is agoin' on here???

It's really weird. The "value" of bitcoins is purely based on what people are willing to pay for them. There are Bitcoin exchanges out there where the value of one Bitcoin =$x and it fluctuates throughout the day.


As I'm typing this, 1 Bitcoin = $970.92


Apparently one guy bought $27 worth years ago and it's worth $886k now.


Like mentioned earlier, it's virtual Monopoly money that has a purely consumer driven value. If people don't want to buy them, they aren't worth anything. There's nothing backing it.


I think the appeal for people is the ability to pay for things anonymously

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IT WAS ALWAYS THE JAGS

I think the appeal for people is the ability to pay for things anonymously

There are a couple appeals let me see if I can list them

 

1. insanely secure way to move funds
   
2. no bank fees for moving funds
   
3. like you said anonymity
   
4. the way they are mined makes it very hard for them to be effected by inflation
   
5. There is nothing backing it.  this isn't really an appeal until you realize this is the case with most forms of money, the value is in the faith of it.  
   
6. figure the black market will always need some kind of anonymous currency which gives it value in that need alone.
   
7. many places around the world with limited value in the local currency use this instead.
   

With all that said until it is extremely widely used it is probably best to stay away

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Go Jags!
*To stay up for atleast 2 years 3/6/17
2016 draft players I think will be good

• On the Fournette train, will be best back of his class 3/6/17
  
• Lattimore please,  Lockdowns on both sides would be nice
  
• Engram at TE and the MJD clone Samaje Perine
  

It's really weird. The "value" of bitcoins is purely based on what people are willing to pay for them. There are Bitcoin exchanges out there where the value of one Bitcoin =$x and it fluctuates throughout the day.

As I'm typing this, 1 Bitcoin = $970.92

Apparently one guy bought $27 worth years ago and it's worth $886k now.

Like mentioned earlier, it's virtual Monopoly money that has a purely consumer driven value. If people don't want to buy them, they aren't worth anything. There's nothing backing it.

I think the appeal for people is the ability to pay for things anonymously

So how does he "cash out" and get his $886k?

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What in the Wide Wide World of Sports is agoin' on here???

Used it once or twice to buy stuff but never really understood how it works.


What's some computer whizz from making himself millions of bit coins? Also who is the original creator of bitcoins? Do they have an infinite amount of bitcoins?

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Used it once or twice to buy stuff but never really understood how it works.


What's some computer whizz from making himself millions of bit coins? Also who is the original creator of bitcoins? Do they have an infinite amount of bitcoins?

 

I dont think I've heard of anyone just "creating" coins, all the coins have to be "mined", and there is a finite number of coins that will ever be mined.  

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I dont think I've heard of anyone just "creating" coins, all the coins have to be "mined", and there is a finite number of coins that will ever be mined.

Takes a substantial amount of computer power to mine them and it gets harder to mine as more are found.  The mining also serves an added function of improving security.  


This is a complete lamens terms as i understand it explanation.  If you are interested in learning more Joe Rogan has done multiple podcasts with Andreas Antonopoulos that help explain it a bit and the need for it, and some of the issues of using it.


The finite number of coins ever being available is what protects it from inflation.

---

Go Jags!
*To stay up for atleast 2 years 3/6/17
2016 draft players I think will be good

• On the Fournette train, will be best back of his class 3/6/17
  
• Lattimore please,  Lockdowns on both sides would be nice
  
• Engram at TE and the MJD clone Samaje Perine
  

So how does he "cash out" and get his $886k?

You sell them on an exchange for real dollars. It's not "hard" but can be a pain in the [BLEEP]. He likely wouldn't be able to do it in one transaction, would probably have to find someone buying a couple thousand at a time.


There's a website called localbitcoins that allows you to buy and sell coins easily

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IT WAS ALWAYS THE JAGS

Just my opinion...  if someone or some business accepts bitcoins as a form of payment, they aren't going to be in business long.

 

Consider this:  If 5 bitcoins gets you a cup of coffee at Starbuck$ and to get the same cup of coffee costs you say $5.00, what happens if the value of a dollar decreases?

 

I was told there would be no math.

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If something can corrupt you, you're corrupted already.
- Bob Marley


 

The bitcoin's value is the computing power that was used to create/solve it, and the cost of that computing power.   This creates a competition of who's computer or cluster of computers can solve the problem the fastest and least costly, which generally excludes all consumer CPUs and GPUs and requires specialized computing units created specifically for solving bitcoins.  

 

But the most celebrated property of the bitcoin seems to be the blockchain.  Every transaction ever made on bitcoin (whether purchaces or anything else) is stored on the blockchain which is readily available to anyone.  Because of the perceived impossibility to forge the blockchain, it is seen as a breakthough technology that didn't exist before bitcoin existed.

 

(not a bitcoin expert, or even a user, but that is my best explanation)

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