@vendasaid I understand there are now some places that accept crypto currencies for transactions as opposed to just looking at virtual numbers on a screen.
I still wouldn't go near it though.
There's supposed to be an energy crisis at the moment.
If so much energy is used by generating the things you'd think the government could suspend all operations to save energy but all we hear is ...[text shortened]... ople are expected to change their ways while crypto currencies carry on regardless.
Nothing changes
In fact I want to clarify:
* Bitcoin makes money for some.
* Bitcoin doesn't add value to humankind (as far as I can tell).
I myself never have owned any bitcoins, nor do I plan to do so in future.
* Bitcoin makes money for some.
* Bitcoin doesn't add value to humankind (as far as I can tell).
I myself never have owned any bitcoins, nor do I plan to do so in future.
Presumably,whoever it is that runs the computers which use so much energy are paying enormous electricity bills for the privilege,which will generate profit for the company that provides it and thus revenue in taxes for the government.
I still maintain that if the government is committed to saving energy cryptocurrencies should be suspended.They won't be of course.The only thing us mere mortals can do is to ignore cryptocurrencies.If nobody buys them they will go out of business.Another forlorn hope I fear.
Anything which changes price all the time has a value. Why? Because some people will believe that they can outsmart other traders and make a profit from the price changes
@trickyt57said Anything which changes price all the time has a value. Why? Because some people will believe that they can outsmart other traders and make a profit from the price changes
That's true and it's been happening for thousands of years.
I don't care what traders do on the stock markets,although it can impact on everyone because of price increases etc.
My issue with bitcoin is that the computers that generate it use vast amounts of energy which could be used elsewhere.
I'm told to switch off all my appliances to save energy and suffer the inconvenience of waiting for my systems to boot up in the morning, while these things are churning out algorithms 24/7
@athousandyoungsaid I don't understand it 100% either but here's my understanding:
There is some sort of publicly available numeric code at any particular time which describes all of the previous BitCoin transactions somehow. There is a function that can be applied to this code to create a new code but it requires you to guess a starting number from a HUGE range of possibilities. If ...[text shortened]... ing and the stronger their computing power, the more likely you are to get the correct answer first.
@venda Do you remember the good old days of Bit Torrent & Pirate Bay - although little packets that are inviable Oh.... The beauty of file sharing globally through CAT or WiFi.
@chris-guffoggsaid @venda Do you remember the good old days of Bit Torrent & Pirate Bay - although little packets that are inviable Oh.... The beauty of file sharing globally through CAT or WiFi.
Switch off your machine when out or asleep.
😑🚬
No I don't.
I remember the zx spectrum and the commordore 64 though.
Great fun.
Apparently there is something written into the code of bitcoin which sets the limit at 21 million.The sooner this is reached the better.We can then turn off all the computers and save some real power and let the traders do what they like with their 21 million virtual assets
Anyone tell what is Bitcoin?
29 Mar '22 08:53
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