Crypto currency (IF banned from CA)

[cronullasharks]

slagging it off is cool and defending it is cult like

Too easy this

 

[ForeverBlue92]

Whats this mining nonsense all about? If you can simply "make" your own bitcoin then surely you could just do that without buying up more or have I got that completely wrong?

@nikom court any information sir?

 

[DuuuncanHadaPigeon]

Whats this mining nonsense all about? If you can simply "make" your own bitcoin then surely you could just do that without buying up more or have I got that completely wrong?

@nikom court any information sir?

Bitcoin is created through a process called 'mining' - which is basically a quite simple but very long mathematical equation that requires a lot of processing power to verify the block. Once verified you get rewarded with some BTC.

 

[nikom court]

Whats this mining nonsense all about? If you can simply "make" your own bitcoin then surely you could just do that without buying up more or have I got that completely wrong?

@nikom court any information sir?

in a short paragraph,
in the beginning you could mine bitcoin on your laptop but now the price has increased over time so has the difficulty of the algorithm used to mine bitcoin,now only the most powerful mining rigs make it feasible using cheap supplies of energy,theres not much mining done in this country due to energy costs.

 

[coollino]

Little know fact: the multiple is actually called a 'crypti'

 

[ForeverBlue92]

Bitcoin is created through a process called 'mining' - which is basically a quite simple but very long mathematical equation that requires a lot of processing power to verify the block. Once verified you get rewarded with some BTC.

in a short paragraph,
in the beginning you could mine bitcoin on your laptop but now the price has increased over time so has the difficulty of the algorithm used to mine bitcoin,now only the most powerful mining rigs make it feasible using cheap supplies of energy,theres not much mining done in this country due to energy costs.

Cheers - don't think I would ever get into it tbh prefer to carry physical dough around nothing better than that feeling of a big hard bulge in your pants

 

[McBain]

Hang on so you have to process an algorithm which creates an imaginary coin and seemingly uses up loads of power?

What is even going on with this thing.

 

[Connor]

all your mates are on here lol

People on the internet can also know each other in person

Also, water wet, sky blue

 

[DuuuncanHadaPigeon]

Hang on so you have to process an algorithm which creates an imaginary coin and seemingly uses up loads of power?

What is even going on with this thing.

The mining process also verifies the transactions made on that blockchain. If I send BTC from A to B it must be verified, the same way your bank does. Except with mining it is done without a central entity (a bank)

 

[JimmyJeffers]

Hang on so you have to process an algorithm which creates an imaginary coin and seemingly uses up loads of power?

What is even going on with this thing.

Huge carbon footprint.

Bitcoin rise could leave carbon footprint the size of London's

Research estimates cryptocurrency will consume as much energy as all datacentres globally

www.theguardian.com

But let’s not forget, that Bitcoin traders are all pacifists who give lots of money to charities. Just not ‘bad’ charities. Or environmental ones either I imagine.

 

[nikom court]

Hang on so you have to process an algorithm which creates an imaginary coin and seemingly uses up loads of power?

What is even going on with this thing.

its crazy mate,40 of these things will make you a millionaire!
can i just add if anyone from the hmrc is reading this,
bitcoin is for pedos and druggies and i dont have any!

 

[Jimishorts]

Little know fact: the multiple is actually called a 'crypti'

A nonci of crypti?

 

[DuuuncanHadaPigeon]

Huge carbon footprint.

Bitcoin rise could leave carbon footprint the size of London's

Research estimates cryptocurrency will consume as much energy as all datacentres globally

www.theguardian.com

But let’s not forget, that Bitcoin traders are all pacifists who give lots of money to charities. Just not ‘bad’ charities. Or environmental ones either I imagine.

oh look at this - https://www.theguardian.com/environ...-finance-805m-tonnes-of-co2-production-a-year

 

[mill]

Hang on so you have to process an algorithm which creates an imaginary coin and seemingly uses up loads of power?

What is even going on with this thing.

It’s to incentivise people to offer processing power so that transactions can be verified.

 

[mill]

oh look at this - https://www.theguardian.com/environ...-finance-805m-tonnes-of-co2-production-a-year

Yup. The carbon footprint of the city is terrible. Though there are a lot of participants proactively looking at this though. We’ve started to report client portfolio carbon footprint etc (so what this report does at a client level).

We’re also incredibly activist and sustainability factors are integrated into our process.

There is clearly a LONG way to go but it’s heading in the right direction and I can see a time when there will be a huge premium attached to the supply of capital to companies with terrible carbon emission profiles. The cost of capital is already higher for those companies. You are already seeing it.