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| lilshawn:
yeah i just read that, it sounds a little too convenient. anybody who put time and effort into bitcoins, knows damn well where they are. anybody who didn't care about bitcoins, flipped them for cash the minute the price went up enough. |
| hypernova:
I don't see bitcoin becoming commonplace and accepted among governments, nor among the common person. Simply put, the common person is NOT going to understand anything about it, and quite frankly, you need a pretty decent technical knowledge in both computers and economics to even have a chance at grasping the explanation and principles behind it. I just spent an hour trying to understand the mining process, and I still don't quite get it fully. Some of the explanations don't exactly help the cause, because they make it sound like you're being a slot jockey, where the machine literally makes the money as you win. |
| lilshawn:
solve the puzzle get a bitcoin (or portion thereof) it's kind of like SETI@home or folding@home they send you work, you do the work and send it off. if you process enough work, you create a bitcoin. once X amount of bitcoins are created (24 million or something like that) they stop "making" them. |
| Slippyblade:
--- Quote from: hypernova on November 29, 2013, 12:21:36 am ---Simply put, the common person is NOT going to understand anything about it, and quite frankly, you need a pretty decent technical knowledge in both computers and economics to even have a chance at grasping the explanation and principles behind it. I just spent an hour trying to understand the mining process, and I still don't quite get it fully. Some of the explanations don't exactly help the cause, because they make it sound like you're being a slot jockey, where the machine literally makes the money as you win. --- End quote --- The "common person" also has no clue about day to day global economics yet most have no problem buying something through the Internet from Korea. Most people don't even know what the phrase "fiat currency" means yet they use it on a day to day basis. Long story short, you don't need to understand the guts of something to make use of its end product. |
| danny_galaga:
I don't think many people realise the basic difference between bitcoin and real currency. It's not a satisfactory alternative to 'the mans' money because it's not based on the value of a countries terms of trade. The value is mostly driven by speculation, whereas regular legal tender is mostly driven by the intrinsic value of a countries economy. There is SOME speculation of course, but it doesn't normally make it change by magnitudes. I certainly wish I had bought some at a dollar or whatever to sell at $950 or whatever the peak was recently (more likely of course most people would sell at say double or maybe triple the value, who can say what the top of a bubble is?). But then I also wish I had picked the winning trifecta at the Melbourne Cup, or picked the right lotto numbers tonight. If it's legal, it's legal. But I do wish people would stop acting like it's something new. It's just tulips for the 21st century ;) |
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