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Non Footy Chat Thread II

Bandwagon

Bandwagon

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Mining is processing data with bitcoin the payment for processing.

I got a Trojan once on my gaming computer that was smashing the unused capacity on my graphics card, From what I found out about it, the idea being that in doing so who ever was responsible was basically stealing my energy and processing power, get enough computers out there doing this = bitcoin for free.
 
Gronk

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Bandwagon said:
Mining is processing data with bitcoin the payment for processing.

I got a Trojan once on my gaming computer that was smashing the unused capacity on my graphics card, From what I found out about it, the idea being that in doing so who ever was responsible was basically stealing my energy and processing power, get enough computers out there doing this = bitcoin for free.
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Sorry. Treat me like a 10 year old. Still doesn't make sense. I get that mining is processing power and hence uses energy. Why do they need to mine ? If you mine a lot you get bitcoin for free ? WTF
 
Bandwagon

Bandwagon

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Anyway's on the whole bitcoin argument here, good luck to Avenger, but f**k me if the price doesn't look like a bubble, what the hell is a bubble?

Either bitcoin has been incredibly fundamentally undervalued for the most of it's existence, or it currently is incredibly overpriced due to speculation now.

I'm going for the latter, and those left holding the bag when it bursts are gonna feel some big pain. The longer the bubble lasts , the greater the pain.
 
Happy MEel

Happy MEel

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I have no interest (or money to invest) in bitcoin. However, I just bought a Santa Fe and I’m with Avenger, great car!!

Take your Hyundai bashing elsewhere Gary!!
 
Bandwagon

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Gronk said:
Sorry. Treat me like a 10 year old. Still doesn't make sense. I get that mining is processing power and hence uses energy. Why do they need to mine ? If you mine a lot you get bitcoin for free ? WTF
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Because super computers that are able to process the amount of data are hellishly expensive to buy maintain and run. So, given personal computers have a fair bit of power nowadays, if you can get enough of them processing smaller amounts of the data you want processing, you've basically replicated the power of a super computer without having to have one.

Kind of a communal super computer if you will. It's a fantastic idea, because most home computers aren't using f**k all of their potential, so it harnesses what is otherwise a wasted resource.
 
Gronk

Gronk

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Bandwagon said:
Because super computers that are able to process the amount of data are hellishly expensive to buy maintain and run. So, given personal computers have a fair bit of power nowadays, if you can get enough of them processing smaller amounts of the data you want processing, you've basically replicated the power of a super computer without having to have one.

Kind of a communal super computer if you will. It's a fantastic idea, because most home computers aren't using f**k all of their potential, so it harnesses what is otherwise a wasted resource.
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Ok so the bitcoin industry are still amateurs and simply dont have the resources like Visa, Google or Facebook. So they have to use the vast aray of private computers out there to churn the data ? I get that. It's not unlike the basic principles of the internet.

Explain the "enough computers doing this = bitcoin for free" thing. So mining is not looking for pokemons, is it just cpu sharing to allow the global transactions to be processed?
 
Avenger

Avenger

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Gronk said:
@Avenger explain this to me, cos I CBFd looking into it. I get that merkins have boners over a virtual currency. Supply and demand has boosted it's price. Simples. I won't argue anymore about the weak foundations that the popularity is built upon.

Moving on, WTF is mining and why do they say that bitcoin mining uses up the power of a small country?

BTW don't include me in your smug bragging over bitcoin. i have wished you well, so let's leave it at that.
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@Gronk

Bitcoin is a finite virtual currency. Only 21 million available. We are at about 18 million. Mining is just a fancy term of saying that you have obtained an answer to an algorithm or in simplistic terms an answer to a complex equation. So each time you answer the equation you would be rewarded with a bitcoin. Each 'equation' is recorded on a public ledger. Everyone can see it. And it never asks the same question twice. That is why you can't counterfeit bitcoin. You unlock the public ledger algorithm with a private key which is basically your bitcoin.

In the early days the question may for the sake of this explanation have been been 5x + 2x which we all know from our algebra days is 7x. Well the computer wouldn't take much time to brute force or guess the answer as it would send to the public ledger a series of numbers and letters until it gets the answer. Each time it mines or guesses the answer they receive a private key and a bitcoin as a reward but next time the answer gets harder and it will be a tougher equation with more variables to send meaning more power is needed. Now times that by 18 million. Imagine the power and energy needed to mine just one ? That is why super computers in literal fields in China are now needed to mine just one.

In the early days of Monero (another decentralised currency) some of my friends could use a 4 card miner and would be able to mine one Monero coin per day now they need a 10 card miner to mine half of one.

Now back to bitcoin. The world has mined nearly 18 million (give or take) This has taken about 8 years. Yet the remaining 3 million will take until the year 2140. This ladies and gentleman is not going away and is a financial phenomena the world has never seen before and it may be regulated, taxed and maybe even accepted by some sheep still in denial but it cannot be stopped.
 
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Gary Gutful

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Avenger said:
The reason I’m keen on this stuff is that I actually present on it. Some even call me an expert but hey Gary knows best. Let me get to work and I’ll give you a response in easy to understand simplistic terms that won’t be too hard to understand.
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Google is your friend.
 
hindy111

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Look this is how I see it.
Avenger gave us all a tip.

It went well, he gloated a little and everyone else has back against wall.

I hope Avenger and his bitcoin buy the eels.
 
Gronk

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Happy MEel said:
Where does one locate these “free cars”? I’m looking in the wrong places.
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You need someone to give you one to use without there being a salary sacrifice.

I dont get a free one, but then again we'd be lucky to clock up 5k per year on our car. We live close to the city and hardly use it really. Once a week at the most.
 
Avenger

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hindy111 said:
Look this is how I see it.
Avenger gave us all a tip.

It went well, he gloated a little and everyone else has back against wall.

I hope Avenger and his bitcoin buy the eels.
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Thanks mate. Invest in something FFS. Doesn't have to be Bitcoin. Monero or Dash is excellent and is killing it at the moment.
 
Gary Gutful

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Avenger said:
f**k off stupid. I don't need that. Read my explanation. Its at $22k now. You are a just a sheep, I'm the wolf and deep down you know it and I know it gets to you, Mr Comfortable.

Regards

Santa Fe Boy.
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In the time that you f**ked around to come up with your own shitty explanation I had already googled it and got a better answer.
 
Avenger

Avenger

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Gary Gutful said:
In the time that you f**ked around to come up with your own shitty explanation I had already googled it and got a better answer.
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But anyone can do that. I don’t need to. And you are a f**king pissant sheep. And you know it. Don’t deny it.
 
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