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teeitup
Massachusetts
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Locked. No further comments permitted.Can you help me understand bitcoin?
Dec 8 2017 08:50AM more by teeitup
Tags: LA, Current Events (All tags)

1. How much is a bit of coin?

2. Or do I have to literally bite a coin to make it worth more?

3. If I have a large coin jar, am I wealthy now?

4. If I have some Bit O Honey, is that worth anything?

5. Or if I have any coin (bills, etc.), does that mean I'm rich?

6. When Jack bites the dust, will he be worth anything then? (probably not, but worth askin)

7. Can I make "bite my ass" worth something?

Any help (or FX) would be greatly appreciated cause I'd like to be able to get something to eat today.
      
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InsearchofStarfish
Santa Ana, OC, CA
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Dec 8 2017 09:33AM     link to this

good lil article on the energy this currency is consuming...as much as the country denmark

netflix has a 90min documentary




Attached Links
https://arstechnica.com/tech-policy/2017/12/bitcoins-insane-energy-consumption-explained/
InsearchofStarfish
Santa Ana, OC, CA
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Dec 8 2017 09:54AM     link to this

since inception....has dropped 80percent in 24hr period more than 5times

InsearchofStarfish
Santa Ana, OC, CA
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Dec 8 2017 10:06AM     link to this

yep...the futures trading announcement pretty much fueled the latest leg

sunday we could see a pounding...might be good to get some or orders in really 79% less
teeitup
Massachusetts
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Dec 8 2017 10:29AM     link to this

Just thinking out loud, but you would guess pizza should be worth more than a bit of coin.
InsearchofStarfish
Santa Ana, OC, CA
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Dec 8 2017 10:33AM     link to this

hopefully that pizza place kept the coin and forgot about it all this time
teeitup
Massachusetts
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Dec 8 2017 02:34PM     link to this

EZ, you and Rent need to move your lips more when you read blogs. And maybe sound out words that are too long for you...just tryin to help
Detroit51
OC, CA
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Dec 8 2017 10:49PM     link to this

it will soon be time to short bitcoin...but not yet.
teeitup
Massachusetts
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Dec 11 2017 01:41PM     link to this

First, thank you Jack for contributing to my bird seed collection. Your two seeds will be very nourishing (with or without a beer).

OK, you all can continue beating each other up.
KaiserSoce
CA
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Dec 11 2017 02:00PM     link to this

Walt... I’m guessing your comment was intended to be sarcastic.... but just in case it wasn’t....
My question will let you know how much I understand about bitcoin.

Will there/can there ever be an end to mining bitcoin?

Isn’t it like paper money in the way the only real control of how much of it is out there is the wisdom and integrity of whoever is in control of issuing it?

We can print more US dollars anytime we want. It will devalue them... but isn’t bitcoin similar?
KaiserSoce
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Dec 11 2017 02:16PM     link to this

What determines the bitcoin “supply.”
InsearchofStarfish
Santa Ana, OC, CA
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Dec 11 2017 02:16PM     link to this

fuckery and chaos...love it!
teeitup
Massachusetts
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Dec 11 2017 03:51PM     link to this

No one has weighed in on how much my Bit O Honey might be worth.
InsearchofStarfish
Santa Ana, OC, CA
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Dec 11 2017 04:37PM     link to this

i can wolf those things down (BOH)

bitcoin article hit my homepage today
Attached Links
https://www.economist.com/blogs/buttonwood/2017/12/crypto-through-tulips
Grumpy
Inland Empire, CA
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Dec 11 2017 04:38PM     link to this

This bird is dumb as dirt.
Galen
Chatsworth, SFV, LA, CA
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Dec 11 2017 04:44PM     link to this

The supply is suppose to be limited to just under 22million, but I believe it takes more to mine each bitcoin at different stages, right now it cost a lot in electricity, but seem the prices is 10x that, so early on it was easy to mine but now difficult but the reward is higher.

Still all just vapor to me, I feel there is just a huge herd mentality going on that people don't want to be left out so throwing money in, which since the supply is limited drives price up...

Tremendous potential to make a profit but very high risk of not being able to sell off in time. Seems the future market will take care of that for the hedge funds etc....

I've always been pessimistic, so have not made or lost money on it. Hindsight is 20/20....
teeitup
Massachusetts
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Dec 11 2017 06:41PM     link to this

"This bird is dumb as dirt."

You would be dirty too if ash was reining down on your ass.
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