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Author Topic: Thoughts on Bitcoin  (Read 1100 times)

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Offline s4w3d0ff

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Thoughts on Bitcoin
« on: October 06, 2015, 04:38:40 pm »
I'm curious to hear every(any)ones thoughts on Bitcoin. I am well rooted in the Bitcoin world and always like to hear the opinions of others on the subject.  ;D
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Offline AndyInMokum

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Re: Thoughts on Bitcoin
« Reply #1 on: October 06, 2015, 07:19:51 pm »
I've tried to get my head around the economic model and how it can be sustainable.  For me, it just doesn't compute.  If I'm correct, there's a finite amount of Bitcoins available.  If you started mining when it all began - you're laughing.  However, as these "bits" become scarcer to find, more and more computing power is needed.  In the end, you end up paying the energy companies a load of money for little to no returns.  It smacks of a type of Pyramid Scheme to me.  There again, the whole concept goes over my head  :-\.
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Offline PCNetSpec

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Re: Thoughts on Bitcoin
« Reply #2 on: October 06, 2015, 07:29:28 pm »
Can't really comment, it never peaked my interest so I know sod all about it  :-\
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Offline scifidude79

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Re: Thoughts on Bitcoin
« Reply #3 on: October 06, 2015, 08:09:32 pm »
I heard about it on the news once.

Offline s4w3d0ff

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Re: Thoughts on Bitcoin
« Reply #4 on: October 06, 2015, 08:22:06 pm »
I got into Bitcoin a few years ago (when the price was at around $100 :P). I didn't buy (or mine) any but just watched it closely. I almost cried when the price topped out at $1000  :-[ :'(. Around that time trying to mine Bitcoins with GPU or CPU was pointless so  I started mining altcoins (there are many different "flavors" of Bitcoin just like Linux known as "altcoins") and trading them for Bitcoins.

What I learned is that, yes, Bitcoin was probably initiated as a type of pyramid scheme, but I think the underlying foundation or what makes Bitcoin a revolutionary in currency is the blockchain. It allows no one to "cheat" or counterfeit the currency, and still allows for "anonymous" transactions between coin holders. Not to mention, no central body controlling the inflation. The currency is controlled by the people who use it.

Bitcoin resembling a pyramid scheme is a byproduct of the issue of a reasonable distribution method. How do you distribute a new, decentralized, currency to the masses in a way that no one feels "left out" or "scammed" . Bitcoin figured that rewarding people who "do more work" (or have more computers running on the Bitcoin network "validating" transactions) gets more of the dough, and as a byproduct of economics, early adopters potentially gained more on their investment($100 - $1000 in a few months) .
« Last Edit: October 06, 2015, 08:24:06 pm by s4w3d0ff »
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