Bitcoin Explained

[lame54]

https://m.facebook.com/story.php?story_fbid=288600998335966&id=287500085112724
Video at link

[CurtEastPoint]

1. Exactly.

[dhol82]

2. Yup.

[frogmarch]

3. Finally!

I never understood Bitcoin before. Thanks for posting!

[lordsummerisle]

4. Funny, thanks n/t

[BootinUp]

5. lol nt

[7wo7rees]

6. A clever description I read

Imagine that idling your car 24/7 produced solved sudokus that you could trade for heroin.

[Lisa0825]

8. !

[Initech]

7. I think John Oliver put it best:

"It's everything you don't understand about computers combined with everything you don't understand about economics."

[DenaliDemocrat]

9. True story, here

My son was sing the praises of Bitcoin about 18 months ago. So, he showed me how to do it on my phone. Set up coin base a wallet etc. Just practicing I bought $50 of Stellar Lumens. Kind of forgot about it. I sold it about a month ago at almost $650. I think I’ll stop now. I still don’t understand it.

[DFW]

13. I understand this much

On April 12th, bitcoin was worth $63,500. Today, it is worth $50,200.

It sours me on wanting to know the finer points.

[Pluvious]

16. About a year ago it was under $4,000

Crypto speculation is not for the faint of heart

[DFW]

18. I remember that

It wouldn't surprise me if it were to fall back there some day, either.

Like you said, not for the faint-hearted.

[Pluvious]

20. BTC is the Winsock of the nascent Internet

It was a proof of concept, that will be obsolete and replaced by superior solutions.

Interesting times we live in heh.

[DFW]

21. I frequently get the impression that much of these times has passed me by

I don't even like credit cards. I still pay cash whenever and wherever possible. Sometimes, I get stares that seem to say, "what is he, a Colombian drug lord?"

[Pluvious]

26. As a poker player...

I too have had to deal with bank tellers questioning my odd (to them) withdrawals and deposits lol.

[Tom Rinaldo]

24. I won't touch them until PCGS grades them

[DFW]

25. And nothing under MS64 will be accepted as payment

Only with a CAC, that goes without saying!

[usaf-vet]

10. ///

[patphil]

11. It's bad enough that our physical currency is pretty much backed by air,

but bit coin is backed by ether. Actually they mine it from ether ore.
Ether it's there ore it isn't.
Roll those digital dice!

[Gaugamela]

14. The energy used by computers to mine Bitcoin is more than the consumption of Ireland.

I’m convinced it’s the modern equivalent of the Dutch tulip mania. It’s based on nothing.

https://www.theguardian.com/technology/2021/feb/27/bitcoin-mining-electricity-use-environmental-impact

[Laha]

15. That could be a good analogy

I'm not sure yet. I've been trading bitcoin for years with a satisfying degree of success. And I certainly don't understand all the technology, just some of the basics of stochastic trading. The funny thing is, if someone did put all their money in to bitcoin even when it was worth 17k, they'd be laughing now.

[Celerity]

19. Massive and fatal flaws in that analogy- tulips are not fungible assets, bitcoins are.

Also, tulips are not durable, bitcoins are, and tulips relied on a an extremely laborious, time intensive, and expensive supply chain to produce a fiduciary transfer of wealth, bitcoins can been used/redeemed with a few keystrokes anywhere on the globe.

[Laha]

28. Good points

Thanks

[Amishman]

27. Most newer cryptocurrencies do not have the electricity issue

Proof of Stake is being used instead of Proof of Work.

My smart phone can run a validation node for most Proof of Stake chains.

[Silent3]

17. Traditional fiat currency is actually pretty crazy to when you think about it too

Bitcoin is that craziness squared.

[PETRUS]

22. If you ask me, the idea of money itself is what's pretty crazy.

But I'd say traditional fiat currency is on the saner end of the spectrum.