Help me understand this topic. I have absolutely no clue why these things are currently worth this much. To me this seems like an elaborate scam attractive to the “money for nothing” crowd.
That's another thing. It's all trackable and not as anonymous as folks think.My expectation, is that you're looking into it three years too late, but I could be wrong.
I would expect that it might be viable for money laundering, or tax evasion, if it's hard for the government to track.
As far as I can tell, the only money that comes out is from money coming in from the next round of speculators. That's also called a Ponzi scheme. This may be the most elaborate one yet.
I’m not looking to get into this at all. I’m not touching it with a barge pole. Just trying to understand it.
The fundamental concept seems interesting (tied to to the effort of a task that increases in difficulty over time as the currency valuation increases). It seems to be yet another shining example of what happens when gambling on the value of something vastly exceeds the supported value. It would be nice if we could separate gambling and the underlying commodities, but I don't know how to do that in reality.
A totally meaningless task though as far as I can see. If the calculations were predicting new treatments for cancer based on the genome or something I could see a definite value in that but from what I see this looks like the ultimate millennial dream....make money from the pc you play your games on by essentially doing diddly squat yourself.
I think it was a meaningless task (although I haven't looked into the code, hopefully it wasn't a massive botnet trying to crack an encryption scheme). The outcome of the task wasn't important, it was that the task took a known (and ever increasing) amount of time to complete to provide a stable base. This slowly increases supply without meddling (eg. no single entity decides to issue extra currency while devaluing all existing currency).
The problem with many of these schemes is if someone finds a way to make a huge leap in computing speed, all existing miners become worthless and the "stable" base becomes unstable (eg. maybe a quantum computer can do the calculations 1000x faster).
It is an interesting social experiment, it's too bad that so many people are going to take a beating.
Saw this on Kijiji today. Know very little about bitcoin etc, wouldn't touch it myself.
Please view this ad:
BitCoin Traders Required,
https://www.kijiji.ca/v-other-jobs/...aign=socialbuttonsVIP&utm_content=app_android
Download the application from the Google Play Store.
http://goo.gl/Hs9Yg
Sent from my SM-A500W using Tapatalk
Saw this on Kijiji today. Know very little about bitcoin etc, wouldn't touch it myself.
Please view this ad:
BitCoin Traders Required,
https://www.kijiji.ca/v-other-jobs/...aign=socialbuttonsVIP&utm_content=app_android
Download the application from the Google Play Store.
http://goo.gl/Hs9Yg
Sent from my SM-A500W using Tapatalk