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The New Coffee Room

  1. TNCR
  2. General Discussion
  3. Can someone explain this to me?

Can someone explain this to me?

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  • Catseye3C Catseye3

    @doctor-phibes said in Can someone explain this to me?:

    I'm none the wiser after reading all that.

    You took the words right out of my keyboard, Phibes.

    I felt like a 4-year-old listening to Uncle Einstein explain relativity.

    Doctor PhibesD Offline
    Doctor PhibesD Offline
    Doctor Phibes
    wrote on last edited by
    #9

    @catseye3 said in Can someone explain this to me?:

    I felt like a 4-year-old listening to Uncle Einstein explain relativity.

    I felt like a 4 year old listening to a bunch of people who don't really understand relativity trying to explain relativity.

    I was only joking

    1 Reply Last reply
    • KlausK Klaus

      @george-k said in Can someone explain this to me?:

      "Bitcoin mining?" WTF is that.

      It's the Bitcoin way of how to deal with the initial distribution of currency and the growth of the money supply. The idea is that you can create new Bitcoin by solving computationally expensive problems.

      Doctor PhibesD Offline
      Doctor PhibesD Offline
      Doctor Phibes
      wrote on last edited by
      #10

      @klaus said in Can someone explain this to me?:

      @george-k said in Can someone explain this to me?:

      "Bitcoin mining?" WTF is that.

      It's the Bitcoin way of how to deal with the initial distribution of currency and the growth of the money supply. The idea is that you can create new Bitcoin by solving computationally expensive problems.

      It seems to me that there's a fundamental flaw with a currency that requires you to do something completely pointless and damaging to the environment in order to create wealth.

      Then again, I guess you could say the same thing about gold mining.

      I was only joking

      KlausK 1 Reply Last reply
      • Doctor PhibesD Doctor Phibes

        @klaus said in Can someone explain this to me?:

        @george-k said in Can someone explain this to me?:

        "Bitcoin mining?" WTF is that.

        It's the Bitcoin way of how to deal with the initial distribution of currency and the growth of the money supply. The idea is that you can create new Bitcoin by solving computationally expensive problems.

        It seems to me that there's a fundamental flaw with a currency that requires you to do something completely pointless and damaging to the environment in order to create wealth.

        Then again, I guess you could say the same thing about gold mining.

        KlausK Online
        KlausK Online
        Klaus
        wrote on last edited by
        #11

        @doctor-phibes said in Can someone explain this to me?:

        @klaus said in Can someone explain this to me?:

        @george-k said in Can someone explain this to me?:

        "Bitcoin mining?" WTF is that.

        It's the Bitcoin way of how to deal with the initial distribution of currency and the growth of the money supply. The idea is that you can create new Bitcoin by solving computationally expensive problems.

        It seems to me that there's a fundamental flaw with a currency that requires you to do something completely pointless and damaging to the environment in order to create wealth.

        Then again, I guess you could say the same thing about gold mining.

        I doubt that the inventor of mining had the current situation in mind when he came up with the idea.

        If you leave off the unfortunate ecological consequences, the idea of mining is pretty interesting. I wouldn't know a better way to control initial distribution and growth of the money supply in a different way that is both decentralized and "fair" in a certain sense.

        Doctor PhibesD 1 Reply Last reply
        • KlausK Klaus

          @doctor-phibes said in Can someone explain this to me?:

          @klaus said in Can someone explain this to me?:

          @george-k said in Can someone explain this to me?:

          "Bitcoin mining?" WTF is that.

          It's the Bitcoin way of how to deal with the initial distribution of currency and the growth of the money supply. The idea is that you can create new Bitcoin by solving computationally expensive problems.

          It seems to me that there's a fundamental flaw with a currency that requires you to do something completely pointless and damaging to the environment in order to create wealth.

          Then again, I guess you could say the same thing about gold mining.

          I doubt that the inventor of mining had the current situation in mind when he came up with the idea.

          If you leave off the unfortunate ecological consequences, the idea of mining is pretty interesting. I wouldn't know a better way to control initial distribution and growth of the money supply in a different way that is both decentralized and "fair" in a certain sense.

          Doctor PhibesD Offline
          Doctor PhibesD Offline
          Doctor Phibes
          wrote on last edited by Doctor Phibes
          #12

          @klaus said in Can someone explain this to me?:

          I doubt that the inventor of mining had the current situation in mind when he came up with the idea.

          Software engineers aren't engineers.

          I was only joking

          George KG 1 Reply Last reply
          • AxtremusA Offline
            AxtremusA Offline
            Axtremus
            wrote on last edited by
            #13

            Is/was the inventor of Bitcoin an engineer?

            Doctor PhibesD 1 Reply Last reply
            • AxtremusA Axtremus

              Is/was the inventor of Bitcoin an engineer?

              Doctor PhibesD Offline
              Doctor PhibesD Offline
              Doctor Phibes
              wrote on last edited by
              #14

              @axtremus said in Can someone explain this to me?:

              Is/was the inventor of Bitcoin an engineer?

              Nobody knows....
              https://en.wikipedia.org/wiki/Satoshi_Nakamoto

              I was only joking

              1 Reply Last reply
              • Doctor PhibesD Doctor Phibes

                @klaus said in Can someone explain this to me?:

                I doubt that the inventor of mining had the current situation in mind when he came up with the idea.

                Software engineers aren't engineers.

                George KG Offline
                George KG Offline
                George K
                wrote on last edited by
                #15

                @doctor-phibes said in Can someone explain this to me?:

                Software engineers aren't engineers.

                Indeed, whenever I get tech support on a piece of software that's not behaving, the person says, "I'll relay this to the engineers."

                It takes all of my self-restraint to not ask what kind of locomotive...

                "Now look here, you Baltic gas passer... " - Mik, 6/14/08

                The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.

                1 Reply Last reply
                • HoraceH Offline
                  HoraceH Offline
                  Horace
                  wrote on last edited by
                  #16

                  I’ve seen a compelling set of evidence that it is a guy named Adam Back.

                  Education is extremely important.

                  1 Reply Last reply
                  • Doctor PhibesD Doctor Phibes

                    I'm none the wiser after reading all that.

                    I do know that I can't buy a decent video card for love nor money.

                    89th8 Offline
                    89th8 Offline
                    89th
                    wrote on last edited by 89th
                    #17

                    @doctor-phibes said in Can someone explain this to me?:

                    I'm none the wiser after reading all that.

                    And for @Catseye3 , how about this description:

                    Bitcoin is a type of "crypto currency". Aka digital money you can't hold, and that isn't owned by anyone or any government.

                    It's internet money. Enough people have decided it's real enough that they use it like real money to buy/sell things, and so the "equivalent dollar price" of what a bitcoin is worth has gone up based on the demand to have one.

                    Every time a bitcoin is created or used, it updates this magical internet ledger so every transaction and every bitcoin ever is tracked using the internet.

                    To create a bitcoin, which 99.999% of bitcoin users do not do because it's so expensive, you have to run lots of computer actions that conform to the bitcoin software rules.

                    Right now the energy it takes to run all of those computer actions is approximately the same energy used by a US household for 53 days.

                    Catseye3C 1 Reply Last reply
                    • MikM Offline
                      MikM Offline
                      Mik
                      wrote on last edited by
                      #18

                      I'm taking the Buffett approach - if I don't really understand it I don't invest in it.

                      “I am fond of pigs. Dogs look up to us. Cats look down on us. Pigs treat us as equals.” ~Winston S. Churchill

                      89th8 1 Reply Last reply
                      • George KG George K

                        OK, I'm a retired old fart.

                        I use credit cards, a checking account, etc.

                        (please type really slowly so I can get this)

                        Can someone please explain Bitcoin to me? Other than anonymity, what's the point?

                        "Bitcoin mining?" WTF is that.

                        Should I be concerned, or just ignore?

                        CopperC Offline
                        CopperC Offline
                        Copper
                        wrote on last edited by
                        #19

                        @george-k said in Can someone explain this to me?:

                        Can someone explain this to me?

                        No

                        1 Reply Last reply
                        • MikM Mik

                          I'm taking the Buffett approach - if I don't really understand it I don't invest in it.

                          89th8 Offline
                          89th8 Offline
                          89th
                          wrote on last edited by
                          #20

                          @mik said in Can someone explain this to me?:

                          I'm taking the Buffett approach - if I don't really understand it I don't invest in it.

                          Ok how about this.

                          Let's pretend every post by @George-K is a Cheddarcoin, tracked by the post ID. How much money would you spend to own a Cheddarcoin? Once enough people buy his Cheddarcoins, @Klaus announces that TNCR officially supports the use of Cheddarcoin in TNCR transactions. For example, it might cost 5 Cheddarcoins to see a picture of @Doctor-Phibes drink a non-alcoholic beer, or 10 Cheddarcoins to force @mark to buy a Dell off of a Best Buy shelf. Or maybe 50 Cheddarcoins to see a picture of @Aqua-Letifer 's sister, but 100 Cheddarcoins to remove it. How many Cheddarcoins would you pay to watch @Larry wear a BLM shirt or for @Jolly to hire someone to chop down a small maple tree?

                          MikM 1 Reply Last reply
                          • 89th8 89th

                            @mik said in Can someone explain this to me?:

                            I'm taking the Buffett approach - if I don't really understand it I don't invest in it.

                            Ok how about this.

                            Let's pretend every post by @George-K is a Cheddarcoin, tracked by the post ID. How much money would you spend to own a Cheddarcoin? Once enough people buy his Cheddarcoins, @Klaus announces that TNCR officially supports the use of Cheddarcoin in TNCR transactions. For example, it might cost 5 Cheddarcoins to see a picture of @Doctor-Phibes drink a non-alcoholic beer, or 10 Cheddarcoins to force @mark to buy a Dell off of a Best Buy shelf. Or maybe 50 Cheddarcoins to see a picture of @Aqua-Letifer 's sister, but 100 Cheddarcoins to remove it. How many Cheddarcoins would you pay to watch @Larry wear a BLM shirt or for @Jolly to hire someone to chop down a small maple tree?

                            MikM Offline
                            MikM Offline
                            Mik
                            wrote on last edited by
                            #21

                            @mik said in Can someone explain this to me?:

                            I'm taking the Buffett approach - if I don't really understand it I don't invest in it.

                            “I am fond of pigs. Dogs look up to us. Cats look down on us. Pigs treat us as equals.” ~Winston S. Churchill

                            1 Reply Last reply
                            • Doctor PhibesD Offline
                              Doctor PhibesD Offline
                              Doctor Phibes
                              wrote on last edited by
                              #22

                              Incidentally, I've been drinking alcohol free beer for the last two weeks.

                              That makes no sense, either.

                              I was only joking

                              1 Reply Last reply
                              • 89th8 89th

                                @doctor-phibes said in Can someone explain this to me?:

                                I'm none the wiser after reading all that.

                                And for @Catseye3 , how about this description:

                                Bitcoin is a type of "crypto currency". Aka digital money you can't hold, and that isn't owned by anyone or any government.

                                It's internet money. Enough people have decided it's real enough that they use it like real money to buy/sell things, and so the "equivalent dollar price" of what a bitcoin is worth has gone up based on the demand to have one.

                                Every time a bitcoin is created or used, it updates this magical internet ledger so every transaction and every bitcoin ever is tracked using the internet.

                                To create a bitcoin, which 99.999% of bitcoin users do not do because it's so expensive, you have to run lots of computer actions that conform to the bitcoin software rules.

                                Right now the energy it takes to run all of those computer actions is approximately the same energy used by a US household for 53 days.

                                Catseye3C Offline
                                Catseye3C Offline
                                Catseye3
                                wrote on last edited by
                                #23

                                @89th said in Can someone explain this to me?:

                                And for @Catseye3 , how about this description:

                                Thanks, 89th. That's the clearest explanation I've gotten yet.

                                I'm no economist (eyes rolling here), but it seems to me that bitcoin's supposed advantage is its greatest weakness -- that government backing of a country's currency is what makes it "go", whether you like it or not. Why all the mention of a "strong dollar" like it's THE desirable thing -- with which everyone in the developed world agrees, and everyone relies on.

                                Something kinda Monopoly money-ish about bitcoin, it seems to me. And it relies on everyone's participation. If enough people drop out, where does that leave you?

                                Success is measured by your discipline and inner peace. – Mike Ditka

                                Aqua LetiferA 89th8 LuFins DadL 3 Replies Last reply
                                • Catseye3C Catseye3

                                  @89th said in Can someone explain this to me?:

                                  And for @Catseye3 , how about this description:

                                  Thanks, 89th. That's the clearest explanation I've gotten yet.

                                  I'm no economist (eyes rolling here), but it seems to me that bitcoin's supposed advantage is its greatest weakness -- that government backing of a country's currency is what makes it "go", whether you like it or not. Why all the mention of a "strong dollar" like it's THE desirable thing -- with which everyone in the developed world agrees, and everyone relies on.

                                  Something kinda Monopoly money-ish about bitcoin, it seems to me. And it relies on everyone's participation. If enough people drop out, where does that leave you?

                                  Aqua LetiferA Offline
                                  Aqua LetiferA Offline
                                  Aqua Letifer
                                  wrote on last edited by
                                  #24

                                  @catseye3 said in Can someone explain this to me?:

                                  it's THE desirable thing -- with which everyone in the developed world agrees, and everyone relies on.

                                  Don't listen to 89th, he's a sucker. Bitcoin was so 2019.

                                  It's 2021, son, NFT is where it's at! You best get in the game!

                                  Please love yourself.

                                  Catseye3C 89th8 2 Replies Last reply
                                  • Aqua LetiferA Aqua Letifer

                                    @catseye3 said in Can someone explain this to me?:

                                    it's THE desirable thing -- with which everyone in the developed world agrees, and everyone relies on.

                                    Don't listen to 89th, he's a sucker. Bitcoin was so 2019.

                                    It's 2021, son, NFT is where it's at! You best get in the game!

                                    Catseye3C Offline
                                    Catseye3C Offline
                                    Catseye3
                                    wrote on last edited by
                                    #25

                                    @aqua-letifer Nix! Don't do this to me! I want no parts of a same-only-different from bitcoin! Having enough trouble as it is. Not to mention that I don't even care that much!

                                    Reading over my last post, I'm embarrassed to feel like Captain Obvious. "Government backing is important?" Really???

                                    Success is measured by your discipline and inner peace. – Mike Ditka

                                    1 Reply Last reply
                                    • Aqua LetiferA Aqua Letifer

                                      @catseye3 said in Can someone explain this to me?:

                                      it's THE desirable thing -- with which everyone in the developed world agrees, and everyone relies on.

                                      Don't listen to 89th, he's a sucker. Bitcoin was so 2019.

                                      It's 2021, son, NFT is where it's at! You best get in the game!

                                      89th8 Offline
                                      89th8 Offline
                                      89th
                                      wrote on last edited by
                                      #26

                                      @aqua-letifer said in Can someone explain this to me?:

                                      @catseye3 said in Can someone explain this to me?:

                                      it's THE desirable thing -- with which everyone in the developed world agrees, and everyone relies on.

                                      Don't listen to 89th, he's a sucker. Bitcoin was so 2019.

                                      It's 2021, son, NFT is where it's at! You best get in the game!

                                      I really think NFTs is the long term value here btw. Being able to "guarantee" ownership of digital property is the way of the future.

                                      The way of the future.

                                      The way of the future.

                                      The way of the future.

                                      The way of the future.

                                      The way of the future.

                                      1 Reply Last reply
                                      • Catseye3C Catseye3

                                        @89th said in Can someone explain this to me?:

                                        And for @Catseye3 , how about this description:

                                        Thanks, 89th. That's the clearest explanation I've gotten yet.

                                        I'm no economist (eyes rolling here), but it seems to me that bitcoin's supposed advantage is its greatest weakness -- that government backing of a country's currency is what makes it "go", whether you like it or not. Why all the mention of a "strong dollar" like it's THE desirable thing -- with which everyone in the developed world agrees, and everyone relies on.

                                        Something kinda Monopoly money-ish about bitcoin, it seems to me. And it relies on everyone's participation. If enough people drop out, where does that leave you?

                                        89th8 Offline
                                        89th8 Offline
                                        89th
                                        wrote on last edited by
                                        #27

                                        @catseye3 said in Can someone explain this to me?:

                                        Something kinda Monopoly money-ish about bitcoin, it seems to me. And it relies on everyone's participation. If enough people drop out, where does that leave you?

                                        Pretty much!

                                        Although one could argue that could happen even with the US Dollar, but at least for the next few decades that doesn't seem even close to possible.

                                        1 Reply Last reply
                                        • Catseye3C Catseye3

                                          @89th said in Can someone explain this to me?:

                                          And for @Catseye3 , how about this description:

                                          Thanks, 89th. That's the clearest explanation I've gotten yet.

                                          I'm no economist (eyes rolling here), but it seems to me that bitcoin's supposed advantage is its greatest weakness -- that government backing of a country's currency is what makes it "go", whether you like it or not. Why all the mention of a "strong dollar" like it's THE desirable thing -- with which everyone in the developed world agrees, and everyone relies on.

                                          Something kinda Monopoly money-ish about bitcoin, it seems to me. And it relies on everyone's participation. If enough people drop out, where does that leave you?

                                          LuFins DadL Offline
                                          LuFins DadL Offline
                                          LuFins Dad
                                          wrote on last edited by
                                          #28

                                          @catseye3 said in Can someone explain this to me?:

                                          @89th said in Can someone explain this to me?:

                                          And for @Catseye3 , how about this description:

                                          Thanks, 89th. That's the clearest explanation I've gotten yet.

                                          Something kinda Monopoly money-ish about bitcoin, it seems to me. And it relies on everyone's participation. If enough people drop out, where does that leave you?

                                          And this is different from the regular economy how?

                                          The Brad

                                          HoraceH 1 Reply Last reply
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