Bitcoin

Discussion in 'Bulletin Board ARCHIVE' started by Chef Tyke, Nov 29, 2013.

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  1. rot

    rothred Active Member

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    For a bit coin you get the whole of the fairways pub.


    Heres one I made earlier, you can have it free gratis, but don't tell everyone.




    .
     
    rothred, Nov 30, 2013
    #21
  2. Che

    Chef Tyke Well-Known Member

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    Knowing him, he probably put it on a credit card!
     
    Chef Tyke, Nov 30, 2013
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  3. andytyke

    andytyke Administrator Staff Member Admin

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    andytyke, Nov 30, 2013
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  4. budmustang

    budmustang Well-Known Member

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    What seems odd to me is...

    As far as I understand it, these bitcoins are created using some complicated maths problem (the 'mining'). Yet nobody knows who created the bitcoin system in the first place. Does this mean some anonymous party might have the key to print their own money? Even flood the system and kill it all off?
     
    budmustang, Nov 30, 2013
    #24
  5. andytyke

    andytyke Administrator Staff Member Admin

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    Re: What seems odd to me is...

    if I did have 1000 bitcoins, how would I sell them. who buys them?? where does the cash come from to buy them.

    is the a huge queue of people wanting to spend 1000 quid on 1 bitcoin
     
    andytyke, Nov 30, 2013
    #25
  6. budmustang

    budmustang Well-Known Member

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    Who buys them?

    Speculating wide boys.

    It's a shame because the bitcoin principle is a good one. Cash for the internet. Currently we have to use a credit card or Paypal to buy something over the internet. They take a cut and the transaction goes on record. With bitcoin it's an anonymous peer 2 peer transaction.

    But clearly it was never intended that one bitcoin would equal a thousand dollars. "Have you got any change mate?" The smallest denomination, 100th of a bitcoin, is worth 10 bucks. As a useful currency, it's dead before it's gone anywhere. All because of a greed fuelled buying frenzy.
     
    budmustang, Nov 30, 2013
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