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what's a bitcoin anyway?
Mt.Gox site disappears, Bitcoin future in doubt - Feb. 25, 2014
can someone give me the dumbed-down definition of a bitcoin? is it like paypal?
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Ben 1987 190d 2.5Turbo |
#2
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I've heard it equated to the "digital" money that gamers would earn in their virtual worlds, much like the "Farmville" fanatics on Facebook used to buy, earn and spend.
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#3
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Its very much NOT like paypal. Its a decentralized ledger system where every transaction is recorded permanently yet transactions are made anonnymously between "wallets" which are not attached to your name or address. A person can have an infinite number of wallets and transactions cam be made between any 2 wallets regardless or the distance of borders that stand in between. Transaction cost about 5 cents regardless of the amount. The whole system is completely unregulated. Many bitcoins have been stolen such as in the Mtgox example (Magic The Gathering Online Exchange), but no bitcoin has ever been forged.
Mtgox was one of many bitcoin exchanges. This exchange has been spiralling out of control for months so it came as no surprise. They earner a terrible reputation for many many cockups over the last year. It boggles the mind that anybody still trusted them. Oh and the total $ ammount of the BTC stolen either by Mtgox or some outside party (we don't know for sure yet, Mtgox are either thieves or incompetent) is around $375,000,000. Thats not counting the USD and other fiat currencies also lost in the exchange. If you would like to see some horror stories about Mtgox. Keep in mind that bitcoin is trading around $500/BTC https://pay.reddit.com/r/Bitcoin/comments/1yv26o/gox_horror_story_thread_how_much_did_you_lose/ Quote:
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Not sure what farmville money us but it sounds like the bitcoin goes beyond that. It does have tangible value and can be exchanged for real goods. My understanding is that it is untraceable as it is verified by a server as being legit but that server is secure and there is no personal data involved in the process.
The part I am unclear about it is how it is 'obtained' or 'earned'. Some geek at work explained that back before it was popular people would leave their computers on and it would run some program that would 'mine' for the bit coins. The amount of time to obtain a single coin was quite long .. weeks or months as I recall. Bit coins are quite popular on something called the "Dark Web"
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Sent from an agnostic abacus 2014 C250 21,XXX my new DD ** 2013 GLK 350 18,000 Wife's new DD** - With out god, life is everything. - God is an ever receding pocket of scientific ignorance that's getting smaller and smaller as time moves on..." Neil DeGrasse Tyson - You can pray for me, I'll think for you. - When you understand why you dismiss all the other possible gods, you will understand why I dismiss yours. |
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ok. so what exactly can a bitcoin buy? or is that a stupid question?
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Ben 1987 190d 2.5Turbo |
#6
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Anything someone wants to sell. Typically it is accepted for things on the black market because as mentioned above, it is untraceable.
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Sent from an agnostic abacus 2014 C250 21,XXX my new DD ** 2013 GLK 350 18,000 Wife's new DD** - With out god, life is everything. - God is an ever receding pocket of scientific ignorance that's getting smaller and smaller as time moves on..." Neil DeGrasse Tyson - You can pray for me, I'll think for you. - When you understand why you dismiss all the other possible gods, you will understand why I dismiss yours. |
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Actually, anything can be exchanged for goods, provided that there is a market for it. We trade pieces of paper and stamped metal in exchange for goods and services everyday. Bitcoin credits can be exchanged for a fairly wide variety of services and items, provided the other party is willing to accept it.
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#8
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It largely depends on who/what accepts bitcoin. Alternative you could cash in your bitcoins and get $ back. MtGox used to do that.
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#10
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I still don't get it. I guess I'm just dense. Thanks anyway.
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Ben 1987 190d 2.5Turbo |
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Bitcoin | Overstock.com: Now Accepting Bitcoins Shop with Bitcoins | Gyft | Mobile Gift Card Wallet Bitcoin Now Accepted at TigerDirect.com! Just to name a few. Theres also drugs, guns, sex, murder for hire, human slavery etc but I won't bore you with those links.
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#12
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Sent from an agnostic abacus 2014 C250 21,XXX my new DD ** 2013 GLK 350 18,000 Wife's new DD** - With out god, life is everything. - God is an ever receding pocket of scientific ignorance that's getting smaller and smaller as time moves on..." Neil DeGrasse Tyson - You can pray for me, I'll think for you. - When you understand why you dismiss all the other possible gods, you will understand why I dismiss yours. |
#13
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dont feel bad, you aren't the only one. tjts1 among others already tried to explain this to me over on STD. I still don't get it either. I don't understand how the mining process happens, who controls the mining computers, and who in their right mind would accept this type of currency for goods and services.
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Sent from an agnostic abacus 2014 C250 21,XXX my new DD ** 2013 GLK 350 18,000 Wife's new DD** - With out god, life is everything. - God is an ever receding pocket of scientific ignorance that's getting smaller and smaller as time moves on..." Neil DeGrasse Tyson - You can pray for me, I'll think for you. - When you understand why you dismiss all the other possible gods, you will understand why I dismiss yours. |
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