Bitcoin

M

MAGA MAN

Let's go Brandon!
My son and his college roommate started mining for Bitcoin 9 years ago. The took an old computer, installed five video cards and used it to run the algorithm. The value of each mined coin was a fraction of a cent, so the electricity to run the old PC cost more that the value produced. But the electric was part of the dorm rent.

In their sophomore year they moved off campus, so they found a graduate study room to plug in the old PC. There it sat for three more years, chugging away.

Over the years he has bought and sold Bitcoin, last year using some as a down payment on a three bedroom house, with an in-law suite.

Three weeks ago I bought in, investing some "play" money to obtain 0.25 Bitcoin. Since then I've made a return of about 25%.
 
Dark Soul said:
My son and his college roommate started mining for Bitcoin 9 years ago. The took an old computer, installed five video cards and used it to run the algorithm. The value of each mined coin was a fraction of a cent, so the electricity to run the old PC cost more that the value produced. But the electric was part of the dorm rent.

In their sophomore year they moved off campus, so they found a graduate study room to plug in the old PC. There it sat for three more years, chugging away.

Over the years he has bought and sold Bitcoin, last year using some as a down payment on a three bedroom house, with an in-law suite.

Three weeks ago I bought in, investing some "play" money to obtain 0.25 Bitcoin. Since then I've made a return of about 25%.
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THAT really sounds like a 'trip to Las Vegas'.
 
Dark Soul said:
My son and his college roommate started mining for Bitcoin 9 years ago. The took an old computer, installed five video cards and used it to run the algorithm. The value of each mined coin was a fraction of a cent, so the electricity to run the old PC cost more that the value produced. But the electric was part of the dorm rent.

In their sophomore year they moved off campus, so they found a graduate study room to plug in the old PC. There it sat for three more years, chugging away.

Over the years he has bought and sold Bitcoin, last year using some as a down payment on a three bedroom house, with an in-law suite.

Three weeks ago I bought in, investing some "play" money to obtain 0.25 Bitcoin. Since then I've made a return of about 25%.
Click to expand...

I considered it until I heard about the electric usage. I have been told by a couple different people they used to do something back in the late 90's/early 2000's with letting ad companies use their computers remotely when they weren't on them basically as mini-servers. It paid enough to cover the cost of their off-campus internet every month but that was about it.
 
Dark Soul said:
My son and his college roommate started mining for Bitcoin 9 years ago. The took an old computer, installed five video cards and used it to run the algorithm. The value of each mined coin was a fraction of a cent, so the electricity to run the old PC cost more that the value produced. But the electric was part of the dorm rent.

In their sophomore year they moved off campus, so they found a graduate study room to plug in the old PC. There it sat for three more years, chugging away.

Over the years he has bought and sold Bitcoin, last year using some as a down payment on a three bedroom house, with an in-law suite.

Three weeks ago I bought in, investing some "play" money to obtain 0.25 Bitcoin. Since then I've made a return of about 25%.
Click to expand...

What makes bitcoin worth anything?
 
Truth Detector said:
What makes bitcoin worth anything?
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Trust that you will be able to trade it for goods, services, or another form of currency. It's no different than the Dollar except it is controlled by a published algorithm.

I'm no expert, but the way that it has been explained to me is that each transaction has to be approved by 5000 account holders, chosen at random for that transaction.

I have a sub-account through Coinbase. My son has his own account. An account holder has the algorithm installed and running on his computer.
 
I like playing with crypto as well. I don't invest heavily, but I like to keep enough of the main cryptos to have a little insurance in case they go main stream. I rode BC up and then cashed out when it came down to around 14k. I bought back in at 7k, held it down to below 6k, and now back above 8k. it is tempting to cash out, but I think I'll just hang on and see what happens.

Coinbase seems to be a popular platform, but Robinhood is a lot cheaper.
 
Dark Soul said:
Trust that you will be able to trade it for goods, services, or another form of currency. It's no different than the Dollar except it is controlled by a published algorithm.

I'm no expert, but the way that it has been explained to me is that each transaction has to be approved by 5000 account holders, chosen at random for that transaction.

I have a sub-account through Coinbase. My son has his own account. An account holder has the algorithm installed and running on his computer.
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It is VERY different; it is not backed by ANYTHING. US currency is backed by economic activity and the trust in the US Government. The value of bitcoin could disappear tomorrow and you would be left with NOTHING. That would not be the same case for US currency.
 
Dark Soul said:
My son and his college roommate started mining for Bitcoin 9 years ago. The took an old computer, installed five video cards and used it to run the algorithm. The value of each mined coin was a fraction of a cent, so the electricity to run the old PC cost more that the value produced. But the electric was part of the dorm rent.

In their sophomore year they moved off campus, so they found a graduate study room to plug in the old PC. There it sat for three more years, chugging away.

Over the years he has bought and sold Bitcoin, last year using some as a down payment on a three bedroom house, with an in-law suite.

Three weeks ago I bought in, investing some "play" money to obtain 0.25 Bitcoin. Since then I've made a return of about 25%.
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Is this true?
 
Mott the Hoople said:
Well the same as any currency or stock. The peoples confidence in it as a medium of exchange.
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Not even close to the same. US currency is backed by a stable Government and economy. Stocks are backed by cash flows and assets. Bitcoin.....NOTHING backs it except for speculation.

The risk associated with it is incredibly high; more so than even speculative stocks. There are no regulations with bitcoin.
 
Truth Detector said:
You didn't answer my question; why does government currency have value?
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Hmmm, uh, (scratching head) oh yeah. It's the high quality paper, very unique, very expensive, ... along with the fine engraving, done by hand, by this very old calligraphy Master.
(I hope this answers your question, Truth Detector. I'm really surprised you didn't know this)
 
Jack said:
Hmmm, uh, (scratching head) oh yeah. It's the high quality paper, very unique, very expensive, ... along with the fine engraving, done by hand, by this very old calligraphy Master.
(I hope this answers your question, Truth Detector. I'm really surprised you didn't know this)
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Yes you did answer it; you don't have the slightest clue why it has value which is exactly what I thought. Your only expertise is looking like a dumbass. :rofl2:
 
Truth Detector said:
Yes you did answer it; you don't have the slightest clue why it has value which is exactly what I thought. Your only expertise is looking like a dumbass. :rofl2:
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Truth Detector? If I told you the Truth, you couldn't handle the Truth. YOU CAN'T HANDLE THE TRUTH!!!
 
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