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Topic	Bitcoin is back. It just rose over $11,000 hitting a 15 month high.
SoIidLegacy 06/26/19 5:13:11 AM #45:	dezmomo posted... Can someone explain BitCoin to me? I really do not understand anything about it. What are we "mining"? How do you "mine" it? Essentially Bitcoin and other cryptocoins are digital forms of currency that are traded in a decentralized manner, without banks being related in any way. It's basically like stocks, but with a higher chance of risk/reward, due to the values changing more erratically. It is mined through groups of graphically powerful computers working together 'digging' around in virtual space. Banks demonize it, because they're not making money out of it, claiming this is a menace to the economy, while it really just comes down to personal responsibility, just like with the regular stock market: all the money you invest, either you take the risk of losing it, or its value can rise (to the moon!) and you can cash out big. The horror stories basically come down to people who invested all of their lifesavings in BTC and lost it all when the value took a massive dip in December 2017. Personally, I think the general crowd investing in cryptocurrencies as a get-rich-quick scheme does less harm to the economy than the general crowd investing in housing. Right now, BTC's sharp rise reminds me of this scene: https://youtu.be/FaF5MAY1Wow#t=1m12s --- The secrets of the ancient world have been unearthed. The shackles of false histories destroyed. Together we stand as the authors of destiny. <cite>SoIidLegacy posted [p:923860677] in Bitcoin is... [t:77815511]...</cite> <quote><cite>dezmomo posted...</cite> <quote>Can someone explain BitCoin to me? I really do not understand anything about it. What are we "mining"? How do you "mine" it?</quote> Essentially Bitcoin and other cryptocoins are digital forms of currency that are traded in a decentralized manner, without banks being related in any way. It's basically like stocks, but with a higher chance of risk/reward, due to the values changing more erratically. It is mined through groups of graphically powerful computers working together 'digging' around in virtual space. Banks demonize it, because they're not making money out of it, claiming this is a menace to the economy, while it really just comes down to personal responsibility, just like with the regular stock market: all the money you invest, either you take the risk of losing it, or its value can rise (to the moon!) and you can cash out big. The horror stories basically come down to people who invested all of their lifesavings in BTC and lost it all when the value took a massive dip in December 2017. Personally, I think the general crowd investing in cryptocurrencies as a get-rich-quick scheme does less harm to the economy than the general crowd investing in housing. Right now, BTC's sharp rise reminds me of this scene: https://youtu.be/FaF5MAY1Wow#t=1m12s --- The secrets of the ancient world have been unearthed. The shackles of false histories destroyed. Together we stand as the authors of destiny.</quote> ... Copied to Clipboard!
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