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Bitcoin Commercial
Old 01-10-2018, 05:05 PM   #1
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Bitcoin Commercial

I'm still laughing:

https://dms.licdn.com/playback/C5100...sAZj3F027HUOHs

Very funny Bitcoin commercial - what is it and how does it work? Late Night with Seth Myers All credit: NBC
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Old 01-10-2018, 06:27 PM   #2
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Awesome! I'll lose my money the old fashioned way. Wall Street.
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Old 01-10-2018, 09:00 PM   #3
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Old 01-11-2018, 08:54 AM   #4
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Just read a funny headline from today's news:

"Bitcoin conference stops accepting bitcoin payments"
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Old 01-11-2018, 09:34 AM   #5
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I still don’t understand how bitcoins are “mined”? Why does it take so much electricity and what happens if the supply of bitcoins increases rapidly? Is it really just a big computer game that creates bitcoins? What about the other crypto Currencies? Are they created in a similar way? I apologize for my obvious ignorance on this, especially if it’s been explained before.
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Old 01-11-2018, 10:39 AM   #6
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It's magic Dan. Trust me!
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Old 01-11-2018, 10:54 AM   #7
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It's magic Dan. Trust me!
For such an ignoramous (me) it certainly seems like “magic”.
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Old 01-11-2018, 11:34 AM   #8
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I still don’t understand how bitcoins are “mined”? Why does it take so much electricity and what happens if the supply of bitcoins increases rapidly? Is it really just a big computer game that creates bitcoins? What about the other crypto Currencies? Are they created in a similar way? I apologize for my obvious ignorance on this, especially if it’s been explained before.
It is basically a lottery.
SHA256 is a hash algo that returns a string of characters for an input.
For example sha256(Input) = "cbf7cf14b8ad3050785fa1d5e037edc60c8793502d344484e ee56635d6f7f98e"

Now if you can find the input that returns leading zeros then you are rewarded with new Bitcoins.
For example sha256(f80dd094d06bf06139c1b95) = "0000000000003050785fa1d5e037edc60c8793502d344484e ee56635d6f7f98e"

The proof is the calculation. The number of leading zeros required increases with time and so does the difficulty.
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Old 01-11-2018, 12:35 PM   #9
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I am always impressed by those stacks of gold Bitcoins in those commercials that I see on TV. I'll bet that a large percentage of folks that respond (invest?) to those ads are disappointed when they do not actually receive those golden "coins."
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Old 01-12-2018, 08:45 AM   #10
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Originally Posted by jim584672 View Post
It is basically a lottery.
SHA256 is a hash algo that returns a string of characters for an input.
For example sha256(Input) = "cbf7cf14b8ad3050785fa1d5e037edc60c8793502d344484e ee56635d6f7f98e"

Now if you can find the input that returns leading zeros then you are rewarded with new Bitcoins.
For example sha256(f80dd094d06bf06139c1b95) = "0000000000003050785fa1d5e037edc60c8793502d344484e ee56635d6f7f98e"

The proof is the calculation. The number of leading zeros required increases with time and so does the difficulty.

And the point of this exercise is ?

Never understood bitcoins and probably never will.
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Old 01-12-2018, 09:46 AM   #11
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And the point of this exercise is ?
I’m with you. Maybe a way to control supply? Who runs this thing? Just seems strange to me. Apparently a very large proportion of electricity useage in countries like South Korea is used for Bitcoin Mining?
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Old 01-12-2018, 09:47 AM   #12
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Why does it take so much electricity
According to this https://digiconomist.net/bitcoin-energy-consumption it takes 0.18% of the global electricity consumption. Wow.
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Old 01-12-2018, 09:50 AM   #13
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And the point of this exercise is ?
To limit supply.
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Old 01-12-2018, 10:21 AM   #14
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Apparently solving a useless problem becomes worth something, pure magic.
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Old 01-12-2018, 10:29 AM   #15
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Apparently solving a useless problem becomes worth something, pure magic.
I suspect the “invention” of bitcoins was a way to utilize block chain technology. There are several other “crypto currencies” in use. Really not sure where this is going but I certainly wouldn’t buy any of these “things”.

On the other hand I think the concept of block chain may turn out quite useful as a way to keep track of balances and transactions. But what do I know?
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Old 01-12-2018, 12:39 PM   #16
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On the other hand I think the concept of block chain may turn out quite useful as a way to keep track of balances and transactions. But what do I know?
Yes I think it will be worth attention when a real application gets commercialized. I suspect it will be in an arena that most of us do not understand nor compete in.

(Meanwhile Long Blockchain continues to be a money maker for Long Island Iced Tea)
Quote:
Long Island Iced Tea Corp. shares rose as much as 289 percent after the unprofitable Hicksville, New York-based company rebranded itself Long Blockchain Corp.
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Old 01-12-2018, 02:53 PM   #17
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A little offbase for the thread, but some interesting news...
Google "Kraken"... or for details:

https://news.bitcoin.com/exchange-pr...-10k-deposits/

good news and bad news?
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