I want to understand the fundamentals of 'how coins are actually hashed and especially how they are exchanged (how the mechanisms of trade 'work'). Also interested in how the dynamics of btc and other altcoins work in general. - would like a plebbed down version if possible (analogies/metaphorical explanations) but I get most of the terms from basic reading
Still looking to skype someone if possible would probably be a half hour to an hour tops.
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Quote (Prone37 @ Jan 24 2015 04:19pm)
You can mine it but itll take a long time due to public key encryption which is the "beauty" of bitcoin.
Mining it will kill the cpu, there are several types you can buy/programs? i think
It got hacked awhile back and the stocks for bitcoins dropped to the ground
Fear of hacking/breach in banks is one core reason PRO:bitcoiners claim, which refers to the "beauty" of bitcoin.
Not planning on mining any; difficulty is WAYYY too high without serious mining rigs and even then it's only marginally profitable taking many variables into account.
I want to understand the fundamentals of 'how coins are actually hashed and especially how they are exchanged (how the mechanisms of trade 'work'). Also interested in how the dynamics of btc and other altcoins work in general.I know what happened to MtGox; sounded more like an internal pilfering to me with a shoddy veil of 'getting hacked'. (getting away with hundreds of billions 'scott free' is very tempting to many)
Also from my understanding your assets (bitcoin) are relatively safe if you keep a paper copy of a wallet and don't have an online wallet at a btc bank - many chose the latter I suppose (not really sure on that tho).
Quote (j0ltk0la @ Jan 25 2015 08:25am)
No, wow. This isn't 2009, you can't sit around and mine, crypto-mining has been a profession since GUI farms and now the only people who can afford to do it own ASIC farms, selling their power or setting up profit-sharing.
For the OP, you're better off just asking your questions in here, if you want the responses to be accurate.
I agree too difficult. Most interested in the bolded.
Quote (Koryu @ Jan 25 2015 09:04am)
there is no use for another altcoin ^_^
I want to understand how it works and what can/can't work fundamentally and in theory; not really interested in creating some mirror/copycat altcoin that adds no further value.
On a side note: JSP is interesting in itself as it is essentially a cryptocurrency of sorts created much before its time. D2 trading is important in the scheme of things apparently
This post was edited by Blankey on Jan 25 2015 06:41pm