Bitcoin?

[Uncle Gizmo]

My sister just asked me about bitcoin, and I realised I didn't understand how it worked. Does anyone have any idea from a database programmers point of view? Alternatively, any links you can recommend that explain it in a way anyone can understand.

Sent from my SM-G925F using Tapatalk

 

[jdraw]

Tony,

I have no direct knowledge, but everything I have seen relates to "block chains".
There are some youtubes that may help.


https://www.khanacademy.org/economi...ng/bitcoin/v/bitcoin-transaction-block-chains

Good luck.

 

[Uncle Gizmo]

When I saw "Khan Academy" I thought great, just what I'm looking for. Unfortunately it's still right over my head!

 

[jdraw]

Tony,

Try a youtube search using intro to bitcoin.
There are a number of links claiming "introduction to...."

 

[Uncle Gizmo]

Thanks Jack...

This was very good:-

A gentle introduction to bitcoin

 

[NauticalGent]

Your "New World" post led me here so I wil chime in.

I have NO idea how Bitcoin works. But from what I read, you still need a means to convert it to some sort of existing currency which means you need that system to be in place, solvent AND a willing buyer. Too many variables to make it viable IMHO.

 

[Gasman]

I know I wouldn't touch it with a bargepole
Too volatile for me.

 

[NauticalGent]

And just how long is a bargpole??

 

[Gasman]

And just how long is a bargpole??

TBH I did not know. We use that statement to indicate we would stay well away from whatever it is.
Google however shows it to be between 3.6m and 4m?

length of a barge pole - Google Search

 

[Mike Krailo]

I have NO idea how Bitcoin works. But from what I read, you still need a means to convert it to some sort of existing currency which means you need that system to be in place, solvent AND a willing buyer. Too many variables to make it viable IMHO.

Ah, but if everyone was paid in bitcoin or bidencoin, then there would be no need for other currencies.

 

[Gasman]

Ah, but if everyone was paid in bitcoin or bidencoin, then there would be no need for other currencies.

Well we still stuck with our British Pounds and Pence, even when we were in the Common Market/EU and everyone else was using Euros. So what does that tell you?

 

[NauticalGent]

I THINK he as just kidding but if he wasnt, the day we go to a global currency is the day I start going back to church!

 

[NauticalGent]

TBH I did not know. We use that statement to indicate we would stay well away from whatever it is.
Google however shows it to be between 3.6m and 4m?

I was expecting you to chastise me for being a sailor and not knowing the answer...you getting soft on me Paul??!?

 

[Gasman]

I was expecting you to chastise me for being a sailor and not knowing the answer...you getting soft on me Paul??!?

More than likely in my old age Truthfully, I had forgotten, such is my memory these days.
TBH I have only ever used a bargepole on a barge and I was in the Merchant Navy 13 years, but then as an Engineer, so would have not used one even if they were available. They would also need to be a damn sight longer than 4m, even for our smallest ship that was just 500ft in length.

 

[Mike Krailo]

Well we still stuck with our British pounds and Pence, even when we were in the Common Market/EU and everyone else was using Euros. So what does that tell you?

It's hard to imagine the logistics of one entity ruling everything unless it's tentacles were everywhere (omnipresent). That will be checkmate.

How do you control everyone on the planet remotely from one location? Maybe an unremovable exploding ring around your neck like in the movie Running Man and the for tracking your bitcoin the counter on your arm as in the movie In Time. That was a bizarre movie but the image of that timer on everyone's wrist was chilling. Obviously not reality, but isn't that how it all starts to become real.

 

[Gasman]

Mike,
When did you start that reply, as I edited my post from pounds to Pounds quite a while back, yet the quote this has the old version?

 

[Mike Krailo]

I started to reply right away and didn't post till later. That's probably why.

 

[Cotswold]

Bitcoin from what I can see, works in much the same way as most of the other companies do on the internet.

If anything goes wrong, you'll never get in touch with anyone and you are totally on your own. They are keen to take your money but prefer to remain anonymous, or unavailable after the sale. A bit like dealing with Amazon et al, when something you bought from them is DOA. You will receive a DoNotReply email telling you that your complaint has been looked into and dismissed, so tough. If they have a contact telephone, you will simply be left on the line. If someone who hasn't been struck down by Covid bothers to answer, they will transfer you to the 'correct department', so you can continue to hear just how busy they are today with their high call volume.

In summary only put money into Bitcoin or the the others that you are prepared to lose when, or if it all goes bad. If you see some profit take it.

 

[Steve R.]

There is an aspect to bitcoins that is not well discussed. That is that bitcoin is a depreciating asset. Keeping bitcoin alive requires electrical energy to run the servers that has to be paid for. That is an expense that incrementally lowers the value of each bit coin. Maybe not by much each day, but over a long enough time period those expenses (liabilities) against the asset value accumulate.

I've been aware of this issue for a while. What I found ironic, is that I was looking at a prospective for a silver ETF. That prospective explicitly stated, in the fine print of course, that the funds silver holdings were a "depreciating" asset, in that silver had to be sold to maintain the viability of the ETF. That meant that silver would have to appreciate in value, on the open market, before one could make money with that ETF.

My comment above is not meant to imply that bitcoin is somehow "bad". Every asset has its unique problems that people need to be aware of.

 

[Uncle Gizmo]

That is that bitcoin is a depreciating asset.

That's Interesting!