Bitcoin

[Guest N/A]

Slimey  fucking fat fuck American gamer cunts who say they are Bitcoin millionaires is one thing, but  Corporates are now starting to take us all into the Bitcoin market  which fucking alarms me more than a few lying fat cunts shouting it out on the inter web.    I can see the next fucking massive economic crisis starting to unfold. But the first stage will be the gentle introduction of this Blockchain economic masterpiece. It will be lauded as wonderful, people will get rich, quick, and easy, then the corporates will Force everyone to have a Bitcoin wallet, then bang, it will all fucking implode.  I’d say in about 10 years from now.  Bitcoin is for cunts don’t ever let the snowflake millennialist tell you otherwise when they are running the corporates in 2028.  It has no financial backing with any gold reserves and is simply just made up.  Just like an RBS bank account and we all remember what happened there if you are over 15. .....So half of you on here need to go ask an adult.  Bitcoin is just the biggest cunts trick ever tried.

[Guest Wizardsleeve]

Fuck sake, MC....couldn't you have boiled that down to the last sentence?  We all know it's a game for utter cunts.  All the rest was a waste of energy.  Almost Pen-like in structure.  

[Guest Lady Penelope]

It is all explained quite simply here.

Ever wondered how bitcoins are actually made?

Over the past several years, cryptocurrencies like Bitcoin have been quietly growing in popularity, with an ever-larger number of people buying and selling them. Now that Bitcoin has hit the mainstream and become a worldwide phenomenon, more people than ever are looking to get into the cryptocurrency game.

However, the production of cryptocurrencies isn't anything like that of regular money. There's no central authority that issues new notes; instead, bitcoins (or litecoins, or any of the other so-called 'alt-coins') are generated through a process known as 'mining'. So what is cryptocurrency mining, and how does it work?

Cryptocurrency mining and the blockchain

Before getting to grips with the process of cryptocurrency mining, we need to explain what blockchain is and how that works. Blockchain is a technology that supports almost every cryptocurrency. It is a public ledger (decentralised register) of every transaction that has been carried out in that cryptocurrency.

These transactions are assembled into what are called "blocks". These are the verified to ensure they are legitimate by cryptocurrency miners. This checks if the same coin hasn't been expended again before the transaction has cleared, and that the input and output expenses tally. Then the next sequential transaction block is connected to it. This is how cryptocurrencies are created and how new cryptocoins are made.

Mining new blocks

As there is no central authority or central bank, there has to be a way of gathering every transaction carried out with a cryptocurrency in order to create a new block. Network nodes that carry out this task called dubbed 'miners'. Every time a slew of transactions is amassed into a block, this is appended to the blockchain. Whoever appends the block gets rewarded with some of that cryptocurrency.

To prevent the devaluation of the currency by miners building lots of blocks, the task is made harder to conduct. This is achieved by making miners solve complicated mathematical problems called proof of work'.

Calculating hashes

In order to successfully create a block, it must be accompanied by a cryptographic hash that fulfills certain requirements. The only feasible way to arrive at a hash matching the correct criteria is to simply calculate as many as possible and wait until you get a matching hash. When the right hash is found, a new block is formed and the miner that found it is awarded with units of cryptocurrency.

Think of it like one of those competitions where you have to guess the weight of the cake - only you get unlimited guesses, and the first one to submit a correct answer wins. Whoever can make guesses at the fastest rate has a higher chance of winning.

Cryptocurrency mining limits

In practice, this means that miners are competing against each other to calculate as many hashes as possible, in the hopes of getting to be the first one to hit the correct one, form a block and get their cryptocurrency payout.

However, the difficulty of calculating the hashes also scales - every new block of bitcoins becomes harder to mine. In theory, this ensures that the rate at which new blocks are created remains steady. Many cryptocurrencies also have a finite limit on the amount of units that can ever be generated. For example, there will only ever be 21 million Bitcoins in the world. After that, mining a new block will not generate any bitcoins at all.

Cryptocurrency mining requirements

Although you were once able to mine your own cryptocurrencies using a standard PC, this isn't viable any longer; the quality and quantity of hardware you need to mine effectively increases in line with the volume of people mining. That's seen requirements leap - from a reasonably-powerful processor, to a high-end GPU, to several GPUs working in conjunction, to -now - specialised chips specifically configured for cryptomining.

Nowadays you will have to spend upwards of £1,000 on the appropriate hardware to mine most modern cryptocurrencies with any success. The energy consumption, meanwhile, is substantial - and you'll need to keep an eye on these rising costs while running your machine 24/7. Most miners will spend the overwhelming majority of their income from mining on paying to maintain and run the equipment.

As the Bitcoin hype is more or less fully nestled in the wider public consciousness, organisations have invested increasingly considerable sums into it, effectively industrialising cryptocurrency mining. Large warehouses packed to the brim with floor-to-ceiling racks of expensive graphics cards, working towards the sole aim of mining new units of Bitcoin, Ether, Litecoin, and so on, have become the new normal.

The Bitcoin network - to add some context - processes 5.5 quintillion hashes per second, which means that unless you have the equipment capable of processing a massive quantity of calculations in a very short space of time, the chances of you being able to compete with the more industrial operations are miniscule. For this reason, miners often band together and pool resources to maximise their chances of profiting from the cryptocurrency mining game - creating 'mining pools' - sharing their power, as well as any returns their efforts may generate between them.

[Decimus]

8 hours ago, Monumental cunt said:

Slimey  fucking fat fuck American gamer cunts who say they are Bitcoin millionaires is one thing, but  Corporates are now starting to take us all into the Bitcoin market  which fucking alarms me more than a few lying fat cunts shouting it out on the inter web.    I can see the next fucking massive economic crisis starting to unfold. But the first stage will be the gentle introduction of this Blockchain economic masterpiece. It will be lauded as wonderful, people will get rich, quick, and easy, then the corporates will Force everyone to have a Bitcoin wallet, then bang, it will all fucking implode.  I’d say in about 10 years from now.  Bitcoin is for cunts don’t ever let the snowflake millennialist tell you otherwise when they are running the corporates in 2028.  It has no financial backing with any gold reserves and is simply just made up.  Just like an RBS bank account and we all remember what happened there if you are over 15. .....So half of you on here need to go ask an adult.  Bitcoin is just the biggest cunts trick ever tried.

Here he is, the Wolf of Wall Street!

I take it that Mein Kampf wasn't available in The Cooler's library and that you have had to make do with Maynard Keynes for the past 28 days?

I don't come here for financial advice, especially from a pig shit fucking wanker with more fleas than brain cells.

Fuck off, you dirty northern tramp.

[scotty]

1 hour ago, Decimus said:

 

I take it that Mein Kampf wasn't available in The Cooler's library

I wore my Charlie Chaplin moustache today, and got loads of dirty looks. 

I had no idea so many people hated him. 

[Mrs Roops]

10 hours ago, Monumental cunt said:

Slimey  fucking fat fuck American gamer cunts who say they are Bitcoin millionaires is one thing, but  Corporates are now starting to take us all into the Bitcoin market  which fucking alarms me more than a few lying fat cunts shouting it out on the inter web.    I can see the next fucking massive economic crisis starting to unfold. But the first stage will be the gentle introduction of this Blockchain economic masterpiece. It will be lauded as wonderful, people will get rich, quick, and easy, then the corporates will Force everyone to have a Bitcoin wallet, then bang, it will all fucking implode.  I’d say in about 10 years from now.  Bitcoin is for cunts don’t ever let the snowflake millennialist tell you otherwise when they are running the corporates in 2028.  It has no financial backing with any gold reserves and is simply just made up.  Just like an RBS bank account and we all remember what happened there if you are over 15. .....So half of you on here need to go ask an adult.  Bitcoin is just the biggest cunts trick ever tried.

Well, Walter, that Bitcoin is a highly volatile commodity is well known. I'm not sure how the corporates (whoever they may be) will "force" everyone to have a Bitcoin wallet. Incidentally, no currency in the world is backed by gold reserves, in fact a condition of IMF membership is to leave the gold standard. AFAIK, only six nations are not signed up to the IMF and even they do not use the gold standard though I believe ISIS uses the gold Dinar. As for Bitcoin being made up, what the hell do you think a fiat currency is?

Your post is the ramblings of an economically illiterate whose knowledge of matters financial is below that of a double-digit IQ moron who struggles comprehending the city pages of the Sun and Daily Star.

[Ape™️]

Monumental Cunt: never has someone’s user name been more appropriate. What a fucking wanker.

[Stubby Pecker]

4 hours ago, Mrs Roops said:

Well, Walter, that Bitcoin is a highly volatile commodity is well known. I'm not sure how the corporates (whoever they may be) will "force" everyone to have a Bitcoin wallet. Incidentally, no currency in the world is backed by gold reserves, in fact a condition of IMF membership is to leave the gold standard. AFAIK, only six nations are not signed up to the IMF and even they do not use the gold standard though I believe ISIS uses the gold Dinar. As for Bitcoin being made up, what the hell do you think a fiat currency is?

Your post is the ramblings of an economically illiterate whose knowledge of matters financial is below that of a double-digit IQ moron who struggles comprehending the city pages of the Sun and Daily Star.

Oh dear, I had a feeling this would happen...

[Earl of Punkape]

4 hours ago, Ape said:

Monumental Cunt: never has someone’s user name been more appropriate. What a fucking wanker.

Where do you invest your money Ape ?

Do you have a Tesco account ?

lol.

[Guest Lady Penelope]

18 minutes ago, Punkape said:

Where do you invest your money Ape ?

Do you have a Tesco account ?

lol.

I bet that you are still waiting waiting for your Uncle Fred's ten bob a week plan to mature.

[Ape™️]

2 hours ago, Punkape said:

Where do you invest your money Ape ?

Do you have a Tesco account ?

lol.

I expect you invest all yours in a sperm bank.

lol.

Fucking poof.

[Guest Lady Penelope]

14 minutes ago, Ape said:

I expect you invest all yours in a sperm bank.

lol.

Fucking poof.

Are you sure that he has got any sperm?

[Cuntybaws]

26 minutes ago, Miss Penelope said:

Are you sure that he has got any sperm?

It won't take a CSI tech with a blacklight to track down the evidence, one way or the other.

[Guest Lady Penelope]

6 minutes ago, Cuntybaws said:

It won't take a CSI tech with a blacklight to track down the evidence, one way or the other.

CSI Wilmslow

[camberwell gypsy]

10 hours ago, Miss Penelope said:

It is all explained quite simply here.

Ever wondered how bitcoins are actually made?

Over the past several years, cryptocurrencies like Bitcoin have been quietly growing in popularity, with an ever-larger number of people buying and selling them. Now that Bitcoin has hit the mainstream and become a worldwide phenomenon, more people than ever are looking to get into the cryptocurrency game.

However, the production of cryptocurrencies isn't anything like that of regular money. There's no central authority that issues new notes; instead, bitcoins (or litecoins, or any of the other so-called 'alt-coins') are generated through a process known as 'mining'. So what is cryptocurrency mining, and how does it work?

Cryptocurrency mining and the blockchain

Before getting to grips with the process of cryptocurrency mining, we need to explain what blockchain is and how that works. Blockchain is a technology that supports almost every cryptocurrency. It is a public ledger (decentralised register) of every transaction that has been carried out in that cryptocurrency.

These transactions are assembled into what are called "blocks". These are the verified to ensure they are legitimate by cryptocurrency miners. This checks if the same coin hasn't been expended again before the transaction has cleared, and that the input and output expenses tally. Then the next sequential transaction block is connected to it. This is how cryptocurrencies are created and how new cryptocoins are made.

Mining new blocks

As there is no central authority or central bank, there has to be a way of gathering every transaction carried out with a cryptocurrency in order to create a new block. Network nodes that carry out this task called dubbed 'miners'. Every time a slew of transactions is amassed into a block, this is appended to the blockchain. Whoever appends the block gets rewarded with some of that cryptocurrency.

To prevent the devaluation of the currency by miners building lots of blocks, the task is made harder to conduct. This is achieved by making miners solve complicated mathematical problems called proof of work'.

Calculating hashes

In order to successfully create a block, it must be accompanied by a cryptographic hash that fulfills certain requirements. The only feasible way to arrive at a hash matching the correct criteria is to simply calculate as many as possible and wait until you get a matching hash. When the right hash is found, a new block is formed and the miner that found it is awarded with units of cryptocurrency.

Think of it like one of those competitions where you have to guess the weight of the cake - only you get unlimited guesses, and the first one to submit a correct answer wins. Whoever can make guesses at the fastest rate has a higher chance of winning.

Cryptocurrency mining limits

In practice, this means that miners are competing against each other to calculate as many hashes as possible, in the hopes of getting to be the first one to hit the correct one, form a block and get their cryptocurrency payout.

However, the difficulty of calculating the hashes also scales - every new block of bitcoins becomes harder to mine. In theory, this ensures that the rate at which new blocks are created remains steady. Many cryptocurrencies also have a finite limit on the amount of units that can ever be generated. For example, there will only ever be 21 million Bitcoins in the world. After that, mining a new block will not generate any bitcoins at all.

Cryptocurrency mining requirements

Although you were once able to mine your own cryptocurrencies using a standard PC, this isn't viable any longer; the quality and quantity of hardware you need to mine effectively increases in line with the volume of people mining. That's seen requirements leap - from a reasonably-powerful processor, to a high-end GPU, to several GPUs working in conjunction, to -now - specialised chips specifically configured for cryptomining.

Nowadays you will have to spend upwards of £1,000 on the appropriate hardware to mine most modern cryptocurrencies with any success. The energy consumption, meanwhile, is substantial - and you'll need to keep an eye on these rising costs while running your machine 24/7. Most miners will spend the overwhelming majority of their income from mining on paying to maintain and run the equipment.

As the Bitcoin hype is more or less fully nestled in the wider public consciousness, organisations have invested increasingly considerable sums into it, effectively industrialising cryptocurrency mining. Large warehouses packed to the brim with floor-to-ceiling racks of expensive graphics cards, working towards the sole aim of mining new units of Bitcoin, Ether, Litecoin, and so on, have become the new normal.

The Bitcoin network - to add some context - processes 5.5 quintillion hashes per second, which means that unless you have the equipment capable of processing a massive quantity of calculations in a very short space of time, the chances of you being able to compete with the more industrial operations are miniscule. For this reason, miners often band together and pool resources to maximise their chances of profiting from the cryptocurrency mining game - creating 'mining pools' - sharing their power, as well as any returns their efforts may generate between them.

Wake me up before you go go. 

[Ape™️]

19 hours ago, Monumental cunt said:

Slimey  fucking fat fuck American gamer cunts who say they are Bitcoin millionaires is one thing, but  Corporates are now starting to take us all into the Bitcoin market  which fucking alarms me more than a few lying fat cunts shouting it out on the inter web.    I can see the next fucking massive economic crisis starting to unfold. But the first stage will be the gentle introduction of this Blockchain economic masterpiece. It will be lauded as wonderful, people will get rich, quick, and easy, then the corporates will Force everyone to have a Bitcoin wallet, then bang, it will all fucking implode.  I’d say in about 10 years from now.  Bitcoin is for cunts don’t ever let the snowflake millennialist tell you otherwise when they are running the corporates in 2028.  It has no financial backing with any gold reserves and is simply just made up.  Just like an RBS bank account and we all remember what happened there if you are over 15. .....So half of you on here need to go ask an adult.  Bitcoin is just the biggest cunts trick ever tried.

Please indulge us all by talking us through the thought process you use to select the topics you nominate. I suspect it goes something like this:

1). Do I know absolutely fuck all about the topic?

2). Is there scope for me to use punctuation and grammar like a child?

3). Will it allow me to showcase my colossal stupidity and staggering ignorance?

If the answer is yes to all three (like it could be anything else) then type away!

 

[Guest 'eavensabove]

20 hours ago, Cuntybaws said:

It won't take a CSI tech with a blacklight to track down the evidence, one way or the other.

Am afraid you're too late... He lost his position at the sperm bank. The boss caught him drinking on the job.

[Guest N/A]

On 5/8/2018 at 9:59 AM, Mrs Roops said:

Well, Walter, that Bitcoin is a highly volatile commodity is well known. I'm not sure how the corporates (whoever they may be) will "force" everyone to have a Bitcoin wallet. Incidentally, no currency in the world is backed by gold reserves, in fact a condition of IMF membership is to leave the gold standard. AFAIK, only six nations are not signed up to the IMF and even they do not use the gold standard though I believe ISIS uses the gold Dinar. As for Bitcoin being made up, what the hell do you think a fiat currency is?

Your post is the ramblings of an economically illiterate whose knowledge of matters financial is below that of a double-digit IQ moron who struggles comprehending the city pages of the Sun and Daily Star.

Cooler for you Roops I think.

[Guest N/A]

On 5/8/2018 at 7:18 PM, Ape said:

Please indulge us all by talking us through the thought process you use to select the topics you nominate. I suspect it goes something like this:

1). Do I know absolutely fuck all about the topic?

2). Is there scope for me to use punctuation and grammar like a child?

3). Will it allow me to showcase my colossal stupidity and staggering ignorance?

If the answer is yes to all three (like it could be anything else) then type away!

 

Shiites NOM I could think of to try and stir up some cuntishness.  Roops being afucking think welsh cunt fell for it where as Ape saw it was shit and just slated me.  Well done, it was getting a bit dull on here so I just drop a shit nom in every now and then to kick it off.   

[Stubby Pecker]

4 hours ago, Monumental cunt said:

Shiites NOM I could think of to try and stir up some cuntishness.  Roops being afucking think welsh cunt fell for it where as Ape saw it was shit and just slated me.  Well done, it was getting a bit dull on here so I just drop a shit nom in every now and then to kick it off.   

That's completely incomprehensible and has dreadful spelling, you thick, racist arse butler. Now fuck off away with you. Stupid cunt.

[southerncunt]

7 hours ago, Monumental cunt said:

Shiites NOM I could think of to try and stir up some cuntishness.  Roops being afucking think welsh cunt fell for it where as Ape saw it was shit and just slated me.  Well done, it was getting a bit dull on here so I just drop a shit nom in every now and then to kick it off.   

I’m not sure you do it deliberately. I think you really are just a fucking stupendously thick fucking cunt, and this is the best you can do.

[Guest Lady Penelope]

6 minutes ago, southerncunt said:

I’m not sure you do it deliberately. I think you really are just a fucking stupendously thick fucking cunt, and this is the best you can do.

Is this self analysis Skippy?

[Mrs Roops]

7 hours ago, Monumental cunt said:

Shiites NOM I could think of to try and stir up some cuntishness.  Roops being afucking think welsh cunt fell for it where as Ape saw it was shit and just slated me.  Well done, it was getting a bit dull on here so I just drop a shit nom in every now and then to kick it off.   

It took you two weeks to come up with an oft-used defence employed by fantasists when they have been rumbled as a Mitty. We still remember your attempt in portraying yourself as a canny director of a property firm arranging £300 million deals. I suspect the reality is you are the floor cleaning machine director.

[scotty]

23 minutes ago, Mrs Roops said:

It took you two weeks to come up with an oft-used defence employed by fantasists when they have been rumbled as a Mitty. We still remember your attempt in portraying yourself as a canny director of a property firm arranging £300 million deals. I suspect the reality is you are the floor cleaning machine director.

Be fair, that was one hell of a Monopoly set.

[Guest 'eavensabove]