Bitcoin

[camberwell gypsy]

On 5/8/2018 at 8:25 AM, Lady Penelope Of The North 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.

Have you received a return on that 20k you sent to that Nigerian banker who promised to triple your money inside 3 weeks? About 2 years ago now. 

[Guest 'eavensabove]

5 minutes ago, camberwell gypsy said:

Have you received a return on that 20k you sent to that Nigerian banker who promised to triple your money inside 3 weeks? About 2 years ago now. 

Shhh. I've still got it. 

[Ape™️]

2 hours 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.

An excellent assessment of the situation.

[Guest Lady Penelope]

9 hours ago, camberwell gypsy said:

Have you received a return on that 20k you sent to that Nigerian banker who promised to triple your money inside 3 weeks? About 2 years ago now. 

Cheque for £3million .. not cashed it yet.

[Guest N/A]

15 hours 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.

I play with you Roops and you know it.  You must admit it was a very shit nom.  

[Guest N/A]

16 hours 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.

Nah....this was a patsy.  Too easy.

[Guest N/A]

14 hours ago, camberwell gypsy said:

Have you received a return on that 20k you sent to that Nigerian banker who promised to triple your money inside 3 weeks? About 2 years ago now. 

No, but apparently a bloke died in Nigeria recently and was found to have over £20million in gold stashed in his house, was found dead at his laptop with thousands of unanswered emails on the screen.  Shame.

[Mrs Roops]

7 hours ago, Monumental cunt said:

I play with you Roops and you know it.  You must admit it was a very shit nom.  

It was a shit nom, but not by design as you make out, Walter. We both know that you have found yourself in a hole, so my advice would be to cease digging...

[Guest 'eavensabove]

Bitcoin Loophole: The best deal ever in Dragons Den 14/08/2018. Invest £250 and kiss your job goodbye. 

https://www.donango.com/landers/bitcoin-loophole/?country=United+Kingdom&region=Dudley&city=Kingswinford&campid=10287&offerid=3988&sxid=8akpru2qts3w&campaignid=1422382504&adgroupid=56239115219&matchtype=&network=d&device=c&creative=275011399182&keyword=&placement=www.globalcarsbrands.com&target=undetermined&cp=EAIaIQobChMIsubZ8YPt3AIVma1RCh1Hgw5IEAEYASAAEgIfYPD_BwE

[White Cunt]

I prefer to speculate in tulips.

[Guest 'eavensabove]

1 hour ago, White Cunt said:

I prefer to speculate in tulips.

On tiptoe, I'd warrant.

 

[Guest N/A]

On 5/7/2018 at 11:29 PM, 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.

I see some major Premier League clubs are now planning to use BIT COIN for players contracts and transfers.  Not that, that will involve massive embezzlement, fraud or money laundering at all.

Mums Net reply

[Guest Queefer]

12 hours ago, Monumental cunt said:

I see some major Premier League clubs are now planning to use BIT COIN for players contracts and transfers.  Not that, that will involve massive embezzlement, fraud or money laundering at all.

Mums Net reply

Excellent news , those thick overpaid cunts don't know the difference between a Bitcoin and a Bentley.

[Ape™️]

12 hours ago, Monumental cunt said:

I see some major Premier League clubs are now planning to use BIT COIN for players contracts and transfers.  Not that, that will involve massive embezzlement, fraud or money laundering at all.

Mums Net reply

What are you hoping to achieve with your continual Mumsnet analogies? You’ve been told that your belief that you should be allowed to say what the fuck you like, about anyone or anything, isn’t acceptable. So either adapt or fuck off. It’s not difficult really. 

[Guest N/A]

2 hours ago, Iam Ape said:

What are you hoping to achieve with your continual Mumsnet analogies? You’ve been told that your belief that you should be allowed to say what the fuck you like, about anyone or anything, isn’t acceptable. So either adapt or fuck off. It’s not difficult really. 

Why don’t you try adapting.... and actually saying something, anything, a paraphrase beyond one line.  Go on, amaze us all.

[Ape™️]

8 hours ago, Monumental cunt said:

Why don’t you try adapting.... and actually saying something, anything, a paraphrase beyond one line.  Go on, amaze us all.

What I post on here is entirely up to me. I could could easily spend a lot of time writing huge blocks of meaningless bollocks, just like you, but I can’t be fucking bothered. I could construct posts that are intentionally offensive or racist, or just downright bullshit - again, just like you. I could post all sorts of things if I chose to. Don’t concern yourself with what I do - I’m not the one continually bitching and moaning, like a fucking child, about how unfair CC is, and how I can’t say what I like. I’m not the one continually being coolered, moderated and supervised by the admin team, again, like a child. You make a complete and utter fucking idiot of yourself every time you have another gripe, and all you’re going to achieve, if you persist, is getting permanently banned.

So, to summarise: fuck off.

[Guest Bill Stickers]

Whilst I do think bitcoin is by and large a load of overhyped old shit with very few limited use cases, I very much doubt it’s for any of the same reasons as MC.

On that basis I declare this nomination a fucking abortion of a potentially decent topic.

[Mrs Roops]

The big mistake about crypto currencies is that it is being treated as if it was a natural resource with finite availabilities when in fact its a mathematical exercise that has been monetised. Unlike gold and other rare earth minerals it has neither a lustre or practical application.

[Guest N/A]

13 hours ago, Iam Ape said:

What I post on here is entirely up to me. I could could easily spend a lot of time writing huge blocks of meaningless bollocks, just like you, but I can’t be fucking bothered. I could construct posts that are intentionally offensive or racist, or just downright bullshit - again, just like you. I could post all sorts of things if I chose to. Don’t concern yourself with what I do - I’m not the one continually bitching and moaning, like a fucking child, about how unfair CC is, and how I can’t say what I like. I’m not the one continually being coolered, moderated and supervised by the admin team, again, like a child. You make a complete and utter fucking idiot of yourself every time you have another gripe, and all you’re going to achieve, if you persist, is getting permanently banned.

So, to summarise: fuck off.

Thank you. That actually gave me something to read beyond one line.   Iam not expecting a novel,of you Ape, just to engage in dialogue.   I know you are one of the shit scared on here who dare not speak out, say what you like, or,treat cunts conrner like a cunt.  I understand your lack of balls.  Your lack of backbone, your lack of fight against the system.  You are one of the lamest posters on her. Just lame.

[Ape™️]

7 hours ago, Monumental cunt said:

Thank you. That actually gave me something to read beyond one line.   Iam not expecting a novel,of you Ape, just to engage in dialogue.   I know you are one of the shit scared on here who dare not speak out, say what you like, or,treat cunts conrner like a cunt.  I understand your lack of balls.  Your lack of backbone, your lack of fight against the system.  You are one of the lamest posters on her. Just lame.

Trust me - Iam (sic) not shit scared of anything whatsoever on here; some people just don’t take CC quite as seriously as you clearly do. Why don’t you get your legal team to prosecute the admin team, for infringement of your rights to be a vulgar, thick, racist wanker? Fucking idiot.

[Earl of Punkape]

1 hour ago, Iam Ape said:

Trust me - Iam (sic) not shit scared of anything whatsoever on here; some people just don’t take CC quite as seriously as you clearly do. Why don’t you get your legal team to prosecute the admin team, for infringement of your rights to be a vulgar, thick, racist wanker? Fucking idiot.

If we ever meet you will end up on a life-support machine you retarded,spastic fuckwit.

[Witheredscrote]

5 minutes ago, Punkape said:

If we ever meet you will end up on a life-support machine you retarded,spastic fuckwit.

and Tesco shopper. lol

[Guest Quincy Cockfingers]

On 5/21/2018 at 9:40 AM, 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.

The sad truth is, he has no legs, is addicted to butane, and lives in a house constructed from old pizza boxes. 

[Cuntybaws]

39 minutes ago, Punkape said:

If we ever meet you will end up on a life-support machine you retarded,spastic fuckwit.

Did you forget which ID you were logged in as for a moment there?

[Guest Quincy Cockfingers]

37 minutes ago, Punkape said:

If we ever meet you will end up on a life-support machine you retarded,spastic fuckwit.

@Iam Ape , punkers seems to be indicating some sort of physical assault on your person , no doubt some sort of sexual assault. Be aware.