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Cryptobollocks

Started by touchingcloth, April 11, 2022, 11:17:15 PM

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JesusAndYourBush

Quote from: MojoJojo on May 14, 2022, 07:15:55 PMOne gets added to the node that successfully worked out the hash of the new block.

So the new coin is conjured out of nowhere?, like when you get a loan from the bank, aaah!

Consignia

Quote from: JesusAndYourBush on May 14, 2022, 10:36:38 PMSo the new coin is conjured out of nowhere?, like when you get a loan from the bank, aaah!

More like when the Bank of England adds pounds to those that are already in circulation.

It goes like:
  • There are 50 Bitcoins in existance
  • Person A solves the current puzzle first
  • Everyone agrees that person A solved the current puzzle and their Bitcoin wallet it changed from x Bitcoin to x+1 Bitcoin
  • There are now 51 Bitcoins in existence.

It gets a bit more complicated because there is a built in cap to the number of Bitcoins that can ever be created. But yeah, it's effectively automated quantitive easing.

touchingcloth

Quote from: Consignia on May 15, 2022, 12:22:59 AMIt gets a bit more complicated because there is a built in cap to the number of Bitcoins that can ever be created. But yeah, it's effectively automated quantitive easing.

It is pretty much like getting a loan from a bank, though - banks creating money that way through loans is what led to the rounds of QE in 2008.

Captain Z

Apparently they are very close to finding out what is inside a bitcoin.

Dog Botherer

Quote from: Captain Z on May 15, 2022, 01:57:09 AMApparently they are very close to finding out what is inside a bitcoin.

it is cum

imitationleather

I fucking wish mate.

Replies From View

Do bitcoins have foil exteriors that you can peel off before you eat the delicious semeny insides?

Pinball

Full of hot air. Woosh and it's gone. But not before planet burn is complete.

JamesTC

I heard it is full of popping candy.

JesusAndYourBush

Quote from: Replies From View on May 15, 2022, 07:45:39 AMDo bitcoins have foil exteriors...

You've made me remember a news story from a few years ago where a guy was detained at customs, taken to a back room, the whole rubber glove treatment, and for a short time he was in big trouble for smuggling a large amount of bitcoins in his luggage... it turned out what he had was a load of badges with the bitcoin logo on them that the customs people thought were the coins themselves.

Replies From View

Quote from: JesusAndYourBush on May 15, 2022, 03:22:44 PMYou've made me remember a news story from a few years ago where a guy was detained at customs, taken to a back room, the whole rubber glove treatment, and for a short time he was in big trouble for smuggling a large amount of bitcoins in his luggage... it turned out what he had was a load of badges with the bitcoin logo on them that the customs people thought were the coins themselves.

And when you say 'in his luggage' you mean 'up inside his arse with some of the pins self-opened', correct?

JesusAndYourBush

Ha no.  They were stacked in long cardboard tubes.  Up his arse.

Dex Sawash

bitcoin is back, in suppogsitory form