Bitcoin discussion and news
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Idaho
blah blah blah
You made $400 mining zec? Not bad.Fuck BTC check my ZEC shit out now....
at current rate making
Period ZEC USD BTC
Month 2.02204 $418.56 ฿0.1922
Ranbay
The same rules apply
not all that yet, as sold some but that's the projected income from my rigs at current ZEC price and my average hash rate....
not been doing it long, prob made and sold £200-£250 worth as I was converting it to BTC for .... erm other investments !
BigTom
Well-Known Member
What's block halving?
Also what do you mean by transactions offchain? Does that mean that me and you can make a private deal and transfer btc between us without using the blockchain tech? If so how is the transaction verified, as I thought that was what the blockchain thing did?
I'm not very well versed in the techie side of btc tbf. I just like being able to buy drugs! (Also interested in it from an economic theory pov which is where I first heard of it but that's purely academic interest, whereas getting high is very much the real thing)
bimble
floofy
In the above, do the words mine generate & produce all mean the same thing ?
BigTom
Well-Known Member
essentially yes. Mining is the action taken to generate bitcoins, which once mined have been produced.
bimble
floofy
Here's something explaining* what block halving means:
What is the Halvening? | the Halvening Blog
*not pretending that i understand it because i don't even have a clue what mining means.
What is the Halvening? | the Halvening Blog
*not pretending that i understand it because i don't even have a clue what mining means.
BigTom
Well-Known Member
Mining is simply the action of processing the transactions, so when you buy/sell/transfer btc it moves from one wallet to another and this needs to be processed/recorded. People use computers to do this processing and get paid to do so. This is called mining, because the btc creators wanted bitcoin to seem like gold/silver I think.
bimble
floofy
But that doesn't explain how the number of bitcoin in circulation grows (until all 21 million are 'produced)'. Mining must be a sort of extraction ?
The Evangelist last night tried metaphors of shades of purple and of beer bottles smashing into unique formations that you can't read backwards. None the wiser me.
ok. wow. Here's a child-friendly video about bitcoin mining:
Miners are mathematicians, solving problems. When they solve the problem more Bitcoin is issued and the miners get rewarded.
The Evangelist last night tried metaphors of shades of purple and of beer bottles smashing into unique formations that you can't read backwards. None the wiser me.
ok. wow. Here's a child-friendly video about bitcoin mining:
Miners are mathematicians, solving problems. When they solve the problem more Bitcoin is issued and the miners get rewarded.
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BigTom
Well-Known Member
But that doesn't explain how the number of bitcoin in circulation grows (until all 21 million are 'produced)'. Mining must be a sort of extraction ?
The Evangelist last night tried metaphors of shades of purple and of beer bottles smashing into unique formations that you can't read backwards. None the wiser me.
When you process payments, you get paid - partly in btc from the people whose transactions you are processing, partly in fresh btc which are produced from the central program I guess. I mean the whole thing is virtual so it's not right to think of any kind of extraction - the btc don't exist until they are created to pay miners for processing transactions. They will continue to be created until there are a total of 21 million btc in circulation, at which point all payments for transactions will come from the people making those transactions. There's not a central wallet which began with 21m BTC in it (afaik anyay, maybe there is!) out of which BTC are withdrawn.
21million is, afaik, an abritrary number. There could be a mathematical reason for 21million though, it'd probably turn out to be 2^64 or something like that. It may just be completely arbritrary though.
BigTom
Well-Known Member
The thing that's interesting to me about this is that it's timed - I can see now how it affects things, but I'd have thought it would be based on #btc mined or something like that, rather than an arbritary date.
Idaho
blah blah blah
It's a bit more than that. With fiat (normal) currency, central banks can create more money (as much as they like) , and private banks can create 8 times their cash holdings.
What's not clear is whether a deflationary currency will be a useful thing.
Idaho
blah blah blah
Once (if) we have segwit adopted in bitcoin then it will be able to "lock" btc on the blockchain and then have a side chain. So for example I could create a btc linked coin called urban75coin. I can manage transactions between urbanites via my own reconciliation process (lightning network for example). The local pennies and pound transactions can be managed here and don't need to go through the full Blockchain process.
AverageJoe
...
OK I've taken the plunge.
I've opened an account with Kraken and bought a LedgerWallet Nano S. I've got Tier 3 clearance on Kraken, have set up the Ledger Wallet, deposited funds to Kraken and bought my first BTC.
And now I'm a little stuck.
1. Where can I see in Kraken the price I bought for.
2. How do I get my BTC onto Ledgerwallet - should it happen automatically, or do I need to transfer it over? (I've already got the LedgerWallet App set up and the BTC account on my laptop is showing as empty
Any help would be appreciated!
Eta - sussed out Number 1, just Number 2 I need help with if anyone can!
I've opened an account with Kraken and bought a LedgerWallet Nano S. I've got Tier 3 clearance on Kraken, have set up the Ledger Wallet, deposited funds to Kraken and bought my first BTC.
And now I'm a little stuck.
1. Where can I see in Kraken the price I bought for.
2. How do I get my BTC onto Ledgerwallet - should it happen automatically, or do I need to transfer it over? (I've already got the LedgerWallet App set up and the BTC account on my laptop is showing as empty
Any help would be appreciated!
Eta - sussed out Number 1, just Number 2 I need help with if anyone can!
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Idaho
blah blah blah
Ok so your ledger wallet has been set up yeah? You have a secure wallet that has a back up seed, etc? However it's empty?
Well in that case you need to send the btc to you ledger wallet address!
AverageJoe
...
Cool. And I do that via Kraken then yes?
(Whats a back up seed? Is that the 26 word thing you set up in case it gets lost? If so, then yes I've done that)
And thank you
(Whats a back up seed? Is that the 26 word thing you set up in case it gets lost? If so, then yes I've done that)
And thank you
mwgdrwg
Be a Pisces. Jam.
Idaho
blah blah blah
On Kraken there should be a "withdraw btc" option. On your ledger wallet you will have (or can create) a receive address. Copy that and paste into the kraken withdrawal option. Check the first and last 3 digits of the address by eye for piece of mind.
Idaho
blah blah blah
LOL noobs. $200 swing is nothing.
How about this for reckless crazy bubble making :
Bitcoin ‘Will Be Worth $1 Mln In 10 Years’: Swiss-Based Bitcoin Wallet CEO
bimble
floofy
Just had another lesson from the Bitcoin Evangelist next door. The stuff is mindblowing, cryptography as freedom of speech, hashing into base 58, I have diagrams and everything 
But I'm in (have started with a small symbolic payment directly from him will look at choosing between Bitstamp and Bittylicious next as ways to covert some of my english pounds. )
He told me some stuff that might be useful if you understand it, just noting down one in case its of use to anyone:
On 1st August there will either be a lot of volatility or everything will be fine, depending on how many 'nodes' agree by then to move to a new sort of open source something, which is being done as an attempt to curtail the power of a certain 'cartel' of miners (in China).
But I'm in (have started with a small symbolic payment directly from him will look at choosing between Bitstamp and Bittylicious next as ways to covert some of my english pounds. )
He told me some stuff that might be useful if you understand it, just noting down one in case its of use to anyone:
On 1st August there will either be a lot of volatility or everything will be fine, depending on how many 'nodes' agree by then to move to a new sort of open source something, which is being done as an attempt to curtail the power of a certain 'cartel' of miners (in China).
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Idaho
blah blah blah
Yes that's the original paper theorising bitcoin and blockchain.
If you want to understand more, start with understanding encryption and hashing. Youtube has loads of 10 minute videos on hashing algorithms and how they work.
Then once you understand that (I watched about a dozen until I understood), watch about merkle trees.
If you want to understand more, start with understanding encryption and hashing. Youtube has loads of 10 minute videos on hashing algorithms and how they work.
Then once you understand that (I watched about a dozen until I understood), watch about merkle trees.
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