Monad Portal
Was it me?
like ed begley jr's futuristic car that's runs on it's owners sense of self-satisfaction.
Putin brings back gold standard. Was that his plan all along? America is doomed!!
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He was impeached once. You can't impeach someone that is not in office.
Impeachment is not conviction, dumbass.
Rubles are still used as a currency today. People accept rubles for payment. Yes, tying the ruble to a gold standard brings stability.
They are already accepted. Tying them to a gold standard means they will still be accepted, and stability of the ruble results.
Gold is used in industry. It is always possible to mine gold.
It's rather hard to mine or use bitcoin without the internet.
Wrong.
Fiat money is a government-issued currency that is not backed by a physical commodity, such as gold or silver, but rather by the government that issued it.
Faith in a fiat currency hinges on the stability of the government that issues it, as well as trust in the central bank that manages its supply. Here’s a deeper dive into the fiat-currency systems that are fixtures of modern economies.
Like precious metals, cryptocurrencies like Bitcoin need to be “mined,” which automatically limits its supply. In fact, Bitcoin was designed with a cap on the number of coins that could be mined: 21 million.
Meanwhile, with fiat currencies like the U.S. dollar, the supply is potentially limitless.
I'll respond to who any post I choose to. You don't get to dictate that. YOU are the one that presented no argument. It is YOUR problem, not mine.
gold is not finite. like bitcoin - the ability to mine will end
The first letter of a sentence is capitalized. Gold mining by digging in the Earth is extraction also. What's the diff?
The first letter of a sentence is capitalized. Bitcoin is a proper noun. It is capitalized. Sentences end with a period.
Yes, it's a metaphor. It is a calculation in actuality. The formula used (the algorithm of that blockchain) is simple, but very tedious to calculate keys (coins) for.
The algorithm allows the use of 21 million coins. No more can be mined after that point, and Bitcoin will no longer have any new Coins added to it. What is there is what is there. It will never increase again. Bitcoin transactions will all be trading the same Coins around, even if the value of a Coin goes up or down. A Bitcoin is currently worth approx $39,000.
The nice thing about Bitcoin is that transactions can take place using any fraction of a Coin. You can trade using a millionth of a Coin, for example (a value of $0.39), or the price of a candy bar.
The disadvantage of Bitcoin (or any other similar digital currency) is the blockchain itself, which also acts as a running ledger of transactions. As this blockchain gets larger and larger, moving that hunk of data around becomes less and less practical.
This is not the first time this kind of thing has happened. The early days of the internet faced a similar problem in distributing IP addresses. The result was a distributed database which we call DNS. Perhaps a similar technique could be applied to blockchains.
I suppose you could say that. It's certainly not far from the truth.
It's already beginning to happen, dumbass.
Not a new one either. One example are the dual high value prime numbers used as the code courier in SSL. It's slow, but only the code itself is necessary to transmit through it. After that, SSL switches to a multi-time pad to encrypt and decrypt the actual plaintext. SSL has been around for quite a long time now.
The use of one-time pad algorithms were carried out by hand among spy agencies for even longer. That pad is essentially a single code, never used again.
Mining it is easy without the internet. Using it requires the internet to conduct the actual transaction.
Gold is used in industry. It is always possible to mine gold.
Monad Portal
Was it me?
what will happen to bitcoin when an electromagnetic pulse weapon fries all circuits and demagnetizes all drives?
false - gold is not finite. the abilities to mine will end
Monad Portal
Was it me?
ah like a maxi pad, i get it now.
You can "mine" all you want without the internet but your mining won't result in any actual bitcoins since your results can't be added to the blockchain. Without a connection to the internet, you aren't actually mining, you are just creating a bunch of useless hashes that have no value.