Putin brings back gold standard. Was that his plan all along? America is doomed!!

Poor Richard Saunders said:
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.
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the dude is a poser - big time.

"mining" a bitcoin increases the supply of bitcoin in the world - and yes, you need the internet - otherwise you did not register a new coin - and it remains there for someone else to mine

mining for gold does the same. If I recognize it is gold, but leave it there -someone else can mine it

extraction of gold that was used from earlier mining operations does not increase the total amount of gold available - we will get to a point that we can no longer find new gold to introduce to the supply - so like bitcoin - we will stop mining for gold at some point

this poser either does not understand that - or is so insecure he just can't admit he is talking shit
 
Poor Richard Saunders said:
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.
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Adding a Coin to the blockchain is a transaction, so correct. The Coin itself can be mined without the internet though.
 
zymurgy said:
the dude is a poser - big time.
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Describing yourself again.
zymurgy said:
"mining" a bitcoin increases the supply of bitcoin in the world - and yes, you need the internet - otherwise you did not register a new coin - and it remains there for someone else to mine
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Mining the Coin does not require the internet. The transaction to add it to the blockchain does. The bulk of the work is the mining.
zymurgy said:
mining for gold does the same. If I recognize it is gold, but leave it there -someone else can mine it
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If you mine gold, it does not remain there for someone else to mine.
zymurgy said:
extraction of gold that was used from earlier mining operations does not increase the total amount of gold available
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Yes it does.
zymurgy said:
we will get to a point that we can no longer find new gold to introduce to the supply - so like bitcoin - we will stop mining for gold at some point
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Nope. Gold is in the ocean, and on every continent. It is also used in industry. Those discards are another source of mining.
zymurgy said:
this poser either does not understand that - or is so insecure he just can't admit he is talking shit
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You are describing yourself again.
 
Into the Night said:
Mining the Coin does not require the internet. The transaction to add it to the blockchain does. The bulk of the work is the mining.
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mining increases the supply - without registering the unique chain - no supply increase happened

let's stick with the basics - you are a child - and need stuff spoon fed.
 
Into the Night said:
Bitcoin is mined on collections of machines, usually equipped with high performance GPUs, since the mining mathematics is inherently simple in scope (just tedious). The internet is not used for mining. It is a communications system, not a computer.
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HAHAHA. Bitcoin is not mined anywhere you fool. It's all a lie. It's more digital money backed by nothing.
 
Truth Detector said:
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.
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HAHAHAHA. You stupid ignorant jackass. That 21 million figure is just a PROMISE!!!! It can be changed at any time and will be.
 
Into the Night said:
Adding a Coin to the blockchain is a transaction, so correct. The Coin itself can be mined without the internet though.
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The coin doesn't exist without adding the correct hash to the blockchain. The hash may be correct but it won't become a coin unless you are first to record the hash. So you can get all the hash results you want. None of them will be Coins until you are connected to the internet. The odds of getting a correct hash when not connected and then being first when you do connect later are so low they might as well be zero.
 
Text Drivers are Killers said:
HAHAHA. Bitcoin is not mined anywhere you fool. It's all a lie. It's more digital money backed by nothing.
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Bitcoin is backed by a blockchain.
Bitcoin mining is a mathematics search for a new number pair that matches the algorithm requirements. The algorithm allows only 21 million Coins. Once they are all found, no more mining will occur. Bitcoin supply will no longer increase. The Coins in the blockchain are all the Coins that will ever be. Bitcoin does allow transactions involving small fractions of Coin, making it a very practical currency.
 
Text Drivers are Killers said:
Damn right. I want some money i can hold in my hand and can be converted into gold at a fixed rate.
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Fine. You like gold. Like quite a few others, your faith in the dollar is quite low. People are already searching for another currency to use. The government can't stop it. Once enough of them settle on one or two of them, hyperinflation of the dollar is a real possibility.
 
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