1,000,000 Post Thread

[Jack]

I just woke up and I'm like "what trump gif"??

 

[Jack]

well the product is actually real.

 

[LotusBud]

I know the product is real, but the way it works is not reliable, imo. Too easily tampered with, controlled, disappeared, etc.

 

[Jack]

Bitcoin mining is a network-wide competition to generate a cryptographic solution that matches specific criteria. When a correct solution is reached, a reward in the form of bitcoin and fees for the work done is given to the miner(s) who reached the solution first.

 

[LotusBud]

So? How does that work in the real world? And how is it reliable?

 

[Jack]

its not really a valid currency (neither is the dollar btw)

 

[Jack]

definitely speculation.

 

[LotusBud]

Yeah, I know about how currency is manipulated. There's a lot that's theoretical involved, and volatility. But bitcoin? No, thanks. It reminds me of when people were selling website names for big bucks.

 

[Jack]

but you can mine one if you have a good enough computer in anywhere from 10 minutes to 30 days.

 

[LotusBud]

Yeah. So?

 

[Jack]

the memecoins are a different story, those are "NFT"s or "non fungible tokens"

 

[LotusBud]

What is the point?

 

[LotusBud]

NFTs are even more ridiculous.

 

[Jack]

well coinbase will take your bitcoin you've mined and let you sell it on the exchange for dollars

 

[Jack]

currently $120,000 plus a coin

 

[LotusBud]

I know you can make money on bitcoin. What other reason is there to have it?

 

[Jack]

none

 

[LotusBud]

That's my whole point. It's a bunch of BS.

 

[Jack]

its all speculative. I sat on a bitcoin I had "purchased" for 18,000 and sold a year later for 40k.

 

[Jack]

it was all profit

 

[Jack]

the computer I mined it with cost me 2200

 

[Jack]

but I still have that money in real dollars

 

[Jack]

but yeah, trading in it is insane

 

[Jack]

I have a sep and a brokerage account and do very little gambling. It's mostly investing, and at 11% return so far just this year, considering the stock market volatility I figure I have a good advisor.

 

[LotusBud]

So you have to have a special computer? Howmuch energy does that use?

 

[Jack]

it cost me an extra 20 buck a month for the electricity. took two months to mine it. I would never do it again, especially now. but it was a speculative hobby that worked out well at the time

 

[Jack]

I use the computer as a gaming computer these days because its so fast

 

[Jack]

I used ASIC's to mine.

 

[Alticus]

Good Morning folks!

 

[Frood]

I bought a year share at a btc mining farm ten years ago, before the crackdowns and KYC bullshit.