How does the silk road work?

Finshaggy

Finshaggy

Well-Known Member
Ok, I learned some stuff about mining for bits and I thought I would share. Mining for blocks is called so because you are "picking" through blocks of text code, and for your effort you receive the equivalent of internet gold. Now, right now since bitcoins are 30$ USD a piece and a block of text drops 25 btc (bitcoins), the payout for 1 block is over $600 right now. But it takes a lot of computing power and usually a team to get it done. And what they are actually doing it decoding each transaction and confirming it, so that we can have the bitcoin network. Without the miners mining for bitcoin, their would be no such things as a bitcoin trading network.
 
Don Gin and Ton

Don Gin and Ton

Well-Known Member
you talk utter shit shaggy. without miners there'd be no Silk Road. yeah ok man whatever you say.silk road has nothing to do with people buying currency BTC to trade for drugs. it's all miners dude seriously. where do you get your bullshit from. you shouldn't be allowed to use the internets ffs.
 
Finshaggy

Finshaggy

Well-Known Member
Don Gin and Ton said:
you talk utter shit shaggy. without miners there'd be no Silk Road. yeah ok man whatever you say.silk road has nothing to do with people buying currency BTC to trade for drugs. it's all miners dude seriously. where do you get your bullshit from. you shouldn't be allowed to use the internets ffs.
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You should learn to read. I said without miners there is no BitCoin trading network. If BitCoin fails SR does not fail. There are still litecoins and tons of other cryptocurrencies that we can use if bitcoin falls.
 
Finshaggy

Finshaggy

Well-Known Member
But without miners Bitcoins DOES fall. When miners mine a block of text, what they are actually doing is confirming out transactions.
 
kelly4

kelly4

Well-Known Member
Sweet, I've always wondered what bitcoins were. I was completely clueless about them and had always wondered how they worked. I had no idea where to turn to research them. Now that I've watched that video, I feel very confident that I now know about as much as Fin on the subject...I don't know if that makes me an expert or retarded.


STRESS ON, DUDE!
 
heckler73

heckler73

Well-Known Member
Come on Fin, where is the clone update? I want to see if using steamed milk and used espresso dust will make your plants drip out cappucino!

There are people on your Bean Sprout thread waiting for your magnificently obscene techniques to manifest themselves once again!

I don't think you understand the positive socio-economic externalities that your bat-shit crazy ways provide... so put on your thick-skin suit, get back in there and show everyone how Adventure Time really rolls!

[video=youtube;VZ2HcRl4wSk]http://www.youtube.com/watch?v=VZ2HcRl4wSk[/video]
 
Finshaggy

Finshaggy

Well-Known Member
kelly4 said:
Sweet, I've always wondered what bitcoins were. I was completely clueless about them and had always wondered how they worked. I had no idea where to turn to research them. Now that I've watched that video, I feel very confident that I now know about as much as Fin on the subject...I don't know if that makes me an expert or retarded.


STRESS ON, DUDE!
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I didn't talk about them at all. I introduced them. So even watching that video you don't know what I know, or anything yet.
 
Finshaggy

Finshaggy

Well-Known Member
I can't believe this. Just since I started watching bitcoin like this week. It has gone up 7$. Bitcoins are almost 40$ ea.
 
Finshaggy

Finshaggy

Well-Known Member
That means that tons of people are getting interested in Bitcoin. At least tons more than before, and hopefully we can get everyone using them. Then when they dry up and are super valuable we can trade satoshi or saratoshi or whatever.
 
HeartlandHank

HeartlandHank

Well-Known Member
Finshaggy said:
That means that tons of people are getting interested in Bitcoin. At least tons more than before, and hopefully we can get everyone using them. Then when they dry up and are super valuable we can trade satoshi or saratoshi or whatever.
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I doubt it is interest in bitcoins. More like tons of people are getting on places like the silk road... As long as you buy your coins and use them quickly then the current price of bitcoins does not really matter. But, every time someone goes and makes a quick buy, the price goes up just a little more. I'm pretty sure it's what you can buy with bitcoins that is drawing interest, not as an investment. I don't know that for sure though.

Crazy... I bought my last bitcoins at 10$ each just a few months ago.
 
Finshaggy

Finshaggy

Well-Known Member
HeartlandHank said:
I doubt it is interest in bitcoins. More like tons of people are getting on places like the silk road... As long as you buy your coins and use them quickly then the current price of bitcoins does not really matter. But, every time someone goes and makes a quick buy, the price goes up just a little more. I'm pretty sure it's what you can buy with bitcoins that is drawing interest, not as an investment. I don't know that for sure though.

Crazy... I bought my last bitcoins at 10$ each just a few months ago.
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Being interested in what you can buy with bitcoins and people's interest in bitcoin as a stock directly is basically the same thing. You don't have to hoard to be interested.
 
Figong

Figong

Well-Known Member
Fungus Gnat said:
You can mine them if you have a good graphics card.
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Yeah, just read about that.. someone worked out the average speed for a solo mining project vs difficulty, and it reads:

"With the current difficulty it estimates the average time that it would take before I would get “lucky” and find a block would be 13 years, 152 days."
 
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