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What the hell are bitcoins?

#1locky723Posted 12/4/2013 1:19:42 PM
Iv'e been hearing about them recently and looked up the definition, but it didn't make sense. Can someone explain it to me?
#2Ch3wyPosted 12/4/2013 1:20:31 PM
Computer money.

You can use it to buy drugs.
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#3locky723(Topic Creator)Posted 12/4/2013 1:21:23 PM
Ch3wy posted...
Computer money.

You can use it to buy drugs.


I heard on some radio show you can use it as real money in some places.
#4ivanwind15Posted 12/4/2013 1:23:07 PM
locky723 posted...

I heard on some radio show you can use it as real money in some places.


Ok. Thanks for telling us.
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#5arleasPosted 12/4/2013 1:23:13 PM
It's a type of currency based on computers doing really hard math to generate them. It's extremely volatile and you can't easily buy things on a daily basis with it (yet) so it's not really that useful, but it is completely free of control by any government and the difficulty of the math problems changes to ensure that inflation doesn't go crazy.
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#6Ch3wyPosted 12/4/2013 1:23:50 PM
locky723 posted...
Ch3wy posted...
Computer money.

You can use it to buy drugs.


I heard on some radio show you can use it as real money in some places.


Well there's places you can exchange them, and then some marketplaces accept it. Those marketplaces generally sell drugs.

Also Humble Bundle accepts them.

They were around $120 a piece last time I was looking at them, probably a drastically different price now.
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Every time you point out that something is an opinion Jesus shoots a kitten in the face.
#7locky723(Topic Creator)Posted 12/4/2013 1:28:07 PM
arleas posted...
It's a type of currency based on computers doing really hard math to generate them. It's extremely volatile and you can't easily buy things on a daily basis with it (yet) so it's not really that useful, but it is completely free of control by any government and the difficulty of the math problems changes to ensure that inflation doesn't go crazy.


What do you mean by computers doing really hard math? I also heard that people who didn't i guess "cash them in" got more by not doing it? I'm just curious about all of this.
#8Rolen47Posted 12/4/2013 1:33:26 PM
Ch3wy posted...

They were around $120 a piece last time I was looking at them, probably a drastically different price now.


$1,200 now.
#9Ch3wyPosted 12/4/2013 1:34:29 PM
locky723 posted...
arleas posted...
It's a type of currency based on computers doing really hard math to generate them. It's extremely volatile and you can't easily buy things on a daily basis with it (yet) so it's not really that useful, but it is completely free of control by any government and the difficulty of the math problems changes to ensure that inflation doesn't go crazy.


What do you mean by computers doing really hard math? I also heard that people who didn't i guess "cash them in" got more by not doing it? I'm just curious about all of this.


Imagine some guy saying "Hey solve 2+2 and I'll give you money" and then you solve it and he gives you money. Then he keeps giving you harder problems like advanced calculus and giving you the same amount of money for solving them. And he just keeps making them harder and harder and doesn't leave your house. So you're like "Dude, I don't know. Please leave I just want to go to sleep I can't solve this problem." But he doesn't. He just stands there, watching you sleep.

Now imagine that you're a computer. And so is that guy in your house.

That's bitcoins.
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#10Ch3wyPosted 12/4/2013 1:35:37 PM
Rolen47 posted...
Ch3wy posted...

They were around $120 a piece last time I was looking at them, probably a drastically different price now.


$1,200 now.


I thought this was a joke post but holy **** that's true.
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Every time you point out that something is an opinion Jesus shoots a kitten in the face.