This Bitcoin craze is getting out of hand

If you are over 40, don't bother. Makes no sense to me and I've researched it multiple times. Just seems like a new way to swindle folks. I'm more than happy to stick to relatively safe stocks and bonds. I'm guessing more people will go broke over crypto currency than will strike it rich.

 

so who then is actually getting the remainder of the coins that are still available? is that still being mined?

 

Holy crap...the rush is on!

 

So this is reasonably complex and I was just trying to water it down a bit, but the chosen answer to this question is great for anyone that wants more detail: https://bitcoin.stackexchange.com/questions/148/what-exactly-is-mining

 

https://www.tacomaworld.com/threads...les-spin-from-the-crypt.514881/#post-16242897

 

Yes there are active miners. Many in S America, S Korea and China. You need subsidized/cheap power to run all the servers for a profit.

 

https://bitcoin.org/en/how-it-works

Mining is a distributed consensus system that is used to confirm waiting transactions by including them in the block chain. It enforces a chronological order in the block chain, protects the neutrality of the network, and allows different computers to agree on the state of the system. To be confirmed, transactions must be packed in a block that fits very strict cryptographic rules that will be verified by the network. These rules prevent previous blocks from being modified because doing so would invalidate all following blocks. Mining also creates the equivalent of a competitive lottery that prevents any individual from easily adding new blocks consecutively in the block chain. This way, no individuals can control what is included in the block chain or replace parts of the block chain to roll back their own spends.

 

Mind if I ask what you're mining? I've got a box with 3x 2012 vintage GPUs in it, sitting around gathering dust. A few extra bucks a day wouldn't hurt.

 

My perspective is, if you quit learning, you start getting old. Keep learning new stuff to keep your brain young.

 

New bitcoins come into existence and are distributed to miners as the rewards for verifying transactions. That will continue until the maximum number of bitcoins has been reached. At that point, the theory is that miners will continue processing transactions in order to earn the fees that are charged for each bitcoin transaction, but that's a long ways off still.

 

ok this makes sense thanks

 

I bounce around but am currently mining verge. My numbers are with 2 1070ti's though, idk what a 2012 GPU would get you

 

Right on, thanks. I'll take a look. Don't even remember what cards I have, but I pulled that box out of the closet last week and need to see if it's worth keeping. If it heats the house a little, and kicks back a little coin, it's like free money until the weather warms up.

 

Crap... I'm 39.5 and have no idea either. All the kids at work are talking coins too. And what the heck is a GPU? In my day they were CPU's.

 

A lot of the Bitcoin craze is driven by FOMO (Fear Of Missing Out) and a lot of people jump into it with no clue.

Makes it difficult for someone who simply wants a graphics card.

I had thought that GPU mining was no longer profitable and that ASIC mining rigs were the preferred hardware.

 

Graphics Processing Unit, aka a video card. All the cool kids are using ASICs, Application Specific Integrated Circuits, which are just processors built with a very specific purpose and little use for anything else.

 

I'm mid 40s and too old for today's get rich quick scheme. If i was younger, who knows. I'll take my safe and steady gains in the market into retirement with no regrets. For me, the risk/reward just doesn't add up for a product that doesn't physically exist.

 

This right here.

 

Its all hype. The bottom will fall out of it at some point when everyone holding it realizes its worthless and backed by nothing.

 

I don't know if it'll be worth nothing, it was worth something prior to the hype so if anything it'll normalize to where it was