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04:29 PM
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Can those who know please explain what actually a bit coin is ? My wife suddenly was reading about it and was mystified. Totally confused.
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[quote:Anonymous Coward 79518154:MV80NTcxMjg4XzgzMjkyMzM4XzhGRjZFRDhB] Bitcoin does not create money, or wealth. It is in fact a greater Ponzi scheme. Can you make money off of it? Yes You can also loose a lot of money too. While people argue that it is a more freedom loving way of doing business without fear of gov or central bankers, a lot of bad actors use it too for those same reasons. So, you are playing in shark infested waters. Finally, unless you start bartering memory sticks, the end game is to cash out. Cash- USD, EURO, etc cash. Let me repeat...CASH. Fiat Money. But honestly the same applies to gold. The only difference is a DoS attack or an EMP or a fire at a server farm, or misplacing your laptop will not make your gold go puff. [/quote]
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Same here. I've seen many threads about it but could never understand it at all.
My wife read an article about mining them, and she thinks it's like a created matrix. And like they're spending unlimited resources to make some concocted Monopoly money system.
We really don't get EXACTLY WHAT is being mined.
To me it seems much ado about nothing.
Anyone wish to give a short explanation ?
Bitcoin for dummies.
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