Cryptocurrency / Bought my first

[Draigflag]

Originally Posted by ChewChewTrain

Paul, on a podcast, I heard about someone that gives away Roman coins as a conversation starter, so to speak. Why aren't these coins worth a lot?

Who knows Doug, probably because they're so common, those damn Romans got about a bit. You can get about 60 assorted coins for around $15 on eBay, ancient stuff is cool, but rare ancient stuff is valuable. Occasionally someone will stumble across a pot of Norman gold coins worth a few million here, now that stuff is worth a bit!

[Jcp385]

Something about bitcoin and others just doesn't click. Despite having listened to multiple podcasts and done some reading, I don't really get how it works, what gives it value, etc. Usually at this point I'd feel like I have a decent handle on whatever I'm studying.

[ChewChewTrain]

Originally Posted by Jcp385

Something about bitcoin and others just doesn't click. Despite having listened to multiple podcasts and done some reading, I don't really get how it works, what gives it value, etc. Usually at this point I'd feel like I have a decent handle on whatever I'm studying.

What gives cryptocurrency value? I had a problem wrapping my head around THAT question, too. Afterall, it's just ones and zeros. You can't hold it!

Someone later explained it like this...Consensus is what gives gold, artwork, and paper money their value. For example, a $100 bill means something to you and me. That same $100 bill is valueless to an aborigine. But, if you could explain to the aborigine that that $100 could be traded for a fishing net, then that $100 suddenly has value.

You may have a warm, fuzzy feeling holding your ATM card, but it's just an embossed piece of plastic. Without that card, if you could recite the card numbers, you could STILL buy stuff over the internet.

Think of cryptocurrency like an ATM card, so to speak; an ATM card that gathers interest.

Try these explanations about cryptocurrency value.

https://www.google.com/search?q=what...hrome&ie=UTF-8

[trollbait]

My passing knowledge on cryptocurrency is that it has to be "mined" by a computer spending processor cycles to break the code the currency is based on. There is a finite limit on how many coins can be mined for each currency.

With a few old computers lying around, I though giving mining a try, but have other projects to do.

[ChewChewTrain]

Originally Posted by trollbait

My passing knowledge on cryptocurrency is that it has to be "mined" by a computer spending processor cycles to break the code the currency is based on. There is a finite limit on how many coins can be mined for each currency.

With a few old computers lying around, I though giving mining a try, but have other projects to do.

Don't bother, Trollbait. Computers are now being sold specifically for mining. The cost of electricity with a "typical" computer may cost more than the crypto credit you mine.

Keyword search YouTube for more info from far more knowledgeable people.

One YouTuber said you'll make $$$ faster BUYING cryptos than by buying a mining rig.

[KennethKGidley]

I trust that paper cash ended up plainly useless when they began putting "legitimate delicate" on it; the legislatures printing more cash and controlling the market like China doesn't resist either.
Professional Essay Writer

[ChewChewTrain]

Originally Posted by KennethKGidley

I trust that paper cash ended up plainly useless when they began putting "legitimate delicate" on it; the legislatures printing more cash and controlling the market like China doesn't resist either.
Professional Essay Writer

The whole planet is going to hell, Ken.

And, welcome to the club!

[trollbait]

Originally Posted by ChewChewTrain

Don't bother, Trollbait. Computers are now being sold specifically for mining. The cost of electricity with a "typical" computer may cost more than the crypto credit you mine.

Keyword search YouTube for more info from far more knowledgeable people.

One YouTuber said you'll make $$$ faster BUYING cryptos than by buying a mining rig.

That was what I figured. Only worthwhile if I also had some PV panels lying around doing nothing.

[ChewChewTrain]

Originally Posted by trollbait

That was what I figured. Only worthwhile if I also had some PV panels lying around doing nothing.

Yep. Solar panels would be ideal.

The professional miners are using SO much electricity that they have to add air conditioning to their electric bill, too.

[JockoT]

ChewChewTrain, how is the cryptocurrency fairing?