blowlamp | 08/11/2017 10:41:45 |
![]() 1885 forum posts 111 photos |
|
Ady1 | 08/11/2017 10:48:10 |
![]() 6137 forum posts 893 photos | The whole ballgame is publicly confirmable If you want a regular receipt from someone you send them your receipt address, like a bank account number it is unique to you LaqZ5rFDYanpPXMj9fe5QfrkTgBPYxi2Ro As each receipt rolls in it is publicly recorded, this is the Litecoin blockchain |
blowlamp | 08/11/2017 10:54:06 |
![]() 1885 forum posts 111 photos | A 23 year old's view.
|
Ian Parkin | 08/11/2017 12:05:20 |
![]() 1174 forum posts 303 photos | So just to get this straight if I wanted to set up a ICO I would mine a quantity of coins at a cost to me of £1000 dollers each. I need a large quantity to be able to offer them to others so lets say I mine 1 million thats at a cost to me of 1 billion $ I then offer them to sale to new investers and as i'm an unknown CC they will be Pennies... $1 say each I've then lost the best part of $1 billion I then sit back and watch investers buy them amongst each other and see the price of each rise to the heady levels seen by bitcoin Wheres my billion$ gone? I havent bought any. i just sold them for nothing to start my CC . i can mine some more but at a cost of $1000 each and when the price of them is only $30 say wheres the sense in that. So my question is where do all the coins come from for a start up surely no ones daft enough to mine say 5 million coins and basically give them away ? If theres a limit of 21 million so thats 21 billion to mine them |
blowlamp | 08/11/2017 12:57:39 |
![]() 1885 forum posts 111 photos | Posted by Ian Parkin on 08/11/2017 12:05:20:
So just to get this straight if I wanted to set up a ICO I would mine a quantity of coins at a cost to me of £1000 dollers each. I need a large quantity to be able to offer them to others so lets say I mine 1 million thats at a cost to me of 1 billion $ I then offer them to sale to new investers and as i'm an unknown CC they will be Pennies... $1 say each I've then lost the best part of $1 billion I then sit back and watch investers buy them amongst each other and see the price of each rise to the heady levels seen by bitcoin Wheres my billion$ gone? I havent bought any. i just sold them for nothing to start my CC . i can mine some more but at a cost of $1000 each and when the price of them is only $30 say wheres the sense in that. So my question is where do all the coins come from for a start up surely no ones daft enough to mine say 5 million coins and basically give them away ? If theres a limit of 21 million so thats 21 billion to mine them
The reason it costs $1000 to mine a bitcoin is because of the sheer number (and computing power) of competing computers in the network as of now. When Bitcoin first started the difficulty of computation was extremely low as only a handful of laptops/desktops were taking part and so just a small amount of electricity was consumed to mine a coin, hence a value of pennies at that time. I haven't looked into ICOs, but I think the notion is that investors give you loads of £s and $s in return for crypto coins of unproven value (because no large network yet exists), based on a 'great idea' that you intend to bring to market at some time in the future - or something like that.
Martin. |
John McNamara | 08/11/2017 13:51:14 |
![]() 1377 forum posts 133 photos | It appears we have the full gambit of opinion regarding Bitcoins. |
Ady1 | 08/11/2017 14:39:13 |
![]() 6137 forum posts 893 photos | I haven't looked into ICOs ICOs are a cash up front investment, with the expectation of some fabulous future promise Anyone getting involved is mad, it's a scammers free for all ICOs are the modern day equivalent of the south sea bubble (For example; one South Sea company floated was to buy the Irish Bogs, another to manufacture a gun to fire square cannon balls and the most ludicrous of all “For carrying-on an undertaking of great advantage but no-one to know what it is!!” Unbelievably £2000 was invested in this one!) Edited By Ady1 on 08/11/2017 14:52:01 |
Gordon W | 08/11/2017 16:05:37 |
2011 forum posts | Let's combine two topics- Use all the spare power from wind generators at night and " mine" bitcoins. The country is saved !. |
not done it yet | 08/11/2017 16:46:05 |
7517 forum posts 20 photos | Have they crashed yet? Sounds a bit like pyramid selling to me! |
This thread is closed.
Want the latest issue of Model Engineer or Model Engineers' Workshop? Use our magazine locator links to find your nearest stockist!
Sign up to our newsletter and get a free digital issue.
You can unsubscribe at anytime. View our privacy policy at www.mortons.co.uk/privacy
You can contact us by phone, mail or email about the magazines including becoming a contributor, submitting reader's letters or making queries about articles. You can also get in touch about this website, advertising or other general issues.
Click THIS LINK for full contact details.
For subscription issues please see THIS LINK.