Bitcoin - I don't Understand

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Not always. (Orbital mechanics is really, really weird.)

But by the time we could put large-scale mining machinery to work on an asteroid, lots of other things would have to be different, too. If you could use material from the asteroid to make more solar panels, wiring, and factory equipment, the whole asteroid economy could grow exponentially, with little or no cost on Earth.

The scary thing, given the state of the world right now, is that the "value" of a ten-thousand-ton delivery of metals depends less on the particular metals, and more on what city it hits at several miles per second.

 

I thought that was the stock market, or the lottery, or RARE COINS STILL IN CIRCULATION TODAY, or...

 

You should put a double wide with a porch on your moon plot. Sell it as a timeshare.

 

I chose to say no to Bitcoin because I didn't understand it and was too lazy to learn it.

 

Getting back to Randy’s question. Physical bitcoins are of two basic types. Those with the peel-off already down or off thereby exposing the access code (sometimes called unfunded). These have almost certainly have had the value transferred. Their only value is as a token. Those with the peel-off intact and issued by a generally trusted authority (sometimes called funded). Assumption is that the peel-off can be removed, the code revealed, and the value accessed and transferred. These have value based on current value of bitcoin plus token value.

Some less well known facts about bitcoin. 1. There is a finite quantity that can be mined. Once they have all been mined, there will be no more. Mining consists of extensive bookkeeping for transfers, inventory, etc. for the bitcoin community. Once a certain amount of bookkeeping has been done, the bookkeeper will be awarded some bitcoin from the remaining unmined bitcoin. However, as the already mined bitcoin inventory grows, the amount of bookkeeping needed to be awarded unmined bitcoin also grows.

2. Bitcoin will eventually disappear through lost and forgotten passwords. It’s estimated that 10-20% of bitcoin is already gone. This was a flaw in the design of bitcoin. What should have been done is to have an access-it-or-lose-it feature. For example, any bitcoin not accessed within 10 years reverts to the mine.

Do I own any bitcoin, physical or in the cloud? Nope. Will I collect physical bitcoin, funded or unfunded? Sure. As soon as my collection of toenail parings of the rich and famous is complete.

Cal

 

Of course , not that I am cynical or distrustful by nature, but Great Collections are selling a collectible and not the value. The value is determined by whatever a buyer will pay. The grade is not even finite so if an unscrupulous owner submitted the coin, which could have passed through other hands, and the label had been peeled and superglued back, the value could already be gone with no guarantees from the owner or sellers. I doubt it the TPG submitted it through NDT methods to determine if there were fractures on the seal points of the label. My view is that with a MS 68 grade that is a "get out of jail free" card for them. Of course the assumed anonymity of the Bitcoin platform means that anyone that already has taken the value cannot be traced. This is a huge bucket of worms.
I think I would stick my money into something more tangible. Probably not an Eid Mar denarius given recent history but there are many fabulous coins with little risk of a melt down than a Bit Coin.

 

Well that answers one of my lifelong questions….. So you can hear in the vacuum of space then!

 

Ow ow ow! Those ears need to be inside the pressure suit!

 

What ears? Those are solar panels.

Sorry for the nonsense, Randy.

 

Yes I am!

 

my brother asks- how much would the white smoke from the vatican be worth? if captured. i could only guess at 5 bit coins.

 

I'm thinking about starting a new currently, #$%@coin. If you think that I'm full of crap then you will understand it's value.