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by Rovikstead » Wed Feb 14, 2018 6:21 am
The Glorious Third Reign of Templedom wrote:** RED FLAG ** . ** RING CHURCH BELLS ** . ** BESTIALITY ALERT ** . ** CHRISTIANS TAKE COVER **
by Bears Armed » Wed Feb 14, 2018 6:30 am
by Imperium Anglorum » Wed Feb 14, 2018 9:11 am
Araraukar wrote:OOC: So, can anyone explain to me, in simple terms, where the "money" of a cryptocurrency comes from? Actual money is issued by banks/nations. Where do the cryptocurrencies get theirs? Do you just add numbers to some database somewhere (and if yes, then what's stopping you from adding howevermuch you want)? Is there a limited amount and more cannot ever exist?
Araraukar wrote:or use them to get certain things for yourself
by Masurbia » Wed Feb 14, 2018 3:33 pm
Rovikstead wrote:Dirty Americans wrote:
OOC: In simple terms? The money supply of a cryptocurrency is created as more and more people dedicate their computer resources to host the blockchain a process which is oddly enough called "mining." So as more and more distributed servers come on line the supply of the currency increases.
OOC: So if millions of citizens from WA members that use ICC-recognized cryptocurrency host the blockchain, wouldn't that simply inflate the cryptocurrency and make it virtually worthless? Isn't the sudden influx of people interested in investing in bitcoin the reason why bitcoin became such an infamously worthless currency in the end?
by Masurbia » Wed Feb 14, 2018 3:47 pm
Araraukar wrote:Dirty Americans wrote:OOC: In simple terms? The money supply of a cryptocurrency is created as more and more people dedicate their computer resources to host the blockchain a process which is oddly enough called "mining." So as more and more distributed servers come on line the supply of the currency increases.
OOC: So you run a program on your computer and it gives you the "money"? Cause yeah, that's totally not at all something someone could abuse, especially if the thing has open source code.
by Tinfect » Wed Feb 14, 2018 4:36 pm
Masurbia wrote:Mining is where someone validates a transaction between two networks on the blockchain. If Frank sent Sam two bitcoin over the blockchain, the miner would validate the transaction (proof of work), adding the transaction to the blockchain and get a reward of new bitcoins. (You could say they dug them up, hence "miners") It's not just running a program and getting money. It's solving complex equations using expensive and powerful computers to gain new bitcoin. And I know that you will research this topic more, because you obviously have no idea what open source code means. It has nothing to do with mining.
Imperium Central News Network: EMERGENCY ALERT: ALL CITIZENS ARE TO PROCEED TO EVACUATION SITES IMMEDIATELY | EMERGENCY ALERT: ALL FURTHER SUBSPACE SIGNALS AND SYSTEMS ARE TO BE DISABLED IMMEDIATELY | EMERGENCY ALERT: THE FOLLOWING SYSTEMS ARE ACCESS PROHIBITED BY STANDARD/BLACKOUT [Error: Format Unrecognized] | Indomitable Bastard #283
by Masurbia » Wed Feb 14, 2018 5:43 pm
Tinfect wrote:Masurbia wrote:Mining is where someone validates a transaction between two networks on the blockchain. If Frank sent Sam two bitcoin over the blockchain, the miner would validate the transaction (proof of work), adding the transaction to the blockchain and get a reward of new bitcoins. (You could say they dug them up, hence "miners") It's not just running a program and getting money. It's solving complex equations using expensive and powerful computers to gain new bitcoin. And I know that you will research this topic more, because you obviously have no idea what open source code means. It has nothing to do with mining.
OOC:
So, to translate this from nonsense tech-circlejerk language...
Person one and person two are making a transaction in Cryptocurrency; as there is no real backing or validation method for this currency or transaction, Person three has to step in and make sure everything lines up with their copy of the distributed, public ledger that records all transactions in said cryptocurrency. This check consists of running a program on their computer that resolves highly complex mathematical equations as a form of transaction validation, and Person three gets a unit of cryptocurrency for their system resources.
by Araraukar » Wed Feb 14, 2018 8:58 pm
Masurbia wrote:You....you......you literally said the exact same thing I did without using the term miner.
Apologies for absences, non-COVID health issues leave me with very little energy at times.Giovenith wrote:And sorry hun, if you were looking for a forum site where nobody argued, you've come to wrong one.
by Kenmoria » Thu Feb 15, 2018 3:25 am
by Arotania » Thu Feb 15, 2018 5:40 am
Masurbia wrote:Arotania wrote:Cryptocurrencies themselves are not code.
Just like databases. Or HTML. Or e-mail.
They are structured data that can be interacted with. They are not programs. The programs that interacts with the cryptocurrencies (miners, wallets..) can be built as open source. Everyone can write their own programs to interact with a public cryptocurrency.
But to make a cryptocurrency, you have to code it. Or code off of a different cryptocurrency with open source code.
Masurbia wrote:Arotania wrote:
This again... A central bank could issue their own cryptocurrency, defining its algorithmical parameters, and thereby control its supply.
The blockchain eliminates the need for a central bank. So would a central bank even have to use the blockchain because the blockchain makes them lose money.
by He Qixin » Thu Feb 15, 2018 7:57 am
jacknjellify wrote:Watch Battle For Dream Island or be eliminated.
by The First German Order » Thu Feb 15, 2018 8:53 am
He Qixin wrote:OOC: How does ANY part of this proposal relate with Social Justice? I'd say its Free Trade instead since currencies are also involved in trade.
Edit: I'm a native English speaker.
by Araraukar » Thu Feb 15, 2018 10:27 am
Apologies for absences, non-COVID health issues leave me with very little energy at times.Giovenith wrote:And sorry hun, if you were looking for a forum site where nobody argued, you've come to wrong one.
by The First German Order » Thu Feb 15, 2018 11:12 am
Araraukar wrote:The First German Order wrote:OOC: I'd say less Free Trade and more Heavily Regulated Socialist Make Believe Online Currency Trade.
OOC: Actually, considering that it seems to be peer-to-peer stuff, without a central controlling company, to regulate it you need to regulate people's rights to do whatever the hell they want, and thus makes it fall into Moral Decency.
EDIT: Also, please don't drag socialism into this. If anything, it's pure capitalism.
by Republic of Europe » Thu Feb 15, 2018 11:54 am
by Dirty Americans » Thu Feb 15, 2018 2:55 pm
Rovikstead wrote:OOC: So if millions of citizens from WA members that use ICC-recognized cryptocurrency host the blockchain, wouldn't that simply inflate the cryptocurrency and make it virtually worthless? Isn't the sudden influx of people interested in investing in bitcoin the reason why bitcoin became such an infamously worthless currency in the end?
by Araraukar » Thu Feb 15, 2018 3:04 pm
Dirty Americans wrote:OOC: The nice thing about bitcoin is that the person in the United States can use the same coin as that of France. Sure, a lot of credit cards will translate dollars to euros but they do an on the spot conversion to do so.
Apologies for absences, non-COVID health issues leave me with very little energy at times.Giovenith wrote:And sorry hun, if you were looking for a forum site where nobody argued, you've come to wrong one.
by Arotania » Thu Feb 15, 2018 3:20 pm
Araraukar wrote:OOC: Actually, considering that it seems to be peer-to-peer stuff, without a central controlling company, to regulate it you need to regulate people's rights to do whatever the hell they want, and thus makes it fall into Moral Decency.
by Araraukar » Thu Feb 15, 2018 5:03 pm
Arotania wrote:OOC: Hm, would it really rule out central ruling authorities?
Masurbia wrote:Exactly, it keeps the government out of the market
Apologies for absences, non-COVID health issues leave me with very little energy at times.Giovenith wrote:And sorry hun, if you were looking for a forum site where nobody argued, you've come to wrong one.
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