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There is a ton of bitcoin info out there if you don't understand or want more info go read about it, it's very interesting.
"Mining" is done as a way to confirm bitcoin transactions essentially. Powerful computers solve complicated equations that serve to confirm transactions. If you are the one that solves the equation your reward is bitcoins. At this point the computing power needed to mine coins successfully is such that pools exist where many people work together to solve the "equation" first. So generally the awarded bitcoins are fractions distributed among the pool. As the amount of computer power mining increases it is more challenging to mine.
In order to keep people using computer power and energy to confirm transactions the coins are given out otherwise people wouldn't "mine" which is an essential part of the system to help prevent double spending and other scams from taking place.
That is a very simple version of the system.
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On December 18 2013 07:42 FLuE wrote:
There is a ton of bitcoin info out there if you don't understand or want more info go read about it, it's very interesting.
"Mining" is done as a way to confirm bitcoin transactions essentially. Powerful computers solve complicated equations that serve to confirm transactions. If you are the one that solves the equation your reward is bitcoins. At this point the computing power needed to mine coins successfully is such that pools exist where many people work together to solve the "equation" first. So generally the awarded bitcoins are fractions distributed among the pool. As the amount of computer power mining increases it is more challenging to mine.
In order to keep people using computer power and energy to confirm transactions the coins are given out otherwise people wouldn't "mine" which is an essential part of the system to help prevent double spending and other scams from taking place.
That is a very simple version of the system.
I heard there's some set maximum amount of total Bitcoins to be ever available, which seems to contradict what you are describing since transactions would keep happening which have to be verified => Bitcoins are being mined forever => no maximum number of Bitcoins.
~ edit; As it turns out, you are right about the current situation. However, apparently once the Bitcoin ceiling (it exists too) has been reached, verifying the transactions will no longer generate Bitcoins. From Wikipedia;
Payment processing
In order to make a payment, a user transfers an amount of bitcoins from his or her account into the account of the recipient, and then the transaction is validated by others in the network[26] and recorded in the blockchain ledger of all Bitcoin transactions. The time it takes others to validate the transaction means that there is a delay of about 10 minutes in processing a payment.
Bitcoin payment processing fees are substantially lower than those of credit cards or money transfers.[27] The competitive advantage lower fees confer to Bitcoin may lessen or vanish in the future, however. Currently, doing the work of payment processing is rewarded with newly created bitcoins. But this reward is halved every few years,[28] meaning a sustained increase in the value of bitcoins relative to other currencies is necessary to keep fees low. In addition, once the Bitcoin ceiling, a hard limit on the number of bitcoins in existence, is reached, payment processing will no longer be incentivized.
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On December 18 2013 07:54 dani` wrote:Show nested quote +On December 18 2013 07:42 FLuE wrote:
There is a ton of bitcoin info out there if you don't understand or want more info go read about it, it's very interesting.
"Mining" is done as a way to confirm bitcoin transactions essentially. Powerful computers solve complicated equations that serve to confirm transactions. If you are the one that solves the equation your reward is bitcoins. At this point the computing power needed to mine coins successfully is such that pools exist where many people work together to solve the "equation" first. So generally the awarded bitcoins are fractions distributed among the pool. As the amount of computer power mining increases it is more challenging to mine.
In order to keep people using computer power and energy to confirm transactions the coins are given out otherwise people wouldn't "mine" which is an essential part of the system to help prevent double spending and other scams from taking place.
That is a very simple version of the system. I heard there's some set maximum amount of total Bitcoins to be ever available, which seems to contradict what you are describing since transactions would keep happening which have to be verified => Bitcoins are being mined forever => no maximum number of Bitcoins. ~ edit; As it turns out, you are right about the current situation. However, apparently once the Bitcoin ceiling (it exists too) has been reached, verifying the transactions will no longer generate Bitcoins. From Wikipedia; Show nested quote +
Payment processing
In order to make a payment, a user transfers an amount of bitcoins from his or her account into the account of the recipient, and then the transaction is validated by others in the network[26] and recorded in the blockchain ledger of all Bitcoin transactions. The time it takes others to validate the transaction means that there is a delay of about 10 minutes in processing a payment.
Bitcoin payment processing fees are substantially lower than those of credit cards or money transfers.[27] The competitive advantage lower fees confer to Bitcoin may lessen or vanish in the future, however. Currently, doing the work of payment processing is rewarded with newly created bitcoins. But this reward is halved every few years,[28] meaning a sustained increase in the value of bitcoins relative to other currencies is necessary to keep fees low. In addition, once the Bitcoin ceiling, a hard limit on the number of bitcoins in existence, is reached, payment processing will no longer be incentivized.
Except for transaction fees being distributed among the miners...
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On December 18 2013 08:00 gold_ wrote:Show nested quote +On December 18 2013 07:54 dani` wrote:On December 18 2013 07:42 FLuE wrote:
There is a ton of bitcoin info out there if you don't understand or want more info go read about it, it's very interesting.
"Mining" is done as a way to confirm bitcoin transactions essentially. Powerful computers solve complicated equations that serve to confirm transactions. If you are the one that solves the equation your reward is bitcoins. At this point the computing power needed to mine coins successfully is such that pools exist where many people work together to solve the "equation" first. So generally the awarded bitcoins are fractions distributed among the pool. As the amount of computer power mining increases it is more challenging to mine.
In order to keep people using computer power and energy to confirm transactions the coins are given out otherwise people wouldn't "mine" which is an essential part of the system to help prevent double spending and other scams from taking place.
That is a very simple version of the system. I heard there's some set maximum amount of total Bitcoins to be ever available, which seems to contradict what you are describing since transactions would keep happening which have to be verified => Bitcoins are being mined forever => no maximum number of Bitcoins. ~ edit; As it turns out, you are right about the current situation. However, apparently once the Bitcoin ceiling (it exists too) has been reached, verifying the transactions will no longer generate Bitcoins. From Wikipedia;
Payment processing
In order to make a payment, a user transfers an amount of bitcoins from his or her account into the account of the recipient, and then the transaction is validated by others in the network[26] and recorded in the blockchain ledger of all Bitcoin transactions. The time it takes others to validate the transaction means that there is a delay of about 10 minutes in processing a payment.
Bitcoin payment processing fees are substantially lower than those of credit cards or money transfers.[27] The competitive advantage lower fees confer to Bitcoin may lessen or vanish in the future, however. Currently, doing the work of payment processing is rewarded with newly created bitcoins. But this reward is halved every few years,[28] meaning a sustained increase in the value of bitcoins relative to other currencies is necessary to keep fees low. In addition, once the Bitcoin ceiling, a hard limit on the number of bitcoins in existence, is reached, payment processing will no longer be incentivized.
Except for transaction fees being distributed among the miners...
Every 4 years the award cuts in half, right now it is 25 coins for successfully mining. There is an eventual date where they know the coins will no longer be generated, like 2132 or something. So they know exactly how many will ultimately be produced. Although very speculative there is a lot of features about the currency that are fixed and predictable.
And yes I know I was right 
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Wow, the poll is currently at 51 Scarlett vs 49 Naniwa, talk about a toss up. Obviously there's no clear favorite so it should be a great match.
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Canada16217 Posts
I think Scarlett will win!
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this is the only tournament in which the prize pool changes up or down a few thousand dollar in a matter of hours 
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On December 18 2013 07:01 Derez wrote:Show nested quote +On December 18 2013 04:39 Crownlol wrote:On December 18 2013 04:36 ROOTFayth wrote:
of course you can buy things with bitcoins, it's considered an official currency in germany atm if I'm not mistaken, lots of websites accept bitcoin as payment, there was also a news of someone who bought a car worth ~90k I think with bitcoins A Tesla Model S, I believe. That company is so freaking awesome. But do you actually pay with bitcoin (as in a tesla S is x bitcoin) or do you convert your bitcoin into USD and pay like that? I mean, I'm under the impression its the first way and then its no different from a guy buying a car with AOL stock in '99. I'm as much prize money the players can get, but you practically have no idea what they're playing for here and neither have they.
Read: http://www.dailydot.com/business/4chan-bitcoin-lamborghini/
For the second time in the past two weeks, someone purchased a high-end luxury car using Bitcoin. This time, the buyer happened to be a 4chan user.
The 2014 Lamborghini Gallardo was purchased sight unseen from a dealership in Newport Beach, Calif., Tuesday.
The buyer, from 4chan’s technology board /g/, spent 216.8433 bitcoins—or $209,995—on the yellow supercar.
This information was found on three official documents from Lamborghini Newport Beach which were leaked online.The only person to have access to these documents are the buyer and the dealership, marketing director Cedric Davy told me this afternoon. And the dealership wasn’t the one to leak them, he added.
While the bill of sale is official, Davy added that the transaction will not be completed for about 72 hours. This is the time it takes for Bitpay, a third-party Bitcoin payment service, to verify the Bitcoins. Only after that happens will the identity of the buyer be revealed to Lamborghini Newport Beach.
Lamborghini Newport Beach made international news last week when it became one of the first luxury car dealers to accept Bitcoin as payment. The first car they sold to a a buyer waving a digital wallet was the Tesla Model S for 91.4 Bitcoins.
Since that purchase, and the subsequent press, the dealership has received about 20 serious calls about people interested in purchasing cars with Bitcoins
+ Show Spoiler +
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The prize for this tournament is 12 BTC, which at the time of writing exchanges for over $10,000
such an unlucky timing
USD 603.17
with matches still 3 days away
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OMG dat showmatch, 6 408$(currently) for one match? wtf!?
NANIWA YOU GOT THIS!
This is in my opinion the best showmatch ever in history, i have never been this excited for a showmatch before.
Unfortunatley the bitcoin is going up and down like a jojo, the most unstable currency ever. But still it should be very decent money for the job ;D
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On December 16 2013 08:20 moskonia wrote:
This match decides who is the best foreigner, should really have been at least a Bo9. Anyways hype! Going to be awesome.
By the way any chance to see some community map? Would really help the map making community if a new map was used here.
It will certainly NOT decide who's the best foreigner, it can NEVER be done with just a simple showmatch, i bet one day Scarlet will win and another day Naniwa will win, both are incredibly good players, it's just a matter who's got the best day for the moment.
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Wow BTC price is crashing. I hope it holds out long enough for the winner to cash out.
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Is anyone actually surprised that the value of bitcoins is dropping?
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On December 18 2013 19:47 Kyir wrote:
Is anyone actually surprised that the value of bitcoins are dropping?
Not after the news that came out from China.
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On December 18 2013 19:26 Nekovivie wrote:
Wow BTC price is crashing. I hope it holds out long enough for the winner to cash out.
The winners can just wait with cashing out the bitcoins until it rises again. Which it probably will. there's no need to panic.
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Pandemona
Charlie Sheens House51485 Posts
And now they are playing for $451 a BTC ;_;
Ouch.
$5k prize pot instead of $12...^_^
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On December 18 2013 19:55 Grettin wrote:Show nested quote +On December 18 2013 19:47 Kyir wrote:
Is anyone actually surprised that the value of bitcoins are dropping? Not after the news that came out from China.
There's also been some action in the U.S. involving subjecting bitcoin-related companies to the same sort of oversight that Paypal and others have to deal with to combat money laundering, so I'm sure that's not helping. That's on top of the European Union's warnings against it.
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EPT![[image loading]](http://cdn0.dailydot.com/uploaded/images/original/2013/12/11/lambo1.jpg)
![[image loading]](http://cdn0.dailydot.com/uploaded/images/original/2013/12/11/lambo3.png)
![[image loading]](http://cdn0.dailydot.com/uploaded/images/original/2013/12/11/lambo2.jpg)
