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however, how much is a Cancer-Pill worth? When you wake up in the morning, you know pretty precisely how much a dollar can buy. Or you can just hang on. Its only valuable when you cash it out to a real currency again, like the US dollar, and use it to buy something useful like a nice house or a business. Coinbase OK, so what about - wait, there are more risks? But coincidentally, after I got my computer engineering degree I ended up specializing in security and encryption technologies for most of my career. A person (or group, or company) mines bitcoin by doing a combination of advanced math and record-keeping.

These days, stocks are regulated by the SEC, precisely because in the olden days, there were many, many stocks issued that were much like Bitcoin. Take a look at this shot from the website m, and observe the preposterous herd behavior in real life: Fig.1: Various cryptocurrencies, ranked by how many people have been fooled. If youre one of these credible people, please do so in the comments or in a blog post on Medium that we can all read. Another interesting side-effect of bitcoin mining: big sales of computer graphics cards, and theft of electricity and cloud computer services.

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Pistachios/YouTube screenshot by cnet Without a government or central authority at the helm, controlling supply, "value" is totally open to interpretation. Prices would rise, especially if the supply of these pills was limited (just as an artificial supply limit is built right into the Bitcoin algorithm.). Why not one of the other 1500 cryptocurrencies? Opportunities for money laundering abound; in 2016, authorities in the Netherlands arrested 10 men for just this. The IRS views bitcoins as property, not currency. Its all the same stuff that people say about Gold, which is also a totally irrational waste of human investment energy. Marketed to unsophisticated investors as a get-rich-quick scheme.

Even if you are the only one in the room willing to. One of my coworkers at MMM-HQ works for nVidia, and part of his job is hunting down mining thieves who comandeer virtual servers (cloud computing) to mine coins on their behalf. Science Picture Co, we're guessing: yes, you have. This explainer is meant to clarify some of the fundamental concepts and provide answers to some basic bitcoin questions. Every bitcoin story must include an image of a physical bitcoin.