So what ever happened to Bitcoin? Did it just dry up and die?

still used to buy drugs and shit online

Bitcoins are still valuable, they're just not as sensationalized as they used to be.

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>>51547058
People buy shit online?

I still don't get how Bitcoin works. You just plug a machine and connect it into the internet and suddenly it generates a virtual money?

>>51547156
>I still don't get how Bitcoin works. You just plug a machine and connect it into the internet and suddenly it generates a virtual money
solving math problems of which there are only a limited amount that become harder to solve as time goes on.

>>51547156
There are supposedly a limited number of bitcoins that can be mined/farmed but I think the temptation is too great to just flood the market and make them worthless

this shit is better
https://en.wikipedia.org/wiki/Ithaca_Hours

>>51547171
But for what reason?

Let's make a book, and fill it with transaction records. I authored it, so I get 10 tokens to start, and we'll give 10 tokens to whoever 'finalizes' a page.

Everyone will try to finalize the page, but it's really, really hard, since it requires them to solve a very complicated math problem.

Some people team up and try to solve the problems. In these teams, it doesn't matter who solves the problem first, the reward is split amongst everyone based on how much power they're providing to the team. This is usually not profitable, but it's fun and allows you to understand coin generation a bit more.

For the people who want to use it as a currency unit, they aren't concerned about finalizing the pages, they just fill the pages up with the transactions they make.

As a result, all bitcoins can be traced back to their original point of origin where a page was finalized and the coins were generated. This way, it's not possible to flood "fake bitcoins" into the market. If they don't have a valid origin, no device will perceive it as a valid transaction.

The BTC tech is just maturing. Some banks are looking into it as a database replacement or something, the Winklevoss jews are trying to start an ETF for the currency, and other devs are building proof-of-ownership tech on the bitcoin blockchain now.

I think eventually some government is going to throw a shitfit when someone takes it too far, but that'll be interesting whether you're invested in btc or not.

>>51546960
Best used for shady transactions

The actual value of Bitcoin is not important, there are many crypto-currencies competing with Bitcoin. What is important about Bitcoin is the blockchain technology, this will make conventional accounting obsolete

>>51547156
https://www.youtube.com/watch?v=3CMucDjJQ4E

>>51547634
encryption purposes, they basically pay you for solving math problems, but remember solving them requires literal energy, that's why you won't profit using normal computers, they just consume too much energy and all your profit from bitcoins will be anulated by your energy bill.

I live in a third world country and don't pay energy bills for some lewd reasons, basically I have infinite energy for free, I bought a bunch of mining hardware and am literally mining money for free. I consider myself lucky for being born in a third world country.

>>51547171
>solving math problems of which there are only a limited amount that become harder to solve as time goes on.
the amount of money that miners receive is not that much, also there is a finite supply of Bitcoins, 2/3rds of Bitcoins have already been mined