What is Bitcoin/Litecoin?

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EmnicJr

EmnicJr

Honorable
Nov 18, 2013
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What the heck are these currencies? I just started hearing about them, and I have no idea what they are. Can someone please clarify? Explain as if you are talking to a six-year old.
Also, if you have any articles (no wiki, please, I've already read it) that would be much appreciated.
 
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Someone Somewhere
As much or little as you want - you just get differing amounts.

Personally, I'd stay out of it. It's very congested already, and the number of people buying GPUs right now is going to make it even more difficult to make anything out of it.

Bitcoins at least aren't even worth mining with GPUs; the power costs more than you get. I'd expect litecoins to do the same quite quickly, when all those GPUs get plugged in.
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Someone Somewhere

Someone Somewhere

Titan
Sep 23, 2012
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Basically, they're currencies with no central bank, so no one controls them. They're also quite difficult to trace back to people.

Because there's no central bank to record transactions and issue new money, instead the system that keeps fraud away is based on large amounts of processing power. This is called 'mining', in the sense of back when gold was the basis of currency, and you created new money by digging it out of the ground.
 
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Cribbs

Cribbs

Honorable
Jul 12, 2013
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As far as I know, yes, but the prices seem extremely volatile.
 
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smeezekitty

Distinguished
Sep 11, 2012
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+1 on the greed part.
Now I have played with it alittle (litecoins and some other alt coins - bitcoin is unminable without ASIC), but buying hardware just for that purpose is a huge waste IMO
 
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Someone Somewhere

Someone Somewhere

Titan
Sep 23, 2012
22,291
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84,965


While it's only made because of people who want to earn money, that's the same with basically every commodity or currency. The only reason any company makes bread is greed.

If you want to ban stuff because people make money from it, there's far better places to start. Tobacco, alcohol, arms etc. You'd be hard pressed to argue that numbers are demonic.
 
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H

huilun02

Splendid
Feb 29, 2008
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It gets an extra bit of hate from me because not only is it about greed, but also the damage it has done and the potential to do even more.

It's driven prices of graphics card up, making wallets bleed for new system builders.

And it's notorious for its convenience to be used for illegal and security threatening activities.

Makes me think why it hasn't gotten the ban hammer yet, when the NSA's all fired up on cracking down on terrorism to the point of spying on everyone.
 
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Someone Somewhere

Someone Somewhere

Titan
Sep 23, 2012
22,291
8
84,965
Oh, sure. You could trash it under money laundering laws without too much trouble, I'd imagine. That tends to be the easiest charge to lay against this kind of thing. Actually proving it's specifically designed for threatening security is another matter.

I would expect that the price increase is only short term - the rewards for mining will go down as more people do it, and AMD will be increasing production.
 
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Someone Somewhere

Someone Somewhere

Titan
Sep 23, 2012
22,291
8
84,965
As much or little as you want - you just get differing amounts.

Personally, I'd stay out of it. It's very congested already, and the number of people buying GPUs right now is going to make it even more difficult to make anything out of it.

Bitcoins at least aren't even worth mining with GPUs; the power costs more than you get. I'd expect litecoins to do the same quite quickly, when all those GPUs get plugged in.
 
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