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  • Frodo03
  • Waygookin

    • 20

    • March 14, 2014, 12:02:49 pm
    • USA
Re: Bitcoins in Korea
« Reply #20 on: July 22, 2014, 10:58:27 am »
unfortunately, financial services companies (ex: Western Union) take a large cut of money transfers if a person from say, Ghana, is transferring money to the USA. Bitcoin makes it possible to completely cut out the middle man, and by doing so has the potential to lift many people out of poverty. Really amazing stuff.

Right, because Ghanaians are lining up to send money to America. :P

I'm just being a tool. No offense intended.

What I don't get is...if Bitcoin is mined through computing power and we know computing power grows exponentially, doesn't that make bitcoin just about the worst investment one could ever make?


Too lazy to do the research, but hopefully by poking fun at a stranger I can get all my answers. :P

I'm happy to help clear things up for you :)

From my understanding, the difficulty in mining increases as computing power increases over time, as well as depending on how many coins have already been mined. In short, exponential increases in computer power were taken into consideration when Bitcoin was designed. It all balances out.

I would recommend checking out the "Bitcoin Myths" page here:

https://en.bitcoin.it/wiki/Myths

It lists a lot of common myths/arguments against Bitcoin and debunks them. Not sure if your computing power question is on there though.

Hope that helps!


Re: Bitcoins in Korea
« Reply #21 on: March 14, 2020, 01:40:53 am »
My computer's going to be on no matter what. Its just what I do so I might as well mine some litecoins and generate some extra revenue. I think that in maybe 2 or 3 years or so litecoins might be worth 50$ but who knows? Personally, I wouldn't trade money for coins at this stage because its just too volatile and unpredictable. I'm sure anybody who knew about bitcoins when they were worth only 4$ each are probably hating themselves for not investing in them at that stage. Should've would've could've.

This thread is facinating. And I just checked Litecoin and it's worth exactly $50! (CDN that is) quite the prediction! I wonder if anyone who contributed to this thread held on to their coins and made a mint?


  • Cohort 2019
  • Super Waygook

    • 442

    • August 17, 2019, 08:09:23 pm
    • 90S.- 0'E
    more
Re: Bitcoins in Korea
« Reply #22 on: March 14, 2020, 03:23:13 am »
Totally makes sense to buy BTC now it will bounce back to 10k.
incumbo studiis


Re: Bitcoins in Korea
« Reply #23 on: March 14, 2020, 11:48:51 am »
Totally makes sense to buy BTC now it will bounce back to 10k.

Exactly what i did. That's what got me thinking about it and finding this thread. Wish bitcoin was on my radar back in 2013