Monday, June 27, 2016
We have discussed mining to a degree. Here is how to fully understand mining. We now know what mining is, but it seems like people truly do not understand it's significance.
When a coin or site gets hacked, dumb people instantly panic and sell bitcoin, no matter if it was an Alton that got hacked.
Did you all forget that the bitcoin network is highly secured due to all the miners. The veterans, such as myself shrug our shoulders and keep mining.
Bitcoin did not go down to a dollar did it? No. It was stable because we continue to mine it and use it.
Secondly, if the value drops a bit, good, it simply means the difficulty will drop too. If Bitcoin value was $1,000 for 1 bitcoin the mining difficulty would be very high. We would adapt and overcome, of course but if it lowers Ok fine the difficulty lowers too. Brain dead people will always compare it to dollars, such as buy low and sell high. Bull. I always buy high so I can sell higher which also increases the value of bitcoin.
For the record mining is the most important and Intricate part of bitcoin
Friday, June 3, 2016
A while back I had stated that cryptocurrency was the gamers currency. That statement was a fact. Yes I compared it to WARCRAFT, but that is only because the WARCRAFT game is one of the strategy games. Another strategy game that helps you understand this currency is MONOPOLY TYCOON.
I have already shown you the TEKCOIN wallet that is mining to itself and gains interest, which becomes an AUTOMATIC depositing savings account that adds interest just for keeping your wallet open to secure the network. Why stop there? Another Wallet I have downloaded and got completely synced with the network was Evergreencoin (EGC).
This is another wallet that I have set to mine to which adds interest, or staking too. In theory, I have built 2 credit unions which are for me. Some of the benefits I get from it are:
1. NO FEES FOR INACTIVITY. I do not have to check up on it, I do not have to do anything. The mining and the staking, or interest, are on fully automatic.
2. NO CHARGES OR ACCOUNT START UP FEES. You will never have to pay anything to set up your wallet and start getting coins to it.
As you can see, with BITCOIN there are so many things you can friggen do with it, that you only limit yourself. Understanding how these strategy games were played, makes it that much easier to use this currency and get the most out of it.