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Monday, June 27, 2016

Mining tutorial

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

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