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themw

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Posts posted by themw

  1. No the mathematical problems are transaction processing and checking as far as I can tell hence the regulators taking a keen interest

     

    Ah thats interesting, but im right in thinking they are very intensive on hardware and power...

     

    The mining process is actually computers solving complex mathematical problems. Once an answer is found then you own the coins (they are discovered in batches of 50). Using a single PC you might average a discovery one every few years.

     

    There are a finite number of bitcoins in existance (the target). The more people mining the harder the sums become, as the number discovered approaches the target.

     

     

    The transactional process (money changing hands) is not very intensive and is fairly quick. I am not sure exactly how but there is a distributed database called a blockchain that contains all transactions. This database is not held centrally, so is very difficult to shut down.

     

    Sent from my GT-I9300 using Tapatalk 4 Beta

     

     

  2. I know a little about this and the problem as I see it is that the more people that are successful in solving the mathematical problems (mining), the more difficult the maths becomes (it is controlled centrally, I believe). Therefore the better hardware you need to have a reasonable chance of discovering a coin.

     

    You used to be able to get a few PCs with ATI graphics cards and set them up, but there are hardware providers that have created machines designed for the specific purpose of bitcoin mining. As such these machines are far far better then the average person could afford. It's gone from a few hundred pounds to thousands...

     

    https://products.butterflylabs.com/

  3. Got quote back from the insurance company.....

     

    A whopping £35 quid to change vehicle (yahoo!)

     

    Anyone want to buy a fully kitted out Passat CC? Leather, post code sat nav, DSG, everything :-)

     

    Sent from my GT-I9300 using Tapatalk 2

     

     

  4. Hi all,

     

    I am seriously tempted to trade in my (sensible) Passat CC 140 oil burner for a 350z, probably a 2006 or later despite the atrocious road tax. It's pretty much decided, though I might need to wait until October to let the no claims roll over...

     

    I've been really impressed with all the useful content up here so I thought I'd join in and get involved!

     

    Cheers,

    Matt

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