[MarilynKnits]

 

[Morgan Girl]

Exactly!

 

[dunnville89]

This is so perfect and so cute.

 

[knitwitty]

And that's about what I understand of any brand of crypto-currancy.

 

[maureen0614]

View attachment 1278399

Wonderful! Perfect thing to forward to my DIL who works in the financial sector. 😁

 

[spins2knit]

Precisely! Not all that far from feudalism, is it?

 

[nitnana]

I never understood it anyhow. Too bad so many were drawn in.

 

[Crochetnknit]

It's the new version of Bernie Madoff and a ponzI scheme.

 

[nitnana]

And supposedly bright people still get suckered in!

 

[mboemi]

I read a few articles about cryptocurrency a while ago. Still don't understand it. Better to put your money under the mattress 🌞

 

[nitnana]

LOL!! 😁😊

 

[MarilynKnits]

And supposedly bright people still get suckered in!

Depends on how greedy they are.

 

[peanutpatty]

I still like my real money in my hand. I never have understood the cryptocurrency fad.

 

[Prism99]

Cryptocurrency is really, really bad for the environment. It uses huge amounts of electricity to generate a single bit coin. But investors don’t care about that. Even if I understood it, I wouldn’t invest in it because of the environmental impact.

 

[ngaira]

View attachment 1278399

Love it and the answers given to "explain" it. Yes great maybe for those unable to figure things out in their own brain, or believe everything they are told. Well if getting rich quick is all you think of then go for it.!!! Pay the price later when these schemes finally get exposed

 

[tobo11]

Cryptocurrency is really, really bad for the environment. It uses huge amounts of electricity to generate a single bit coin. But investors don’t care about that. Even if I understood it, I wouldn’t invest in it because of the environmental impact.

Do you mean a real coin is made? I thought it was a virtual coin. Could you expand on your post. This whole topic leaves me with more questions the more I hear of it. Thank you.

 

[jberg]

I read this one this morning in the paper and it is so true. Some things I don't understand and have no intention of ever trying to understand. Thanks for sharing. jberg

 

[Prism99]

Do you mean a real coin is made? I thought it was a virtual coin. Could you expand on your post. This whole topic leaves me with more questions the more I hear of it. Thank you.

Bitcoins are created by computers. The processing is extreme, costing an excessive amount in electricity.

What Is Bitcoin Mining? How It Works and What It Takes to Make It Pay | Toptal®

Bitcoin mining basics for businesses looking to expand into crypto.

www.toptal.com

The crypto industry has been subject to withering criticism for its carbon footprint. The New York Times recently equated the total power consumed by Bitcoin annually to what’s used by Finland in one year. The fact is that even the most efficient Bitcoin mining operation takes roughly 155,000 kWh to mine one Bitcoin. By way of comparison, the average US household consumes about 900 kWh per month.

Because of the stress imposed on the energy grid some countries, such as China, have banned Bitcoin mining.

The only good thing about it is that there is a finite limit to how many bitcoins can be mined. It’s something like 21 million, and around 17 million have already been created.

 

[tobo11]

By mining you mean searching on the Internet for Bit coins to buy? I consider myself able to understand most concepts but this bitcoin business has my brain in a twirl. Time to go to Google and try to sort this out at last. I'm curious as to why they use so much electricity. For those of you who's brains are also in a twirl stay tuned. If I get anywhere with this I'll pass it on. 🤔

 

[Prism99]

By mining you mean searching on the Internet for Bit coins to buy? I consider myself able to understand most concepts but this bitcoin business has my brain in a twirl. Time to go to Google and try to sort this out at last. I'm curious as to why they use so much electricity. For those of you who's brains are also in a twirl stay tuned. If I get anywhere with this I'll pass it on. 🤔

No. Mining is the creation of bitcoins by means of computerized algorithms.