Eli5 Bitcoin Mining CryptoCoins Info Club

I stored bitcoins online ... aaaand they're gone.

/SorryForYourLoss is a place to showcase the top minds of bitcoin (and cryptocurrencies) failing to secure their precious internet money properly. It's a memorial for the countless incidents of thefts, scams, hacks, goxxes, .. etc.
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Dogecoin

The most amazing place on reddit! A subreddit for sharing, discussing, hoarding and wow'ing about Dogecoins. The new innovative crypto-currency.
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In response to the "unbiased" ELI5 of Core vs BU and this gem: "Core values trustlessness and decentralization above all. Bitcoin Unlimited values low fees for on-chain transactions above all else."

So this statement is pure and simple hogwash. First of all BU doesn't value on chain transactions "above all else" . What it values is a very short description from an interview andrew stone gave over a year ago:
Bitcoin Unlimited is not an altcoin or a fork; its a bitcoin client like XT and Core. The difference is that it tracks the most-work blockchain regardless of block size. So if bitcoin forks, BU will follow the fork with the mining majority. That could be the < 1MB core fork, or it could be some > 1MB fork. It does this because we agree with Satoshi that the consensus algorithm appropriate for the blockchain is also appropriate for consensus on these issues. The final sentence of the Bitcoin white paper states: "They [nodes/miners] vote with their CPU power, expressing their acceptance of valid blocks by working on extending them and rejecting invalid blocks by refusing to work on them. Any needed rules and incentives can be enforced with this consensus mechanism. (emphasis added)"
That is the heart of Bitcoin unlimited. BUs purpose is that it figures out that the best approach to use when speaking of the block size is one that is consensus based and determined the same way consensus is achieved on the actual blockchain. Not through a centralized group of core developers.
Second issue is that "core values decentralization". If corefork values decentralization then why are they actively trying to limit the number of users that can utilize bitcoin? When it comes to decentralization the important thing to remember about full nodes is that what matters is how many there are, not "what proportion they are" . If there was 3 users and 3 full nodes that would fit their description of perfect decentralization but it wouldn't be useful. 100 million users with 500 thousand nodes and a 0.5% node proportion would be more "decentralization" than we have now.
submitted by specialenmity to btc [link] [comments]

ELI5: why would users of bitcoin pay for things like coffee, food etc when the value continues to rise each day?

I understand that the success of cryptocurrency is largely going to depend on adoption and usage, but why would you use it to pay for things like coffee when the value of the coin continues to rise day after day? What you spent on a cup of coffee today is worth 4x a month from now.
edit: The question is more so about using any cryptocurrency, not bitcoin specifically. There's a video on btc of a guy buying a cup of coffee with bitcoin, so that's what stirred the question.
submitted by teeclute to Bitcoin [link] [comments]

ELI5: Who "officially" keeps track of Bitcoin's value? How is it decided?

submitted by ticketbutt to explainlikeimfive [link] [comments]

ELI5: How does bitcoin work as a stable store of value?

What the title says. What is stopping bitcoin from losing literally all its value?
submitted by Insane_Artist to BitcoinBeginners [link] [comments]

Could someone please eli5 what uasf and segwit2x are and how they will affect how bitcoin works and bitcoins value?

submitted by swiminthroulife to BitcoinBeginners [link] [comments]

ELI5: why does the option to short bitcoin serve as a way to stabilize value?

I’m curious to know the pros and cons of bitcoin futures. I understand that by allowing shorts, it can give bears the opportunity to make their case, which results in lower stability. But I’m not sure why that is. Can someone explain like I’m new (not necessarily a five year old)?
submitted by m-klad to Bitcoin [link] [comments]

ELI5: Why Aren't the Small-Blockers More Worried About Bitcoin Value?

Many Reddit comments suggest that self-interested people or a self-interested company has tried to hijack the block-size debate to promote the company's interests at the expense of the broader community. Some worry that this will seriously impede adoption of bitcoin. Question: why don't the small-blockers worry more about the value of bitcoin? I imagine many of them own a lot of bitcoin. (In fact, I would expect that, for many big names coaxed to work at such company/ies, their bitcoin holdings would dwarf the value of the salaries they'd likely earn.) So where have I gone wrong?
(1) Do the small-blockers think that small blocks will not hurt the value/adoption of bitcoin? (2) Do they think there will be some harm but that they will profit more from bitcoin-related business endeavors than personal asset appreciation? Maybe my mistake comes from expecting the big names working on these bitcoin-related business to have significant bitcoin holdings; or (3) Is it something else entirely?
submitted by xoomish to btc [link] [comments]

ELI5: The value of altcoins vs. bitcoin - Why are they dropping?

Hi guys, I consider myself a "Mild daytrader" but i'm still learning. Obviously the volume that I trade doesn't allow me to pay my rent. I want to take two specific dates so that we can keep this all in mind for reference, and then ask my question. Also, please bear in mind I am not shilling / attacking coins. Even the alts that I am invested in are suffering.
June 7th 2018. Bitcoin's value was 7,649.78 USD. Sep 5th 2018. Bitcoin's value (before the plummet) was 7,371.91 USD.
July 7th 2018. EOS's value was 13.98 USD per coin. Sep 5th 2018. EOS's value (before the plummet) was 6.47 per coin.
June 7th 2018. XRP's value was .66 USD per coin. Sep 5th 2018. XRP's value (before the plummet) was .33 USD per coin.
A lot of this is uniform among all altcoins, not just the two I listed above.
So now my ELI5 question: "How is it that altcoins can lose that much value while bitcoin doesn't?"
submitted by sgtslaughterTV to CryptoCurrency [link] [comments]

ELI5 where and how is the value of bitcoin being calculated?

This is not a question about supply and demand - that part is straightforward enough! I'm asking what is actually looking at how people are currently trading and calculating the current bitcoin value as 17442.3 USD? Where is this being determined? This might be something really obvious and I'm just a bit slow ^
submitted by odradek123 to Bitcoin [link] [comments]

ELI5: How is the value of Bitcoins determined?

Also, how many are in circulation? I understand the concept somewhat, as my grandfather mines bitcoin in his spare time, but where are all of these extra fractions of Bitcoins coming from if there's a set amount of them in circulation? Can they be created?
Edit: Thank you so much Elder_yautja and everyone else for explaining this so thoroughly.
submitted by StopItOkay to explainlikeimfive [link] [comments]

ELI5 could bitcoins have more value then all the world's currency?

I was reading the topic about how half a billion dollars of crypto currencies were stolen by a hacker. It got me wondering, bitcoins are virtual and have a value determined by how much people are willing to pay. There is also a cap of how many bitcoins can exist.
Is it possible that the total value of all bitcoins was higher then the total value of all currencies in the world? To clarify I am not talking about trade like gold bars, purely currency in any country.
Also if it is possible how unlikely is it?
Does this question even make sense from a currency standpoint? Or is currency not based on real world values?
submitted by marsh0 to Bitcoin [link] [comments]

ELI5: Looking at my Blockfolio, how can I have a 1% increase in value over 24-hours in fiat, yet a 5% increase in Bitcoin over the same 24-hour period?

I've been struggling with this for 2 weeks, and even had a friend try to explain it to me, ending with him also realizing he couldn't completely explain it. It's like itch that I can't quite scratch and it's driving me mad!
But seriously, how can these two graphs diverge so sharply, and more importantly, how can I leverage the data in each to my benefit?
submitted by LightOfNobles to CryptoCurrency [link] [comments]

ELI5: why does the option to short bitcoin serve as a way to stabilize value? /r/Bitcoin

ELI5: why does the option to short bitcoin serve as a way to stabilize value? /Bitcoin submitted by ABitcoinAllBot to BitcoinAll [link] [comments]

ELI5 How Bitcoin goes up in value?

Like not just why it's going so fast(although I'd love to know this too), just why it's rising and how it does in the first place?
submitted by lunaluciferr to Bitcoin [link] [comments]

ELI5: How do BitCoins have value? Can I invent a currency?

submitted by ssdroo to explainlikeimfive [link] [comments]

Can someone ELI5 why fees keeps going up while bitcoin value goes up?

Shouldn't it be stable or adjusting to the real value of bitcoin? I know it's happening some demand right now, but why do we have to pay higher fees if in theory the intrinsic value of bitcoin is higher?
For example: we pay an average reasonable fee of ~0.2mBTC+ today which is pretty high -but still affordable against fiat- if you need to do multiple transactions. So let's say bitcoin appreciation increases 10x within 2 years, so how will fees behave? we can't theoretically afford to pay 0.2mBTC in fees.
So my extra questions are: How does a fee is calculated? Is the fee somehow attached to the bitcoin code or the 'market' just decides this?
submitted by xurebot to btc [link] [comments]

Please ELI5 how to value Bitcoin using MV=PQ?

As the title says, any thoughts appreciated.
submitted by nerbt1 to AskEconomics [link] [comments]

ELI5: Value of bitcoin

One aspect where bitcoin trumps the fiat money is that there is only a limited 21M bitcoin in existence. But what's stopping another "Satoshi Nakamoto" from coming up with another cryptocurrency that is identical to bitcoin. When that happens, wouldnt it dilute the value of bitcoin?
submitted by Ib_ww to Bitcoin [link] [comments]

Can someone ELI5 why fees keeps going up while bitcoin value goes up?

Shouldn't it be stable or adjusting to the real value of bitcoin? I know it's happening some demand right now, but why do we have to pay higher fees if in theory the intrinsic value of bitcoin is higher?
For example: we pay an average reasonable fee of ~0.2mBTC+ today which is pretty high -but still affordable against fiat- if you need to do multiple transactions. So let's say bitcoin appreciation increases 10x within 2 years, so how will fees behave? we can't theoretically afford to pay 0.2mBTC in fees.
So my extra questions are: How does a fee is calculated? Is the fee somehow attached to the bitcoin code or the 'market' just decides this?
submitted by xurebot to Bitcoin [link] [comments]

Factoids ELI5? As a bitcoin fanatic with no programming knowledge, is there any investment or practical value in buying factoids in the upcoming sale?

I understand how they will be used but what I am not certain is that how this flash sale will allow someone like me to invest early, when it is still possible for future users to use the factom network later on. It feels a bit like pre-ordering a video game.
submitted by mobdoc to Bitcoin [link] [comments]

ELI5: Why is bitcoin so valuable now(it almost tripled the value from 2/3 months ago)? when wil the "bubble" pop? will it just continue to increase the value?

What the title "asks" :)
submitted by alexandre9099 to Bitcoin [link] [comments]

ELI5: Why is a coins possible peak value limited by its market cap vis-a-via bitcoin?

Sorry, noob here. I have heard people say that Litecoin can go up to a maximum of 1/4 bitcoin. Why is the value of litecoin limited by bitcoin?
Edit: vis-a-vis*
submitted by breakfree89 to CryptoCurrency [link] [comments]

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