Pyramining is down _ bitcoin definition of bitcoin

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I assume he made a mining contract with pyramining. He pays them $X to guarantee him the proceeds from Y gigahashes of mining work, and they pay him back the dividends. Over time they should pay him back more than $X, which would make it a successful investment.Definition of bitcoin

Warning to all investors: investments can fail. When you give someone money, and have faith that their venture will succeed and pay you back more than you gave, you always risk the venture failing and never getting back as much as you put in (or sometimes getting zilch back).

This is not a flaw in bitcoin, but in investment expectation. I like investment because it’s not a zero sum game (and unlike gambling or MLM, which are negative-sum games viewed strictly from a financial standpoint). Good investment is a positive sum game. Where more money is made on average than lost, because you are converting work and technology and good efforts into value which is then denominated as money.

But there will still be some losses. I think you just need to be more careful who you trust with your money and what collateral you can secure in case of failure.Definition of bitcoin

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Yep, there are two unique and legitimate concerns when doing business in bitcoin.

A> bitcoin is highly anonymous and irreversible, and to that end it is easy to get into a trust relationship with an entity, website, or OTC trader who then vanishes without a trace (or gets hacked, or claims to have been hacked) obsconding with whatever value you had entrusted with them.

Whenever possible, it is good to minimize the quantity and duration of value that you place in third parties to minimize surface area of risk, and for cases where you can’t help putting lots of value in a third party, secure some kind of collateral against them. Make sure you know how to complain loudly enough to harm their reputation if needed. Find out their real world identities in case you have to bring them to court.Definition of bitcoin look into escrow options for some business opportunities, etc.

B> bitcoin is a very new and sexy, completely digital currency. Unlike any other currency I know about, it can be irreversibly stolen by any person anywhere on the planet simply by learning the unique, secret key of your wallet. This increases the pressure on computer security for both users and startup website designers.

Hackers have greater incentive to hack newbiebitcoinbiz.Info than they do twitter.Com simply because they can instantly discharge the online wallets of the newbies and move on, compared to trying to figure out how to leverage control over twitter to gain something that they want.

And of course, high degree of hackability translates next into high plausible deniability for businesses who have either failed, made unrelated (more embarrassing) mistakes, or who just want to break your deal and keep your value to claim that they were hacked.Definition of bitcoin

These are all complex problems, mostly stemming from the identity-protection penchants of both bitcoin and the users who deal in it. I think there’s a lot of value for us as a community to view these as performance bugs and apply a maximal number of eyeballs to the problem so that someone somewhere will find elegant solutions. :3

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