They don't understand this stuff... so they just make up a bunch of crap.
For the uninitiated, Bitcoin “mining” is the process that creates Bitcoin by solving a complex mathematical equation through the use of specialized computers. Bitcoin miners work together on a global peer-to-peer network, logging onto a central website, where they attempt to break the code protecting the Bitcoin database. The first Bitcoin miner to solve the current equation brings home the bacon.
Every time the code is broken, the Bitcoin system awards the Bitcoin miner that breaks the encryption code with a number of Bitcoin determined by the complexity of the code that was broken…and the system then adds more lines of code, making it more difficult to solve. In addition, the open source software that runs the Bitcoin system automatically upgrades the complexity of the encryption by another 10 percent every 10 days adding more lines of code to the equation that Bitcoin miners have to solve in order to earn more Bitcoin.
Alan Milner is a bozo.
http://guardianlv.com/2014/04/bitcoin-warning-signs-for-new-investors/
Could somebody please contact this guy and tell him he is not even close?
"solving a complex mathematical equation"
you don't 'solve' any equation and it is not complex.
"logging onto a central website"
They don't 'log on', and there is no central website.
"where they attempt to break the code protecting the Bitcoin database"
lol - what a dumbass. There is no code protecting any database. There is no database.
"adding more lines of code to the equation that Bitcoin miners have to solve"
Does he just make this shit up? Lines of code are not added to any equation.
Why, oh why, are these idiots permitted to use the keyboard? Haven't they any editorial oversight? Pure garbage. Journalism school is a raging joke.
For the uninitiated, Bitcoin “mining” is the process that creates Bitcoin by solving a complex mathematical equation through the use of specialized computers. Bitcoin miners work together on a global peer-to-peer network, logging onto a central website, where they attempt to break the code protecting the Bitcoin database. The first Bitcoin miner to solve the current equation brings home the bacon.
Every time the code is broken, the Bitcoin system awards the Bitcoin miner that breaks the encryption code with a number of Bitcoin determined by the complexity of the code that was broken…and the system then adds more lines of code, making it more difficult to solve. In addition, the open source software that runs the Bitcoin system automatically upgrades the complexity of the encryption by another 10 percent every 10 days adding more lines of code to the equation that Bitcoin miners have to solve in order to earn more Bitcoin.
Alan Milner is a bozo.
http://guardianlv.com/2014/04/bitcoin-warning-signs-for-new-investors/
Could somebody please contact this guy and tell him he is not even close?
"solving a complex mathematical equation"
you don't 'solve' any equation and it is not complex.
"logging onto a central website"
They don't 'log on', and there is no central website.
"where they attempt to break the code protecting the Bitcoin database"
lol - what a dumbass. There is no code protecting any database. There is no database.
"adding more lines of code to the equation that Bitcoin miners have to solve"
Does he just make this shit up? Lines of code are not added to any equation.
Why, oh why, are these idiots permitted to use the keyboard? Haven't they any editorial oversight? Pure garbage. Journalism school is a raging joke.
These people are either completely stupid or spreading misinformation on purpose.
I'm not particularly bright or intelligent but I got a general gist of Bitcoin mining that is about 95% accurate within 10 minutes of reading about it. That includes learning what the hell hashcash was and such.
