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Posted By: Kwacka

Quest for lost hard drive with 4m stored bitcoins
A Newport man has visited a landfill site in south Wales hoping to find a computer hard drive he threw away which is now worth over 4m.



Posted By: Jinty

I tried soooo hard to understand what that was about on the news last night :lol: :lol: :lol:

Posted By: Kwacka

and did you?

Posted By: geoffreys

  • Kwacka wrote:
    and did you?

Did he WHAT??
Geoff.

Posted By: Kwacka

The Swiss psychologist Jean Piaget suggested that children go through four developmental stages, the final stage of cognitive develpment (which usually occurs between the ages of 13 and 16) when kids can think abstractly, e.g. using logical deduction, where the child can now use reason to reach a conclusion.
Bearing this in mind,
    1. A man searches a landfill site for a harddrive with UKP 4 millions worth of bitcoins saved upon it.
    2. Jinty states that she'd tried hard to understand the news item regarding this,
    3. to which I asked 'and did you'?

If you're still having difficulty,
Jinty's comment suggested that a deliberate attempt had been made to understand the news item; whereupon I asked whether an understanding of the subject had or had not been achieved.
BTW, several other developmental psychologists have proposed alternatives to Piaget's theory of cognitive development.

Posted By: adyandkaren

Apart from the fact that Jinty is female...

Posted By: Jinty

  • Kwacka wrote:
    The Swiss psychologist Jean Piaget suggested that children go through four developmental stages, the final stage of cognitive develpment (which usually occurs between the ages of 13 and 16) when kids can think abstractly, e.g. using logical deduction, where the child can now use reason to reach a conclusion.
    Bearing this in mind,
      1. A man serches a landfill site for a harddrive with UKP 4 millions worth of bitcoins saved upon it.
      2. Jinty states that she'd tried hard to understand the news item regarding this,
      3. to which I asked 'and did you'?

    If you're still having difficulty,
    Jinty's comment suggested that a deliberate attempt had been made to understand the news item; whereupon I asked whether an understanding of the subject had or had not been achieved.
    BTW, several other developmental psychologists have proposed alternatives to Piaget's theory of cognitive development.

:lol: :lol: :lol: Love it Kwacka!
Yes, Ady and Karen, last time I checked I was indeed female and NUP Kwacka, I hadn't a scooby what it was all about :lol:

Posted By: Kwacka

  • Jinty wrote:

    Yes, Ady and Karen, last time I checked I was indeed female and NUP Kwacka, I hadn't a scooby what it was all about :lol:

I'll assume you have a bank account. You can go to a site like Amazon and pay via PayPal, who take the money from your bank account and passes it over to Amazon, taking a cut to make a profit. You also have to pay currency exchange rate if you buy from a non-euro country.
In 2008 this man/woman/group wrote a paper about 'virtual money', that is, money not issued by any government but which could be used to transfer money from one account to another via the internet. Obviously this would require very high security for anybody to have any faith in it, much higher security than a debit card. e.g your card has a 16-digit number, bitcoin a 32-digit character number such as 17vD78R8nxqJGesE7E9KS6A8TikQQpx23yz, so your card is made up of 1 - 0s (a choice of 10 characters in each bitcoin security is made up of that PLUS 26 lower case and 26 upper case letters a total of 62 possible symbols in each of 32 positions)
So to actually transfer money around the internet computers more powerful than the average home computer encode and decode the payments. and pass them on, earning bitcoins..
The people who got in right at the start were able to buy bitcoins at a very low price and, as the system became more popular, they gained in price. In 2012 one bitcoin was worth US $5, this week one bitcoin was worth US $1242. Your bitcoins are stored in an encrypted 'wallet' on your harddrive and protected by (again) a very complex code - which is why this bloke was scrabbling round a rubbish dump to find his old harddrive..
A total of 21 million bitcoins will eventually be released, of which about half have entered the system. It is expected that, with the limited supply, the value will increase further.
The big advantage of bitcoin is that it can be used internationally, there are no financial institutions involved and it is anonymous. The system had been used by a group named 'the Silk Road' to accept payment for illegal drugs but they were arrested by the FBI who took control of 15% of the bitcoins already in circulation. Bitcoins can be used to pay for websites outside a repressive regime to evade censors.
At the start of the last century Thomas Edison was asked to described radio. He said that the telegraph (running along wires) was like a cat with its tail in Washington and its head in San Francisco. If you trod on the cat's tail in Washington it would yowl in San Francisco. Radio was exactly the same, but without the cat. Bitcoin is a bit the same, you pass money from one person to another without a bank, cash or card.
BTW, bitcoin, like Skype, is a peer2- peer system. Even if you're not using Skype/bitcoin your computer is used by the system to transfer from computer A to computer B via your computer (and computers d, e, f, etc).
The largest holdings of bitcoins is BTC China, with 62%..
Security: the figure I've seen is that with all 21 million bitcoins released, and every wallet containing the smallest negotiable sume (1 millionth of a bitcoin) the chances of landing on a particular account is 1-e**(-((21*10**14)**2)/(2*(2**256))). In other ords, about the same chance as picking a particular atom from the entire planet earth.
BTW, Bitcoins can be broken down into smaller amounts (think euros & cents). The smallest denomination is 0.0000001 bitcoins






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