[kictanet] Public Notice by CBK on Virtual Currencies

[Mwendwa Kivuva]

On Dec 16, 2015 6:53 PM, "Odhiambo Washington via kictanet" <
kictanet at lists.kictanet.or.ke> wrote:
>
> "Bitcoin is an algorithm that lets those with serious CPU Power to mine
(generate) bitcoins. "
>
> That's usually where my mind goes blank! I once considered buying a PC -
Core i7, 64GB RAM, install 512GB SSD and start mining Bitcoins. Then I
asked myself - mining what?? Let my PC to run some app 24/7/365 mining
something that's not physical.....Brain lock. Idea shelved. I's rather look
for NYS Tender!

This is so funny Washington. Lol. But let us not forget the principle of
minting. Minting is actually participating in updating the Bitcoin ledger
of all transactions that are taking place in a decentralised manner. This
decentralisation is what makes the technology unique. No one entity can lay
claim to it. Yet still, even if there is hacking (like has happened
before),  the blockchain can be reconstructed correctly.

Ohh, and you will never make enough money by minting to pay back your
initial investment, cost of electricity and Internet. Unless you have
specialised "optimised" hardware (so they say), and cheap power. Not our
cow rain fed grid.

By the way, if you get the NYS tender, don't give the money to a salon
operator or buy a Rangerover by proxy. Come we buy some bitcoins. Asset
Recovery Agency cannot recover the bitcoins. Gava has said they dont
recognise them anyway. :-)

Regards
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