HitCoin - GaaBoard to launch own currency

[muppet]

HITCOIN, Ireland's "first decentralised digital currency", was launched in January in Omagh by a mysterious person (or persons) known only by the pseudonym Moderator.

Frequently asked question:

WTF is Hitcoin byes, and how does she work?

Unlike traditional Gaa transactions, which are regulated by County Boards, Hitcoin has no turnstiles. Instead it is underpinned by a peer-to-peer computer network made up of GaaBoard users' machines, like the networks that underpin BitTorrent and Skype. Hitcoins are  generated organically holistically as the computers in this exclusive network execute really really hard sums, a procedure known as Hitcoin "touting". The mathematics of the Hitcoin system were set up so that it becomes progressively tougher to "tout" Hitcoins over time, and the total number that can ever be touted is limited to around 1951m. There is therefore no way for a County Board to issue a flood of new Hitcoins and devalue those already in circulation.

The entire network is used to monitor and verify both the creation of new Hitcoins through touting, and the transfer of Hitcoins between users. A referee's notebook is collectively maintained of all transactions, with every new transaction broadcast across the Hitcoin network. Participating machines communicate to create and agree on updates to the referee's notebook. Promissory Notebooks are prohibited. This process, which is really hard, is in fact the process used to tout Hitcoins: roughly every 10 minutes, a user whose updates to the referee's notebook have been approved by the network is awarded a fixed number (currently 25) of new Hitcoins. This has prompted GaaBoard fans to build powerful computers, called Zetors, or even to hijack other people's computers, called biting, for use in Hitcoin touting.

With apologies to Economist: http://www.economist.com/blogs/economist-explains/2013/04/economist-explains-how-does-bitcoin-work?fsrc=scn/tw/te/bl/ee/bitcoinwork

[Pangurban]

This is definitely the future direction of money transactions

[Tony Baloney]

Liking the sound of this Hitcoin. Muppet do I send you my bank account details? Will I post them up here?

You can post me the Hitcoins.

[seafoid]

Hitcoins will be known as Hiteens in Mayo and Galway.

[muppet]

Liking the sound of this Hitcoin. Muppet do I send you my bank account details? Will I post them up here?

You can post me the Hitcoins.

You don't need a bank account any more and you don't need money so give it whoever you want.

We are through the looking glass here people.

[rrhf]

I am lost