A new crypto currency - BEE

[Chris F]

Has been a lot of talk about bitcoin, blockchain and new crypto currency on TFF over the years. A new one has emerged, for the moment it just uses your phone for mining - but that actually just seems to be an excuse to engage with you.

The new currency is called BEE and its all based around hive mentality. The long term aim is for BEE to have a value and to be traded within communities. You can read more about it here - https://bee.games/en/white-paper.html

The mix of community and currency is obviously not a new one, but does offer a difference to Bitcoin, plus now you have a chance to get involved near the start.

Getting started is easy, you download the app, add phone number, add referrer and then start. You then can invite people from your network. Takes about 2 minutes.

My referrer code is bumpkin71 - you then pass your code onto your network to form your own "hives".

Looks like early adopters and the owners have already amassed 1000s of BEE's so I doubt this is going to make you rich, but it could well become a currency within farming if we all chose to use it. Being rewarded for using apps is likely to come into force in the future. So software won't just be free you will be "paid" to use it.

You have to log in every 24 hours to start a new "mining" session, but that seems to be as complicated as it is. Once they have built a community then it will be interesting to see where this goes.

 

[Chris F]

I’ve just passed 1000 BEE.

looks like there will be billions of BEE verses only 21 million Bitcoin.So can’t see they being worth lots long term.

 

[Highland Mule]

Does it also work on the basis of doing lots of pointless calculations to waste world resources? If so, I'm out.

 

[Hilly]

Does it also work on the basis of doing lots of pointless calculations to waste world resources? If so, I'm out.

I heard bit coin uses more electricity in a year than Argentina !

 

[Daniel]

I’ve just passed 1000 BEE.

looks like there will be billions of BEE verses only 21 million Bitcoin.So can’t see they being worth lots long term.

Should I sell all my Dogecoin to invest in it?!

 

[Highland Mule]

I heard bit coin uses more electricity in a year than Argentina !

It's shocking, isn't it. I wonder how that compares with TFF/ Facebook/ Twitter etc., although to be fair to social media at least they also have some purpose (commerce, mental welbeing, etc.).

 

[Stuart J]

Should I reinvest my OneCoin into it?

 

[Chris F]

Does it also work on the basis of doing lots of pointless calculations to waste world resources? If so, I'm out.

No it runs on your phone in the background as a counter. So uses no resources at all. They have just ignored the processing part and instead focused on the building a network route. Hence why its called BEE as in hives and communities.

You can't trade these, just like you couldn't trade Bitcoin back in 2008.

@Stuart J @Daniel No definitely not.

 

[Stuart J]

No it runs on your phone in the background as a counter. So uses no resources at all. They have just ignored the processing part and instead focused on the building a network route. Hence why its called BEE as in hives and communities.

You can't trade these, just like you couldn't trade Bitcoin back in 2008.

@Stuart J @Daniel No definitely not.

OneCoin is worth zero. It's a multi trillion dollar scam. Luckily I dont have any.

So I view all these with a large degree of scepticism

 

[JP1]

I have absolutely no idea what all this means and believe I'm still correct in saying I'm happy to remain ignorant of all of this

 

[Highland Mule]

No it runs on your phone in the background as a counter. So uses no resources at all. They have just ignored the processing part and instead focused on the building a network route. Hence why its called BEE as in hives and communities.

Forgive my scepticism, but the two parts I’ve highlighted are mutually exclusive, are they not?

 

[Chris F]

OneCoin is worth zero. It's a multi trillion dollar scam. Luckily I dont have any.

So I view all these with a large degree of scepticism

I'd agree with that.

They all could easily be worth zero, even bitcoin - but when you can earn coins for free it makes sense to do so. Buying them is a much more risky strategy. I decided against bothering to mine Bitcoin in 2008, had I just turned on my computer at the time and left it running for 2 years I'd be sitting on about £3m now.

So I take the attitude, why not get involved if the cost of entry is zero. Will my 1000 coins so far be worth anything, probably not, but its cost me nothing to do it.

 

[Chris F]

Forgive my scepticism, but the two parts I’ve highlighted are mutually exclusive, are they not?

No - it has the same effect as setting an alarm (or stopwatch) on your phone or running any other APP. Its not troubling the CPU or asking it to do anything.

 

[LeahTerry]

Does it also work on the basis of doing lots of pointless calculations to waste world resources? If so, I'm out.

Some cryptocurrencies look very interesting; some are even promising for the future of payments and money transfers. However, the fact remains that only a tiny number of cryptocurrencies have been created so far, and their value is constantly changing. At the same time, some cryptocurrencies may ultimately prove to be successful and integral parts of our global economy. It is difficult to predict which ones will make it big and which will eventually be forgotten.