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Reverse Swing
Greatest exponent

Registered: Apr 2012
Posts: 3370 - Threads: 69
Location: Lord's

The reason why the value of Bitcoin was shooting up was because there's a finite number of them, unlike paper currency that can be printed to no end.

It is for this reason Bitcoin has been compared to a 'Gold' currency.



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Old Post31-10-2013 16:11 PM
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Mark.
Questioning the norm

Registered: Apr 2006
Posts: 11521 - Threads: 350
Location: Mirror City

Quote:
Reverse Swing wrote on 31-10-2013 04:11 PM

The reason why the value of Bitcoin was shooting up was because there's a finite number of them, unlike paper currency that can be printed to no end.

It is for this reason Bitcoin has been compared to a 'Gold' currency.



The whole concept has been based on the Gold currency - the way to create more Bitcoins is even called mining.

The creation of Bitcoins (mining) becomes more and more difficult and eventually slows down to a stop in 2140. In 2140 there will be 20,999,999.9769 BTC in circulation and this will never increase, the equivalent to digging up all the Gold in the world.

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Old Post31-10-2013 16:18 PM
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voodoobass
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Registered: Sep 2003
Posts: 33900 - Threads: 985
Location: somewhere else

so has the demise of Silk Road not had any real impact on their value then? I remember speculation that the value of bitcoins was pretty much directly proportionate to their use for that kind of thing... or can you still buy guns and slaves?


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Old Post01-11-2013 11:21 AM
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Funboy Hashtag Yoloswaggins
''Nice one Trev...''

Registered: Jun 2004
Posts: 33847 - Threads: 1355
Location: beside the seaside

Quote:
Mark. wrote on 31-10-2013 04:18 PM

The whole concept has been based on the Gold currency - the way to create more Bitcoins is even called mining.

The creation of Bitcoins (mining) becomes more and more difficult and eventually slows down to a stop in 2140. In 2140 there will be 20,999,999.9769 BTC in circulation and this will never increase, the equivalent to digging up all the Gold in the world.



i still don't get how mining (in bitcoin terms) works


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Old Post01-11-2013 11:59 AM
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skaramanga

Registered: Nov 2005
Posts: 23060 - Threads: 364
Location: In the sunshine of the spirit



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Quote:
Funboy Trev wrote on 01-11-2013 11:59 AM

i still don't get how mining (in bitcoin terms) works



Innit, Matt tried to explainit to me and went straight over my head. I am a simple African kid though Razz

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Old Post01-11-2013 13:12 PM
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Pacman

Registered: Feb 2002
Posts: 17358 - Threads: 358
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Quote:
Funboy Trev wrote on 01-11-2013 11:59 AM
i still don't get how mining (in bitcoin terms) works



You earn bitcoins for validating the transactions of others.

Since there's no central authority making the transactions (they're peer-to-peer) there has to be a way of somehow validating the transfer of bitcoins from one person to another. This is done by some headfuck cryptographic voodoo that takes a massive amount of computing power to solve. By providing processing power to crunch all the crypto required to validate a transaction you earn some cash for yourself.

It's quite an elegant system. There's a strong incentive for people to validate transactions, and it means the currency is linked to a real-world resource (computation).


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Old Post01-11-2013 14:03 PM
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ORBS

Registered: Oct 2013
Posts: 168 - Threads: 10
Location: Birmingham-London-Paris

Ouaaaa

I'm keeping all my Brixton pounds and betting on their future !!!

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Old Post01-11-2013 17:57 PM
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ORBS

Registered: Oct 2013
Posts: 168 - Threads: 10
Location: Birmingham-London-Paris

Ouaaaa

I'm keeping all my Brixton pounds and betting on their future !!!

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Old Post01-11-2013 17:57 PM
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