Post
Topic
Board Bitcoin Discussion
Re: Silverfuturist on bitcoin.
by
relative
on 20/06/2011, 11:43:34 UTC
No, that's not my claim. Value is in the exchange, but saying bitcoins are created out of thin air is fucking ridiculous. They are ade out of shit-hot graphics cards, electricity and processing time, applied specifically to the purpose of creating a good form of money. The value comes from trade. The more people trade for them, the more value.

that's not true either.
bitcoins are created by a predetermined function over time.

the whole hashing exercise is just a way to determine their distribution (and to verify transactions) but bitcoins aren't really created by hashing power. the rate of creation stays the same, no matter how much "shit-hot graphics cards" are online.

one lawn-mower could mow the whole world.