Quote from: elggawf on June 29, 2011, 04:10:13 AM

Quote from: indio007 on June 29, 2011, 03:45:32 AM

John , with all respect , your flat out wrong. New coins are created by securing the authenticity AND accuracy of transactions. Bitcoins are NOT generated from dollars coming in. You obviously don't know how it works so why don't you stick to what you know or do some research.

He's a Bitcoin outsider - what the heck makes you think he'd talk BTC when he says the word "revenue"?

He means no new value (currently being measured in USD) from the outside world unless it's through more investors - and at the present time he's mostly speaking truth. Mining secures the network, yes - but without some means of giving that network any sort of value it's all just meaningless bits... comparing e-penises in the form of GPUs.

My guess is you're alluding to that because mining costs you money your Bitcoins have to be worth something - no one gives a shit what Bitcoins cost to make, that's not what gives them their value.

Value is in the eye of the beholder and is completely subjective. My point about cost to make is that it is not creating something from nothing like fiat currency which is faith based. Nagle can redeem his Federal Reserve Notes for lawful money and then we can talk. He knows he can't even though it is Federal Law. They are the biggest scam ever. You have no legal recourse for non-payment within the US.

As far as meaningless bits... how meaningless is ink formed in the shape of 100 versus 1? The ink is no more valuable . Whereas 100 bitcoins versus 1 bitcoins means the network is that more secure and the transaction (regardless of what 2 people choose to make them represent) that much more real.