Quote from: JohnRetardKeynes on August 13, 2011, 08:58:45 PM

Quote from: stevendobbs on August 13, 2011, 08:42:55 PM

cheers, a question i do have:

I see that the puzzle algorithm gets more complex as time goes by.

by what mechanism is this decided?

And how would it react to a billionaire buying all the bitcoins on the market?

The algorithm to create bitcoins gets increasingly more difficult over a specified time period.

A billionaire buying all the bitcoins would not affect the creation of new bitcoins at all.

Of course what would happen is that the price of bitcoins would rocket as the billionaire started buying up bitcoins - so it would cost much more than the apparently total cost of all bitcoins currently in circulation.

Exactly. So we all know that the network can suffer high consequences if someone has more than 50% of the same.