2013-07-14 Unwrapping the riddle of Bitcoin

solex

legendary

Activity: 1078

Merit: 1006

100 satoshis -> ISO code

Quote from: Spaceman_Spiff on July 15, 2013, 04:17:15 PM

Quote from: FreeMoney on July 15, 2013, 04:05:09 PM

Quote

Bitcoins arose from a computer program that says "His computer can calculate math problems twice as fast as your computer. Hence, he gets 50 bitcoins for his computing power. For yours, you get nothing."

Seriously, that is how it works.

I guess the "most wrong bitcoin article" competition is still running?

What is in it for the winner?

A prize choice of 10,000 YAcoins, Royalcoins or Junkcoins

Spaceman_Spiff

legendary

Activity: 1638

Merit: 1001

₪``Campaign Manager´´₪

Quote from: FreeMoney on July 15, 2013, 04:05:09 PM

Quote

Bitcoins arose from a computer program that says "His computer can calculate math problems twice as fast as your computer. Hence, he gets 50 bitcoins for his computing power. For yours, you get nothing."

Seriously, that is how it works.

I guess the "most wrong bitcoin article" competition is still running?

What is in it for the winner?

FreeMoney

legendary

Activity: 1246

Merit: 1016

Strength in numbers

Quote

Bitcoins arose from a computer program that says "His computer can calculate math problems twice as fast as your computer. Hence, he gets 50 bitcoins for his computing power. For yours, you get nothing."

Seriously, that is how it works.

I guess the "most wrong bitcoin article" competition is still running?

FreeMoney

legendary

Activity: 1246

Merit: 1016

Strength in numbers

Quote from: lewisg on July 15, 2013, 08:22:07 AM

http://www.atmmarketplace.com/article/215877/Unwrapping-the-riddle-of-Bitcoin-infographic

The first thing to know about Bitcoin is that it has no direct correlation to "value for work" — at least, not human work.

Fiat currency arose out of a barter system that said "My beef critter took twice as much work to raise as your pork critter. Hence, I will trade my beef critter for no less than two pork critters."

Not.

My worthless hole took 10x longer to dig than it took you to build that chair, please send me 10 chairs now.

Chet

full member

Activity: 121

Merit: 100

Indeed.
But that original form of trade/barter/currency has nothing to do with the junk the banks float either.

lewisg

sr. member

Activity: 281

Merit: 250

http://www.atmmarketplace.com/article/215877/Unwrapping-the-riddle-of-Bitcoin-infographic

The first thing to know about Bitcoin is that it has no direct correlation to "value for work" — at least, not human work.

Fiat currency arose out of a barter system that said "My beef critter took twice as much work to raise as your pork critter. Hence, I will trade my beef critter for no less than two pork critters."

Topic: 2013-07-14 Unwrapping the riddle of Bitcoin (Read 819 times)