Bitcoin backing, blockchain.info? | Bitcointalksearch.org

Gator-hex

hero member

Activity: 490

Merit: 500

The cost of equipment and electricity to produce a Bitcoin is it's backing as far as I'm concerned.
A miner won't sell their coins at a loss. I always say to people, mine one, then you will know it's true value. Wink

Could the blockchain be destroyed. Possibly, they keep backups though, but the database is pretty funky and if there was a really high number of transactions, you never know. Some even called for banning certain gambling games with a high number of small transactions. (the recent fork issue). So not everything is ready for global transaction domination yet.

Foxpup

legendary

Activity: 4522

Merit: 3183

Vile Vixen and Miss Bitcointalk 2021-2023

Quote from: shockvibee on March 20, 2013, 03:09:50 PM

If you aren't receiving any support from a website that is the center of btc, why would you put all of this money in to it?

I put all of money into Bitcoin precisely because there isn't a website that is the centre of it. There is not a single individual person, organisation, company, or government anywhere that you can point to and say "If anything bad happens to this person/organisation/whatever, then Bitcoin will fail."

For example, take Bitcoin's inventor, Satoshi Nakamoto. That's not his/her real name, and nobody knows what is. Nobody even knows if he/she was working alone or as part of an organisation. He/she hasn't been heard from in years, and may in fact be dead. And what does this mean for Bitcoin? Absolutely nothing! It doesn't matter in the slightest whether Satoshi Nakamoto is dead or alive. And the same can be said for every person and company that is or has been involved in Bitcoin.

Bitcoin is completely decentralised and distributed. Bitcoin as a whole cannot be stopped by the loss of any part of it. That is what backs it up.

Gabi

legendary

Activity: 1148

Merit: 1008

If you want to walk on water, get out of the boat

Blockchain.info is a website wich offer a online wallet service.

If blockchain.info disappear... well you were wrong in the beginning, so nothing happens.

Quote

If you aren't receiving any support from a website that is the center of btc,

Wrong wrong wrong

piuk

hero member

Activity: 910

Merit: 1005

Quote from: shockvibee on March 20, 2013, 03:09:50 PM

I understand the process of obtaining btc but I might not have read in enough. I noticed blockchain.info doesn't get any support, and that's where btc comes from, right?

You might be confusing the blockchain which is a distributed database which holds a record of every bitcoin transaction and is sort of where btc comes from and the website blockchain.info which amongst over things displays information about the blockchain database.

Quote from: shockvibee on March 20, 2013, 03:09:50 PM

Is it possible everyone could wake up one morning and blockchain.info be gone? What would happen to btc?

Yes. Nothing, unless you have a wallet host at blockchain.info in which case a wallet backup can be imported into another client and be up and running again fairly quickly.

Maciek

full member

Activity: 254

Merit: 100

Well Bitcoins does not come from blockchain.info.
It's just an online wallet.

Somebody will explain to you soon. But please read a little bit more Wikipedia... there is nothing about blockchain.info... it's all about distributed blockchain.

But don't worry. Everybody here had to learn a lot - because bitcoin is all new technology.

shockvibee

newbie

Activity: 34

Merit: 0

So I have a question, is there anything ACTUALLY backing up btc? I understand the process of obtaining btc but I might not have read in enough. I noticed blockchain.info doesn't get any support, and that's where btc comes from, right?

If you aren't receiving any support from a website that is the center of btc, why would you put all of this money in to it?

Is it possible everyone could wake up one morning and blockchain.info be gone? What would happen to btc?

Topic: Bitcoin backing, blockchain.info? (Read 588 times)