Bitcoin

[Moonwitch]

Exactly what makes bitcoin have value? People that buy it?

[Tgo01]

Exactly what makes bitcoin have value? People that buy it?

Same thing that makes any currency valuable; people's belief that it has value.

[Latrinsorm]

Same thing that makes any currency valuable; people's belief that it has value.

You couldn't be more wrong. Every bitcoin uses 79-bit encryption (hence the name), 79 is the atomic number of gold, gold is intrinsically valuable, therefore bitcoins will be valuable forever.

[cwolff]

It received a $1.5 million investment last year from Cameron and Tyler Winklevoss. Shrem is also vice chairman of the Bitcoin Foundation, one of the currency's biggest advocates.

These fucks need to get a new line of work.

[Rolis]

http://www.youtube.com/watch?v=ugkLGKrYhy4

Looks like the shit has real money tied to it from corporate investments.

People "Mine" for bitcoins by using their high-end computers to complete advanced FPGA algorithms.

This saves large companies money rather than have to rent/maintain a large amount of computers to do the same.

Pretty smart on the part of companies actually.

[Atlanteax]

Dun dun DUN!!!

http://money.cnn.com/2014/02/10/inve...html?iid=HP_LN

Bitcoin prices plunged again Monday morning after Mt.Gox, the major exchange for the virtual currency, said technical problems require it to continue its ban on customer withdrawals.

[Gelston]

Heh, it is also completely banned in Russia.

[Taernath]

I heard the miners are verrrrry close to tipping the 50% mark.

[Gelston]

I heard the miners are verrrrry close to tipping the 50% mark.

Yeah, I heard that too.. They said they aren't purposely trying to though.

[cwolff]

I think it's timed to 1 block every 10 minutes and it gets progressively more difficult the more blocks are out there. From what I read the other day, the final block will be mined in 2050.