Who started Bitcoins and how rich are they?

[Socks]

Curious...

[Doctor Dre]

https://en.bitcoin.it/wiki/Satoshi_Nakamoto

It was ideological (political).

[Ferus]

Lots of pool managers are making a good share of $ these days, due to newcomers whom uses the default address when mining, or newer reached minimum payout

[JFK]

You're not rich, till you cash out and put it into something tangible. It can dissapear, just as fast as it came on the scene

[ilnjscb]

richer than the foundations of the earth!!

[DWB]

Originally Posted by JFK

You're not rich, till you cash out and put it into something tangible. It can dissapear, just as fast as it came on the scene

Until you cash out or buy something real with them, you have nothing but a dream.

[- Jesus Christ -]

Real...

[woj]

Originally Posted by - Jesus Christ -

Real...

primary purpose of currency is supposed to be a "medium of exchange", not an investment... it goes down in value over time, but so what? it's serving it's primary purpose quite well...

[onwebcam]

He sold out at $1 and is now a broke squater.

[Sly]

Yet one still has a decent amount of confidence throughout the world, while the other completely crashes due to "too many customers."

[- Jesus Christ -]

Originally Posted by woj

it goes down in value over time, but so what?

Is that a serious question?

You don't understand how that rapes the middle and lower class? You don't understand how that's a hidden tax? You don't understand how that FORCES people into stock markets? You don't understand how that punishes people for saving? You don't understand how that encourages people spend beyond their means and go into debt?

The average person been fed a line of economic bullshit and reality is knocking.

[woj]

Originally Posted by - Jesus Christ -

Is that a serious question?

You don't understand how that rapes the middle and lower class? You don't understand how that's a hidden tax? You don't understand how that FORCES people into stock markets? You don't understand how that punishes people for saving? You don't understand how that encourages people spend beyond their means and go into debt?

The average person been fed a line of economic bullshit and reality is knocking.

who is most effected by it is debatable... isn't middle and lower class generally in debt? so wouldn't inflation actually benefit them? you really think people go into debt debt because inflation encourages them to?

it encourages people to invest their wealth, instead of mindlessly hoarding it... is that such a bad thing?

[- Jesus Christ -]

Originally Posted by woj

it is debatable...

No, its actually not debatable unless your goal is to waste my time trying to sound right on a message board.

[pimpmaster9000]

shit like this has been around for ever...its just a ponzi with a silly "mining" twist...

[JFK]

Originally Posted by crucifissio

shit like this has been around for ever...its just a ponzi with a silly "mining" twist...

yes, I was looking for the Ponzi word, but couldnt think of it

[Serge Litehead]

Originally Posted by woj

primary purpose of currency is supposed to be a "medium of exchange", not an investment... it goes down in value over time, but so what? it's serving it's primary purpose quite well...

it goes down in value over time for a simple fact that it's being diluted with more, that's inflationary currency and economy, sucking out value with passing time.

we haven't tried concept of deflationary economy where there is a limited amount of currency units available but can be almost infinity divided. bitcoin allows us to try it, where value of savings grows with time instead of diminishing and cost of everything else going down, not up.

i'm surprised you don't recognize medium of exchange benefit in bitcoin technology wise, given there are not much to be exchanged at the moment - but how could anyone expect all benefits at once instantly with something so new and radical? as more businesses start accepting bitcoin - there will be more things to buy with it. as for now, bitcoin is still being discovered by the world, it's a high risk/high reward investment medium for some years up ahead. and with limited supply and solid tech behind there is no reason it will ever crash to 0 due to all benefits it offers as a medium of exchange.

[dyna mo]

Originally Posted by crucifissio

shit like this has been around for ever...its just a ponzi with a silly "mining" twist...

bitcoin is a social construct that could only be happening due to the internet and the world we live in.

what we are witnessing here is the birth of something very new.

call it a ponzi if you wish and while btc is more than likely going to fail, taking a fair amount of speculators with it- just like the internet bubble, it will leave an infrastructure/ecosystem that will ultimately be embraced.

[2012]

good question. nobody really knows

[onwebcam]

Originally Posted by 2012

good question. nobody really knows

"The people behind Bitcoin speak to the Guardian's James Ball at their home in a squat in central London"
http://www.guardian.co.uk/technology...currency-video

[Dirty F]

Originally Posted by JFK

yes, I was looking for the Ponzi word, but couldnt think of it

Yup, the words that all the idiots who are totally clueless about bitcoin use.

Congrats, you are now part of them.

Not that expected anything else from you though.

[pimpmaster9000]

Originally Posted by Dirty F

Yup, the words that all the idiots who are totally clueless about bitcoin use.

Congrats, you are now part of them.

Not that expected anything else from you though.

definition:
A Ponzi scheme is a fraudulent investment operation that pays returns to its investors from their own money or the money paid by subsequent investors, rather than from profit earned by the individual or organization running the operation.

obviously its not a ponzi

[Dirty F]

Originally Posted by crucifissio

definition:
A Ponzi scheme is a fraudulent investment operation that pays returns to its investors from their own money or the money paid by subsequent investors, rather than from profit earned by the individual or organization running the operation.

obviously its not a ponzi

Obviously, finally you are starting to use your brain.

[TrashyGirl]

Originally Posted by dyna mo

bitcoin is a social construct that could only be happening due to the internet and the world we live in.

what we are witnessing here is the birth of something very new.

call it a ponzi if you wish and while btc is more than likely going to fail, taking a fair amount of speculators with it- just like the internet bubble, it will leave an infrastructure/ecosystem that will ultimately be embraced.

"Three eras of currency," Chris Dixon, a partner at Andreesen Horowitz and well-known technology investor, recently wrote on a personal website. "Commodity based, e.g., Gold; Politically based, e.g., Dollar; and Math based, e.g., Bitcoin." For those whose idea of money still involves greenbacks and metal coins, Bitcoins do not exist in any explicit physical form. The creators wrote algorithms that allow only a finite number of Bitcoins to be created ? the count is currently around 11 million ? with new coins "mined" by programmers who solve mathematical riddles. The coins can then be bought and sold through upstart exchanges, and held in what are known as virtual wallets.

Source article: http://www.smh.com.au/technology/tec...412-2hp6n.html