What is Bitcoin Data used for? - GoFuckYourself.com

nexcom28 · 03-22-2013, 03:43 PM

So a PC is mined which generates packets of data, what is this then used for and who overall controls it?

Markul · 03-22-2013, 03:46 PM

CIA?

/8char

Emil · 03-22-2013, 03:48 PM

Alex Jones prints it and uses it as toilet-paper.

Why dont you look through the sourcecode?

Dirty F · 03-22-2013, 04:02 PM

The data is to self-control all the transactions.

Dirty F · 03-22-2013, 04:04 PM

Everybody controls it. The more data gets mined the more secure Bitcoin will be.

Dirty F · 03-22-2013, 04:04 PM

nexcom28 · 03-22-2013, 04:06 PM

So where is the value?

If a packet of data was sold to someone else I could understand it

But

If a packet of data is used to regulate the chain, what gives it value?

MrMaxwell · 03-22-2013, 04:07 PM

Quote:

Originally Posted by nexcom28

So where is the value?

If a packet of data was sold to someone else I could understand it

But

If a packet of data is used to regulate the chain, what gives it value?

To simplify things, they're saying that the more people who create and use these, the more secure they become. In turn, the more secure they are, the more inherent value there supposedly is.

nexcom28 · 03-22-2013, 04:19 PM

I see and is it worth paying $50 for 1 bitcoin?

MrMaxwell · 03-22-2013, 04:24 PM

Quote:

Originally Posted by nexcom28

I see and is it worth paying $50 for 1 bitcoin?

That all depends on who you are, who you believe and what your goals are.
I keep trying to tell everyone governments won't allow this bitcoin forever.
You fuck with currency and big banks/government will shut you down
US presidents have died over it, wars have happened, etc.
You don't fuck with their currencies

dyna mo · 03-22-2013, 04:26 PM

Quote:

Originally Posted by MrMaxwell

That all depends on who you are, who you believe and what your goals are.
I keep trying to tell everyone governments won't allow this bitcoin forever.
You fuck with currency and big banks/government will shut you down
US presidents have died over it, wars have happened, etc.
You don't fuck with their currencies

what wars were those? which presidents?

Dirty F · 03-22-2013, 04:28 PM

Quote:

Originally Posted by nexcom28

So where is the value?

If a packet of data was sold to someone else I could understand it

But

If a packet of data is used to regulate the chain, what gives it value?

The amount of Bitcoins is limited. There are 10 million coins mined right now. Every 4 years the amount of coins you can mine will be less.
And at the same time there will be millions of people who want to use Bitcoins.
When millions of people want to buy a Bitcoin and there are only 15 million (for example) coins available...the price of 1 coin will be ridiculous!

Dirty F · 03-22-2013, 04:30 PM

Quote:

Originally Posted by nexcom28

I see and is it worth paying $50 for 1 bitcoin?

Right now 1 BTC is 70 dollars.

A few days ago they were 50 dollars.

nexcom28 · 03-22-2013, 04:31 PM

Why is everything so cryptic?

Why, every 4 years will the amount of coins that can be mined less?

Is this due to the maximum amount of computers or something?

dyna mo · 03-22-2013, 04:36 PM

it's cryptic because you are not researching bitcoins properly.

Dirty F · 03-22-2013, 04:41 PM

Quote:

Originally Posted by nexcom28

Why is everything so cryptic?

Why, every 4 years will the amount of coins that can be mined less?

Is this due to the maximum amount of computers or something?

Because it's a cryptocurrency

Chris · 03-22-2013, 04:59 PM

I agree with the CIA angel :P

Chris · 03-22-2013, 05:02 PM

Franck - I noticed that today was the first day in the past week or so that bitcoin didnt have a huge jump and sort of leveled out/lost some value and it is sitting at 70 right now

do you think this is the level out point? will it shoot up again fast and furious? Will it drop?

03-22-2013, 03:43 PM	#1
nexcom28 So Fucking Banned Join Date: Jan 2005 Posts: 3,716	What is Bitcoin Data used for? So a PC is mined which generates packets of data, what is this then used for and who overall controls it?

03-22-2013, 03:48 PM	#3
Emil Confirmed User Join Date: Feb 2007 Location: Sweden Posts: 5,650	Alex Jones prints it and uses it as toilet-paper. Why dont you look through the sourcecode? __________________ Free 🅑🅘🅣🅒🅞🅘🅝🅢 Every Hour (Yes, really. Free ₿itCoins.) (Signup with ONLY your Email and Password. You can also refer people and get even more.)

03-22-2013, 04:59 PM	#17
Chris Too lazy to set a custom title Industry Role: Join Date: May 2003 Location: icq: 71462500 Skype: Jupzchris Posts: 27,880	I agree with the CIA angel :P __________________ [email protected]

03-22-2013, 05:02 PM	#18
Chris Too lazy to set a custom title Industry Role: Join Date: May 2003 Location: icq: 71462500 Skype: Jupzchris Posts: 27,880	Franck - I noticed that today was the first day in the past week or so that bitcoin didnt have a huge jump and sort of leveled out/lost some value and it is sitting at 70 right now do you think this is the level out point? will it shoot up again fast and furious? Will it drop? __________________ [email protected]

03-22-2013, 03:46 PM	#2
Markul Likes Pie Industry Role: Join Date: Dec 2007 Location: The land that liberated porn Posts: 12,401	CIA? /8char

03-22-2013, 04:02 PM	#4
Dirty F Too lazy to set a custom title Industry Role: Join Date: Jul 2001 Posts: 59,204	The data is to self-control all the transactions.

03-22-2013, 04:04 PM	#5
Dirty F Too lazy to set a custom title Industry Role: Join Date: Jul 2001 Posts: 59,204	Everybody controls it. The more data gets mined the more secure Bitcoin will be.

03-22-2013, 04:06 PM	#7
nexcom28 So Fucking Banned Join Date: Jan 2005 Posts: 3,716	So where is the value? If a packet of data was sold to someone else I could understand it But If a packet of data is used to regulate the chain, what gives it value?

03-22-2013, 04:19 PM	#9
nexcom28 So Fucking Banned Join Date: Jan 2005 Posts: 3,716	I see and is it worth paying $50 for 1 bitcoin?

03-22-2013, 04:31 PM	#14
nexcom28 So Fucking Banned Join Date: Jan 2005 Posts: 3,716	Why is everything so cryptic? Why, every 4 years will the amount of coins that can be mined less? Is this due to the maximum amount of computers or something?

03-22-2013, 04:36 PM	#15
dyna mo The People's Post Industry Role: Join Date: Dec 2008 Location: invisible 7-11 Posts: 64,873	it's cryptic because you are not researching bitcoins properly.