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?

CIA?

/8char

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



Why dont you look through the sourcecode?

The data is to self-control all the transactions.

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

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.

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

what wars were those? which presidents?

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!

Right now 1 BTC is 70 dollars.

A few days ago they were 50 dollars.

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?

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

Because it's a cryptocurrency :)

I agree with the CIA angel :P

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?