Can anyone explain how bitcoin actually works?
I am taking into consideration buying some.
Some light reading to get started on:
http://nakamotoinstitute.org/literature/
Followed by:
http://szabo.best.vwh.net
Then buy ethereum.
>>1038344
people forced buttcoin into existence, they then gave them an imaginairy value and started selling them to NEETs, you could also force your own bitcoins into existence through "mining" them, out of nowhere, which is time consuming and will kill your electrical bill
The actual value of bitcoins are as much as someone can convince someone else to pay for it, basicly, if i make "asscoin" right this minute, the value will be however much i can convince you to pay for it, it is then your job to find someone as stupid as yourself to get your money back.
The circulation is something like this:
>make bitcoin
>sell bitcoin to losers for real money
>sell drugs for bitcoin
>go to step 2
>>1038344
Go read the wiki. It's just another scam.
>>1038380
I think people underestimate the value inherent in the fact that they allow you to buy drugs online. You can't do that with PayPal and I know a few people who buy and hold bitcoin for as long as it takes to select and order their favourite illegal substance.
It would have 2008 values without a highly publicised black market that accepts it as currency.
>>1038481
This makes it more of a payment method rather than a currency though.
It's not a currency if it's just quickly used to make and receive payment for drugs...
