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Top message:  Major bitcoin exchange said to be insolvent by loco503   Feb 25, 2014, 11:32 AM

Replying to:  Re: Major bitcoin exchange said to be insolvent by loco503   Feb 25, 2014, 12:48 PM

Re: Major bitcoin exchange said to be insolvent

by KraventheRaven    Feb 25, 2014, 3:22 PM

Who's behind the currency?

A: It's a mystery. Bitcoin was launched in 2009 by a person or group of people operating under the name Satoshi Nakamoto and then adopted by a small clutch of enthusiasts. Nakamoto dropped off the map as Bitcoin began to attract widespread attention, but proponents say that doesn't matter; the currency obeys its own, internal logic.


Lol, what? Seriously?! No one knows where and how this internet currency came to be yet people jumped on the bandwagon just because it promised "total independence from government manipulation". Also, it obeys it's own internal logic? Like this is some sentient AI currency?!


A: Bitcoins are basically just lines of computer code that are digitally signed each time they travel from one owner to the next.


Q: Is Bitcoin particularly vulnerable to counterfeiting?

A: The Bitcoin network works by harnessing individuals' greed for the collective good. A network of tech-savvy users called miners keep the system honest by pouring their computing power into a blockchain, a global running tally of every bitcoin transaction. The blockchain prevents rogues from spending the same bitcoin twice, and the miners are rewarded for their efforts by being gifted with the occasional bitcoin. As long as miners keep the blockchain secure, counterfeiting shouldn't be an issue.


So, if each Bitcoin has it's own "digital fingerprint" why is it so hard to track these 700,000+ Bitcoins by these so called "miners"?

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