Originally Posted by shazeep
the founder operates under a pseudonym, for obvious reasons i guess. Abiding Now, the 'currency for the beast' would naturally exhibit properties that would make you pretty uncomfortable with the $. The supply of BTC comes from a proof-of-work, verified by other BTC 'miners,' meaning that as miners process transactions, more BTC is mined out. The system is bulletproof as long as no one miner is able to get enough computing power to overcome it, and the top 500 supercomputers together would no longer be enough. Going down the list here...the money you have isn't controlled by any government...the black market argument strikes me as a strawman, with every $100 bill in circulation containing traces of coke (and blood, i bet). Another quick note @ 'supply;' you can easily become a miner, should you desire; the code is open-source, and BTC provides all the earlier block chains for download. It is a fiat currency, a la Lincoln's 'Greenbacks,' which worked great. It overcomes the issues of a 'standard' for money.
It can be manipulated, just like any other currency; and in fact, the recent moves by China--which did not even test the BTC floor, btw--and the head fake by the NSA (? i think) claiming that they are going to unwind their substantial position, without actually having offered any for sale (and don't hold your breath, either, imo) may be considered market manipulation. The new Android devices are here, with BTC preloaded. If you go to youtube and search 'bitcoin,' there are lots of videos there, and i can prolly still find the 'original,' which is pretty dry unless you're a prog, or if you have any more Qs, i got a little more education on it than i need, lol. It is legitimate to say that the $ has lost ~95% of it's value to BTC since its inception, although i'm not sure that that has any meaning real-world, since it was new.
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