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Author Topic: Bitcoin backing, blockchain.info?  (Read 488 times)
shockvibee
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March 20, 2013, 08:09:50 PM
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So I have a question, is there anything ACTUALLY backing up btc?  I understand the process of obtaining btc but I might not have read in enough.  I noticed blockchain.info doesn't get any support, and that's where btc comes from, right?

If you aren't receiving any support from a website that is the center of btc, why would you put all of this money in to it?

Is it possible everyone could wake up one morning and blockchain.info be gone? What would happen to btc?
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Maciek
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March 20, 2013, 08:18:22 PM
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Well Bitcoins does not come from blockchain.info.
It's just an online wallet.

Somebody will explain to you soon. But please read a little bit more Wikipedia... there is nothing about blockchain.info... it's all about distributed blockchain.

But don't worry. Everybody here had to learn a lot - because bitcoin is all new technology.

amlt.coinfirm.io - The token of compliance by Coinfirm
piuk
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March 20, 2013, 08:25:08 PM
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I understand the process of obtaining btc but I might not have read in enough.  I noticed blockchain.info doesn't get any support, and that's where btc comes from, right?

You might be confusing the blockchain which is a distributed database which holds a record of every bitcoin transaction and is sort of where btc comes from and the website blockchain.info which amongst over things displays information about the blockchain database.

Is it possible everyone could wake up one morning and blockchain.info be gone? What would happen to btc?

Yes. Nothing, unless you have a wallet host at blockchain.info in which case a wallet backup can be imported into another client and be up and running again fairly quickly.

Gabi
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March 20, 2013, 08:44:37 PM
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Blockchain.info is a website wich offer a online wallet service.

If blockchain.info disappear... well you were wrong in the beginning, so nothing happens.
Quote
If you aren't receiving any support from a website that is the center of btc,
Wrong wrong wrong
Foxpup
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March 21, 2013, 01:42:03 AM
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If you aren't receiving any support from a website that is the center of btc, why would you put all of this money in to it?
I put all of money into Bitcoin precisely because there isn't a website that is the centre of it. There is not a single individual person, organisation, company, or government anywhere that you can point to and say "If anything bad happens to this person/organisation/whatever, then Bitcoin will fail."

For example, take Bitcoin's inventor, Satoshi Nakamoto. That's not his/her real name, and nobody knows what is. Nobody even knows if he/she was working alone or as part of an organisation. He/she hasn't been heard from in years, and may in fact be dead. And what does this mean for Bitcoin? Absolutely nothing! It doesn't matter in the slightest whether Satoshi Nakamoto is dead or alive. And the same can be said for every person and company that is or has been involved in Bitcoin.

Bitcoin is completely decentralised and distributed. Bitcoin as a whole cannot be stopped by the loss of any part of it. That is what backs it up.

Will pretend to do unverifiable things (while actually eating an enchilada-style burrito) for bitcoins: 1K6d1EviQKX3SVKjPYmJGyWBb1avbmCFM4
Gator-hex
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March 21, 2013, 02:57:11 AM
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The cost of equipment and electricity to produce a Bitcoin is it's backing as far as I'm concerned.
A miner won't sell their coins at a loss.  I always say to people, mine one, then you will know it's true value. Wink

Could the blockchain be destroyed. Possibly, they keep backups though, but the database is pretty funky and if there was a really high number of transactions, you never know. Some even called for banning certain gambling games with a high number of small transactions. (the recent fork issue). So not everything is ready for global transaction domination yet.

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