2013-07-14 Unwrapping the riddle of Bitcoin

[lewisg]

http://www.atmmarketplace.com/article/215877/Unwrapping-the-riddle-of-Bitcoin-infographic

The first thing to know about Bitcoin is that it has no direct correlation to "value for work" — at least, not human work.

Fiat currency arose out of a barter system that said "My beef critter took twice as much work to raise as your pork critter. Hence, I will trade my beef critter for no less than two pork critters."

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[Chet]

Indeed.
But that original form of trade/barter/currency has nothing to do with the junk the banks float either.

[FreeMoney]

http://www.atmmarketplace.com/article/215877/Unwrapping-the-riddle-of-Bitcoin-infographic

The first thing to know about Bitcoin is that it has no direct correlation to "value for work" — at least, not human work.

Fiat currency arose out of a barter system that said "My beef critter took twice as much work to raise as your pork critter. Hence, I will trade my beef critter for no less than two pork critters."

Not.

My worthless hole took 10x longer to dig than it took you to build that chair, please send me 10 chairs now.

[FreeMoney]

Bitcoins arose from a computer program that says "His computer can calculate math problems twice as fast as your computer. Hence, he gets 50 bitcoins for his computing power. For yours, you get nothing."

Seriously, that is how it works.

I guess the "most wrong bitcoin article" competition is still running?

[Spaceman_Spiff]

Bitcoins arose from a computer program that says "His computer can calculate math problems twice as fast as your computer. Hence, he gets 50 bitcoins for his computing power. For yours, you get nothing."

Seriously, that is how it works.

I guess the "most wrong bitcoin article" competition is still running?

 What is in it for the winner?

[solex]

Bitcoins arose from a computer program that says "His computer can calculate math problems twice as fast as your computer. Hence, he gets 50 bitcoins for his computing power. For yours, you get nothing."

Seriously, that is how it works.

I guess the "most wrong bitcoin article" competition is still running?

 What is in it for the winner?

A prize choice of 10,000 YAcoins, Royalcoins or Junkcoins