I'm new to the forums however, I've been a long time bitcoin miner. Since I have to post here, I will share something I came across today.
This was an article on Forbes, about
BTC and thought it was interesting.
Headline was
"Bitcoin Valued At $1300 By Bank of America Analysts"Specifically, the analogy they use to explain how bitcoin works. (Not 100% accurate but, does a fine job if you were trying to explain it to a family member, co-worker etc).
As a rough analogy, suppose competing journalists (miners) are asked to document the national news on each given day for the National Archives. The journalist is asked to write down the events (transactions) in a book (block) and the Archive will eventually buy one such book for a fixed fee. To determine which of the books the Archive will buy the archive has an additional requirement for journalists that the book contains the fingerprints of 10 people whose birthday was on that particular day. Note that the list of people isn’t related to the national news (transactions) but is simply meant to control the supply of books coming out per day. As more journalists collaborate to find people, the Archive increases the number of fingerprints required.
Source:
http://www.forbes.com/sites/kashmirhill/2013/12/05/bank-of-america-analysts-say-bitcoins-value-is-1300/
Oh! And BTW Let me out of this newbie status. Actually, this is the second time posting here. 
