Article View: alt.folklore.computers
Article #620244Re: Bitcoin confusion?
From: Gareths Downstairs Computer
Date: Mon, 05 Feb 2018 17:32
Date: Mon, 05 Feb 2018 17:32
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2829 bytes
On 05/02/2018 16:59, John Levine wrote: > In article <p59vu0$5go$1...@dont-email.me>, > Gareth's Downstairs Computer <headstone255.but.n...@yahoo.com> wrote: >> AIUI the face value of a bitcoin is only about $2, so in a purchase >> transaction, is its value that $2, or its current trading value? > > Bitcoins have no face value. They're just software. > >> Also, is the bitcoin backed by a gold standard, or has all the money >> used to buy in to the bitcoin gone to line the pockets of >> its inventors? > > It's not backed by anything. Satoshi, the pseudonym of the guy who > invented it, dropped off the radar many years ago, and the money that > people have used to buy bitcoins have gone to people like this: > > https://www.nytimes.com/2018/02/02/technology/cryptocurrency-puerto-rico.html > So, I sell nothing whatsoever for $billions!! Looks like the fable about the Emperor's new clothes. Like most activities, such as in mobile phones, you make your money by being in at the outset.
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