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A comment on BTC correction happening?. Parent comment

Re:BTC correction happening? by betterunix on Monday November 18, 2013 @09:33PM (#6758886)
1. Bitcoin is not backed by anything. The work that goes into creating Bitcoin via the mining process has no bearing whatsoever on the value or utility of Bitcoin.

2. USD is backed by the law -- laws concerning debts, laws concerning taxes, laws concerning torts, etc. The law is what makes USD useful, which is why USD has value.

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Re:BTC correction happening? by gustoffen on Tuesday November 19, 2013 @01:18AM (#6759586)
You are wrong about point number 1. The purpose of mining is to process and secure bitcoin transactions. The work that goes into mining is what provides the utility of bitcoin. The 25 btc mining reward is just an incentive.
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Re:BTC correction happening? by betterunix on Tuesday November 19, 2013 @06:57AM (#6760546)
The problem with your theory is that it permits anyone to start their own Bitcoin fork and magically people will use it.
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Re:BTC correction happening? by shitgoose on Monday November 18, 2013 @10:28PM (#6759080)
Nice touch - write comments like this while smoking grass purchased on SR2 with Bitcoins:) You have great sense of humor.
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