Bitcoins are selling for forgetTONS of money again. - Mt. Gox is down

[Tyler66]

then where are all the bitcoins even coming from

The new bitcoins are being generated by people who own powerful and large amounts of ASIC miners. These people are usually naturally rich getting even richer and people who have been bitcoin investors for a long time.

[Ad Bot]

[Bosie1997]

So what actually determines the value of bitcoins?

[Tyler66]

So what actually determines the value of bitcoins?

Like the conversion of every other currency: Demand and quantity.

[Redconer]

Someone grab a needle

[Tetris]

well someone just made $500,000

why didn't i invest in this

[Titanium Man]

if i would've invested 200 bucks 2 years ago i would've been a millionaire right now. sigh

[devildogelite]

well someone just made $500,000

why didn't i invest in this

Because in order to buy and sell you have to submit a bunch of personal info to some no name asian company.

[Tetris]

Because in order to buy and sell you have to submit a bunch of personal info to some no name asian company.

well apparently some people did

and look at them now

[Tyler66]

Because in order to buy and sell you have to submit a bunch of personal info to some no name asian company.

Do you even know how bitcoin works?

[ShadowsfeaR]

Once the last bitcoin is mined, the prices will be astronomical.

[Tetris]

Once the last bitcoin is mined, the prices will be astronomical.

silly boy

bitcoins dont physically exist

they are digital, which means they can just keep coming

^{i think..}

[ShadowsfeaR]

silly boy

bitcoins dont physically exist

they are digital, which means they can just keep coming

^{i think..}

No. There is a set amount of bitcoins, that's why they are so expensive at the moment, and will continue to increase in value. Its basically a giant continent of data that is being mined/decoded by a bunch of people.

[Tyler66]

silly boy

bitcoins dont physically exist

they are digital, which means they can just keep coming

^{i think..}

No. Eventually Bitcoins will be incapable of being mined. This was done intentionally to prevent inflation.

[Redconer]

silly boy

bitcoins dont physically exist

they are digital, which means they can just keep coming

^{i think..}

But they are non renewable, get your facts straight!

[Zanaran2]

forget, should have woke up in economics class