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No, the bits are solutions to hard computational puzzles, and they are securely timestamped and published, so that you always know exactly what the money supply
by blastomere 18y ago
No, the bits are solutions to hard computational puzzles, and they are securely timestamped and published, so that you always know exactly what the money supply is. More on the markets and economics of bit gold here:
http://unenumerated.blogspot.com/2008/04/bit-gold-markets.html http://unenumerated.blogspot.com/2008/04/bit-gold-markets.ht...
- wmf 18y agoI admit that my understanding of some of these concepts like futures contracts is negligible, but it still seems bad if, say, 90% of all bit gold is generated by criminals at no cost to them, while regular people have to expend their own resources to create (or buy) bit gold.