Cloud Kicker (critialcloudkicker)'s status on Tuesday, 08-Oct-13 20:32:22 UTC
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@pony I do not know snake-oil. But I guess there are similarities. Also Bitcoins do not require computations to make, but rather, it is a decentralized currency, so "someone" needs to keep tabs on the transactions. This is where the miners come in. These miners are basically the people who are checking every transaction and digitalize it into a database. They are rewarded by getting bitcoin themselves. ( And then there are group of people who decide to mine together and split the profit ). Since the amount of Bitcoin availible in the world at any time is a known fixxed number ( snake-oil is not ) the worth is easier to determine
