How can bitcoin keep track of my transfer?
If i trade 0.00000000001 btc with a friend for 10 000 dollars would that not fuck up the value of btc?
or
>take loan of 10,000,000
>set up 2 accounts
>make a fake buy 1 btc for 10 mil
> get 10 mil on 1 account
> get 1 btc on the second
would that not cause btc to increase value?
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thats now how it works mate.
never go full retard
so how exactly does it know the value of it?
christ just how stupid are you?
bitcoin doesn't assign a value to your bitcoin
Exchanges do. People buy and sell on exchanges just like stocks. Your one transaction is irrelevant compared to all the other trades happening
so by saying that you mean that my transaction is not recorded?
and if its not recorded does that not mean that the value has no real source rather a "idea" of how much its worth?
and if that is true, how can it keep track if all the sites selling/tracking it shut down? or fbi fucked every good site selling btc "legaly"?
It's fucking supply/demand you retard, no one gives a shit if you're buying bitcoins from yourself for a stupid amount if they have no chance in getting in and selling theirs at near the same amount, it's worth what it is because that's what people are willing to pay for it. Good luck with that 10 Mill loan you fucking simpleton
geez skiddie calm your tits
if you fucking think about it for a second you might realize what im trying to ask because alot of people that have been mining it for years have been asking the exact same question im asking
well okay, lets say 2018 all bitcoin trades are done person to person
how does bitcoin then know its value?
and who reports back to everyone what its worth if there is no one recording each transfer?
The bitcoins gets its value from the amount people pay for it on exchanges, who have an open record of all the recent exchanges and how much they paid for it. The price is whatever is in the middle of what people are asking for it and what people are willing to pay for it, when you sell a bitcoin to yourself for a million dollars, your transaction won't move this balance at all.
That's every a problem with every currency; its value is based of an idea.
>geez skiddie calm your tits
>and if that is true, how can it keep track if all the sites selling/tracking it shut down? or fbi fucked every good site selling btc "legaly"?
Who tells you what Jimmy from Ireland payed for his Coca-Cola at the gas station? No one does. Bitcoin trades aren't done person to person exclusively and never will be they're done on exchange sites, it's part of the reason it's financially driven so well. There's nothing illegal with bitcoin unless there's some form of washing going on and then of course it is. Nothing bitcoin related that's legitimate has ever been shut down I can only think of a few places and they were all Deep Web and used shady practices. You can't seem to grasp what Supply/Demand due to something though so I really don't think any of this will help you.
>the value has no real source rather a "idea" of how much its worth?
You just described all currency ever.
or lets say some chinese guy buys 1000 btc
tells 10,000 people to buy them for the dubble price on his market.
then gives them back their money
and then sells off his btc making a profit fucking up the value, who is going to go after them? bitcoin is not really legal or cared about enough to be able to call to police and say they are fucking the market up, so who is enforcing the value with any type of legit source?
I am having a hard time believing that you are this retarded
Read book kid. Or just wait for your highschool economics class next year
The only person asking this question is you . Everyone else knows economic theory
You can literally apply this with fucking anything. Literally how designer fashion and most things work in life. Get used to this shit friend. Most likely underage b&
>ask question
>wow how can you be this retarded not knowing how it works?
dude, i didnt turn the heat up chill the fuck out im trying to understand this bc its not the same as every other currency being controlled by banks? or am i wrong?
I think you're just wrong dude. Pretty sure BC is like any other currency, it's just all digital and backed differently.
You are wrong on so many levels
All fiats are backed by faith now days.
you got 5$ btc for me OP?
ask the same question 10,000,000 times over the past 1 year
on a fake site
owned by only you
what would happend? how would they realize that they are fucking the value up? or atleast make it some amount that is more reasonable but constantly making it higher and higer instead.
i dont really understand how it would be a crime when noone really owns the coin exept everyone?
there is no police / country backing it with people unless you try to get some people to arrest the person doing it?