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Old July 10, 2013, 08:06 AM
igot6strings igot6strings is offline
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Join Date: Jul 2012
Location: St. John's, Newfoundland
Posts: 417
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You are only mining the transactions that are taking place in a heavily encrypted form. There is no data being mined outside the transactions. The work is nothing more than the transactions and a few hidden or magic blocks to sum it up. Keeps itself in check. Its constantly reconfirming all the transactions that took place prior to the current block.
Thats my understanding of it anyway.

Folks literally are making money out of nothing. Its backed by a few services that accept it but the value does indeed come from the community and its investors. Its worth $2billion already though.
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