Bitcoin now trading at 65.88$\BTC

"It'll never hit thirty, I mean forty, I mean fifty, before it crashes!" they said.

I bet you faggots sure are glad that you never found a way to short them!

I don't understand how it work? Encryption? WTF is mining? how are they verified to be legitimate? if they can be "mined", wont a better hardware component or algorithm blow it up?