LogFAQs > #879832360

What I'm about to say is from my own knowledge and I could be flat out wrong so don't take it too seriously.


xjayguyx posted...

Bitcoin is dumb. Only used for illegal activities. I see it getting hacked bad or just going away one day due to no one trusting it.

Why is Bitcoin worth anything?

Short answer: there's demand for it

Longer answer: there's essentially a finite amount of it as getting more is very difficult, not to mention it's untraceable and secure so it can be used as payment to anyone who accepts it which is mainly why it's valuable.


As for it going away, it's like asking for real life currency to go away and we don't like in the Star Trek universe you know.

I still to this day have no idea how the mining works or why anyone even cares about it.

If I remember right, every single Bitcoin has a very complicated and specific ID to make it valid, essentially acting like DNA when you take the right combinations of amino acids to turn it into something that isn't useless goop.

Mining works by using countless code writing processes to put together and generate this "DNA" and some more processes to see if they're claimed or not, and if they're not then that's a free Bitcoin you have made out of thin air all in your pocket. And no, knowing the code of someone else's Bitcoin isn't enough to steal it as you still need a 256 character code to access it.

Now it sounds easy to make them but it literally takes entire rooms full of servers to have enough CPU power to actually do this so it comes very slowly, and I answered your last point before.

1 ounce of pure gold is less $ than 1 bitcoin right now.. lmao okay.

If you were an alchemist and could make gold using lead (even if it's a little bit every time) then you sure as hell aren't going to dig for it, not to mention one is a resource and the other is a type of currency so apples to oranges.
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You are now blinking and breathing manually.
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