• princeofsin [he/him]
      ·
      4 years ago

      how its value is (entirely and increasingly) based in the complex mathematical algorithms solved to

      Its not even that: https://braiins.com/blog/bitcoin-mining-analogy-beginners-guide

      • Multihedra [he/him]
        ·
        4 years ago

        I’m glad you linked this. I kept hearing “complicated math problems” over and over again, and decided to see what these problems were.

        Imagine my surprise when I learned it was just repeatedly guessing a fudge factor so that the hash takes on a certain form

        I do feel vindicated seeing others confirm that it isnt really a math problem at all (at least, that it’s not being solved mathematically or even attempting attempting to do so).

        I do get why people say it, but it kinda gives a weird air of authority to some guess-and-check stuff

        • gammison [none/use name]
          ·
          4 years ago

          Yeah it'd be one thing if you could encode useful work in the proof (like say fold a protein) but no most pow schemes are just shitty find the value that satisfies the hash function.

        • princeofsin [he/him]
          ·
          4 years ago

          NP, fam. I am one of the lucky people that was able to make 184k via btc and eth. I come from pakistan i am VERY LUCKY as a gen 0 migrant in this country. But having this money is even more stressful now since if I fuck up I will not be able to get my family out of poverty. Money sucks.

    • sam5673 [none/use name]
      ·
      4 years ago

      there's actually no reason for the energy intensive mining they could literally just use a random number generator to enforce scarcity it's an ideological choice