The Covid-19 pandemic that blazed across 2020 has thrown the world into disarray. Economic damage that has triggered the breakdown of the system signals a dire need for change. As the old system is getting dismantled and global leaders jump in to fix the problems, Bitcoin is now gaining traction, increasing in price and welcoming […]

Excuse me what the fuck

  • Multihedra [he/him]
    ·
    4 years ago

    Yeah this is level 7 cringe.

    Unlike the US dollar that infinitely expands through the money printing press, Bitcoin with its fixed monetary supply of 21 M has a built-in scarcity being tied to real resources. In the article “Bitcoin and thermodynamics”, author Kunt Svanholm described Bitcoin as a battery, one that was the best ever invented. He noted how Bitcoin “offers a way of converting energy into a small part of a specific number”. He describes it like a kind of “mathematical battery” and how it converts electricity into digital scarcity”, which “then can be programmed to express value”.

    I had to look it up the other day, since I know a bit of math and always heard this kind of “solving math problems bro!” language around Bitcoin mining.

    It’s fucking dumb. Literally all Bitcoin mining does is guess-and-check a staggering number of different fudge factors until the encryption of the transaction ledger has a certain format.

    Its fucking stupid. It’s a fine thing to do if you accept the premise that Bitcoin existing is good, but the “mathematics” it does is truly just asking “is this your card?” trillions of times.

    Also this is one of the subheads lol

    The world’s truly free market