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Nothing more useful for humanity, I think. It is literally mining electronic gold which facilitates transactions removing need for trusted third party. You may
by gtt 9y ago
Nothing more useful for humanity, I think. It is literally mining electronic gold which facilitates transactions removing need for trusted third party. You may not ever pay for something "useful" in your life in bitcoin, like you've probably never paid with gold, which is still useful for governments and big investors as store of value.
- yitchelle 9y agoThe gold that is mined has useful industrial application. Not so sure about Cryptocurrency..
- deleted 9y ago[deleted]
- tyrust 9y ago>Not so sure about Cryptocurrency In the case of PoW cryptocurrencies, like Bitcoin, the token is the reward for the useful application: verifying a series of transactions.
- cortic 9y agoI think you are looking at it wrong; its like saying a bank teller or stockbroker or even a cash machine has no 'useful industrial application'. They are necessary for the currency to work, and they must be paid to do a job. I suspect paying a cryptocurrency miner their 'fee' is a lot cheaper (per transaction).
- bb88 9y agoThere's a non-zero cost with making stock trades, keeping money secure, and transporting money into an ATM machine. There is a practical (as close as we can get) non-zero cost for moving bits around the internet. It seems like there should be a similar mechanism for building trust in the blockchain.