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Tons of folks bought extra gpus (and in proxy cpus/mobos/etc) and ran extra computers strictly to mine bitcoins (and other coins, which occurred strictly due to

Tons of folks bought extra gpus (and in proxy cpus/mobos/etc) and ran extra computers strictly to mine bitcoins (and other coins, which occurred strictly due to the popularity of bitcoin). They bought and mined for the idea of getting easy rich on the disguise that it helps the poor that don't have access to money or computers since the governments of the world forced them to be poor with currency that wasn't created by the internet. I'm wondering if there was a decrease in self-help book/video sales. The companies that really profited were power providers and gpu manufacturers. Nvidia even publicly claimed that the mining rise really helped their stocks. It was an artificial demand like Beanie Babies. I'm open to a real argument that it was a real demand outside of those people who think that Tai Lopez is a business messiah.

keymone 7y ago
> Tons of folks bought extra gpus early days yes, that ended more than five years ago (for bitcoin). > I'm open to a real argument that it was a real demand outside of those people who think that Tai Lopez is a business messiah. here's an argument: bitcoin's value is first and foremost in it's security, specifically in how immutable is the ledger. level of security is defined by hashrate and difficulty. security of one's money/investment is always in demand - that's why bitcoin's price is what it is and that's the real driving force behind ever growing hashrate. of course there are other feedback loops, there are periods of unreasonable bullishness and bearishness, but there always was and always will be demand for security of your wealth and if not via bitcoin that energy would have been spent via different means to achieve that level of security.