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I'm hardly an expert in bitcoins, but: simply having more computational power isn't enough, you have to use it. That computational power is valuable; if you're
by cwp 16y ago
I'm hardly an expert in bitcoins, but: simply having more computational power isn't enough, you have to use it. That computational power is valuable; if you're mining bitcoins you're not using it for whatever it is that you bought all that capacity for in the first place. I doubt that Google or Amazon or the NSA are going to abandon what they're doing now to mine bitcoins.
- kd0amg 16y agosimply having more computational power isn't enough, you have to use it You can say that about any resource. It's still generally easier for someone who's wealthier to put up more of that resource.
- cwp 16y agoYes, that's the nature of wealth. The point is that Bitcoin really is different from other currencies in terms of how bitcoins are created. Dollars are largely created by banks. They get special permission from the government to create dollars and lend them out. Bitcoins, in contrast, can be created by anyone with some computing power, no permission needed. The fact that one must expend resources to create bitcoins is what makes them valuable - a currency that anyone could create with no effort would be worthless.