4 ms·
> There's no value created by crunching random SHA-256. Sure there is. It’s a way to reach consensus on a sequence of transactions that defines the history of
by runeks 6y ago
> There's no value created by crunching random SHA-256.
Sure there is. It’s a way to reach consensus on a sequence of transactions that defines the history of Bitcoin. This is what enables Bitcoin to be decentralized, digital money. Unless you believe this has no value then crunching random SHA-256 hashes does indeed have value.
- jagger27 6y agoThere’s value created from every watt of electricity used to smelt aluminum. Almost all of the electricity used to crunch SHA256 hashes computes the wrong hash for the block.
- estaseuropano 6y agoThe only value in bitcoin mining is bitcoin. The value of aluminium remains outside of speculation as it has inherent utility, while the value of bitcoin only comes from speculation and a very very minimal use case as currency which has been solved hundreds of times in more coat effective ways (even with other crypto, but most importantly outside crypto).
- fastball 6y agoWhere has borderless money been solved more cost-effectively than Bitcoin outside of cryptocurrency? Have you done a study into how expensive existing fiat systems are, when all is said and done?
- Andrew_nenakhov 6y agoBut bitcoin has tremendous value. Just ask anyone who can't get bank account for some reason. Now you can transfer funds from abroad cheaper and faster than before.
- splintercell 6y agoNothing has inherent value, all value is subjective. This bad economic theory has been dismantled for over two centuries now. Replace inherent value with non-monetary value if that's what you mean.
- Gibbon1 6y agoNah. That's just and example of neoliberal economists trying to bury things they can't quantify while pretending to be a hard science.