Bingo! No other function for crypto currencies. It’s like miners, they put a lot of energy in diggin’ dirt to get to the gold! Removing tons of earth to be left with some specks of shimmer.
1 Like
“PayPal Launches ‘Checkout With Crypto’ to Let Users Pay in Bitcoin and Convert to Fiat for Merchants”
What’s the point of doing so?
So why not just skip the processing and just pull out random numbers? How does crypto exchange know if it was just some random number and not ones that was crunched out?
I mean otherwise I could just use a bank of gpu to say render a second of some MCU level animation, at least that’s worth something.
You can ask the same question about gold. Who determine how much a gold bar is worth? Why does the price go up and down?
Because gold is finite, can’t be cloned.
Numbers can be randomly generated and cloned.
Then why would gold prices ever go down?
Because since the Great Depression we no longer use the gold standard, so gold is only worth as much as people are willing to pay for it.
But gold is finite. All the gold mined in the history of mankind fits in a cube 20m on each side.
But in the old days, gold is not worth all that much (talking about bronze age here) because they’re soft and useless.
"Bitcoin is like digital gold in many ways. Like gold, bitcoin cannot simply be created arbitrarily; it requires work to “extract.” While gold must be extracted from the physical earth, bitcoin must be “mined” via computational means.
Bitcoin also has a stipulation—set forth in its source code—that it must have a limited and finite supply. For this reason, there will only ever be 21 million bitcoins ever produced. "
Basically bitcoins have no intrinsic value?
Exactly, a better example of it is Dogecoin…
So it sounds like not only a waste of power, but it also drives up the cost of GPU.
I mean if it contributed to some computational needs such as rendering some 3D film, then it would be worth something.
Otherwise someone could just go pulling numbers out of their butt and call that bitcoin.
That’s your point of view but apparently not everyone agrees with you since it has market value. You can now buy Teslas with Bitcoin…
And by altering the ‘source code’ mining algorithm they change it in some other coin and there they go, mine some more ‘finite’ numbers.
If you have a few billions on the side as Elon who cares if it might go wrong.
Cathie Wood is bullish on BTC, says the market cap is nothing still compared to where it’s going. In other words, it’s still early; get in.
The Value of Bitcoin is based on supply demand as with anything.
Supply is limited. The demand is driven by several factors as far as I’ve learnt. The code itself is valuable, the scarcity of the coins, the fungiblity, the value of the world economy and it’s likelihood of collapse, the perception of the market, the tradablity, and some others I can’t yet make sense of.
You are looking at it from the vantage point is like money in you bank or wallet. It’s not that clear or simple.
The video below is very high level but it’s a good starting point.
Used to be before fdic if banks close all your money was gone. Problem with gold is that unless it’s in a safe on your premise it’s still subject to banks closing.
And if people stop seeing gold as money its value will plummet too, as gold has a lot less industrial use compared to say platinum.
Value of anything is subjective. Even the value of life is different from person to person. Why someone would spend 10000 to save their pets life when others won’t would be an example.
Point being, just because you don’t see it as valuable, doesn’t mean it’s not valuable. just like the guy that bought a bowl at a garage sale for a few dollars, but someone values it at 700,000.
1 Like
And the hype!
Checked in guanghua today just for fun while I got something else:
-
Some shops have signs “GPUs not sold separately”
-
Most shops don’t even show GPUs in their price lists
-
One shop that did sell GPUs had ok prices on their paper list outside. But was actually asking rediculous prices, like almost 20K for a 1660ti or 2060. In the same shop I bought my 1660 super a while ago… for I think around half? I should sell it now and get rich
