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OK I'M GONNA ACTUALLY EXPLAIN HOW BITCOIN WORKS. THE COMPUTER GUESSES STRINGS OF BITS THAT ARE N BITS LONG TO CLAIM A COIN. THAT'S IT. IT'S JUST YELLING RANDOM NUMBERS AND WHEN IT GETS ONE RIGHT IT UNLOCKS A COIN. PEOPLE ACT LIKE IT'S SOME REALLY ADVANCED SHIT BUT YOUR COMPUTER IS BASICALLY YELLING "UHHHHH IS THE ANSWER 32" AND THE IS LIKE "NO" AND THEN YOUR COMPUTER IS LIKE "UHHHHH IS THE ANSWER 33"

@dankwraith THE ONLY POSSIBLE METHOD OF DETERMINING TRUTH. BLESSED BE. MAY ITS WILL BE GENEROUS TOWARDS US.

@patience GPUS ARE MASSIVELY PARALLEL SO YOU CAN GUESS LIKE, 500 RANDOM NUMBERS AT ONCE INSTEAD OF 4

@patience THE PROBLEM SPACE IS PREDETERMINED BY THE COIN CREATOR

@dankwraith feel free to ignore if you’re just having a chill time but if you’re up for explaining it... what kind of practical use can “finding the right number” for each of these problems entail

@dankwraith sorry if this is obtuse. i just can’t find a good explanation re: why these computations are helpful to anyone

@double @dankwraith They purpose of the computations is that the coins are "backed" with the energy you wasted guessing numbers.

@ari ok, this doesn’t like “make sense,” but it helps me understand how the artificial value of the bitcoins is created, so ty very much

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@double to copy from wraith: THAT'S BECAUSE IT'S LITERALLY A PYRAMID SCHEME BECAUSE MINING GETS HARDER THE LONGER IT GOES.

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@ari @double they call it the labor theory of value because the more labor you perform (pointless calculations) the more value the result has.

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@robotcarsley @ari @double as a bonus all that calculating wastes an absurd amount of electricity pumping horrifying amounts of CO2 into the atmosphere

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@Taweret @ari @double "proof of work" as measured in parts per million

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@Taweret @robotcarsley @double Bizarrely enough as I understand it bitcoin mining doesn't contribute all that much directly to carbon emissions. The cheapest source of energy is hydroelectric so they tend to cluster around that. It still does in practice though because we have to make more power to make up for the miners.

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