Quote:
Originally Posted by Daradon
Ok, I get that mining is the way to earn bitcoins (and in one of those articles it was compared to being metaphorical to mining gold in real life) but what are these computers actually doing? Just pushing through a bunch of power and code to make imaginary money based on some arbitrary system that gets more consuming as the bitcoin reserve gets smaller?
I guess what I'm saying is, are these computers (and people) actually doing anything useful for society in which they are uncovering the bitcoins? I don't want to say creating, because as was mentioned, there is only a limited amount. So they aren't actually creating wealth, just 'uncovering' the bitcoins that were originally created through the task of 'mining'.
To me it seems like running on a treadmill to uncover these digital nuggets based on how the original creator created the system. But without the weight loss benefits. Good for the person I guess, if they do make their fortune in the coins, but ultimately a pointless exercise for the economy and the world. Wasteful, in fact.
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All good points.
You might argue that having a decentralized currency that is free of influence from governments is a good thing.
I don't know how much that I agree with that thought process, but that is one of the things which many proponents of mining say about it.