Check this video on Hardcore Crypto about Bitcoin Mining

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*HOW ARE BITCOIN LEGAL AND WHO INVENT IT SOMEBODY TELL MEEEEE*

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Seriously, the clearest explanation. 💯

since you have to "win" the mining network "lottery" first to "pay yourself", it is actually more akin to the network paying you for the service, than you paying yourself.

Cyka Blyat 16 grand now

I still don’t understand. It’s as if magic.

the hash finding is how the mining is done. you essentially "mine" a mountain of hashes to find the one that gets your the best hash. once you found that, your hash (kinda) makes the new block with all the transactions of the last 10 minutes

You say that but those people are now making millions In profit considering the worth of a bitcoin nowadays

exactly

bitcoin IS thin air :) but everybody wants it

well money is just thin air now too.... and some paper... which is equally valueless in all practicality....currency has always been sort of "mystical"

you can not create money from thin air... it needs to be backed by something tangible that has real world value. In America,the federal reserve is attempting to do this, and we are all suffering the consequences. Even if bitcoin were legitimate, it presents too much of a competition or threat to the dollar and other "legitimate" currencies that WILL be squashed once it starts cutting into enough of government tax money. Either it is a scam, and will fall apart under its own fragile frame, or it is not a scam and it will be destroyed by the major governments of the world. Either way, it is extremely risky to seriously invest in bitcoin. On a side note, i'm trying to build a gaming pc, and I can not find ANY graphics cards at all thanks to lousy bitcoin miners. If this is what this godforsaken world has come to..... buying up every graphics card you can find to frankenstein them together in some unholy power sucking, heat generating inferno, that is loud as shit....... then I hope we all lose power indefinitely. This is pathetic.

im not saying that it can not be profitable, im sure that at the moment, it is quite lucrative for some.... but it can not keep continuing. Mark my words.

you realize that banking institutions are some of, if not the most powerful organizations in almost every society right? Do you think they like having someone else sticking their fingers in the pie? They will find a way to make bitcoin users pay, or they will shut it down.

yea, wasnt really trying to preach to you... i just wanted anyone reading our conversation to understand how risky it is to invest big time in it. I dont see much harm in toying around with it... and again... i am pissed because I can not find a gfx card

How...? Each bitcoin is worth 16k at this point, the highest they've ever been

The housing market 2004-2006 was the highest it had ever been... look what happened.

There were a lot of underlying factors that caused the housing market to collapse... Why do you think bitcoin will crash?

If the government decides to make it a legal currency, and regulate it as a real currency instead of an asset, people could pull away from it.

Analysts at Morgan Stanley believe that government regulation would lend a sense of legitimacy to bitcoin and actually accelerate its growth

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