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Old 04-11-2013, 07:36 PM   #60
Fedaykin
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Originally Posted by Fedaykin View Post
*LMAO* that's not "expensive equipment" that's commodity hardware that millions of people have. See: All relatively modern computers (PCS, XBox, etc.) that run games. The bitcoin "mining" process is highly paralleizable, just like 3d graphics processing.

It's hard to do profitably mind you, because the electricity to run the hardware to mine the bitcoins is more expensive than the profit. This is why bitcoin mining using hacked computers in botnets is so popular, so that the "miners" can use other people's electricity to mine.
And more importantly, in order for the result of "mining" to have value, it has to produce something with actual value. Doesn't matter how much effort it took to create it is that effort does not materilize as something valuable.

When you mine gold, you have gold.

When you min bitcoins, you have a collection of binary data with exactly zero intrinsic value and exactly zero backing it.

Even the lowly fiat dollar has more backing than that (i.e. the U.S. economy).
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