So I don't know how anyone can get into bitcoin if they have no idea what its worth. I also don't know how it originated. It's digital right? Someone made it? Why can't they just give themselves a trillion bitcoins whenever they want?
It is issued by miners locked into a competitive Nash equilibrium. Essentially miners are economically incentivized to issue coins according to a fixed schedule.
Bitcoin mining feels dumb. I don't get how doing that is providing a valued service that people should pay money for. For my job I do a service people value, hence they're willing to give me their hard earned money for it.
Also it says guess the hexadecimal equal to or lesser than? So why not always just guess the hexadecimal equivalent to 0 or 1? That or they just didn't explain that part very well.
[–] AinzOown 0 points 1 point 1 point (+1|-0) ago
So I don't know how anyone can get into bitcoin if they have no idea what its worth. I also don't know how it originated. It's digital right? Someone made it? Why can't they just give themselves a trillion bitcoins whenever they want?
Like how does it get issued?
[–] KoKansei 0 points 2 points 2 points (+2|-0) ago
It is issued by miners locked into a competitive Nash equilibrium. Essentially miners are economically incentivized to issue coins according to a fixed schedule.
You can read about it here: https://www.investopedia.com/tech/how-does-bitcoin-mining-work/
Also refer to the Satoshi whitepaper for a higher-level overview of the system: https://bitco.in/bitcoin.pdf
[–] AinzOown 2 points 0 points 2 points (+2|-2) ago
Bitcoin mining feels dumb. I don't get how doing that is providing a valued service that people should pay money for. For my job I do a service people value, hence they're willing to give me their hard earned money for it.
Also it says guess the hexadecimal equal to or lesser than? So why not always just guess the hexadecimal equivalent to 0 or 1? That or they just didn't explain that part very well.