The Economics of Bitcoin (Cryptocurrency)

@mythociate (21432)
Oklahoma City, Oklahoma
November 21, 2022 12:16pm CST
I said that I was going to 'wait for a crowd to gather' before I attempt to go 'crowdsurfing' on the cryptocurrency crowd; but I figured I would do better as a part of that crowd. So I go out to where I think the crowd is gathering, and ... I'm still waiting ... I mean; why would any one else want to join me in the cryptocurrency crowd? Well, I haven't heard 'why they invented cryptocurrency' (unless you believe the "to make a currency-system that's harder to hack"-story). I guess that's one reason I got into it. I don't invest in it, but I always (well, ever since that movie HACKERS---where they stole millions by hacking into the banks and stealing a fraction of a cent from billions of accounts) suspected that the common currency-system was weak. (I'm sure that the bank-systems are too secure to hack that way; but doesn't 'the decentralized system' sound even more secure?) But I've heard that ONE CRYPTOCURRENCY-TRANSACTION uses as much electricity as 'ALL THE LIGHTS IN A MAJOR CITY!' That may be, but--the way I run my 'mining-tool' (that's what they call the program I use to help secure people's cryptocurrency-transactions)--it only uses the same amount of energy as 'a little lightbulb on my computer' (energy I'd be wasting anyway). This video may explain it even better. https://www.youtube.com/watch?v=KEgOmklwjfQ&list=PL3tF060u39sHZSmJZqSDCZu49A2z0OcNF&index=12&ab_channel=EconomicsExplained
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1 response
• Southend-On-Sea, England
21 Nov 22
Sounds too complicated for me. I have heard that lots of people are making money in crytocurrency, but crypto currency is not something I'd like to try.
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@mythociate (21432)
• Oklahoma City, Oklahoma
21 Nov 22
The money I make (for free ... so it's not enough to live off of) is what my machine "wins" out of the investors' "gas" (what they call 'the fees the system charges for encrypting the transaction'). Kinda like the early workers of Microsoft, I'm not into it to get rich (although 'getting rich' is one of the nice things I hope will happen )
@LeaPea2417 (37369)
• Toccoa, Georgia
21 Nov 22
@Virtually2021 I totally agree. It is too complicated. I have no desire to attempt it.
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