Can you eat it or exchange it for food anywhere?
And mining it is creating more of it.
What I want to know is who controls the equations to solve, who sets what has to be solves, and what are these equations used for, are they really solved just for the hell of it or is it computing time sold to someone?
Something like 20% of Bitcoin is inaccessible because people forgot their passwords or threw out the drive it was on.
Like I said I would trust gold or a government far sooner than some magic money creator that nobody can seem to figure out who and how it's controlled.
That said I would be faar more inclined to set up a mining rig than buy it.
You can't eat the USD either though....and like the USD, you can exchange it for food.
Mining is not creating any more of it. There are only a total of 21 million BTC in existence. There can never be 21,000,001 of them. Once all 21,000,000 have been mined, then they are all in existence.
There are a ton of articles discussing the equations and why/how it's set up. I'm not skipping that point...I just know that there's a wealth of information out there that can explain it far better than I can. No one controls it though.
Yes, there is a risk of throwing away your BTC or sending it to a wallet and losing the seed words. That's why people should take care. There's also a risk of losing things in "real life" too.... I'm not sure where you were going with that tbh. It sucks that people have accidentally tossed crypto but that's like someone buying a lottery ticket and then realizing they had the winning numbers but have no idea what they did with it.
I have no idea why you're saying no one can figure out BTC....it's not a secret that no one knows about. Unless you were referring to no one knowing who Satoshi Nakamoto is but I'm not sure that really matters anymore, since the workings of BTC is open for all to see.
You are welcome to set up a mining rig but keep in mind that the majority of BTC has already been mined. Like I said earlier, you aren't creating more BTC...you're mining it. Once it's all mined, there is no more. When you mine, it's not like you find one whole BTC at a time. You find fractional bits. So when you're setting it up, you need to make sure (like any business) that your operating costs don't exceed the value of what you're producing. The majority of BTC has been mined already; what's remaining are the extremely hard problems. It takes a ton of computing power and electricity to solve the remaining ones, which means more and more overhead costs. Currently, I do not think it's worth it (unless, of course, you're mining to hold on to the BTC and banking on it reaching higher values). If you're just mining to then sell what you find, you'll be operating at a loss.
Hopefully that clears up some of what you were talking about!
mises.org
