North East GA Item Relisted! REDUCED - $75 - FS Jalepeno Bitcoin Miner ~7ghs

[IceColdEric]

Whole concept has always blown my mind!

 

[Barton72]

I like jalapeños

 

[AkshunJebus]

Ok, and the bitcoins have value because they have to be "found" by solving very complex algorithms, not because the solving of these algorithms has any other purpose, correct?

They're valuable because they're rare and a community has developed that has chosen to use them as currency, not because they have a practical use if I understand correctly. (No difference than paper money except no organized government telling us it has value)

Basically the digital equivalent of the entire odt deciding that 4 leaf clover was going to be our new currency, and if you're willing to crawl around till you find one you can generate some funds?

I appreciate the remedial class lesson, I've tried to read up on it, and I guess you're the first person I've run across thats actually been involved.

You got it. The digital coins have value because people all over the world agree and believe they have value. There's nothing backing it... just like our USD now. No longer backed by gold, but instead backed by faith and the full authority of the US government (read: nothing).

And it's not really the effort you spent crawling around to find the clover, or mine the coins. It's the clovers and coins themselves that have perceived value. If we agree that you're going to "sell" me a Ruger Mini-14 for 3 clovers, I don't care that you found them, borrowed them or stole them. The clovers still have value.

BTW, I'll get you those 3 clovers tomorrow. Have my Ruger ready please.