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The Water Cooler
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Interesting new money
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<blockquote data-quote="SMS" data-source="post: 3540035" data-attributes="member: 42"><p>The SETI crowd computing is a decent example but there is a big difference. That crowd computing project was geared towards research and discovery of information that had it's own value. IIRC, the computing power of bitcoin mining is simply used to validate/solve other bitcoin transactions....basically a self-licking ice cream cone. One spends real dollars to build/sustain a computer system that is used to validate digital transactions and then you are rewarded with the ability to make other digital transactions and then more computing power is need to solve those. Almost feels like a ponzi scheme when you spell it out that way lol.</p><p></p><p>It's very interesting and some folks have made money off of it for sure.</p></blockquote><p></p>
[QUOTE="SMS, post: 3540035, member: 42"] The SETI crowd computing is a decent example but there is a big difference. That crowd computing project was geared towards research and discovery of information that had it's own value. IIRC, the computing power of bitcoin mining is simply used to validate/solve other bitcoin transactions....basically a self-licking ice cream cone. One spends real dollars to build/sustain a computer system that is used to validate digital transactions and then you are rewarded with the ability to make other digital transactions and then more computing power is need to solve those. Almost feels like a ponzi scheme when you spell it out that way lol. It's very interesting and some folks have made money off of it for sure. [/QUOTE]
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