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Why are Venezuelans mining so much bitcoin?

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guest-wnllial

With all the commotion surrounding bitcoin and how great it is and your a fool for not getting in and a even bigger fool if you do get in. I would like to ask some simple questions that no one seems to be able answer, it just seems the only answer you ever get is its blockchain that is changing the world and its great because everyone is making money and making money is great!! Just doesn't seem like anyone has stopped, taken a deep breath, and asked these basic questions?

1. What is the end result of the mining of bitcoin? I know that mining is solving mathematical problems and then receiving a bitcoin for all your computers hard work but what will these equations ultimately be used for (cure for cancer, building the terminator, birth of the singularity, or just figuring out who will win the next Super Bowl)???

2. Who or what started bitcoin and more importantly what was there motivation for starting it? Did they do it to get around that pesky minimum wage for all this work being done that will then be used for what ever purpose they like or is it simply because they just wanted to see if it could be done?

3. What is the true financial impact of all this time and energy being focused on this endeavor? How many gigawatts of electricity have and will be used to mine the coins? What is the economic impact of all these people moving around the world to find cheap sources of electricity or starting companies to essentially sell the shovels and pickaxes of this modern day gold rush?

This era of bitcoin seems to be the modern day equivalent of the California Gold Rush where it is not the miners that are really making the fortune but the invisible hand of technology that is getting all this work done essentially for free.

Any answers to these questions would be greatly appreciated so long as it is not the usual bitcoin answer of its great and that is all you need to know.

Thank You
The Curious Cat

john4law

There are few ways of beating tyrannical governments other than overthrowing them. Venezuelans may appear hapless and helpless BUT if the Poles could get rid of Soviet imposed Communism, Venezuelans will find a way to END the Colonization of their Country and the Theft of its resources by Communist Cuba. Bribery is the Acid that melts away Tyrannical systems.

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