News for hackers. Stuff that matters.

A comment on Mining Bitcoin with pencil and paper: 0.67 hashes per day (2014). Parent comment

Re:Mining Bitcoin with pencil and paper: 0.67 hashes per day... by cortesoft on Monday February 15, 2021 @04:38PM (#26147801)
No, creating new dollars is just updating a database at the fed, basically.

There are no companies that generate dollars. That would be counterfeiting.

[ Parent | on HN ]
Re:Mining Bitcoin with pencil and paper: 0.67 hashes per day... by Matticus_Rex on Monday February 15, 2021 @05:01PM (#26148068)
> There are no companies that generate dollars

Other than banks. Banks generate new dollars through fractional reserve lending, though they also destroy them.

[ Parent | on HN ]
Re:Mining Bitcoin with pencil and paper: 0.67 hashes per day... by jki275 on Monday February 15, 2021 @04:45PM (#26147875)
The fed certainly generates new dollars.
[ Parent | on HN ]
Re:Mining Bitcoin with pencil and paper: 0.67 hashes per day... by cortesoft on Monday February 15, 2021 @05:09PM (#26148161)
Yeah, and they aren’t a ‘company’
[ Parent | on HN ]