Mining Bitcoin with pencil and paper: 0.67 hashes per day (2014)

Re:Mining Bitcoin with pencil and paper: 0.67 hashes per day... by briefcomment on Monday February 15, 2021 @09:52PM (#26150400)

Do you feel like you're getting the appropriate share of money printing needed to maintain your purchasing power? Don't the really desirable assets, like the best land and houses, and the best education, get increasingly more expensive, relative to your purchasing power?

Certainly someone is gobbling up those dollars. I don't think it's most people though.

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Re:Mining Bitcoin with pencil and paper: 0.67 hashes per day... by SantalBlush on Monday February 15, 2021 @10:47PM (#26150699)

That isn't really how it works. Banks do not "print money," they expand the money supply through loans. When interest rates are low, savers move their existing money away from assets like bonds toward higher yielding assets like stock and real estate.

If the money supply were to suddenly shrink, the average person would not become richer; that added value would be concentrated in fewer hands. That's basically what is happening with bitcoin.

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