Guys, I’m going to be honest… I haven’t the slightest clue what Bitcoin is, how it works, why it came to be, what purpose is serves. Nothing. I know nothing.

game of thrones you know nothing GIF

I looked into it and this is basically what I have so far:

  • It’s a crypto-currency. The jury is still out on what that means besides it is a currency widely-accepted online for transactions.
  • There are only a finite amount of them (I think) but you have to “mine” them by solving super complex math problems. You need a computer to solve them I guess and that “mines” one bitcoin… Or something. So you can’t just have like a million, which I guess would fight the inflation of constantly just making more?
  • It has skyrocketed in value because it’s widely speculated that hedge funds and banks want to start using this, which would make its value go way up… And I think banks want to use it because it’s safer? Somehow? I don’t know.
  • There have been hacks that stole hundreds of millions of dollars (of Bitcoin) before, not sure why or how, or how you can’t trace it… But there HAVE been hacks.
  • Hilariously, a coin that doesn’t actually exist (well, it exists virtually) could end up destroying the environment! I guess because you need a super-power computer to mine this shit, evidently it would cause huge issues as it would take like the country of the entire US to mine it in like 2019… Wild!

Now, it is probably VERY clear I am skeptical. This is, to me, a “fake dollar” that everyone is calling a dollar because there are only a finite amount of them.

lying top gun GIF

I just don’t see what the value is in this stuff, what people are buying, why they are buying it, NOTHING.

I don’t get it.

But I won’t stop there.

I’m going to keep looking into it until I (very stupidly) convince myself into buying ALL IN on this thing, or I crack the case and tear the whole thing down, brick-by-brick fake mine-by-fake mine.

 

 

Bitcoin? More Like Shitcoin,
@WCS_Taylor