No Bitcoin has ever been mined. - page 2.

Samarkand

sr. member

Activity: 658

Merit: 282

Quote from: Jet Cash on May 29, 2018, 12:42:20 PM

...Is this distinction significant? Well probably not for most users of Bitcoin, but if you are an investor, then I think it is....

Isn´t this just semantics? Of course you are right technically, but I don´t really see the downside
of keeping the current narrative even though it is not 100 % true. Mining is a process that is known to everyone
due to the mining of metals and other resources and therefore people can grasp this concept easily.
Besides, other terms that are used to describe the rewards for the miners are actually accurate (e.g. terms like
"block reward").

mdayonliner

copper member

Activity: 630

Merit: 420

We are Bitcoin!

Quote from: Jet Cash on May 29, 2018, 12:42:20 PM

Miners don't mine Bitcoin, they mine blocks for the Bitcoin blockchain.
.
.
Is this distinction significant?

I think it is how people try to understand the whole thing.

Some (most actually) think - they are mining bitcoin means creating new bitcoin and the others think they are digging blocks to discover the bitcoin in the valid block.

Jet Cash

legendary

Activity: 2688

Merit: 2444

https://JetCash.com

I've just been watching the video linked below, and it is another example of the fundametal mistake that everybody seems to make about Bitcoin mining. All of the Bitcoins that will ever exist were created when the genesis block was laid down. Miners don't mine Bitcoin, they mine blocks for the Bitcoin blockchain. In return for releasing a valid block, they are rewarded with an allocation from the initial pool, and they also receive the fees from the transactions they have included in the created block. Is this distinction significant? Well probably not for most users of Bitcoin, but if you are an investor, then I think it is. Comparison with gold, and calculations based on the scarcity of Bitcoin don't take this difference into account. Bitcoin miners create the bags to contain the 'gold' and not the 'gold' itself. A bag that used to be full, but all of the contents has been spent, is still important on the chain, and the spent contents will be included in future bags that have been mined.

Bitcoin price forecasts seem to focus on the cost of mining single Bitcoins, and I believe that this means the whole prediction is flawed.

https://www.youtube.com/watch?v=fvqqChy0IYY

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