Oddbean new post about login | logout Bitcoins are not mined, they are issued over time. Out of all the misconceptions when it comes to #Bitcoin, the misconception that “miners” are creating “bitcoins” is probably the most asinine one. - @Gigi https://dergigi.com/2023/04/12/bitcoins-are-not-mined-they-are-issued-over-time/
yeah, well, when no attempt has been made to assist newbies aka non techies or Plebs with a "mental model" that they can relate to and which is TRUE, this is what you get...the good news is that we can help with the social information architecture by working more on the conceptual layer...
Rare disagree. Most Asinine™️? I don't value this particular take. Are we really going to say that people don't mine bitcoin? The analogy is helpful and *good enough* for common usage, though perhaps not in technicality.... I mean, True or False: "Bitcoin miners mine Bitcoin using a Bitcoin mining rig." GOTCHA! TECHNICALLY ITS FALSE! A BITCOIN MINER DOESNT MINE WITH HIS MINER. WHAT R U, THE MOST ASININE? SATS ARE ISSUED WHEN NEW BOOCKS ARE CREATED.
Gold miners aren’t creating gold. They are expending work to release it from the ground. There is no perfect analogy for how new bitcoin is issued, since it’s the network that produces the supply once the conditions are met. All miners are doing is brute forcing a calculation to be the next one that gets to write to the ledger.