Bob Kroshefsky
Jul 25, 2017 · 1 min read

While I grasp the hashing and encryption analogies, I am still at a loss to understand what “value” is created by mining. Who determined that solving the hash has value? It sounds to me no different than a central government setting the price of gold. Perhaps my 20th century brain cannot adapt to 21st century magical thinking.

On top of that, how did you convert your $5 into bitcoin in the first place? Who sets the exchange rate? Does someone take a commission for the transaction?

    Bob Kroshefsky

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