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Author Topic: bitcoin Vs. lottery  (Read 775 times)
ericwang (OP)
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December 22, 2013, 01:27:37 AM
 #1

Think about bitcoin as a lottery. Millions of people are competing for a bitcoin just like millions of people are buying a lottery ticket. The only different is that bitcoin is rewarded to the best computing power but a lottery reward is randomly picked. However, both of them are at the cost of other losers. So next time when we talk about the cost of a bitcoin, it should be much more than the winners' electricity cost and the initial investments, it should be including all losers' costs too. Think about how much a bitcoin would be priced.
beetcoin
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December 22, 2013, 01:34:39 AM
 #2

bitcoin is nothing like the lottery. its value is derived from its value and usefulness to people. the lottery is just about getting lucky. it's more gambling than anything.
ericwang (OP)
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December 22, 2013, 01:40:23 AM
 #3

bitcoin is nothing like the lottery. its value is derived from its value and usefulness to people. the lottery is just about getting lucky. it's more gambling than anything.

How a bitcoin is generated is very much similar to a lottery. I am not talking about the value, the utility of bitcoin here.
BitcoinBarrel
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December 22, 2013, 01:40:31 AM
 #4

Solo mining could be referred to winning the lottery due to the high difficulty, but you can still mine Bitcoins in pools.



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ericwang (OP)
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December 22, 2013, 01:51:28 AM
 #5

Solo mining could be referred to winning the lottery due to the high difficulty, but you can still mine Bitcoins in pools.

winning a lottery does not always mean win a huge one. The mechanism of mass competing is essential both of them, bitcoin and lottery, so as the reward should be similar. The reason I compare them here is that I believe in case of bitcoin, the reward, bitcoin, should be at the others' costs too, that could be very big.
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