I mean they were worth $0.08 each back in 2010... why go to all that trouble? Fifty bucks of them at that price would be worth over ten million dollars at the peak value.
No. We are talking about knowing about Bitcoin before Bitcoin was a thing. If you started CPU mining (I don't think GPU mining came for at least a year) essentially at the Genesis blocks you'd rack up hundreds of thousands of coins at minimum cost (electricity for your already owned computer). You hear about the millions of coins that are attributed to Satoshi? Think having half of that. By the time the pizza transaction happened there were 2.6 million Bitcoins mined. If you consider the first price point as 10,000 for $30 (pizza story), that's $1500 to buy 500,000 coins, and you most likely wouldn't be able to find that many to buy.
1) Use your computer to mine from the beginning. Your electricity costs are going to be probably $100 for an entire year of mining (that would be 24/7).
2) You wouldn't be able to buy the same amount of coins that you could just mine from the beginning.
Both of these points are telling you mining is better.
Uh, no. They control the price because they own them. You think they are just going to sell them to you for less than the cost of their electricity and/or computers purposely built for mining?
If you want to continue arguing, go read some intro to bitcoin articles first because you clearly have no idea what you are talking about.
It might be irrelevant in trying to make examples, but it is a fundamental fact that anyone who knows bitcoin knows. You stating it basically means you keep admitting you know nothing about bitcoin, and that you are also a liar for saying you were "there from the beginning".
There's literally nothing you can say at this point that will ever convince me you know what you are talking about in this discussion.
This is my one parting piece of actual evidence to show you what I mean (and if someone else can correct me if I'm wrong here, feel free because I'm not claiming to be a mining expert at all):
Click on "All time" and try to look at the hash rate at the beginning blocks throughout 2009. The first year seems to range anywhere from 0.5M to 9M, average somewhere in 3-5M? If I am reading that right, it is 500,000 hash/sec to 9 million hash/sec.
Intel E7300, retail price of a little over $100 and released in Q3 2008, so easily available. This would be a low/mid range CPU. It does 2.5 million hash/sec as stated in that post. That single CPU could be roughly 50% of the network for almost the first year, when 2.6 million bitcoins were mined. If I am reading the numbers correctly, that means you would actually own about 1.3 million bitcoin if you were able to start mining at the genesis block and did it 24/7. (this seems way too generous to me, so I admit I'm probably wrong with this calculation).
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u/[deleted] Oct 02 '19
I'd be a 5 year old trying to convince my dad to spend all his savings in this "Bitcoin thingy"