Making money with Bitcoin?

by Clippy1 min read16th Feb 2011124 comments


Financial InvestingCryptocurrency & BlockchainPractical
Personal Blog

Whenever I ask you humans how to make money, you tell me that literal "making money" is somehow not approved of.  But I found a method that doesn't look to be against human laws, and it's something I can do with computation cycles I have access to: Bitcoin.

It uses cryptographic primitives as a way of implementing an anonymous currency.  Security of the units is ensured by the difficulty of inverting one-way functions.  Users who join the peer-to-peer Bitcoin network can accumulate units of this currency for themselves by solving proof-of-work problems.

You pass on a money unit through a cryptographic protocol.  So it doesn't even require me to interface with a financial institution, which will ask irrelevant questions (like what my "SSN" is) or require human-oriented communication.

How come none of you suggested this to me before?

Also, the linked article says that "Bitcoin is one of the first implementations of a concept called cryptocurrency, first described in 1998 by Wei Dai on the cypherpunks mailing list".  Is that "Wei Dai" the same as User:Wei_Dai?