Quote:
Originally Posted by Crowbob
Thank you Stijl!
Maybe I wasn’t clear.
Pretend like you’re explaining spacetime to a toddler.
What math question are they trying to solve? And why do you get ‘coins’ for doing it? What is a coin?
I have learned one thing in my life; if I can’t understand it, it’s a scam. Much like magnets and women.
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So, imagine that you want to leave Susie in your fifth grade class a secret note in her locker. But she has a combination lock on the front of it. So, you stand in front of the locker and try all the combinations out (40x39x39 = 60,840). When you finally hit the combo, you get a reward (open the locker). In this case of crypto, "coins" are the reward. Mining takes a lot of time, and is just trial-and-error, so it uses a lot of energy and takes a bunch of time.
Hope this helps,
Wayne