altoidnerd science

It is often said by journalists that bitcoin miners are rewarded blocks of bitcoin for solving hard math problems as fast as they can.  The math problems always get harder and harder too.

And that is how we know exactly where most journalists’ understanding of bitcoin ends.

Unfortunately, this rumor is spreading, and the editorials are getting more and more careless about the very details that make bitcoin so reliable.  A few days ago, I read a very dismissive editorial on  bitcoin in the New York Times by Andrew Sorkin in which the author appeared to be just guessing when he described bitcoin and its properties.  As usual, I giggled when I read yet another powerful journalist stumble through issues such as bitcoin’s price volatility, utility to merchants, and even the concept of currency itself. But I was particularly worried when he”rolled his eyes” at the notion of mining bitcoin.

Let’s…

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