So, I've been mining for 2 days now and talked to my dad about mining. He says that Bitcoin is a Ponzi scheme because we're making money even though no product is being sold or something. From what I can understand, this is not the case, but why isn't it the case? What's the difference between Bitcoin and a Ponzi scheme? And what are our GPUs calculating?
People are using it for something though. Right now there is a speculative bubble since there aren't *that* many things you want to use it for unless you are a true believer, but that doesn't mean there won't be useful things to use it for.
By mining you are recording transactions made by other people.