The discussion centers around the question of which algorithm is the most useful and compact. Participants argue that there is no definitive answer, as the usefulness of an algorithm is context-dependent. Basic operations like addition and memory transfer are mentioned, with examples such as "c=a+b;" and "a=b;". The conversation humorously suggests that the most useful algorithm could be something as fundamental as "How to Make a Baby," highlighting the subjective nature of usefulness. Additionally, the complexities of implementing basic operations at the circuit level are noted, emphasizing that optimization techniques vary significantly in programming contexts. Overall, the consensus is that the value of an algorithm is determined by its application rather than a universal ranking.