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For ETH, that's not really true: you can use it to pay for computation on the Ethereum blockchain. The value you assign to that computation may not be very sign
by komaromy 9y ago
For ETH, that's not really true: you can use it to pay for computation on the Ethereum blockchain. The value you assign to that computation may not be very significant, but it's hard to justify the notion that it's zero.
- avaer 9y agoI'd argue the value of the computation is strictly less than zero, because I could do it cheaper without using Ethereum at all.
- wayn3 9y agothats like saying that the value of gasoline is less than zero because you could just walk the distance without polluting the environment. computing power is inherently valuable. the value of AWS is less than zero because you could just buy a computer and do the computation cheaper at home. duh.
- avaer 9y agoThe value of the trickle of gasoline to get me to my kitchen is less than zero. To use it I would have to waste considerable money architecting a way to get my car indoors. The value of AWS is greater than zero because spending my day monitoring my server would be exponentially more costly than paying Amazon to do it at scale. And Ether is worth less than zero (as a computation engine) because I could develop and run the computation in less time by opening vim, even if the Ether was free.
- AstralStorm 9y agoNot if you factor in support costs you wouldn't. (Or sunk equipment costs for small scales.) Gasoline allows one to use large amounts of power at the same time, say, to run a generator, start a power plant or run power tools for construction. Bitcoin is not useful in and of itself as the current system of transactions is perfectly workable. On the other hand, try running power tools on solar power... (including making the huge batteries and plastics)