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The market does not say it is "ok". It merely describes, in terms of USD, the amount of electricity and other resources utilized by Bitcoin. The market is amora
by patagonia 9y ago
The market does not say it is "ok". It merely describes, in terms of USD, the amount of electricity and other resources utilized by Bitcoin. The market is amoral.
- zeroxfe 9y agoI didn't read the GP ascribing morality into that statement. They're simply saying that the energy consumption is a market effect -- if it wasn't in the miner's self-interest to mine, they wouldn't.
- bomb199 9y agoI read it the same as you, except I hate that line of reasoning to hand-wave things away. Let us assume a perfectly rational market... should preface all of these statements. That way it triggers us appropriately like "Assume an infinite plane" does.