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It's worth pointing out that compared to other "useless" products of us humans like diamonds etc. bitcoin is rather ok environment wise. Green electricity goes
by kfk 9y ago
It's worth pointing out that compared to other "useless" products of us humans like diamonds etc. bitcoin is rather ok environment wise. Green electricity goes up and down and can't be stored so bitcoin is a good way to create some "value" as those guys in the article are doing.
On the value side, "trust" is one of the most expensive commodities on earth. More "trust" creates more opportunities for business. Think if you could not trust a $1 bill to be exchangeable for some product. I think if you look at crypto as a way to increase trust in whatever area, you can start to see the value. Think of it in terms of Nash equilibrium, like a prisoner dilemma where you can "trust" your prison mate and both get more value out of collaboration.
- gowld 9y agoBut does bitcoin create trust? It's a highly volatile currency. Maybe it's better than the Zimbabwean dollar, but it's not a foundation for the world economy.
- kfk 9y agoAt the moment of writing there is $394B worth of "trust" in the crypto coin markets. Before you say it's speculation, let me point out that speculation still operates on trust: the trust of exchanging coins on the market, the trust the blockchain would not lose their transactions, etc.
- user5994461 9y agoThere is no dollar amount attached to bitcoin. The moment a fraction of the coins are being sold, the exchange rate will drop dramatically. Not to mention that a vast portion of the coins are probably lost in forgotten wallets, while the rest is in the hands of the early investors who will never sell it to not drop their value.
- jeanmichelx 9y ago> Green electricity goes up and down and can't be stored so bitcoin is a good way to create some "value" as those guys in the article are doing. If you think bitcoin miners shut down on low wind day and only use "excess" power you're delusional.