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I think he/she misspoke about what they meant by "squandered electricity." I think what they were referring to is how electricity is allocated or stored. Curre
by bob_theslob646 9y ago
I think he/she misspoke about what they meant by "squandered electricity."
I think what they were referring to is how electricity is allocated or stored. Currently, we cannot do so effectively. It is ironic that Bitcoin is being referred to as a store of value.
I would hesitate to say that squandered electricity has very little value but it is all dependent on what your definition of value is, potential or realized.
- maxerickson 9y agoSquandered electricity is like burning cash. It's obvious waste. Hesitate all you want. Note that chemical batteries and pumped storage hydroelectric both store large amounts of electricity very effectively (there lots and lots of deployments that were done by commercial interests seeking to improve the economics of their operations, some going back decades).
- marvin 9y agoBurning cash is a poor analogy, apart from the destruction of the physical paper (which is very cheap). Burning cash causes a small amount of deflation, which increases everyone else's fortune a tiny amount, but does not waste any human effort. A better analogy would be digging a hole and filling it up again. Or maybe better, causing a small amount of destruction to something that other people value.
- craftyguy 9y ago> causing a small amount of destruction to something that other people value. Yea, like the environment.
- hn0 9y agoSo if I take a truckload of 100$ bills, a bottle of gin and a can of gasoline, drive into the dessert, out of sight of the authorities, and burn the entire lot, then the next night all retailers will have a vision which tells them to lower their average prices by 0.573%?
- BoiledCabbage 9y agoIs this comment sarcastic? I can't tell. The money supply affects prices. It's basic econ.
- vageli 9y agoHow fast does a change made by a private actor to the money supply propagate? Surely not instantaneously?
- marcosdumay 9y agoBy the time you fill your truck with those $100 bills, the prices will have already adjusted. If you decide to not burn them, but spend them quickly, the prices will adjust again.
- marvin 9y agoIt's a hypothetical point; a small reduction in money supply will affect prices far less than the uncertainty or random fluctuation in the measurement of prices.
- wufufufu 9y agoBitcoin miners work fine as heaters too
- hinkley 9y agoWe were “storing” that electricity as natural gas or coal until someone fired up more bitcoin miners and someone else adjusted production upward to keep the power lines steady.