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Oh goodie, another part of our economy that ignores the true cost of energy creation. Has anyone looked at models of how this system might work if the miners ha
by xbryanx 16y ago
Oh goodie, another part of our economy that ignores the true cost of energy creation. Has anyone looked at models of how this system might work if the miners had to pay significantly more money for electricity?
- jsilence 16y agoWith the term "energy creation" you are ignoring the first law of thermodynamics. But apart from nitpicking I agree with your point. In the end the whole economy thing boils down to "having the capacity to actually do stuff.", which ultimately requires energy. Giving a unit of currency to someone is like giving a promise that he can actually DO something later. In the case of bitcoin, the energy is used (dissipated to heat) during the creation of the currency itself. No substantial backing of the curency beyond that. But then again this is true for any other currency floating around right now. -jsl