Eric Voskuil writes about the "energy" argument. All moneys can be compared on energy level, and it is important to note not to look at energy solely, but also

Eric Voskuil writes about the "energy" argument. All moneys can be compared on energy level, and it is important to note not to look at energy solely, but also labor, land, services, energy, hardware, and other resources needed to keep a system running. If you are comparing the coin to fiat, take into account the military industrial complex, the cost of physical bank branches, physical issue, the cost of seignorage on the money holder (i.e. gain of energy for those close to the printing press vs. loss of energy for existing holders). If you rationally examine, the money holder will select the money with the least energy waste. All moneys not held imply a higher amount of energy inefficiency. This is why one may hold the USD, as opposed to the Turkish Lira. This is why one may hold btc, as opposed to the USD. If you want to investigate a bit more in depth, cryptoeconomics Proof of Work fallacy is a great resource by Eric Voskuil. Link: https://github.com/libbitcoin/libbitcoin-system/wiki/Proof-of-Work-Fallacy https://github.com/libbitcoin/libbitcoin-system/wiki/Proof-o....