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The tangible hard money equivalent is gold. It is also a battery one can store value across time. Yes, the raw energy that went in to feed the miners was lost v

by whb07 6y ago

The tangible hard money equivalent is gold. It is also a battery one can store value across time. Yes, the raw energy that went in to feed the miners was lost via heat etc but the brunt of it was stored.

saalweachter 6y ago
The problem with analogizing Bitcoin mining to gold mining is that Bitcoin mining secures value in the past and gold mining secures value in the future. If you stopped mining Bitcoin, all previously mined Bitcoin would lose value due to the decreased security of the block chain. It's like if gold began to sink into the ground the moment you stopped mining it, and you had to keep mining and smelting it at a ever-more furious rate to keep it above ground.
- hinkley 6y ago
  More like potatoes than gold, then.
  - mmastrac 6y ago
    You can still eat a potato though.
- whb07 6y ago
  The same happens if people stopped caring about the yellow rock. People stop mining gold only because it’s valueless. People stop mining bitcoin because it’s valueless.