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> It gives you more share of the 6.25 reward. But this is zero-sum competition for a portion of a fixed supply. In the aggregate, more electricity does not bu
by rjknight 6y ago
> It gives you more share of the 6.25 reward.
But this is zero-sum competition for a portion of a fixed supply. In the aggregate, more electricity does not buy more Bitcoin because it is a fundamental principle of the Bitcoin system that the supply of Bitcoin cannot be increased in response to anything.
- bitflate 6y agoMore electricity buys more BTCUSD, so far. It hasn't been a problem since Bitcoin price continues to go up. If you own Bitcoin, you believe it'd go up forever. If you don't own Bitcoin, you think it'd stop at some point. This is the disconnect between Bitcoin and the world.
- rjknight 6y agoI might buy an umbrella because I believe it is going to rain, but that does not mean that an increase in the supply of umbrellas will lead to an increase in the amount of rain.