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I think you might not quite understand how this works. 21 million bitcoin are slowly released until the year 2140. They are released more slowly every 4 years a
by randomhodler84 5y ago
I think you might not quite understand how this works. 21 million bitcoin are slowly released until the year 2140. They are released more slowly every 4 years as the reward per block halves. The bitcoin is produced, mined, sold, paying for its creation. As more people want it (demand), and thus more people want to make it (supply) the network adjusts so they cost more energy to produce, ensuring they keep mining until 2140. There is indeed an incentive model at work here. It appears to work very well (on a scale of 10years out of 130+).
What you might be thinking of is stuff that was invented out of thin air, “instamined” like a ethereum, ripple, or other Proof of Stake coins (bad, for some of the reasons you have outlined). Fair launch, no premine Proof of work coins are as close as you can get to a digital commodity.
- lottin 5y agoNo, I do understand how bitcoin "mining" works. The supply of bitcoin is technically not fixed (although it will be in the future), but inelastic, which, for the purposes of the argument I was making, is the same thing. The fact that it's an environmental disaster is another reason not to buy IMO.
- randomhodler84 5y agoI’m sorry you are hung up on the energy thing, and I’m not going to continue to argue or rehash that point. I wish you luck.
- joe_momma 5y agoYou got shut down on every point except for the environmental mining. FeatherCoin it is.
- lottin 5y agoI got shut down on every point?