3 ms·
Hmmm, you do agree it has value then! It’s a little more nuanced, while some component of maintaining hashrate/energy, it’s best be be thought of as a point in
by randomhodler84 5y ago
Hmmm, you do agree it has value then!
It’s a little more nuanced, while some component of maintaining hashrate/energy, it’s best be be thought of as a point in time expenditure given the network size, participants and technology available. Once a block is minted at a given difficulty, it can never be undone (with a negligible probability), as a chain reorganization would need to put in more energy than that to undo it.
It’s a conversion, abstractly. Probabilistic finality at a given level of technological and economic resource exploitation.
- woodruffw 5y agoThe wonderful thing about economic value is that, for better or worse, we get to decide what has it. A large number of people have decided that Bitcoins have economic value, and it's not particularly salient to my arguments as to whether that's true or not. The rest of what you've written doesn't really concern me, because all I was interested in was pointing out that Bitcoin doesn't securitize energy.