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It requires continual mining, which means expending electricity. Which shows up as some combination transaction costs or inflation that is continually siphoned
by nwah1 5y ago
It requires continual mining, which means expending electricity. Which shows up as some combination transaction costs or inflation that is continually siphoned off.
Which means new money needs to be perpetually flowing into the system simply to secure the ledger. But that is all wasted, so it is actually a negative-sum wealth transfer if we include all the actual useful things we could've done with the energy.
If you buy beanie babies or gold, there is no such siphoning.
- trixie_ 5y agoFirst why did you even reply? We’re taking about what a Ponzi scheme is and energy use has nothing to do with it. I’ll reply to your criticism anyways - There is absolutely energy required to store gold, monitor gold, protect gold, transport gold, mine gold, etc… any financial system requires energy to operate.