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$34 M worth of Ether at today's prices is lost. The dollars spent on them (probably a lot less than $34m) are almost all still in circulation.
by georgeecollins 5y ago
$34 M worth of Ether at today's prices is lost. The dollars spent on them (probably a lot less than $34m) are almost all still in circulation.
- tintedfireglass 5y agoThat's an interesting way to think about it. No resources have been lost as it is a virtual thing and if we assume it to be worthless we haven't lost anything. Mind blown
- nikanj 5y agoAll of the resources were wasted buying power for mining rigs. Can’t get that electricity back, and the power company doesn’t do refunds
- erulabs 5y agoExcept people spent money in the market so - the mining rig companies now have the money and computers were built. The “waste” leaks into productivity at every joint.
- nikanj 5y agoThe power company has the money, coal was bought+burned. Ultimately this is a form of broken window fallacy - buying resource to literally burn them into thin air is not stimulating the economy
- vagab0nd 5y agoAgreed. The $34M goes to all current ETH holders (in the long term of course).
- archibaldJ 5y agoso the ether went into the ether ;) & nothing is lost