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> Why is mining excluded for gold and not for Bitcoin in your analogy? because: "Bitcoin needs to be maintained by miners using electricity" like they say? G
by SideburnsOfDoom 4y ago
> Why is mining excluded for gold and not for Bitcoin in your analogy?
because: "Bitcoin needs to be maintained by miners using electricity" like they say?
Gold doesn't need continued mining to continue being gold.
- nailer 4y agoYou need to rent a safety deposit box for the gold to continue being your gold though.
- SideburnsOfDoom 4y ago> You need to rent a safety deposit box for the gold No, I don't. Where I keep my valuables is my business, and it depends on how much gold I have. People kept gold long before safety deposit boxes at banks were a thing. And, paraphrasing above: why is secure storage included for gold and not for Bitcoin in your analogy?
- nailer 4y ago> Where I keep my valuables is my business, and it depends on how much gold I have. People kept gold long before safety deposit boxes at banks were a thing. Sure but the other options often increase risk or have a different cost. Some Vietnamese friends used to keep money in their house and then had their homes invaded. I imagine that's not entirely uncommon. > And, paraphrasing above: why is secure storage included for gold and not for Bitcoin in your analogy? Oh that's my point - we should definitely take in storage costs for both.
- landemva 4y agoBitcoin miners consume electricity to provide fast and affordable assay. For small value Bitcoin transfers, lightning network is even cheaper and faster.