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Yes, I got that, but I don't think it has much to do with Bitcoin being a good store of value. The price of Bitcoin isn't set by the price of electricity.

• betwixthewires 4y ago
  No, but the price of bitcoin is set by supply and demand. And because miners have to liquidate bitcoin to stay afloat, the price will go down without new demand. An asset who's price goes down doesn't store value, an asset which continuously requires new entrants isn't a store of value.
  • michaelwww 4y ago
    > the price will go down without new demand There isn't a fixed pool of demand that miners are slowing bleeding away. I starting rejecting the article while reading it as an unrealistic thought experiment. I guess my point is there are so many ways demand could drop. Demand goes in cycles and no one can predict. I just thought of this so blue sky: What if Satoshi Nakamoto reappeared with a new coin and a new proof that didn't use large amounts of electricity? What would BTC be worth when everyone was selling it to buy this new coin? Or would Satoshi let people swap BTC for his new coin? A true Black Swan event.
    • betwixthewires 4y ago
      There isn't a fixed pool, but there's a minimum threshold of required new demand that is equal to the energy expenditure of mining. That threshold is proportional to the security of the network.