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It's an abstraction of work. All sound money requires equivalent value work to produce. And the work done is stored as protective "walls" in the blockchain, one
by npoc 3y ago
It's an abstraction of work. All sound money requires equivalent value work to produce. And the work done is stored as protective "walls" in the blockchain, one on top of each block, piled higher and higher as time goes on, to become impenetrable. It's quite beautiful.
- guappa 3y agoIt's literally doing busywork just to assign a value to the mining. It's beautiful if you're a business major who has no regard to real world.
- npoc 3y agoWhat do think happens if you let people create money without doing the equivalent work?
- guappa 3y agoWhy do we let people create money where the work is "waste energy" instead of create money where the work is "build something we need"?
- npoc 3y agoBecause then you are monetizing the work in other ways and so you still end up creating the money for free.
- smoldesu 3y agoYou waste less energy? Ethereum seemed to figure this out despite being entirely dysfunctional.
- guappa 3y agoFor him, wasting energy is the entire point that assigns value to the tokens… Does it make sense? No, of course not.