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That phrase isn't even logically valid. But lets say we accept its argument anyway, is it really applicable here? Would you really argue that the creation of a
by feral 14y ago
That phrase isn't even logically valid.
But lets say we accept its argument anyway, is it really applicable here?
Would you really argue that the creation of a new cryptocurrency is a zero-sum event?
Couldn't it instead be the case that enormous new wealth is created due to the existence of a new payment infrastructure, and that the people who get something are capturing some of this new wealth?
I'm not saying Bitcoin is a sure thing by any means; just that its flawed to evaluate the wealth apparently coming from it as a zero-sum process.
- pjscott 14y agoThe situation is analogous to a mint for a traditional currency: it costs money to print money, and so some people are getting paid just to maintain the currency. That's fine, though, because they're creating economic value for the users of that currency. It's similar for the people who "get something for nothing" by mining bitcoins: they're getting paid for making the proof-of-work chain function correctly, and for distributing the initial bitcoin supply in a way that's not based on some central authority handing out bitcoins.