I don't think that's true of use value over time (utility) of land/location. Capitalised land value backs 2/3 of bank $ credit in existence
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There's absolutely no theory involved in the matter. There does, in fact, exist many decades worth of above ground gold stock.
There are many costs in the world besides energy, and PoW, not just network effects, serve to constrain supply curve.
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Only objective cost is energy (whether static/material & dynamic/immaterial) cost. All else (3D Space/Intellect) is a matter of demand
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Exactly, Chris. I agree with Nick in short term, my question to start thread is about long term (store of value & predictability)
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Long-term value depends on how minimized trust is, which depends mainly on dev team + minimization of governance.
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Since Gold has universe as dev team, &trillions in decentralized capital in place to incentivize gov,I like its trust min & predictability:)
End of conversation
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I can't see how Proof of (past) Work is a constraint on supply. A Promise of (future) Work is another matter.
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Implies adherence to protocol. Protocol modulates supply. Past is indicator of future.
End of conversation
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