Well, as previously stated, gold has an energy cost whereas energy may have a gold price but it does not have a gold cost
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Replying to @cjenscook @JoshCrumb and
#Gold has *no energy cost* since any gold mining going forward is superfluous given the massive stock to flow = to 60 yrs of#Au production.2 replies 0 retweets 0 likes -
Replying to @ERM_62 @cjenscook and
Show any period where gold sold tangibly below marginal cost.Theres no market proof of gold inventory liquidation;always duration pref buyer
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Replying to @JoshCrumb @cjenscook and
My point is that there is no energy cost associated with gold going forward since there is massive above ground supply.
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Replying to @ERM_62 @cjenscook and
My point: thats theory w/no practical observation. All my views come from learning via market observation. Happy to be proven wrong (w/data)
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Replying to @JoshCrumb @cjenscook and
There's absolutely no theory involved in the matter. There does, in fact, exist many decades worth of above ground gold stock.
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Replying to @ERM_62 @JoshCrumb and
There are many costs in the world besides energy, and PoW, not just network effects, serve to constrain supply curve.
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Replying to @NickSzabo4 @ERM_62 and
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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Replying to @cjenscook @NickSzabo4 and
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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Replying to @JoshCrumb @cjenscook and
Long-term value depends on how minimized trust is, which depends mainly on dev team + minimization of governance.
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Neither of those are commodities nor rationally translatable into energy terms.
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Replying to @NickSzabo4 @cjenscook and
That's where I disagree, Nick. The ration of energy cost to energy carry defines both predictability and store of value; therefore trust min
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Replying to @JoshCrumb @NickSzabo4 and
What's beautiful is that gold was discovered to achieve this before we hand the pricinples of thermodynamics &entropy in place to reconcile
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End of conversation
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