Was reading this because it's notable how people don't tend to reflect on large amount of energy used in gold production, apparently over a thousandth of total global energy usage (in all forms not just electricity) the energy cost of bitcoin is....https://srsroccoreport.com/bitcoin-vs-gold-which-ones-a-bubble-how-much-energy-do-they-really-consume/ …
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frequently lamented. The article is correct that bitcoin is inefficient but it overstates the case because there is no meaningful equivalence between a bitcoin and an ounce of gold other than current exchange rates, which make a bitcoin about 5.5 ounces of goldpic.twitter.com/Nlqvrkv2fy
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The relevance being that if a cryptocurrency is a simulation of gold then we shouldn't be surprised a successful model has a high production cost like gold has, the comparison for bitcoin, twice as much energy suggests it isn't particularly well designed but ig does lack....
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the other labour costs etc involved in gold production.
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