btc itself might ultimately "lose" in the sense of it doesn't capture the majority of global m1 supply -- but something non-state here is going to win eventually
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that's totally compatible with the original point i was making
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Is it though? If "making" money isn't incredibly difficult - and also brutal, in the sense of labor - is money valuable?
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Replying to @buellerevsky @menangahela and
Bitcoin is backed by the amount of electricity and computing power that miners are willing to dedicate to chasing it. Why is gold valuable?
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this is a bit of a tortured analogy - 'backed' usually implies that you can exchange it for such
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Replying to @menangahela @0xa59a2d and
there are also ways to impose monetary difficulty that dont entail such a massive ongoing energetic cost for maintenance of the system
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Not if you take computers seriously (given that they're machines that convert electricity into calculative performance).
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btc is 'backed' by the security and other features of the network, energy spent mining only exists to guarantee these things
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Replying to @menangahela @Outsideness and
if alternative schemes exist to provide such features at a lower ongoing energetic maintenance cost (they do), energy spent is wasteful
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But the point is to set the marginal cost of Bitcoin to an (arbitrarily) high value. Its wastefulness is a feature.
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Replying to @_Vimothy_ @menangahela and
precisely, the energetic consumption provides an economic incentive against adulteration of the blockchain, thus enhancing security.
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Replying to @cyborg_nomade @_Vimothy_ and
"unforgeable costliness", Szabo calls it: http://unenumerated.blogspot.com.br/2016/07/artifacts-of-wealth-patterns-in_15.html?m=1 …
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End of conversation
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