"Bitcoin effectively uses electricity as a release valve for inflation" - @monkbent on the cost of Bitcoin:http://stratechery.com/2014/cost-bitcoin/ …
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@monkbent We are missing that inflation by itself can’t change real investment. Unless it impacts the demand side directly. ie speculation -
@apere006 it does though. That's my point - have to look at the system as a whole, not just mining, and not just the market. -
@monkbent If the 10 min rate was 20x, the price would be 1/20. And mining would not change. I think you are arguing that limited rate of…
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@apere006 you're conflating the fact that the total amount of bitcoin is fixed with the fact the rate of release is fixed. Latter is unique -
@monkbent Fixed amount of resources that you can profitably get out of ground with current tech. Each piece is zero sum in the same way.
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