Cost of hardware is irrelevant. Amount of energy is also irrelevant. An external irreducible (energy) cost is required for confirmation. Confirmation cost is controlled by demand for confirmation (supply is capped). As in all markets, competition maintains return on investment.
You just made it more confusing... So you value hardware cost at zero always, now & future? And because you treat this cost as zero it doesn't factor into your Bitcoin security calculation? But you don't call this... ignoring?
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Maybe you should follow my subsequent posts.
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Read it, don't agree with it. What you call "absolute", I call extremely simplified abstraction of reality. What you call "relative", I call that real-world economics. Your theory is only as good as situations & factors on the ground.https://twitter.com/evoskuil/status/1029206261047279619 …
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You can call things whatever you want, but it doesn’t qualify as an argument. Nor does stating you disagree. Saying something is “on the ground” doesn’t mean anything except maybe that it’s not airborne. If you have something meaningful to add I’m happy to discuss.
End of conversation
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