Both the Thai Baht and the US dollars can be easily inflated (another form of forgeability), therefore they are not good money.
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"Energy spent per block is wasted" has also been thoroughly debunked by
@LaurentMT's article. Same idea, stock == accumulation of flows.https://twitter.com/hugohanoi/status/1034168617351372800 … -
This article is thoroughly unrelated. I don't disagree with what Laurent said, nor does it contradict anything I said. But I can't correct every wrong person on the Internet, especially if they are both belligerent and just free-associating. Learn to engage and try again. Best.
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Oh but it is very much related :-) I’m explaining to you how the “ongoing costs” that you consider waste absolutely contribute to Bitcoin unforgeability. The hardware “stake” represents the accumulation of all future energy flows.
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PoS stake is not an equivalent of this, there’s nothing “unforgeable” about transferring financial capital into a dubious asset. Long range attacks is one example of how moving wealth into an asset does not make it unforgeable.
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It’s fine if you don’t want to engage, but at least we can agree on 2 things in this thread: 1/ Labor theory of value is invalid 2/ Energy expenditure AND unforgeability are required ingredients for money
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Where we differ is for (2), you think PoS expends energy (which is kinda ironic given that the common argument for PoS is that it does NOT expend energy) and unforgeable. Both I disagree with.
End of conversation
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"Waste" is a subjective term anyway--different people can value the same thing differently, so saying a thing is a waste of energy is describing something about *you*, not about *it*.
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