Another way to put it is the value of money is half-objective (independent of the opinion of people, on the basis of energy cost & unforgeability) and half-subjective (monetary premium that people assign to the asset for its useful monetary functions: SoV, MoE, UoA).
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Assets who meet the required properties compete to become money, and over time tend to reduce to one single standard, due to strong feedback loops & network effects. cc
@real_vijay who has written a lot on the subject.Show this thread -
> I don’t get the gold comparison; gold is scarce, but energy isn’t. The scarcity of Bitcoin comes from the high energy requirement to break the 21-million-bitcoins limit. The same way gold is scarce because it would take a tremendous amount of energy to synthesize gold.
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Re portability: it has two aspects: security against theft/siezure and transmittability. I think former is *much* more important. The primary use of SoV is transfer of value through time. Transportation through space is secondary.
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Agreed. I would also venture to guess that: unforgeable costliness > portability (which includes both security against theft/seizure and transmittability) So there’s an inherent order (of importance) to these things.
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What if I told you reality is an illusion projected by our consciousness, and because we’re social beings, that means *everything* is social...

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the Great Simulation

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We are a multiverse, all and together, but different, but the same, but not quite identically. [WAT?]
pic.twitter.com/GN1gN5bqT1
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Thanks for the reply. I agree that a part of the value is also derived from it being difficult to gather, though I don’t think it’s necessarily the energy consumption that is responsible for that. See these threads: - https://twitter.com/belowsearcher/status/1046989458174808065?s=21 … -https://twitter.com/belowsearcher/status/1047006398083674113?s=21 …
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The proliferation of different blockchains highlights the essential problem that there is no scarcity, it is a fiat currency. Lacking scarcity lacking value.
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all your bitcoin maximalist theories about hard-money sound nice and all, but then you realize you're talking about a 10-year experiment that has multiple major common-sense ways to utterly fail. immutable ledger? 1 exploited code flaw and it's over.
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Following that analogy, I’d say PoW is more about proving that you solved the algorithm than about the energy that needed to be consumed to do so.
Which is why I feel PoS coins that are based on (..)