Adam Smith called capital "stored labor". Bitcoin is literally stored computational labor (stored Hashcash).
. @cdixon If Satoshi had set the per-block reward a factor 10 lower, then the system would still be secure, but less comp. labor involved
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@michael_nielsen@cdixon can you elaborate? Isn't that just a change of units? Why would that affect system dynamics? -
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@michael_nielsen After all, Bitcoin is governed by the logic of consensus, not engineering.@cdixonThanks. Twitter will use this to make your timeline better. UndoUndo
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