Comment by beenBoutIT
1 month ago
In the near future every nation state will be vying for the largest stake of the BTC mining pie and the BTC race will be bigger than the Space Race and the Nuclear Arms Race combined and adjusted for inflation.
1 month ago
In the near future every nation state will be vying for the largest stake of the BTC mining pie and the BTC race will be bigger than the Space Race and the Nuclear Arms Race combined and adjusted for inflation.
why
Why? BTC is not just worthless, it has negative value due to how much electricity it takes to securely mine new blocks.
It's worth around 85k USD at the time you wrote the comment
Only because it is being subsidized by 20 to 40 gigawatts of electricity. It is basically a ponzi scheme where the increasing difficulty transfers wealth from new comers to early adopters.
Did you read the paper? There exists a technology that has purely enforceable property rights. What is that actually worth? I don't know.
Yeah yeah, I've read the arguments about liquidity issues, shutting down the rails, making it illegal to trade, etc. but that's beside the point and depends on a thousand future variables to play out. So I don't know if btc will make it or not, but I do know property rights mean everything to humans. They literally determine whether not one is a slave (I am my own property). So just the ability to have a technology enables pure property rights to a world where nobody really has enforceable property rights over anything seems pretty interesting to me.
Property rights are enforced with guns.
4 replies →
> So just the ability to have a technology enables pure property rights to a world where nobody really has enforceable property rights over anything seems pretty interesting to me.
Bitcoin doesn't enforce property rights. The only thing you own is your bitcoin. The fact that I "own" my house and the land it is built on is enforced by the state with guns.
1 reply →
That's like saying cars have negative value because of how much oil it takes to run them.
Cars have the benefit of transporting humans and goods around.
It's more like saying a hypothetical car which moves itself by using gasoline as a propellant rather than fuel for its combustion engine would have negative value.
Sure, using fuel (of all things) for propulsion would be one way to move a vehicle, but it would be inefficient by design.
Bitcoin, at least, was created during a time where there was no alternative to security-by-inefficency, but PoS and other consensus mechanisms are pretty battle-tested now
2 replies →
Diminishing value certainly it's called depreciation
But cars are useful.