It would be strange to think of the USD as reflecting the "energy spent" on producing it, since this would make it simultaneously nearly valueless in one sense (money just mouse click away), and highly valued in another (the electricity, the labor, social capital, education, technical knowledge infrastructure, markets & networks that support the "full faith & credit of the US Treasury" don't come cheap).
The way some people describe it, hashrate and levels of energy expenditure are more a representation of the security, resilience, & technical capacity of BTC network infrastructure: (i.e. network health) than anything else.
The real cost of hashrate (computational & electrical power) needed to run a technically elegant & super efficient market for commodity money, seems like an emergent (or latent) derivative market of some kind - with BTC's difficulty adjustment auto-arbitraging the whole thing through code 🍄🤯
Or not 🤷
/ oldphone
npub17k…tv9t7
2023-09-03 18:45:31
in reply to nevent1q…qghd
Author Public Key
npub17k7z3vwqsd9yh4cycmvqyulayvuaqdwalmy6j4466kp64ztue8wqwtv9t7Seen on
wss://relay.nostr.bandPublished at
2023-09-03 18:45:31Event JSON
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"content": "It would be strange to think of the USD as reflecting the \"energy spent\" on producing it, since this would make it simultaneously nearly valueless in one sense (money just mouse click away), and highly valued in another (the electricity, the labor, social capital, education, technical knowledge infrastructure, markets \u0026 networks that support the \"full faith \u0026 credit of the US Treasury\" don't come cheap). \n\nThe way some people describe it, hashrate and levels of energy expenditure are more a representation of the security, resilience, \u0026 technical capacity of BTC network infrastructure: (i.e. network health) than anything else.\n\nThe real cost of hashrate (computational \u0026 electrical power) needed to run a technically elegant \u0026 super efficient market for commodity money, seems like an emergent (or latent) derivative market of some kind - with BTC's difficulty adjustment auto-arbitraging the whole thing through code 🍄🤯 \n\nOr not 🤷",
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