Block Quote: 792247
'It's the same situation as gold and gold mining. The marginal cost of gold mining tends to stay near the price of gold. Gold mining is a waste, but that waste is far less than the utility of having gold available as a medium of exchange.
I think the case will be the same for Bitcoin. The utility of the exchanges made possible by Bitcoin will far exceed the cost of electricity used. Therefore, not having Bitcoin would be the net waste.' August 7, 2010 - Satoshi Nakamoto
clearmined / ClearMined
npub1dj…ddrq9
2023-05-31 11:52:14
Author Public Key
npub1dj8zwktp3eyktfhs5mjlw8v0v2838xlquxr7ddsanayhcw98fcks8ddrq9Published at
2023-05-31 11:52:14Event JSON
{
"id": "b47963a6311309a777b3a718cdde92a859dc8a8579728999f68f44069366cb14",
"pubkey": "6c8e2759618e4965a6f0a6e5f71d8f628f139be0e187e6b61d9f497c38a74e2d",
"created_at": 1685533934,
"kind": 1,
"tags": [],
"content": "Block Quote: 792247\n\n'It's the same situation as gold and gold mining. The marginal cost of gold mining tends to stay near the price of gold. Gold mining is a waste, but that waste is far less than the utility of having gold available as a medium of exchange. \nI think the case will be the same for Bitcoin. The utility of the exchanges made possible by Bitcoin will far exceed the cost of electricity used. Therefore, not having Bitcoin would be the net waste.' August 7, 2010 - Satoshi Nakamoto",
"sig": "3e70730b7a8cba7e50321c2b036c59ffde9709b3086d9bade50eaa12fd56fe95fcab471146561d28fbecfb32db1899b5c3cd2549edb1eb436ae68c10bbac0a07"
}