Holy shit I just realized why proof of work matters.
There will always be a competition in the real world to mine bitcoin despite the circumstances in the world.
There is money freely up for grabs just plugging in some computer parts and turning them on.
Bitcoin (imo) has proven it will always be desirable to some extent.
There will be hobbyists and idealists obsessing over stacking bitcoin even if the price somehow plunged to $1000 in a global financial meltdown.
In a post new order, (something that seems all the more likely in our lifetimes) money that held even some value in a world where previously adorned sovereigns melt-down and go to 0 will signal that bitcoin has enormous value.
Bitcoin’s price will shoot up because even in this new world order where there is jockeying for global reserve currency status amongst sovereigns, just the fact that bitcoin survived should make it at least more valuable than gold.
Circles back to PoW: there’s immense desire to find scarce real world resources cause it helps you obtain the most salable good in the world: good money.
The incentive structure: 👌🏼
bitcoin_fire
npub1c8…74ynl
2023-03-31 02:04:49
Author Public Key
npub1c8nm0l53m2yjcvq3gwcrx6m7enksy2r6hf9zn73ttzdzp2q0jease74ynlSeen on
wss://relay.nostr.bandPublished at
2023-03-31 02:04:49Event JSON
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"pubkey": "c1e7b7fe91da892c301143b0336b7ecced02287aba4a29fa2b589a20a80f967b",
"created_at": 1680228289,
"kind": 1,
"tags": [],
"content": "Holy shit I just realized why proof of work matters.\n\nThere will always be a competition in the real world to mine bitcoin despite the circumstances in the world.\n\nThere is money freely up for grabs just plugging in some computer parts and turning them on.\n\nBitcoin (imo) has proven it will always be desirable to some extent. \n\nThere will be hobbyists and idealists obsessing over stacking bitcoin even if the price somehow plunged to $1000 in a global financial meltdown.\n\nIn a post new order, (something that seems all the more likely in our lifetimes) money that held even some value in a world where previously adorned sovereigns melt-down and go to 0 will signal that bitcoin has enormous value.\n\nBitcoin’s price will shoot up because even in this new world order where there is jockeying for global reserve currency status amongst sovereigns, just the fact that bitcoin survived should make it at least more valuable than gold.\n\nCircles back to PoW: there’s immense desire to find scarce real world resources cause it helps you obtain the most salable good in the world: good money.\n\nThe incentive structure: 👌🏼",
"sig": "32e43c7efd626e5bcfa4a35b53cecc6af6930a33750ed75e328aa179e88523cdbd4226745ccb3fb2761107e0103cf0656d76e8a3a1d58eff49053bce679288a2"
}