You're deliberately missing the point. I claim that gold has a value regardless of the assumption of it being a medium of exchange. Bitcoin hashes do not have that VALUE REGARDLESS OF THE ASSUMPTION OF THEM BEING A MEDIUM OF EXCHANGE. See the phrase "in and of itself".
Anyway, this is slowly evolving into a flame war, and I don't want to be a jerk (I feel I will be in my next post, if I'm not already). So I won't reply anymore.
-eleman
I wasn't deliberately missing the point- I was debating the merits of your argument. Gold does have productive value, as I conceded. But it's *worth* isn't directly proportional to that value, nor based on it. It's based on, as you put it, the value of it being shiny, more than that productive value, which skews the argument towards it being more like bitcoin than not. 10% goes towards production- is that correlative to the amount of energy put into mining it? Not at 10%. If correlated, there would be a lesser demand, and a lesser investment of industry towards mining it. I also didn't intend any flame war- it wasn't devolving into such on my side. I do apologize if you viewed it that way, and if I said anything that you construed as being towards you instead of your argument (it doesn't seem that I did... but then that is, I guess subjective).
Thanks for the conversation.
when I replied there I didnt realise that was still your main focus. It is unfortunate that there is this waste involved. It would have been great it it could have been doing something useful. But that's not the case - and cannot be changed in retrospect. And I dont think it's going to stop the forward march of bitcoin.
-tomos
But is that waste? It's providing a very real service, i.e. taking fiat out of the hands of the rich, and putting it into the hands of all of us. That's not a waste to me.
85 people have as much money as half the worldI strongly recommend that no matter where you stand on the issue, you actually read
Adam Smith (
The Wealth of Nations). He knew and said that the top oligarchs were not "job creators" but rather would concentrate on "rent-seeking" which is not Capitalism. Supply Side "economics was a betrayal of Smith that ignored human nature and was never ever right. Jobs are created by small business and by high tech. Both of which across 6000 years were always crushed by owner-oligarchy.
Capitalism of the true, creative and open variety is one of the top VICTIMS of oligarchy. Read… Adam… Smith...
... but that's getting out of the technological aspects of Bitcoin, so I'm going to stop right there.