Hacker Newsnew | past | comments | ask | show | jobs | submitlogin

Gold, nickel and aluminum aren't money, they're resources that get used to produce things in the economy. If you mine a bunch of gold in a new and efficient way you make PCBs and cable connectors cheaper to manufacture and improve life for everyone by a little bit. If you mine a bitcoin in a similarly innovative way we get nothing we didn't have before.


There is a price for a kg of raw gold, and other metals (and not only metals). There is a price for 1 raw bitcoin. Either has energy costs attached; it is quite possible to compare the (market) value created per kWh spent.


You're missing the point. Your flaw is a semantic glitch with the word "value". You're saying in this post that bitcoin has "value" in the sense of exchange, that you can trade it for other stuff. But in the previous post you were describing the "value" of natural resources, which are being created when they are produced and cause economic activity, thus making us all wealthier.

Not the same kind of value. You can mine a billion coins tomorrow and society will still be stuck with the same junk it has today. You could mine a billion tons of cobalt tomorrow and give us all nearly free batteries in perpetuity.




Guidelines | FAQ | Lists | API | Security | Legal | Apply to YC | Contact

Search: