starkmonster wrote: ↑Thu Mar 11, 2021 3:16 pm
So the short version is that you didn't read the article I shared...
The article you shared:
https://www.coindesk.com/frustrating-ma ... rgy-debate
Hmmm. I have read some of it. A very evasive, scattered and deliberately misleading piece of mumbo-jumbo it is, too. A simpleton might be fooled...
For example, Nic the dick writes,
- "So the issuance component of miner revenue is structurally decaying over time. Unless you believe that the price of bitcoin is going to literally double in real terms every four years until 2140, that expenditure (and hence energy usage) is going to decline."
But here above he glosses over the fact that to extract each new Bitcoin now requires lengthier computations, and much much more electricity / computer power. Only an idiot is going to buy this argument.
Then, in his increasingly hokey effort to "explain" and evoke the "magical genius" of the great and holy Satoshi, he proceeds to make up a load of malarkey to explain "why" this great man designed things in such a deliberately awkward and unwieldy way... And then, lo and behold, by an accidental dint of youthful honesty, Nic reveals one of Bitcoin's deepest weaknesses:
- "Satoshi’s solution was to distribute the coins by creating a game in which miners surrender something valuable – energy – in exchange for the right to claim them. Because mining is a radically free market, miner margins are usually slim. This means that even though they are literally creating new units of money, that status doesn’t actually give them a huge advantage. Miners have to sell their coins on an ongoing basis to cover their costs – they are just an interface to the protocol itself. There’s a reason venture funds like mine typically don’t invest in miners. It’s a tough, thin-margin business and involves lots of capital expenditure."
Dahahahaha...
Maybe you derive a sense of being "in-the-know" from silly stuff like this. Come on. What a joke. Above, Nic the dick is confessing to the wild unprofitability of Bitcoin mining. Or, should we call it "Bitcoin miming"?
...And without further ado, I shall not deter you any longer from your selective reading list of economic sci-fi for greedy spuds who feel entitled to earn a living out of thin air.
Why not instead join a reputable NYC or London financial investment bank -- or study to become a real stock broker -- if you really need to take the whole world for a ride, or for a merry stroll down the garden path..? Satoshi is a convenient fiction for good reason: the real inventor knew (and knows) that Bitcoin is destined to tie all the computers up into one big crashing knot! The whole thing and Satoshi reminds me of René Descartes and his "evil genius"...
https://en.wikipedia.org/wiki/Evil_demon
Maybe after Bitcoin disintegrates, poor wiseguys like Nic can find some real work to do? But,
nah, I doubt it: "Once a blabbermouth -- forever and always, nothing but a salesman..."
Dream happily on... at least until all the toast burnzzzz...