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What we need is money or monies that are rooted in energy not the extraction of wealth from the citizens of a nation state.
Both gold and bitcoin are monies that are rooted in the transformation of energy. Bitcoin has its Proof of Work algorithm and gold has the physical mining process.
The creation of state money is controlled by the minds of technocrats who are heavily immersed and heavily incentivized to perpetuate a system of equilibrium not one of transformation.
It takes very little energy for central banks to create more and more currency to keep their shareholders afloat.
Both gold and bitcoin are monies that are rooted in the transformation of energy. Bitcoin has its Proof of Work algorithm and gold has the physical mining process.
The creation of state money is controlled by the minds of technocrats who are heavily immersed and heavily incentivized to perpetuate a system of equilibrium not one of transformation.
It takes very little energy for central banks to create more and more currency to keep their shareholders afloat.
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In contrast, bitcoin and gold are heavily energy intensive and require a massive amount of energy to produce and maintain.
There are large costs to “mining” bitcoin or gold. The producers of them take huge risks. They have skin in the game, they are subject to organic market pressures, and there are physical limits to their efforts. And lets remember both have a rare supply.
There are large costs to “mining” bitcoin or gold. The producers of them take huge risks. They have skin in the game, they are subject to organic market pressures, and there are physical limits to their efforts. And lets remember both have a rare supply.