this post was submitted on 27 Feb 2024
374 points (94.5% liked)
Technology
59534 readers
3199 users here now
This is a most excellent place for technology news and articles.
Our Rules
- Follow the lemmy.world rules.
- Only tech related content.
- Be excellent to each another!
- Mod approved content bots can post up to 10 articles per day.
- Threads asking for personal tech support may be deleted.
- Politics threads may be removed.
- No memes allowed as posts, OK to post as comments.
- Only approved bots from the list below, to ask if your bot can be added please contact us.
- Check for duplicates before posting, duplicates may be removed
Approved Bots
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
Governments guarantee that their currency is worth something in various ways. Bitcoin is backed by the energy usage it costs to mine
It's not backed by energy usage. It's backed by pure, empty, meaningless market speculation. It's a digital baseball card. People use it in the exact same way. It has value because it's "rare", limited, and a bunch of people think so.
It also has the additional property of being able to easily transfer that asserted value anywhere in the world, free of censorship.
Yup. And prices go up from a combination of more idiots throwing money into it which is great for investing if you got into the game early and sure you can grab a chair before the music stops on this high energy use game of musical chairs and also because running those farms are getting so expensive the price had to go up to justify it.
Dude when it halves again and it's suddenly taking the same amount of energy to do half the work I truly don't know what's gonna happen. I guess it depends how strong the sunk cost fallacy is in their heads for if it survives another round.