[ExI] lotta splainin to do

[spike at rainier66.com]

…> On Behalf Of Adrian Tymes via extropy-chat
Subject: Re: [ExI] lotta splainin to do

 

On Tue, Nov 15, 2022 at 3:50 PM spike jones via extropy-chat <extropy-chat at lists.extropy.org <mailto:extropy-chat at lists.extropy.org> > wrote:

>>… mint the world’s money, while the USA is farting around in a useless attempt at fighting against cryptocurrency.

 

>>…Adrian is there a flaw in this reasoning somewhere?  Please find one, for I don’t like where this all leads.

 

>…If China starts refusing to export certain stuff, then the rest of the world gets it from elsewhere.  China's "monopoly" only exists so long as it is cheaper to get it from China; a refusal to export breaks that condition… Adrian

 

 

OK cool thx.  Do allow me to take this a step further and invite comment by our crypto-hipsters.

 

We get gold from refining ore.  The whole finding nuggets with a pan is so two centuries ago.  Now, we refine ore, which is not rare or a bit hard to find.  We have all the gold ore we want and need.  The value of gold today is primarily determined by the cost of the energy to extract and refine the stuff from ore.

 

Carry that notion over to crypto-currency.  If my intuition is anywhere near right (no guarantee on that (or even vague reassurance (I am way outside of my expertise))) then we can have cryptocurrencies competing with BitCoin, we can have as many competitors as we want, however… the value of competing cryptocurrencies will all be a function of the scarcity, which will be a function of the computing power and energy resources needed to mine it, analogous to gold in a sense.

 

Adrian does that sound about right?  And if so, we could then claim that a dollar’s worth of power has a mathematical expectation of mining about a dollar’s worth of cryptocurrency, regardless of which company is issuing the coins or what mining scheme being used.  It must require energy to get the coins.  I cannot just show up to the party with some new crypto-currency, call them ByteBux, and expect to sell them, if they can be obtained without investing something else of value, such as energy and computing resources.  Ja?

 

Adrian?  Others?

 

spike

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