On Mon, Aug 1, 2022 at 11:56 AM Jason Resch <[email protected]> wrote:
That's the worst case scenario in terms of energy use incentives (bitcoin > replacing all other currencies). But it's still finite, and not exponential > to infinity. (Unless you are counting the economy as exponential to > infinity). > Even if you make the outrageously conservative presumption that we will never be able to build rockets that travel any faster than we can right now we could still make one Von Newman probe (we'd only need one) and in less than 50 million years the entire galaxy could have a Dyson sphere around every star in it. Granted that is not infinite, but it's pretty damn big. >> And that is exactly what a rational gold miner would do if gold kept >> exponentially increasing in price and was asymptotically approaching >> infinite valuation. >> > > *> Why do you have think bitcoin value is going to infinity?* > Actually I think it far more likely that bitcoin's value is going to zero. >> That does not compute. It doesn't matter if you're using Bitcoins, >> dollars, or monopoly money, the entire purpose of an economy is not to >> create money but to create assets of value, money is just a bookkeeping >> device and Bitcoin is an enormously inefficient bookkeeping device. >> > > *> You may be confusing money creation with the bookkeeping process. For > gold, dollars, bitcoin, the bookkeeping is trivial and easily done by > computers and spreadsheets.* > I think you're the one who is confused. Dollars and Bitcoins are just markers, they are not assets of value. Food, houses, airplanes and computers are assets of value. Historically gold has proven itself to be useful as a symbol, a symbol for assets of value, but during the last century paper money has largely taken over that role. Gold has a few other uses but not many. *> You could argue that one difference with debt based money is we get a > house or a car out of it, while for bitcoin, gold, collecting seashells, we > get only waste-heat and a medium of exchange.* > And that difference is astronomically ginormous! John K Clark See what's on my new list at Extropolis <https://groups.google.com/g/extropolis> kq1 9 -- You received this message because you are subscribed to the Google Groups "Everything List" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. To view this discussion on the web visit https://groups.google.com/d/msgid/everything-list/CAJPayv3NsZPB_FzGB2Em-unTBwSJOTPee4hOsHVMEHu0KBZZUw%40mail.gmail.com.
