oldphone on Nostr: It would be strange to think of the USD as reflecting the "energy spent" on producing ...
It would be strange to think of the USD as reflecting the "energy spent" on producing it, since this would make it simultaneously nearly valueless in one sense (money just mouse click away), and highly valued in another (the electricity, the labor, social capital, education, technical knowledge infrastructure, markets & networks that support the "full faith & credit of the US Treasury" don't come cheap).
The way some people describe it, hashrate and levels of energy expenditure are more a representation of the security, resilience, & technical capacity of BTC network infrastructure: (i.e. network health) than anything else.
The real cost of hashrate (computational & electrical power) needed to run a technically elegant & super efficient market for commodity money, seems like an emergent (or latent) derivative market of some kind - with BTC's difficulty adjustment auto-arbitraging the whole thing through code 🍄🤯
Or not 🤷
The way some people describe it, hashrate and levels of energy expenditure are more a representation of the security, resilience, & technical capacity of BTC network infrastructure: (i.e. network health) than anything else.
The real cost of hashrate (computational & electrical power) needed to run a technically elegant & super efficient market for commodity money, seems like an emergent (or latent) derivative market of some kind - with BTC's difficulty adjustment auto-arbitraging the whole thing through code 🍄🤯
Or not 🤷