aa on Nostr: No, no, no! This is the cost-of-production theory of value, pure economic fallacy and ...
No, no, no! This is the cost-of-production theory of value, pure economic fallacy and the predecessor to marxism. The value of 1 Bitcoin is not determined by the value of the electricity used to mine it. The price of 1 bitcoin is a function of the subjective valuations of buyers and sellers of bitcoin. Miners expend energy to bid for bitcoins in the expectation of profit, but may run at a loss if the energy costs are higher than the value of the bitcoin they mine.
Published at
2024-12-17 13:56:13Event JSON
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"content": "No, no, no! This is the cost-of-production theory of value, pure economic fallacy and the predecessor to marxism. The value of 1 Bitcoin is not determined by the value of the electricity used to mine it. The price of 1 bitcoin is a function of the subjective valuations of buyers and sellers of bitcoin. Miners expend energy to bid for bitcoins in the expectation of profit, but may run at a loss if the energy costs are higher than the value of the bitcoin they mine. ",
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