bitcoin_fire on Nostr: Holy shit I just realized why proof of work matters. There will always be a ...
Holy shit I just realized why proof of work matters.
There will always be a competition in the real world to mine bitcoin despite the circumstances in the world.
There is money freely up for grabs just plugging in some computer parts and turning them on.
Bitcoin (imo) has proven it will always be desirable to some extent.
There will be hobbyists and idealists obsessing over stacking bitcoin even if the price somehow plunged to $1000 in a global financial meltdown.
In a post new order, (something that seems all the more likely in our lifetimes) money that held even some value in a world where previously adorned sovereigns melt-down and go to 0 will signal that bitcoin has enormous value.
Bitcoin’s price will shoot up because even in this new world order where there is jockeying for global reserve currency status amongst sovereigns, just the fact that bitcoin survived should make it at least more valuable than gold.
Circles back to PoW: there’s immense desire to find scarce real world resources cause it helps you obtain the most salable good in the world: good money.
The incentive structure: 👌🏼
There will always be a competition in the real world to mine bitcoin despite the circumstances in the world.
There is money freely up for grabs just plugging in some computer parts and turning them on.
Bitcoin (imo) has proven it will always be desirable to some extent.
There will be hobbyists and idealists obsessing over stacking bitcoin even if the price somehow plunged to $1000 in a global financial meltdown.
In a post new order, (something that seems all the more likely in our lifetimes) money that held even some value in a world where previously adorned sovereigns melt-down and go to 0 will signal that bitcoin has enormous value.
Bitcoin’s price will shoot up because even in this new world order where there is jockeying for global reserve currency status amongst sovereigns, just the fact that bitcoin survived should make it at least more valuable than gold.
Circles back to PoW: there’s immense desire to find scarce real world resources cause it helps you obtain the most salable good in the world: good money.
The incentive structure: 👌🏼