it's backed by the electricity, computation, and cryptography
A loss of energy from the planetary resources is NOT a tangible backing. It is a tangible loss. While I am not an expert in cryptocurrency, I'm not completely ignorant either. Gold, Silver, etc. are USEFUL all by themselves. They ADD to resources, they ARE resources. Crypto only subtracts from resources. As I stated above I know it takes energy and effort to mine them. I have looked into mining them myself.
Give me a tangible production of resources attached to it. I will look into it more if you do. For example, originally paper money was directly tied to silver. You could walk to anyplace and trade one for the other. It was tied directly to a tangible resource. What equivalent is there with crypto?
Not sure what to tell you, your mind is obviously made up. I don't know how to explain that trading resources back into computational work for the purpose of network security and transactional integrity is a form of value. Over a decade of time now prove this.
I'd suggest reading The Bitcoin Standard, I think it's only about $15. When attempting to define the characteristics that make a currency ‘functional’, Aristotle settled on five traits – fungibility, durability, portability, divisibility and intrinsic value. Crypto is the first currency in the history of civilization to check all boxes.
My mind is never made up, on anything. There are only increasing levels of proof required to change it, depending on my own level of knowledge/learning/research on a topic.
I don't know how to explain that trading resources back into computational work for the purpose of network security and transactional integrity is a form of value.
I will look into this.
When attempting to define the characteristics that make a currency ‘functional’, Aristotle settled on five traits – fungibility, durability, portability, divisibility and intrinsic value. Crypto is the first currency in the history of civilization to check all boxes.
If it does indeed have intrinsic value, I will agree with you. I will look more into what you have described above to see if that is real value (a real resource that has productivity uses outside of its use as a currency) or if it is only useful because someone says it is.
A loss of energy from the planetary resources is NOT a tangible backing. It is a tangible loss. While I am not an expert in cryptocurrency, I'm not completely ignorant either. Gold, Silver, etc. are USEFUL all by themselves. They ADD to resources, they ARE resources. Crypto only subtracts from resources. As I stated above I know it takes energy and effort to mine them. I have looked into mining them myself.
Give me a tangible production of resources attached to it. I will look into it more if you do. For example, originally paper money was directly tied to silver. You could walk to anyplace and trade one for the other. It was tied directly to a tangible resource. What equivalent is there with crypto?
Not sure what to tell you, your mind is obviously made up. I don't know how to explain that trading resources back into computational work for the purpose of network security and transactional integrity is a form of value. Over a decade of time now prove this.
I'd suggest reading The Bitcoin Standard, I think it's only about $15. When attempting to define the characteristics that make a currency ‘functional’, Aristotle settled on five traits – fungibility, durability, portability, divisibility and intrinsic value. Crypto is the first currency in the history of civilization to check all boxes.
My mind is never made up, on anything. There are only increasing levels of proof required to change it, depending on my own level of knowledge/learning/research on a topic.
I will look into this.
If it does indeed have intrinsic value, I will agree with you. I will look more into what you have described above to see if that is real value (a real resource that has productivity uses outside of its use as a currency) or if it is only useful because someone says it is.