New bill would revalue gold to buy Bitcoin
(m.youtube.com)
You're viewing a single comment thread. View all comments, or full comment thread.
Comments (29)
sorted by:
This is not correct.
The energy used to mine BTC is CONSUMED in the process and is therefore LOST forever.
I keep hearing people parroting this falacy and they keep getting mad because they're wrong.
True, but the ledger is the gold. I just prefer the real thing. All I could see myself doing is exchanging small amounts of metals to use bitcoin as a currency as it's easier to transport. But ultimately I'd prefer to just exchange metals for what i need.
Same.
If you can't physically hold it in your hand, do you REALLY "have" it?
I don't need a 3rd party involved or electricity to snap off a gram of gold from a Valcambi bar...
What I DO wonder is when there IS some unforseen problem with your BTC, who are you going to call to resolve it? Ever have to call a 3 letter agency because there was wire fraud? They're beyond fking useless and zero help. They just don't care.
BTC? "Sir can you describe what was stolen from you? Size?, color? Weight?" What agency would be responsible for crime? Theft/loss/a glitch? Computer "glitches" etc happen all the time... I'm sure there's some snafu that hasn't occurred yet with BTC that will... humans are involved. Give it time...
The energy mined is recorded in an immutable ledger through its proof of work system, so yes it is.
It's consumed in the process - never to be extracted ever again.
No different than any other process that requires an energy input: cooking, machining, injection molding.
It's GONE.
Anybody can record how much energy was consumed in any one of the processes I just mentioned. Big whoop.
You can do that on paper or a rock even... you don't need a fancy ledger.
The fact remains - The one BTC zealots continue to erroneously dance around - that the energy used to mine is gone and cannot be extracted.
No other technology records it in a perfectly immutable, provable way. That's what you're failing to wrap your mind around. No one can change the Bitcoin ledger. No one can print more Bitcoin.
Remember what caused us off the gold standard to begin with: FRAUD. No one was able to prove the reserves of gold. We cannot even prove the reserves of Fort Knox. No nation can prove their reserves of gold. No nation, no entity can be trusted to. With Bitcoin, it's all there, black and white, clear as crystal. No human hands involved in the recording of the ledger. No room for fraud or abuse. NONE. There is ZERO fraud that can occur with Bitcoin. There is a million and one ways to defraud people with precious metals.
Do you want that tho? Sounds great from an anti corruption perspective, but do you want to pay every last drop of taxes you owe and will owe into perpetuity? And have every single purchase tracked with no privacy?
I don't want that at all.
I mean, the blockchain stuff like xrp makes sense for documents etc. But honestly - I don't care about cheating MORE than I care about freedom, privacy & liberty. You can't stamp out ALL crime. Just like every dog is a born thief...no matter what, humans ALWAYS find a way to game the system.
Can't defraud me if own the metal. I am trying to understand the blockchain stuff. I see great value in its forensic purity. Record keeping, contracts, patents and trade marks etc. Even asa currency. But ot in my opinion has to be backed by precious metals. And alternative currencies should be available in the form of physical currency.