Michael Saylor shared: The only settled method to create a digital property is via Proof-of-Work. Non-energy-based crypto approaches like Proof-of-Stake must be deemed to be securities until proven otherwise. Banning digital property would be a trillion-dollar mistake.

Community Response:

Bitcoin is the digital property and the most cost-efficient method we have yet discovered for converting energy into prosperity.

Work is a means to an end. It’s worthless if the work itself doesn’t create any real value. If I can prove I spent hours digging a hole and then spent an equal number of hours filling it back up with dirt, my work produced nothing. All the work used to create Bitcoin is wasted!

The work secures the network so that we can channel economic energy through time & space with negligible friction. This is similar to the work to build & maintain railroads, aqueducts, highways, ports, and power grids. Bitcoin stores & moves money more efficiently than gold.

Bitcoin doesn’t channel energy, it wastes it. It doesn’t store or move anything. It’s nothing like the actual infrastructure you reference to confuse people. All Bitcoin transfers are money from the people who are dumb enough to buy it to those who are smart enough to sell it!

You’ve just described gold.

That just proves that you don’t understand gold. A lack of understanding of gold is key to believing in the cult of Bitcoin.

I understand both and likely hold more physical bullion than you.

You just think you understand both. But at least for your sake, you own a lot of gold.

I know the history well, speaking of it do you know what makes these 2 gov issued ingots in my collection unique? They were from a time when we trusted a custodian with our gold and silver. Hint… they stole it. Yet you still preach to trust someone else with the vault keys.

*for the jurisdiction that decides to make said mistake…

Proof-of-stake is not even a zero-trust protocol… You have to: (1) TRUST that the top staking addresses don’t belong to the same person/org (b/c u can’t verify it)… (2) TRUST that those top stakers won’t denial-of-service attack the ledger (b/c u can’t stop them).

A failure to understand proof of work is a failure to understand Bitcoin.

Energy is the foundation of society.

Moving faster to nuclear and this “esg” argument becomes a mute discussion. Also the amount of energy that goes “unused” that the Bitcoin network can use… isn’t talked about enough.

I feel sorry for being European but the Brussel’s parliament is the last place that any type of proof of work will be appreciated… They will always go with proof of stake because this is the way they operate. Sad but true. Still, BTC is inevitable.

The EU is following in China’s footsteps. First the academic response and now banning PoW. They might have succeeded in imposing the former, but good luck banning a decentralized, open, and permissionless protocol. In the end, Bitcoin finds a way.

They can’t ban it, only ban the people complying with their ban from using it.

Fiat money is a weapon used by governments to quietly steal from their population. We can’t ignore this fact and believe they will just adapt to Bitcoin at once. State support is complicated in the era of short-term & populist governments. Who will give up the brrr?

Govts. Could include BTC in their balance sheet and prohibit it as a means of payment. Many scenarios could unfold. They have already 5crewed up several times. Should not surprise us; Crypto Wars Part II. Let’s not let our guard down.