Home Bitcoin News Dan Held Says Bitcoin (BTC) is a Super Commodity Minted from Energy

Dan Held Says Bitcoin (BTC) is a Super Commodity Minted from Energy

Bitcoin Energy

Dan Held stated, Bitcoin will be the best thing ever to happen to the environment.  Only the most anti-fragile money will be the king and that’s Bitcoin. 

Bitcoin’s energy consumption is not “wasteful.” – It is much more efficient than existing financial systems.  No one has the moral authority to tell you “what is a good or bad use of energy?”

Dan explained earlier this year during January: 

Everything is energy, money is energy, subjective use of energy, and PoW’s costs relative to existing governance systems.

The idea of “work” being energy started when the French Mathematician Gaspard-Gustave de Coriolis introduced the idea of energy being “work done.” A long time ago, the work done in the economy was entirely human. That work was powered by food.

Thousands of years ago, our energy usage increased when we domesticated animals which could labor in our place. Those new laborers also had to be fed. Large amounts of food were required to meet the energy demand, and our prosperity increased alongside.

In the last few hundred years, we built great machines which produced work. Both machines and nature produce work through the utilization of energy (first law of thermodynamics). We have an economy based not on money, but on work and energy.

All things in our lives are closely linked to the price of energy. The cost of any good largely reflects the energy used in producing that good. Money, which is the representation of the work required to generate goods and services, can also be viewed as stored energy.

 In the early 20th century, people were interested in replacing gold or the dollar with “the energy dollar” or “units of energy.” The concept was popular due to its sound money characteristics. The flaw? It could not be transmitted or stored easily.

That in order to make a man/woman covet a thing, it is only necessary to make the thing difficult to attain.” – Mark Twain Bitcoin’s PoW was originally invented as a measure against email spam. Only later did Satoshi adapt it to be used in digital cash.

What PoW mining does under the hood, is use dedicated machines (ASICs) to convert electricity into Bitcoins (via block reward). Bitcoin has a capitalistic voting mechanism, “money risked, votes gained” through the energy/ASICs used to generate hashes (votes).

When Satoshi designed PoW, he fundamentally changed how consensus between humans is formed from political votes to apolitical votes (hashes) via the conversion of energy. It’s the most simplistic and fair way for the physical world to validate something in the digital world.

Bitcoin is a super commodity, minted from energy, the fundamental commodity of the universe. PoW transmutes electricity into digital gold. The fact that PoW is “costly” is a feature, not a bug.

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Steven Anderson

Steven is an explorer by heart – both in the physical and the digital realm. A traveler, Steven continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Steven and through his business acumen has gained financial profits as well as fame in his business niche. Send a tip to: 0x200294f120Cd883DE8f565a5D0C9a1EE4FB1b4E9

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