Community Trust ScoreVerified
- Corporate Miners Creating Higher Bar for Entry
- Producing Money Should Be Costly
- BTC is a Political Variant of Fiat
- PoS PoW and Politics in Money
- Fiat Money and Policing Counterfeit Money
Why should producing money be costly? Capital needs to be tied to “costly” energy to make it hard to source. Hence Petro and Bimetal standards. The digital space is not different. PoW is the main feature of the decentralized timestamp server that is Bitcoin. It is costly. And, therefore it is hard to source. And consequently scarce.
Production cost has a method of creating a difference in the politics and governance of a given chain. That which has no cost is also without value. We have corporate miners with racks of ASICS as far as the eye can see; that dream will be far from reality. The bar for entry will be even higher than with POS for PoW.
Adam Back, Co-founder of Block-Stream, stated, “I think a real-world production cost is probably a fundamental requirement for commodity money which is physical like gold or digital: Bitcoin. Otherwise, it’s likely a political fiat variant that people haven’t understood clearly, or where the side-effects haven’t become evident yet.”
Difficulty Understanding the POS: It is hard for people investing in POS technology to explain it. PoS is a bit of a perpetual motion machine; it doesn’t work. And, if it could be repaired, it would be undesirable, thus leading to similar issues like political fiat. In any case, PoS is basically a federated system, but worse as you can buy position and amalgamate within the rules.
PoS PoW and Politics in Money: PoS is by dictate or decree from the few, thus valued by the few. PoW is harnessed labor and energy of the many, thus valued by the many. We must take the politics out of money; otherwise, everything downstream of money (which is EVERYTHING) gets corrupted to the same degree as politics is corrupted.
Fiat Money and Policing Counterfeit Money: You forget that fiat is also produced. There are real-world costs in terms of counterfeit prevention. The policing of counterfeit money goes along with that. Also, there would have been no George Floyd if crypto was the world standard of value transfer.
For clarity, George Perry Floyd Jr. was an African American man murdered by a police officer during an arrest after a store clerk suspected he might have used a counterfeit $20 bill in Minneapolis.
It may be so, actually. We will see if this can ever be established with certainty, but suppressing efforts to figure out or implement a different and less expensive way indicates the presence of a hidden agenda on the side of those who do the suppressing. Suppressed, there are over 10,000 coins. It’s typical for them to market themselves by making false claims and comparisons of their vaporware or non-functional tech vs. Bitcoin, because everyone comes at the King. Bitcoin dominance 100%.
