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To: Maurice Winn who wrote (24395)	6/1/2014 2:54:32 AM
From: frankw1900	Read Replies (1) \| Respond to of 24758

The efficiency as you describe it is irrelevant or, more accurately, misleading and untruthful concept. As time goes on, less bitcoin is produced. Imagine for a moment there is only one bitcoin in existence and all bitcoin transactions are accomplished using some part of the original bitcoin which is infinitely divisible. That is the essence of bitcoin. The division of the bitcoin is accomplished by real transactions which are under pinned ultimately by production of goods and services. Most of the bitcoin that will ever be produced is already in existence. The intrinsic problem with bitcoin is that it's energy consuming [like producing gold] and inherently inefficient because a record of all that has gone before is maintained, meaning a mountain of data accumulates. The Federal Reserve produces money much more efficiently by simply adding another zero of quantitative easing. Bitcoin grinds away "mining" with as much energy input as mining an ounce of actual gold.