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Politics : View from the Center and Left -- Ignore unavailable to you. Want to Upgrade?

To: neolib who wrote (480160)	9/27/2021 7:05:05 PM
From: cosmicforce	Read Replies (1) \| Respond to of 541099

>> [I'm way off... vis-a-vis] the price of bitcoin is significantly above the price of mining it (GPUs + energy) then more mining rigs get deployed because its profitable to do so. The very same argument can be made for an aircraft maker, mining company, software company, the makers of soap, tools, dice, or the person providing scuba training. No one does anything at or below cost unless the market is distorted. If you are saying it is "profitable" as though it is a bad thing, you might be in the wrong economy. Such a position is pretty much not aligned with market economics. Do you buy bread made of recycled paper or sawdust because it is better for the environment and cheaper to make? Probably not. If the "alternative coins" are better, they will overtake bitcoin. Beta (the "better" standard) took no market from VHS (the "worse" standard) because it was more expensive and had fewer titles. Better is a relative measure and on a 640 x 480 screen they were both crap compared to BlueRay on a modern 4k TV. Talking about all crypto in the same breath denies the differences between them. I prefer proof of work because - a) anyone can mine it in principle (the blockchain is more egalitarian) and b) proof of stake makes it similar to the "golden rule" where those have the gold make the rules for the blockchain integrity. There are benefits to both though, so I'll probably own some bitcoin, Ethereum 2 and if it gets more traction and corrects - maybe Cardano - but in the proportion of market share - like an Index Fund.