Bitcoin is NOT like gold. Gold, unlike cryptocurrencies, is a tangible item that can be used for things. (Electronics, jewelry, etc.)
And unlike bitcoin-hoarding, with its massive losses in the forms of electricity and computer hardware, gold-hoarding isn’t a massively negative-sum game. But that’s beside the point: crypto is a Ponzi scheme and gold isn’t because gold can do economic work and cryptocurrency can’t.
I’ve been over Ethereum’s fundamental toxicity—both the fundamental toxicity of PoS and the fundamental toxicity of cryptocurrencies in general—in my previous comments.
Gold is valued way over and above its direct economic value for making things! It’s valued primarily for being a store of value (as bitcoin is—hard to fake, divisible, transportable etc). Some people use bitcoin mining rigs to heat their home. I think that’s pretty equivalent to using gold in electronics (i.e. useful economic work, but not the primary source of value).
I don’t think any of the fundamental toxicity you mention regarding PoS or Ethereum is unique to crypto—it applies to most forms of capital (stocks, bonds, private equity, real estate).
Bitcoin is NOT like gold. Gold, unlike cryptocurrencies, is a tangible item that can be used for things. (Electronics, jewelry, etc.)
And unlike bitcoin-hoarding, with its massive losses in the forms of electricity and computer hardware, gold-hoarding isn’t a massively negative-sum game. But that’s beside the point: crypto is a Ponzi scheme and gold isn’t because gold can do economic work and cryptocurrency can’t.
I’ve been over Ethereum’s fundamental toxicity—both the fundamental toxicity of PoS and the fundamental toxicity of cryptocurrencies in general—in my previous comments.
Gold is valued way over and above its direct economic value for making things! It’s valued primarily for being a store of value (as bitcoin is—hard to fake, divisible, transportable etc). Some people use bitcoin mining rigs to heat their home. I think that’s pretty equivalent to using gold in electronics (i.e. useful economic work, but not the primary source of value).
I don’t think any of the fundamental toxicity you mention regarding PoS or Ethereum is unique to crypto—it applies to most forms of capital (stocks, bonds, private equity, real estate).