A few days ago Tuur Demeester, economist and investor (@TuurDemeester on Twitter, tweeted “Bitcoin mining converts electricity into trustless financial reliability.”
Quite an interesting quote I would say and he adds: “Side-effect: this moves the energy consumption center of mass from high cost urban areas to remote, low cost areas. Human powered banks & clearing houses are to an extent replaced by hydro/geothermal/coal based mining operations.”
Some replies that I found interesting and want to share with you are:
- xubrin: “Which would mean that saying Bitcoin is backed by nothing would be entirely false. Mining 1 block takes $62,333 of power. So each $BTC costs $4,987 to produce.”
- 6hundred6: “Energy can’t be created nor be destroyed. It can be converted from one form to another, so bitcoin is form of energy And bitcoin is indestructible.”
- kristapsk: “Cryptocurrency mining is the way to convert electricity into money everywhere in the world, very easy. No need to build transportation or consumers nearby. First time in the history.”
- rosspeili: “Bitcoin does nothing but bringing foolish investors into the dlt scene. These investors will make professional investing groups and traders rich by simply loosing.”
- crypitalgains: “..and inspires an exponential decrease in the timeline of discovering more efficient means of electrical energy production, storage, and distribution. I want my Tesla Mining Edition. :-)”
Of course there are a lot of sides to this story and everybody is entitled to their own opinion.
What do you think about Tuur’s tweet? And what do you think about the replies? Do you agree with them?
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Of all the replies, I find this one the most interesting.
This reply is deeper than it appears. It encapsulates the scientific law of energy and ends with reiterating the strength of Bitcoin.
To me, what then would be the essence of electricity if it cannot be harnessed for effective things like mining of Bitcoin?
I've always been looking forward to your posts because they don't just inform people, they make one think too. Thanks @cryptotem
Thank you @fada.emma!
I appreciate you putting in the effort with your comments as well. All replies to the tweet got me thinking as well. I like the one from 6hundred6 the most as well :-)
You're one of the reasons I log into Steemit everyday @cryptotem
I agree with 6hundred6 Energy can't be destroyed..but i tend to disagree with rosspeili, saying investors are foolish isn't cool many investors have made Millions of $ in bitcoin. Cryptos are becoming a good medium for trading.. Mark Zuckerberg wants his own coin. Thats to tell how much he believes in crypto
Thank you for your comments @chicsman!
I just have a minor correction:
"Bitcoin mining converts electricity into trustless financial unreliability. 😉
Hahaha, so you are basically on the opposite side :-P
Electricity is one of the elements that produce a value for producing Bitcoin.
Great post here's a free upvote and resteem courtesy of @kgakakillerg
You got a 8.29% upvote from @mercurybot courtesy of @cryptotem!
Nice
You got a 40.00% upvote from @ipromote courtesy of @cryptotem!
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