”the price of a product has jack shit to do with the amount of labor put into it”; that is to say, i don’t think many people truly comprehend the tail risks of hash rate being thermodynamically driven towards revenue.
there’s a price that no one is willing to pay to do a bitcoin transaction, as there’s an amount no miner is willing to lose to produce the next block. the difficulty adjusts only after every 2016 blocks. there’s three (3) major sha-256 chains, and two (2) of them have protocol-level limitations on throughput. it’s de facto a political decision to not have the same amount of coins of each branch as a hedge.
https://www.morganstanley.com/im/publication/insights/articles/article_wealthtransfers_us.pdf
https://x.com/cosmosofbitcoin/status/1721556574878007632?s=46&t=xTjSB_-04Xa8nIoT5a-k6Q
en.m.wikipedia.org Black swan theory - Wikipedia What the chain says
- Block
- 817 153
- Time
- 2023-11-06T17:06:21Z
- Signer
- 15gzsMo5Fpw84WWAFYWCGjd5nXzZYGGdZY
- App
- twetch
- Type
- post
- Content type
- text/plain
Fields the transaction did not carry are omitted. Open the payload to see the bytes as stored.
15gzsMo5Fpw84WWAFYWCGjd5nXzZYGGdZY Verified