Gilder mentioned how the time-value of gold has never changed. He said that though it requires exponentially more energy to mine it now, compared to during the gold rush, the same amount of gold is "produced" per unit of time. So, in a sense, they agree...
Post by twetch#12490
Guilder wants a fixed price (in terms of his theory of money = time) while Satoshi fixed cost within that theoretical framework: the energy required to mine BitCoin increases over time, but the same amount is mined per unit of time (1 block per 10 mins)
What the chain says
- Block
- 623 121
- Time
- 2020-02-22T03:36:47Z
- Signer
- 17n1UjYJYSPFscU1rxZH2RX87vYx5BAi7z
- App
- twetch
- Type
- post
- Content type
- text/plain
- Name in tx
- twetch#12490
Fields the transaction did not carry are omitted. Open the payload to see the bytes as stored.
Signed by
17n1UjYJYSPFscU1rxZH2RX87vYx5BAi7z VerifiedReplies (3)
But... 1 block of now arbitrary size, which has no relationship to the total supply of indivisible tokens (i.e. satoshis aka abstract and tradeable time). Gilder wants a fixed price for each satoshi, and a variable supply. Suppose 1 satoshi = 1 minute...
I need to read his work as well, because there seems to be a similarity in their approach to the relationship between time and money, though from different angles, which struck me as interesting. Great question and stimulating conversation. Thanks.
Yes, very interesting to me as well and thanks to you, too.