Agreed. Waves, all waves, are an expression of motion through some medium over time. Current is flow of energy and is a wave. No coincidence that currency has the same root word.
Post by twetch#10895
As for rate of mining blocks vs mining physical gold, there is a key difference that make the comparison inadequate, imo:
- the option to stop mining entirely
Gold mining can stop & transactions can continue with mined gold. Bitcoin mining can't stop.
What the chain says
- Block
- 623 205
- Time
- 2020-02-22T16:59:15Z
- Signer
- 1Pbz4esEs8BGKqqHcNBqm1yEcLdacauFPA
- App
- twetch
- Type
- post
- Content type
- text/plain
- Name in tx
- twetch#10895
Fields the transaction did not carry are omitted. Open the payload to see the bytes as stored.
Signed by
1Pbz4esEs8BGKqqHcNBqm1yEcLdacauFPA VerifiedReplies (4)
Good insight. Depends on your perspective on incentives, namely whether or not they are they causal. If yes, then when gold has value > cost of mining, gold mining will continue. Same with bitcoin, if it has value > cost of mining, people will mine bitcoin
Yes... But with bitcoin if all miners stop, then the coin is dead. I can't imagine mining would commence again if that happened to a coin for some significant amont of time. But who knows.
I get your point and agree that you identified a significant difference, but in practical terms I don't see it as a fatal flaw in the time-value comparison between gold and bitcoin in terms of Gilder's theory. Incentive dynamics are another similarity imho
The relatively consistent annualized rate of gold mining referred to by George must include slowdowns, pauses, etc. And includes zero transaction dependency. "Mining" probably won't be the right word once all 21 million bsv are in circulation. Txns only