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
Post by twetch#10895
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.
What the chain says
- Block
- 623 207
- Time
- 2020-02-22T17:31:29Z
- 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 (1)
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