[gonzo41]

The interesting thing to consider about bitcoins is its value isn't all hype, The cost of electricity use to produce them adds a value to it. Strengthens that emotional bond for the owners. Provides a feedback loop for users etc.

It's just sad this tech will end up being used mostly for black money.

[konschubert]

> The cost of electricity use to produce them adds a value to it.

That's not true. What makes you think so?

[aussie1233]

You should reach Satoshi' s whitepaper to understand that.

[zach43]

Can you provide a summary of Satoshi’s argument here? I’m failing to see how the usage of electricity, which is an entropy-losing process, leads to added value through bitcoin

[konschubert]

I think I understand Bitcoin well enough to detect that you don't know what you're talking about.

One could argue that a higher current difficulty increases trust in very recent transactions, thereby raising the unitility of Bitcoin as a medium of exchange (ha!) and thus affecting the price.

But that effect is small and we're talking about the difficulty during the last 10 blocks, at most.

Anything before that is for the past.

[wu-ikkyu]

>The cost of electricity use to produce them adds a value to it.

This is a sunk-cost, not added value.

[aussie1233]

You should reach Satoshi' s whitepaper.

[wu-ikkyu]

I have, please elaborate.