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by mosheroperandi
1843 days ago
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Post-communist Albania offers a interesting parable: https://www.imf.org/external/pubs/ft/fandd/2000/03/jarvis.ht... Various pyramid-like enterprises sprung up in the new, underregulated markets. At their peak, the schemes were worth upwards of half Albania's GDP, were participated in by 1/3 to 1/2 of the population, and enjoyed support from the government. For a time, all investors enjoyed good interest payments. But all the popular adoption and shared belief in value couldn't fix their underlying insolvency and the ensuing collapse once new deposits dried up. Whatever quantifiable value, if any, Bitcoin produces for being a BFT ledger is not nearly enough to offset the constant, massive value drag require to pay for mining costs. That x% of the world's wealth is currently tied up in it is not proof against its fundamental insolvency. |
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Can you estimate (1) Bitcoin's value, as you see it and (2) the mining costs?
Various actors (of varying legality) benefit from Bitcoin to varying degrees.