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by bb88
854 days ago
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In the case of BTC and gold, mining puts downward price pressure as new "resources" are "discovered". Miners need to sell the gold/BTC to recoup the cost associated with mining. In BTC it's energy, in gold it's equipment/labor. In a free market, we would expect the inefficiencies to be removed from the economy over time. New competition, new ideas, etc. In the case of BTC, removing PoW would remove the downward price pressure it sees today. The miners don't really want BTC, they want USD. |
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