Mining generates zero data except for hashes that don't generate the magic token formula. The point of mining is that it does use resources and so if you successfully mine a bitcoin you've already generally expended the free-market equivalent of the current value of that bitcoin to do so, or been part of a consortium that did. So the bitcoin labor is proven by the electricity used and paid for. Power is not consumed but converted into another form of value.
I know you see everything as launching CBDC and DID, and it's truly converging there, but the wise person can resist it. Best to focus on the things that are truly obviously going there and not just direct everything to the same track. That's what a couple other content producers here are accused of doing. Verbum sat.
Hidden hand, Austrian economics. It's not an exact match because mining involves randomness, but the bitcoin price reflects and responds to how much the market is willing to spend on electricity to get it, and other factors.
Mining generates zero data except for hashes that don't generate the magic token formula. The point of mining is that it does use resources and so if you successfully mine a bitcoin you've already generally expended the free-market equivalent of the current value of that bitcoin to do so, or been part of a consortium that did. So the bitcoin labor is proven by the electricity used and paid for. Power is not consumed but converted into another form of value.
I know you see everything as launching CBDC and DID, and it's truly converging there, but the wise person can resist it. Best to focus on the things that are truly obviously going there and not just direct everything to the same track. That's what a couple other content producers here are accused of doing. Verbum sat.
"you've already generally expended the free-market equivalent of the current value of that bitcoin"
Does that happen by design? I am trying to understand how it hits the exact value when prices of both electricity and BTC are volatile.
What if marking tempts free into bondage?
What if only a differential can be free? What if others mark differences to equalize them?
Hidden hand, Austrian economics. It's not an exact match because mining involves randomness, but the bitcoin price reflects and responds to how much the market is willing to spend on electricity to get it, and other factors.
interesting stuff, thanks
Random implies chance...mine (belong to me) implies given choice taking chance to claim self.
If one doesn't mine, then randomness becomes predictability...
Elect implies by choice...hence depriving self of choice when electing another.
Sleight of hand: General Electric aka all generating each elect.