Bitcoin Does Not Waste Energy
EXCERPT
Bitcoin represents a backup switch to the current architecture of the global financial system and is soon to be its primary engine. Setting aside the systemic risks that currently plague our financial system, bitcoin is a fundamentally more sound monetary system from the ground up. And, it is one secured by the production and consumption of energy. You do not have to believe that the dollarโs fate will be that of the Venezuelan bolivar to recognize the importance and interplay between the stability of a monetary function and the production of energy resources that provide basic economic necessities. And the risk inherent in even the possibility of hyperinflation is so negatively asymmetric that the price of bitcoin energy consumption is of small relative cost.
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