Re:Bitcoin Energy Consumption Index
by jstanley on Saturday August 26, 2017 @05:10PM
(#15107471)
Energy backs bitcoin in the sense that "cheating" (reversing transactions or double spending) costs inordinate amounts of energy.
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"backing" a currency usually refers to exchanging fiat money for a good with intrinsic value. That does not describe the relationship between bitcoin and electricity at all.
Energy ensures bitcoin's ownership, not its value (although it does impact its value indirectly).