Re:Bitcoin Energy Consumption Index
by moobyfrong on Saturday August 26, 2017 @06:01PM
(#15107716)
Accurate figures exist. In 2016 world gold production was 3,100 metric tons, worth US$128 billion. Above ground gold stock is something over 180,000 metric tons.
New mining increases gold stock 1-2% per year, but very dependent on market conditions.
Gold has double the volatility of equities with less total return than U.S. treasuries. It doesn't really belong in most people's portfolios.
The gold you trade is already almost all extracted, I doubt there's 1B$ a year in gold extraction investment but maybe there is.
>U.S. dollars require the existence of a powerful economy and trillion dollar military to keep the currency secure and desirable.
All currencies require a relevant economy using them to be valuable so that's not a real requirement. As for a trillion dollar military that's doubtfull. There are plenty of currencies with the market cap of Bitcoin that don't have nearly as much of a military backing them.