Re:Running Bitcoin uses a small city’s worth of electricity
by whytaka on Monday October 02, 2017 @05:12PM
(#15388009)
I think the biggest cost to sustaining fiat is the power of the sovereign that backs it up. To a good extend, you have to also account for the military that secures the borders as that which also supports the currency.
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Re:Running Bitcoin uses a small city’s worth of electricity
by JumpCrisscross on Monday October 02, 2017 @06:36PM
(#15388569)
> the biggest cost to sustaining fiat is the power of the sovereign that backs it up
That government and military also safeguards a lot of the economy any financial system, traditional or crypto currency, needs to drive it. In any case, sovereign-less free banking happened [1]. It was replaced for reasons of efficiency.
Re:Running Bitcoin uses a small city’s worth of electricity
by kamaal on Tuesday October 03, 2017 @06:45AM
(#15391460)
That will be true for cryptocurrencies too. What special loyalty does some thing like bitcoin command?
The day bitcoin has its top 1% people(By many a definition they are already there) you will need a military to force it on the people, else they can start their own currency turning the value of existing cryptocurrencies to 0.