One Bitcoin miner is buying 20,000 16nm wafers from TSMC per month

Re:One Bitcoin miner is buying 20,000 16nm wafers from TSMC ... by paulddraper on Monday January 22, 2018 @07:24PM (#16209603)

Same is true of gold, diamonds, ivory, other items whose rarity makes them precious.

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Re:One Bitcoin miner is buying 20,000 16nm wafers from TSMC ... by objclxt on Monday January 22, 2018 @08:13PM (#16209943)

Gold and diamonds both have industrial applications. They have intrinsic properties outside of their scarcity that also give them worth (for gold, their corrosion resistance, for diamonds their hardness). Even if they had no aesthetic value they would still be mined and sold, because they have practical uses. Is the same true of Bitcoin? Right now, I don't think so.

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Re:One Bitcoin miner is buying 20,000 16nm wafers from TSMC ... by oh-kumudo on Monday January 22, 2018 @07:27PM (#16209643)

Unlike Gold, bitcoin's rarity is artificial, comparison of Bitcoin to high-end artworks might be a more proper one.

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Re:One Bitcoin miner is buying 20,000 16nm wafers from TSMC ... by paulddraper on Monday January 22, 2018 @07:36PM (#16209681)

It's not artificial, it's based on natural laws of computation.

Choosing a particular starting block or blockchain algorithm is arbitrary. Just as choosing a particular metal is arbitrary.

Its scarcity is 100% natural.

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Re:One Bitcoin miner is buying 20,000 16nm wafers from TSMC ... by raverbashing on Tuesday January 23, 2018 @05:20AM (#16212357)

Yes and I don't need to spend several kWh to transact with coin or diamonds

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