Re:Bitcoin Mining’s Three Body Problem
by jimmydorry on Tuesday June 02, 2020 @11:45PM
(#23399455)
Nobody would be mining any crypto if their cost was exactly equal to their revenue. This fundamental misconception might be the reason why you can't convince anyone that crypto currency is a "virus".
[ Parent
| on HN ]
In any efficient market, profits approach zero. I don't see the relevance of saying "well, actually, there is some profit". That profit is the mechanism that drives the mining cost to match the value of the currency, isn't it? Please explain more about what you think I am missing, because it sounds like you are just referencing the mechanism that causes the problem.
Speculation is a thing. Not only could users be mining for zero profit, they could be mining at a loss but expecting speculative gains in the future.
It just takes some funding to do this. Its not out of the question.