News for hackers. Stuff that matters.

A comment on Cambridge Bitcoin Electricity Consumption Index. Parent comment

Re:Cambridge Bitcoin Electricity Consumption Index by JumpCrisscross on Wednesday February 10, 2021 @10:01AM (#26090015)
> For any new money, it goes like this: 1. Store of value. 2. Medium of exchange. 3. Unit of account.

I’m struggling to think of a currency that started as a store of value and then became a medium of exchange. Most currencies [1] started out worthless for good theoretical reasons. If they started valuable, they’d be subject to Gresham’s law and not transacted.

[1] The U.S. dollar, pounds Sterling, the Euro, the Swiss franc, money in the free banking era, Song Dynasty jiaozi, et cetera

[ Parent | on HN ]
Re:Cambridge Bitcoin Electricity Consumption Index by Rallerbabs on Wednesday February 10, 2021 @10:02AM (#26090031)
Read "The Bitcoin Standard" if you want that problem solved.
[ Parent | on HN ]
Re:Cambridge Bitcoin Electricity Consumption Index by Grustaf on Wednesday February 10, 2021 @10:23AM (#26090345)
It's a fun book and it accurately describes some of the flaws with fiat money, at least as it is used now.

But the part where it tries to explain why Bitcoin is the answer is laughable.

Almost as laughable as the part where he blames every societal ill from the degeneration of art and onwards on fiat currencies.

[ Parent | on HN ]
Re:Cambridge Bitcoin Electricity Consumption Index by Rallerbabs on Wednesday February 10, 2021 @10:57AM (#26090879)
No attempt at rational argument is made by you.

Argument irrelevant.

[ Parent | on HN ]
Re:Cambridge Bitcoin Electricity Consumption Index by dang on Wednesday February 10, 2021 @05:44PM (#26095844)
You've been breaking the site guidelines egregiously in this thread, and in other threads. We ban accounts that do that. Would you please review https://news.ycombinator.com/newsguidelines.html and stick to the rules when posting here?

I'm not going to ban you right now because you've posted some good comments too, but if you keep posting comments like these ones we're going to have to. Please correct.

[ Parent | on HN ]
Re:Cambridge Bitcoin Electricity Consumption Index by Rallerbabs on Thursday February 11, 2021 @12:56PM (#26104839)
Tnx, man. I'll have a looksy!
[ Parent | on HN ]
Re:Cambridge Bitcoin Electricity Consumption Index by dang on Thursday February 11, 2021 @02:09PM (#26105779)
Appreciated!
[ Parent | on HN ]