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A comment on Cambridge Bitcoin Electricity Consumption Index. Parent comment
That's not completely true. Bitcoin is purported to be an alternative to fiat money because it's purported to be an alternative to gold.
The argument for Bitcoin as a replacement for fiat money actually rolls up 2 big arguments into 1:
1. That fiat money should be replaced with money backed by some commodity like gold (the Goldbug argument)
2. That cryptocurrency is the ideal underlying commodity because it's more easily transferrable than gold.
To clarify, I don’t have a strong position on either of these arguments.
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That's not completely true. Bitcoin is purported to be an alternative to fiat money because it's purported to be an alternative to gold.
The argument for Bitcoin as a replacement for fiat money actually rolls up 2 big arguments into 1:
1. That fiat money should be replaced with money backed by some commodity like gold (the Goldbug argument)
2. That cryptocurrency is the ideal underlying commodity because it's more easily transferrable than gold.
To clarify, I don’t have a strong position on either of these arguments.