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A comment on Bill Gates Says that Bitcoin is bad For the Planet. Parent comment
"Crypto is 'backed' by the value of the sunk cost of the energy used to mine it."
...which is to say: nothing.
But for as long as collective agreement persists, there is volatility. And where there's volatility, there are profitable trades.
The natural question becomes "Why does, and for how long will, the collective agreement persist?".
For that, I have no answer. :)
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"Crypto is 'backed' by the value of the sunk cost of the energy used to mine it."
...which is to say: nothing.
But for as long as collective agreement persists, there is volatility. And where there's volatility, there are profitable trades.
The natural question becomes "Why does, and for how long will, the collective agreement persist?".
For that, I have no answer. :)