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A comment on Bitcoin mining becomes unprofitable as BTC price falls to average cost of mining. Parent comment

Re:Bitcoin mining becomes unprofitable as BTC price falls to... by bsaul on Sunday June 19, 2022 @03:21AM (#31797024)
Absolutely agree. Some people still don't realize the difference between a cryptocoin that has no intrinsic value, and a real currency which will always be used for at least two things :

- pay the salaries of state workers

- pay your tax

It may not look like much, but it's the reason why a regular currency is always worth at least something : some people are legally bound to using it.

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Re:Bitcoin mining becomes unprofitable as BTC price falls to... by jcbrand on Sunday June 19, 2022 @07:30AM (#31798338)
why a regular currency is always worth at least something

There are many fiat currencies that went to zero and no longer exist. Most recently is the Zimbabwe dollar which ceased to exist some years ago and the country had to start using USD and ZAR.

pay the salaries of state workers

When the fiat currency collapses like in Zimbabwe, state workers no longer accept salaries in the currency and demand something else.

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Re:Bitcoin mining becomes unprofitable as BTC price falls to... by 127 on Sunday June 19, 2022 @06:28AM (#31798038)
The types of governments we live in are not axiomatic, they are just contracts that have formed over time that seem to work somewhat.
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