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A comment on Just 137 crypto miners use 2.3% of total U.S. power. Parent comment

Re:Just 137 crypto miners use 2.3% of total U.S. power by pton_xd on Friday February 09, 2024 @12:27PM (#39317575)
> No, the international monetary system is perfectly functional, as evidenced by the fact that it supports the global economy just fine.

Obviously it is functional, I never said it wasn't!

Inflationary systems have a lot of benefits -- they encourage consumption, erode the value of debt over time, etc. But there are downsides, too. Savings and purchasing power are destroyed over time. They encourage investment in hard assets like real estate and BTC to protect wealth. And so you get some waste, too. There is no free lunch.

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Re:Just 137 crypto miners use 2.3% of total U.S. power by lottin on Friday February 09, 2024 @01:02PM (#39318090)
The international monetary system isn't a deflationary system per se. It can accommodate a variety of monetary policies, including deflationary policies.

As far as bitcoin being a hard asset, this isn't entirely correct either. Not only does bitcoin not generate income, but it consumes income. You see, the bitcoin network is extremely expensive to maintain, and the owners of bitcoins are the ones who bear the cost. Either they pay with fees -unlikely-, or they'll pay by losing value in their investment -most likely. There's no way around it.

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