misk@sopuli.xyz to Technology@lemmy.worldEnglish · 7 months agoBitcoin miners win legal battle to keep mum about energy use [US]www.theverge.comexternal-linkmessage-square151fedilinkarrow-up1392arrow-down123
arrow-up1369arrow-down1external-linkBitcoin miners win legal battle to keep mum about energy use [US]www.theverge.commisk@sopuli.xyz to Technology@lemmy.worldEnglish · 7 months agomessage-square151fedilink
minus-squarehenrikx@lemmy.dbzer0.comlinkfedilinkEnglisharrow-up9arrow-down1·edit-27 months agoGovernments guarantee that their currency is worth something in various ways. Bitcoin is backed by the energy usage it costs to mine
minus-squareTimeSquirrel@kbin.sociallinkfedilinkarrow-up6arrow-down3·edit-27 months agoIt’s not backed by energy usage. It’s backed by pure, empty, meaningless market speculation. It’s a digital baseball card. People use it in the exact same way. It has value because it’s “rare”, limited, and a bunch of people think so.
minus-squarehenrikx@lemmy.dbzer0.comlinkfedilinkEnglisharrow-up5·7 months agoIt also has the additional property of being able to easily transfer that asserted value anywhere in the world, free of censorship.
Governments guarantee that their currency is worth something in various ways. Bitcoin is backed by the energy usage it costs to mine
It’s not backed by energy usage. It’s backed by pure, empty, meaningless market speculation. It’s a digital baseball card. People use it in the exact same way. It has value because it’s “rare”, limited, and a bunch of people think so.
It also has the additional property of being able to easily transfer that asserted value anywhere in the world, free of censorship.