in

Can bitcoin be cracked open and energy will be unleashed lol

Can bitcoin be cracked open and energy will be unleashed lol

https://reddit.com/r/<a title="" class="aalmanual" href="https://cryptonewmedia.press/category/bitcoin/">Bitcoin</a>/comments/poqwgs/can_bitcoin_be_cracked_open_and_energy_will_be/


View Reddit by sorepieView Source

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

30 Comments

  1. Just in case some people here don’t get it, the argument for “storing energy” is as follows:

    There’s a lot of lost, unused energy – hydroelectric that’s unneeded, nuclear excess energy, natural gas that has to be flared (burned). Rather than wasting that, you can use it to mine bitcoin – then later, use that same money to buy the energy you need that otherwise would have been lost.

    Peter Schiff is arguing semantics, and poor McCormack fell for it. He should have countered with, “it stores energy value, and lets you convert that value back into energy”.

    Then schiff goes on to straw man how if no one wants to buy something, it’s worthless – cause he’s a big brain.

  2. Bitcoin works like a grain silo.

    All the work (i.e. energy) required to plant, water, harvest, the crop is saved in a silo. This energy (the required input needed to grow the food) is then released when you take the food out of the silo and use it. It is a store of energy, used when it is needed. It is not a literal “release” of energy the way the atomic bomb works, lol!

    So we take energy, (yes, raw electrical energy) and measure it with discrete numeric naming system, called Bitcoins. These bitcoins (or sats if you prefer) are like the grains to the harvest. They allow you to divide and use parts of the stored energy, instead of using it all at once. The harvest might be done in a day, but you can’t eat it all at once. The energy that created the bitcoins has value. The word “value” is important, because it is distinct from the word “utility” which is what Peter is confused about here. Value does not exist beyond the mind of man. Utility is how useful something is for a particular time, place, and job.

    For example, a cigarette has almost no utility. It has certain properties which can be helpful (calming an addiction) but it can’t be used to build a house or feed a person. But the value of a cigarette is determined by who needs it. Selling cigarettes at a Mormon Bible camp won’t get you as much profit as selling them in prison. In both cases, cigarettes are scarce, but their value is determined by more than just that factor.

    So with Bitcoin, the value is to people who want to store monetary energy. They want to take something they have earned, convert it into a number that relates to that monetary value, and store it somewhere safe. They take dollars (the harvest) convert that into seeds (satoshis) and save them in the silo (the distributed network). This is the energy that bitcoin is holding. Not literal energy like fuel, as Peter seems to think.

    It’s kind of sad, really, that Peter hasn’t examined his own logic here. Gold was used the same way that Bitcoin is now. You can’t break open your gold and get the energy used to dig it out of the earth back. It’s such a weird angle for him to attack bitcoin on. I know he’s a bit of an idiot, but I didn’t think he was THIS dumb 🙁

  3. Schiff is such a dumb ass. He is a perfect example of how someone with a lot of knowledge in a subject matter can combine with their arrogance and drive them to disastrously wrong conclusions and hold them there permanently with their head lodged firmly up their own ass

  4. LOL the bias of this post is ridiculous. The guy arguing for Bitcoin literally makes the argument that Bitcoin stores energy because you can buy energy with it. Peter was taken out of context in trying to make a point by using an extreme example

  5. Peter: The reasoning for it lies behind the fact that you’d be able to buy much more energy with the same amount of Bitcoin, than the energy it took for that amount of Bitcoin to be produced. Get it? That’s the power of deflation. Drop mic, case closed.

  6. The best part was before this where he says “it costs so much to ship bitcoin to el salvador” LOL. also, Schiff clearly never studied thermodynamics. “energy can neither be created or destroyed only transfered” So yeah it is literally a form of energy

  7. I don’t know a lot about how economics works but this peter just sounds dumb AF. I mean by his definition the only TRUE currency is.. fucking batteries?! Cause that’s the only way to save and then “unleash” 😂 energy? Humans only need currency to then later decide where and how to purchase needed energy. Then goes back to spend energy (working) to once again gain currency against those hard working hours. Can someone explain it to me better? 😅 simple terms is better

What do you think?

Creator of Fidenza NFTs calls out Solana copycat for stealing his algorithm

Shiba Inu coin (SHIB) pumps and sees $2 billion traded after Coinbase listing

60 crypto exchanges in South Korea to be shut down