Mineblowing...
What are people thinking?
Do they also think gold miners are creating gold?
#[0]
“Wouldn’t it be great if all the turtles go naked, so that any predator could easily swoop down and swallow them whole?”
https://dergigi.com/2023/04/12/bitcoins-are-not-mined-they-are-issued-over-time/
Discussion
The difference to gold is that you can mine gold faster or slower. Double the gold mines and you can double production. Reduce mining efforts by 99% and gold will stop flowing.
Not so with bitcoin.
I kind of have a counter to that and thank God it's Nostr, I now have the characters needed!
The consumption rate of gold mining is not uniform. You are correct that on the microscopic level of "now" doubling the energy in doubles the gold out (albeit there is the effort of time needed to get those up and running that I will ignore).
However there is still only a capped amount of gold within the sphere of "Earth". To say this "tends to infinity" because the halving period of gold is extreeeemely long is a misrepresentation at best and an outright lie at worst. It is capped. The double rate of today WILL be compensated by the fact that the halving period will shorten, we will see that rate drop quicker at some future.
Now if you want to argue that you are only living in the "here and now" then you are not really a Bitcoiner, so you MUST consider the infinite timeline and realise that gold-mining (bar the silly Asteroid use case), although it doesn't have a linear inflation rate DOES still have a rate that WILL at some point in the very distant future decline. As miners have to dig deeper, they will eventually dig less each day. However it doesn't halve in four years. Nobody said it had to.
Disclaimer 1: I am not a gold bug AT ALL, I will never buy it for other obvious reasons.
Disclaimer 2: I did not read the original article, I jumped into this reply on my timeline to which i am replying.
So although you are correct in the microscopic yet only theoretical use of "now" when you stretch the timeline to the entirety of all gold mining both assets behave similarly, gold being volatile and unpredictable: yes but declining nevertheless.
These thoughts are my own and I invite them to be taken down. Debate beeth the food of thought!
I just read the article and DAMN is that one powerful piece of prose. It mildly irritates me that an Austrian can clearly out-write me prosaically such beautiful language with such poignant logic that it just comes across as a masterpiece and forces me to on-the-spot invent the word "prosaically" (I just pray it exists, if not it now does).
Well done my Alpine friend, i almost feel ashamed for trying to counter you with the previous argument, but I shall stick to my guns and say I think I am right and if I am not I will marvel at any language you use to take me down! lol
Luckily I cannot zap you from Iris because if i could i would be considerably poorer tonight. I shall at some point pass some sats to you in relative value to that ascribed to your prose!
And thanks for making me up my own vocabulary!
Turns out i am a liar. I CAN zap. I will attempt one knowing full well that trying to guess the correct amount is like trying to guess the number of christmas lights that are enough in the world ;) - also cos i have no idea how many sats i have on the wallet!