Ga nostriches, nothing better than a little Krugman Bitcoin hate to fuels your afternoon (from 2013, but referring to Adam Smith). “Smith actually wrote eloquently about the fundamental foolishness of relying on gold and silver currency” as they “absorb real resources in their production” that could be applied to more productive outcomes.

Such an insightful and logical conclusion, if only that effort didn’t prevent the excessive production of fiat, paper currencies that ruin an economy, and at least with bitcoin , you do get the “waggon-way through the air” so the need to physically transport the gold is reduced, and the energy directed to mining is itself a highly value adding role. Cheers Nobel laureate Krugman.