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New conspiracy theory:

1) free limitless energy/antigravity technology exists.

2) public disclosure of this technology will cause societal chaos.

3) Bitcoin was invented to incentivize continued suppression of this tech (because what value is proof of work if work is free?)

May I have my tin foil crown back now, please?

Parallel Structures 1y ago

Would free energy cripple bitcoin's proof - of-work model? According to Tesla's writings, he discovered free energy in the early 1900's.

I was contemplating the implications for bitcoin; only 8% of the supply remains to be mined. Free energy would only remove the energy cost for mining the remaining coins and processing transactions. There would still be the cost of the infrastructure.

Would this really affect the value of bitcoin so much? I don't think so. The benefit is that the network would be less expensive to maintain. After most the supply is mined, the system still needs to be profitable for those processing transactions. Energy being free would help keep transaction fees down.

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Discussion

Comte de Sats Germain 1y ago

Free energy wouldn't mean free work. The energy still has to be transformed. In that sense, we already have free energy, since we're utilizing such a tiny fraction of what's available already.

Dr. Bitcoin, MD 11mo ago

Free energy would make indefinite length attacks on bitcoin network free

Comte de Sats Germain 11mo ago

"Free energy" is nonsense. It doesn't actually mean anything.

Parallel Structures 11mo ago

In what sense?

Comte de Sats Germain 11mo ago

Energy is a measurement, not a substance. Its the potential for change. The energy itself might not even exist. Energy is defined by the substance carrying it, so cheap energy is an abundance of the substance. Push the cheapness to the extreme end of "free" and what you're really saying is infinite mass or velocity.

And that's fine - even the most conservative estimation of the amount of energy around us puts it in the ballpark of infinity. So in one sense, we already have free energy ; in another, it's nonsense. The energy existing doesn't mean it's working for you. A more correct term is : free work. Reframing it as free work makes it clearer - no magic needed.

There will never be free work, so there will never be free energy.

Parallel Structures 11mo ago

Thoughts about Wardenclyffe Tower?

Parallel Structures 11mo ago

Still need to pay for infrastructure

Dr. Bitcoin, MD 11mo ago

True, but that too will fall to zero

rewolf 11mo ago

No. Because although each miner would have less cost, it gets cheaper for all the miners. The competition for hashrate remains. Everyone would just create a lot more mining infra to eat up the same cost

Dr. Bitcoin, MD 11mo ago

Free energy would mean it’s essentially free to attack bitcoin network with your own hash power.

Parallel Structures 11mo ago

Still, hard to beat the hash power of the bitcoin network. More profitable to serve it.