Thanks. From what was in the article ...
“The more cost incurred to secure the chain after your transaction, the more “final” that transaction is.”
The words “more “final” that transaction action is” is an admission there is risk - the transaction isn’t “final”, only that it is “more final” (whatever that means) than before the energy was consumed. So how close to final would my transaction actually be? How does one discount the market value, i.e. my risk based on the not knowing how close one is to “final”? After all, 100% secure coins should have higher value than coins that haven’t had enough energy consumed on them, no?
I ask then, to make all Bitcoin transactions “final”, what is the total amount of energy to be consumed to acheive 100% security? And will any energy be needed after total security is reached?
How useful is bitcoin for purchasing groceries and gas?
Bottom line, without the existence government issued currencies, bitcoin really has “no value”. Just looked up its value - it’s all quoted in $dollars. Get in (on the scheme) before (it explodes) you miss out. Bitcoin holders must be happy there are world currencies out there, else it might be valued euphorically in Dutch tulip bulbs.
Except in other countries where it is priced in the world's major currencies.
I ask then, to make all Bitcoin transactions “final”, what is the total amount of energy to be consumed to acheive 100% security? And will any energy be needed after total security is reached?
And that should be asked of the banking system too then...
I've thought about that statement and disagree to some degree.
US dollars (here) are simply how we price tangible things when we buy or sell. It is a yardstick. It occupies our brains as the touchstone of valuation. Will it always be that way?
Historically, when currencies implode, people begin to store wealth in other things - gold and silver, art, etc.
To access the banking system in this world - for now - you need to convert from crypto to your country currency.
Will the day come crypto stands alone with direct transfer to another's mobile phone? The technology is already there. It is just not widely deployed.
I think we are in a transition phase. It won't be a smooth line.
Bottom line, without the existence government issued currencies, bitcoin really has “no value”.”
Certainly much of its value comes from the fact that it is scarce (limited in supply) and government money isn’t. If we know anything from 2020, it’s that government will print as much money as it feels like.