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Energy

Is the proof-of-work network that builds and maintains the Bitcoin network a waste of energy? Saifedean Ammous explains why the answer is an emphatic no. The network actually incentivizes the discovery and harvesting of stranded energy that isn't currently being used by the grid, and every bit of energy that the network uses adds enormous value to the world through a truly sound and fair monetary system for all.

The better question to consider is how much energy is wasted by economies and sovereign nations built on fiat money that can be printed at will, based on nothing? Among many undesirable consequences, the use of inflatable fiat currency is what allows humans to start and maintain as many wars as they wish to engage in. In the past, a country could only be at war for as long as they had enough gold to pay for it. Today, a country like the United States can be at war for as long as they wish since they can fund it with their money printer at the expense of every holder of US dollars in the world. When the money printer goes brrrrr, all existing savings are diluted - this is pure theft of time and life energy of anyone that works or has worked to accumulate savings in that currency.

 
 

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