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Opinion | Don’t Get Fooled Again by Crypto
(www.nytimes.com)
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this post was submitted on 10 Aug 2024
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Technology
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Calling those that don't depend on proof-of-work "more energy efficient" is understating it to the point of being dishonest. The difference is not that they're more efficient in any conventional way. It's that they don't have the amazing bitcoin feature of relying for their operation on the practice of deliberately wasting enormous amounts of energy for the purpose of being able to prove that you've wasted enormous amounts of energy.
All the way through the cryptocurrency crash which the average reader of headlines might've thought had put an end to it by now, the bitcoin network has kept on burning up absurd amounts of power.
What asset would you consider a good value reserve?
A small plot of land with good soil and a steady supply of fresh water, a good education, and a sturdy pair of boots.
So, something the majority of people can never attain. Awesome.
Or are you going to hand me a plot of land that isn't as big as a thimble? If so, sign me up. I want it.
Anti Commercial-AI license
I don’t think you got it. So everything you get extra from this work would be used to multiply the same work? Also, you got me curious: why a small plot, not more?
If you can afford more than a small plot of land in this economy, you've probably been hoarding too much wealth. I know it's a very popular hobby, but it's quite bad for you if taken to excess. But this is getting somewhat off-topic.
Some kind of technology that resembles today's cryptocurrencies may or may not have a future. As they exist right now none of them are anything like a good investment opportunity or a safe store of value.
Unless you can defend that plot of land against a few of the largest superpowers combined... that land is only yours as long as your country wants to defend your ownership of it.
Water is already not yours in most places, and supplies are not guaranteed to last. Education gets lost with age, amnesia, dementia, and death. A sturdy pair of boots rarely lasts as much as a single lifetime.
VT for long term
Money Market Funds for short term
Ammo. It keeps appreciating, too. /s
It also comes first in the alphabet.
"B is for bourbon!"