... why not an energy backed currency?

... why not an energy backed currency?

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what do you think bitcoin is?

... why a currency at all?

Not exactly it can death spiral of the price goes low enough

also when putting in energy in the future becomes no longer profitable on bitcoin it will be abandoned and then centralized by a few companies keeping it alive.

How much monero for a gf like this

Why pay for things... When you can JUST TAKE IT?!

Why pay for things... When you can JUST EARN THEM?!

No, Tyrone. Just no.

>muh death spiral
-80% we had last year says the death spiral is a meme

It's only BSV fags parroting this Death Spiral meme here

Start it

You mean like 0xBitcoin? It's also immune to the death spiral since it doesn't have to be mined forever (or at all, for that matter) in order to work.

If by "energy backed" you mean a coin/token that can be redeemed for kilowatt hours or something else, I think there already projects like that.

Back in 2018, Jow Forums used to be infatuated with this Aussie milf with massive tits, forgot her name, but I think she was involved with some energy backed thingy

>it hasnt happen so it will never

*use to

Found her: warosu.org/biz/thread/S9116707

Backing money with anything doesn't work. That includes gold or silver backed paper. Governments have tried backing money with all sorts of things and failed every time.

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It already exists, Its called fiat.

just because it's theoretically possible doesn't mean it'll actually happen
theoretically earth could get hit by a meteor in 12 minutes
but it's probably not gonna happen

This really. The "death spiral" would require miners to shut down a huge percentage of capacity all at once. This was what Jihan Wu was hoping for when he did the BCash fork, and we saw how that worked out -- even though his company MAKES the mining rigs (and had remote-kill firmware loaded on the used ones they sell to suckers, and he was using dust transaction spam to drive up fees and slow down real transactions) he wasn't able to divert enough hashrate and cause enough other problems to cause Bitcoin to crash. That was with coordinated action on multiple attack vectors.

In the real world, if the price declines and high-electric-cost miners shut down, then the difficulty will adjust within two to three weeks and things will go back to normal. There are plenty of miners who are going to keep running even at a loss just to get through to the next difficulty adjustment.

>...why not a petrodollar?

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... but sirs, why not a curryency?

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Ever heard of Lition? Faggot

It's an energy wasting currency. The energy used for mining Bitcoin is forever lost.

dude... btc will always be profitable tomine

can you exchange bitcoin for energy at a fixed rate?

you can pay your electric bill in bitcoin in some countries

energy can never be created nor destroyed. all energy goes into securing the ledger.

White people could be using electricity to power hospitals in struggling regions but instead they are using it to power fake internet money used to buy drugs and underaged prostitution.

Shit be fucked up

100,000 $ .... or..... 3$ for 2 nights in Belarus

good idea
bad execution because humans are corrupt by nature and want to take advantage
also, who pays directly raw in houses/appartements to live in, food, technology, electronics, tools, clothes, girldfriends, etcetera,
not even a military facility even they pay money additionally.
slave keepers?

>WHY DON'T THEY HELP THE POOR INSTEAD OF INVESTING BILLIONS IN SCIENTIFIC RESEARCH
>t. shit for brains that doesn't understand the scientific and humanitarian force that is public permission-less trust-less decentralized ledger

can you get electricity back once it's used?
really, i guess it's more accurate to say that bitcoin is backed "by mining"
having a coin that is backed by energy as a tradable commodity is probably not the greatest idea, because energy is both impractical to store and, despite only increasing in demand, its cost is practically guaranteed to decrease with the advent of better energy generation techniques
bitcoin's original PoW model is probably the closest thing there is to an "energy-backed" cryptocurrency and it's damned near bulletproof, in terms of its value proposition
even if energy gets cheaper worldwide, all that means is that more people (or more of the same people) can switch on miners, whether bought or self-built, and make a profit

Because energy is free to begin with

what do you propose that energy is used for? (in a currency context)

Bitcoin is more useful to humanity than shitskins

The petro-dollar is a bit more complicated than just calling it a energy currency. Oil is exchanged for dollars and the might of the United States military, which protects the system by patrolling the seas and toppling counties moving onto a gold currency.

commies would