Comment by Weebs | Hacker News Reader

Comment by Weebs | Hacker News Reader

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> How many wars started, how many countries destroyed, and how many livelihoods and families ruined for the USD? No one wants to talk about that

That is a huge issue, and I'd love to talk about that. The more people see the world for what it is the better. I don't see how this redirects criticism away from BTC, or how BTC would be immune to the same kind of incentives. The horrendous things that have been done to prop up the USD aren't an inherent property of fiat currency, if an entire nation state had a large stake in BTC would it really be any different?

> yet we are supposed to wring our hands in grief over some extra computers left running

So the fact that we're using as much energy as an entire developed nation to produce <10 transactions per second isn't concerning?

Bitcoin is not controlled by any nation state. In fact, it’s decentralized nature makes it useless to them.

The reason why the US government is willing to take drastic measures to protect the dollar is not because they own lots of dollars, but because they can exert geopolitical influence and control the international redistribution of wealth through the dollar and its associated payment networks.

In fact, the USG does own a nice stack of Bitcoin from the Silk Road seizure, and I wouldn’t be surprised if the intelligence agencies have a secret stash, too. But just owning the asset doesn’t mean they can use it to boss people around. Bitcoin’s payment network is open and free, and its inflation schedule is fixed. The only way the USG could stop it is by making it illegal, and no one knows what the opportunity cost of such a move would be.

Transactions per second isn’t a great measuring stick for Bitcoin. I would look at it in terms of savings protected from reckless inflation. If I just throw a number out and say that 50% of Bitcoins have been lost or destroyed, that leaves about $300 billion in value that has been rescued. Is that worth the electricity of a medium sized nation? I don’t know. What if that grows to $3 trillion? Or $300 trillion? How much wealth preserved for future generations is enough to justify the cost?

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