Hacker News Reader

Comment by xaduha | Hacker News Reader

https://en.macromicro.me/charts/29435/bitcoin-production-tot...

If electricity and computing power has a price, then so does bitcoin. Whether that's a waste or not is another question.

View on HN

> If electricity and computing power has a price, then so does bitcoin.

If bitcoin was worthless, electricity and computing power would still have a price. People just wouldn't use electricity and computing power to mine bitcoin.

There are lots of other coins that can be mined and yet are worthless.

"price" != "worth"

If someone is willing to pay that price, then that's what it is worth to them, simple as that. That's what market is there for.

As hinted by "price" != "worth," price and value ("worth") have specific economic meanings. A quick search will give you the Econ 101 explanation of these terms, so you can understand the difference:

- https://www.forbes.com/sites/forbesfinancecouncil/2018/01/04...

- https://www.investopedia.com/ask/answers/061615/what-differe...

- https://keydifferences.com/difference-between-price-cost-and...

I'm not going to argue terms with you, I'm not an economist. But I do hope that rwaksmunski also harumphs the term "net worth" when used by more respectable publications than cited cryptoslate.com, because I would argue "worth" of bitcoin is closer to money in whichever sense of the word than "net worth" is when usually mentioned.

what something costs to produce != worth

Yes, LTV is wrong.

Reply on news.ycombinator.com