The news mentions that in order to mine bitcoin, we have to consume huge resources and energies. Nowadays, America is facing the productivity problem, if industries focus on mining bitcoin, the problem would be more serious.
Tyler Cowen, an economist at George Mason University, suggested that mining gold is a better way to use resources because even if it lost value, it could be used to fill teeth. If bitcoin lost its value, it would become nothing and those resources consumed would never be back.
https://www.nytimes.com/2018/02/28/business/economy/bitcoin-electricity-productivity.html?rref=collection%2Fsectioncollection%2Fbusiness-economy
1 comment:
Wow, I have always been a huge skeptic of all crypto currencies. I love the filling teeth aspect of this argument. This is a very funny and unique perspective while simultaneously being terribly truthful. Can someone please tell me how Bitcoin is valued??
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