Redditsux@lemmy.world to News@lemmy.worldEnglish · 18 days agoWhite House Says Gold Reserves May Be Used to Purchase Bitcoinfinance.yahoo.comexternal-linkmessage-square197linkfedilinkarrow-up1618arrow-down17file-textcross-posted to: hackernews@lemmy.bestiver.se
arrow-up1611arrow-down1external-linkWhite House Says Gold Reserves May Be Used to Purchase Bitcoinfinance.yahoo.comRedditsux@lemmy.world to News@lemmy.worldEnglish · 18 days agomessage-square197linkfedilinkfile-textcross-posted to: hackernews@lemmy.bestiver.se
minus-squarepixxelkick@lemmy.worldlinkfedilinkarrow-up26arrow-down6·18 days agoBitcoin is backed by the price of coal. For all intents and purposes, bitcoin is effectively minted coal.
minus-squarefutatorius@lemm.eelinkfedilinkarrow-up25arrow-down2·18 days agoBitcoin doesn’t relate to coal that’s still unburnt. It’s more a certificate confirming a quantum of environmental destruction.
minus-squarepixxelkick@lemmy.worldlinkfedilinkarrow-up2arrow-down2·17 days agoThat’s probably a better way to put it yeah. And as fucked as it is, it is a fact that this does hold value and is backed by it. It’s just a pretty shit thing to be backed by ethically. But nonetheless, there is value in bitcoin, it’s just best we don’t encourage further investment in such a thing.
minus-squaretehn00bi@lemmy.worldlinkfedilinkarrow-up10arrow-down2·18 days agoSo it’s backed by climate change?
minus-squarepixxelkick@lemmy.worldlinkfedilinkarrow-up1arrow-down1·17 days agoYep. It’s unethical but nonetheless makes the coin actually have tangible holdings, because it’s actually impacting the real world.
minus-squareHubertManne@piefed.sociallinkfedilinkEnglisharrow-up1arrow-down2·17 days agoyes but remember it artifically inflates so the amount of coal its worth is always going higher. You need way more coal to make one down than you did ten years ago.
Bitcoin is backed by the price of coal.
For all intents and purposes, bitcoin is effectively minted coal.
Bitcoin doesn’t relate to coal that’s still unburnt. It’s more a certificate confirming a quantum of environmental destruction.
That’s probably a better way to put it yeah.
And as fucked as it is, it is a fact that this does hold value and is backed by it.
It’s just a pretty shit thing to be backed by ethically.
But nonetheless, there is value in bitcoin, it’s just best we don’t encourage further investment in such a thing.
So it’s backed by climate change?
Yep. It’s unethical but nonetheless makes the coin actually have tangible holdings, because it’s actually impacting the real world.
yes but remember it artifically inflates so the amount of coal its worth is always going higher. You need way more coal to make one down than you did ten years ago.