Bitcoiners claim BTC is backed by energy

[Anonymous No.51217981]

How much energy is one Bitcoin guaranteed to be backed by?
If you want to heat your house in the winter and go cash in a Bitcoin, how can you know they will give it to you in form of electrical energy credit over time and not all at once as kinetic energy to the face?

[Anonymous No.51218065]

>>51217981
It's not they just say this because it makes them sound smart when it's actually just a shitcoiMYTDKn

[Anonymous No.51218137]

>>51217981
>heres your energy bro

[Anonymous No.51218164]

*ahem*

[Anonymous No.51218226]

>>51218164
Ford seems to have been on the right track
Shame we have nothing like that still.
Also shame the pic doesnt include his vision of it... (continued on page six)

[Anonymous No.51218351]

>>51217981
>If you want to heat your house in the winter and go cash in a Bitcoin, how can you know they will give it to you in form of electrical energy credit over time and not all at once as kinetic energy to the face?
You go to a region that has bitcoin mining as grid insurance.
They pre-purchase electricity futures and sell them back to the grid at a rate above the mining put option.

For example look at the hashrate today.
It is increasing because Texas is cooling down and their miners are coming back online after a hot summer.

Your bitcoin will not exchange as well in a region like Europe because their energy policy has failed and they aren't mining bitcoin there.

[Anonymous No.51218392]

>>51217981
It's a spent energy receipt

[Anonymous No.51218397]

>>51218226
Here's page 6

https://chroniclingamerica.loc.gov/lccn/sn83030214/1921-12-04/ed-1/seq-6/

[Anonymous No.51218460]

>>51218392
Kind of yeah

The mining difficulty is a current representation of what's going into the network and from that you can determine what a good electricity price per sat is and what isn't.

Its all game theory to get humans onto the most efficient production and allocation of energy.

[Anonymous No.51218506]

>>51218351
So one Bitcoin is backed by different amounts of energy, depending on market rates at the time and region of where I cash it out?

[Anonymous No.51218588]

>>51218506
Yeah, and the last variable is the location and culture of the people.

1 bitcoin closest to the kWh value in an energy rich area, but if you're on an island with no mining and limited features your bitcoin won't go as far.

[Anonymous No.51218681]

>>51218588
Shame, I hoped it had proper backing, like Dollars had when they were backed with gold. You could exchange same amount of dollars for same worth of gold coins every time at every bank.
Turns out Bitcoin is backed by energy in the same relation as dollars are backed by gold now, at a fluctuation market rate.

[Anonymous No.51218719]

>>51218681
>you can buy arizona iced teas with the USD
>"THE USD IS LITERALLY BACKED BY ARIZONA ICED TEA!!!!"

[Anonymous No.51218768]

>>51218681
Gold was illegal to own from 1933 to 1971

Before that the actual currency was metal, but that isn't as efficient as ledgers.

It's a tricky game to keep a monetary order honest.
In gold's case it was never honest unless you held the physical in your hand.
In bitcoin's case it's 100% verifiable 24/7

The dollar/gold peg could never hold.
Things changed too rapidly and jews will always jew.

In Bitcoin's case with energy it's kino.
Humans need cheap energy to flourish, the difficulty adjustment keeps the blocks on time, and every 2 weeks the bitcoin engine switches gears to adapt to the inputs people are giving it.

[Anonymous No.51218885]

All this discussion and no one still has a number of how much energy one BTC is backed by.
Give it to me.
Even if BTC price goes to single digits, how much energy is it redeemable for?
Joules, Ws, kWh, ton TNT... whatever? I can convert.

[Anonymous No.51218951]

>>51218885
https://www.aniccaresearch.tech/blog/the-alchemy-of-hashpower-part-i

[Anonymous No.51218986]

>>51218885
Turns out it isn't backed by energy. You can just buy energy with it at the current market rate if you want to.
If Bitcoin price drops to zero you can buy zero energy with it, that is 0 in ton TNT units.
For once we had a discussion with a real result in /biz/

[Anonymous No.51219017]

>>51218065
Nice captcha phonefag

[Anonymous No.51219048]

>>51218885
You need to describe your inputs.

How much are you paying for electricity and how efficient are your mining chips.
From that you can determine your return on sats per kWh and that's your put option price for electricity.

When you have that figured out you purchase a bunch of electricity futures to match your miner demand and then have the option to sell them back for more.

[Anonymous No.51219139]

>>51218986
Electricity never had a put option before bitcoin.

Grids have to use peaker plants for grid demand and raise prices or mess with your thermostat or whatever they're doing in california.

With bitcoin you have the miners hashing and when the grid needs a boost they turn off their miners.
It's distributed grid demand insurance.

They work hand and hand and will make bitcoiners rich and bitcoin communities more efficient.

It's the best thing we got without question.

[Anonymous No.51219217]

>>51218986
>if bitcoin price drops to 0 and I can't get items for the same price all over the world

You're an idiot and need to learn how a market is made.

[Anonymous No.51219221]

>>51217981
It’s backed by Federal Reserve forced entropy.

I use CPU and GPU cycles to run CAD software and FEA models in a productive capacity. I am able to use the result of the cycles to sell complex manufactured goods that increase the productive capacity of the economy. I get a basket of currencies in exchange for my productive widgets.

The Fed decided to monetize trillions of government debt spending on retardation americano blobs. Rational people fearing the Feds misguided money printing have captured many cheap compute cycles to create a fantasy currency to fight the Fed. Compute cycle cost has reached bubble territory on the hardware side and energy is starting to catch up. I am able to raise the price of my productive widget to offset the cost of expensive computer cycles and energy costs. Can Bitcoin do the same or will it plunge in value because it depended on cheap cycles to build network affect? TBD

[Anonymous No.51219878]

>>51219217
You're an idiot and need to learn what the phrase "backed by x" means.

[Anonymous No.51220357]

>>51219878
Learn what electricity is and how it functions.

Bitcoin is backed by electricity futures contracts across the world.

This board has to be the most retarded on one entire website.

[Anonymous No.51220411]

>>51220357
Nobody ITT said bitcoin was uncorrelated with energy. You're just being stubbornly retarded by insisting that those relationships mean it's "backed by" energy. Keep seething about it I don't care.

[Anonymous No.51220521]

>>51217981
If you need to take delivery of bitcoin's energy, just shoot a quick email to Satoshi. Make sure you have enough room to store the oil.

[Anonymous No.51220529]

>>51219221
Energy is the source of all productivity and economy, so it's not really true that you can just jack your price up to offset energy costs. In the limit as price of energy goes to infinity, your computation becomes impossible.
Even with the best computer imaginable Landauer's limit will fuck you in the end

[Anonymous No.51220555]

>>51219221
Yeah that's how the price is determined hardware + electricity and who the benefactor of the cantillon effect is decides what to spend it on next (probably more energy projects)

Instead of monetizing trillions out of nothing and destroying the pricing you will need to figure out a way harness a surplus of energy to impact the economy.
The good thing is there's like 100x more untapped energy around the world than we are using right now.

[Anonymous No.51220557]

>>51220529
if energy goes to infinity you can just redeem your bitcoin for energy to mine more, checkmate, bitcoin is LITERALLY BACKED by electricity

[Anonymous No.51220693]

>>51220411
It's new and revolutionary I'm still saying it's backed by electricity because that's the easiest way to explain all the contacts that are involved in the price discovery, security, and growth of the network

Idiots like you will argue semantics like jews until the end I don't care.

[Anonymous No.51220788]

>>51220693
>SEMANTICS
fuck off nigger you're abusing the literal meaning of currency backing and telling me I'm the jew lmao absolute pilpul

[Anonymous No.51220913]

>>51220788
>the literal meaning of currency

see >>51220529
>Energy is the source of all productivity and economy

You can't get any closers than that.

You're probably balls deep in altcoins or some bullshit kek

[Anonymous No.51221023]

>>51220913
no, I hold bitcoin. you're just being intentionally retarded because you like the way "Bitcoin is BACKED BY electricity!!!" sounds. currency backing = a peg. if your currency is backed by gold, that means there is a mechanism to exchange it for its gold peg. not just to exchange it for gold at a market rate.
anyways I'm done.

[Anonymous No.51221042]

>>51217981
>How much did 1kWh of energy to mine 1 BTC cost back in 2011?
>How much does 50kWh of energy to mine 1 BTC cost now?
Wallah. There's roughly your price.
>>51218986
You can't store the energy efficiently. You can, however, convert the energy into another form: Bitcoin. Want to buy one Bitcoin? Either mine one at or below cost, or purchase it at the current energy price with a premium or discount.

[Anonymous No.51221150]

>You just have to buy my bitcoin for X price, do you even know how much I spent to mine it?
Lol no one cares if you spend a million to mine a bitcoin, shove your labor theory of value up your ass

[Anonymous No.51221163]

>>51221150
bro just convert the bitcoin back to energy, it's LITERALLY stored energy!!!

[Anonymous No.51222298]

>>51221023
So make a peg it's the next logical step, it's what Henry Ford's paper talks about, just another instrument that needs developed

It will be backed by the Bitcoin network and that's that

[Anonymous No.51222311]

>>51221150
Right, nobody said that because it's a global game to find the cheapest electricity

[Anonymous No.51222351]

>>51217981
It will always take a competitive amount of energy to produce a bitcoin and you can be pretty confident that the bitcoin you have took a competitive amount to mine. See >>51218392

One might assume that, in exchange for a competitive amount of energy, you can claim something of value.

[Anonymous No.51222409]

>>51220555
Costs 21,000-25,000 in ching chong china land to mine a bitcoint, and the coin is only worth 20,000. Miners are retarded

[Anonymous No.51222554]

>>51222409
The chart is just a generalization.

Real miners are in oil fields capturing gas flares, in nuclear powerplants offsetting demand, and other areas where excess electricity is an issue and they're monetizing it.

This is why home mining is so difficult unless you're using it for heat.
There needs to be a clever application for it to make sense.

[Anonymous No.51224959]

>>51221042
>how much does 50kWh of energy to mine 1 btc cost now?

Less than $1k at current price for my electricity

[Anonymous No.51225412]

>>51224959
I meant 1MWh.

[Anonymous No.51225425]

Bitcoin wastes enough energy to power your house for 3 months with every transaction. Put that in your pipe and smoke it.

[Anonymous No.51225996]

>>51225425
You been watching too much John Oliver

[Anonymous No.51226161]

>>51218137
they must have caught a lot of ghosts with all those traps

[Anonymous No.51226437]

>>51225996
I dont even know who that is.

[Anonymous No.51228458]

>>51218351
Glaziers fallacy in real time kek.

[Anonymous No.51228471]

>>51218351
How can you fucks be this pathetic. It's wasted energy. We could use that for a hundred other things. Fuck your zoomer stupidity. And fuck saylor moon for having a weird face.

>>51218460
Rofl. These are mental gymnastics. It's pathetic.

[Anonymous No.51228482]

>>51218768
You waste electricity to print lottery tickets. Thats all.

[Anonymous No.51228490]

>>51219139
What kind of a retarded down syndrome answer is this? How can you idiots say stupid shit like this?? You were common cored weren't you. You poor fucks. This is what common core math does to your brain.

[Anonymous No.51228504]

>>51217981
Bitcoin is fiat. It isn't backed by energy because that energy is wasted in its production. It's a shitcoin that deserves to die.

[Anonymous No.51228566]

>>51217981
Stupid question, but, would using a crypto miner to heat your house be economically viable? Like if I hooked one up to a solar panel and put it in my garage in the dead of winter?

[Anonymous No.51228598]

>btc is backed by energy
Lmao this is what those shit peddling maxi pads told you? It's a goddamn shitcoin and that's all it ever will be

[Anonymous No.51228646]

>>51228490
Stop projecting.

>>51228504
Energy is used for security.