James Turk Blog

It was exactly for this reason that I came across myself associated with Bitcoin so in early stages and why, today even, the thrust of my initiatives in this paper are not advocating the basic proven fact that investors should “drop” it. The presssing issue for me is that the Bitcoin community cannot, on the main one hand, base its entire future on the Proof-of-Work argument while maligning Gold, which is the natural ideal which any proof-of-work currency strives to embody.

Bitcoin is a paradox. On the main one hand, its creation consists of a proof-of-work predicated on the exertion of metabolic energy (the substantial energy expenditure made in the proper execution of the electricity used by the computers that “mine” it). Alternatively, this exertion is an effective opportunity cost for a cooperative society’s surplus of metabolic energy, which, due to the infinite demands of Bitcoin, is unsustainable through time.

The reason for this is that with no work of “mining” Bitcoins, there could be no Bitcoins. The word “mining,” in this case, is really a misnomer. Instead of the word “mining, ” consider the Bitcoin proof-of-work block and hashing validation as a massive, continuous investment of energy to keep up the network. Without this investment, Bitcoin (or any other cryptocurrency for example) is merely an abstraction-nothing more than lines of code, or, more specifically, mathematical functions that any ordinary person could simply write down with pen and paper. In contradistinction, Gold is mined because it is naturally rare and naturally immutable based on the first-order laws of nature.

The work of mining does nothing to validate Gold’s continued existence just as the take action of breathing will nothing to validate the lifetime of Oxygen. Mining more Gold makes more Gold available, which in turn circulates permanently within and between human cooperative societies. Both energy and entropy are intrinsic to your existence as first order properties of the natural order. Bitcoin and other cryptocurrencies require us to constantly divert our collective metabolic energy and time into supporting the integrity of a mathematical abstraction. This activity is, therefore, supplementary to the first order laws of nature. When a crop is produced by a farmer, it feeds society’s craving for food. Whenever a miner produces copper, it forces society’s energy infrastructure.

When a wildcatter discovers oil, it propels humanity’s transportation systems. On the other hand, I often find that primary cooperators have a less strenuous time understanding this feature of our natural world. It is people of the principal cooperative often, such as farmers, anglers, and miners, that identify Gold is no unique of the tomato vegetables or the lithium or the apples they toil so difficult to create.

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It is a first order manifestation of human toil and merit via immediate negotiation with nature. The supplementary cooperative, the “service economy” (to use the existing expression), is where Bitcoin lives. It really is within this mathematical computation world that crypto appears to be rare, appears to move around with ease, and appears to represent the realization of the long-lasting and immutable condition. Alas, none of this is real. By the end of your day, Bitcoin is nothing more than a badly conceived monetary system which taxes metabolic energy rather than conserving it-a system that simply tries to mimic what nature has already perfected and made self-evident.

If the world’s Gold miners ceased mining tomorrow, no one that owns Gold would caution. One gram of Gold would remain one gram of Gold. The Bitcoin story is different. Any owner of Bitcoin only is the owner of what the latest version of the ledger says they own. That version is available predicated on the continued procedure of substantial computational servers someplace out there needing culture to constantly divert its metabolic energy to maintain the apparent utility of the service. Having laid out the foundational philosophical variations between Bitcoin and Gold, I will now conclude my paper by giving several proofs for why Gold is more advanced than Bitcoin. I shall do so by using the languages of mathematics to abstract physical phenomena from the natural world, and thermodynamic physics to convey the dynamics at the heart of the corporeal world.

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