Bitcoin’s Proof of Work restores that principle.
Key excerpts:
“A currency with no production cost will always warp society and have environmental consequences.”
“Bitcoin’s uniqueness lies in its proof of work… creating a direct link between energy and currency.”
“In 1971, we divorced our money from energy… Luckily, in 2009, Bitcoin’s PoW reconnected money to energy.”
Full article, 3 July 2023:
https://www.cityam.com/why-money-should-have-a-direct-and-transparent-link-to-energy/
Still incredibly grateful to my editor Darren Parkin, who was the first in mainstream media to give Bitcoin and energy a serious platform when most outlets were just recycling FUD.
quotingMoney detached from energy corrupts society.
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That is exactly what we are living through right now as endless money printing eats away at wages, destroys savings, funds government waste and moves wealth upwards.
When money is broken the entire system built around it breaks too.
I love fairy lights and I think they are a beautiful use of energy because they bring joy, warmth and a little bit of magic.
Using energy to secure a global peer-to-peer money that anyone on Earth can use without needing government permission is one of the best uses of energy on the planet.
Bitcoin achieves this through Proof of Work by tying money back to energy with a real cost which is exactly what makes it sound, permissionless and decentralised.
When money has a cost it cannot be printed endlessly by governments or banks so it forces discipline back into the system, reduces waste and malinvestment and helps people plan for the long term instead of being pushed into debt, speculation, and short term consumption.
Securing sound money through energy is not waste.
It is one of the highest and most important uses of energy humanity can choose right now.