Quote from: Hydrogen on February 06, 2021, 01:54:45 PM

Quote from: dnprock on February 05, 2021, 07:03:30 PM

Bitcoin supporters mostly agree that Bitcoin has no intrinsic value.

Au contraire. I'll contend bitcoin has intrinsic value in the form of its supply limiting algorithm, construction and design.

Quote from: dnprock on February 05, 2021, 07:03:30 PM

If Bitcoin’s price continues to rise, we’d be spending more and more energy to mine it.

The majority of electricity for bitcoin mining is derived from surplus energy. Which does not affect or strain existing grids.

The productivity of mining hardware increases over time due to moore's law. While the energy consumption of mining hardware decreases for identical reasons.

Quote from: dnprock on February 05, 2021, 07:03:30 PM

When supply reaches zero

Correction: mining rewards reach zero.

Supply does not necessarily follow the trend.

Quote from: dnprock on February 05, 2021, 07:03:30 PM

If Bitcoin’s price is infinite, we’d be spending an infinite amount of energy to mine it.

If bitcoin's price is infinite. BTC = ∞

There isn't a scenario where any of us complain about it. Cheesy

We simply build a dyson's sphere around the sun with a fraction of bitcoin's value.

Bitcoin has no intrinsic value. Its price is a narrative. Mining is driven by price narrative. Bitcoin is deflationary. It sucks up more and more energy. At infinite price, we'll spend all energy on mining Bitcoin. It doesn't sound like a good world to live in.