Post
Topic
Board Bitcoin Discussion
Re: Annual 10% bitcoin dividends if mining were Proof-of-Stake
by
cbeast
on 29/04/2014, 15:37:01 UTC
The belief that mining somehow "backs" or adds value to bitcoin is like a cult mentality.

It is a fact that mining somehow backs and adds value to Bitcoin. But how to explain it best? Who can help? (I am at a loss despite calling me "monetary economist" even before Bitcoin was invented  Embarrassed )
The simplest explanation: It is proof of actually doing work, not proof of being rich, greedy, and power hungry.