Re: $5000 per coin will never happen if PoW mining is allowed to continue

Quote from: DumbFruit on October 23, 2014, 05:23:43 PM

Would people stop saying that somehow PoW imputes value into the coin because of it's costs? That reflects about 12th century economic thinking and is embarrassing to read.

http://en.wikipedia.org/wiki/Labor_theory_of_value

Not only that, the miner shills are insulting everyone else, by claiming their useless PoW mining is the sole reason Bitcoin has any value.

So I guess Satoshi Nakamoto's work had no value, all the Bitcoin developer's work had no value, all the people that built infrastructure, ran full nodes etc... had no value. It really infuriates me.