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RE: Simple economics prove that Bitcoin will fail

in #bitcoin7 years ago

Why are you dividing basically the moles of coins by the worlds electricity usage?? This equation has no validity.

Imagine I have a bunch of car prices and divided their cost by their mpg. Then divided by the gas consumption of the world times everyones gas price times how much of their gas goes to driving(so like it will always be all of it) I get one crazy number that means nothing.
"how much of the block reward is used for electricity"
um what...
First of all that relative to what your mining when with how much power in what pool at even what temp.
Second, everyone pays different amounts for electricity based on where it is consumed.
Third "20,000 TWh" where did you get this number?? I cant find anywhere that says a number that low. Thats like how much New York on a good day.
The estimated number is 157.5 PWh, https://en.wikipedia.org/wiki/World_energy_consumption

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