Post yfw lolberts thought they could escape the Tendency of the rate of profit to fall and thermoeconomics

What does this have to do with TRPF?

I think OP is noting the amount of profit that can be gained from Bitcoin mining decreases as the cost of mining (really only the electric bill) increases. In rate of profit terms, the amount of profit gained per dollar invested is decreasing.

Reddit was freaking out about this earlier as well. Two things the tech bros love to promote are now in direct conflict.

But in the TRPF the rate of profit decreases because productivity increases (i.e., they need less labour), not because costs go up.

bitcoins became less efficient. Capitalism's falling rate of profit happens because it becomes too efficient.

Can you show me some reddit freakouts?

How amazing. A commodity whose socially necessary labor time (or energy/work) increases over time.
It's not just a digital mud pie. It's a digital mud pie that becomes harder to make over time.

Is that how it's retaining value?

Post yfw realizing capitalist criticisms of Marx are just projections

It maintains it's exchange value because the bitcoin community keeps finding people willing to dump their fiat money into this ponzi scheme.
But here's the catch: At some point even investors will be unwilling to invest anymore. The rate at which the price of bitcoin increases is falling. At some point investors are going to decide that it's unlikely they will get a return on their investment in a volatile commodity.
The fact that serious financial institutions and billionaires are looking to invest in something that is incapable of producing value on itself is a warning sign. It means that the ponzi scheme is reaching top-tier investors. And there's nothing after that.
And there is another problem: Bitcoin's exchange value doesn't just exclusively stem from a new influx of money, but also it's ability to facilitate illegal transactions and money laundering. It's nowadays but a tiny percentage of total transactions, but it is what led bitcoin to take off in the first place.
Already the network is strained under the ballooning size of the blockchain. Transactions are taking longer and longer to verify. It's becoming less lucrative compared to alternatives. If a transaction takes a minute to verify that's fine, even an hour is okay. But not days and weeks.
Meanwhile, the currency is way too volatile to be able to support enterprises that would directly take bitcoin as payment. Some webstores exist, but most of them immediately convert their bitcoin into fiat. Bitcoin is just too unreliable and too slow at this point.

Any solutions to this problem (longer block chain, bitcoin banks, cropping transaction history) either make the currency less anonymous, less secure or exacerbate the already overwhelming energy costs.

Is it the beginning of the end?

Just fuck pic related up why dont we?

Alright OP














It's at $6500 a coin. It's filling a need left unfulfilled by banking, the ability to move money around the internet in small amounts with no friction

Guess we'll just have to start rounding up leftists in dump trucks then bring them to the processing plant to be converted into bio-oil to keep bitcoin running. Finally, your average leftist will serve a purpose other than just moping around wanting the world to solve their problems for them.

Top notch butthurt, lolbert.

Proof of work algorithms are the worst thing to ever exist, but BTC is such a good investment. I wish I had invested earlier.

The thing is the current banking system is even more ineffecent. I think bitcoin week continue until porky makes a decentralized competitor, which I don't think will happen

It's simple.

First, US and EU must invest in solar power in the south; their southern parts and Mexico/MENA. And another nice by-product would be hydrogen production in coastal areas.

Second, they must strive for political stability in those areas. It may not happen next year, nor next decade. But a 20-year plan in order to pacify those areas.

Third, it must be a dedicated effort to make breeder and hydrogen reactors viable. No underground deposition BS at all.

I wish I had gotten in on this ponzi scheme when it was still cheap.

It's not about algorithms, it's proof of a particular shit algorithm, which never took into account long-term consequences when it was designed. There are many alternative bitcoins that do not increase in energy cost as they expand, but I'm not a porky enthusiast so I can't give you examples, I'm just talking from my programming experience.


Well, without the 10$ fee per transaction

Can someone explain the falling rate of profit to me? To my understanding, the idea is that as time progresses capital and fixed costs become an ever more important part of production whereas labor becomes less and less significant; this reduces profit, because the "invisible hand" entices competing firms to enter the market and extract less rent. But why exactly is it that capital being more important than labor means competition lowers rent more? It doesn't really make sense to me; wouldn't competing firms also try to lower rent earlier on in the process as well?

Isn’t that marginal utility though? I thought ancaps were all about that and somehow it served as a barrier to corporations becoming states unto themselves?

Just to support currency alone, lol.

No. No. And no.

Cheaper greener energy is good for everyone. And now it's a time to choose. It's black and white. Nothing in between.

Either the west fixes this on a macro scale. No dicking around with energy taxes or lightbulbs etc, but to focus on the supply side. OR we go for all the dank maymays "babies are killing the future, especially white babies", "re-cycle toilet paper, think of the future", "do we really need to eat fruits from SE Asia".

The first option takes a lot of elbow grease, but it will pay off. The second option only pleases the chattering classes in the short run, and in the long run west will loose its clout.

And speaking of currency. We should make a transition from fiat money to standard. Bitcoin is a fiat derivative. Maybe not a gold standard, but why not a sweet water standard?