On: The Bitcoin bubble – Greater fool theory

[Marazan]

Proof of work is intrinsically dumb.

To store wealth in Bitcoin you are committing to the constant burn of energy in perpetuity.

[krupan → Marazan]

Are you saying our fiat systems of transfers and settlements use no energy?

[UncleMeat → krupan]

It uses like seven orders of magnitude less per transaction.

[krupan → UncleMeat]

Citation? And remember a Bitcoin transaction is cash moving from my account to yours. Not just a promise of cash, after a few days of settlement, if no chargeback happens

[BLanen → krupan]

You really think that a wire transfer takes a week's household of energy(Because that's the current energy per btc transaction)...?

[krupan → BLanen]

What really goes into a wire transfer in order make it happen securely? And is it as secure as a Bitcoin transfer? See also: Xiphias' comment about Proof of Military Power.

[NTDF9 → krupan]

Right...so you want a world where there is no collective security. But hey, at least we all have bitcoins in our wallets?

[xiphias → UncleMeat]

Fiat currencies use proof of military power (war) as their security system. As an example you think USA would allow Kim Jong Un to issue US bonds (like he does with Bitcoin)? I much prefer the energy cost to military cost (that's why mining over Tor / satellite system is so important)