Jack Dorsey is mostly correct here. While I still doubt that it will be used for coffee (however lightning network payments certainly do make this possible), it is difficult to escape the reality of deflationary currencies -- It is foolish to spend today what you could save until tomorrow.
You can’t have a sustainable deflationary currency without an influx of capital, a rise in real-world productivity, or a constricting supply of currency.
Since productivity is independent of crypto, and supply asymptotically approaches a constant value, we are left with the first possibility. That describes a Ponzi scheme.
If this is true, then everyone will spend electricity mining instead of on actual people's needs because it will make them a lot more. Get ready for blackouts.
And then the most common minimum-wage job would be spinning the wheels on a bitcoin-mining bicycle, kind of like in one of those Black Mirror episodes.
No, very much the opposite. Most minimum-wage jobs are actually the one that specifically create or add value. When you work as a fruit picker, for every fruit you pick you just added value into the economy. With every figurative swing of the pickaxe a miner creates value from where was previously a rock wall. Every carefully-timed cycle of 43 seconds a Chinese factory worker turns a box of components into its much more valuable sum of those parts.
Minimum wage jobs are exactly the class of jobs where we can be certain that value was created. Much of the higher-level jobs is just making sure that that value doesn't spoil, that it doesn't go lost, that it can make its way around the economy to enable further value creation (at the hand of another minimum wage job) as soon as possible. Some higher-level jobs like engineer can amplify the value creation by designing new tools for the job, but the value itself still stems from the actions of those manual labourers.
> Some higher-level jobs like engineer can amplify the value creation by designing new tools for the job, but the value itself still stems from the actions of those manual labourers.
Who is creating the value, the one that is writing the instruction or the one that is following blindly the instructions? [In real life it's more complicated because the designers have feedback from the operators and also because usually the instructions are underspecified.]
I think this may be the case -- however regulation on power generation (such as we are seeing with increased costs for PoW miners in New York State) will help deal with this.
Humans will always use more power with their growth of technology, I dont think this is anything to be alarmed about.
Renewables mate. Human usage of power need not have a negative effect on our environment. Global Warming and human use of electricity need not be linked as directly as they are today.
Even if the energy is produced without fossil fuels, the material resources used to produce these solar panels and windmills need to come from somewhere.
Unlike a certain CSW who believes HODL'ing is evil (https://www.pscp.tv/w/bYHNVjFheWpWSkpOTW9HanB8MXZBeFJWenZnVm...), I believe that cryptocurrencies provides the ultimate reward to savers.
Save some coin today for your life tomorrow.