283 sats \ 2 replies \ @SimpleStacker 21 Sep 2023 \ parent \ on: What is the issue with Michael Saylor's Bitcoin is "Digital Energy" Idea bitcoin
Fair enough. But I'd also say that work has the capacity to create value, as it is what enables the transformation of lower-valued resources to higher-valued resources.
And, in a way, work might be the most sensible common denominator for value... and since Bitcoin is proof-of-work, bitcoin might be the most sensible denominator of value too :)
All that matters from a value standpoint is the final product. The costs, including work, are the producers problem and reducing them is where profits come from. Thinking of work as part of what determines value is literally the labor theory of value fallacy.
The reason it seems intuitive is that people are willing to work more to generate things of high value, but notice the causal connection is exactly the opposite from the labor theory of value.
reply
Nope, you don't understand what bitcoin is and why it matters, but you accidentally nearly stumbled on an observation that is true: value cannot be generated without work
reply