Bitcoin is not a store of value
This is a rambling article, but the core premise that Bitcoin is leaky because it has an energy INPUT is a weird one. The argument that other tokens being fully closed loops that don’t leak value is certainly a take…<p>Proof of work plays many roles in the Bitcoin. One role it plays is that it ties a digital token to a real world, scarce, valuable resource. The only thing a digital token can be tied to: computation, or energy. Closed loop staking tokens have no tie. It is a formless, virtual, free floating concept. Not to mention that they are all highly centralized, so they don’t even have confidence in their monetary policy to fall back on.<p>With Ethereum, Cardano, Solana, etc, your value is in the hands of where the developers choose to take the protocols. They can and have changed their monetary policies, and they will again.<p>This person’s real concern appears to be “number go up”. It seems to have infected their thinking. They see a system that decided to engineer for NGU instead of stability and confidence, and thinks that’s “not leaky”. It is extremely short sighted.<p>In the stormy world of crypto, Bitcoin is the port.