Stephen Yearwood
1 min readMar 31, 2020

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As an exposition concerning ‘zero’ that was amazing. As for Bitcoin, I have nothing against it. Yet…

Given the stupendous amounts of energy consumed ‘mining’ it, Bitcoin is the opposite of “energy efficient.” Transaction rates are a tiny fraction of what is achieved with “fiat money,” so Bitcoin is more inefficient that way, too.

Bitcoin is infinitely divisible, so it is not “scarce.” Besides, an infinite number of crypto‘currencies’ (really, virtual assets) can be created.

Bitcoin is purchased using “fiat currency,” so it is tied to such currencies, not something independent of them.

The social benefits the author seems to want to attribute to Bitcoin can be realized via a “democratically distributed income” that would be a “fiat currency” that would be created as needed, but constrained by demographics. “For Crying Out Loud, ACCEPT That A SOLUTION Actually EXISTS” (a “2 min read” — including options for further reading — here in Medium)

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Stephen Yearwood
Stephen Yearwood

Written by Stephen Yearwood

M.A. in political economy (money/distributive justice) "Please don't confront me with my failures/ I'm aware of them" from "These Days," as sung by Gregg Allman

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