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at most of the market value of a Bitcoin reflects the electricity wasted in the calculations needed to “mine” it, with the obvious disastrous implications for the global climate. John Quiggin @ 8 – or how the price of silver has been falling relative to gold for centuries with improvements to mining technology. Bitcoin has been viewed as a liberating path out of the corporate monetary system. But the process of 'mining' the cryptocurrency is a massive energy drain - and potential environmental disaster. Well, Bitcoin is a fiat currency, designed by people with no real concept of how fiat currencies work, except the dogma ‘two legsfiat currency bad!four legs hard currency good!’ The scarcity part was a deliberate design decision, building permanent deflation into the very definition of ‘Bitcoin’, again, because it was designed by people without any clear understanding of how currency Bitcoin continues to plummet in value: Putting aside the fact that the Bitcoin crash is teaching idiots a lesson, there really is a reason you should care about this. John Quiggin explains: The blocks). It started at 50 bitcoin per block in January of 2009 and halved to 25 bitcoin per block in November of 2012. It halved again to 12.5 bitcoin in July 2016. Based on this formula, bitcoin mining rewards decrease exponentially until approximately the year 2140, when all bitcoin (20.99999998 million) will have been issued. After 2140,
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