Bitcoin? Gold? Stocks? Real Estate?

The Nakamoto white paper he refers to is here: https://bitcoin.org/bitcoin.pdf.

The issue I have with Bitcoin is that its value is based on a notions of the scarecity of capital and infinite natural resources. That is upside-down. It is natural resources, like energy to mine bitcoins, which is scarce, and capital (the number of bitcoins that potentially exist) which is infinite.

For example, somebody with a lot of capital can mine or buy a lot of bitcoins and command huge resources of energy and materials so that those resources are not available to those who know better how they could be used.

The reason this is a problem is that any economy based on bitcoin will ultimately end up causing all natural resources to be consumed in the pursuit of capital.



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