/biz/ - Business & Finance

>>15124300
>It is not economically identical because PoW is not used to secure the network

sorry, i didn't see this the first time.

this is technically true. i still think Toast's comment was roughly true, even if technically incorrect.

it's more accurate to say that 0xBitcoin's value comes purely from PoW as an energy auction. you "buy" 0xBitcoin from your wall socket by proving you "burned" a roughly known amount of electricity. ultimate dex, etc.

Bitcoin's value comes mostly from PoW as an energy auction, then a bit also from securing the network. if you go back and read nick szabo's bit gold posts and how PoW was 100% of the value, you'll see how satoshi's clever hack of *also* securing the network with PoW was brilliant even if it slightly muddled the value mechanic.

0xBitcoin is lucky. it can take the pure approach because it has Ethereum to secure the blockchain it's mined and transferred in.