ryedaft comments on Be kind to your elders

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[–] ryedaft@sh.itjust.works 0 points 2 years ago (2 children)

On average the value of any crypto token is less than 0 because of the high cost to produce and transfer them. Ironically it seems people find the most wasteful tokens more valuable. "It's hard to make so it must be valuable" or some such nonsense.

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[–] untakenusername@sh.itjust.works 0 points 1 year ago (1 child)

Not all crypto is hard to mine you know. Stuff like Ethereum and Solana don't use up that much electricity bc they use a different method called proof of stake, rather than bitcoins proof of work. Basically people who wanna validate transactions stake some money on the network, and if they validate a transaction right, they get paid a bit. If they get it wrong, they lose that money they staked. And the more money they stake, the more they make from validating transactions.

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[–] ryedaft@sh.itjust.works 1 point 1 year ago

I literally said that there is a difference between tokens in their cost to produce. E.g. bitcoin is more expensive than others and valued higher.

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