43. Bitcoin and market efficiency
The Bitcoin Standard Podcast
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The Efficiency of Engines
You can't really think about economics in terms of efficiency as I see it because it's a concept taken from physics and from engineering in particular. There's never been an engine that's 100% efficient. So you do, however, have a clear idea of how much energy is included in that tank of gasoline. And theoretically, if we did have the 100% efficient engine, we know that this is how much output we could have gotten out of this gasoline.
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