Bitcoin Economics and Evolution | The Saylor Series | Episode 16 (WiM062)
The "What is Money?" Show
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Bit Coin Mining - A Microcosm of Capitalism
The purpose and intent of capitalism is to acum accumulate capital. Capital is anything that accelerates an actor from an intention to the realization of that intention. As humans accumulate more capital, they are further magnifying the economic output of labor. It's only through trade and innovation that we can create capital in this way. And so for big coin, this pattern plays out in the network shifting from a very energy intensive model, as it was early on, when people were just mining on computers,. A to a more sophisticated capital stack, and therefore more capital intensity over time.
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