The problem with such thinking is that the labour theory of value (offen associated with #marxism) has been refuted. The work in general has no value in itself. The fact that work has been performed may provide “psychological value” for some, but there’s no real utility associated with it. More on this topic: https://mises.org/wire/labor-theory-value-refuted-nobody-cares-how-hard-you-work
@KrzysiekJ and you didn't mean anything more specific by it in this context?
Ok, so let's say that the person who said about proof-of-work sells electricity, and their earnings depend on the amount of electricity sold. Surely for them it is profitable and beneficial that people mine a proof-of-work currency, because this increases the profits from selling electricity to those miners.
@Wolf480pl Well, in that sense if I turn a light bulb on, but close it in a black box, then it is profitable to electricity sellers. However it is neither profitable nor beneficial to me, hence from my point of view there is no utility in turning the bulb on. What utility does proof of work provide to cryptocurrency users (unless it is used to obtain security, as in Bitcoin)?
@Wolf480pl Giving money doesn’t sound like creating previously non-existent utility; it’s just changing ownership of resources. And clearly some resources (energy) which have utility are destroyed in proof of work. Refer to Bastiat’s parable of the broken window: https://en.wikipedia.org/wiki/Parable_of_the_broken_window
> #proof_of_work to obtain “intrinsic value”.
- this has very little to do with the LTOV (which by the way has not been refuted, regardless of the delusions held by Austrian school economists), as proof-of-work refers to processor cycles in this case. But that's not even the point here. The interesting bit is that somebody out there thinks a cryptocurrency can hold "intrinsic value"...