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
@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
@Wolf480pl Let’s say that we both have some electricity to sell. I then pay you, say, $150 to burn 1000 kWh. You then also pay me $150 to burn 1000 kWh. Money outcome of transactions is 0… but we both now have 1000 kWh less of electricity, so this is a clear loss.
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