@mark
It does, indirectly. If you are able to mine a lot of bitcoin you will also have access to a lot of real money, as you need that for "efficiently" mining them using cheap (often subsidized fossil) energy. The mining capacities grant power over the network. So it is an inverted cause and effect relation.
@aral

@BUNDjugend_ak_digi @mark Mining capacity does not grant power over the network, as has been undeniably proven with SegWit2x, UASF and the block size war and subsequent hard forks in general. Where's the proof for your argument exactly?

@raucao
We are really confused by your stance. The basic problem of PoW based blockchain applications is the 51% attack, which basically says: as soon as you have enough mining power you can control it. Of course this is not end of story, but the basic problem is there. Our point however was the inverse perspective: if you are rich you get more bitcoin and bitcoin will not solve any social or ecological problems. It is still unclear how much it will increase severity of specific problems.
@mark

@BUNDjugend_ak_digi @mark This is patently wrong, and works exactly the opposite way to fiat money. where asset holders have profited from massive inflation, while poorer people lose purchasing power every day.

A bitcoin miner doesn't automatically earn more money from the coins they mined. They have to re-invest exactly the same amount of computing capacity, time, and electricity as any other miner competing with them, for every single block they try to mine.

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@raucao
We are not arguing against what you are taking as an argument. But the rich can afford more and cheaper electricity etc. and therefore can gain more bitcoin, that was our point.
@mark

@BUNDjugend_ak_digi @mark Again, you don't gain more control by doing that, and you have to compete on the same level as anyone else. So what is your point?

@raucao
Yes you do. If you have more computing power and cheaper electricity you will get more bitcoin/real money and as you can optimize this ratio, if you already have a lot of money and or power you will be able to get more bitcoin at a better ratio, than "poor" people. It is a vehicle for the rich to get richer.
@mark

@BUNDjugend_ak_digi @mark That's neither how economics nor bitcoin mining works. Obviously you have never run a business, let alone one that deals in physical resource allocation. Again, you compete with the same resource requirements *as anyone else* for every block you attempt to mine.

@BUNDjugend_ak_digi @mark If you think that's a problem, then you seriously have to be against fiat money, since inflation is the singlest most serious factor in how much more money rich people have now, and gain every day, compared to everyone else.

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Climate Justice Global

Welcome to this official Fediverse instance for climate justice groups.

There is also: climatejustice.social also for individual activists