19 Apr '13, 1pm

Bitcoin, Energy, And The Future Of Money

Bitcoin, Energy, And The Future Of Money

While it’s impossible to predict how the Bitcoin experiment will pan out, it has already succeeded by creating a decentralized system for settling transactions, and by re-igniting interest in alternate currencies. Here I explore the idea of currency backed by energy. A few months ago I wrote an article, The Joule Standard , which describes the idea of denominating a currency in units of energy (see also joulestandard.com ). The idea is worth a look because 90 to 99% of the mechanical work done in modern economies is done by machines, which are “paid” in energy. The energy supply defines how much productive work can be done, while the efficiency with which we use energy defines how much utility can be created from that energy supply (widgets per kilowatt-hour). The idea of money based on energy is not a new one. Buckminster Fuller explored the idea of a World Energy Grid, w...

Full article: https://medium.com/armchair-economics/183c2ad47b50

Tweets

Could Bitcoin be the money of the future?

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