Proof of work doesn't imbue any value. That's delusional pod...

Libertas Primordium

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2026-08-11T15:16:20Z

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06d98e948002726ca4f87db119a16a72a697aceb89f546a05ef1f2fce23b0f80...

Proof of work doesn't imbue any value. That's delusional podcaster garbage. There is no causal link between the cost of being randomly selected to add the next page to the ledger and the exchange rate that users will pay for a unit of the currency. Hashpower matters only in the context of competition between miners. If the exchange rate drops below their operating cost they will stop mining. You can see proof of that because the Bitcoin network hashrate has gone down with the exchange rate. Some of these miners have given up entirely and transitioned to hosting compute for AI inference.

Value comes from demand and demand comes from utility and/or speculation. With Bitcoin in recent years it's more speculation because there isn't much demand for it's utility as a P2P electronic cash system. Without steady demand for that the price will continue to be volatile and driven by speculation. Adding smart contract functionality won't be much help because there are already networks that execute this functionality much better than Bitcoin can. The only answer is to grow the original electronic cash use case.

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