If it's worth saying, but not worth its own post (even in Discussion), then it goes here.
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Gold is not bitcoin. There are differences obviously. But there are analogies too. For one the effort to mine a bitcoin intentionally rises by how much people have engaged in mining in the past.
I'm not clear what you are driving at.
I'm pretty sure the effort (processing power) required to mine a bitcoin is independent of the history of mining, and depends exclusively on how much processing power is currently being spent trying to produce bitcoin. Unless I've drastically misunderstood the algorithm for difficulty, which I'm relatively sure I haven't (thinking of this page specifically).
The consequences of this seem obvious to me; bitcoin is only difficult to acquire when it is perceived as worth acquiring, meaning that a loss of confidence that it has value leads directly to it being ... (read more)