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|User Info||Bitscam And Other Extraordinary Insanities; entered at 2017-12-07 14:13:00|
Karl, I've done some additional math. I'm going to send a whitepaper and an Excel model over the transom.|
Your point about the diminishing returns is true. Even I, who think it is worth something, have determined that at the current market price, each additional coin is worth $11. If Bitcoin were trading at what I consider fair value it would be worth $1.63. So there really is no point in mining any more of it.
I had argued that this should be valued as a network. When you use an objective measure of value--in this case the number of widgets purchased by a bitcoin--the value of the coin increases perfectly with the square of the bitcoin portion of the economy.
I know the math is wrong; I believe I need to use differential equations, but I think in so doing, the situation may be made worse.
So when you see it, please find something wrong with my math. Because what I have is terrifying.