> sounds like speculation. it's a major desirability factor in bitcoin.
No, that's a plain fact. Nobody ever buys security as an end unto itself. You buy security to protect the thing you really want. Which in the case of Bitcoin is by a vast majority "getting rich".
> you wouldn't lock a $5000 bike with $5 lock. so difficulty increase correlates very much with amount of wealth poured into bitcoin.
It correlates, but not in direct proportion. With any other kind of security, you don't need to spend 10 times as much to protect a 10 times higher value, and there is a possibility of security getting cheaper due to advances in technology.
> No, that's a plain fact. Nobody ever buys security as an end unto itself.
a thing that can't be taken away from you due to security characteristics of the medium - that's very much a factor in purchasing decision. among many other factors. different people value different factors, so just be reasonable and admit that you can't know how are those factors valued by all the purchasers.
> Which in the case of Bitcoin is by a vast majority "getting rich".
you may be out of touch a little. there are phases in every investment vehicle and while bitcoin is still in price discovery, there definitely are people who are in it to get rich quick, but as volatility goes down and actually valuable characteristics are becoming more widely known, the proportion of those people goes down.
> With any other kind of security, you don't need to spend 10 times as much to protect a 10 times higher value
why not? maybe the coefficients are off, but the more value you want to secure - the more you have to pay. that's how it works literally everywhere in the world.
> there is a possibility of security getting cheaper due to advances in technology.
maybe there are and maybe we will discover them in future, but the thing at hand that we're discussing is whether or not to call "wasteful" the process via which wealth ownership is secured by energy consumption.
No, that's a plain fact. Nobody ever buys security as an end unto itself. You buy security to protect the thing you really want. Which in the case of Bitcoin is by a vast majority "getting rich".
> you wouldn't lock a $5000 bike with $5 lock. so difficulty increase correlates very much with amount of wealth poured into bitcoin.
It correlates, but not in direct proportion. With any other kind of security, you don't need to spend 10 times as much to protect a 10 times higher value, and there is a possibility of security getting cheaper due to advances in technology.