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@ Jay
2025-05-13 18:27:19
No, what's the mistake?
The Bitcoin that people hold is represented in the UTXO set, and the sum of that set is fixed. But the amount of electrical power you have to expend to gain the authority to execute transactions to change that set goes up with time and approaches infinity.
The three hundred odd pages preceding this example go a long way in helping me get the point. Which is that there are a lot of benefits to having control authority of the keys behind UTXOs in such a system and in having control authority of the physical power needed to execute transactions from those UTXOs.