I disagree completely. The electricity expended on Proof of Work is a sunk cost that 'charges the value battery' of every bitcoin.
bitcoin_value = electricity ( cryptographic signatures + network trust )
Compare that to something like, a dollar, (which you use to pay for turning your drier on) ...
dollar_value = (gdp - entitlements + taxes) / corruption
I agree on the network trust value, but I would disagree on the mining costs.
The cost of mining has a direct impact on LIQUIDITY.
And I mean by liquidity:
With a low liquidity, a currency loses value as it becomes more and more difficult to make transactions.
What made bitcoin rise is its liquidity, and especially on some markets at the begining (silkroad...).
Hence, it you want bitcoin to rise, you must facilitate transactions. Especially if you aim mass adoption (ie. e-commerce at Amazon scale)
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Those equations you have written there contain non-quantifiable variables (e.g. what is the SI unit of corruption?)
Not only that, I get the strong sense that the equations were just made up on the spot and have not been rigorously tested or even theorised about on a firm basis.
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