Now, the nation’s hottest investment is buying money. And the investment rush is raising questions about whether one reason for the slow pace of economic growth in recent years is that the nation is busy distracting itself. While bitcoin mining may not be labor intensive, it diverts time, energy and capital from other, more productive activities that economists say could fuel faster growth.
Some economists see evidence that people are playing video games instead of going to work, logging on instead of getting it on, and plowing a growing share of their time, capital and natural resources into virtual products like social media, games and the latest fad: virtual currencies.
Bitcoin, the largest virtual currency, is a particularly voracious consumer of resources because new bitcoins are distributed in a kind of lottery where each ticket is purchased with electricity.
There must be a better way to create these new currencies. It's not just the massive waste of resources, but there's also the possibility that some einstein will find a way to create these "Coins" really easily — and crash the whole crypto-currency economy.
Don't confuse the block-chain
A promising platform for securing transactions online, with bitcoin, an arbitrary, deflationary-yet-vulnerable, pointlessly-based, self-fulfilling-fantasy currency, that can never replace a real one. And gets stolen all the time.
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https://mobile.nytimes.com/2018/02/28/business/economy/bitcoin-electricity-productivity.html
