Cost of the Bitcoin Network.

The total Bitcoin network is using 70TWh of electricity annually or 5 WAC Bennett Dams

Annual Global Economic Costs of other industries in US Dollars Banking: $1,870B Gold Mining: $105B Banking ( Electricity ): $63.8B Gold Recycling: $40B Paper Currency: $28B
Bitcoin cost of $3.5B (assuming 5 cents per kWh) annually is a small price to pay for 3 to 5 percent of the world to exchange goods and services. The Bank of Canada did a survey in December.

What should the Bitcoin chart look like?

Having done over 50 rounds of golf in life, I kind of know what golfing should look like. If you look closely at this picture you will see 50 people all trying to get their ball onto this green. I have never experienced this before. So how much golf do I have to play to become an expert?
The same is true with Bitcoin.  What should be it's price? and what growth should it have, given it is getting back up to 3.55% daily volatility?  Very tough questions to answer.
My first email about #Bitcoin was April 13, 2010 over 8 years ago so I have had my eye on the code for quite sometime. But, yesterday I had an epiphany -- Why should Bitcoin trade like a normal stock? It should trade like a game changing commodity.  If we compare Bitcoin to the Dot com boom we get a very similar pattern. 

The 40% price drops are normal when we are dealing with game changing technology. So in other words, Bitcoin might be at the bottom now, not because of Technical Analysis; but because of what Bitcoin represents -- Game changing technology.  Thoughts?

Bitcoin allows people to own something.

Bitcoin ownership and transfer can't be stopped.  

People who ask me about Bitcoin usually ask me about its price. I don't know whether to tell them the US price or the CAN price, so I tell them both prices. I do this to help my friends understand that price is really irrelevant. The important part of Bitcoin is that it is censorship resistant. I am sure if we lived in Venezuela my friends would ask me "How's the Tor battle going?".

A lot of my friends don't even remember those days of Napster. They now mostly use Netflix or YouTube. They rarely use Transmission to exchange videos with their friends. In fact, if I ask most of my friends today "what is Tor?" they wouldn't know. I would say tor forced the content providers to charge a monthly fee for access to content. Now days, if you want to watch a new movie most people wait until the paywall provider gives them access. Very few of us keep searching Isohunt or Napster to see when we can use the Tor network to get the info.

Why is this important? Censorship resistant software like Tor has been around for a long time. Will it go away just because some government introduces "the digital millennial copyright act"?  NO! Bitcoin runs on Tor. If Tor fails Bitcoin fails!

Whether you own something or whether you download that something from a friend, it is the same. Bitcoin is revolutionary because you can exchange unique ones and zeros; so that the ownership changes with the download. Governments can't stop the ownership transfer.  Therefore, the pride of ownership can't be stopped. Bitcoin ownership and transfer can't be stopped.