What is Value? Lets look at this question from different perspectives for a moment. Because there is always more than one side to the coin, and market dynamics dictate that for every market there must be a supply and a demand. As we continue to review the proof of work model for value; Mining being the prime example, we have a fixed supply of something that comes at an ever increasing cost of extraction as the available quantity diminishes.
For more than 5000 years humans have been collecting gold and other metals and elements to capitalize upon for life and the function of society.
The Spaniards encountered such Riches from the native peoples that they were compelled to take the Gold home to Spain and pay the king. The natives were not exactly willing, but the motivation with the assets of the Metal Swords, Cannons, and Muskets, were compelling enough for the locals to give up the gold. In the days of some of these native tribes, when the Economy had a down turn they would make some Sacrifices of something or someone and frequently a fertile virgin, to please the god(s). While this may be symbolic in nature it also serves a purpose. When the economy slows down the urge is to heat it back up. However follow the native model, its the one Google uses. Less is More. Less production from a fertile virgin means less demand for food, water, shelter and every other resource.
Hold it right there CowboyKen; Did you just suggest eliminating virgins? Ummm...Yes and No.. Yes, lets make sure they grow up and have a wonderful and fulfilling Sex life, eliminate the Virgins, and Do make a SACRIFICE, by NOT having a child unless you are REALLY prepared to do so. Thus we provide value to the humans we have and those to come by not diluting their value.
The other side of the market; By having so many workers in the field with their pick and axe looking for those minerals to capitalize upon we increase the price pressure on the finite resources, and thus more people fighting for less resources is a natural disaster waiting to happen. The only correction comes, when the people with picks and axes. As they get hungry and the bears come around. Soon we find cannibal's defending themselves with the pick and axe such that you find your self on the run so that you don't become the meal. When all we had to do was have some Virgins make the Sacrifice.
Miners in the field; CowboyKen you are little long winded today what are you really trying to say? The Bitcoin Hash Rate, the amount of miners in the field with their pick and axe, is on the rises and I am not sure if I have ever seen it higher. What does that mean? The cost of extraction is going up and as such expect the price pressure to continue with BTC in the upward direction despite the global recession we are in with its hyperinflation, and insecurity. Start expecting the unexpected.