A mafia or some other organization capable of enforcing rules over people could create a fiat currency too.
> parties engaging in exchange agree on its value
That's Bitcoin. That's what Bitcoin is.
Don't be surprised if some people laugh at your face, though.
Sounds good. How do I convert my bitcoin back into electricity? Is there a Python function for that or something? Would be very useful to have on hand during blackouts.
I mean, that's the whole point of the article we're commenting under. Bitcoin is not a battery, it is a sink. You can't get the electricity back.
Not to mention that if the value of Bitcoin was actually determined by its electricity cost, then Bitcoin and Etherium wouldn't be making moves right now towards Proof of Stake.