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I don't like the fact that bitcoin basically relies trading electricity for money in a nonsensical way. Having large exchanges built on it seems like a terrible
by daemin 10y ago
I don't like the fact that bitcoin basically relies trading electricity for money in a nonsensical way. Having large exchanges built on it seems like a terrible idea, where financial places will be required to gobble up immense amounts of energy just to operate. It just won't make financial sense to do this as I can see it now.
- CyberDildonics 10y agoMining resources are not correlated to scaleability. Once again, whatever people's views on bitcoin at least realize that mining hashes don't dictate how many transactions can be processed by a miner. They mine a block, then they include as many transactions as they think they can get away with and keep the latency low enough to propagate. Right now they are capped by a block size limit which is the real next hurdle. Some people think there should be no block size limit - latency already becomes a limit in itself. To hammer it home - someone using bitcoin does not need to use any more electricity than a computer and internet connection. The miners use the electricity and the amount of transactions they process is not directly linked in any way.
- stale2002 10y agoThe amount of money spent on electricity is a rounding error on top of a rounding error, when compared to how much wealth/money the current financial system uses to make it run.