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This is assuming the value that the VISA system provides is the same as what Bitcoin's does. Bitcoin is being used more as a store of value these days. The rati
by Axsuul 9y ago
This is assuming the value that the VISA system provides is the same as what Bitcoin's does. Bitcoin is being used more as a store of value these days. The ratio of the value it provides to electricity requirements is much, much greater when taking this into account.
- uncletammy 9y agoCame here to say this. A more accurate comparison would include costs related to storing and securing wealth (banks, guards, etc)
- nosuchthing 9y agoWhat value are you talking about exactly? Newer designs offer the same service with improvements like scrypt and other algorithms to prevent ASIC attacks which just centralize control to hardware designers/producers, like these warehouses in China. Exchanges can and have artificially inflated prices: http://www.coindesk.com/bot-named-willy-did-mt-goxs-automated-trading-pump-bitcoin-price/ http://www.coindesk.com/bot-named-willy-did-mt-goxs-automate...