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The fundamental flaw in the argument in comparison to Visa or MasterCard is the fact they don’t take into account the energy consumption of the entire organizat
by vinniejames 9y ago
The fundamental flaw in the argument in comparison to Visa or MasterCard is the fact they don’t take into account the energy consumption of the entire organization.
Visa/MasterCard employ tens of thousands of employees (maybe more). Each of those employees have to drive to work everyday, consuming energy. Then sit in brightly lit office buildings, each running a computer sucking down power.
Those buildings have to be built, using time energy and resources.
Without taking into account all of the energy overhead required for these organizations to function the argument is meaningless.
If cryptotocurrencies continue down this path, it’s quite likely these types of organizations could cease to exist. Resulting in a huge energy savings.
It’s also extremely likely crypto currencies will reduce energy consumption by moving to more efficient transaction validation methods like Proof of Stake
- Mr_P 9y ago> If cryptotocurrencies continue down this path, it’s quite likely these types of organizations could cease to exist. Resulting in a huge energy savings. These people will still be employed, and other people will be consuming energy maintaining bitcoin farms, designing new mining hardware, etc.
- genericacct 9y ago..Because crypto miners do not operate in buildings that have to be built & lit, right?
- gonvaled 9y agoDo you have any indication that bitcoin is as labor-intensive as traditional banking?
- dmitriid 9y agoWhat Bitcoin offers is a fraction of what "traditional banking" does. A lot of "labor intensiveness" in banks comes from various forms of what can be described as customer support. Consider just one thing that Bitcoin doesn't offer: applying for a house loan. Even in an internet-only bank (such things exist) there will be a live person handling your case who will guide you through various processes.
- GhostVII 9y agoThere are billions of banking transactions every week. If they all took the same amount of energy as a bitcoin transaction, they would use enough energy to power every house in the world. So clearly regular bank transactions are orders of magnitude more efficient than bitcoin transactions.