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> In addition, if Bitcoin disrupts the banking industry and a portion of wall street, we'd have to subtract their energy consumption. Do you seriously think th
by Asdfbla 9y ago
> In addition, if Bitcoin disrupts the banking industry and a portion of wall street, we'd have to subtract their energy consumption.
Do you seriously think that? The cost of stuff like VISA's server farms or office buildings (and the rest of the financial industry) is probably globally negligible. Not to mention similar institutions would inevitably appear for cryptocurrencies (or already have, like Exchanges, etc.).
What remains is the horrendous cost for a Bitcoin transaction vs. the negligible cost for a 'normal' transaction in most trust-based systems.
- cwkoss 9y agoGotta count the energy cost of staff food, transport, facilities, etc. for every VISA employee to really make an accurate comparison. Plus power drain of each of millions of POS systems, cost of maintaining redundant secure backups of records... Bitcoin requires no other infrastructure than computers. VISA needs a lot of various things to keep it's infrastructure working.
- andrewchambers 9y agoYou think people mining bitcoin don't need food too?
- baddox 9y agoPeople generally don’t mine bitcoin. Their computers do. And they don’t even need to sit at the mining rigs for 8 hours a day like most employees do.
- justhackedme 9y agoThis is a funny fantasy world you're living in. Bitcoin is a waste of power. Mining gold, creating banks, printing money, these aren't wastes of power as the result is always something equivalent to said power. A bitcoin is just a bunch of 1s and 0s that takes 1ms to get, but wastes thousands of hours proving it.