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Gold mining is wasteful also but it's not fundamentally necessary for gold to exist. I think the problem with bitcoin waste is that it's proportional to how va
by wufufufu 9y ago
Gold mining is wasteful also but it's not fundamentally necessary for gold to exist.
I think the problem with bitcoin waste is that it's proportional to how valuable it is.
- cookingrobot 9y agoGold only has to be mined once, bitcoin has to be mined every time it changes hands.
- pc2g4d 9y agoI don't think that's strictly true. When the last bitcoin is issued, "mining" per se will cease. But "miners" will still be rewarded by transaction fees.
- chuckkir 9y agoA distinction without a difference.
- VMG 9y agoYou can send an arbitrary about of Bitcoin in an on-chain transaction. Payment channels also allow you to send Bitcoin off-chain.
- rm_-rf_slash 9y agoThe computer you used to post this comment uses gold.
- mancerayder 9y agoSure, but electronics and other industrial uses for gold are a small percentage of its demand. The demand for those two are 9.1 and 6.2 percent in 2017, respectively, according to Statista. The same stats attribute more than 50% to jewelry.
- rm_-rf_slash 9y agoBy volume even 15% is still a shit ton of gold.