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It's a shame you only regurgitate information instead of looking up things yourself. Based on the 'total consumption chart' [1] you are incorrect. Even though
by heimatau 8y ago
It's a shame you only regurgitate information instead of looking up things yourself.
Based on the 'total consumption chart' [1] you are incorrect.
Even though many, including Digiconomist, only look at the current value. They are distorting the narrative of scientific inquiry. As, in another 10 years, in hindsight, the value of mining Bitcoin today is significantly more efficient than mining gold was today.
Gold, when it was used as a global standard, produced multitude more in CO2 pollution than it produces. Economies of scale and as people use the 'digital gold', value increases.
An apt comparison would be during the various gold rushes (hundreds of years ago). I don't believe I've seen a true apples to apples comparison. But now you know how to compare a mature asset like gold, to a new asset like Bitcoin. It's not in today's measure. It's in the relative situational circumstances that are equivalent. Also, if Elon Musk were to obtain one astroid with sizable portions of gold on it. Well, then gold's value will be debased and it will be difficult to easily compare the two. Every factor matters. Please don't act like it's a huge waste of energy, it's actually not even close to many other forms of money that humanity has used.
[1] - https://digiconomist.net/bitcoin-mining-more-polluting-than-gold-mining https://digiconomist.net/bitcoin-mining-more-polluting-than-...
- nradov 8y agoYes gold mining causes environmental damage. That's one of many reasons why it's a good thing we moved away from the gold standard to fiat currencies. Neither Bitcoin or precious metals are a sound basis for a complex international financial system.