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- The space is littered with fraud. >> Fraud is everywhere, you are just filtering this topic in particular. - Wallets have bugs that lose hundreds of millions
by decentralised 8y ago
- The space is littered with fraud.
>> Fraud is everywhere, you are just filtering this topic in particular.
- Wallets have bugs that lose hundreds of millions of dollars
>> Software has bugs that cost lives. Losses in the millions are terrible events but they raise awareness to information security and that's priceless.
- Energy consumption forecasted to hit 0.5% of the world’s electricity consumption by end of 2018
>> PoW uses electric power to secure billions of euros in assets. Bitcoin miners were paid ~3.5B USD last year and paid an estimated 1.5B in utilities not to mention the thousands of jobs it creates. In any case right now Bitcoin's PoW spends as much as 3k US households so I don't think it's quite 0.5% of the world's total consumption...
- Promoters yelling “decentralize everything” while exchanges, development teams and mining are all highly centralized
>> It's quite evident that realistically it's near impossible to start decentralised, but many teams and projects are adopting loose structures and contemplating moving their governance to a DAO.
- No legal use case found to date
>> Among those who disagree with you are all the G-7 governments, almost all major exchanges, many of the major banks, law firms, etc. I'm not saying you're wrong, but you are not even wrong.
Blockchain is a parasite on society.
>> FU. This is my job you are talking about.