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Your biggest mistake is comparing energy use. You need to compare the total overhead of bitcoin to the total overhead of the competitive financial system. The s
by arebop 8y ago
Your biggest mistake is comparing energy use. You need to compare the total overhead of bitcoin to the total overhead of the competitive financial system. The second mistake is comparing a per-transaction basis; this is of interest when we are comparing suitability for particular applications, but if you want to talk more generally about whether bitcoin is efficient for payments you need to look at things on a value basis (use usd, eur, cny, or gold ounces).
- hobs 8y agoWhy? Why does a new system need to be just as bad as the old one?
- thaumasiotes 8y agoIt doesn't. But if the new system is better than the old one, why would comparing it to the old one imply that anyone using the new one should be ashamed of doing so?
- TeMPOraL 8y agoIt wouldn't. But it turns out that the new system is significantly worse than the old one, for little to no practical benefit. That's why people are comparing and complaining.