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How is it obvious that conventional financial transactions are orders of magnitude more efficient than bitcoin? You can't use transaction price as a metric beca
by spuz 8y ago
How is it obvious that conventional financial transactions are orders of magnitude more efficient than bitcoin? You can't use transaction price as a metric because it reflects a lot more than just the energy consumption of the system and even if you did, conventional transactions are not orders of magnitude cheaper than bitcoin transactions.
- api 8y agoQuibbled: conventional transactions are cheaper, but not "orders of magnitude." Also Bitcoin is one of the slower block chain coins.
- root_axis 8y agoI'm not talking about transaction price, I'm responding to > How much energy is spent securing conventional financial systems? You have to include everything: banks, minting, enforcement, physical security, even military and intelligence action. I really feel like I shouldn't have to explicitly point out why this reasoning is so flawed, but to start with, bitcoin does not IN ANY WAY obviate the need for banks, law enforcement, physical security, or "military and intelligence". There isn't some kind of "well, actually..." response to this, it's totally and obviously incorrect and we're living in two different fundamental realities if we can't agree on that base line.