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> If bitcoin technology were to mature by more than 100 times its current market size, it would still equal only 2 percent of all energy consumption. As if usi
by Scarblac 8y ago
> If bitcoin technology were to mature by more than 100 times its current market size, it would still equal only 2 percent of all energy consumption.
As if using 2% of all energy consumption is reasonable for a payment system.
And at 100x current market size, it'd still be hardly used.
And it can't really start using less energy as it matures, because its insane energy use is its defence against hostile network takeover.
- Rallerbabs 8y agoIt is most certainly a reasonable consumption for a payment system. Every society with inflationary money eventually grinds to a halt and crumbles. The world must absolutely have the best implementation of money that it can get its hands on. Energy use is not its defense against attacks. Distributed hashing is. The hashrate can be much lower and Bitcoin would still work. The difficulty would adjust downward. Obviously, the hashrate will top out at some point in the future. From that point on, it can dwindle and that won't be a problem. Just so long as a certain minimum amount stays around to keep the network running. That won't be a problem in a future where Bitcoin has become the new global currency.
- dj-wonk 8y agoRe: "Every society with inflationary money eventually grinds to a halt and crumbles." Would you like to support this claim and/or clarify what you mean?