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What makes me so sad is that bitcoin is an algorithmic solution to a well-defined problem. I can imagine some lucky genius might one day solve the exact same p

What makes me so sad is that bitcoin is an algorithmic solution to a well-defined problem. I can imagine some lucky genius might one day solve the exact same problem better. But the damage is done. The whole planet is suffering for an algorithm that is not being improved quickly enough. I want to show the suffering here. Imagine all the arithmetic that was done in Roman numerals, because it was the state of the art. I can really feel the burden of this algorithn. Maybe there is something better.

knocte 7y ago
Compare it to the amount of CO2 that the banking sector is emitting now. All those pointless buildings, branches, offices, computers, employees going to work everyday. To me, bitcoin feels much more efficient. Sure btc is not perfect, and humanity might come up with something better soon. Until then, let's switch to the better technology that exists today.
- xiphias2 7y ago
  If you really want to see the amount of suffering that is happening from the banking sector, look at the high house prices that 0% interest rates allow for the selected few insiders (mainly bankers and their friends) who can borrow money for free. I personally know many people who have to leave far from their workplace in a tiny room because they can't buy an apartment close to their workplace, and they don't even have the means to spare for an apartment.
- thrwway483246 7y ago
  Good point. I'm curious how they compare in terms of size.
- mytherin 7y ago
  The amount of transactions performed by bitcoin is laughably low. It performs around 10 transactions per second. This is not even enough to handle the transactions of a small city, yet it consumes as much electricity as an ENTIRE large city. If the banking industry was anywhere close to this inefficient it would be responsible for almost all CO2 emissions worldwide.
  - knocte 7y ago
    Look into layer2 technologies (e.g. Lightning network), scalability is a solved problem.

knocte 7y ago

Compare it to the amount of CO2 that the banking sector is emitting now. All those pointless buildings, branches, offices, computers, employees going to work everyday. To me, bitcoin feels much more efficient. Sure btc is not perfect, and humanity might come up with something better soon. Until then, let's switch to the better technology that exists today.

xiphias2 7y ago
If you really want to see the amount of suffering that is happening from the banking sector, look at the high house prices that 0% interest rates allow for the selected few insiders (mainly bankers and their friends) who can borrow money for free. I personally know many people who have to leave far from their workplace in a tiny room because they can't buy an apartment close to their workplace, and they don't even have the means to spare for an apartment.
thrwway483246 7y ago
Good point. I'm curious how they compare in terms of size.
mytherin 7y ago
The amount of transactions performed by bitcoin is laughably low. It performs around 10 transactions per second. This is not even enough to handle the transactions of a small city, yet it consumes as much electricity as an ENTIRE large city. If the banking industry was anywhere close to this inefficient it would be responsible for almost all CO2 emissions worldwide.
- knocte 7y ago
  Look into layer2 technologies (e.g. Lightning network), scalability is a solved problem.