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Always happy to see another writeup from Ken Sherriff. I think he has an account here, so if you're reading this, thanks. The estimate of the amount of electri
by atribecalledqst 7y ago
Always happy to see another writeup from Ken Sherriff. I think he has an account here, so if you're reading this, thanks.
The estimate of the amount of electricity Bitcoin consumes (from a footnote) is distressing -- on the order of a small country...
This is one of the big reasons why I personally will never buy into a cryptocurrency (and especially bitcoin) -- too much wasted energy. If I want to engage in speculative trading, I'll do it in the stock market.
- kens 7y agoGlad you liked the article! P.s. it's Shirriff not Sherriff.
- pazimzadeh 7y agoEthereum is replacing proof-of-work with proof-of-stake in 2020, which should help with this. But what are you comparing the cost of running Bitcoin to, the entire world's banking infrastructure? Does this take into account all of money that has slipped through the cracks over the years? i.e. https://www.thenation.com/article/pentagon-audit-budget-fraud/ https://www.thenation.com/article/pentagon-audit-budget-frau... > "there were no ledger entries or receipts to back up how that $6.5 trillion supposedly was spent" > "In all, at least a mind-boggling $21 trillion of Pentagon financial transactions between 1998 and 2015 could not be traced, documented, or explained"
- gibybo 7y ago>Ethereum is replacing proof-of-work with proof-of-stake in 2020, which should help with this. I seem to remember that proof-of-stake has been coming 'next year' for about 3 years now.
- pazimzadeh 7y agoI don't really mind if they take one more year to do it if it is seamless. Seems like all existing ETH will eventually become ETH2. Is it notable that proof-of-stake moves power from the means of production to the owners?