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Now imagine how wasteful physical currency is, the infrastructure to store it and transport it, the useless Chase/BOA/WellsFargo branches and ATMs that exist ev
by kneel 6y ago
Now imagine how wasteful physical currency is, the infrastructure to store it and transport it, the useless Chase/BOA/WellsFargo branches and ATMs that exist everywhere. They could almost all be replaced with digital wallets and apps.
- modeless 6y agoThe real cost of a fiat currency is not in printing bills or running ATMs. It's the law enforcement and ultimately military might required to enforce scarcity and value of the currency. The cost of enforcing scarcity in Bitcoin pales in comparison to the amount the US spends defending the dollar globally.
- arcticbull 6y agoThe army is a fixed and utterly irrelevant cost because in a world where bitcoin is the only currency, and I can't stress this enough, you still need an army lol.
- arcticbull 6y agoFun fact you can calculate for yourself that your argument carries no water. If you scale up Bitcoin to just what visa provides (not all cash, no MasterCard not the rest of the economic order) it would expend a few times more energy than the entire world produces today and produce a few times more ewaste than the entire world produces today. Therefore it cannot be by definition more efficient than traditional finance.