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I've been thinking a lot about the issue of blockchain enery usage recently. And I wonder how much culpability people who simply own cryptocurrency have for the
by zucker42 6y ago
I've been thinking a lot about the issue of blockchain enery usage recently. And I wonder how much culpability people who simply own cryptocurrency have for the ecological impacts. The logic goes like this: because someone owns cryptocurrency, the price is higher than it would otherwise be. Since the price is higher more miners mine the coin, and therefore expend more energy. So potentially the moral culpability for this lies beyond just the transactors.
In particular, this line of thinking, along with a general disenchantment with the blockchain space I've developed as I've learned more about it, is making me wonder whether I should sell the small amount of ETH I own. It hardly makes sense for me to hold ETH when it's morally questionable to do so, and even more questionable to transact in it, even if I think its price will increase.
Really, one thing that would help is global carbon taxes, so that the cost of ecological destruction is properly accounted for, but that seems politically infeasible to say the least.
I feel like this comment is perhaps not directly related to the article, so I'll add that this is a great accounting, I'd like to see more similar ones.