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Some people think the internet should be beyond the control of a single government, and perhaps by extension so too should the financial system. There are a lot
by dave_sullivan 6y ago
Some people think the internet should be beyond the control of a single government, and perhaps by extension so too should the financial system. There are a lot of caveats to this idea.
- tsimionescu 6y agoEven for those that do, a network capable of handling maybe a few million transactions per day while consuming more energy than many small countries is so obviously useless in that regard that it should be abandoned entirely.
- dave_sullivan 6y agoI don't disagree with the weaknesses you point out, but I do think "abandon entirely" is an extreme stance. It's completely possible for bitcoin to lose while some other crypto (or basket of crypto coins) wins.
- tsimionescu 6y agoIt's important to remember that Bitcoin (and other proof-of-work coins) have a very real and direct environmental cost. Given the state of global warming and how urgent it is to stop it, I believe that letting miners continue to waste energy is a much more extreme stance than stopping them today (with some kind of compensation program for their and others' investments in bitcoin, of course you can't just delete a trillion dollars worth of people's money in a minute).