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Crypto at this point makes zero sense as any future of finance. It doesn't work. It's pretty much vaporware that has been hyped to the point that people didn't

Crypto at this point makes zero sense as any future of finance. It doesn't work. It's pretty much vaporware that has been hyped to the point that people didn't realize it will never work mass-scale as is. The hype drove early holders to massive income (like an MLM scheme) but ledger uses so much massive energy and power to process transactions that it is HORRIBLE for planet earth. Like running Crypo on the global scale would involve power use on the scale of multiple first world countries combined that would get worse and worse as hardware limitations hit. In a few years of mass-scale use Cryto would use more power than pretty much planet earth. The only solution to this is developments in Eth. but thats still far off and has its own downsides.

charcircuit 6y ago
If everyone on earth used Bitcoin the energy use would not go up. What would go up would be transaction fees because bitcoin only can process like 4 transactions every second. Proof of work is not the only trustless consensus algorithm and there are already plenty of projects on varieties of proof of stake.
- agloeregrets 6y ago
  Ha, I don't think you understand what you are saying. Okay, so what would happen if say transaction volume was 1000x current? how expensive would fees be? What would have to happen to make the hashrate go up so those fees are cheaper than credit card transactions (~2%) let alone ACH (Free)? Whats the point of bitcoin if buying a $3 coffee comes with $2 in fees too and the transaction takes 8 days? It would seem you would need much more more and faster mining equipment to keep the fee low, right? Bitcoin at current scale couldn't possibly run mass scale daily transactions as rates are WAY too slow and price variation is too high. You would have to scale mining as well, which seems a bit obvious to lead to massive global power use. the PoS work seems promising but has ZERO traction anywhere right now and has its own massive dangers, right now the entire market is basically the Gamestock drama but everyone seriously belives and thinks that this will be the future of money like as if the people investing in $GME were thinking Gamestop may just put walmart out of business.
  - charcircuit 6y ago
    No, more mining equipment wouldn't lower the fee. It would just lower the income you make from mining. Bitcoin targets a block of a limited size every 10 minutes. If more people are mining it adjusts the difficulty to bring it back to 10 minutes. I agree that Bitcoin will not scale to handle the global population. People will be on spread out over many different projects and people able to route through them. Of course this will all be hidden from the end user. I do believe cryptocurrency is the future of money. Most people will just be holding stable coins pegged to the dollar and they won't even know that it's a cryptocurrency. They will just refer to it as a dollar since it's abstracted away.

charcircuit 6y ago

If everyone on earth used Bitcoin the energy use would not go up. What would go up would be transaction fees because bitcoin only can process like 4 transactions every second. Proof of work is not the only trustless consensus algorithm and there are already plenty of projects on varieties of proof of stake.

agloeregrets 6y ago
Ha, I don't think you understand what you are saying. Okay, so what would happen if say transaction volume was 1000x current? how expensive would fees be? What would have to happen to make the hashrate go up so those fees are cheaper than credit card transactions (~2%) let alone ACH (Free)? Whats the point of bitcoin if buying a $3 coffee comes with $2 in fees too and the transaction takes 8 days? It would seem you would need much more more and faster mining equipment to keep the fee low, right? Bitcoin at current scale couldn't possibly run mass scale daily transactions as rates are WAY too slow and price variation is too high. You would have to scale mining as well, which seems a bit obvious to lead to massive global power use. the PoS work seems promising but has ZERO traction anywhere right now and has its own massive dangers, right now the entire market is basically the Gamestock drama but everyone seriously belives and thinks that this will be the future of money like as if the people investing in $GME were thinking Gamestop may just put walmart out of business.
- charcircuit 6y ago
  No, more mining equipment wouldn't lower the fee. It would just lower the income you make from mining. Bitcoin targets a block of a limited size every 10 minutes. If more people are mining it adjusts the difficulty to bring it back to 10 minutes. I agree that Bitcoin will not scale to handle the global population. People will be on spread out over many different projects and people able to route through them. Of course this will all be hidden from the end user. I do believe cryptocurrency is the future of money. Most people will just be holding stable coins pegged to the dollar and they won't even know that it's a cryptocurrency. They will just refer to it as a dollar since it's abstracted away.