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You'll have a hard time convincing people that Bitcoin is OK by comparing it gold since most people who think Bitcoin is wasteful would also think mining of gol
by tgb 6y ago
You'll have a hard time convincing people that Bitcoin is OK by comparing it gold since most people who think Bitcoin is wasteful would also think mining of gold is very wasteful. Moreover, I feel like you're making the mistake you highlight in your first paragraph: conflating 'mining' in gold with 'mining' in BTC. Bitcoin mining is necessary for transactions to occur, not so for gold. It's a very foggy comparison as far as I can tell.
Your comparison to VISA links to a source that says that better comparison is Fedwire and that it only settles 1% of the money that FedWire does. So Bitcoin significantly loses to VISA in transaction count and FedWire in value settled. So I'm not convinced by your argument. And how much energy does Fedwire use? Presumably much less than VISA.
- FlownScepter 6y agoIt would be more apt to comparing the cost of transacting Bitcoin to that of recycling gold instead of mining it, which is not zero, but is substantially less than mining and that's where again, Bitcoin takes another lump. Recycled gold is useful; it's a precious metal obviously and one immune to most forms of oxidation, so once reclaimed, it can be used again in the next generation of smartphones and what have you. Gold is however undoubtedly a good comparison pick for Bitcoin; it's something with a few natural pros on it's side that's been hideously overvalued for largely irrational reasons. Like... this metal is advertised as the "right" basis to back currency but I also have some of it in nearly every gadget I own? Then how rare can it possibly be if a small amount comes in a $15 audio decoder for goodness sakes!?