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On the other hand not every transaction runs on-chain, the amount of Bitcoins that can be mined is limited and it's actually a "full stack" financial system inc
by blablabla123 6y ago
On the other hand not every transaction runs on-chain, the amount of Bitcoins that can be mined is limited and it's actually a "full stack" financial system including clearing and central banking.
This article gives another point of view: https://www.coindesk.com/what-bloomberg-gets-wrong-about-bitcoins-climate-footprint https://www.coindesk.com/what-bloomberg-gets-wrong-about-bit...
Some arguments are a bit far-fetched, I wish there was some overview article taking all these points into account. These kinds of footprint analyses are quite novel anyway and of course don't exist yet for Bitcoin in the most convincing fashion.
- beefield 6y agoYou do understand that clearing and central banking are a tiny, tiny fraction of the financial system, far from "full stack"? And even further, a fraction that contributes surprisingly little to money supply, the said main benefit of bitcoin? To be really clear, if you just swap central banks and swift with bitcoin, you lose almost completely the control of money supply! (A bitcoin deposit to a bank would surely be counted as money as well.)
- lottin 6y agoBitcoin is a monetary system. A financial system is different thing, although I have noticed Bitcoin enthusiasts often conflate the two.