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How can someone calling themselves "The University of Cambridge Centre for Alternative Finance" not have any understanding of how the thing they are commenting
by rstuart4133 6y ago
How can someone calling themselves "The University of Cambridge Centre for Alternative Finance" not have any understanding of how the thing they are commenting on actually works? I hope they aren't actually associated with the University. This is just plain wrong:
> The vast effort it requires also makes Bitcoin inherently difficult to scale, he argues. "If Bitcoin were to be adopted as a global reserve currency," he speculates, "the Bitcoin price will probably be in the millions, and those miners will have more money than the entire [US] Federal budget to spend on electricity."
Bitcoin's energy usage and transaction rate are unconnected. Even the long time casual observer would know when Bitcoin hit is maximum transaction rate for the first time, it's energy usage was literally orders of magnitude less than it is now. Whatever is driving it's energy usage isn't transaction rate. What's more, it's looking unlikely the max transaction rate will ever increase. And as for miners having to mine more coins ... Christ how confused is it possible to be about one topic? Apparently he doesn't know mining of new coins is halving every 4 years, and will end completely on May 7th, 2140.
It's like reading an Emu claiming the desert doesn't bloom because the fish in the rivers drink all the water. The Emu isn't wrong about the fish drinking the water of course, but with that level of ineptitude on display taking anything else the Emu has to say about the climate seriously ain't going to happen.