5 ms·

And every cent coin created in US and some other developed countries costs more than 1 cent and promotes harmful mining operations for copper and other metals.

And every cent coin created in US and some other developed countries costs more than 1 cent and promotes harmful mining operations for copper and other metals. Also copper is harmful for environment. We should stop making money altogether. /s

fennecfoxen 6y ago
We should, in fact, stop making the penny, and devise plans to retire the nickel as well. Dimes and quarters are perfectly fine. The $1 coin gets a certain amount of press by people touting it as a potential replacement to the bill, but it turns out the US $1 bill is remarkably cost-effective by paper currency standards, and should probably remain paper for the time being.
robin_reala 6y ago
Whataboutism isn’t a great standpoint for argument. It’s possible for both to have higher cost than value.
amarant 6y ago
You say this sarcastically, but it's spot on! Look at Sweden: nearly completely cash-less and we sure don't do our grocery shopping with bitcoin either! It's not for environmental reasons either: cash is just inconvenient when you think about it.
- jlokier 6y ago
  Pros and cons. It's also a new form of exclusion, haves vs have-nots. Try being an international. https://www.thelocal.se/20190624/the-locals-readers-how-swedens-cashless-society-affects-international-residents/ https://www.thelocal.se/20190624/the-locals-readers-how-swed... > Bob, a United Kingdom resident but frequent visitor to Sweden, said this system is difficult for non-residents. > “As a visitor I can't pay at places that only accept Swish because I don't have Swish. And without a Swedish bank account I can't get Swish. And without a Swedish residence, I can't get a bank account,” he explained. > Howard Drobner, who is a frequent business traveller to Sweden, also proposed a tweak. > “Some small vendors, like at flea markets and craft shows, only take Swish which I do not have and can not get due to the fact that I do not have a Swedish bank account or national number. I would therefore really like to have a Swish setup for frequent travellers to Sweden,” he said. Those are people with money, doing ok but inconvenienced. There are things they can't buy. Now imagine being homeless, or an "illegal" resident. People can't even help by giving you money any more. Friends have to buy food for you themselves instead of supporting you with cash. It gets harder and harder to obtain essentials. Human rights should transcend that, and the cashless systems falling into place in Sweden do not even attempt to be available for all persons.
Bluestein 6y ago
Or come up with an eco-friendly, efficient, workable digital money substitute (improvement?) :) No need to throw the baby away with the bathwater ...
- Henk0 6y ago
  Third generation cryptos like Cardano/Ada, Polkadot and others using proof-of-stake instead of proof-of-work to generate new blocks are orders of magnitude less energy demanding and more efficient in terms of transaction speed and costs than bitcoin and ethereum. Bitcoin has, unfortunately, become synonymous with cryptocurrency in many people's minds. It will be interesting to see what happens with the value of bitcoin as these limitations relative to the new kids on the block (sorry, pun intended, showing myself out the door etc.) become more obvious.
  - Bluestein 6y ago
    > Bitcoin has, unfortunately, become synonymous with cryptocurrency in many people's minds. This. A problem. "One" of the things has become "the thing" itself, as a whole ... > It will be interesting to see what happens with the value of bitcoin as these limitations relative to the new kids on the block [...] become more obvious. Will it? (become obvious) ... at least by the general public. That concerns me ... > (sorry, pun intended, showing myself out the door etc.) One handed clap :)

fennecfoxen 6y ago

We should, in fact, stop making the penny, and devise plans to retire the nickel as well. Dimes and quarters are perfectly fine. The $1 coin gets a certain amount of press by people touting it as a potential replacement to the bill, but it turns out the US $1 bill is remarkably cost-effective by paper currency standards, and should probably remain paper for the time being.

robin_reala 6y ago

Whataboutism isn’t a great standpoint for argument. It’s possible for both to have higher cost than value.

amarant 6y ago

You say this sarcastically, but it's spot on! Look at Sweden: nearly completely cash-less and we sure don't do our grocery shopping with bitcoin either! It's not for environmental reasons either: cash is just inconvenient when you think about it.

jlokier 6y ago
Pros and cons. It's also a new form of exclusion, haves vs have-nots. Try being an international. https://www.thelocal.se/20190624/the-locals-readers-how-swedens-cashless-society-affects-international-residents/ https://www.thelocal.se/20190624/the-locals-readers-how-swed... > Bob, a United Kingdom resident but frequent visitor to Sweden, said this system is difficult for non-residents. > “As a visitor I can't pay at places that only accept Swish because I don't have Swish. And without a Swedish bank account I can't get Swish. And without a Swedish residence, I can't get a bank account,” he explained. > Howard Drobner, who is a frequent business traveller to Sweden, also proposed a tweak. > “Some small vendors, like at flea markets and craft shows, only take Swish which I do not have and can not get due to the fact that I do not have a Swedish bank account or national number. I would therefore really like to have a Swish setup for frequent travellers to Sweden,” he said. Those are people with money, doing ok but inconvenienced. There are things they can't buy. Now imagine being homeless, or an "illegal" resident. People can't even help by giving you money any more. Friends have to buy food for you themselves instead of supporting you with cash. It gets harder and harder to obtain essentials. Human rights should transcend that, and the cashless systems falling into place in Sweden do not even attempt to be available for all persons.

Bluestein 6y ago

Or come up with an eco-friendly, efficient, workable digital money substitute (improvement?) :) No need to throw the baby away with the bathwater ...

Henk0 6y ago
Third generation cryptos like Cardano/Ada, Polkadot and others using proof-of-stake instead of proof-of-work to generate new blocks are orders of magnitude less energy demanding and more efficient in terms of transaction speed and costs than bitcoin and ethereum. Bitcoin has, unfortunately, become synonymous with cryptocurrency in many people's minds. It will be interesting to see what happens with the value of bitcoin as these limitations relative to the new kids on the block (sorry, pun intended, showing myself out the door etc.) become more obvious.
- Bluestein 6y ago
  > Bitcoin has, unfortunately, become synonymous with cryptocurrency in many people's minds. This. A problem. "One" of the things has become "the thing" itself, as a whole ... > It will be interesting to see what happens with the value of bitcoin as these limitations relative to the new kids on the block [...] become more obvious. Will it? (become obvious) ... at least by the general public. That concerns me ... > (sorry, pun intended, showing myself out the door etc.) One handed clap :)