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Oh, so then it's ok to have a "currency" where one transaction uses 650kWh, 12000000 times more than a credit card transaction. I get all the benefits of crypt
by karpour 6y ago
Oh, so then it's ok to have a "currency" where one transaction uses 650kWh, 12000000 times more than a credit card transaction.
I get all the benefits of crypto, but there are also massive downsides, the biggest being the energy/hardware usage, which has to rise constantly by design.
- DennisP 6y agoThat's only a downside for proof-of-work cryptocurrencies. Proof-of-stake eliminates almost all the energy consumption.
- karpour 6y agoI'd be excited about a widely adopted cryptocurrency that doesn't gobble up insane amounts of energy and needs an ever increasing amount of computing power to keep it from collapsing, but right now Bitcoin is using almost as much energy as Sweden, which isn't great.
- DennisP 6y agoI agree, and sadly they're unlikely to change. However, Ethereum has about as much usage (though lower market cap), has proof-of-stake running with 100K nodes and $5 billion staked, and plans to migrate the rest of the network and eliminate mining within a year or so.