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Rich old man wants you to continue using fiat money to keep you enslaved.
by mcfly1985 6y ago
Rich old man wants you to continue using fiat money to keep you enslaved.
- pwthornton 6y agoFrom Bill: "Bitcoin uses more electricity per transaction than any other method known to mankind." And he's right. Bitcoin is terrible for the planet and our future.
- zests 6y agoElectricity per transaction is an extremely poor way to communicate anything useful. It says nothing about the actual harm of Bitcoin and only leaves readers (and bloggers) drawing their own conclusions.
- endisneigh 6y agowhy is it a poor way to communicate anything useful? if sending someone a dollar through venmo costs $0.0000001 worth of electricity and sending someone a dollar through the bitcoin network costs $1 doesn't that communicate everything you need to know?
- frankenst1 6y agoProbably because twice the amount of transactions do require as much energy as half of the amount of transactions or as much energy as no transactions at all, i.e. Bitcoin's energy usage depends on the difficulty of mining a block which is not affected by the number of transactions in a block.
- UncleMeat 6y agoBut we can't have twice the amount of transactions because there are also block size limits.
- cesarb 6y ago> i.e. Bitcoin's energy usage depends on the difficulty of mining a block which is not affected by the number of transactions in a block. Only if the transactions do not have any fee. If they have a transaction fee, this indirectly increases the difficulty of mining future blocks (since the miners get more Bitcoin per block, they can use more energy per block before their expected net return is negative, and they are incentivized to do so through competition with other miners; the Bitcoin difficulty adjustment then notices the increase in hash rate and increases the difficulty).
- zests 6y agoIn your example, you are giving concrete numbers. Concrete numbers are extremely useful. If you make a comparison without concrete numbers, it can often be misleading. It goes without saying that concrete numbers can be misleading on their own. It can be quite difficult to nail down rules for honest communication.
- deleted 6y ago[deleted]
- lizknope 6y agoWhy? If something uses more energy for the transaction than the value of the item I am buying or selling I call that ridiculous.
- piokoch 6y agoThere are a lot of terrible things that we use or were using. I don't want to sound mean, but Windows 1.0, 2.0 and 3.0 were not that great. Not to mention Windows Millennium Edition. Think of all that electricity wasted because people could not get their work done, they had to stay longer in the office wasting water, electricity, getting frustrated, etc. And that's all because Bill's mom was working in IBM management.
- LdSGSgvupDV 6y agoBut, how to estimate the waste of traditional currency? US dollar is based on Capitalism and the weapons. Should we count the price to maintain these two factors? Capitalism is almost built on the balance of wasting resource and incoming. Should we count the waste in market? Developed countries keep QE to spread the debt into global market. Should we count the side effect of QE? As citizen of developed countries, we take the benefits of traditional money and we control it. It is good for us as government or corporation, but may not be good for individual.
- deleted 6y ago[deleted]
- Cthulhu_ 6y agoBitcoin is not a replacement for fiat, and bitcoin's ONLY validity is in the context of fiat (usually USD). it's like when USD was backed by the price of gold. Now BTC is backed by the price of USD. Ironic?
- deleted 6y ago[deleted]
- uniqueid 6y ago"In short, human traffickers do use bitcoin as their primary asset." https://www.bitcoininsider.org/article/87371/how-often-bitcoin-used-human-trafficking https://www.bitcoininsider.org/article/87371/how-often-bitco...
- ngokevin 6y agoHolders angry at climate change point because they want to triple their investments.