3 ms·

"Those critics of Bitcoin who point to its energy usage (as of this writing, ~75 terawatt hours per year) seem unwilling to acknowledge the energy usage that ke

by savaka 6y ago

"Those critics of Bitcoin who point to its energy usage (as of this writing, ~75 terawatt hours per year) seem unwilling to acknowledge the energy usage that keeps the US dollar afloat. The US economy used almost 29,000 terawatt hours in 2019. As confirmed by the US Treasury Department, the value of the dollar is backed by all the goods and services in the US economy which would also include its energy sector. Furthermore, in 2019 world energy consumption was something on the order of 120,000 terawatt hours. Bitcoin uses ~0.25% of US energy consumption and less than 0.05% of world energy consumption." https://jamie-dyer.medium.com/why-i-hate-bitcoin-38fad90b37e1 https://jamie-dyer.medium.com/why-i-hate-bitcoin-38fad90b37e...

JumpCrisscross 6y ago
> the value of the dollar is backed by all the goods and services in the US economy which would also include its energy sector. Bitcoin has a lot going for it. But these arguments are so incredibly stupid. Would the energy sector go away if the U.S. switched to Bitcoin? The American economy? No? Then it isn't a cost inherent to the U.S. dollar.
- Gibbon1 6y ago
  Fiat currency is used to mediate economic transactions. Bitcoin is just a distributed ponzi scheme.
kbd 6y ago
> seem unwilling to acknowledge the energy usage that keeps the US dollar afloat Except you're comparing all the "real things" that make up the US economy to Bitcoin where the energy usage is just for Bitcoin (discovering coins and doing transactions). The statement you quoted seems entirely disingenuous.
FpUser 6y ago
You flipping subject on it's head. The US economy does not produce stuff in order for dollar to exist. The dollar (at least in theory) exists to reflect the US economy and simplify exchange of goods.
qyph 6y ago
Do you think the entire us economy would disappear if bitcoin became the dominant currency of global trade? People will still want to trade the same goods and services.
noxer 6y ago
Its the other way around. Money is just a made up thing to reduce friction in the economy. Think of an economy where people would still need to "buy" stuff with other stuff. That would waste a lot more energy and straight out would make our economy impossible.

by savaka 6y ago

JumpCrisscross 6y ago

> the value of the dollar is backed by all the goods and services in the US economy which would also include its energy sector. Bitcoin has a lot going for it. But these arguments are so incredibly stupid. Would the energy sector go away if the U.S. switched to Bitcoin? The American economy? No? Then it isn't a cost inherent to the U.S. dollar.

Gibbon1 6y ago
Fiat currency is used to mediate economic transactions. Bitcoin is just a distributed ponzi scheme.

kbd 6y ago

> seem unwilling to acknowledge the energy usage that keeps the US dollar afloat Except you're comparing all the "real things" that make up the US economy to Bitcoin where the energy usage is just for Bitcoin (discovering coins and doing transactions). The statement you quoted seems entirely disingenuous.

FpUser 6y ago

You flipping subject on it's head. The US economy does not produce stuff in order for dollar to exist. The dollar (at least in theory) exists to reflect the US economy and simplify exchange of goods.

qyph 6y ago

Do you think the entire us economy would disappear if bitcoin became the dominant currency of global trade? People will still want to trade the same goods and services.

noxer 6y ago

Its the other way around. Money is just a made up thing to reduce friction in the economy. Think of an economy where people would still need to "buy" stuff with other stuff. That would waste a lot more energy and straight out would make our economy impossible.