4 ms·
Every time I read an argument like that, I wonder whether the author actually looked into how cryptocurrencies work. They have burning of resources built in. P
by anyfoo 6y ago
Every time I read an argument like that, I wonder whether the author actually looked into how cryptocurrencies work.
They have burning of resources built in. Proof of work, their primary mechanism so far, is literally: Waste energy on meaningless computations, until you hit a "lucky" one, with all previous computations having no inherent value themselves.
Physical currencies don't have this inefficiency built into their core. In fact, unlike cryptocurrencies, it's in everyone's best interest to make the currency's operation as efficient as possible.
- swader999 6y agoThe usd is backed by the U.S. Military, not exactly a net zero proposition.
- arcticbull 6y agoNope, the U.S. is backed by the U.S. military, the currency is a freeloader. Whether the currency was bits of string, fiat dollars or Bitcoin, the U.S. military would be the exact same size. Because the military doesn't run around like a body guard for dollar bills, it furthers America's sovereign interests wherever those happen to be located.
- swader999 6y agoTell that to Libya.
- arcticbull 6y agoWhat should I tell them exactly? That the size of the US Army will be exactly the same no matter what currency America uses? I think they already know that.
- anyfoo 6y agoSo if the world switched to 100% bitcoin, the militaries of the world would cease to exist?
- swader999 6y agoWars would be harder to finance so it would be a good start.
- arcticbull 6y agoWars would not be any easier to finance in a Bitcoin economy. America had no trouble going to war under the gold standard - and frankly organized and structured debt just makes it easier still. Remember the vast majority of US debt is held domestically by Americans. All that is to say [citation needed].