3 ms·
Except that Proof-of-work isn't wasted energy: it secures the bitcoin network/system by making it prohibitively expensive to attack, as well as provides a means
by jkepler 5y ago
Except that Proof-of-work isn't wasted energy: it secures the bitcoin network/system by making it prohibitively expensive to attack, as well as provides a means to confirm groups of transactions in a decentralized manner. Bitcoin provides a real final settlement layer alternative to fiat central banks, and that's globally significant.
Plus there is the bisq project, a peer-to-peer bitcoin/fiat exchange that has decentralized their governance using a token that's colored bitcoin, rather than building on Ethereum.
Regarding the energy consumption of monetary networks, what's the real cost of the petrodollar system? Don't forget to include the US military costs fighting wars to force oil-producing nations to sell oil denominated in dollars, as well as all the banking, financial advisors, and physical security (Brinks) that prop up the central banking/fiat monetary standards.