4 ms·

Central banks don't do fixed supply money. Investment banks don't do payments and financial products that don't involve a middleman. Bitcoin is a censorship re

Central banks don't do fixed supply money. Investment banks don't do payments and financial products that don't involve a middleman. Bitcoin is a censorship resistant, neutral money and payment network. Banks don't do that. Banks don't consume "kWh of power" by the way. From the endless wars to protect the US (dollar) hegemony to 50 floor buildings draped in marble. Thats all cost + energy.

cogman10 5y ago
Bitcoin couldn't exist without the same endless wars and hegemony. Where do you think the computational power COMES from? That's why it's a bad faith argument. The only thing bitcoiners want to compare is the power cost of running the mining rigs. Why don't they include the cost to manufacture said rigs? To mine minerals to build the silicon needed to power their currency? Why don't they include the governments needed to make sure the equipment supply chains are properly maintained? Why don't they include the amount of power needed to run the servers and switches needed to power the internet needed to run btc? Why aren't you looking at the construction costs for the buildings housing the mining rigs? I'll tell you why, because they aren't making a good faith argument. They are trying to come up with ways to make BTC good and banking bad. That's it. Lots of things cost energy. The question has to be "what are we accomplishing with that spent energy". When two algorithms do the same thing and one burns TWh while the other burns kwh.. guess which one I'm going to favor?
- disruptalot 5y ago
  Your arguments are just a whole load of strawmen. You don't address the central point. Bitcoin exists, and banks don't do it what it does. Hence the energy cost comparisons as rough and silly as you make them are not a conclusion to bitcoin's value.

4 ms·

Central banks don't do fixed supply money. Investment banks don't do payments and financial products that don't involve a middleman. Bitcoin is a censorship re

by disruptalot 5y ago

cogman10 5y ago
Bitcoin couldn't exist without the same endless wars and hegemony. Where do you think the computational power COMES from? That's why it's a bad faith argument. The only thing bitcoiners want to compare is the power cost of running the mining rigs. Why don't they include the cost to manufacture said rigs? To mine minerals to build the silicon needed to power their currency? Why don't they include the governments needed to make sure the equipment supply chains are properly maintained? Why don't they include the amount of power needed to run the servers and switches needed to power the internet needed to run btc? Why aren't you looking at the construction costs for the buildings housing the mining rigs? I'll tell you why, because they aren't making a good faith argument. They are trying to come up with ways to make BTC good and banking bad. That's it. Lots of things cost energy. The question has to be "what are we accomplishing with that spent energy". When two algorithms do the same thing and one burns TWh while the other burns kwh.. guess which one I'm going to favor?
- disruptalot 5y ago
  Your arguments are just a whole load of strawmen. You don't address the central point. Bitcoin exists, and banks don't do it what it does. Hence the energy cost comparisons as rough and silly as you make them are not a conclusion to bitcoin's value.