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Even if they were all using renewables, and they're not, that's renewable low carbon energy that could be put to productive uses by industry. Bitcoin uses as m
by wing-_-nuts 5y ago
Even if they were all using renewables, and they're not, that's renewable low carbon energy that could be put to productive uses by industry. Bitcoin uses as much energy as Argentina FFS! All for a 'currency' which will never be used as such. We need revenue neutral carbon taxes now. When miners pay for the damage they do, we'll see how quickly they move away from algorithmic busy work towards proof of stake.
- bamboozled 5y agoWhat you see as "useful" is subjective. Bitcoin is mined because for some people it's useful.
- wing-_-nuts 5y agoPlease tell me how bitcoin is useful as a currency. Pretty much anyone with any understanding of economics would tell you that it's a terrible currency (and frankly, a questionable investment)
- lowkey 5y ago> Pretty much anyone with any understanding of economics would tell you that it's a terrible currency (and frankly, a questionable investment) - citation needed A store of value is a valid use case of a currency and Bitcoin has proven to be an amazing store of value compared with all fiat currencies that have been debased by their respective governments. Bitcoin may also someday prove to be a viable unit of account in the future as it stabilizes and matures in price discovery, but fiat currencies by design will never be good stores of value. Any Austrian school economist who understands the benefits of the Gold standard would tell you that the hard fixed supply of Bitcoin makes it a better currency for the people than any fiat currency.