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The entire banking system (credit card terminals, support offices, credit agencies, money trucks, bank servers etc.) does much much more than bitcoin. Transacti
by simiones 5y ago
The entire banking system (credit card terminals, support offices, credit agencies, money trucks, bank servers etc.) does much much more than bitcoin. Transactions are a tiny subset of banking, but they are the only thing that Bitcoin addresses.
Bitcoin doesn't do loans; it doesn't do fraud protection (as in, you payed for this item, but the seller is not sending it to you); it doesn't address mistaken transactions; it doesn't address insurance; it doesn't address financial advice; it doesn't address day-to-day payments (the entire bitcoin network couldn't handle the day-to-day payments in a village). I could go on.
Not to mention, the US military-industrial complex wouldn't lose 1 satoshi if the entire world moved to Bitcoin. So it's absurd on the face of it to attribute US military energy to the dollar.
- rglover 5y agoAll of the things you're describing are layers on top of the dollar, not the dollar itself. In the same way, Bitcoin requires investment to build up those systems. When people push propaganda against it, it deters the ability for that to happen (the exact point of the propaganda). For example, loans already exist: https://unchained.com/loans/ https://unchained.com/loans/. The internet didn't do lots of things back in the 90s and look at it today. This game is long-term and requires investment and attention _now_ to achieve its potential. Having a decentralized form of money is an incredible head start.
- simiones 5y agoYou were the one comparing the energy expenditure of Bitcoin with the entire banking system. I was merely pointing out why that comparison is irrelevant.