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Bitcoin's power consumption is not absurd -- proof of work is a method of converting power to security. It uses far less energy than the legacy banking system,
by rabite 5y ago
Bitcoin's power consumption is not absurd -- proof of work is a method of converting power to security. It uses far less energy than the legacy banking system, which is enforced by trillions of dollars of military expenditures and banking employees burning fossil fuels instead of a comparatively tiny amount of electricity.
When we finally phase out the legacy banking system completely for cryptocurrency, it will represent a drastic reduction in finance-related energy consumption worldwide.
- defaultprimate 5y ago> It uses far less energy than the legacy banking system False equivalence. It supports several orders of magnitude fewer transactions and throughput. >When we finally phase out the legacy banking system completely for cryptocurrency This will never happen. >it will represent a drastic reduction in finance-related energy consumption worldwide Assuming this hypothetical, prove it. Explain mathematically how proof of work supporting global finance levels of transactions would result in a net reduction in energy consumption.
- echelon 5y ago> converting power to security What the hell does this even mean? Quantum computers will eventually rip this stuff apart. And the reason folks won't be able to do the same to US banks and institutions using QC? The military and NSA will hunt you down.