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would be cool to see research about total energy cost of traditional financial systems, that bitcoin is trying to replace
by saint_angels 5y ago
would be cool to see research about total energy cost of traditional financial systems, that bitcoin is trying to replace
- esarbe 5y agoIt will almost certainly be less than bitcoin. What bitcoin is trying to fix is decentralized trust and uses Proof-of-Work for that. So, you're wasting energy to solve some cryptographic puzzle to proof that you did some work. Traditional banking does not need that, it uses social networks to establish trust.
- hootbootscoot 5y agoexcept that bitcoin doesn't replace any traditional financial systems. in the real world, crypto holders also have banks and buy and sell cryptocurrencies with/for fiat. very few retailers of any quality/price/repute sell physical for bitcoin, let alone denominated in fixed prices in bitcoin, even at peak hysterical hype (right now) apples priced in bitcoin would fluctuate wildly and you wouldn't be able to count on being able to eat any given day of the week buying food denominated in bitcoin. the reality is that bitcoin is an unregulated security. It's a volatile investment and it's fluctuations make 'fiat' currencies inflation/deflation pale in comparison.