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The beauty is, even if everyone started using Bitcoin today, the electricity consumption would stay the same. And it is feasible, with the already functioning L
by EVa5I7bHFq9mnYK 5y ago
The beauty is, even if everyone started using Bitcoin today, the electricity consumption would stay the same. And it is feasible, with the already functioning Lightning Network (second level network over Bitcoin network).
- Eddy_Viscosity2 5y agoHow would billions of new users get bitcoin to start using it if the supply is limited? They would have to buy it from people who already have it, driving the price up and with it the the ceiling on electric costs for profitable mining -- these scale together.
- EVa5I7bHFq9mnYK 5y agoOf course price would increase if everyone uses it, but, technically, high price is not necessary for everyone to use Bitcoin. For rough estimate, there are 12 billion of $20 notes in use, which is $240B, which is 6M Bitcoins. $20 bill comprises the bulk of money circulation. There are more $100 bills, but they are mostly used for savings.
- psd1 5y agoI have invented food pills. They have a whole list of advantages. We'll convert the entire planet over to eating food pills. Everyone's stomachs will atrophy, as well as the practice of farming. But that's ok because the pills are just better, ok? Except that in a decade, some drawback becomes apparent. Blithe assurances are a sure sign of bullshit.
- EVa5I7bHFq9mnYK 5y agoUsing the word bullshit is a sure sign of bullshit.