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> There is no better metric of human progress than energy usage. True, but when energy is used to manufacture products or services. When you turn energy into m
by squarefoot 5y ago
> There is no better metric of human progress than energy usage.
True, but when energy is used to manufacture products or services.
When you turn energy into money there's no progress involved and no new jobs are created. The only linked activities which would benefit would be energy creation and the manufacture of mining hardware. Everything else will suffer when more and more money will be diverted to buy more energy (whose prices will of course be dictated by the highest bidder) and more mining farms.
Of course I expect people with vested interests in cryptocurrencies to not care at all.
- randomhodler84 5y agoCountries are get kicked out of the global banking system, and WESTERN countries start confiscating bank accounts. Inflation at levels not seen in 30 years. And that’s just last month. Bitcoin is a product. It autonomously provides a Service. Sound money. Hard money. Censorship resistance and decentralized peer to peer money. It’s ok if you still are skeptical, but don’t wait too long!
- leereeves 5y agoAre you suggesting that it would be a good thing if Russia used cryptocurrencies to evade sanctions?
- randomhodler84 5y agoI am suggesting a monetary system that is beyond the influence of the state is a good thing.
- leereeves 5y agoGood for criminals and rogue states, certainly.
- randomhodler84 5y agoSure, but also the dissident, someone fleeing a war zone, someone having their life savings destroyed by bankers and politicians… It’s ok if you don’t have a use for decentralized money. I hope you never need it, and continue a sheltered life of luxury and convenience.
- leereeves 5y agoSomeone fleeing a war zone probably shouldn't depend on currencies that require Internet access. For defending one's life savings, I'd recommend investing in productive enterprises rather than speculative and volatile get rich quick schemes, but to each their own. For dissidents, crypto might be some small help, but not much. (For example, crypto did help WikiLeaks accept donations, but Julian Assange is still in prison.) Even with cryptocurrency, dissidents still need to reveal themselves in the act of protest.
- Zpalmtree 5y agoI'm sure this info is very helpful to the people who invested their funds in the Russian stock market - are they not productive enterprises? Now completely useless as money.
- eru 5y ago> Inflation at levels not seen in 30 years. Depends on what country you look at.